‘Curse of Amazon strikes again’: What experts are saying about the tech giant’s Deliveroo deal

Amazon just bought a stake in a major competitor to food delivery giants like UberEats and Just Eat, and experts have some theories as to the logic behind the deal and what it means for the e-commerce giant. “The curse of Amazon strikes again,” said Russ Mould, investment director at brokerage firm AJ Bell. Mould says the technology titan could be looking to compete with food delivery services by buying into an established player like Deliveroo. Amazon had previously tried to enter into the spac


Amazon just bought a stake in a major competitor to food delivery giants like UberEats and Just Eat, and experts have some theories as to the logic behind the deal and what it means for the e-commerce giant. “The curse of Amazon strikes again,” said Russ Mould, investment director at brokerage firm AJ Bell. Mould says the technology titan could be looking to compete with food delivery services by buying into an established player like Deliveroo. Amazon had previously tried to enter into the spac
‘Curse of Amazon strikes again’: What experts are saying about the tech giant’s Deliveroo deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: ryan browne
Keywords: news, cnbc, companies, uk, tech, saying, deliveroo, shareholders, eat, experts, giants, food, firm, service, strikes, ubereatsthe, deal, amazon, curse, delivery


'Curse of Amazon strikes again': What experts are saying about the tech giant's Deliveroo deal

Amazon just bought a stake in a major competitor to food delivery giants like UberEats and Just Eat, and experts have some theories as to the logic behind the deal and what it means for the e-commerce giant.

“The curse of Amazon strikes again,” said Russ Mould, investment director at brokerage firm AJ Bell. “The online giant is now so dominant the mere mention of its entry into a new industry can leave incumbent companies and their shareholders quaking with fear.”

Mould says the technology titan could be looking to compete with food delivery services by buying into an established player like Deliveroo. Amazon had previously tried to enter into the space with its own food delivery service in the U.K. called Amazon Restaurants, which shuttered late last year amid competition from Just Eat and UberEats.

The impact on Just Eat’s share price following the announcement of the Amazon-led round in Deliveroo was punishing. The stock was last trading 8% lower on the London market, as shareholders digested the news. Uber shares, meanwhile, fell 2% in early trade.

Deliveroo raised $575 million from the fundraising in total, but did not disclose how much of that came from Amazon. The London-based firm said it would use the funding to grow its engineering team in the U.K. capital and expand its reach to offer its service to new customers.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: ryan browne
Keywords: news, cnbc, companies, uk, tech, saying, deliveroo, shareholders, eat, experts, giants, food, firm, service, strikes, ubereatsthe, deal, amazon, curse, delivery


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Five-seater, all-electric and jet-powered air taxi makes maiden flight

A German start-up has unveiled a five-seater, all-electric air taxi prototype. In an announcement Thursday, Munich-based Lilium said that its jet-powered air taxi had completed its maiden flight earlier this month. The plan is to eventually offer an on-demand air taxi service, with consumers using an app to find their nearest “landing pad” and then book their trip. In the field of aerial taxis, Uber plans to launch a “shared air transportation” service for urban areas in 2023. The company is wor


A German start-up has unveiled a five-seater, all-electric air taxi prototype. In an announcement Thursday, Munich-based Lilium said that its jet-powered air taxi had completed its maiden flight earlier this month. The plan is to eventually offer an on-demand air taxi service, with consumers using an app to find their nearest “landing pad” and then book their trip. In the field of aerial taxis, Uber plans to launch a “shared air transportation” service for urban areas in 2023. The company is wor
Five-seater, all-electric and jet-powered air taxi makes maiden flight Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: anmar frangoul
Keywords: news, cnbc, companies, startup, service, launch, flight, taxi, jetpowered, makes, allelectric, air, takeoff, maiden, aircraft, lilium, fiveseater, prototype


Five-seater, all-electric and jet-powered air taxi makes maiden flight

A German start-up has unveiled a five-seater, all-electric air taxi prototype. In an announcement Thursday, Munich-based Lilium said that its jet-powered air taxi had completed its maiden flight earlier this month.

The full-scale prototype, which can take-off and land vertically, is powered by 36 all-electric jet engines and can travel up to 300 kilometers in one hour, according to the company.

The aircraft does not have a tail, rudder, propellers or gearbox. In terms of its environmental impact, Lilium said it had “zero operating emissions.”

The jet flew for the first time on May 4. The prototype, which is remotely controlled by an operator on the ground, is now undertaking a series of flight tests.

The plan is to eventually offer an on-demand air taxi service, with consumers using an app to find their nearest “landing pad” and then book their trip.

In 2017, the start-up completed flight testing for a two-seater prototype. “In less than two years we have been able to design, build and successfully fly an aircraft that will serve as our template for mass production,” Daniel Wiegand, Lilium’s co-founder and CEO, said in a statement.

“Moving from two to five seats was always our ambition as it enables us to open up the skies to many more travelers,” he added.

The way we move around our towns and cities is undergoing a radical change. In October 2018, Dubai’s Roads and Transport Authority announced trials for what it described as the region’s first autonomous taxi.

In the field of aerial taxis, Uber plans to launch a “shared air transportation” service for urban areas in 2023. The company is working with partners to launch small, electric vertical take-off and landing aircraft in Dallas and Los Angeles.


Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: anmar frangoul
Keywords: news, cnbc, companies, startup, service, launch, flight, taxi, jetpowered, makes, allelectric, air, takeoff, maiden, aircraft, lilium, fiveseater, prototype


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Amazon’s online drug push has one start-up cutting staff and selling pharmacies to help businesses compete

Nimble Pharmacy was among a crop of emerging companies, backed by venture capitalists, aiming to deliver prescription drugs from their own pharmacies to consumers’ homes or offices. Then Amazon bought online pharmacy PillPack in 2018, and Nimble needed to find a new business. That leaves independent pharmacies in a vulnerable position. Founded in 2014, Nimble has raised about $60 million from investors including Sequoia and Khosla Ventures. But Sattar said the physical pharmacies were too expens


Nimble Pharmacy was among a crop of emerging companies, backed by venture capitalists, aiming to deliver prescription drugs from their own pharmacies to consumers’ homes or offices. Then Amazon bought online pharmacy PillPack in 2018, and Nimble needed to find a new business. That leaves independent pharmacies in a vulnerable position. Founded in 2014, Nimble has raised about $60 million from investors including Sequoia and Khosla Ventures. But Sattar said the physical pharmacies were too expens
Amazon’s online drug push has one start-up cutting staff and selling pharmacies to help businesses compete Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: christina farr
Keywords: news, cnbc, companies, push, cutting, pharmacies, compete, help, independent, online, drug, delivery, walgreens, service, million, selling, startup, staff, nimble, pharmacy, physical, pillpack


Amazon's online drug push has one start-up cutting staff and selling pharmacies to help businesses compete

Nimble Pharmacy was among a crop of emerging companies, backed by venture capitalists, aiming to deliver prescription drugs from their own pharmacies to consumers’ homes or offices. Then Amazon bought online pharmacy PillPack in 2018, and Nimble needed to find a new business.

Earlier this year, the company shut down its six physical pharmacy locations, which were scattered across the Bay Area, and cut about half its staff — 40 people — to focus on developing a delivery service that could partner with independent brick-and-mortar pharmacies. To use the grocery analogy, instead of being a supermarket, Nimble would be like Instacart.

The big chain pharmacies like CVS and Walgreens are getting into delivery, and Amazon is investing heavily in PillPack following the $753 million acquisition, so that consumers can get all their medicines by mail, along with automatic refills and 24/7 customer support. That leaves independent pharmacies in a vulnerable position.

“They now recognize that the world is changing, and they’re seeing acceleration of the service from Amazon-owned PillPack, as well as Walgreens and CVS launching delivery options of their own,” said Nimble CEO Talha Sattar.

Founded in 2014, Nimble has raised about $60 million from investors including Sequoia and Khosla Ventures. It described itself as a “full-service pharmacy” taking the “hassle out of the pharmacy experience.” But Sattar said the physical pharmacies were too expensive to operate, and it was too difficult to get doctors on board.


Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: christina farr
Keywords: news, cnbc, companies, push, cutting, pharmacies, compete, help, independent, online, drug, delivery, walgreens, service, million, selling, startup, staff, nimble, pharmacy, physical, pillpack


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NBC’s 2020 streaming service won’t be very compelling for cord cutters — and that’s by design

The proof is in the details of NBC’s streaming service, coming next spring. And you’ll get a few originals for the streaming service, the quality of which is to be determined. NBC expects its revenue from cord cutters on its streaming service to be “completely immaterial,” according to a person familiar with the matter. Customers who cancel Comcast’s TV service for, say, YouTube TV will still get NBC’s streaming service for free. But at launch next year, the NBC streaming service won’t be a comp


The proof is in the details of NBC’s streaming service, coming next spring. And you’ll get a few originals for the streaming service, the quality of which is to be determined. NBC expects its revenue from cord cutters on its streaming service to be “completely immaterial,” according to a person familiar with the matter. Customers who cancel Comcast’s TV service for, say, YouTube TV will still get NBC’s streaming service for free. But at launch next year, the NBC streaming service won’t be a comp
NBC’s 2020 streaming service won’t be very compelling for cord cutters — and that’s by design Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: alex sherman
Keywords: news, cnbc, companies, wont, cord, disney, thats, live, nbcs, service, hulu, tv, 2020, compelling, nbc, paytv, streaming, design, customers, cutters


NBC's 2020 streaming service won't be very compelling for cord cutters — and that's by design

The streaming wars — the race to launch subscription video products — has been driven by an underlying concept: The traditional pay-TV bundle is dying as millions of U.S. households cut the cord each year and shift their video consumption to services like Netflix.

This has been a hard pill to swallow for legacy media companies, which derive billions of dollars from traditional pay TV. Yet, many of those media companies are coming to grips with reality and beginning to disrupt their own business models, headlined by Disney’s $6.99 Disney+ offering for this year.

That’s not the case for Comcast’s NBCUniversal (the parent company of CNBC and CNBC.com).

NBC doesn’t want you to cut the cord. Maybe this isn’t too surprising since its owner is the largest U.S. cable company. But it’s unusual because it directly contradicts the disruption narrative. Instead of submissively accepting that the pay-TV world is ending, NBC is taking a stand and fighting back.

The proof is in the details of NBC’s streaming service, coming next spring.

NBC’s ad-supported streaming service will be free to all customers who pay for traditional live television — whether through Comcast or any other provider, including virtual pay-TV bundles like Google’s YouTube TV or AT&T’s DirecTV Now, assuming partnership deals are struck, according to people familiar with the matter.

For those who have cut the cord, it will probably be about $10, said the people, who asked not to be named because the discussions on price are still ongoing.

CNBC has also learned that the free version of service for pay-TV subscribers will include live linear channels, same-season episodes and past-season episodes. Customers will be able to watch NBC programming anywhere, on any device, independent of their cable provider’s footprint. NBC will have nonexclusive access to all of the programming it sells to Hulu for the streaming service, as part of the deal with Disney the two companies announced on Tuesday.

But the $10 version for cord cutters won’t include live linear channels and won’t include same-season shows. You’ll get a bunch of reruns, most of which will also be available on Hulu if you already subscribe to that service. And you’ll get a few originals for the streaming service, the quality of which is to be determined.

So what are you getting for your $10 a month? Not much at first. And that’s the point.

NBC expects its revenue from cord cutters on its streaming service to be “completely immaterial,” according to a person familiar with the matter. The company is actively trying to make its cord-cutting streaming service inferior to its pay-TV version. The service is primarily meant as a nice additional benefit for customers who already pay for cable or satellite TV.

NBC’s decision isn’t totally motivated by supporting Comcast’s cable TV business. Now that Disney has full operational control of Hulu, Disney can bundle Hulu (or Hulu with Live TV) with Disney+ to make a compelling streaming offering that should further accelerate cord cutting. NBC is OK with this. Customers who cancel Comcast’s TV service for, say, YouTube TV will still get NBC’s streaming service for free.

NBC will certainly monitor the take rate of its streaming service among non pay-TV subscribers if cord cutting dramatically accelerates. If necessary, it can move content on and off its service thanks to Tuesday’s deal with Hulu, as well as the impending expiration of streaming-rights deals for popular shows it owns, such as “The Office.” And three years from now, when its content deal with Hulu ends, there’s an easy path for NBC to make its streaming service more compelling by making all its content exclusive to it.

But at launch next year, the NBC streaming service won’t be a compelling addition for cord cutters. And that’s the point.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC and CNBC.com.

WATCH: Comcast will sell its Hulu stake to Disney, giving Disney full control


Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: alex sherman
Keywords: news, cnbc, companies, wont, cord, disney, thats, live, nbcs, service, hulu, tv, 2020, compelling, nbc, paytv, streaming, design, customers, cutters


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Apple just launched its first big push into subscription TV

Apple TV Channels AppleApple on Monday released an update to iPhones, iPads and Apple TV that includes its brand new TV app with Apple Channels. It’s Apple’s first big push into making money off TV content outside of sales through the iTunes store. The new Apple TV ChannelsApple TV Channels AppleChannels is not Apple TV+, the service that will include original programming from Apple and will launch later this fall. Changes to the TV appApple TV Channels AppleA new “What to Watch” screen inside t


Apple TV Channels AppleApple on Monday released an update to iPhones, iPads and Apple TV that includes its brand new TV app with Apple Channels. It’s Apple’s first big push into making money off TV content outside of sales through the iTunes store. The new Apple TV ChannelsApple TV Channels AppleChannels is not Apple TV+, the service that will include original programming from Apple and will launch later this fall. Changes to the TV appApple TV Channels AppleA new “What to Watch” screen inside t
Apple just launched its first big push into subscription TV Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-13  Authors: todd haselton
Keywords: news, cnbc, companies, services, tv, channels, push, subscription, disney, service, launched, big, hbo, apple, watch, app, content


Apple just launched its first big push into subscription TV

Apple TV Channels Apple

Apple on Monday released an update to iPhones, iPads and Apple TV that includes its brand new TV app with Apple Channels. Apple Channels is the company’s new service that offers customers in more than 100 countries subscription access to premium networks such as HBO, Showtime, Epix, Smithsonian Channel, Starz and Tastemade. Other channels, such as CBS All-Access and MTV Hits, are coming later this year. Right now, if you signed up for every channel package available, however, you’d pay $97 a month. It’s Apple’s first big push into making money off TV content outside of sales through the iTunes store. Apple hasn’t said what its cut of revenue from subscribers who sign up to services through Apple Channels will be, but CNBC reported in February that the company was pushing for 30%. Some reports suggest Apple gets 15% of revenues from subscribers who sign up for services such as HBO Now, Netflix and other streaming apps through the App Store. Apple reported revenue for its services segment of $11.45 billion in its second-quarter earnings report on April 30, beating analyst estimates. Channels gives Apple a way to continue to focus on its services business as sales of hardware, including iPhones, plateau. In other words, this gives Apple new ways to make money from customers who already own its products.

The new Apple TV Channels

Apple TV Channels Apple

Channels is not Apple TV+, the service that will include original programming from Apple and will launch later this fall. But Channels does launch with a brand new TV app that Apple says will show people compelling content they’ll want to watch. It will highlight some of the hit shows from the networks that customers can subscribe to, such as HBO’s “Game of Thrones.” More than 100,000 movies and TV shows are also available to rent or purchase in the app, which means customers don’t need to open the iTunes store and leave the app to buy more things to watch. And instead of pushing viewers out of the Apple TV app and into another app, like HBO, Starz or Showtime, Apple TV Channels immediately begins streaming the show, which helps keep people inside Apple’s ecosystem. There’s a trade-off for this, however. Anyone who subscribes to the channels can only watch them within the TV app. The subscription won’t work on other platforms such as Sony’s PlayStation or a Roku box. Conversely, if you pay for HBO through your cable provider already, or directly from HBO, it’ll work in Apple TV. But some features won’t work, like offline downloads. And it feels less seamless since Apple TV will push you out into that separate app instead of playing the content right away.

Changes to the TV app

Apple TV Channels Apple

A new “What to Watch” screen inside the Apple TV app provides curated content from Apple editors that’s based on what’s popular around the world. Apple said it’s using human editors combined with its algorithms to make recommendations so users don’t sit and endlessly scroll trying to find something good to watch. It’s a problem most of us have experienced with the influx of streaming content now available. When you select a show, Apple provides data on who stars in it and a summary of the episode or movie and will begin automatically playing the trailer at the top of the screen. It looks really clean and provides most of what a person browsing for a new TV show or movie might want.

Apple TV Channels Apple

There’s also a new kids section with content curated for a younger audience. This includes lots of animated movies and TV shows that users can either stream, download or buy, depending on whether it’s included with one of the subscriptions in Apple TV Channels.

Offline viewing

Apple TV App Source: Apple

There’s also an option to download content and save it for offline viewing on an iPhone or iPad when you don’t have an internet connection. This will help Apple TV Channels stand out against standalone apps from HBO, Showtime and others that require an internet connection for viewing. This, above all else, might make it one of the most compelling reasons to sign up for a service through Apple TV Channels instead of elsewhere.

Beyond the Apple TV

iTunes running on a Samsung TV Samsung

Apple Channels won’t be limited to just Apple products. The company announced a partnership with Samsung in January in which select Samsung Smart TVs will have access to the new Apple TV app. It won’t offer the full experience of an Apple TV, which also supports apps and games, but it will provide the same experience for watching TV shows and movies. The Samsung app will also launch Monday on all 2019 smart TV models and some 2018 models. Apple TV will launch on Amazon’s Fire TV, Sony TVs, LG TVs and Roku devices later this year.

No bundles

Apple TV coming to Smart TVs. Source: Apple

Unlike Apple News+, the company’s $9.99 per month subscription news service that allows you to download more than 300 magazines and read articles from The Wall Street Journal and the Los Angeles Times, Apple Channels does not have a bundle option. That means you need to subscribe to each individual video service separately, instead of buying an all-you-can-eat plan that includes everything. And, after a one-week free trial of the premium services, users will pay the standard price they would pay anywhere else. Showtime costs $10.99 per month, for example. However, families up to 6 people can share a single subscription.

Disney+

President of Walt Disney Distribution Franchise Management, Business & Audience Insights, Cathleen Taff, speaks in front of the studios part of Walt Disney Studio on screen during the CinemaCon Walt Disney Studios Motion Pictures special presentation at the Colosseum Caesars Palace on April 3, 2019, in Las Vegas, Nevada. Valerie Macon | AFP | Getty Images

Disney’s upcoming streaming service Disney+ seems like a perfect fit for Apple TV Channels. It launches on Nov. 12, will cost $6.99 per month and will include a huge library of Disney content. Apple had no comment on whether Disney+ will eventually launch in Channels, or if talks are underway, but said it is well aware that it’s going to be a popular service.

How to get Apple TV Channels

Peter Stern, vice president of services at Apple Inc., speaks during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Monday, March 25, 2019. The company is unveiling streaming video and news subscriptions, key parts of Apple’s push to transform itself into a leading digital services provider. Photographer: David Paul Morris/Bloomberg via Getty Images David Paul Morris | Bloomberg | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-05-13  Authors: todd haselton
Keywords: news, cnbc, companies, services, tv, channels, push, subscription, disney, service, launched, big, hbo, apple, watch, app, content


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Slack says it’s going to replace email and is as necessary as electricity in its pitch to investors

Stewart Butterfield, co-founder and chief executive officer of Slack Technologies Inc., speaks during an event in San Francisco, California. Business messaging service Slack briefed investors on Monday, as the company expects to go public with a direct listing on the New York Stock Exchange on June 20. Slack provided updated information in an amendment to its initial public offering filing ahead of its pitch to investors. Stewart Butterfield, co-founder and CEO of Slack, made the case that repla


Stewart Butterfield, co-founder and chief executive officer of Slack Technologies Inc., speaks during an event in San Francisco, California. Business messaging service Slack briefed investors on Monday, as the company expects to go public with a direct listing on the New York Stock Exchange on June 20. Slack provided updated information in an amendment to its initial public offering filing ahead of its pitch to investors. Stewart Butterfield, co-founder and CEO of Slack, made the case that repla
Slack says it’s going to replace email and is as necessary as electricity in its pitch to investors Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-13  Authors: michael sheetz
Keywords: news, cnbc, companies, electricity, quarter, pitch, slacks, company, replace, slack, million, service, butterfield, necessary, investors, email, world, public, software, going


Slack says it's going to replace email and is as necessary as electricity in its pitch to investors

Stewart Butterfield, co-founder and chief executive officer of Slack Technologies Inc., speaks during an event in San Francisco, California.

Business messaging service Slack briefed investors on Monday, as the company expects to go public with a direct listing on the New York Stock Exchange on June 20.

Slack provided updated information in an amendment to its initial public offering filing ahead of its pitch to investors. For the quarter ending April 30, Slack brought in revenue estimated between $133.8 to $134.8 million, up from $80.9 million in the same period a year ago. Slack’s net loss expanded to about $39 million in the quarter, from $26.3 million.

The service, which primarily caters to businesses, said it has more than 10 million users as of January. In its briefing to investors, Slack said it will release first quarter earnings and host a conference call on June 10, as well as give a second quarter forecast.

Stewart Butterfield, co-founder and CEO of Slack, made the case that replacing email with Slack changes the way employees of a company communicate.

“This shift is inevitable. We believe every organization will switch to Slack or something like it,” Butterfield said in a presentation.

He also pitched Slack as a software-focused company that believes the world is “only at the beginning” of its reliance on software. In that essence, Butterfield likened Slack as eventually becoming a utility, similar to the internet or electricity.

“The world is going to continue to use more and more software and we deliberately try to put ourselves in a position where Slack the company gets more valuable as the world uses more software because Slack the product becomes more valuable for our customers as that customer uses more software,” Butterfield said.

Slack is the latest in a string of large technology companies coming to the public markets. But rather than a traditional IPO, the service will list its shares directly on the NYSE. It’s the second major tech company over the last year to opt for a direct listing, following Spotify. Slack’s ticker symbol will be SK.

Slack, similar to the recent IPOs of Lyft and Pinterest, will offer two classes of shares, to consolidate voting power among its top shareholders. Slack’s Class A common stock will receive one vote per share, while Class B will be entitled to 10 votes per share.

Disclosure: Comcast Ventures, the venture arm of Comcast, is an investor in Slack. Comcast owns CNBC parent company NBCUniversal.


Company: cnbc, Activity: cnbc, Date: 2019-05-13  Authors: michael sheetz
Keywords: news, cnbc, companies, electricity, quarter, pitch, slacks, company, replace, slack, million, service, butterfield, necessary, investors, email, world, public, software, going


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A proposed legal change in Hong Kong has businesses worried about the fate of the city

A Hong Kong government proposal to allow extraditions to mainland China is stoking fresh anxiety about the resilience of local autonomy in the financially important former British colony. Hong Kong also enjoys freedom of speech and the internet in contrast to strict controls next door — and its transparent legal system is a key attraction for foreign banks, businesses and investors. If it’s passed, the commission said, the rule would “increase the territory’s susceptibility to Beijing’s politica


A Hong Kong government proposal to allow extraditions to mainland China is stoking fresh anxiety about the resilience of local autonomy in the financially important former British colony. Hong Kong also enjoys freedom of speech and the internet in contrast to strict controls next door — and its transparent legal system is a key attraction for foreign banks, businesses and investors. If it’s passed, the commission said, the rule would “increase the territory’s susceptibility to Beijing’s politica
A proposed legal change in Hong Kong has businesses worried about the fate of the city Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: kelly olsen, anthony kwan, getty images, keith tsuji
Keywords: news, cnbc, companies, worried, china, rule, kongs, proposed, local, service, change, foreign, republic, kong, legal, tong, hong, businesses, city, fate


A proposed legal change in Hong Kong has businesses worried about the fate of the city

A Hong Kong government proposal to allow extraditions to mainland China is stoking fresh anxiety about the resilience of local autonomy in the financially important former British colony.

The territory retained its own laws, courts, currency and civil service when Britain transferred sovereignty to the People’s Republic of China on July 1, 1997 in a historic handover broadcast worldwide. Hong Kong also enjoys freedom of speech and the internet in contrast to strict controls next door — and its transparent legal system is a key attraction for foreign banks, businesses and investors.

The proposed extradition law, however, is just the latest development suggesting the unique framework known as “one country, two systems” — in which Beijing handles defense and foreign affairs and promises to keep Hong Kong’s local management in place until at least 2047 — is under increasing stress.

The local bar association, business organizations, human rights groups and others have expressed apprehension about the proposal, as have foreign governments.

The U.S.-China Economic and Security Review Commission, mandated by Congress, issued a brief Tuesday slamming the plan. If it’s passed, the commission said, the rule would “increase the territory’s susceptibility to Beijing’s political coercion and further erode Hong Kong’s autonomy.”

Kurt Tong, the U.S. consul general in Hong Kong, described worries in the foreign community, including businesses, as “palpable” in an interview shown Saturday on public service broadcaster RTHK.

“We sense real concern about this,” Tong said, adding that unease is compounded by a lack of “careful explanation.”

The idea has sparked protests, the latest on April 28 drawing more than 20,000 people, while opposition lawmakers in the local Legislative Council are working to stop it.

On Saturday, nearly 300 people, many shouting slogans, watched lawmakers engage in heated debate on live video outside the council building.

Ava Sit, a university student, said she fears China will take advantage of any changes and try to limit Hong Kong’s freedoms.

“I don’t want Hong Kong to lose its democracy under PRC rule,” she told CNBC, referring to the country’s official name, the People’s Republic of China.


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: kelly olsen, anthony kwan, getty images, keith tsuji
Keywords: news, cnbc, companies, worried, china, rule, kongs, proposed, local, service, change, foreign, republic, kong, legal, tong, hong, businesses, city, fate


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Wolters Kluwer accounting giant hit by malware, causing ‘quiet panic’

After the attack, Wolters Kluwer to many of its systems offline, including “communications systems,” to prevent the malware from spreading further. The accountant said he was still unable to access documents stored in Wolters Kluwer cloud servers as of 2:20 p.m. On Wednesday afternoon, Wolters Kluwer provided the accountant’s firm with a back-up customer service number. A cybersecurity professional at one Big Four accounting firm said she had received reassurances from Wolters Kluwer that accoun


After the attack, Wolters Kluwer to many of its systems offline, including “communications systems,” to prevent the malware from spreading further. The accountant said he was still unable to access documents stored in Wolters Kluwer cloud servers as of 2:20 p.m. On Wednesday afternoon, Wolters Kluwer provided the accountant’s firm with a back-up customer service number. A cybersecurity professional at one Big Four accounting firm said she had received reassurances from Wolters Kluwer that accoun
Wolters Kluwer accounting giant hit by malware, causing ‘quiet panic’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: kate fazzini, hill street studios llc, digitalvision, getty images
Keywords: news, cnbc, companies, attack, malware, wolters, information, speak, accounting, quiet, firm, panic, causing, service, kluwer, accountant, including, hit, giant


Wolters Kluwer accounting giant hit by malware, causing 'quiet panic'

The attack started around 8am Eastern Time on Monday. Queen said she could not yet release information on the specific type of attack against the company. But the incident is reminiscent of the NotPetya ransomware attacks of 2017, which spread quickly throughout firms, knocking out services including voice and email, and rendering huge databases of documents inaccessible.

After the attack, Wolters Kluwer to many of its systems offline, including “communications systems,” to prevent the malware from spreading further. This made it difficult for accountants and IT staff to reach the company for information about the incident.

“It really gave us the opportunity to investigate the problem safely,” Queen explained. “It takes time to gather information, and we are informing our customers and employees about the situation, updating them as best we can.”

One accountant in the Southeast said his investment firm uses to store client tax returns, working papers and other important information. He asked to speak to CNBC on background because he is not authorized by his employer to speak to media.

The accountant said he was still unable to access documents stored in Wolters Kluwer cloud servers as of 2:20 p.m. ET Wednesday, and that his firm was unable to get much information from the company because of the downed communications channels, including customer service numbers he said his firm typically uses.

“Since Tuesday, it was the same thing, no new information,” he said.

On Wednesday afternoon, Wolters Kluwer provided the accountant’s firm with a back-up customer service number. When called, the new technical support number yielded a message saying “we do not have a specific timeline for when we expect to have service fully restored.”

A cybersecurity professional at one Big Four accounting firm said she had received reassurances from Wolters Kluwer that account information had not been accessed. But she also said her firm took additional precautions to “limit any possible exposure” to the malware attack through the accounting giant’s technology connections to the software company.

“We’re, of course, watching it closely and having our own people look at the problem,” she said. The cybersecurity professional asked to remain anonymous because she is not authorized to speak to media.

The accountant from the Midwest-based accounting firm said that data loss was his “primary concern.” But he said he’d only received one call from a client asking about data.

“I’d characterize it as a bit of a ‘quiet panic’ right now in the corporate accounting world, without a lot of information,” he said.

For the clients who need to file by May 15, the accountant said he is coming up with a back-up plan: “Do it by hand.”


Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: kate fazzini, hill street studios llc, digitalvision, getty images
Keywords: news, cnbc, companies, attack, malware, wolters, information, speak, accounting, quiet, firm, panic, causing, service, kluwer, accountant, including, hit, giant


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Amazon just launched a lending service in China while shuttering its local marketplace

Amazon may be closing its marketplace in China, but it’s still aggressively pursuing growth in the country with a new lending service that could help bolster its sprawling seller community there. Amazon picks and connects prequalified sellers with a local lender in China, offering short-term loans to help the sellers purchase inventory and expand their business. “The Lending Referral Program is a new program by Amazon Lending,” the post said. “Under this program you may be extended offers to app


Amazon may be closing its marketplace in China, but it’s still aggressively pursuing growth in the country with a new lending service that could help bolster its sprawling seller community there. Amazon picks and connects prequalified sellers with a local lender in China, offering short-term loans to help the sellers purchase inventory and expand their business. “The Lending Referral Program is a new program by Amazon Lending,” the post said. “Under this program you may be extended offers to app
Amazon just launched a lending service in China while shuttering its local marketplace Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: eugene kim, rex curry
Keywords: news, cnbc, companies, seller, chinese, lending, post, service, amazon, marketplace, launched, local, china, program, sellers, shuttering


Amazon just launched a lending service in China while shuttering its local marketplace

Amazon may be closing its marketplace in China, but it’s still aggressively pursuing growth in the country with a new lending service that could help bolster its sprawling seller community there.

The program is called Lending Referral Program, according to a post in Amazon’s sellers forum, which is only open to merchants doing business on the site. Screenshots of the post were viewed by CNBC. Amazon picks and connects prequalified sellers with a local lender in China, offering short-term loans to help the sellers purchase inventory and expand their business.

“The Lending Referral Program is a new program by Amazon Lending,” the post said. “Under this program you may be extended offers to apply for loans provided by local Chinese lenders to grow your business on Amazon.”

Amazon’s new loan service is the company’s latest initiative in China, after announcing the closure of its marketplace there last month. Instead of targeting Chinese consumers, the lending program is aimed at growing the number of China-based merchants who sell directly to Amazon consumers in the U.S. and the rest of the world, as Chinese sellers now account for a significant share of Amazon’s global marketplace sales.

“If Amazon wants to build a bigger seller ecosystem in China — and grow its worldwide marketplace — providing working capital is a key factor,” said Don Zhao, co-founder of Azoya, a company that helps e-commerce businesses in China.


Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: eugene kim, rex curry
Keywords: news, cnbc, companies, seller, chinese, lending, post, service, amazon, marketplace, launched, local, china, program, sellers, shuttering


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Trump tweet sends penny stock Workhorse surging by more than 200%, crashes website

A tweet by President Donald Trump sent shares of penny stock Workhorse soaring Wednesday. Workhorse has had an average daily volume of 345,127 shares over the last month. The tweet crashed the company’s website, which was still inaccessible about three hours after the Trump mention. Cowen also said Trump’s comments raised speculation that “Workhorse is likely to be a vendor for the US Postal Service program.” Workhorse told CNBC it was one of the finalists being considered for the postal service


A tweet by President Donald Trump sent shares of penny stock Workhorse soaring Wednesday. Workhorse has had an average daily volume of 345,127 shares over the last month. The tweet crashed the company’s website, which was still inaccessible about three hours after the Trump mention. Cowen also said Trump’s comments raised speculation that “Workhorse is likely to be a vendor for the US Postal Service program.” Workhorse told CNBC it was one of the finalists being considered for the postal service
Trump tweet sends penny stock Workhorse surging by more than 200%, crashes website Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: kate rooney, source
Keywords: news, cnbc, companies, trump, crashes, stock, ohiobased, volume, potential, surging, president, penny, website, sends, service, postal, workhorse, shares, 200


Trump tweet sends penny stock Workhorse surging by more than 200%, crashes website

A tweet by President Donald Trump sent shares of penny stock Workhorse soaring Wednesday.

Shares of the Ohio-based automaker, which makes electric vehicles, jumped more than 214%. The stock closed at $2.65 after opening at 82 cents on Wednesday. Workhorse has a market value of just $173 million.

In a tweet Wednesday, the president said that General Motors CEO Mary Barra informed him that GM would sell its shuttered Lordstown manufacturing plant to Workhorse to build electric trucks. GM later clarified that it is still in talks about a potential sale of the Warren, Ohio-based plant.

Trading in stocks below a dollar is often a risky business because of potential for outsized moves. Workhorse has had an average daily volume of 345,127 shares over the last month. By the closing bell on Wednesday, its trading volume was up to 45.9 million shares.

Analysts at Cowen said the Trump tweet was behind the surge. The tweet crashed the company’s website, which was still inaccessible about three hours after the Trump mention.

Cowen also said Trump’s comments raised speculation that “Workhorse is likely to be a vendor for the US Postal Service program.”

“Based on media reports and comments from the US Postal Service, testing for the next generation vehicle is done and a request for production is due later this year,” Cowen analyst Jeffrey Osborne said in a note to clients Wednesday.

Workhorse told CNBC it was one of the finalists being considered for the postal service contract but would not comment further.


Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: kate rooney, source
Keywords: news, cnbc, companies, trump, crashes, stock, ohiobased, volume, potential, surging, president, penny, website, sends, service, postal, workhorse, shares, 200


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