WebProNews

Category: Retail & eCommerce

eCommerce, Online Retail & Retail News

  • Disney Accelerating Pivot To DTC-First Business Model

    Disney Accelerating Pivot To DTC-First Business Model

    During yesterday’s earnings call Disney CEO Bob Chapek said it has accelerated the company’s pivot towards a DTC-first business model. “Our recent strategic reorganization has enabled us to accelerate the company’s pivot, towards a DTC-first business model and further grow our streaming services,” says Chapek. “Disney+ has exceeded even our highest expectations, in just over a year since its launch with 94.9 million subscribers. ESPN+ and Hulu have also performed well, with 12.1 million and 39.4 million subscriptions, respectively.”

    Chapek attributes the company’s massive streaming growth to its huge collection of brands. “The wealth of IP from our unrivaled collection of brands and franchises provides us with an incredible breadth and depth of storylines and characters to mine for Disney+ and our other streaming services,” says Chapek. “We have the ability to interconnect these storylines and characters in unprecedented ways as we saw with The Mandalorian and WandaVision tying into the broader Star Wars and Marvel franchises. We’re excited to continue exploring the endless possibilities that this unique ecosystem provides.”

    DTC Results Improved By $650 Million

    “We believe that we’ve got a great price-value relationship,” says Chapek. “I think the best insulation we’ve got (to lower churn) is to keep the price-value relationship very high and there’s no better way to do it than powerhouse franchises cranking out regular new releases on a monthly basis.”

    Disney’s direct-to-consumer results have improved by nearly $650 million versus the prior year. “Last quarter, we guided to direct-to-consumer operating income declining by $100 million versus the prior year under our former segment structure,” says Disney CFO Christine McCarthy. “Our reported results are $750 million higher than that guidance.”

    Lower Disney Losses Attributed To Disney+

    Disney attributes their lower losses to the growth of the Disney+ streaming service. “A lower loss in the first quarter compared to the prior year was driven by subscriber growth partially offset by higher costs due to the launch and expansion of Disney+. With 94.9 million paid subscribers at the end of Q1, Disney+’s global net additions were 21.2 million versus Q4.”

    “Disney+ Hotstar subscriber additions continued their strong growth trend with Disney+ Hotstar subscribers making up approximately 30% of our global subscriber base,” said McCarthy. “We also saw strong additions to our subscriber base from our November launch in Latin America.”

    Disney Happy With Level Of Churn

    Disney is also very happy with its level of churn especially as it relates to subscribers who came into the Disney+ service via their Verizon partnership which helped power its launch last year. “We are very pleased with what we’ve seen so far on the level of churn,” said McCarthy. “And as our product offering matures and we put more content into the service and our subscriber base becomes more tenured, we expect to see our churn rates continue to decline.

    So in regard to the specific churn related to the anniversary of the Verizon launch promotion from last November 2020, we’re really happy with the conversion numbers that we have seen there going from the promotion to become paid subscribers.”

    100 New Titles a Year

    “With Disney+ originals along with the theatrical releases and the library titles, we’ll be adding something new to the service every week,” noted McCarthy. “We are very pleased with the engagement overall. We believe we’re going to reach that cadence of getting content on the service every week within the next few years. We’ve also set that target for 100-plus new titles per year. And that’s across Disney Animation, Disney Live Action, Pixar, Marvel, Star Wars, Nat Geo. And of course, we’ll continue to add more to our library as we go through time as well.”

    “Given the value of growing our sub base, we are continuing to invest in high-quality content,” says McCarthy. “We believe that content is the single biggest driver to not only acquiring subs, but retaining them.”

  • Congress Out To Kill Uber and the Entire Gig Economy Again

    Congress Out To Kill Uber and the Entire Gig Economy Again

    Congress, in a political payoff to unions, have again introduced legislation to effectively make gig economy jobs like Uber, Lyft, DoorDash, etc. illegal. The difference this time is that since they now control the House, Senate, and the Presidency it could very well pass. The legislation is modeled after the gig killing bill that was passed in California and that was later overturned via initiative by the people. Unfortunately, at the national level there is no initiative process to overturn Congress.

    Despite the job-killing nature of the bill the Democrat’s press release sings its praises:

    “Top Democrats Introduce Bill to Protect Workers’ Right to Organize and Make our Economy Work for Everyone. Legislation addresses growing income inequality by protecting workers’ right to join a union and negotiate for higher wages and better benefits.”

    The House bill was introduced by House Committee on Education and Labor Chairman Robert C. “Bobby” Scott (VA-03), Congresswoman Frederica Wilson (FL-24), Congressman Andy Levin (MI-09), Congresswoman Pramila Jayapal (WA-07), and Congressman Brendan Boyle (PA-02).

    The Senate bill was introduced by Senate Committee on Health, Education, Labor, and Pensions (HELP) Chair Patty Murray (D-WA) and Majority Leader Chuck Schumer (D-NY).

    The bill mimics the California bill which Uber CEO Dara Khosrowshahi said would effectively end Uber as we know it in California. The company is already losing money and it would be impossible for it to pay a minimum wage of $15 an hour plus benefits to all of its 1 million drivers. It also begs the question, does the Democrat party not realize that the very people who love Uber and who are independent contractors for Uber probably are also majority Democrat voters? After all, the gig economy was popularized by liberal San Francisco based Uber itself.

    Without an initiative process at the national level, the only way to keep the millions of gig jobs alive and to keep rideshare and food delivery readily available would be for their voters to vote the majority party out of office. There really is no middle ground here. In the meantime, if this bill passes Congress and is signed by Biden the gig economy will become illegal.

  • Sling TV and Dish TV Lose Some Regional Sports Networks

    Sling TV and Dish TV Lose Some Regional Sports Networks

    In the ongoing saga of streaming services and content providers, Sling and its parent Dish have lost some regional sports networks (RSN).

    RSNs are some of the most coveted, and yet most elusive, channels. Virtually every streaming service has had and lost RSNs at some point. Sling and Dish are the latest to lose some of those channels. Dish will lose access to the Mid-Atlantic Sports Network (MASN), and both companies will lose access to NBC Sports Washington, NBC Sports Bay Area and NBC Sports California.

    “The current RSN model is fundamentally broken,” said Brian Neylon, Group President, DISH TV. “This model requires nearly all customers to pay for RSNs when only a small percentage of customers actually watch them. As the cost of these channels continues to escalate, we no longer think it makes sense to include them in our TV lineup.”

    The disagreement stems from MASN and the NBC RSNs wanting payment based on all customers, rather than those customers actually using the channels. Sling and Dish argue that this is an antiquated model that’s no longer appropriate in the age of a la carte streaming packages.

    “Our proposal to offer sports fans access to RSNs is simple, and provides choice and value to all of our customers,” added Neylon. “It would allow DISH TV and SLING TV customers to choose to subscribe to the RSN channels they want — such as the regional MASN and NBC sports networks — on an a la carte basis, similar to premium subscription channels. With this updated RSN model, no customer would be forced to pay for content they don’t watch, and the RSNs would determine the price customers would pay for their channels.”

  • India Will Give $1 Billion to Chip Manufacturers That Set Up In-Country

    India Will Give $1 Billion to Chip Manufacturers That Set Up In-Country

    In its bid to become a major manufacturing powerhouse, India is offering $1 billion in cash incentives to chipmakers that set up in-country.

    Countries and companies the world over are more concerned with the semiconductor supply chain than ever before. The global pandemic illustrated the shortcomings of having the world’s mobile manufacturing and supply of semiconductors concentrated in just a couple of countries.

    India wants to change that, with its sights set on becoming the second-largest mobile manufacturing country in the world.

    “The government will give cash incentives of more than $1 billion to each company which will set up chip fabrication units,” a senior government official told Reuters.

    “We’re assuring them that the government will be a buyer and there will also be mandates in the private market (for companies to buy locally made chips).”

    India’s plans will likely benefit from tensions with China, including the current trade war between the US and China.

  • Amazon Tries and Fails to Have Cameras Installed at Union Vote

    Amazon Tries and Fails to Have Cameras Installed at Union Vote

    As Amazon workers in Alabama vote on unionization, Amazon tried and failed to get approval to install cameras to watch ballot boxes.

    Amazon is notoriously anti-union, resorting to Pinkerton detectivesand illegal firings to discourage unionization efforts. When Alabama warehouse employees decided to vote on unionization, the company even put signs in bathroom stalls to pressure employees to vote no. Amazon’s efforts prompted investors to warn the company to back off its pressure campaign.

    In its latest effort, the company wanted to install cameras to watch the ballot boxes between counting. The National Labor Relations Board (NLRB) denied the company’s petition, according to CNBC.

    “Though the mail ballot election in this matter is large, it is not, as the Employer asserts, of a ‘special nature,’” said Lisa Henderson, acting regional director at the NLRB. “The Region will conduct the ballot count within view of observers participating via virtual platform as well as in-person observers, and in accordance with Agency procedures and protocols, including those for securing ballot boxes.”

    It remains to be seen if the vote will pass but, if it does, the Alabama facility will be the first US Amazon facility to unionize. Such a move would pave the way for other Amazon facilities to do the same, and likely have a significant impact on the company’s business operations.

  • T-Mobile Kills TVision, Customers Receive YouTube TV and Philo Discount

    T-Mobile Kills TVision, Customers Receive YouTube TV and Philo Discount

    T-Mobile has announced it is effectively killing off its TVision streaming service, less than a year after its debut, steering customers towards YouTube TV.

    T-Mobile unveiled TVision in October 2020, promising to revolutionize the streaming TV industry. The company’s foray into television, while not quite as revolutionary as T-Mobile promised, was nonetheless a competitive offering. TVision offered a wealth of channels at a price that was among the cheapest options available.

    Unfortunately, T-Mobile’s efforts to offer customers what they want quickly raised the ire of its broadcasting partners, especially with its cheapest Vibe package. Vibe included over 30 lifestyle and entertainment channels for $10 per month. As a result of the disputes, T-Mobile decided to bundle all 30+ of its Vibe channels with its more expensive Live packages for free.

    The resistance T-Mobile faced forced the company to reconsider its entire position in the streaming TV industry, and it appears a graceful exit is what it has decided on, effective April 29. The company has partnered with Google and Philo to give its customers a $10 per month discount.

    That means T-Mobile customers get exclusive access to the best pricing on the highest-rated streaming service, YouTube TV, starting at just $54.99 per month. And, access to streaming TV through Philo starting at just $10 per month for a limited time.

    The company emphasized that, in many ways, this is an upgrade over TVision. YouTube currently offers more than twice as many channels as TVision, while Philo has some of the most popular entertainment and lifestyle channels, much like the Vibe package. Customers who purchased the TVision Hub streaming device will be able to access both services on it.

    The company acknowledges this is an unexpected change of direction, saying “innovation seldom follows a straight line.” However, T-Mobile emphasizes it will continue to advocate for customers in the TV industry, an industry that is widely viewed as one of the most hated and consumer-unfriendly in America.

    Our mission hasn’t changed and is more relevant and important than ever. This TVision initiative is only getting stronger with these changes, and our new TVision partner offerings will give customers more choices as we wind down TVision LIVE and VIBE services on April 29. Our experience has shown us consumers need an advocate in this space. They don’t want more streaming services – they want help buying and navigating the services that already exist. And they want exclusive deals and special access. We’ll continue to play that role, giving our customers the best value with the best streaming services. So millions can cut the cord with the Cableopoly once and for all.

    With this latest flexing of its muscles, the TV broadcasting industry has given customers another big reason to hate it. Hopefully, T-Mobile will be able to deliver on its promise to continue fighting for the consumer…even if it no longer has its own TV service.

  • Ever Given Freed, Suez Canal Reopened

    Ever Given Freed, Suez Canal Reopened

    Salvage crews have freed the container ship Ever Given from the shore, reopening the Suez Canal after it was blocked for nearly a week.

    The Ever Given ran aground in the Suez Canal Tuesday, March 23. The ship is one of the biggest container vessels in the world, coming in at over 1,300 feet long and nearly 192 feet wide. The ship can carry over 20,000 containers.

    Once the ship ran aground, 372 ships were were unable to pass, according to Lloyd’s List, resulting in a significant impact to the global economy. Roughly 12% of maritime trade passes through the canal, equaling an estimated $9 billion in goods every day.

    Given the amount of trade and goods passing through the canal, experts said the incident would have ripple effects throughout the economy for months. Some even said it could impact virtually everything sold in stores.

    It’s still unclear if the Ever Given will be able to resume its scheduled deliveries. When the ship was stuck, it had pressure on its bow and stern, leaving the middle section to sag. Since ships weren’t designed to take that kind of pressure, there was concern the hull would crack. Early inspections indicated that didn’t happen, but the ship still has to pass a final inspection now that it’s free.

  • 57% of Small Businesses in US Are Now Fully Open

    57% of Small Businesses in US Are Now Fully Open

    As restrictions ease around the country, a new reports shows that 57% of all small businesses are fully open.

    Small businesses were among the hardest hit as a result of the pandemic, with many lacking the infrastructure to move online or the resources to wait out long lockdowns. As restrictions ease, however, a slight majority have resumed full operations.

    In its Small Business Recovery Report, Kabbage polled more than 550 small businesses. Of those polled 57% are now fully open.

    Interestingly, one-third of the businesses said they were now either selling exclusively online or had significantly expanded their online sales. Online sales accounted for 57% of their total revenue, up from 37% before the pandemic.

    The mass shift to sell online has changed the mindset of small businesses about adopting new technologies. Overall, 77 percent of small businesses agreed they’re more open than ever before to replace old systems and adopt new technologies to run their company more efficiently.

    Understanding the status of small businesses and their future is an important step in understanding how to move forward.

    “We knew the path to recovery would look different across businesses, but it’s clear there’s a stark difference between the largest and smallest of small businesses—which represent more than 80 percent of all companies in the U.S.,” said Rob Frohwein, Co-founder of Kabbage, an American Express Company. “As our economy recovers it’s imperative all small businesses, especially those most marginalized and vulnerable, have equitable access to financial tools, systems and stimulus programs to ensure we all rebound from this crisis together.”

  • Verizon Look Forward: Streaming and Mobile Gaming Big Pandemic Winners

    Verizon Look Forward: Streaming and Mobile Gaming Big Pandemic Winners

    Verizon’s Look Forward report has a number of important insights, including the growing importance of streaming TV and mobile gaming.

    The global pandemic has led to a digital transformation across multiple industries, cramming into a single year what would have taken several. Two industries that have seen massive growth are streaming services and mobile gaming.

    According to Verizon’s Look Forward report, major streaming sites have seen a 21% increase over pre-pandemic levels. Rather than being an isolating experience, discussing streaming TV content has helped some 44% of adults content with friends and family.

    Some 2 in 3 (67%) are watching at least 3 hours of live TV a week, with over half (59%) watching about the same amount of streaming TV. Just as significantly, of those who watch streaming content, 82% anticipate spending the same amount of time or more a year from now, indicating the uptick in content consumption is likely a permanent change.

    Almost half (47%) of adults have subscribed to a new streaming service since the pandemic began, with 70% binge-watching shows at least once or twice.

    Mobile gaming is another big winner during the pandemic, with 46% of people downloading or buying at least one mobile game during the pandemic. Interestingly, only 36% did the same with a computer or console game. Almost a third (31%) spend at least 3 hours a week playing a mobile game.

    Some 32% of those who engaged in online gaming reported spending more time doing so now than at the beginning of the pandemic, with 45% saying they were spending about the same amount of time.

    As Verizon’s report shows, streaming TV and mobile gaming have become staples of the pandemic era, and will likely continue to see major growth for years to come.

  • Amazon’s Italy Workers Go On Strike

    Amazon’s Italy Workers Go On Strike

    Amazon’s workers in Italy are going on a 24-hour strike to protest working conditions.

    Workers in several warehouse facilities, including in Tuscany, Florence and Pisa, are going on a 24-hour strike, the first to impact Amazon’s logistics operations in Italy on a national level, according to CNBC.

    The strike comes at a time when Amazon’s importance to the global supply chain is greater than ever, and while the company is facing increased scrutiny and criticism for how it treats its workers. The company has taken aggressive measures to combat unionization, hiring Pinkerton detectives to monitor efforts and going full-court press against unionization in Alabama.

    Salvatore Pellecchia, general secretary of trade union FIT-CISL, told CNBC that 75% of Amazon workers in Italy joined the strike, despite many of them being temporary workers, at the most risk of being replaced.

    “If Amazon does not change its position, we will be forced to organize another strike,” Pellecchia said in a statement. “Amazon has registered a huge increase in turnover and profits thanks to the pandemic, and now must talk with us to give its employee what they are waiting for.”

    The strike is the latest setback for the company, and may encourage other unions to do the same.

  • YouTube Can Now Check For Copyright Issues During Upload

    YouTube Can Now Check For Copyright Issues During Upload

    YouTube is rolling out a major new feature designed to protect content creators, warning them of potential copyright issues during upload.

    Called “Checks,” the new tools is designed to save creators some headache and potential lost revenue by warning them of copyright issues before they go live with content. Many creators had previously resorted to uploading their videos as unlisted or private to check for copyright or monetization issues before going public.

    The company made the announcement in a YouTube Help post:

    Hey Creators! Today we’re rolling out a new step in the upload process on Studio desktop called “Checks” – which will automatically screen your uploads for potential copyright claims and ad suitability restrictions. This new step will help you minimize the number of videos uploaded with copyright claims and/or yellow icons and avoid surprises or worries.

    More information can be found in the Help Center. In the meantime, the new Studio tool should be a big help to content creators.

  • Even Beer Is Threatened by Cyberattacks As Coors Shuts Down Production

    Even Beer Is Threatened by Cyberattacks As Coors Shuts Down Production

    Molson Coors has announced in a regulatory filing that it halted its brewery operations as a result of a cyberattack — just when things were starting to look up.

    Cyberattacks have become a common occurrence across industries, with new ones reported almost daily. Unfortunately, the threat has reached a new low, impacting the nation’s beer supply.

    In a regulatory filing, the company says it suffered an attack on March 11, and is working around the clock to get its systems running again.

    Although the Company is actively managing this cybersecurity incident, it has caused and may continue to cause a delay or disruption to parts of the Company’s business, including its brewery operations, production, and shipments.

    Molson Coors doesn’t provide a timeline when operations will be up and running, but its predicament emphasizes that no companies are safe from cybersecurity threats.

  • WSJ: Tripadvisor Adopting Hybrid Work Model

    WSJ: Tripadvisor Adopting Hybrid Work Model

    The pandemic and its accompanying restrictions on travel, business, and work, has caused company’s to rethink business models going forward. In other words, businesses like their new focus on being lean and mean, even while they get back to normal sales levels. In a Wall Street Journal article, Tripadvisor CFO, Ernst Teunissen says that the company is going to hold the line on adding back costs. Trip Advisor reduced expenditures by a staggering 32 percent in 2020 as governments worldwide banned and restricted travel.

    “We’re going to very much resist just adding back what we had before just because we can,” Mr. Teunissen said. “You could argue that a company should have the discipline to always do that, but a pandemic really sharpens your focus.”

    Tripadvisor has reduced the company headcount by nearly 62 percent, from 4,194 pre-pandemic to 2.596 currently. Simultaneously, like most other companies, Tripadvisor employees have been predominantly working remotely and for the most part, they plan to continue with that strategy.

    Mr. Teunissen said he is looking closely at Tripadvisor’s real estate footprint to determine how much office space the company will need after the pandemic, as it expects to adopt a hybrid model of remote and office work.

    Tripadvisor has roughly 30 offices spanning about 600,000 square feet and its lease obligations totaled $168 million as of Dec. 31. The company is considering subletting more of its space and, in some cases, moving to smaller locations, Mr. Teunissen said.

  • Jack Dorsey’s Square Buys Majority Stake in Jay-Z’s TIDAL

    Jack Dorsey’s Square Buys Majority Stake in Jay-Z’s TIDAL

    Square has bought a majority stake in TIDAL, the music streaming service built and co-owned by artists.

    Square is one of the leading mobile payment companies, making it easy for small businesses to handle sales and transactions. The goal of the deal, valued at $297 million, is to open up new avenues of business, centered around meeting the needs of artists.

    “It comes down to one simple idea: finding new ways for artists to support their work,” said Jack Dorsey, cofounder and CEO of Square. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew TIDAL was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”

    “I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers,” said Shawn “JAY-Z” Carter. “Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”

    Much like the Seller and Cash App ecosystems, TIDAL will operate independently within Square. In addition to Jay-Z joining Square’s board, all of Tidal’s shareholders will remain co-owners of the streaming service after the deal is closed, likely in the second quarter of 2021.

  • Postscript Raises $4.5 Million to Turbocharge Shopify SMS Marketing

    Postscript Raises $4.5 Million to Turbocharge Shopify SMS Marketing

    Postscript announced it has raised $4.5 million in seed funding to help bring turbocharged SMS marketing to Shopify and e-commerce stores.

    Postscript specializes in SMS marketing for e-commerce. The company’s goal is to help bring SMS marketing mainstream, while at the same time doing it in a way that respects users’ inboxes.

    The company has now raised $4.5 million to help it reach that goal. The investors include Y Combinator, Accomplice, 1984vc, and Ali Capital. Postscript also has the backing of some of the biggest entrepreneurial names in the e-commerce industry.

    “At Postscript, we obsess about supporting independent brands & e-commerce merchants and will always put their needs first,” said CEO Adam Turner. “Our approach to text messaging emphasizes brands build meaningful relationships with their customers by respecting the SMS inbox and encouraging two way communication. So far our competitive advantage has been our people and our product, and this funding will help us continue along that path. By operating remotely, we’re able to hire in any region, resulting in an extremely talented team dedicated to delivering a top-tier product and customer experience.”

    Postscript already claims Native, Brooklinen, StackCommerce, Frey, Oars + Alps and Olivers among its clients. The company also boasts 26x ROI with clickthrough rates ranging between 7.5% and 40%. Somewhat unique to the industry, Postscript guarantees a 4x ROI or they will refund a client’s investment — something they have not yet had to do.

    “The Postscript team has taken a product-first approach to a gigantic, fast-growing market, and the growth speaks for itself,” said angel investor Paul English, founder of Kayak. “They have outstanding founder/product/market fit, and I believe what they’re building will be an essential part of any e-commerce company’s marketing stack. I’m proud to support them in this round.”

  • Instagram Unveils Live Rooms, Ability to Livestream With Three People

    Instagram Unveils Live Rooms, Ability to Livestream With Three People

    Instagram has introduced Live Rooms, doubling the capacity of its Live on Instagram feature.

    Instagram previously allowed creators to go live with a single individual, meaning a livestream only had a total of two people in it. With Live Rooms, creators can now go live with up to three people, bringing the total participants to four.

    We hope that doubling up on Live will open up more creative opportunities — start a talk show, host a jam session or co-create with other artists, host more engaging Q&As or tutorials with your following, or just hang out with more of your friends.

    Live Rooms is designed to help creators monetize their social media presence even more, building on existing features. The company recently made it possible for Live viewers to buy badges to support their favorite creators. Viewers can also take advantage of the Shopping and Live Fundraisers features.

    Instagram says it is working on additional options, such as moderator controls and audio features that it hopes will continue to aid content creators.

  • Blockchain App Factory Develops Futuristic DeFi Exchange Platform

    Blockchain App Factory Develops Futuristic DeFi Exchange Platform

    Blockchain App Factory announced that it developed a deFi exchange platform that offers security, speed, and transparency for every exchange with the power of distributed ledger technology.

    One of the trends in the cryptocurrency and blockchain arena in 2021 has effectively shifted how all traditional financial services, including saving, trading, insurance, loans, and exchanges work is Decentralized Finance, providing services globally in a permissionless system built on the Blockchain infrastructure. One of the projects within this DeFi landscape is Decentralized Exchange platforms (DEX).

    Built with Smart Contracts and integrated with Cryptocurrency wallets, DeFi DEXs automatically match buyers and sellers and provide fast and safe transactions for the users. This accessible and straightforward approach to managing funds was well accepted among users and is drawing more crypto enthusiasts to such platforms.

    The product offers futuristic Defi exchange services like binance supported wallet, web3 browser extensions, coin swap protocol, tradability, and so on. The entire DeFi exchange is transparent, and the blocks allow to track every transaction. The unlimited trade option enables you to set the value for your purchase and alert you with a notification once the price hits the value. The trading view offers technical analysis to have a successful trading experience. Also, the user has the freedom to track successful trade wallets and the wallet of your interest.

    Customized Tokens are generated from each exchange that allows the user to stake and invest through yield farming protocols for revenue generation. The interchangeable tokens will enable the user to swap tokens across any platform for a low cost. The product reaches the market cap of $97,333,797, which is fully diluted in the pool with a volume of $6,669,128.

    The product’s liquidity pool supports a binance network, which allows for seamless trade options and stake tokens in the liquidity pool. The top exchanges are MXC.COM, Hoo, Uniswap (V2), Biloxi, and Hotbit. The protocol’s unique liquidity engine offers rewards to liquidity providers, and it is integrated with uniswap exchange. This product allows you to integrate third-party wallets of your interest.

  • SoftBank Announces Settlement With WeWork Founder Adam Neumann

    SoftBank Announces Settlement With WeWork Founder Adam Neumann

    SoftBank Group Corp. (“SoftBank”) today announced that it has entered into a settlement agreement with the Special Committee of the Board of Directors of WeWork Inc. (formerly referred to as The We Company) (“the Special Committee”) and WeWork’s founder, Adam Neumann. The terms of the settlement are confidential. When completed, the settlement agreement would resolve all claims brought in a lawsuit in the Delaware Court of Chancery, and is in the best interests of all parties.

    “This agreement is the result of all parties coming to the table for the sake of doing what is best for the future of WeWork. SoftBank and WeWork have spent the past year transforming the WeWork business and executing on our plan towards profitability. With this litigation behind us, we are fully focused on our mission to reimagine the workplace and continue to meet the growing demand for flexible space around the world.” — Marcelo Claure, Executive Chairman of WeWork, CEO of SoftBank Group International, and Corporate Officer, Executive Vice President and COO of SoftBank.

    The Wall Street Journal previously outlined the likely settlement:

    WeWork co-founder and former Chief Executive Adam Neumann is set to reap an extra $50 million windfall and other benefits as part of an agreement that would settle a bitter dispute he and other early investors in the shared-office-space provider have waged with SoftBank Group Corp., according to people familiar with the matter.

    As The Wall Street Journal reported earlier this week, the parties are closing in on a deal in which SoftBank, WeWork’s majority shareholder, would buy about $1.5 billion of stock from other investors, including nearly $500 million from Mr. Neumann. That is about half as much as it previously planned to buy.

    But part of the deal not previously reported sets Mr. Neumann apart from other shareholders. It calls for SoftBank to give the 41-year-old the $50 million special payout and extend by five years a $430 million loan it made to him in late 2019, the people said. SoftBank is also slated to pay $50 million for Mr. Neumann’s legal fees. It isn’t clear how much it is paying for the other shareholders’ legal fees.

  • Best Buy Lays Off 5,000 Employees, Will Shutter More Stores

    Best Buy Lays Off 5,000 Employees, Will Shutter More Stores

    Best Buy has laid off some 5,000 employees and plans to close additional stores as customers turn to online shopping.

    American customers have increasingly been turning to Amazon and online stores for their electronics needs, putting pressure on traditional, brick and mortar stores. With the pandemic further changing consumers’ shopping habits, traditional stores have been under even more pressure. Fry’s Electronics announced it was closing Wednesday, illustrating the growing challenges traditional businesses are facing.

    Best Buy, in contrast, has fared relatively well during the pandemic. Much of this is due to the company’s online sales. According to CNN Business, the company expects 40% of its sales to come from online purchases in 2021, as opposed to 19% two years ago. The company has also been relatively successful with its physical stores, although it expects in-store business to slow this year.

    As a result, Best Buy has laid off 5,000 staff, mostly full-time employees. The company is also raising the bar for evaluating whether to renew store leases. The company already closed 20 stores a year for the past couple of years, and expects that number to go up this year.

  • President Biden Signs Executive Order to Review Supply Chain

    President Biden Signs Executive Order to Review Supply Chain

    President Biden has signed an executive order authorizing a review of the US supply chain, including semiconductors.

    The US has suffered from a number of major supply chain crises over the last year. At the outset of the pandemic, medical professions struggled with a shortage of PPE. Most recently, multiple industries have been impacted by a shortage of semiconductors. The automotive industry, in particular, has been one of the hardest hit.

    President Biden’s executive order is not a short-term solution, but is an attempt to devise a long-term plan to address the country’s need for semiconductors, pharmaceuticals, rare-earth elements and large-capacity batteries.

    “And the bottom line is simple: The American people should never face shortages in the goods and services they rely on, whether that’s their car or their prescription medicines or the food at the local grocery store,” said President Biden when announcing the executive order.

    The supply chain review will also help pave the way for additional jobs, as well as secure existing ones, by ensuring workers have the critical supplies they need. For example, the semiconductor shortage recently halted production at three GM plants. Ensuring a safe supply of critical components will keep companies and entire industries running.

    “This is about making sure the United States can meet every challenge we face in this new era — pandemics, but also in defense, cybersecurity, climate change, and so much more,” continued President Biden. “And the best way to do that is by protecting and sharpening America’s competitive edge by investing here at home. As I’ve said from the beginning, while I was running: We’re going to invest in America. We’re going to invest in American workers. And then we can be in a much better position to even compete beyond what we’re doing now.

    “Resilient, diverse, and secure supply chains are going to help revitalize our domestic manufacturing capacity and create good-paying jobs, not $15 an hour — which is what we need to do someday. And sooner is better, in my view. But jobs that are at the prevailing wage.”

  • Facebook Faces Fallout From Australian News Ban

    Facebook Faces Fallout From Australian News Ban

    Facebook is already facing fallout from its decision to block Australian news sources, with government sites impacted and calls of bullying.

    Facebook took the unexpected step of completely blocking Australian customers from posting any news articles as a result of proposed legislation that would force the company to pay for such links. Google is similarly impacted by the legislation, but has chosen to start working out deals with news publishers.

    The social media giant is already facing backlash as a result of its decision. ABC News reports that news posts started disappearing from various government agency sites, including the Bureau of Meteorology. Facebook says that was a mistake, as government agencies should not be impacted, and has restored some pages already.

    “As the law does not provide clear guidance on the definition of news content, we have taken a broad definition in order to respect the law as drafted,” a Facebook spokesperson said in a statement.

    The same ABC News report also highlights the Australian scientific community’s concern over Facebook’s actions.

    “For Facebook to block access to the feeds of trusted science and health organisations in Australia during a pandemic and bushfire season is irresponsible and dangerous,” said Science & Technology Australia chief executive Misha Schubert.

    “At a time when the company is taking steps to tackle misinformation on its platform, it’s concerning it has chosen to silence some of this nation’s leading scientific voices.”

    Meanwhile, at least one UK lawmaker is calling the company out for being a bully and says it’s time to get tough, according to Reuters.

    “This action – this bully boy action – that they’ve undertaken in Australia will I think ignite a desire to go further amongst legislators around the world,” said Julian Knight, chair of the British Parliament’s Digital, Culture, Media and Sport Committee.

    “We represent people and I’m sorry but you can’t run bulldozer over that – and if Facebook thinks it’ll do that it will face the same long-term ire as the likes of big oil and tobacco.”

    When we covered Facebook’s decision yesterday, we said: “Given the scrutiny Facebook is already under worldwide, playing hardball with the Australian government is a risky maneuver that may end up backfiring.”

    It would appear Facebook’s risky maneuver is, indeed, backfiring.