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Unlock business success at Franchise Asia Philippines Expo
The Franchise Asia Philippines Expo 2024 is set to hold a series of dynamic seminars designed to empower entrepreneurs, investors and business enthusiasts with the knowledge and tools needed to thrive in the ever-evolving world of franchising. Slated from April 12 to 14 at the SMX Convention Center Manila, these seminars offer invaluable insights into key aspects of franchising and business growth......»»
Business groups laud passage of Salt Industry Development Act
Business groups Philippine Exporters Confederation Inc. (Philexport) and Philippine Chamber of Commerce and Industry (PCCI) welcomed the approval of a law that aims to revive the salt industry which is seen to support economic growth and help create jobs......»»
Tech titan Amazon sees profit climb as cloud promises boon
Online retail colossus Amazon on Thursday said profit surged in the recently ended quarter on growing sales and more efficient deliveries, with its cloud business promising even better days ahead. The e-commerce colossus said it made a profit of $9.9 billion on sales that tallied $143.1 billion in the recently ended quarter, with more than half its operating income made from Amazon Web Services (AWS) cloud unit. Google parent Alphabet and computing colossus Microsoft this week reported rising quarterly profits, playing up demand for cloud computing enhanced with artificial intelligence. Investors, though, had hoped for better performance from Google Cloud causing the company's shares to slip. While Amazon Web Services (AWS) grew 12 percent when compared to the same quarter a year earlier, the unit's growth lagged that of rival cloud businesses operated by Microsoft and Google. "I remain very optimistic about AWS," Amazon chief executive Andy Jassy said on an earnings call. "There's a lot more there for us; then you look at the very substantial, gigantic new generative AI opportunity, which I believe will be tens of billions of dollars in revenue for AWS over the next several years." Amazon just weeks ago said it would invest up to $4 billion in AI firm Anthropic. The success of OpenAI's ChatGPT, a chatbot released last year that can generate poems, essays, and other works with just a short prompt, has led to billions being invested in the field. Anthropic agreed to use Amazon's chips to develop its next models and to use AWS for "mission-critical workloads." Amazon has already announced it aimed to soup up its Alexa voice assistant with generative AI, which the firm said would allow users to have smoother conversations. Retail rebound Amazon earnings "soared past expectations" in the quarter, according to Insider Intelligence analyst Zak Stambor. "We had a strong third quarter as our cost to serve and speed of delivery in our stores business took another step forward," Jassy said, adding its ad business grew "robustly" and AWS cloud computing business "continued to stabilize." "The retail giant's slowdown last year appears to be in the rearview mirror as it has embarked on significant cost-cutting throughout this year and sharpened its focus on key growth areas, such as its high-margin online marketplace and advertising," Stambor said. A top US antitrust regulator sued Amazon in September, accusing the online retail behemoth of running an illegal monopoly by strong-arming sellers and stifling potential rivals. "Our complaint lays out how Amazon has used a set of punitive and coercive tactics to unlawfully maintain its monopolies," said Federal Trade Commission Chair Lina Khan. Robots and drones Amazon said Thursday it will hire 250,000 full-time, part-time, and seasonal employees in the United States to handle shopping demand in the months ahead. Amazon said last week that it will expand drone delivery of certain purchases to a third US state as well as to Britain and Italy by the end of 2024. The US firm has installed a new robotics system in one of its Texas logistics centers, featuring technology like automated vehicles, mechanical arms, and computer vision technology. Amazon already uses 750,000 robots in its warehouses to speed up deliveries. "The better they get at delivery, the more it continues to grow the e-commerce market overall and Amazon's place within that market," said Insider Intelligence analyst Andrew Lipsman. But increased productivity via robots won't fix underlying Amazon worker issues, critics say. Amazon early this year eliminated some 27,000 jobs in a move it said at the time was necessary, after years of sustained hiring. Ads shine Advertising continues to be "a major bright spot" for Amazon and it has started using generative artificial intelligence to help sellers create "eye-catching" ads in its online marketplace, analyst Stambor said. Insider Intelligence expects Amazon's US advertising business to bring in nearly $34 billion this year a major leap from before the COVID-19 pandemic. The post Tech titan Amazon sees profit climb as cloud promises boon appeared first on Daily Tribune......»»
Lenovo treats Phl as top Southeast Asian market
Even if neighboring countries in the Southeast Asian region are advantageous in terms of being technology savvy, the Philippines remains an integral market according to an official of Lenovo, a Chinese multinational technology company specializing in designing, manufacturing, and marketing consumer electronics, personal computers, software, business solutions, and related services. “We see strong demand for the Philippines, the only question is how the consumers get the technology. The pandemic has even made the demand for the Philippines surge because of the digital transformation, unlike pre-pandemic where everyone is scrambling. Right now, because of the transformation, growth is very evident. In other words, investments, including Lenovo technologies are still in demand in the market,” according to Giancarlo Nogales from the Infrastructure Solutions Services Sales of Lenovo Philippines at the sidelines of the VST ECS CXO Tech Summit at the Dusit Thani in Mactan Cebu. “In terms of devices, the Philippines is actually doing well,” he added. Last August, the company said that over the next three years, Lenovo is committing a further $1 billion in investment for artificial intelligence that will focus on providing AI devices, AI-ready, and AI-optimized computing infrastructure, and embedded AI-generated content into the intelligent solutions of vertical industries to help customers improve their productivity. Lenovo in September 2023 has unveiled new cutting-edge tech tools and essentials tailored to empower the dynamic, evolving needs of today’s business end-users. It said that the new monitor, software, and accessories are not only designed to boost the capabilities of today’s remote and hybrid workforces but also to address significant challenges faced by businesses as they digitize operations across departments. “Lenovo research shows that managing a remote workforce and global teams remain central tasks for CIOs.1. That is why the new offerings integrate impressive processing power, immersive 3D, and advanced security to create a unified, human-centered experience,” the company said. Further, Nogales added that sales for Lenovo in the Philippines will continue to soar as the country has a bigger population which connotes demand compared to other nations in SE Asia. What Lenovo can count on with the Philippines is the demand for laptops and tablets that are now being used by students, educators, workers, and even the government. “Actually, we have an ongoing engagement with the government sector. I was at an event with the DICT (Department of Information and Communications) and we had discussions with the Department of Education as well, but we still understand what they are looking for. Of course, with DepEd, it’s a big agency, and what I can say is we are working with them across whatever we can offer—cloud technologies, among others,” he told the DAILY TRIBUNE. Nogales said he sees an ongoing digital transformation within organizations and will continue over the coming years. Digital transformation is an ongoing journey Meanwhile, VST ECS president and CEO Jimmy Go stressed that in the ever-evolving world of technology, organizations are charting a course - through a landscape that has seen profound advancement in recent years. “It's important to understand that digital transformation is not a one-time event but an ongoing journey. Every day, we bear witness to the unveiling of new digital technologies. In this dynamic environment, the lines between the physical and digital worlds are blurring, creating a phenomenon known as phygital convergence," he said. He said organizations nowadays stand at the threshold of a remarkable technological revolution. “Generative AI is the talk of the town with Chat GPT and other AI, offering organizations the power to intelligently automate customer experiences and streamline internal operations. The implications of this technology are far-reaching. Microsoft is launching CoPilot and most software applications are incorporating AI in their applications. Gartner predicts that by 2030, a staggering 80 percent of people will interact with smart robots daily, and in just two years, these smart robots will become workforce partners for 90 percent of global companies,” he said. Further, Go stressed that AI and machine learning, once a novel concept, have become integral to the products and services offered by major companies. “A mere decade ago, we were learning to communicate with machines. Today, machines understand and adapt to our language, erasing the boundaries between humans and technology. While AI is currently the headline in the tech world, we must not lose sight of the critical need to modernize our IT infrastructure,” he stated. For organizations to embrace technology, he said it’s a pivotal step in allowing organizations to embrace the latest technology trends, including Multi Clouds, Quantum computing, Data explosion, RPA, Generative AI, and more. “Investments in Connectivity solutions, Digital Infrastructure, Cloud technologies, Cybersecurity, Big data, Storage, Automation, and Collaboration tools remain vital to prepare for the ever-evolving Tech landscape. In the Israel-Hamas and Ukraine-Russia wars, Technology plays a very important and critical role in their war strategies. Computers, AI, Starlink, and drones are heavily used in their strategies,” he said. The post Lenovo treats Phl as top Southeast Asian market appeared first on Daily Tribune......»»
EEI ‘hold’ tipped with robust infra
Listed infrastructure multinational EEI Corpo. posted a net loss of -P701.12 million in the second quarter, primarily due to losses from its equity in associates and joint ventures, primarily its unit Al Rushaid Construction Co. Ltd., or ARCC. Consolidated revenues rose by 25 percent from a year ago to P7.85 billion, but its gross profit shrank by 21 percent year-on-year to P515 million due to delays in materials, effects of bad weather, and license approvals. Brokerage house and research firm Regina Capital Development Corp., or RCDC, said the growth in EEI’s topline was mainly driven by improving construction contracts. “The company’s unworked portion of existing contracts is at P47.4 billion but expects a robust inflow of projects. The Build, Better, More Infrastructure Program is expected to boost construction services demand,” RCDC said. It added that the construction sector experienced growth in gross fixed capital formation in 2021 and 2022, an indication of potential recovery despite the economic challenges. However, the sector’s growth in the second quarter was below average, which RCDC said revealed economic risks. The price index, which has been on a downtrend since October 2022, could be a potential growth source. BBM’s main growth driver The BBM program, which will continue to stimulate domestic construction demand, will also benefit the sector. “Given the challenges posed by the slowed growth in gross capital formation for construction, as well as the impact of losses from equity in associates and joint ventures on EEI’s earnings, we are reducing our target to P5.30 per share, down from P7.50. This adjustment reflects the cautious outlook for the construction sector and the need for EEI to address its associated losses while also acknowledging potential future opportunities such as the government’s BBM infrastructure program. Hence, we are placing a “hold” recommendation on EEI. RCDC cited the updates on the company that merited its recommendation. EEI has continued with its reorganization. In a report to the stock market back in September 2023, its board approved the divestment of the company’s 60 percent interest in its subsidiary, BiotechJP Corp., a company engaged in the manufacture of food and therapeutic food products, as it focuses on its core business which is construction. Real estate brand Filigree tapped EEI Corp. for the general construction works of its newest project, Two Botanika, in Alabang, Muntinlupa. EEI’s unit, EEI Power Corp. is set to develop an electronic vehicle charging system through a new corporation after partnering with a cloud solution and service provider. EEI Power said it would have a 40 percent stake in the new corporation that it would establish together with SysNet Integrators Inc. The post EEI ‘hold’ tipped with robust infra appeared first on Daily Tribune......»»
PEZA chief lures potential Rotarian investors with ecozone perks
Members — particularly those in such business enterprises as manufacturing — of the Rotary Club of Manila, Asia’s oldest and biggest Rotary organization, were personally enticed by Philippine Economic Zone Authority director-general Tereso Panga of the benefits, particularly tax perks if they expand operations in the country or poured in investments in the ecozone. Panga, who served as guest speaker at RC Manila’s 14th General Membership Meeting at the Manila Polo Club, Makati City, on 5 October 2023, relayed to the prospective ecozone investors the various fiscal and non-fiscal Incentives offered by PEZA. He said the investment promotion agency offers income tax holidays or ITH of four to seven years depending on the industry tier and location, once onboard PEZA-run ecozones. For the National Capital Region, locators are entitled to four years of ITH for those that are in Tier 1; five years of ITH for Tier 2, and six years for those belonging to Tier 3. For locators in Metropolitan areas or areas contiguous and adjacent to NCR, a five-year ITH is given to Tier 1; six years for Tier 2, and seven years for Tier 3. “A five percent Special Corporate Income Tax holiday is also provided for 10 years for export-oriented projects, while enhanced deductions for five years are given to locators involved in domestic-oriented project activities,” Panga said. Other notable benefits awaiting interested PEZA locators include Customs duty exemption on importation of capital equipment, raw materials, spare parts, or accessories directly and exclusively used in the registered project/activity for a maximum period of 17 years unless otherwise extended under the Strategic Investment Priority Plan of the Philippine government; domestic sales allowance of up to 30 percent of total sales for export-oriented companies; value-added tax exemption on importation and VAT-zero rating on local purchases of goods and services directly and exclusively used in the registered project or activity for a maximum period of 17 years, unless otherwise extended under the SIPP; and exemption from payment of national and local government taxes and fees for the period of availment of the 5 percent special corporate income tax incentive Also, PEZA locators are entitled to employ foreign nationals; can enjoy long-term land leases of up to 75 years, and are entitled to the PEZA 2-year special non-immigrant visa issued to expatriates and their dependents as well as foreign workers. [caption id="attachment_194752" align="aligncenter" width="525"] Philippine Economic Zone Authority Director General Tereso O. Panga[/caption] PEZA performance Panga earlier reported that the investment promotion agency had reaped an overwhelming 114 percent increase in investments in the second quarter of the year, following the approval of 61 new and expansion projects for the period of April to June 2022. PEZA records showed that total investments are expected to bring in a total of P14.347 billion, 114.93 percent higher than the P6.675 billion approved investments for the second quarter of 2022. Of the 61 approved new and expansion projects, 16 are for the Information Technology industry, 15 for export/manufacturing, 13 for facilities, 13 for ecozone development, and two for IT Facilities and Logistics. Meanwhile, expected jobs to be created by those projects total 11,186, which is 29.06 percent higher compared to the 8,667 projected jobs in the 2nd quarter of 2022. For the January to June period of 2023, a total of 90 new and expansion projects have been approved and are expected to bring in P22.488 billion in investments, $747.093 million in exports, and 14,354 jobs. Japan remains PEZA’s top country investor in the first half with P8.007 billion in investments followed by Singapore with P2.169 billion. Also, Panga said that Japan topped the countries with the highest approved foreign investments at 27.34 percent, followed by Filipino companies at 23.19 percent, and American companies in the third spot at 14.82 percent. “PEZA accounted for 60.5 percent of the total foreign investment commitments in Q2 2023 with P35.75 billion,” he told the Rotary Club of Manila members. From 1995 to 2022, PEZA’s total dividends turned in to the National Treasury was a total of P26,889,567,738.07. Ecozones on the rise To date, Panga said PEZA hosts 422 ecozones and 4,352 locator companies/projects throughout the country. Of said number of ecozones, 299 are dedicated to IT Parks and Centers, 79 to manufacturing firms, 24 to agro-industrial parks, 17 are to tourism and three are to medical tourism ventures. Based on the Philippine Development Plan 2023-2028, President Ferdinand Marcos Jr. has projected that “the creation of ecozones will…maximize investments and promote industrial dispersion, especially outside metropolitan areas. Further, the ecozones will be integrated into the local economy by relaxing the requirements, facilitating the free flow of parts, components, and other inputs, and increasing open trade between zone locators and firms outside the zones.” In the coming years, various ecozones will be sprouting, while the ecozones that have already been officially proclaimed by the Office of the President include Robinsons Cyberpark Bacolod, Lima Technology Center (Expansion), Hermosa Ecozone Industrial Park (Expansion), Philtai Central Luzon Industrial Park, Felcris Centrale IT Park, ECCO 4 Building, Lopue’s Mandalagan IT Center, Marina Town Dumaguete, Naga City Industrial Park and Kamanga Agro-Industrial Economic Zone (Expansion), altogether with investments totaling P3.418 billion. Ecozones pending approval are MetroCas Industrial Estates-Special Economic Zone, Suyo Economic Zone and the expansions of Kamanga Agro-Industrial Economic Zone and Lima Technology Center, with a total investment amount of P773.962 million. As of September 2023, the governing board of PEZA has approved big-ticket investments with a total committed investment of P193.200 billion, and these are the First Pangasinan Property Development Corp., Raedang International Builders and Development Corp., Green Energy with Torrefaction Technology Inc., Dyson Electronics PTE, Ltd. Philippine Branch, Sunpower Philippines Manufacturing Ltd., Isla Import Terminals Inc., MJ Landtrade Development Corp., YCO Cloud Malvar Inc., Savya Land Development Corporation, RLGB Land Corporation, Robinsons Land Corporation, TDK Philippines, P. Imes Corp., Best-one Ever Luck Realty Corp., Knowles Electronics (Phil) Corporation, WIPRO Phils. Inc., Glensworth Development Inc., ACI Inc., Megaworld Corporation and Kyungshin Pampanga Philippines Inc. Currently, Panga said PEZA is focused on seven priority sectors, that is, advanced manufacturing, extractives (green ores processing), agriculture and blue industries, IT services and frontier technologies, eco-industrial park development (renewable energy and alternative energy, clean water and wastewater treatment, circular economy, sustainable development goals, green buildings, smart systems integration), Science, Technology and Innovation and the integration of small and medium enterprises into the ecozone value chain. Cannot be done alone by PEZA Panga, in conclusion during his speech at the Rotary Club of Manila meeting remarked that attracting foreign direct investments cannot be done by PEZA alone or by any other investment promotion agency left to its own devices. He emphasized that what is needed to make things work is a whole government, industry and society approach to lessen the cost and improve ease of doing business in the country. “Through our collaborations and strategic alliances, PEZA, together with the Rotary Club of Manila, other ecozone industries, and stakeholders, will strive for success in attaining our country’s goals and objectives, and continue to push for eco-zoning the Philippines towards inclusive and sustainable development,” Panga said. The post PEZA chief lures potential Rotarian investors with ecozone perks appeared first on Daily Tribune......»»
Fruitas acquires Foodpanda tools
Backed by a newly-acquired top-notch technology, listed food and beverage kiosk operator Fruitas Holdings Inc., through its wholly-owned subsidiary Fly Kitchen Inc., is growing its cloud kitchen business to better serve the growing customer demand. In a stock exchange report on Tuesday, Fruitas Holdings disclosed that it bought out culinary equipment and technology formerly utilized by Foodpanda to support the planned expansion. “We are pleased to announce this tactical purchase of top-quality kitchen equipment from Foodpanda. This decision reflects our dedication to providing outstanding gastronomic experiences to our patrons,” Fruitas Holdings president and chief executive officer Lester Yu said. Foodpanda is a global food delivery service provider in 40 countries across five continents. Cloud only for delivery A cloud kitchen prepares food exclusively for delivery or takeout, without any dine-in customers. It is a cost-effective way for restaurants to expand their existing business or launch a new virtual brand. According to Fruitas, the acquisition will particularly enable Fly Kitchen’s menu expansion with new methods, processes, and flavors. By using cutting-edge equipment, the company can streamline its operations — from food preparation to presentation, resulting in even higher service and product quality. The advanced kitchen equipment will likewise give Fly Kitchen the freedom to experiment with new recipes, which will excite the taste buds of its loyal consumers and new customers. The kitchen equipment will open the door for the company to collaborate with and prepare third-party brands that would fit well with its present cloud kitchen operations. Starting with a single stall opened in 2002, the Fruitas group now operates over 25 brands in its portfolio, including food concepts such as Fruitas Fresh from Babot’s Farm, Buko Loco, Buko ni Fruitas, De Original Jamaican Pattie, Johnn Lemon, and Juice Avenue, among others. The group also recently launched Fruitas dairy-based ice cream and the Soy & Bean soy product line. The post Fruitas acquires Foodpanda tools appeared first on Daily Tribune......»»
Biden leads US tech push in Vietnam
President Joe Biden and senior executives from top US tech firms including Google and Intel met Vietnamese business leaders Monday after the two countries agreed to deepen cooperation as Washington seeks to counter China's growing clout. Biden and Vietnam's ruling Communist Party chief -- the country's paramount leader -- struck a "comprehensive strategic partnership" as Washington pushes to boost its network of allies around Asia and the Pacific. The United States sees manufacturing dynamo Vietnam as an important part of its plan to decrease reliance on China for supplies of strategic resources, and the new pact includes agreements on semiconductors and rare earths. Executives from tech behemoth Google, chip makers Intel and GlobalFoundries, and aviation giant Boeing joined Biden and Secretary of State Antony Blinken for an "innovation and investment summit". They held talks with senior figures from a host of leading Vietnamese tech and manufacturing companies including electric car maker VinFast, internet firm VNG and digital wallet Momo. At the talks, Biden announced that flag-carrier Vietnam Airlines had agreed a $7.8-billion deal with Boeing to buy 50 medium-haul 737 airliners. Other deals announced include Microsoft developing a "generative AI-based solution tailored for Vietnam" and NVIDIA teaming up with local companies to deploy artificial intelligence in the cloud, automotive and healthcare sectors. Semiconductor security The new partnership includes an agreement on semiconductors, with the United States committing to help Vietnam develop its capabilities and expand production, including by funding workforce training. Tiny semiconductors are vital to modern life, found in every electronic device from children's toys and smartphones to electric cars and sophisticated weapon systems. Biden moved last month to restrict US investment in Chinese technology in sensitive areas including semiconductors, quantum computing and AI. With Washington looking to diversify and strengthen its supply chains after a series of shocks hit the global economy, it is increasingly looking to Vietnam, which has the world's second-largest deposits of rare earths -- another strategically vital resource -- after China. The White House highlighted US investment in chipmaking in Vietnam, pointing to a new $1.6 billion factory near Hanoi due to start operations soon. China difficulties Biden insisted Sunday that he did not want to "contain" China, but accused Beijing of seeking to change the rules of the international order. And in their joint statement, Biden and Trong launched a fresh broadside at Beijing in the sprawling, multi-state territorial row over the South China Sea. They warned against "threat or the use of force", days after the latest clash involving Chinese vessels, and insisted the competing claims to the strategic waterway must be settled under international norms. Beijing claims almost the entire sea, through which trillions of dollars in trade passes annually, and has ignored an international court ruling that its assertion has no legal basis. The president met Chinese Premier Li Qiang -- the country's number two leader -- on the sidelines of the G20 summit in Delhi on Sunday. Biden said the major economic problems Beijing was wrestling with would limit its scope for action, particularly on Taiwan -- which China regards as a renegade province. "China has a difficult economic problem right now for a whole range of reasons that relate to the international growth and lack thereof and the policies that China has followed," he said, pointing to high youth unemployment and real estate issues. "I don't think it's going to cause China to invade Taiwan. As a matter of fact, the opposite -- it probably doesn't have the same capacity that it had before." Vietnam has its own squabbles with Beijing, notably over the contested South China Sea. Hanoi's state media on Monday hailed the deal with former war foe the United States as "historic". Biden will end his visit by paying his respects at a memorial to his friend John McCain, the former US Senator shot down in Hanoi as a pilot during the Vietnam War. The post Biden leads US tech push in Vietnam appeared first on Daily Tribune......»»
Alibaba announces surprise departure of ex-CEO
Chinese e-commerce giant Alibaba has announced the surprise departure of former CEO Daniel Zhang, who had been set Monday to take charge of a key subsidiary as the firm undergoes a major restructuring. Hangzhou-based Alibaba is one of China's most prominent technology firms, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence. After years of turbulence in the Chinese tech sector, Alibaba in March announced the biggest restructuring in its history, dividing itself into six entities, with the goal of listing them on the stock exchange separately. CEO Daniel Zhang was due to take charge of the firm's new cloud computing branch, now a separate entity, on Monday. But two months after announcing his appointment, Alibaba said its ex-boss was no longer with the company. "The board of our Company expresses its deepest appreciation to Mr. Zhang for his contributions to Alibaba Group over the past 16 years," the company said in a statement to the Hong Kong Stock Exchange, where it is listed, late on Sunday. It gave no reason for his departure. Plans for a spin-off cloud computing firm would go ahead, Alibaba said, "under a separate management team to be appointed". The company announced in June that Zhang would be replaced by Joseph Tsai as chairman and Eddie Wu as CEO. The executive played a vital role in the company's success in the past decade, spearheading the now hugely popular Singles' Day shopping festival since its first edition in 2009. Shares in the firm sank nearly 3.5 percent Monday -- the first working day of its new reorganization into six distinct branches. In addition to e-commerce and cloud computing, Alibaba's reach stretches into everything from logistics to media, entertainment and artificial intelligence. But its vast size brought it into the crosshairs of Chinese regulators as Beijing sought to crack down on the tech sector. In 2020, Alibaba became the country's first tech giant to bear the brunt of increased oversight, when authorities called off what would have become one of the most valuable public listings in history -- valued at $34 billion -- for its former subsidiary Ant Group. Ant Group is the owner of Alipay, a mobile payment application widely used in China. One month after officials hit the brakes on its IPO, Alibaba was investigated for alleged anti-competitive practices, then issued a $2.8 billion fine. And in July authorities fined Ant Group nearly $1 billion for breaching banking regulations. The post Alibaba announces surprise departure of ex-CEO appeared first on Daily Tribune......»»
Cloud aids banks scale up operations
One of the world’s leading open platforms for composable banking, Temenos, underlined that cloud applications can help banking institutions efficiently scale up operations. Temenos serves 3000 banks from the largest to challengers and community banks in 150-plus countries by helping them build new banking services and state-of-the-art customer experiences. Temenos Banking Cloud, the company’s SaaS offering, is used by over 700 clients across more than 30 jurisdictions. During Temenos Cloud Forum 2023 forum for bank professionals in the Philippines, graced by representatives from the leading banks in the country, Temenos Financial Services Partner for Ernst and Young, Anurag Mishra, discussed “Banking Transformation” explaining that the cloud could help banks to efficiently scale their operations and design customer experiences which are more engaging. “One of the most important shifts that is happening is on the customer side. Banking is going to transition while customers are demanding ‘hyper-personalization’ and that requires new technologies. Today is the best time to shift from a technology perspective because the number of options to deliver on customer experience is huge and the cloud can solve specific problems,” according to Mishra in his presentation. On the other hand, Temenos Business Solution Lead for ASEAN, Rishi Sarin, explained the changing landscape and the challenges in the banking industry. “In a recent report published by Accenture “The ultimate guide to banking in the Cloud 2022,” 94 percent of banking respondents said that about 50 percent of all their banking business and technologies will migrate to the cloud in the next three years, while cloud adoption increased 2x in 2022 compared to 2021. There are currently huge investments by Cloud providers in the market so when we offer it as a service, it’s not only the reliability that comes in, but we can also provide security, stability and resilience,” Sarin said. He reiterated that the traditional set-up in which banks usually manufacture and distribute their own products, is changing fast as end-customers are demanding financial services at the point of need and it doesn’t necessarily matter to them who is providing those services. This fundamental shift is giving rise to new business models like embedded finance or Banking-as-a-Service. Temenos Principal Solution Consultant for Digital Banking Solutions for Asia-Pacific, Bala Carcharla, highlighted the three stages of “Lifestyle Banking.” The post Cloud aids banks scale up operations appeared first on Daily Tribune......»»
Salmon, Oradian seal partnership serving unbanked Filipinos
Oradian has included fintech innovator Salmon in its roster of valued customers, providing expertise by adopting Oradian’s advanced core system to drive its growth strategy, and to help the government attain its goal of improving the numbers of unbanked Filipino Currently servicing tens of thousands of customers, Salmon is a consumer fintech company built by a team of finance professionals and entrepreneurs and backed by world-class investors that develop better and more inclusive financial products with a focus on innovation, flexibility, security, relentless focus on customer care and added value for clients. The fintech firm started originally with in-store purchase financing, as Salmon had intended to expand its range of financial services to cover all the daily needs of clients in the Philippines and beyond, bridging the financial inclusion gap for millions of consumers. “We’re delighted to have found a technology partner in Oradian. As we enter a new stage of our institutional development and ready ourselves to deliver new product offerings, Oradian provides some essential tools that will power our continued growth,” said George Chesakov, CEO and co-founder of Salmon in a press conference on Wednesday. Founded in 2022, Salmon has already attracted a cumulative $36 million in equity and debt funding, reflecting deep confidence in its business model and growth potential. Essential recipe “Oradian offers a vital combination of flexible, scalable, best-in-class technology and comprehensive in-market customer support and expertise that enables us to drive growth, scale rapidly, and boost our performance. This is an essential recipe for remaining competitive in an increasingly crowded fintech landscape,” said Chesakov. Salmon’s early success is indicative of the strength and health of the Philippines’ financial technology market, particularly as the Bangko Sentral ng Pilipinas and the national government seek to promote digital lending and boost financial inclusion. The BSP in its report last month said 22 million Filipinos have gained access to formal financial accounts between 2019 and 2021. According to the 2021 Financial Inclusion Survey of the BSP, 34.3 million Filipino adults remained unbanked, as the country’s banked population was at about 56 percent of all adults in 2021, improving from just 29 percent in 2019. First cloud-native core banking system Oradian, the first cloud-native core banking system to be used by BSP-regulated financial institutions in the Philippines, has been serving institutional customers for more than 10 years, enabling enhanced growth and performance with its cloud-native, API-enabled platform. Reflecting on this new partnership, Antonio Separovic, CEO and co-founder of Oradian said: “Oradian’s mission is to partner with high-growth, tech-enabled financial institutions to drive growth and promote financial inclusion for last-mile communities. “Oradian’s system is designed for sophisticated tech-led teams like Salmon that leverage technology to scale financial services throughout the entire community — we’re excited to work alongside George and Salmon’s team as they meet these goals.” The post Salmon, Oradian seal partnership serving unbanked Filipinos appeared first on Daily Tribune......»»
Festive mood in Gabon as coup leader sworn in
Thousands of Gabonese, many of them voicing joy and relief as a new era dawned, on Monday watched the inauguration of the military chief who last week toppled the Bongo dynasty, the rulers of their oil-rich state for more than half a century. General Brice Oligui Nguema took the oath of office as president, five days after he toppled President Ali Bongo -- the son of Omar Bongo, who ruled with an iron fist for more than four decades. Oligui defended the coup as a courageous move by the army to save Gabon from bloodshed after elections that awarded victory to Bongo. And he promised to steer the country to "free, transparent and credible elections" -- but gave no details on the timeframe. A crowd gathered at the plaza in front of the Hassan II Mosque in Libreville to watch the ceremony on a giant screen, many of them waving little tricolor flags with the national colours of green, yellow and blue. Many of those who spoke to AFP said they felt ecstatic that Bongo, who had been in power for 14 years, was gone. Lucrece Mengue, a 28-year-old specialist in logistics and human resources, said that for young Gabonese, the country had been "under a cloud" for years. "We feel freedom, joy, happiness!" exclaimed Mengue, who said she had gone to the venue early in order to get a front-row seat. Ghislain Bouemba, a 50-year-old police captain, said he was savouring a "historic moment" -- Gabon, he said, "was being asphyxiated" under Bongo. Poverty and jobs Rich with oil from offshore fields first discovered in the 1970s, Gabon has one of the highest per-capita GDPs in Africa. But a third of the population still lives below the poverty line of $5.50 per day, according to the World Bank. "We study but we don't find work. I've been unemployed for five years," said Anouchka Minang, 31, who trained as a midwife but works doing occasional jobs to survive. She and others spoke positively about plans unveiled by Oligui last week to reform Gabon's dysfunctional pension system, whose bureaucracy and delays have left many people impoverished. Remi Gaspard Ngoua, a retired civil servant aged 66, said he felt "relief" at the promise. He said he should be receiving a monthly pension of 300,000 CFA francs (nearly $500), but only received half of it because of problems with disbursement. Oligui, in a meeting with business leaders last week, also sternly warned that corruption that had flourished in the Bongo era would no longer be tolerated. Jeers Live coverage of the swearing-in was punctuated by deafening jeers from the crowd every time cameras showed leading figures from Bongo's Gabonese Democratic Party (PDG), who attended the ceremony. Discontent seemed specially reserved for his former prime minister Alain Claude Bilie By Nze, and his vice president, Rose Christiane Ossouka Raponda, an architect of Bongo's disputed election victory. Cries rang out of "throw Oussouka in prison," -- a protest that would have been unthinkable a week ago. "These are fraudsters -- justice has to be done and this lot cleared out," said Joseph Akoughe, a 51-year-old salesman. "It was a dictatorship and they divided up the cake between themselves. Now it's time to stop," said Ngoua. "We want to have nothing more to do with them. We have courageous people, there are people who are still clean and can haul the country out of the rut." The post Festive mood in Gabon as coup leader sworn in appeared first on Daily Tribune......»»
NCC hailed as model Smart City
With its best practices centered on improving its future residents’ health and well-being, and promoting smart city features, New Clark City, or NCC, was recently hailed by SCI-Japan, a private sector-led, non-profit organization founded by think tank Mitsubishi UFJ Research & Consulting as a model Smart City. Aside from SCI-Japan, media organization Nikkei, in a forum dubbed “Challenge of Japan’s Smart City Initiative Improving Citizen’s Well-being” cited New Clark City for introducing some of the best practices by utilizing well-being indicators for policy design toward sustainable smart city business. “This forum’s key element is how smart cities should be people-centric, which is at the core of the development concept of New Clark City, making it a model on how cities of the future across the world should be planned and developed,” said Hideki Okada, executive director of Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development. A model for future cities From accelerating smart utilities and sustainable infrastructure to conserving biodiversity, Okada highlighted in his presentation what makes New Clark City development a model for future cities. “Since 2016, JOIN, together with our integral partners BCDA and Surbana Jurong, has been involved in the development of New Clark City into a sustainable metropolis for all. And with this forum, we hope to propel more collaborations with the BCDA in the development not just of New Clark City, but the whole of Clark,” Okada added. In 2018, the Bases Conversion and Development Authority JOIN tapped Surbana Jurong of Singapore for the development of New Clark City. Surbana Jurong has been helping BCDA and JOIN with the detailed design standards and guidelines for New Clark City, which includes its detailed urban and infrastructure design and the Public-Private Partnership framework for the provision of utility services such as water and power. For BCDA President and chief executive officer engineer Joshua Bingcang, the state-run organization is putting the well-being and quality of life at the heart of the development of New Clark City. Rising metropolis He added that BCDA is ensuring that the rising metropolis will improve the quality of life of its citizens by utilizing digital technologies and partnering with global experts in creating smart city solutions. “Our vision for the Philippines’ model for sustainable and inclusive cities, New Clark City in Tarlac, will not be possible without JOIN. Along with other global experts, JOIN helped us with the creation of the master plan for New Clark City,” Bingcang said in a video message. Strict open green space Following global standards, New Clark City instituted a strict open green space to the buildable ratio of 60:40, where 60 percent of the area is green, while the remaining 40 percent is buildable. BCDA also makes sure all of the utilities in New Clark City are prescribed to be green and sustainable. In February 2023, BCDA and the New Energy and Industrial Technology Development Organization of Japan inked a memorandum of understanding for a three-year demonstration project on smart mobility solutions to be implemented in New Clark City and Clark. This will be executed by a group nominated by NEDO, led by Zenmov Inc., a Japan-based information technology solutions provider specializing in the transportation sector, to measure and verify the effectiveness of a transport service system that operates via a cloud-based technology platform. Under the New Clark City master plan, 1.2 million people will live sustainably and inclusively in the metropolis, while the projected employment is over 600,000 workers. The post NCC hailed as model Smart City appeared first on Daily Tribune......»»
EEI ventures in EV business
EEI Power Corporation, a subsidiary of the Yuchengco-led EEI Corp., is entering the electric vehicle business through a new company that it will establish. In a report to the stock exchange on Friday, EEI disclosed that EEI Power tapped Sysnet Integrators Inc. for the plan to start a corporation to own, operate and offer an integrated electric vehicle charging system. The system that they develop will have a combination of software solutions and equipment for managing electric vehicle supply equipment or EVSE. EEI Power will have a 40 percent interest in the new corporation. SysNet, on the other hand, will own the rights, licenses, technologies, and source codes for the System. SysNet is a company with more than 20 years of expertise in the distribution, installation, and construction of telecommunication products, facilities, software, multi-media content, equipment and related products — including cloud services and solutions focused on infrastructure, software and platform as a service. Solar Rooftop System Last month, EEI Power announced that it will build a one-megawatt peak Solar Rooftop System in Tarlac City with Japanese partner International Wiring System (Phils) Corp. or IWSP. The parties recently formalized the partnership, which is part of several deals under the joint marketing efforts of EEI Power and Nippon Steel Trading Corporation-Manila Office. The system — composed of 1,832 pieces of VSUN 550-watt monocrystalline solar photovoltaic panels — is expected to provide at least 40 percent of the daytime load requirement of IWSP’s Building 6 and will yield an annual average energy output of 1,296,675 kWh. The post EEI ventures in EV business appeared first on Daily Tribune......»»
Microsoft, Google beat earnings expectations amid AI frenzy
Tech titans Google and Microsoft announced better-than-expected earnings on Tuesday as the frenzy over artificial intelligence stokes investor excitement and breathes new life into the sector. The release of ChatGPT last year landed as technology giants were embarking on major layoffs and cost-cutting plans, with share prices hammered after flying high during the coronavirus pandemic. For the second consecutive quarter, Microsoft has more than reversed the trend, seeing profits and sales soaring to the highest levels ever for the 48-year-old company co-founded by Bill Gates. An earnings statement reported that net profit for Microsoft was $20.1 billion in the April to June period, up 20 percent year-on-year and above expectations. The company posted $56.2 billion in sales, which also beat expectations, though the growth slowed from the previous quarter. And even though its share price slipped in after-hours trading, the Windows-maker remains the world's second most valuable company after Apple, with a market capitalization of $2.6 trillion. Once again, business in the latest quarter was driven by the cloud, which relies heavily on artificial intelligence and accounts for more than half of the company's sales. Cloud sales grew by 21 percent year-on-year. Microsoft shares lifted off last week when the company said it would charge $30 extra per user to turbocharge its Microsoft 365 product -- which includes Word, Excel and Teams -- with AI powers. "Every customer I speak with is asking not only how, but how fast they can apply next generation AI to address the biggest opportunities and challenges they face and to do so safely and responsibly," said Microsoft CEO Satya Nadella. Google parent Alphabet on Tuesday also reported profits that beat market forecasts as digital advertising revenue revived and its cloud business grew. The search engine giant reported net income of $18.7 billion on revenue of $74.6 billion in the recently ended quarter. "There's exciting momentum across our products and the company, which drove strong results this quarter," Alphabet chief executive Sundar Pichai said in an earnings release. Alphabet shares jumped more than six percent to $129.57 in after-market trades following the results. Microsoft saw its share price slip more than three percent to $337.99 as earnings showed it will take a bit of time and investment to fulfill its AI visions. "I think people got overly excited by AI, but now the reality is that it is not going to be instant," said independent analyst Rob Enderle of Enderle Group. "We are talking a few years before the full benefit starts to materialize." Brin is back While the latest talk has surrounded AI, what matters most for Google earnings currently is digital advertising -- where it gets the bulk of its revenue. The company said that advertising revenue hit $58.1 billion, which outshined analysts' expectations of $57.45 billion. Google is also a player in the cloud computing industry, where revenue came in at $8 billion, compared with $6.3 billion the unit took in during the same period a year earlier. "Our continued leadership in AI and our excellence in engineering and innovation are driving the next evolution of Search, and improving all our services," Pichai said. Google has played a close second to the partnership between Microsoft and OpenAI in rolling out its AI products following the release of ChatGPT. The company has largely been seen as playing catch up with Microsoft, with questions over whether the mighty Google search engine will withstand developments in AI. Microsoft was quick to beef up its Bing search engine with AI powers, but Google's search has yet to see a real threat to its dominance -- which remains about 90 percent of the market worldwide. Google, though not as dramatically as Microsoft, has seen its share price rise steeply in 2023 as investors expect AI to generate new revenue and open new markets. According to The Wall Street Journal, Google co-founder Sergey Brin is back at the company headquarters in California helping teams develop even more AI products. He and co-founder Larry Page stepped down from active roles at Google in 2019 when Pichai was chosen to replace them as chief executive. The post Microsoft, Google beat earnings expectations amid AI frenzy appeared first on Daily Tribune......»»
Microsoft profits soar, key cloud business slows
Microsoft's quarterly profits soared, the company said Tuesday, as its big push into artificial intelligence seemed to be bearing fruit but growth in its key cloud computing business slowed. An earnings statement reported that net profit for Microsoft was $20.1 billion in the April to June period, up 20 percent year-on-year and above expectations. The company posted $56.2 billion in sales for the quarter, which also beat expectations. Even though its share price slipped in after-hours trading, the 48-year-old tech titan remains the world's second most valuable company after Apple, with a market capitalization of $2.6 trillion. Microsoft shares had lifted off last week when the company said it would charge $30 extra per user to turbocharge its Microsoft 365 product -- which includes Word, Excel, and Teams -- with AI powers. This was an extra boost to a stellar year for Microsoft, whose big gamble on AI has so far been rewarded with a share price hike of about 45 percent this year. The heart of the company's activity is the Azure cloud service, which competes with Amazon's AWS and Google Cloud to offer businesses their computing needs. Demand for cloud computing slowed after a historic surge during the pandemic, and Microsoft and its rivals hope that the extra computing demands needed for AI will revive sales. The tech giant said Azure and other cloud services saw revenue growth of 26 percent year-over-year, down slightly from the previous quarter. Microsoft began 2023 with an announcement that it had entered into a close relationship with OpenAI, the company behind ChatGPT. The Redmond, Washington-based company swiftly integrated ChatGPT's powers into its Bing search engine, breathing new life into a product that has been unable to compete with Google. Microsoft has also pressed on with its big move to expand beyond its popular Xbox video game console by buying Activision Blizzard for $75 billion. The deal has faced major regulatory scrutiny over competition concerns, but after an effort by US authorities to block the deal failed in court, the move looks likely to succeed. The post Microsoft profits soar, key cloud business slows appeared first on Daily Tribune......»»
Esquire adopts Oradian cloud core banking platform to scale business 10x in 5 years
Esquire Financing Inc., has adopted Oradian’s advanced cloud-native core banking system to realize its ambitions for MSMEs across the Philippines......»»
Meta challenges OpenAI and Google with open-source AI
Facebook owner Meta on Tuesday released a new and free-of-charge version of its artificial intelligence model, making a play against ChatGPT-maker OpenAI and Google. OpenAI and Google have developed impressive large language models that serve as the foundations of the ChatGPT and Bard chatbots, which have drawn excitement with their capabilities to mimic human creativity and expertise. Meta, meanwhile, has avoided releasing generative AI products straight to the consumer and instead developed LLaMA (Large Language Model Meta AI), a language model specifically developed for researchers so that they could perfect it. Crucially, Llama is open-source, meaning that its inner workings are available to all to be tinkered with and modified, unlike the headline-grabbing AIs developed by OpenAI and Google. Those models, including OpenAI's world-leading GPT-4, are closed and propriety, with the clients that use them denied access to their programming code or detailed answers as to how their data is handled. "Open source drives innovation because it enables many more developers to build with new technology," Meta CEO Mark Zuckerberg said in a Facebook post. "It also improves safety and security because when software is open, more people can scrutinize it to identify and fix potential issues," he added. The stress on safety also underlines a divergence from OpenAI's models, which have caused alarm by generating false information or by going off the rails in chatbot interactions. The new, more powerful version of Meta's model, called LLaMA 2, would be available to any business for download or through Microsoft's Azure cloud service in a special partnership with the Windows maker. The Microsoft tie-in comes on top of that company's major partnership with OpenAI, signaling Microsoft is attempting to diversify its AI offerings with products that put businesses in more control of their data and software. Microsoft, which has been the most aggressive big tech player to enter the AI market, saw its share price skyrocket on Tuesday when it said it would be charging $30 per user, per month for an AI-enhanced version of Microsoft 365, its office platform. This would be a significant price hike for its business customers and could potentially lead to a vast increase in revenue for Microsoft if AI is seen as a necessary cost going forward. The post Meta challenges OpenAI and Google with open-source AI appeared first on Daily Tribune......»»
Cloud-based solution benefits tourism SMEs
Fiber internet and technology solutions provider Converge ICT Solutions Inc. has partnered with another Filipino-owned firm, Comise Solutions Inc. to develop a cloud-based hotel management solution that will benefit local tourism and hospitality businesses. Converge chief operations officer Jesus C. Romero said Tuesday the project, dubbed Converge Workplace Hotel Management Solution, will give business owners more control and visibility over their operations. With the high-speed, pure connectivity of Converge and Comise’s expertise in hospitality management solutions, hotels can track their operations in a single platform, increasing their efficiency, profitability, and guest satisfaction. This can benefit about 150,000 micro, small and medium enterprises or MSMEs operating in the local tourism and hospitality sector. Accept direct bookings and payments “With this solution, small hotels and resorts now have the ability on their website to accept direct bookings and payments. For this to happen it means you automate the operations of the hotel,” Romero said. According to Jojo Abundancia, president of Comise Solutions, the project will help hotels to automate their hotel operations and accurately monitor the inventory, pricing and booking of guests. Apart from allowing hotels and resort owners to have their booking system, they can also manage room inventory, and manage the different departments of the hotel — from housekeeping and front desk to maintenance. One advantage of having a dedicated booking platform is eliminating the commission fee to pay to hotel booking aggregators, as hotels can accept booking themselves. Software turnkey product Additionally, as a software turnkey product, the hotel management solution does away with the need for an IT department or to install expensive hardware — the only requirement is a strong broadband connection, which Converge can provide to the MSME. Comise Solutions Inc. is a Filipino company involved in the development and delivery of technology-enabled solutions. It is the authorized reseller of the eZee Hospitality IT Solutions — Cloud Based Property Management System, Channel Manager, and Reservations Management System. Government data showed that MSMEs comprise 99.6 percent of all Philippine businesses, with an employment contributor of 64.67 percent of the total workforce. Of these MSMEs, the hospitality and tourism industry accounts for 14.1 percent, employing 670,040 people. The post Cloud-based solution benefits tourism SMEs appeared first on Daily Tribune......»»
Esquire adopts Oradian cloud core banking platform to scale business 10x in 5 years
Esquire Financing Inc., has adopted Oradian’s advanced cloud-native core banking system to realize its ambitions for MSMEs across the Philippines......»»