How JPMorgan and BlackRock are thinking of playing fund manager M&A

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  • Top brass from JPMorgan and BlackRock, among the firms to kick off earnings season with their results, said Tuesday that they expect more consolidation in the wealth- and asset-management industries.
  • Pressures on money managers have fueled a flurry of acquisitions in those areas this year, and analysts questioned executives about their own deal ambitions, albeit coming from different corners of the market. 
  • JPMorgan boss Jamie Dimon said the bank would be “very interested” in deals in that space, and BlackRock finance chief Gary Shedlin said the firm was focused on targets that could expand its technology, global distribution, and private markets capabilities.
  • Last week, Morgan Stanley said it would buy investment manager Eaton Vance in a deal valued at $7 billion just days after it closed on its E-Trade acquisition. 
  • Visit Business Insider’s homepage for more stories.

Top brass at the world’s largest asset manager and largest US bank told analysts on Tuesday that they expect more mergers and acquisitions in the wealth- and asset-management industries, and signaled both firms are on the prowl. 

On the back of Morgan Stanley’s $7 billion deal for Eaton Vance last week, analysts peppered JPMorgan and BlackRock executives with questions about their appetites for deals during their respective third-quarter calls, which helped kick off the latest earnings season. 

“Well, since we have you all on the line, our doors, our lines are wide open. We would be very interested, and we do think you’ll see consolidation of the business,” JPMorgan Chief Executive Jamie Dimon said. 

“But we’re not going to be more specific than that,” he said, adding there were considerations around what type of deal would make sense for the largest US bank by assets, like technology, product, and execution. 

Dimon emphasized early this year that he was interested in carrying out more

PS4 update lets parents decide which games kids can chat in

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Sony is giving the PlayStation 4 one more big update before the PS5 arrives, and it’s particularly good news for parents. A version 8.00 update releasing today makes multiple additions, including simpler and more adaptable parental controls. Limits on communication and viewing user-made content are now lumped together to make it “easier for parents to understand.” Crucially, kids can now ask for permission to use communications in specific games — you can make an exception if you know a young one will be talking to friends.



a close up of a speaker: PS4 Slim with DualShock 4 controller


PS4 Slim with DualShock 4 controller

Not everything is positive. The 8.00 update removes user-made events and the creation of private communities. You can still use private communities that already exist, but they’ll clearly dwindle without the option to make more. Sony hasn’t explained the move, but we’ve asked for comment.

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There are more additions that might offset that decision. Party and Messages are now more closely connected, with a new interface that uses the same groups for party voice chats and messages. Two-factor authentication finally supports third-party authenticator apps during activation as well as sign-ins across PS4, mobile apps and the web. And you can finally mute all mics from the Quick Menu — you don’t have to wade through menus (if your headset doesn’t have a mute switch) just to take a quick break from the action.

Sony is also updating its Remote Play apps for phones and computers to enable PS5 connections, although that clearly won’t be useful until the new console’s November 12th debut.

You might not want to rush to update to 8.00 when there are reports (albeit a handful) of party and friend issues. We’ve asked Sony about those as well. Even so, it’s hard not to be at least a bit sentimental about this update.

How Innovative AI Solutions Can Help Combat Global Warming

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Ashok, CEO of UnfoldLabs, is an innovation veteran who believes in making the world a better place with futuristic technology products.

Australian researchers have suggested a 2050 scenario of doomsday for humanity.

Climate change is the biggest and toughest global problem humanity faces today. Global warming requires innovation from the brightest and the best. Our scientists have turned to artificial intelligence (AI) for the best possible solutions because it is easy to proactively predict and build models immediately. Top leaders like Google, IBM, and Intel have launched many pilot projects that read, analyze and suggest the right solutions to save our planet from global warming.

Here are some prominent and innovative AI projects to combat global warming.

1. Warm Oceans

The arctic has lost 80% of its volume of ice since 1979 and is melting at the fastest rate ever. Due to the melting glaciers, the rising sea levels threaten the natural ecosystem and other low-lying countries.

AI solution: Solutions like ASIP read satellite imagery and provide detailed sea information like ice cover, thickness or snow depth that is fed into the deep learning models. They then analyze and predict the melting point of glaciers and movement of icebergs and take the right preventive measures, such as warning sea vessels in the polar seas. This improves efficiency and the safety of every marine operation.

Interesting (scary) fact: A new AI climate model predicts Arctic sea ice could disappear in just 15 years.

2. Natural Disasters

Global warming is increasing and accelerating the magnitude of natural disasters such as floods, earthquakes and wildfires. For example, Australia’s forest fires this summer occurred due to extreme heat and burned almost 20% of the country’s forests. Australia is no longer alone: The western part of the United States is also suffering greatly from

Appify Announces Launch of No-Code Appify Marketplace, Plus Two Premium Apps for Field Service and Field Sales

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Appify (formerly Turbo Systems), the fast-growing no-code platform for business apps, today announced the launch of the Appify Marketplace, where companies of all sizes can access, customize and deploy new apps in minutes to automate critical tasks and better serve customers across their businesses.

Appify is kicking off the launch of the Marketplace by offering two premium Apps to help transform the experience of mobile field workers. With Appify Field Service and Appify Field Sales premium apps, companies can deploy apps to help their field teams manage work orders, assets, inventory, quotes, customer and contact information; or to generate project bids from wherever they’re engaging with customers or prospects, in minutes.

These latest enhancements to the Appify suite have allowed mid-market businesses like Modesto Irrigation District to increase efficiency significantly as crews can handle more jobs through better visibility. Partners Tech Services, ATM servicing for Diebold and other ATM manufacturers, saw similar advantages from moving their paper-based process to Appify, each field worker has gotten back at least an hour per day in efficiency gains when using the Appify Field Service app.

GDT Repair, a family-owned business that helps restaurants keep their equipment running and whose clients include big-name restaurant chains like Applebee’s, Panera Bread and Tim Hortons now uses Appify Field Service to cut back hours typically spent on manual paperwork. In addition, the app allows them to reduce its time to deliver invoices from 15 days to five minutes leading to increased cash flow for the business.

“Before Appify Field Service, all repair technicians would capture details of work onsite with paper, take pictures on their phones and didn’t have access to customer data,” said President of GDT Repair, Blake Tarana. “But with this new Appify App, we can now easily create and manage jobs on a mobile

Twitter’s Security Fell Short Before Hack Targeting Celebrities, Regulator Says | Technology News

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NEW YORK (Reuters) – Twitter Inc suffered from cybersecurity shortfalls that enabled a “simple” hack attributed to a Florida teenager to take over the accounts of several of the world’s most famous people in July, according to a report released on Wednesday.

The report by New York’s Department of Financial Services also recommended that the largest social media companies be deemed systemically important, like some banks following the 2008 financial crisis, with a dedicated regulator monitoring their ability to combat cyberattacks and election interference.

“That Twitter was vulnerable to an unsophisticated attack shows that self-regulation is not the answer,” said Linda Lacewell, the financial services superintendent.

Twitter did not immediately respond to a request for comment. It has acknowledged that some employees were duped into sharing account credentials prior to the hack.

New York Governor Andrew Cuomo ordered a probe following the July 15 hack of celebrity Twitter accounts, in an alleged scam that stole more than $118,000 in Bitcoin.

Those whose accounts were hacked included U.S. presidential candidate Joe Biden; former President Barack Obama; billionaires Jeff Bezos, Bill Gates and Elon Musk; singer Kanye West, and his wife Kim Kardashian, the reality TV star.

Lacewell said hackers obtained log-in credentials after calling several employees, pretending to work in Twitter’s information technology department, and claiming to be responding to problems with the company’s Virtual Private Network, which had become common because employees were working from home.

“The extraordinary access the hackers obtained with this simple technique underscores Twitter’s cybersecurity vulnerability and the potential for devastating consequences,” the report said.

Twitter’s lack at the time of a chief information security officer also made the San Francisco-based company more vulnerable, the report said.

Florida prosecutors said Graham Ivan Clark was the mastermind behind the hack, and charged the 17-year-old Tampa resident as