1 After Fed rate rise, oil keeps falling (Martin
Farrer in The Guardian) Governments and central bankers across Asia Pacific
have breathed a collective sigh of relief after stock markets rallied rather
than recoiled at the US Federal Reserve’s decision to raise interest rates. South
Korean vice-finance minister Joo Hyung-hwan said: “It is a relief that even
despite the Fed rate hike, turbulence in global financial markets has not been
large.”
But although the decision by the Fed’s chair, Janet
Yellen, and her colleagues had provided greater certainty for markets, there
was some cause for concern about the longer-term impact of the rate rise. The
US dollar rose 1% in Asian trading against a basket of currencies, raising
questions about whether investors would redirect capital to higher-yielding US
debt and undermine shaky emerging economies.
The fall in the price of oil, which has discomfited
markets for several weeks, continued on Thursday. Brent crude fell 21c to
$37.18 while West Texas crude was down 12c to $35.40 because of unexpectedly
large US inventories.
Analysts at Citibank’s Asian economic team agreed that
while equities and credit market had perked up, the response of commodity
market suggested caution. “We have long argued that early signs of growth in
emerging markets would be seen in commodity markets, so we take heed that
neither energy nor metal prices shared the optimism of the equities and credit
markets,” the analysts said in a report.
2 Facebook enters transport biz with Uber (BBC) In
Facebook's first foray into the transportation business, the firm has agreed to
work with Uber to allow users to hail Uber cabs directly from the Messenger
app. The new service means Messenger users will be able to ask for an Uber
vehicle without leaving the Facebook software. Users will not need to download
the Uber app separately.
"Uber on Messenger" began in parts of the US
this week, the two firms said. Facebook has some 1.5 billion users globally and
Uber is the world's biggest driver-hailing app in terms of financing. If
successful, the partnership between the firms will give Uber access to many new
and potential clients - Facebook's Messenger app has some 700 million users
worldwide.
The social media giant said the new transportation
function on its Messenger app was part of its ongoing development. Facebook
also said the service would be "super easy". "Driver status
updates and payment receipts will get delivered to a private conversation
between you and Uber," the firm explained.
"With everything in one place, you can seamlessly
keep track of your ride and payment history." Uber and Facebook said they
would offer users their first ride for free - for a trip worth up to $20.
Facebook said the offer would be in place for a limited time. Earlier this
year, Facebook bought the messaging service WhatsApp for $19bn.
3 Wearables set to change banking (Khaleej Times)
Misys, the leading financial software company, recently published global
research that shows banks need to accelerate their wearables strategies to meet
consumer demand.
While 96 per cent of banking professionals agree that
wearable technology will impact their industry, only 15 per cent already have,
or are currently rolling out, a wearable app. Seventy-two per cent say
wearables are on their three-year roadmap, while 52 per cent will have a
wearable app in the next 18 months.
Of banks that have no wearables strategy in place, 78
per cent are in the EU and US, demonstrating stronger appetite for innovation
from Latam and Asian regions. This does not reflect demand however, as a recent
NPD study found that 15.6 million smartwatches and activity trackers are
forecast to be sold in North America and 12.5 million in Western Europe in
2015.
Two thirds of banks claim proximity payment is the
most attractive wearable capability, while 31 per cent state greater fraud
protection through push notifications is a compelling feature. In the future,
banks suggest authentication processes (64 per cent) and the ability to send
push messaging (47 per cent) will increase adoption of wearable technology
among banking customers.
Balazs Vinnai, general manager, Digital Channels,
Misys, said: "Banks continue to face challenges with their digital
strategies so it is no surprise only a small percentage currently support
wearables. We know that today less than two per cent of all sales are conducted
via mobile, the stepping stone to wearable technology. It is critical for banks
to consider new digital channels as part of an integrated strategy and evolve
from first to second generation digital banking: switching digital from a
supporting role, to the primary sales and communication channel for banks."
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