By Jordan Valinsky, CNN Business

Amazon said this year’s Prime Day was “once again the largest shopping event” in its history.The company said sales from its two-day shopping event surpassed its sales for last year’s Black Friday and Cyber Monday combined.

Amazon didn’t reveal specific figures, like revenue. It also doesn’t typically disclose numbers for specific shopping days, with the only glimpse of sales being in its quarterly earnings.

A record number of Prime members in the United States shopped during the extravaganza, according to Amazon. In total, Prime members globally bought more than 175 million items.

Prime Day was also successful for Amazon’s line of deeply discounted gadgets. It was the “biggest event ever” for the electronics, which encompass the Fire TV Stick, Echo smart speakers and Fire tablets, among others.

“Members purchased millions of Alexa-enabled devices, received tens of millions of dollars in savings by shopping from Whole Foods Market and bought more than $2 billion of products from independent small and medium-sized businesses,” CEO Jeff Bezos said in a release. “Huge thank you to Amazonians everywhere who made this day possible for customers.”

In the United States, Instant Pots and DNA kits were the top-selling items. Prime members in the United States also bought more than 100,000 laptops, 200,000 TVs and more than 1 million toys.

Prime Day also had a halo effect on Amazon’s competitors. Large retailers, or companies that generate more than $1 billion in revenue, had sales jump 68% over the two-day period, according to Adobe Analytics. Smaller retailers’ sales also spiked 28% for the same period, a reversal compared to last year when sales declined.

“This suggests that people are comparison shopping more than ever and will open their wallets to those who offer the best deals, regardless of the size of the retailer,” said Jason Woosley, vice president of commerce product and platform at Adobe in a release.

19-station expansion planned for Gautrain

The Gautrain Management Agency has provided an an update on Gautrain 2, the next phase of the Gautrain project.

Gautrain CEO Jack van der Merwe says the planned network for Gautrain 2 is from Mamelodi in the east of Pretoria to Jabulani in the west of Soweto, from Lanseria to Little Falls and Cosmo into Randburg and Marlboro, and from OR Tambo International Airport to Boksburg.

Interesting facts about the new development include:

  • 150km of additional railway line
  • 19 new stations
  • The first phase planned will be from Lanseria to Little Falls into Randburg and Marlboro
  • The project will create 210 000 jobs
  • Private sector funding will be increased to 33%
  • The need for Gautrain 2 was prompted by the estimated growth in Gauteng’s population, which is expected to increase by 48% to 19.1 million people by 2037 (from 12.9 million in 2014)
  • In the past 10 years the use of private transport has gone up to 56%, causing congestion on highways

 

By Anneken Tappe for CNN Business

Machines are expected to displace about 20 million manufacturing jobs across the world over the next decade, according to a report released Wednesday by Oxford Economics, a global forecasting and quantitative analysis firm.
That means about 8.5% of the global manufacturing workforce could be displaced by robots.

The report also notes that the move to robots tends to generate new jobs as fast as it automates them, however it could contribute to income inequality.

The use of robots is on the rise: At this point, every new robot that is installed displaces 1.6 manufacturing workers on average, according to the Oxford Economics model.

Automation isn’t a new trend in manufacturing, of course. The automotive industry, for example, used 43% of the robots in the world in 2016.

But robots are becoming cheaper than many human workers, in part because of the falling costs of machines. The average unit price per robot has dropped 11% between 2011 and 2016, according to Oxford Economics. And they are increasingly capable of functioning in more sophisticated processes and varied contexts. On top of that, the demand for manufactured goods is rising.

China presents a big opportunity for growth in automation. That country already accounts for a fifth of the world’s industrial robots, with every third new one being installed there. Beijing “is investing in robots to position itself as the global manufacturing leader,” Oxford Economics said. By 2030, some 14 million robots could be working in China, “dwarfing” the rest of the world, according to Oxford.

The effect on economic output could be tremendous. Oxford Economics estimates that boosting robot installations to 30% above the current growth forecast by 2030 would lead that year to a 5.3% increase in global GDP, or $4.9 trillion. That’s more than the projected size of Germany’s GDP for that year.
So what’s not to love? Robots will boost productivity and economic growth, as well as spur industries that don’t even exist yet. But Oxford Economics also warns that they will be seriously disruptive.

How automation could lead to inequality
One potential downside to the robot revolution: Automation could increase income inequality.
“This great displacement will not be evenly distributed around the world, or within countries,” according to the report. “Our research shows that the negative effects of robotization are disproportionately felt in the lower-income regions compared with higher-income regions of the same country.”

The workers who drive knowledge and innovation within the manufacturing industry tend to be concentrated in larger cities, and those skills are harder to automate. That’s why urban areas will deal better with the increased automation, according to the report.

On the whole, the increased use of automation will likely create new jobs at a pace comparable to the jobs that will be lost, which nullifies fears about permanent job destruction, according to the Oxford study. That said, the poorer regions that are expected to lose the most jobs will probably not benefit equally from this new job creation due to a gap in skills. That will lead to increased income inequality between cities and rural areas, as well as between regions.
“Automation will continue to drive regional polarization in many of the world’s advanced economies, unevenly distributing the benefits and costs across the population,” the report said.

For policy makers, this means they will have to think about how the increased efficiency will hold up against the effect on income inequality. Some have already worked automation into their political platforms. Vermont Senator Bernie Sanders, who is running for the Democratic nomination for president, recently said he was worried about what artificial intelligence and robotics “will mean to working people in this country,” for example.

“We need to have a long discussion to make certain that millions of workers are not thrown out on the street because of robotics,” he said during a CNN town hall in February.

In the United States, Oregon, Louisiana, Texas, Indiana and North Carolina are the most vulnerable states, according to Oxford Economics. That’s because those states are reliant on manufacturing jobs that could disappear because of robots.

In Oregon, for example, “high dependence on manufacturing … and the state’s exposure to globally competitive sectors, means its workers are vulnerable to rapid technological progress”, according to the Oxford study.

On the opposite end of the spectrum, Hawaii, DC, Nevada, Florida and Vermont will see the least impact from increased robotization. Manufacturing plays a smaller role in those places.

By Jewel Stolarchuk for The Independent 

18 000 jobs in Deutsche Bank are set to be cut as the German national lender embarks on mass retrenchment exercise. Whole teams at the bank’s Asia-Pacific offices have reportedly been let go, as the lender seeks to transform itself from an investment bank that used to compete with the lenders in Wall Street, after struggling in the aftermath of the financial crisis.

Deutsche Bank employs about 4,700 employees in its Asia-Pacific offices in Singapore, Sydney, Tokyo and Hong Kong. The investment banking team in the region consists about 300 staff members and it is expected that 10 to 15 per cent of these employees and almost all the employees in the equity capital markets division will be retrenched.

According to Reuters, the restructuring plan will ultimately cost 7.4 billion euros (SGD $11.31 billion) and will see the bank cut back on its fixed income operations and axe its global equities business altogether.

Most of those retrenched are working in the bank’s offices in Europe and the United States but some offices from Sydney to Hong Kong were also affected. Retrenched workers are due to sign redundancy packages.

One Deutsche bank employee, an equities trader based in the Hong Kong office who declined to be named, told Reuters that staff were called individually to meetings and that the mood was “pretty gloomy” as the job cuts began. He said: “(There are a) couple of rounds of chats with HR and then they give you this packet and you are out of the building.”

While a Deutsche Bank spokeswoman declined to comment on specific departures, an insider who is familiar with the bank’s Australian operations told Reuters that most of the mergers and acquisitions staff would not be immediately affected but the teams in the four-strong equity capital markets were being retrenched.

The Deutsche bank spokeswoman assured the press that the bank would be directly in touch with employees. She added: “We understand these changes affect people’s lives profoundly and we will do whatever we can to be as responsible and sensitive as possible implementing these changes.”

Deutsche Bank’s Chief Executive Officer Christian Sewing called the retrenchment exercise part of a “restart.” In a letter to employees, he wrote: “We are creating a bank that will be more profitable, leaner, more innovative and more resilient.”

This “restart” comes on the heels of Deutsche Bank’s failure to merge with its rival Commerzbank. In May, Mr Sewing hinted at extensive restructuring as he promised shareholders that he will implement “tough cutbacks” to the investment bank.

How it will impact South Africa

According to an article by Business Insider, the Sandton headquarters employ approximately 70 staff.

  • The equity trading desk will be closed completely, with the loss of around 12 jobs
  • The fixed income team, which trade bonds, will remain largely unchanged in South Africa

The bank suffered a pre-tax loss of €16-million (R251,5-million) on its South African activities last year, according to the Deutsche Bank annual report.

By James Pero for DailyMail.com

Malware that replaces victims’ legitimate apps with a malicious doppelgänger has infected 25-million devices across India, the UK and the US, say security researchers.

The virus, named ‘Agent Smith’ after a fictional character from the, ‘The Matrix’ who is able to make others into copies of himself, was highlighted by the security firm Check Point on Wednesday and affects users on Android devices.

Instead of stealing data, the malware covertly replaces apps inside a user’s phone with hacked versions which display ads selected by the hackers, allowing them to profit off their views.

To avoid detection, the malware — under its disguise as popular apps like WhatsApp or Flipkart — is also capable of replacing code in the original program with its own malicious version that prevents an app from being updated.

At least 15-million of the devices infected are located in India and 300,000 have been detected in the U.S. Other infections are spread across Asia as well as the U.K., and Australia.

‘The malware attacks user-installed applications silently, making it challenging for common Android users to combat such threats on their own,’ said Jonathan Shimonovich, head of Mobile Threat Detection Research at Check Point.

‘Combining advanced threat prevention and threat intelligence while adopting a ‘hygiene first’ approach to safeguard digital assets is the best protection against invasive mobile malware attacks like ‘Agent Smith”

A malware called ‘Agent Smith’ was found to have infected 25 million device mostly in India.

Malicious code was able to disguise itself as legitimate apps and take over the ads served inside those programs.

Hackers didn’t steal users data but were able to make money off serving up phoney ads.

Many users were unaware that they had been infected.

Code spread via third party app-store 9Apps and unsuccessfully tried to infect users in the Google Play store.

The malware is named after a fictional villain in the 1999 movie ‘The Matrix’ who was able to turn victims into copies of himself.

Researchers say Agent Smith was able to spread to devices through a third-party app store called 9Apps.

Malicious code was embedded into photo apps and sex-related apps which were then downloaded by users.

Once inside a victim’s device, the malware would disguise itself as a legitimate app and then begin replacing code.

As reported by The Verge, creators of the malware also attempted to infect users in the Google Play store through 11 apps containing bits of malicious code.

The foray was reportedly unsuccessful and Google has removed all the apps from its store.

A vulnerability in Android that allowed hackers to include their code was patched several years ago, but developers failed to patch their apps, leaving many open to attack.

To avoid being compromised by malware like Agent Smith, Check Point has some simple words of advice.

‘Users should only be downloading apps from trusted app stores to mitigate the risk of infection as third party app stores often lack the security measures required to block adware loaded apps,’ wrote researchers.

By Suzanne Rowan Kelleher for Forbes

Heading to a place where you don’t know the language? One of the handiest apps in any traveler’s toolbox is Google Translate, whose instant camera makes translating the world as easy as pointing your smartphone camera at foreign text on street signs, menus, shop flyers and more.

Google just upgraded the app by adding support for an additional 60 languages, including Arabic, Hindi, Malay, Thai and Vietnamese, which now brings the total number of supported languages to an impressive 88. (Here’s a full list.)

But it gets better. Let’s say you’re visiting a region with multiple languages and you’re not even sure which one you’re reading. нема проблема. That means “no problem” in Serbian. Just select “detect language,” point your camera at the words and get a translation in your native tongue.

The secret sauce that powers the app’s instant camera is Neural Machine Translation (NMT) technology, a type of machine learning that models the sequence of words and produces translations that are more accurate and natural than previously possible. Google says NMT reduces errors by 55 to as much as 85 percent in certain language pairs.

There’s also a new look with three features on the bottom of the app. “Instant” translates foreign text when you point your camera at it. “Scan” lets you snap a photo and highlight the text to be translated with your finger. “Import” lets you translate text from photos already on your camera roll. Google has also managed to get rid of the flickering that often made translated text difficult to read.

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For many languages, Google Translate even works when you’re not connected to Wi-Fi or using cellular data, but translations are more accurate when your device is connected to the internet.

So whether you want to locate a pharmacy in Greece (φαρμακείο), find a restroom in Denmark (badeværelset) or take the road to the beach in Bali (pantai), just point your camera and let Google Translate guide your way.

Online shopping has become increasingly popular amongst South African consumers. Convenience, competitive pricing, and a wide choice of products make online purchasing a no-brainer for tech-savvy shoppers, but retailers need to stay ahead of the curve when it comes to standing out against the competition.

Over the past year, a couple of popular South African retailers’ pricing has come under scrutiny where products were advertised as discounted from inflated list prices to give customers the perception of a bigger saving. In both cases, the advertising was ruled to be misleading. While unscrupulous practices like this may get consumers all riled up, the benefit of these kinds of cases being brought to the fore is that consumers have become more discerning when it comes to finding a bargain online.

Comparison tools and aggregator sites take the hard work out of shopping around and comparing prices. According to PriceCheck Founder, Kevin Tucker, comparison tools are just as important to retailers as they are to consumers. “Retailers are able to monitor price changes, price drops, promotions from competitors to allow them to stay relevant.” With more than two million visits each month, PriceCheck is South Africa’s number one product discovery and comparison platform.

Online purchasing behaviour indicates that consumers tend to go for trust over price point, particularly in the case of lesser known and international retailers. Consumers would rather pay a little bit extra at a reputable retailer than find a great bargain only to have to wait longer for delivery time, experience delays, or deal with poor customer service and a sketchy returns policy.

For this reason, comparison tools have become an invaluable tool for discerning shoppers, helping customers make informed decisions about their online purchases. Consumers love a good bargain, especially in tough economic times, and daily deals, sales and discounts create a sense of urgency and encourage impulse purchase behaviour. By listing retailers that offer a benefit to consumers, especially those that don’t have the financial backing of the big players in the e-commerce space, comparison tools add value to consumers while at the same time sending the listed retailers good quality traffic and qualified leads.

While building trust with consumers goes beyond fair and competitive product pricing, retailers need to consider the customer journey from start to finish. Tucker advises retailers to invest in online support through live chats or chatbots. “Real-time support can go a long way with consumers.”

He believes that providing as much information for the consumer to review is essential for retailers to maintain their credibility. “Delivery and returns policies, shop reviews, and payment methods all need to be clearly indicated to manage expectations and ensure that consumers are able to make the best buying decision possible.” he says.

YouTube to break sports broadcast monopoly

Source: IOL

YouTube has announced that sports fans now have access to LIVE and Video On Demand (VOD) streaming.

Users can stream basketball, rugby, cricket and football events including the 2019 NBA Finals, Women’s World Cup, Africa Cup of Nations, UEFA Champions and Europa leagues, ABSA Premier League, La Liga, Ligue 1, and Serie A.

Sports consumption on YouTube in the EMEA region is growing fast. In 2018 alone, YouTube saw a 70 percent increase in views of sports and fitness related content — totalling more than 61 billion views.

In Africa, sports content on YouTube is both broad and deep with YouTube delivering evergreen sporting highlights alongside new and emerging sports experiences like home fitness and 79 percent of viewers saying that YouTube has sport and fitness content they can’t find anywhere else.

“It goes without saying that Africa is sport-loving continent, so it makes perfect sense for us to bring African sports fans what they love. Our audience is constantly looking for sports content on YouTube,” said YouTube content partnerships lead Dayo Olopade.

Olopade added, “In 2018, we saw a 70 percent increase of views in Sports & Fitness content on YouTube across Europe, the Middle East and Africa with content garnering more than 61 billion views. Today we are here to say we hear you and we are more than happy to bring you the content you desire, in partnership with NBA Africa and our other partners”.

South African fans can now catch NBA basketball fixtures, La Liga 123 matches and UFC matches LIVE on YouTube, while the remaining sporting events will be pre-packaged video on demand.

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