Softbank Group 4% Call 19.09.2029 ISIN XS1684385591
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UPDATE 1-Prosus to trim Tencent stake as core headline earnings slump
Oggi 08:53 - RSF
(Adds detail on operating performance)
AMSTERDAM, June 27 (Reuters) - Prosus NV (PRX.EQ), the Dutch-based technology investor, on Monday reported a 20% fall in annual core headline earnings and announced a major share repurchasing programme.
To fund the programme Prosus will gradually sell down its massive 28.9% stake in Chinese software giant Tencent, owner of WeChat, worth more than $100 billion at current prices.
(news)
"This will efficiently unlock immediate value for shareholders because we're selling (Tencent) shares at full value and we're buying back our stock at a considerable discount," CFO Basil Sgourdos said.
Shareholders have long complained that the market value of Prosus, and of its controlling shareholder, Naspers of South Africa, trade at a sharp discount to the market value of the Tencent stake they own.
Prosus will release its profit and loss figures later in the day.
Its core headline earnings, which strip out one-off effects, came to $3.7 billion for the year ended March 31, down from $4.9 billion a year earlier. That was in line with indications the company gave in a June 15 trading statement. (news)
Sometimes compared to SoftBank and its Vision Fund Europe's SoftBank Prosus plays long game to shrink value gap,
Prosus owns stakes in a wide range of consumer internet companies including meals delivery companies Delivery Hero of Germany & South Korea, iFood of Brazil and Swiggy of India, PayU in payments, and Stack Overflow and Codecademy in educational software.
Sgourdos said that trading losses at its e-commerce companies increased, despite strong revenue growth, as many of them spent money to invest in adjacent markets.
Prosus is in the process of selling Russian online marketplace Avito, which had been valued at $6 billion before the Ukraine war.
Sgourdos said the company is currently compiling bids, and it would comply with sanctions rules in the sale.
(Reporting by Toby Sterling; editing by Sherry Jacob-Phillips and Jason Neely)
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Oggi 08:53 - RSF
(Adds detail on operating performance)
AMSTERDAM, June 27 (Reuters) - Prosus NV (PRX.EQ), the Dutch-based technology investor, on Monday reported a 20% fall in annual core headline earnings and announced a major share repurchasing programme.
To fund the programme Prosus will gradually sell down its massive 28.9% stake in Chinese software giant Tencent, owner of WeChat, worth more than $100 billion at current prices.
(news)
"This will efficiently unlock immediate value for shareholders because we're selling (Tencent) shares at full value and we're buying back our stock at a considerable discount," CFO Basil Sgourdos said.
Shareholders have long complained that the market value of Prosus, and of its controlling shareholder, Naspers of South Africa, trade at a sharp discount to the market value of the Tencent stake they own.
Prosus will release its profit and loss figures later in the day.
Its core headline earnings, which strip out one-off effects, came to $3.7 billion for the year ended March 31, down from $4.9 billion a year earlier. That was in line with indications the company gave in a June 15 trading statement. (news)
Sometimes compared to SoftBank and its Vision Fund Europe's SoftBank Prosus plays long game to shrink value gap,
Prosus owns stakes in a wide range of consumer internet companies including meals delivery companies Delivery Hero of Germany & South Korea, iFood of Brazil and Swiggy of India, PayU in payments, and Stack Overflow and Codecademy in educational software.
Sgourdos said that trading losses at its e-commerce companies increased, despite strong revenue growth, as many of them spent money to invest in adjacent markets.
Prosus is in the process of selling Russian online marketplace Avito, which had been valued at $6 billion before the Ukraine war.
Sgourdos said the company is currently compiling bids, and it would comply with sanctions rules in the sale.
(Reporting by Toby Sterling; editing by Sherry Jacob-Phillips and Jason Neely)
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The eternal optimism of Masayoshi Son
The SoftBank founder sees an upside to almost every trouble the conglomerate has faced over the past year, from slumping share prices to failed mergers.
www.japantimes.co.jp
There’s a $60 billion reason why SoftBank Group Corp. founder Masayoshi Son might feel a little down.
His company has shed more market value in the past year than during any 12-month period over the past two decades, while his portfolio of private and public companies faces continued turmoil. And yet, Son remains unfailingly optimistic.
“I have no doubt at all. No matter what changes take place, I have never been doubtful,” Son told shareholders Friday of his belief in the information revolution that forms the underlying thesis for his investment strategy.
From declining share prices to failed merger deals, the 64-year-old found an upside to almost every trouble his conglomerate has faced over the past year. And he needs to. His handful of investment vehicles, lead by the SoftBank Vision Fund, has a stake in more than 470 companies. Few of them have delivered a home run, but they will. Maybe.
Son’s acolytes believe the Japanese billionaire’s eternal faith in the information revolution — a global economic shift that puts data at the heart of commerce — will eventually pay off. By putting money into a variety of businesses, he’s betting that a rising tide will lift all boats. But the challenge will be for the company to stay afloat long enough that the current shifts in his favor.
With debt of almost $300 billion and a weakening yen, Son needs to steady himself for a few years until he can realize the gains he’s so confident will eventually come.
A major setback in paying down that debt was SoftBank’s failed $40 billion sale of chip company Arm Ltd. to Nvidia Corp. Regulators around the world worried it would be too powerful a business and rejected the merger. Yet Son even put a positive spin on that failure, claiming it was a good thing that he could hold onto the British company longer.
While demand for the IPO in the current market environment remains to be seen, Son said he has been receiving “love calls” from multiple exchanges seeking to host the public offering, with the firm reportedly planning to list a partial stake in London. Already bullish on Arm, Son outlined his prediction that the chip designer could be worth something similar to the “GAFA” quartet of Google, Amazon, Facebook and Apple — or an order of magnitude more than the value of the sale to Nvidia.
While that might be a typical Son overstatement, there are reasons to suspect he will muddle through. For one thing, to its lenders, SoftBank itself is too big to fail — a classic example of the adage that if you owe the bank $100 that’s your problem, but if you owe the bank $300 billion, that’s the bank’s problem.
Money is still essentially free in Japan, where there is no sign of the central bank joining the rest of the world in raising rates — a scenario in which SoftBank would be the least of the country’s problems. And for now, banks will still be lining up to enable SoftBank to roll over its obligations, long before it has to sell off its prize assets. Even then, Son predicted that no more than three firms in his vast portfolio would ever be a hit on the scale of his winning punt on Alibaba Group Holding Ltd.
During parts of the shareholders meeting, it was easy to see where Son gets his (over)confidence. Some of the investors asking questions seemed more like cheerleaders, with one urging Son to be the “light of hope for all humanity” by staying on at the head of the company until he passes 100 years of age. Let’s hope Son is hearing more critical voices in the boardroom. At least Ken Miyauchi, a longtime lieutenant and chairman of SoftBank’s mobile unit, admitted Friday he had periods where he was “full of doubts” about the firm’s stock price.
For wary investors, Son has a message: If you can’t stand the thrills, you’re free to disembark the ride.
“Looking at the share price from a 10- or 20-year perspective, it’s consistently rising, but over the short term it goes up and down,” Son said. “If you can’t put up with that, then it’s better for you if you don’t — for the good for your health.”
It would be tough to recommend that the faint of heart invest in SoftBank. But as a typically bombastic SoftBank video promised, “despair can turn to hope.” The message was not intended for fretful investors, but maybe they can take solace nonetheless. Even if no one else does, Son still believes.
Tim Culpan and Gearoid Reidy are Bloomberg Opinion columnists.
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Foreigners net sellers in Japanese stocks for second week in a row
Oggi 09:16 - RSF
June 30 (Reuters) - Foreign investors continued selling Japanese stocks in the week ending June 24 as investors remained concerned about the risks of a global recession amid aggressive rate hikes by the Federal Reserve to rein back inflation.
Foreigners sold Japanese stocks worth a net 316.22 billion yen($2.32 billion), after selling 1.72 trillion yen in the previous week, data from exchanges showed.
They disposed of 165.68 billion yen in cash equities and withdrew 150.54 billion yen out of derivatives.
Japanese stocks recovered from the previous week's fall last week, with cyclical and tech stocks posting big gains. Start-up investor SoftBank Group surged 9.1%, while Japan Airlines and rival ANA Holdings climbed 6.9% and 4.15% respectively.
The Nikkei share average
Meanwhile, cross-border investors sold Japanese bonds worth a net 965.8 billion yen, marking the third straight weekly outflows, finance ministry data showed.
Domestic investors also drew 1.64 trillion yen out of overseas bonds, posting their biggest weekly net selling in about 3-1/2 months, but they were buyers in foreign equities, to the turn 51.4 billion yen.
($1 = 136.3000 yen)
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(Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; Editing by Kim Coghill)
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Oggi 09:16 - RSF
June 30 (Reuters) - Foreign investors continued selling Japanese stocks in the week ending June 24 as investors remained concerned about the risks of a global recession amid aggressive rate hikes by the Federal Reserve to rein back inflation.
Foreigners sold Japanese stocks worth a net 316.22 billion yen($2.32 billion), after selling 1.72 trillion yen in the previous week, data from exchanges showed.
They disposed of 165.68 billion yen in cash equities and withdrew 150.54 billion yen out of derivatives.
Japanese stocks recovered from the previous week's fall last week, with cyclical and tech stocks posting big gains. Start-up investor SoftBank Group surged 9.1%, while Japan Airlines and rival ANA Holdings climbed 6.9% and 4.15% respectively.
The Nikkei share average
Meanwhile, cross-border investors sold Japanese bonds worth a net 965.8 billion yen, marking the third straight weekly outflows, finance ministry data showed.
Domestic investors also drew 1.64 trillion yen out of overseas bonds, posting their biggest weekly net selling in about 3-1/2 months, but they were buyers in foreign equities, to the turn 51.4 billion yen.
($1 = 136.3000 yen)
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; Editing by Kim Coghill)
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UPDATE 1-Klarna in talks to raise fresh funds at roughly $6 bln valuation -source
02/07/2022 01:30 - RSF
(Updates sourcing; adds context)
By Anirban Sen
July 1 (Reuters) - Swedish payments firm Klarna Bank AB is nearing a deal to raise fresh capital at a valuation of about $6 billion from existing investors led by Sequoia Capital, according to a person familiar with the matter.
The financing round is yet to be finalized, but if successfully completed would represent a stunning decline in the valuation of a once high-flying, buy-now-pay-later (BNPL) venture that at one point was Europe's most valuable startup.
In an emailed statement Klarna said, "As always, we do not comment on fundraising nor valuation speculation."
Last year, Klarna raised more than $600 million from a group of investors led by SoftBank's Vision Fund II in a funding round that bestowed it a valuation of $46 billion -- more than several of the region's major banks.
Klarna's current fundraising woes come amid a sharp drop-off in investor interest for fast-growing tech ventures that have yet to turn a profit and are burning tens of millions of dollars in cash.
Valuations have tumbled, and several major tech stocks have been battered in recent months. Major BNPL players and Klarna competitors like Affirm Holdings Inc have shed more than 80% of their value this year alone.
The Wall Street Journal reported Klarna's latest fundraising talks earlier on Friday.
In May, Klarna Chief Executive Sebastian Siemiatkowski told Reuters in an interview that the firm was in talks with investors to raise more money and had no plans to go public this year. (news)
Klarna, one of the world's most high-profile tech startups, was widely expected to go public this year, but the market for initial public offerings has collapsed dramatically after a record-breaking 2021 due to market volatility following Russian's invasion of Ukraine and a broader sell-off in tech stocks.
(Reporting by Manya Saini in Bengaluru, Supantha Mukherjee in Stockholm and Anirban Sen in New York; Editing by Shailesh Kuber and Leslie Adler)
(([email protected])
02/07/2022 01:30 - RSF
(Updates sourcing; adds context)
By Anirban Sen
July 1 (Reuters) - Swedish payments firm Klarna Bank AB is nearing a deal to raise fresh capital at a valuation of about $6 billion from existing investors led by Sequoia Capital, according to a person familiar with the matter.
The financing round is yet to be finalized, but if successfully completed would represent a stunning decline in the valuation of a once high-flying, buy-now-pay-later (BNPL) venture that at one point was Europe's most valuable startup.
In an emailed statement Klarna said, "As always, we do not comment on fundraising nor valuation speculation."
Last year, Klarna raised more than $600 million from a group of investors led by SoftBank's Vision Fund II in a funding round that bestowed it a valuation of $46 billion -- more than several of the region's major banks.
Klarna's current fundraising woes come amid a sharp drop-off in investor interest for fast-growing tech ventures that have yet to turn a profit and are burning tens of millions of dollars in cash.
Valuations have tumbled, and several major tech stocks have been battered in recent months. Major BNPL players and Klarna competitors like Affirm Holdings Inc have shed more than 80% of their value this year alone.
The Wall Street Journal reported Klarna's latest fundraising talks earlier on Friday.
In May, Klarna Chief Executive Sebastian Siemiatkowski told Reuters in an interview that the firm was in talks with investors to raise more money and had no plans to go public this year. (news)
Klarna, one of the world's most high-profile tech startups, was widely expected to go public this year, but the market for initial public offerings has collapsed dramatically after a record-breaking 2021 due to market volatility following Russian's invasion of Ukraine and a broader sell-off in tech stocks.
(Reporting by Manya Saini in Bengaluru, Supantha Mukherjee in Stockholm and Anirban Sen in New York; Editing by Shailesh Kuber and Leslie Adler)
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UPDATE 1-Softbank's Fortress offers $1.5 bln to buy Japan's Sogo & Seibu - Nikkei
03/07/2022 05:05 - RSF
(Adds more details)
July 3 (Reuters) - Softbank-owned Fortress Investment Group has offered around 200 billion yen ($1.48 billion) to buy Japanese department store unit Sogo & Seibu from parent Seven & i Holdings , Nikkei reported on Sunday, citing sources.
Fortress has obtained the first refusal right in the acquisition of Sogo & Seibu, amid investor pressure at Seven & i to focus on its core convenience store business, Nikkei said.
Fortress Investment did not respond to a Reuters request for comment outside U.S. business hours. Seven & i could not be immediately reached.
The U.S.-based private equity firm is also in talks with Japanese electronics and appliance retailer Yodobashi Holdings to collaborate on efforts to revamp the department stores after the acquisition, the report added.
Fortress is considering having Yodobashi run its store within the Seibu department in Ikebukuro, Tokyo, according to Nikkei.
Investment firm ValueAct, which holds a 4.4% stake in Seven & i, had urged the Japanese retailer to sell off Sogo & Seibu, saying in February the company could more than double its share price by focusing on its convenience stores.
In April, Seven & i said it would continue reforms of its business portfolio and had hired a financial adviser to conduct a strategic review of Sogo & Seibu.
Seven & i, the parent of 7-Eleven convenience stores, is expected to hold more detailed talks with Fortress, including on
employment and whether to shut some stores, according to the Nikkei report.
($1 = 135.1900 yen)
(Reporting by Ann Maria Shibu in Bengaluru; Editing by Lincoln Feast.)
(([email protected]; +1 646 223 8780; + 91 80 6749 2795)
03/07/2022 05:05 - RSF
(Adds more details)
July 3 (Reuters) - Softbank-owned Fortress Investment Group has offered around 200 billion yen ($1.48 billion) to buy Japanese department store unit Sogo & Seibu from parent Seven & i Holdings , Nikkei reported on Sunday, citing sources.
Fortress has obtained the first refusal right in the acquisition of Sogo & Seibu, amid investor pressure at Seven & i to focus on its core convenience store business, Nikkei said.
Fortress Investment did not respond to a Reuters request for comment outside U.S. business hours. Seven & i could not be immediately reached.
The U.S.-based private equity firm is also in talks with Japanese electronics and appliance retailer Yodobashi Holdings to collaborate on efforts to revamp the department stores after the acquisition, the report added.
Fortress is considering having Yodobashi run its store within the Seibu department in Ikebukuro, Tokyo, according to Nikkei.
Investment firm ValueAct, which holds a 4.4% stake in Seven & i, had urged the Japanese retailer to sell off Sogo & Seibu, saying in February the company could more than double its share price by focusing on its convenience stores.
In April, Seven & i said it would continue reforms of its business portfolio and had hired a financial adviser to conduct a strategic review of Sogo & Seibu.
Seven & i, the parent of 7-Eleven convenience stores, is expected to hold more detailed talks with Fortress, including on
employment and whether to shut some stores, according to the Nikkei report.
($1 = 135.1900 yen)
(Reporting by Ann Maria Shibu in Bengaluru; Editing by Lincoln Feast.)
(([email protected]; +1 646 223 8780; + 91 80 6749 2795
)
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BORSA TOKYO-In rialzo su spinta utility, scivolano titoli grandi magazzini
04/07/2022 09:25 - RSF
Il gigante tech SOFTBANK è salito del 2,96%, dopo aver registrato un calo settimanale di oltre il 6%.
04/07/2022 09:25 - RSF
Il gigante tech SOFTBANK è salito del 2,96%, dopo aver registrato un calo settimanale di oltre il 6%.
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BORSA TOKYO-Nikkei in rialzo dell'1% su prese profitto in settore tech
SOFTBANK GROUP ha guadagnato l'1,8%
SOFTBANK GROUP ha guadagnato l'1,8%
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FOCUS-Face-recognition business puts SoftBank between China, U.S.
Oggi 00:00 - RSF
By Sam Nussey
TOKYO, July 8 (Reuters) - A SoftBank-owned company is thriving by offering face-recognition technology fuelled by a blacklisted Chinese firm to the likes of Mastercard and Visa, an opportunity for the Japanese conglomerate, fraught with geopolitical and privacy risks.
Japan Computer Vision Corp (JCV), owned by SoftBank Group Corp's wireless unit, has struck deals on payments in recent months, a potential breakthrough for SoftBank founder Masayoshi Son's dream of driving new business through partnership between his tech investments.
If JCV sustains its expansion, it could become a standout example of SoftBank creating synergies with portfolio companies - a key part of Son's sales pitch to the tech industry.
But the surge faces risks as the facial-scanning system it offers to U.S. heavyweights Mastercard Inc (MA.N) and Visa Inc (V.N) uses technology from SenseTime Group , a Chinese firm blacklisted by the United States over human rights concerns.
The JCV-SenseTime partnership highlights SoftBank's difficult balancing act as Son tries to position his conglomerate as a neutral player even while tensions mount between two key markets, the United States and China.
The billionaire said last month SoftBank is taking a cautious approach towards China due to a regulatory crackdown there that has roiled its portfolio.
JCV said it keeps SenseTime and the credit card companies at arm's length - the Chinese firm is a technology partner with no access to Mastercard's and Visa's systems or data.
Mastercard said all of its biometric-checkout programme partners must adhere to European Union standards of data protection. Visa said it is working to define the use of biometrics in payments and believes such technology can help ensure a secure system.
JCV's rapid expansion also faces privacy concerns from regulators and consumers as facial-recognition technology goes mainstream. SenseTime's shares plunged 50% last week with the end of a lock-up period after its initial public offering.
SenseTime told Reuters it aims to strengthen the partnership with JCV, which it believes will benefit businesses, and that the company has established an ethics council to ensure standards.
JCV said its technology is audited by a third party, Israeli cybersecurity startup CYE, to check for risk of data leakage and the company asks users to opt in to pay-by-face systems and allows them to opt back out.
"Offering the consumer those controls are really what's required to make this a very mainstream technology," said JCV CEO Andrew Schwabecher. SoftBank declined to comment.
ONE MILLION FACES DAILY
SenseTime, of which SoftBank is the largest investor, was placed on a blacklist in 2019, preventing U.S. companies from exporting technology to the Chinese firm. A further blacklisting in December prevents American investment in SenseTime.
Washington accuses the Hong Kong listed firm of developing facial-recognition technology that can be used to identify ethnic Uyghurs.
While there is no suggestion JCV is breaching any restrictions, the use of SenseTime technology reflects the limits of U.S. blacklisting in hobbling the expansion of Chinese technology.
JCV also sells body temperature scanners using the technology to retailers such as Fast Retailing Co's Uniqlo fashion chain and mall operator Aeon Co . It has shipped over 20,000 devices in Japan that scan more than a million faces daily.
"SenseTime's algorithm is absolutely the best, we've evaluated almost every one," JCV's Schwabecher told Reuters, citing its ability to identify customers even when the face is partially obscured by a mask or a hand.
Fast Retailing said its temperature scanners do not store or transmit any of the information they capture. Aeon declined to comment.
JCV has built a software platform to run the SenseTime algorithm, which it says ranks highly in the U.S. government's own tests for its low error rate. JCV operates the system from Japan.
SenseTime's algorithm analyses over 200 facial locations and the distance between them to create a digital key. JCV uploads the unique signature to the cloud, allowing users to authenticate payments using their face.
Schwabecher said other companies will likely catch up with SenseTime, and JCV plans to offer alternatives on its platform in the future. "In two to three years, which vendor's algorithm you're using is probably not going to matter as much as it does today."
Uptake of facial scanning tech would allow greater personalisation of services, from targeted ads to offering customers their favourite burger at a food restaurant or suggesting a destination on getting in a taxi.
But consumer concerns about data privacy pose a threat to greater adoption, even as proponents say such tech is more secure and convenient.
Regulators have taken action against facial recognition companies, with New York-based startup Clearview AI fined in Britain and Italy for scraping online images to train its face-matching tool.
In Australia, a major consumer group referred three retail chains to regulators last month over their use of "intrusive" facial recognition technology. (news)
(Reporting by Sam Nussey; Editing by Miyoung Kim)
(([email protected])
Oggi 00:00 - RSF
By Sam Nussey
TOKYO, July 8 (Reuters) - A SoftBank-owned company is thriving by offering face-recognition technology fuelled by a blacklisted Chinese firm to the likes of Mastercard and Visa, an opportunity for the Japanese conglomerate, fraught with geopolitical and privacy risks.
Japan Computer Vision Corp (JCV), owned by SoftBank Group Corp's wireless unit, has struck deals on payments in recent months, a potential breakthrough for SoftBank founder Masayoshi Son's dream of driving new business through partnership between his tech investments.
If JCV sustains its expansion, it could become a standout example of SoftBank creating synergies with portfolio companies - a key part of Son's sales pitch to the tech industry.
But the surge faces risks as the facial-scanning system it offers to U.S. heavyweights Mastercard Inc (MA.N) and Visa Inc (V.N) uses technology from SenseTime Group , a Chinese firm blacklisted by the United States over human rights concerns.
The JCV-SenseTime partnership highlights SoftBank's difficult balancing act as Son tries to position his conglomerate as a neutral player even while tensions mount between two key markets, the United States and China.
The billionaire said last month SoftBank is taking a cautious approach towards China due to a regulatory crackdown there that has roiled its portfolio.
JCV said it keeps SenseTime and the credit card companies at arm's length - the Chinese firm is a technology partner with no access to Mastercard's and Visa's systems or data.
Mastercard said all of its biometric-checkout programme partners must adhere to European Union standards of data protection. Visa said it is working to define the use of biometrics in payments and believes such technology can help ensure a secure system.
JCV's rapid expansion also faces privacy concerns from regulators and consumers as facial-recognition technology goes mainstream. SenseTime's shares plunged 50% last week with the end of a lock-up period after its initial public offering.
SenseTime told Reuters it aims to strengthen the partnership with JCV, which it believes will benefit businesses, and that the company has established an ethics council to ensure standards.
JCV said its technology is audited by a third party, Israeli cybersecurity startup CYE, to check for risk of data leakage and the company asks users to opt in to pay-by-face systems and allows them to opt back out.
"Offering the consumer those controls are really what's required to make this a very mainstream technology," said JCV CEO Andrew Schwabecher. SoftBank declined to comment.
ONE MILLION FACES DAILY
SenseTime, of which SoftBank is the largest investor, was placed on a blacklist in 2019, preventing U.S. companies from exporting technology to the Chinese firm. A further blacklisting in December prevents American investment in SenseTime.
Washington accuses the Hong Kong listed firm of developing facial-recognition technology that can be used to identify ethnic Uyghurs.
While there is no suggestion JCV is breaching any restrictions, the use of SenseTime technology reflects the limits of U.S. blacklisting in hobbling the expansion of Chinese technology.
JCV also sells body temperature scanners using the technology to retailers such as Fast Retailing Co's Uniqlo fashion chain and mall operator Aeon Co . It has shipped over 20,000 devices in Japan that scan more than a million faces daily.
"SenseTime's algorithm is absolutely the best, we've evaluated almost every one," JCV's Schwabecher told Reuters, citing its ability to identify customers even when the face is partially obscured by a mask or a hand.
Fast Retailing said its temperature scanners do not store or transmit any of the information they capture. Aeon declined to comment.
JCV has built a software platform to run the SenseTime algorithm, which it says ranks highly in the U.S. government's own tests for its low error rate. JCV operates the system from Japan.
SenseTime's algorithm analyses over 200 facial locations and the distance between them to create a digital key. JCV uploads the unique signature to the cloud, allowing users to authenticate payments using their face.
Schwabecher said other companies will likely catch up with SenseTime, and JCV plans to offer alternatives on its platform in the future. "In two to three years, which vendor's algorithm you're using is probably not going to matter as much as it does today."
Uptake of facial scanning tech would allow greater personalisation of services, from targeted ads to offering customers their favourite burger at a food restaurant or suggesting a destination on getting in a taxi.
But consumer concerns about data privacy pose a threat to greater adoption, even as proponents say such tech is more secure and convenient.
Regulators have taken action against facial recognition companies, with New York-based startup Clearview AI fined in Britain and Italy for scraping online images to train its face-matching tool.
In Australia, a major consumer group referred three retail chains to regulators last month over their use of "intrusive" facial recognition technology. (news)
(Reporting by Sam Nussey; Editing by Miyoung Kim)
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PRESS DIGEST-British Business - July 18
Oggi 02:11 - RSF
July 18 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
- SoftBank Group has reportedly paused talks with the UK government about an initial public offering of the British chip designer Arm in London because of the UK's political upheaval. SoftBank blames political turmoil for halt to Arm’s UK listing
- UK ministers will accept recommendations for pay rises averaging between 4% and 5% across public sector, prompting unions to threaten another wave of strikes as the increase is too short of inflation. Public sector pay rise demands lead to new strike threat
The Guardian
- Record temperatures on Monday forced the cancellation of hundreds of train services across the UK, while flights at Luton airport were stopped after heat "melted the runway". Heatwave ‘melts runway’ at Luton airport and hundreds of trains cancelled
- Grant Thornton has been fined 1.3 million pounds ($1.55 million) for "serious failings" in basic auditing of the sportswear retailer Sports Direct, the UK accounting regulator said on Monday. Grant Thornton fined £1.3m for ‘serious failings’ in Sports Direct audits
The Telegraph
- Russian state energy giant Gazprom has declared force majeure on some of its gas supplies to Europe as Putin took a step closer to turning off the taps completely. Russia moves closer to cutting off gas as Gazprom declares force majeure on supplies
- BAE Systems (BA_.L) is to begin work on its first supersonic fighter jet prototype in almost 40 years as part of its Tempest programme. BAE to work on the first new supersonic fighter jet in almost 40 years
Sky News
- Michael Saunders, a member of Bank of England's Monetary Policy Committee has said interest rates could reach 2% or higher in the next year in order to tackle inflation. Interest rates could top 2% in the next year, Bank of England policymaker says
- More than 40,000 BT (BT.L) workers will go on strike on 29 July and 1 August, the Communication Workers Union (CWU) has said. More than 40,000 BT workers to begin strike action at the end of July, union says
The Independent
- Parcel firms "must get better" at handling customer complaints after around a quarter of people have had problems when raising issues with deliveries, UK regulator Ofcom has warned. Parcel firms delivery must ‘substantially’ improve complaints handling, says watchdog
($1 = 0.8373 pounds)
(Compiled by Bengaluru newsroom)
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Oggi 02:11 - RSF
July 18 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
- SoftBank Group has reportedly paused talks with the UK government about an initial public offering of the British chip designer Arm in London because of the UK's political upheaval. SoftBank blames political turmoil for halt to Arm’s UK listing
- UK ministers will accept recommendations for pay rises averaging between 4% and 5% across public sector, prompting unions to threaten another wave of strikes as the increase is too short of inflation. Public sector pay rise demands lead to new strike threat
The Guardian
- Record temperatures on Monday forced the cancellation of hundreds of train services across the UK, while flights at Luton airport were stopped after heat "melted the runway". Heatwave ‘melts runway’ at Luton airport and hundreds of trains cancelled
- Grant Thornton has been fined 1.3 million pounds ($1.55 million) for "serious failings" in basic auditing of the sportswear retailer Sports Direct, the UK accounting regulator said on Monday. Grant Thornton fined £1.3m for ‘serious failings’ in Sports Direct audits
The Telegraph
- Russian state energy giant Gazprom has declared force majeure on some of its gas supplies to Europe as Putin took a step closer to turning off the taps completely. Russia moves closer to cutting off gas as Gazprom declares force majeure on supplies
- BAE Systems (BA_.L) is to begin work on its first supersonic fighter jet prototype in almost 40 years as part of its Tempest programme. BAE to work on the first new supersonic fighter jet in almost 40 years
Sky News
- Michael Saunders, a member of Bank of England's Monetary Policy Committee has said interest rates could reach 2% or higher in the next year in order to tackle inflation. Interest rates could top 2% in the next year, Bank of England policymaker says
- More than 40,000 BT (BT.L) workers will go on strike on 29 July and 1 August, the Communication Workers Union (CWU) has said. More than 40,000 BT workers to begin strike action at the end of July, union says
The Independent
- Parcel firms "must get better" at handling customer complaints after around a quarter of people have had problems when raising issues with deliveries, UK regulator Ofcom has warned. Parcel firms delivery must ‘substantially’ improve complaints handling, says watchdog
($1 = 0.8373 pounds)
(Compiled by Bengaluru newsroom)
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