We need to find a fairer way of providing Goods and Services to the rest of the people on Earth.Cryptocurrencies and/or Gold Standard of money....maybe the answer to fight hyperinflation caused by too much printing of paper/fiat currencies by Governments and Central Banks all over the World. (https://nomorefiatmoneyplease.blogspot.com)
KLA-TENCOR Corporation, which makes machines that inspect semiconductor parts as well as produce them, has opened its new Advanced Packaging Development Centre (APDC) in Singapore.
The facility expands on the company's existing capabilities in the Republic and will support KLA-Tencor's Asia-based advanced-packaging customers.
KLA-Tencor is a leading provider of process control and yield management solutions, which serve the semiconductor, LED and other related nanoelectronics industries. Headquartered in Milpitas, California, KLA-Tencor has dedicated customer operations and service centres around the world.
The new facility represents a strategic effort to complement KLA-Tencor's existing footprint in the region, where the company has had a presence since 1996. Having tools in Singapore will offer better proximity and support to Asia customers, with quicker turnaround for demos on the latest-generation tools and continuous enhancement of capabilities at the APDC.
INFOCOMM Investments Pte Ltd (IIPL), a wholly-owned subsidiary of the Infocomm Development Authority of Singapore (IDA), has partnered Cisco to identify and nurture Singapore-focused startups.
In a joint release, the two said selected startups would participate in the Cisco-Technopreneur Action Group, Platform Accelerated Start-ups (TAG.PASS) Smart Innovation Programme. The programme will help startups create innovative applications using sensors, big data, analytics and Internet of Things (IoT) for the healthcare, public sector, education, manufacturing and financial services sectors, with an aim of harnessing technology to improve the lives of people in Singapore.
The startups will be eligible to participate in the Cisco® DevNet, a community that provides developers with the tools, the resources, and the code needed to build innovative, network-enabled solutions. They will get the chance to visit Cisco's implementations for Smart Cities around the world.
Startups will have access to TAG.PASS's development platform training, domain knowledge sharing, networks, mentorship and coaching from domain experts or other entrepreneurs.
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Alex Lin, head of IIPL, said: "I'm excited about this partnership with Cisco, as it provides a beneficial platform for Singapore start-ups to gain access to Cisco's global wealth of resources and access in smart city tech, such as IOT.''
Startups can also apply to participate in an exchange programme to co-innovate with Cisco at the Cisco Barcelona Internet of Things Centre in Spain. These companies can then apply for IIPL's international exchange programme, to learn about Singapore's startups ecosystem and meet mentors.
Over the last 10 years, Singapore has invested more than US$22 billion in research and development to help companies develop, test and commercialise new products and solutions.
Public sector investments have supported about 400 tech startups and generated 800 licences over the last four years. Singapore boasts the world's densest startup ecosystem at JTC LaunchPad@one-north, which houses 500 startups and a community of accelerators, incubators and venture capitalists.
China search giant Baidu plans to open online bank
China's main search engine Baidu plans to launch an online bank with financial services group Citic, the two companies said on Wednesday, as the Internet firm seeks to compete with rivals moving into banking.
PHOTO: REUTERS
[SHANGHAI] China's main search engine Baidu plans to launch an online bank with financial services group Citic, the two companies said on Wednesday, as the Internet firm seeks to compete with rivals moving into banking.
The Baixin Bank, a venture between Baidu and China Citic Bank, will be the country's first lender formed by an Internet company and a traditional bank, Baidu said in a statement.
Beijing-based Citic Bank, the banking arm of Citic group, will be the controlling shareholder, it said in the statement to the Shanghai stock exchange. The new bank will have two billion yuan (S$223 million) in registered capital.
Neither company gave the size of Baidu's stake in the bank, which still requires regulatory approval before opening.
"The establishment of Baixin Bank will mark a milestone for Internet finance in China," Baidu chief executive Robin Li said in the company statement.
Baidu, often portrayed as the Chinese equivalent of Google, dominates search in the country but is seeking to diversify beyond its traditional business. It already has an online payments platform called Baidu Wallet.
E-commerce giant Alibaba and Tencent, operator of the popular messaging app WeChat, have beaten Baidu into the banking sector with ventures of their own.
Alibaba owns 30 per cent of an online bank, MYbank, through its Ant Financial Services unit. The bank opened in June.
In January, Tencent launched an online bank called WeBank, in which it holds a 30 percent stake.
Citic Bank was up 4.57 per cent in Shanghai and rose 0.79 per cent in Hong Kong, where it is also listed, on Wednesday afternoon.
BoE's guidance often interpreted too much as a promise: Broadbent
Bank of England Deputy Governor Ben Broadbent said on Wednesday that some media and analyst coverage of the bank's latest quarterly economic outlook was misplaced due to excessive focus on a particular lift-off dates for interest rates.
PHOTO: REUTERS
[LONDON] Bank of England Deputy Governor Ben Broadbent said on Wednesday that some media and analyst coverage of the bank's latest quarterly economic outlook was misplaced due to excessive focus on a particular lift-off dates for interest rates.
"I have long felt that coverage, not just of the last inflation report but of lots of things we communicate, can tend to slip sometimes into interpreting what we say as unconditional promises," Mr Broadbent said, answering questions from the audience at a Reuters newsmaker event.
Earlier, Mr Broadbent said in a speech that pricing in financial markets for when Britain's record-low interest rates were likely to rise could be misleading and risked changing quickly.
Frankfurt yuan trading starts on new China platform
[FRANKFURT] Trading in yuan-denominated securities got underway on the Frankfurt stock exchange Wednesday, hailed as the first such market outside China.
The platform, first announced during Chancellor Angela Merkel's visit to China last month, is to allow investors in Europe to trade securities denominated in the Chinese currency.
It is the first yuan market authorised outside China, according to Han Chen, the platform's joint CEO.
"The first trades have already taken place in the early hours of market operations," exchange operator Deutsche Boerse said in a statement, after the "China Europe International Exchange" or CEINEX, opened at 9:00am (0800 GMT).
The platform is a joint venture between Deutsche Boerse, the Shanghai Stock Exchange and the China Financial Futures Exchange.
For now, it offers trading in index-linked funds and "a wide range" of yuan-denominated futures", but more types of securities are to be made available, the joint CEO said.
After failing to merge with NYSE Euronext in 2012, Deutsche Boerse's development strategy has been focused on cooperation with Asia.
It signed a deal with Bank of China in 2014 to establish a clearing division for yuan currency transactions in Frankfurt.
