California ruling could spell disaster for Uber and Lyft
According to a recent California Supreme Court ruling, it’s now harder for companies to label workers as ‘independent contractors’. Instead, businesses reliant on the gig economy such as Uber and Lyft will have a bigger challenge to avoid calling their workers, ‘employees’. This could result in these companies spending a further 20% – 30% more on workers as ‘employees’
Cisco acquires business intelligence startup for US$ 270 million
On the first of May 2018, Cisco agreed on a deal to acquire business intelligence company Accompany for US$ 270 million. This startup uses artificial intelligence to build databases or people and relationships at companies and businesses. Cisco founder and CEO Amy Chang has compared this product to a digital chief of staff or personal assistant.
T-Mobile and Sprint agree to a multi billion dollar merger
After two previously unsuccessful attempts, T-Mobile and Sprint have agreed to an all stock merger valued at a US$ 26 billion. This new company will retain the T-Mobile name and will be headed up by current U.S. T-Mobile CEO John Legere and COO Mike Sievert with both Sprint and Softbank’s CEO’s serving on the board of directors.
Pressure builds for Financial Inclusion in India
India is emerging as the next battleground for financial inclusion. Thanks to the estimated 190 million adults with no bank or mobile-money accounts, the county is seen as second only to China in its potential. Mobile payments already saw a boost in 2016 after the withdrawal of high value banknotes, forcing an increased reliance on digital banking.
Alipay reports reveal Labour day spending habits
According to Ant Financial, operator of Alipay, Chinese spending overseas increased by almost 60% during this three day holiday period. Choosing to spend their money on McDonalds, Starbucks, and Hong Kong eateries known as Cha Chaan Teng. Figures also show that popular destinations included Hong Kong, Thailand, and South Korea.