Tag: asia

  • Japanese designer Issey Miyake dies, at 84

    Japanese designer Issey Miyake dies, at 84

    The Japanese fashion designer Issey Miyake, renowned for his innovative pleated clothing and for producing 100 mock turtlenecks for the Apple co-founder Steve Jobs, has died of liver cancer in a hospital in Tokyo. He was 84.

    The Issey Miyake Group released a short statement about his work saying: “Miyake’s dynamic spirit was driven by a relentless curiosity and desire to convey joy through the medium of design.” It stated that “as per Mr Miyake’s wishes, there will be no funeral or memorial service”.

    Much like Andy Warhol, Miyake was interested in the overlap between art and design, and fashion. Throughout his 52-year career, the designer maintained an “anti-trend” stance, always referring to his designs as “clothing” rather than “fashion”.

    “I am most interested in people and the human form,” Miyake told the New York Times in 2014. “Clothing is the closest thing to all humans.”

    Perhaps best known for designing the polyester-cotton mock turtlenecks indelibly linked with Steve Jobs, it is believed he produced 100 at less than $200 each. Designed to alleviate “decision fatigue”, along with Jobs’ Levi’s 501s and New Balance 991s, the tops became shorthand for late 90s Silicon Valley uniform, based on the idea that busy people’s minds are on more important things than picking out ties.

    Born in Hiroshima in 1938, Miyake studied graphic design at the Tama Art University in Tokyo. But piqued by the crossover between disciplines, he pivoted to fashion and moved to Paris to become an apprentice to Guy Laroche and eventually work for Hubert de Givenchy around the time Audrey Hepburn was wearing his dresses.

    After witnessing the 1968 student protests, Miyake became disenchanted by an industry designed to dress only the wealthy. It was this interest in fashion as art and function, democratic but aesthetically pleasing, which led him to establish the Miyake Design Studio in 1970, and show his first very wearable collection in New York in 1971. One of his earliest pieces was a jersey body, hand-painted using traditional Japanese tattoo techniques.

    A keen sportsman, function became the linchpin of Miyake’s work. His most famous and most affordable clothes, the Pleats Please line, was launched in 1993 as a retort to the price and unwearability of high-end fashion.

    Featuring capes and trousers, and flowing sleeveless tabards made from heat-treated polyester to create permanent pleats, the clothes never creased, could be machine washed and be rolled instead of folded. The line remains one of the first and best examples of gender-free clothing and still fetches hundreds of pounds on resale sites.

    It was Miyake’s cynicism about the fashion industry, in particular the speed at which it produced, that gave his designs such longevity in reputation and design. In an interview with the Village Voice in 1983, Miyake outlined his opposition to the fashion cycle: “I want my customer to be able to wear a sweater I designed 10 years ago with this year’s pants.”

    Mikyake saw technology as a solution to the problem of overproduction, with one such solution the late 90’s “One Piece of Cloth” idea (later known as A-POC) which pioneered the idea of making clothes out of a single tube of fabric, cutting down and waste and showing exactly what could be done with a knitting machine, a computer and the right knowhow.

    Many of his designs are in museums, including the Museum of Modern Art’s permanent collection. In 2010, he received the Order of Culture in 2010 and in 2016 was decorated as a Commandeur de l’Ordre National de la Légion d’honneur.

    Loth to give interviews, Miyake had a pronounced limp – a result of surviving the 1945 atomic bomb dropped on his home town of Hiroshima when he was seven. Three years later, his mother died of radiation exposure.

    In a rare 2009 op-ed for the New York Times, Miyake recounted just how much that day, and his mother’s subsequent death, informed his creativity. “I have tried, albeit unsuccessfully, to put them behind me, preferring to think of things that can be created, not destroyed, and that bring beauty and joy. I gravitated toward the field of clothing design, partly because it is a creative format that is modern and optimistic.

    “I did not want to be labeled ‘the designer who survived the atomic bomb’.”

  • Kering Eyewear opens first South Korea store, its largest yet in Asia

    Kering Eyewear opens first South Korea store, its largest yet in Asia

    Luxury brand Kering Eyewear has launched its first store in South Korea, located on the eighth floor of Lotte Duty Free’s store in Busan.

    A collaboration between Kering Group and Lotte, the brand claims the new boutique is its largest store in Asia to date.

    Center stage in the store is a giant media wall showcasing new products. A virtual fitting service for Kering eyewear is provided by Lotte Internet Duty Free using augmented reality (AR) technology. Lotte Internet Duty Free plans to implement a virtual reality (VR) tool allowing customers to view the boutique in 360 degrees without physically visiting the store.

    Kering Group wants to expand its presence in Asia and deepen its commitment to sustainability. The group has also revealed plans to strengthen its Gucci brand’s presence in China, where it aims to become the market leader by 2025.

    Kering wants to cut its carbon footprint by 40 per cent by 2025. It also emphasizes its efforts in sustainable sourcing, buying 30 per cent of organic cotton, 100 per cent of gold, and 73 per cent of sustainable leather from suppliers who source their materials ethically.

    Last March, Kering Eyewear bought luxury eyewear company Maui Jim as part of its expansion strategy.

  • Indonesian fashion label Claude launches in Singapore

    Indonesian fashion label Claude launches in Singapore

    The store people have been impatiently waiting has finally arrived. The go-to IT fashion brand, Claude, has officially opened its first brick-and-mortar store at Takashimaya Shopping Centre, Singapore on July 29th, 2022.

    As it always go with Claude, they celebrated the grand opening of their 1600sqft store with flair and much grandiose. Hosted by Aimee Cheng-Bradshaw and accompanied by plenty of familiar faces and icons in the fashion and lifestyle industry from Andrea Chong, Melissa C. Koh, Nellie Lim, and Savina Chow. The famous Singapore socialite, Jamie Chua, also attended wearing Claude special Singapore collection, The Wildflower.

    “We have been receiving a lot of love from Singapore over the years,” said Christie Johana as the Co-Founder and Creative Director of Claude. “It is definitely the right step for us to finally open our first international store in our amazing and beautiful neighbour, Singapore.”

    Curved outlines, flora installation, and a splash of lilac and mint green definitely screams Claude. The Indonesian label known for its elegant dresses, pleated pieces, and its modern Gen-Z sub-brand Everyday definitely stole the show with its beautiful store. “The goal is to create an experience for everyone while touring the store and feel comfortable, relax and unwind in the massive lounge room, and taking pictures on many of the spots.”, the Creative Director said.

    This community focused brand also arranged its first ever international Claude Squad event at SPRMRKT, Dempsey Hill, just a day before the grand opening event. “One of our most important mission is to connect people who have passion for fashion, and we love to do it by hosting a gathering with our beloved Claude Squad!”, stated Christie.

    Some of people’s favourite fashion stars and fanatics were also seen during the gathering, from Iman Fandi, Hailey Teo, and so much more. To add the excitement, consumers can see all of them rocking Claude’s Singapore special collection that will be available in store, while posing in front of their beautiful garden backdrop and iconic #ClaudeSquad signage.

    With the opening of the store, The Wildflower collection is exclusively available offline before their official launch on Claude’s website on August 1st, 2022 and August 8th, 2022. Pieces vary from original prints, pleated items, and their novel knitted pieces.

  • Silkie Irish Whiskey launches in Australia

    Silkie Irish Whiskey launches in Australia

    Irish whiskey maker Sliabh Liag Distillers has launched in Australia through an exclusive partnership with Dan Murphy’s.

    Two varieties of the Silkie Irish Whiskey will be available: The Legendary Silkie Irish Whiskey – which offers a butterscotch sweetness with green apples and a hint of amber and smoke – and The Legendary Dark Silkie Irish Whiskey which features a rich chocolate character complemented by a salted-caramel sweetness and baked apples “wrapped in a smokey profile”.

    James Doherty, Sliabh Liag Distillers’ founder, said the new Silkie varieties are lighter than the Irish whiskeys most Australians are used to.

    “My aim in creating this collection was to evoke a smoky hue that harks back to a pre-prohibition time when Donegal’s characteristic style was famed for warming, earthy flavours.”

    According to Rosie Keane, Irish Consul general to Sydney, Australia is one of the fastest growing markets for Irish whiskey globally, with sales doubling between 2016 to 2020.

    The Legendary Silkie Irish Whiskey retails for $74.99 and The Legendary Dark Silkie Irish Whiskey for $79.99. Both have 46 per cent ABV.

  • 50 free TV channels are coming to Google TV

    50 free TV channels are coming to Google TV

    Google TV is an app available for both Android and iOS devices. The app allows you to find movies and television shows that you can watch on demand from several platforms including Pluto TV, Tubi TV, Plex, Prime Video, Peacock, YouTube, and more. 9to5Google found code hidden in the latest version of an app that Google listed in the Play Store. One bit of code said, “Enjoy 50 channels of live TV without the need to subscribe, sign-up, or download.”
    That sure sounds good. The live television channels, unlike the platforms that Google TV offers today, do not require you to download a third-party app. The code reveals that there should be a variety of live programming including “news, sports, movies, and shows.” Even more interesting, 9to5Google unearthed a graphic showing 34 of the 50 live television channels.
    That list includes:
    • ABC News Live
    • America’s Test Kitchen
    • American Classics
    • The Asylum
    • Battery Pop
    • CBC News
    • ChiveTV
    • Deal or No Deal
    • Divorce Court
    • Dry Bar Comedy
    • FailArmy
    • Filmrise Free Movies
    • Hallmark Movies & More
    • It’s Showtime at the Apollo!
    • Kevin Hart’s LOL! Network
    • Love Nature
    • Maverick Black Cinema
    • MooviMex
    • Nature Vision
    • NBC News Now
    • Newsmax TV
    • Nosey
    • The Pet Collective
    • Power Nation
    • Reelz
    • Teletubbies
    • Today All Day
    • Toon Goggles
    • USA Today
    • World Poker Tour
    • Wu-Tang Collection TV
    • Xumo Crime TV
    • Xumo Movies
    • Xumo Westerns
    Again, these are just some of the 50 channels that will be offered to Google TV users. When this will roll out-if it does-is unclear. The app still has a long way to go to match the quantity of the content available on Samsung TV Plus which supports over 200 channels.
    Android users can download the app from the Google Play Store. Apple iPhone users can download the app from the App Store. Keep in mind that until the “Google TV channels” appear, the Google TV app is a way to manage those streaming third-party apps that you use to watch movies and television shows. The app also helps you find where your favorite movies and television shows are streaming, and by looking at the content that you give thumbs up or thumbs down to, Google’s algorithm will help recommend shows and movies for you to watch.
  • Snapchat launches family control portal

    Snapchat launches family control portal

    Snap is further improving Snapchat’s parental features with the launch of a full-fledged Family Center that offers parents more insight into who their teens are friends with on the social app. While the new in-app tool will provide parents with information about their children, the contents of their conversations will remain secret.

    It’s a feature specifically designed by Snap and reflects the way that parents engage with their teens in real life, where parents usually know who their teens are friends with and when there are hanging out, but don’t eavesdrop on their private conversations.

    One feature that’s not yet available but will be added in the future update is a new option that will allow parents to view all the new friends their children have added in Snapchat.

    Also, the Family Center allows parents to report any accounts that may be concerning directly to Snap’s Trust and Safety teams. Additional resources are available to both parents and teens using Family Center, which will help them have open conversations about online safety.

    Last but not least, Snap announced that more features will be added to Family Center this fall, including new content controls for parents and the ability for teens to notify their parents when they report an account or a piece of content via Snapchat.

  • Chinese Property Worries Trigger Surprise Trust Audit

    Chinese Property Worries Trigger Surprise Trust Audit

    China’s national auditor is making surprise checks in the nation’s $3 trillion trust industry which is also feeling the ripples of the ongoing property crisis.

    China’s National Audit Office has been inspecting the books of at least 20 trust firms in the last month – including the industry’s top five – according to a report citing unnamed sources.

    The firms are being asked to report on risky loans to developers as well as any plans for the disposal of such assets. The audit office is expected to submit its conclusions to policymakers in Beijing who could decide on future reforms for the sector. The inspection is still in progress and no conclusions have been made thus far.

    China’s trust sector is the most unconstrained funding channel in the financial industry with loans and investments across stocks, bonds, commodities, real estate and more. The sector was once a popular source of property funding with related investment products that were viewed as safe bets by wealthy Chinese individuals and institutions.

    The sector holds a combined 20.2 trillion yuan in assets ($3 trillion), as of end-March, according to the China Trustee Association.

    The surprise audit with a focus on real estate-linked risk occurs in the midst of an ongoing property crisis that has been headlined by mortgage boycotts over unfinished housing projects by cash-strapped developers. In addition to the trust audit, authorities have responded by offering grace periods for mortgage payments and the establishment of a fund by the People’s Bank of China to support developers to finish building homes.

    This year, trust firms have defaulted on about 58 billion yuan of property-linked investment products, according to data tracker Use Trust, which are popularly sold to wealthy Chinese.

  • WhatsApp’s next update finally adds top-requested feature

    WhatsApp’s next update finally adds top-requested feature

    WhatsApp plans to roll out new security and privacy features to users on all platforms, the social network announced today. This is a more comprehensive update that brings several improvements, including one of the most-requested privacy features, the ability to choose who can see when you’re online.

    Besides that, the update introduces a new option that allows WhatsApp users to leave groups silently. Instead of notifying the full group when a user leaves, only the admins will receive a notification. According to WhatsApp, this specific feature will roll out to all users sometime this month.

    Another important security feature that’s supposed to go live later is the ability to block screenshots for View Once messages. One of the most popular WhatsApp features, View Once brings users a new, safe way to share photos or media that they don’t want to be permanently recorded.

    The update enables screenshot blocking for View Once messages, but WhatsApp is only testing this feature at the moment, so it’s not going to be available to everyone for a while.

    Finally, the ability to choose who can see when you’re online will be rolled out to all users this month, WhatsApp confirmed. More details about how you’ll be able to use the upcoming feature are provided via the image above.

  • Cebu Pacific retimes, cancels 31 flights Tuesday

    Cebu Pacific retimes, cancels 31 flights Tuesday

    Low-cost carrier Cebu Pacific (CEB) on Tuesday announced the retiming and cancellation of 31 flights, saying these are the affected flights during the memorial rites for former President Fidel Ramos.

    Spokesperson Carmina Romero said a notice to airmen (NOTAM) restricting the movement from 11 a.m. to 1 p.m. was issued for a planned showering of petals.

    An advisory posted on its Facebook page showed the carrier has canceled 28 domestic flights, and has retimed three international flights because of the activity.

    “We cannot reschedule all (the flights). We can only consolidate so much,” Romero told the Philippine News Agency as to why CEB had to cancel flights instead of retiming them like these three:

    • 5J273 Hong Kong – Manila New ETD 11:15 a.m. /New ETA 1:25 p.m.
    • 5J188 Manila – Seoul (Incheon) New ETD 3:40 p.m. / New ETA 6:50 p.m. KST
    • 5J189 Seoul (Incheon) – Manila New ETD 9:05 p.m. KST / New ETA 12:05 a.m.

    The 28 canceled flights are:

    • DG6041/6042 Manila – Coron – Manila
    • 5J659/660 Manila – Tacloban – Manila
    • 5J851/852 Manila – Zamboanga – Manila
    • 5J641/642 Manila – Puerto Princesa – Manila
    • 5J483/484 Manila – Bacolod – Manila
    • 5J963/964 Manila – Davao – Manila
    • 5J453/454 Manila – Iloilo – Manila
    • 5J553/554 Manila – Cebu – Manila
    • 5J911/912 and 5J919/920 Manila – Boracay – Manila
    • 5J643/644 Manila – Puerto Princesa – Manila
    • 5J621/622 Manila – Bohol – Manila
    • 5J327/328 Manila – Legazpi – Manila
    • DG6029/6030 Manila – San Jose – Manila

    “As the situation remains fluid, other flight schedules may also be affected,” the advisory read.

  • Penfolds launches two French-blended wines in new collection

    Penfolds launches two French-blended wines in new collection

    For the first time in Penfolds history, the annual Collection release in August will comprise three country of origin portfolios – Australian, Californian and the inaugural French release, showcasing Penfolds enduring ‘House Style’ in a global context.

    Penfolds ‘House Style’ allows and embraces the freedom to explore premium viticultural regions across Australia and the world, with a global approach to winemaking – unrestricted by region or vineyard. Penfolds ambition to make wine outside of Australia started decades ago, and over time, skills, interest, and experimentation has grown. A rich tradition of research, curiosity and wine trial continues to guide Penfolds winemaking endeavours in Australia, Champagne, Napa, Paso Robles California and now Bordeaux France.

    The new French release is led by a wine made in partnership with one of Bordeaux’s most respected winemaking group, Dourthe Bordeaux. Combining the creativity, direction and vision of Penfolds Chief Winemaker Peter Gago and Dourthe Chief Winemaker Frédéric Bonnaffous, the two houses collaborated to craft a wine that spans Northern and Southern Hemispheres, blending grapes from Bordeaux (71%) and South Australia (29%). The result delivers Penfolds II Cabernet Shiraz Merlot 2019. The name “Penfolds II” represents two winemakers coming together, to express quality through a harmonious blend of traditional French winemaking techniques and time-honoured Australian winemaking methods. Made from the 2019 vintage, the final wine was blended and bottled in South Australia by Penfolds winemakers.

    “This is the start of our French winemaking journey. Our main objective? To remain true to the winemaking ethos of both wineries, to deliver the best blend possible, to ideally make Bordeaux and South Australia proud. This wine is not about bigness or boldness or assertion. It is blended to convey an ethereal lightness, subtlety on the palate – sensitively binding two hemispheres, Old World and New.” said Peter Gago, Penfolds Chief Winemaker.

  • Vietnam halves import tariff on gasoline to 10%

    Vietnam halves import tariff on gasoline to 10%

    Vietnam halved its Most Favored Nation (MFN) tariff on gasoline to 10% Monday as it seeks to diversify supply.

    The MFN import tariff is a standard rate applied for trade between World Trade Organization (WTO) members unless a separate trade agreement exists.

    But the cut is unlikely to reduce gasoline prices since Vietnam imported over 90% of its fuel from ASEAN member countries and South Korea under free trade agreements (FTAs) at 8% tariff.

    But it will reduce Vietnam’s dependence on those sources and help diversify its supply.

    Taxes account for 19.4-22% of gasoline prices in Vietnam, lower than in many other countries.

    After four downward adjustments in recent days a liter of RON 95 gasoline now costs VND25,600 ($1.09), the lowest since late-February.

  • Snickers maker apologises for advert suggesting Taiwan is a country

    Snickers maker apologises for advert suggesting Taiwan is a country

    The makers of the Snickers candy bar, Mars Wrigley, issued an apology to China on Friday after the company faced backlash for suggesting Taiwan is an independent country during a promotional event.

    The criticism stemmed from a launch event debuting a limited-edition Snickers bar, during which the company said the new product was available in select countries including South Korea, Malaysia, and Taiwan.

    Images and video from the event went viral on the Chinese social media platform Weibo, prompting Mars Wrigley to issue an apology on its Snickers China Weibo account and assure the public that it would amend the content in question.

    “Mars Wrigley respects China’s national sovereignty and territorial integrity and conducts its business operations in strict compliance with local Chinese laws and regulations,” Mars Wrigley said in the statement.

    “Say it: Taiwan is an inseparable part of China’s territory!” the comment read.

    Although Taiwan rejects China’s sovereignty claims, the Chinese government still considers the island a part of its territory, though the nation has operated as a self-governed democratic country since 1949.

    The incident comes on the heels of heightened tension after US House Speaker Nancy Pelosi visited Taiwan on Tuesday, in what Chinese officials called an “egregious pro vacation.”

    China had tried to thwart the trip ahead of her arrival, citing threats of military attacks and economic consequences. The country later announced military drills around Taiwan and a ban on imports from the country.

    China subsequently issued sanctions on Pelosi and her family on Friday. That same day, Apple warned suppliers not to use “made in Taiwan” labels on products to avoid angering China.

    “We want Taiwan to always have freedom with security and we’re not backing away from that,” Pelosi said at a press event on Wednesday.

  • Musk still willing to buy Twitter under this one condition

    Musk still willing to buy Twitter under this one condition

    The richest man globally, worth nearly $280 billion, is Tesla CEO Elon Musk. The executive announced in the middle of April that he would buy social media app (and website) Twitter for $44 billion. But by early last month, Musk had withdrawn the offer leading Twitter to sue Musk and the latter to file a countersuit.. What made Musk change his mind was Twitter’s failure to prove to the multi-billionaire that spam and fake accounts make up less than 5% of the total number of Twitter accounts.
    Musk believes that at least 10% of Twitter’s daily active users (DAU) that see ads are not authentic. Furthermore, Musk alleges in his countersuit that of the 229 million daily active users on Twitter, 65 million, or 28%, do not see any ads. To get a more accurate indication of the number of bogus accounts on Twitter, Musk used Botometer, a tool created by Indiana University that measures inauthentic accounts. With this tool, Elon’s team found more fake accounts than the number that Twitter disclosed, according to court filings.
    With a trial set to begin in October, Musk’s lawyers wrote in a document submitted to the court, “Twitter was miscounting the number of false and spam accounts on its platform, as part of its scheme to mislead investors about the company’s prospects. Twitter’s disclosures have slowly unraveled, with Twitter frantically closing the gates on information in a desperate bid to prevent the Musk parties from uncovering its fraud.”
    But having said all that, Reuters today cited a tweet disseminated early today by the Tesla CEO that says if Twitter could reveal how it samples 100 members and confirms that they are real Twitter users, his $44 billion bid to buy Twitter will be back on. But Musk added in his tweet, “However, if it turns out that their SEC filings are materially false, then it should not.”
    In his court filing, Musk claims that Twitter double counts linked accounts. The multi-billionaire claims that Twitter had inflated monetized daily active users in its SEC filings by as many as 1.9 million people each quarter.
    In response to another Twitter user who asked whether the U.S. Securities and Exchange Commission (SEC) was investigating the “dubious claims” made by Twitter, Musk tweeted back, “Good question, why aren’t they?” The legal battle between both sides is taking on a harsh tone. This past Thursday Twitter rejected Musk’s claim that he had been tricked into bidding for Twitter.
    Tinged with sarcasm, Twitter’s response was filed with the court and it said, “According to Musk, he — the billionaire founder of multiple companies, advised by Wall Street bankers and lawyers — was hoodwinked by Twitter into signing a $44 billion merger agreement.” Twitter added, “That story is as implausible and contrary to fact as it sounds.”
    Bret Taylor, Twitter’s Chairman of the Board, said of Musk, “His claims are factually inaccurate, legally insufficient and commercially irrelevant.” And as far as the Botometer tool is concerned, Twitter called it unreliable and pointed out that it once called Mr. Musk’s own Twitter account “highly likely to be a bot.” In its lawsuit, Twitter said, “Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”
    A “specific performance” clause that is part of the contract allows Twitter to sue to get the deal to close as long as Musk’s financing remains in place. But if the funding for the deal falls through, Musk can pay $1 billion to end his obligations to buy Twitter.
    While Musk is a multi-billionaire, much of his wealth is tied up in Tesla shares. Musk planned to borrow against the value of some of his Tesla shares to raise as much as $12.5 billion. A dangerous financial maneuver, had Tesla shares declined sharply, Musk could have been forced to pay additional funds with a margin call, or have the Tesla shares pledged as collateral for the loan sold out from under him.
    Eventually, the executive decided against borrowing against his Tesla holdings before scraping the deal altogether. Still, the tweet that Musk posted today reveals that there is still a path to a completed acquisition.
  • HBO Max, Discovery+ to be merged into a single streaming platform

    HBO Max, Discovery+ to be merged into a single streaming platform

    It looks like Warner Bros. Discovery is determined to put the nail in the coffin for HBO Max. The giant announced plans to merge both services in the summer of 2023, but that comes with some massive budget cuts and layoffs.

    The recent news that Batgirl has been scrapped after the movie was (almost) finished, pretty much sums up the changes Warner Bros. Discovery has in store for HBO Max. As many of you probably know already, HBO Max is heavily focused on movies and TV series, while Discovery is now mostly known for its reality shows from HGTV, Food Network and Discovery Channel.

    Earlier this week, Warner Bros. Discovery announced that HBO Max and Discovery+ will be launched in the United States as a single service next year. According to JB Perrette, CEO and president of global streaming and games for Warner Bros. Discovery, the new streaming platform will combine the best elements of both services.

    According to the company’s Q2 2022 earnings report, Discovery+ will be the core of the new platform, while HBO Max’s portfolio will be limited to Originals. Although the current catalog will be carried over, no new movies or TV shows will be made outside of the Originals offering. HBO Max had major performance issues during big releases, which convinced Warner Bros. Discovery to cut deep into the streaming service’s budget.

    Warner Bros. Discovery reported a huge $3.4 billion net loss in Q2 2022, so the company is now trying to push Discovery+, its more successful service, to more customers, while cutting back on HBO Max productions or distribution deals. The new HBO Max + Discovery Plus changes will only affect customers in the United States.

    In related news, AT&T announced it has reached a new agreement with Warner Bros. Discovery for the distribution of HBO Max, after the carrier removed the offering from its wireless plans back in June.
  • Blackrock Enters the Crypto World

    Blackrock Enters the Crypto World

    The world’s largest asset manager wants to make cryptocurrencies more accessible to its institutional clients. A welcome step for partner Coinbase, which is facing regulatory problems.

    You could hardly find two more divergent viewpoints on cryptocurrencies. Tee Fong Seng, head of private banking at Geneva-based bank Pictet in Asia, caused a stir at the Wealth Management Summit in Singapore with his statement Crypto will be an asset class that we cannot ignore but today, I don’t think there is a place for private bankers and private bank portfolios. Contrast that with the world’s largest asset manager, Blackrock, partnering with the US crypto exchange Coinbase.

    Through this cooperation, Blackrock CEO Larry Fink aims to make cryptocurrencies directly accessible to institutional investors, starting with Bitcoin. Under the agreement, users of Blackrock’s Aladdin institutional investment platform can sign up for Coinbase Prime to access crypto trading, custody, prime brokerage, and reporting. To participate in crypto trading, institutions must be clients of both Blackrock and Coinbase.

    The integration comes about four months after Fink’s announcement that Blackrock would explore ways to offer digital assets to its clients.

    Coinbase Prime institutional trading solution boasts around 13,000 institutional clients and is specifically tailored towards institutions such as hedge funds, financial institutions, asset- and financial managers. For Coinbase’s crypto ecosystem, the collaboration with Blackrock represents a huge vote of confidence given Blackrock’s $8.5 trillion in assets under management at the end of the second quarter.

    The partnership shows that institutional investors are becoming increasingly confident in the crypto market. This year, several major financial players either have entered the market or expanded their existing initiatives and offerings in digital assets. Blackrock, JP Morgan, Goldman Sachs, Deutsche Bank and Morgan Stanley are but a fraction of a growing list of traditional financial institutions using digital assets.

    This year’s crash in cryptocurrencies seems to be helping institutional adoption, with investors who felt they missed the boat now seeing current prices as a good entry point. Joseph Chalom, Blackrock’s Global Head of Strategic Ecosystem Partnerships, said the firm’s institutional clients «are increasingly interested in engaging in the digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets.»

    For Coinbase, this partnership couldn’t have come at a better time. Its US-listed shares, considered an indicator of overall crypto market sentiment, currently trading about 65 percent lower than at the end of last year, 2021 closed about 10 percent higher on Thursday following the Blackrock announcement.

    Coinbase, however, is facing regulatory issues. A former Coinbase product manager and two alleged accomplices are currently facing charges in a US federal court in Manhattan. Ishan Wahi is accused by U.S. law enforcement and the Securities and Exchange Commission (SEC) of insider trading while working at Coinbase.

    According to media reports, the SEC is investigating the company for selling digital assets that should have been registered as securities, prompting long-time Coinbase supporter and investor Cathie Wood to unload Coinbase shares in a big way.