Amazon launches marketplace for handmade goods 

Amazon.com Inc is launching a marketplace for handcrafted goods on Thursday that will allow customers to buy products made by artisans from more than 60 countries. 

PHOTO: AFP

OCT 8, 20153:08 PM

[CHICAGO] Amazon.com Inc is launching a marketplace for handcrafted goods on Thursday that will allow customers to buy products made by artisans from more than 60 countries.

"We don't allow any mass manufacturing, we don't allow any factory-made products. All of these products have to be handmade and hand-manufactured," Amazon Marketplace vice-president Peter Faricy told Reuters.

The "Handmade at Amazon" website will compete directly with sites like Etsy Inc, which made its name selling handmade goods.

A craft market will extend Amazon's role as a middleman for third-party vendors, which accounts for about 40 per cent of its sales. It recently launched a platform allowing customers to buy 700 home services such as car maintenance, TV wall-mounting and house cleaning.

Over 600 handmade products will be eligible for shipping under Amazon's Prime shipping service.

REUTERS

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Silicon Valley investor 500 Startups doubles South-east Asia fund

      

OCT 8, 20153:49 PM

[HONG KONG] 500 Startups, a Silicon Valley venture-capital firm, doubled the size of its fund targeting South-east Asia technology startups.

The seed stage investor is now seeking to raise US$20 million, according to an e-mail.

Genting, which controls South-east Asia's largest casino operator, is investing US$3 million, according to two people familiar with the matter who asked not to be identified because it hasn't been announced. South Korea's GS Home Shopping also plans to invest, one of the people said.

Kuala Lumpur-based Genting declined to comment. Genting is the biggest shareholder in Genting Singapore, which operates one of the two casinos in Singapore. The holding company controlled by billionaire Lim Kok Thay also has interests in palm oil plantations, cruise-ship lines, property development and energy.

GS Home Shopping is considering an investment in 500 Startups, a spokeswoman, Park Shin Ye, said while declining to elaborate. GS Home Shopping operates a TV shopping channel and online malls.

500 Startups declined to comment in Wednesday's e-mail on whether Genting and GS Home Shopping were investing in the Southeast Asia fund.

500 Startups, led by Dave McClure, has about US$200 million of assets under management, with backers including Yahoo Japan Corp. and Banco Bilbao Vizcaya Argentaria SA. The Mountain View, California-based company is looking to raise US$200 million for its fourth global fund after closing its third one in September with US$85 million, according to its website.

The firm has invested in 1,200 companies across 50 countries since 2010.

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Sony cuts US prices for PlayStation 4 ahead of holiday season

Sony Corp said it was cutting the price of its PlayStation 4 videogame console to around US$350 from US$400 to boost sales ahead of the year-end holiday season. 

PHOTO: AFP

OCT 8, 20155:44 PM

[TOKYO] Sony Corp said it was cutting the price of its PlayStation 4 videogame console to around US$350 from US$400 to boost sales ahead of the year-end holiday season.

Thursday's announcement follows similar price cuts of the console in Asia, including its home market Japan, and adds pressure on rival Microsoft Corp, whose Xbox One system has lagged the PlayStation 4 in global sales.

Videogames, along with sensors, have helped lead a turnaround at Sony which is still struggling with weak smartphone and TV sales.

In July, Sony raised its full-year operating income forecast for its game and network services division to 60 billion yen (US$501.3 million) from a previous 40 billion yen, due to solid PlayStation demand.

Reuters

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