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Newpaper24 - Global online News around the World a0e912e0-5a57-11e8-a7d9-186ba932a081_image_hires_125632 After matching 140 million Chinese language singles, Zhenai’s founder units sights on marrying AI to blockchain - NEWPAPER24  Newpaper24 - Global online News around the World a0e912e0-5a57-11e8-a7d9-186ba932a081_image_hires_125632 After matching 140 million Chinese language singles, Zhenai’s founder units sights on marrying AI to blockchain - NEWPAPER24

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After matching 140 million Chinese language singles, Zhenai’s founder units sights on marrying AI to blockchain – NEWPAPER24

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After matching 140 million Chinese language singles, Zhenai’s founder units sights on marrying AI to blockchain

2018-05-18 04:18:29


Li Track has the qualities of a textbook serial entrepreneur: he loves speaking about concepts, is able to placing them into motion, is aware of tips on how to pivot when issues don’t pan out and has an enormous urge for food for danger. That urge for food for danger has paid good-looking dividends.

In November final yr, he bought a controlling stake in his on-line matchmaking enterprise, Zhenai.com, to PAG Asia Capital, one among Asia’s largest personal fairness companies, and now he’s trying ahead to his subsequent massive factor.

“Life’s a journey, I’ve given greater than a decade of my life to Zhenai and now I’d prefer to strive one thing totally different,” says Li.

Born in a suburb of Shanghai, Li skilled as a molecular biologist at Cornell College and, after realising that twiddling with Petri dishes in a lab wasn’t his factor, switched to Columbia College, the place he earned a PhD in finance. After years working as a senior funding banker within the US and Hong Kong, he fulfilled a lifelong dream to run his personal enterprise.

Zhenai, which interprets as “real love”, was his second enterprise after MeMeStar, a brief message-based chat discussion board that was bought to the Chinese language net portal Sina. Following a yr of “gardening go away”, he arrange a music sharing firm that was ultimately reworked into Zhenai.com.

Newpaper24 - Global online News around the World  After matching 140 million Chinese language singles, Zhenai’s founder units sights on marrying AI to blockchain - NEWPAPER24

Li based Zhenai in 2005, but it surely wasn’t till 2008 that it began to take off. He attributes the success that adopted to the fast adoption of smartphones. He recollects lengthy administration conferences to debate whether or not to spend the promoting finances on the web site or the cell app or to separate it between the 2. He was undecided till at some point he occurred to take the Hong Kong MTR, breaking from his ordinary routine, and he was shocked to see that everybody round him was glued to their smartphones.

Life’s a journey, I’ve given greater than a decade of my life to Zhenai and now I’d prefer to strive one thing totally different

“I realised this must be the development. I received off the practice and referred to as my chief working officer and stated, ‘The controversy is over. I don’t care if we’ve got to spend more money, simply do it.’ I’m glad we did as a result of in any other case we might have missed it and the corporate wouldn’t have survived,” says Li.

Smartphones have been a really perfect instrument within the courting recreation – not solely may customers specify the kind of individual they needed to fulfill, however the cell units meant they may get details about potential dates quick.

Zhenai.com has greater than 120 million registered customers, and new customers be part of the courting platform at a price of 40,000 to 50,000 a day. Little marvel the corporate was a sexy prospect for a purchase out.

Li is now a minority shareholder and can stay on the board. Since he stopped operating the corporate, his each day routine – as soon as his spouse, a enterprise capitalist, has left for the workplace and his sons have gone to highschool – is to go to for a swim.

Newpaper24 - Global online News around the World  After matching 140 million Chinese language singles, Zhenai’s founder units sights on marrying AI to blockchain - NEWPAPER24

“I simply want to depart residence to faux I’ve received one thing to do. I take my laptop computer, attend a category after which learn market analysis reviews – that’s the way you give you concepts, you research what’s occurring across the globe,” says Li.

He’s additionally taking a web-based fintech course provided by Oxford College, and when that finishes, plans to take one other on blockchain.

“The rationale I attend these courses is as a result of I wish to see the forest. If I’m going to get into a brand new trade I wish to have broad publicity first and see the whole worth chain. Apart from, after working continuous for 20 years it’s good to have a break,” says Li.

He’s nonetheless a way off realizing precisely what his subsequent enterprise can be, however he’s assured will probably be associated to 2 key rising applied sciences – synthetic intelligence and blockchain. An AI blockchain-powered fintech firm is very interesting and he’s desirous to see decentralised functions.

Synthetic intelligence, blockchain and e-commerce – how tech is disrupting the artwork world

“I don’t like the present standing that you’ve got a small variety of web giants monopolising knowledge and visitors, which is actually dangerous for entrepreneurship as a result of they will jack up media worth over time which makes buyer acquisition prices prohibitively excessive,” says Li.

He’s assured that we are going to see functions on decentralised platforms sooner or later – it’s only a query of when. Is it a dangerous enterprise? Sure, however that’s what he finds so thrilling.

Newpaper24 - Global online News around the World  After matching 140 million Chinese language singles, Zhenai’s founder units sights on marrying AI to blockchain - NEWPAPER24  “That’s what tech entrepreneurship is all about – you are taking a giant danger in doing one thing that isn’t in fine condition but,” says Li.

There’s little doubt that Li is an authorized risk-taker – he walked away from a profitable job at Morgan Stanley to begin his personal enterprise.

“Most entrepreneurs overestimate their very own talents, they overestimate the chances of success. You virtually should be a bit unaware of the form of danger you take,” he says.

I don’t like the present standing that you’ve got a small variety of web giants monopolising knowledge and visitors, which is actually dangerous for entrepreneurship

And it’s this key high quality, he says, that always determines who initiates new ventures and who chooses to be an worker reasonably than arrange their very own firm.

“You may have lots of people who’re very succesful, however are danger averse. Urge for food for danger doesn’t have something to do – because it seems – along with your potential,” he says.

If that is starting to sound a little bit bit philosophical that’s as a result of one among Li’s nice passions is psychology – he’s been studying psychology books in his free time for a few years.

One other key high quality of the profitable entrepreneur is flexibility, he says. Those that create a plan for a brand new enterprise after which observe it by means of rigidly, unwilling to change it, usually finish in failure.

If the unique thought doesn’t pan out, give you one other one and return to your buyers and break the dangerous information after which purchase them up along with your revised thought.

“You must be versatile and emotionally it’s a must to be powerful. And it’s a must to be brutally sincere with your self about your thought. If the market actually tells you nobody needs your product you need to be versatile sufficient to alter, to pivot,” he says.

Newpaper24 - Global online News around the World  After matching 140 million Chinese language singles, Zhenai’s founder units sights on marrying AI to blockchain - NEWPAPER24

That is what he did when he when his second enterprise, the music sharing firm, didn’t pan out the best way he hoped. He seen that folks have been going surfing not simply to Share music, but additionally to talk and realised that what a lot of his customers needed was a platform the place they may meet different singles.

Quick rising applied sciences imply that it’s much more vital to be versatile and seize the chance to pivot when the chance arises. If somebody begins a enterprise on an present tech platform and a while into the undertaking discovers {that a} new platform has emerged, they sometimes start by telling themselves it’s only a fad.

By the point they resolve to do away with their legacy system in favour of the brand new one they’ve usually missed the boat.

However what does the previous funding banker really find out about blockchain, AI and the rising tech platforms? Li is the primary to confess it’s inadequate, but it surely doesn’t matter as a result of he plans to rent individuals who do know the mechanics of the rising applied sciences.

His favorite searching floor for tech companions is tech conferences. His customary technique is to method a speaker whose presentation has impressed him and ask them if they’re the one of many co-founders of the agency. If they’re he walks away, but when they aren’t he suggests lunch.

Newpaper24 - Global online News around the World  After matching 140 million Chinese language singles, Zhenai’s founder units sights on marrying AI to blockchain - NEWPAPER24

“I don’t know something about engineering or pc science, but it surely doesn’t matter. You solely have to give attention to enterprise thought, discover the folks with the related abilities to affix you after which give attention to the administration facet and gross sales, which I’m excellent at,” says Li.

You must be versatile and emotionally it’s a must to be powerful. And it’s a must to be brutally sincere with your self about your thought

He honed his gross sales abilities early in his profession, promoting spinoff merchandise at Morgan Stanley. He has used those self same salesmanship abilities to not solely persuade high expertise to affix him, but additionally to steer folks to supply seed capital. However speaking folks into lending him cash and investing in a brand new undertaking is just not such a difficulty nowadays as a result of PAG’s acquisition of a controlling stake in Zhenai has left him sitting very fairly.

“I’ve no worry for failure any extra as a result of I’m financially nicely off – I’ve made more cash than I ever dreamed of,” says Li.

If it’s not cash that’s driving Li nowadays, then what’s? His ardour for technological entrepreneurship, he says.

“I discover the method a really thrilling way of life – you dream up some thought, you propose it and organise a crew after which watch it develop right into a mature firm.”

(The total model of this text is revealed within the Could situation of The Peak journal, accessible at chosen bookstores)



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South Africa’s Barloworld stories stable first-half earnings as mining picks up | Investing Residence – NEWPAPER24

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Newpaper24 - Global online News around the World 1526899818_rcom-default South Africa's Barloworld stories stable first-half earnings as mining picks up | Investing Residence - NEWPAPER24

South Africa’s Barloworld stories stable first-half earnings as mining picks up | Investing Residence

2018-05-21 09:06:31

JOHANNESBURG (Newpaper24) – South Africa’s Barloworld Ltd, a vendor for Caterpillar Inc and different industrial manufacturers, reported a 14 p.c rise in first-half earnings on Monday as a pick-up in mining exercise spurred gross sales of heavy gear.

The largest income enhance got here from its gear companies in Southern Africa, its largest market, led by mining machine gross sales in South Africa, Mozambique and Zambia, the corporate stated. Its gear enterprise in Russia additionally continued to profit from greenfield and brownfield mining tasks.

“The enhancing international financial system and present beneficial commodity costs have resulted in improved mining output in our area,” Chief Government Dominic Sewela stated in an announcement.

“This has elevated demand from each mining corporations and contract miners for substitute machines and to a lesser extent machines for enlargement tasks,” he continued.

The group’s order guide for its Tools Southern Africa enterprise stood at 2.9 billion rand ($227 million) on the finish of March, in keeping with its degree in September 2017, however up from 1.9 billion a 12 months earlier.

Barloworld’s automobile rental and gross sales enterprise, nonetheless, noticed first-half income fall 5.eight p.c from a 12 months because of BMW and Basic Motors SA dealership closures and disposals throughout 2017.

Headline earnings per Share (HEPS) from persevering with operations rose to 457 cents within the six months to March 31, from 400 cents a 12 months earlier, the gear, automobile rental and logistics supplier stated in an announcement.

HEPS strips out sure once-off objects and is the principle revenue measure utilized in South Africa.

Working revenue from persevering with operations elevated 6 p.c to 2 billion rand.

Barloworld carried out a strategic assessment of its companies final 12 months to handle underperforming companies and optimise returns from its present portfolio. Final month it introduced it could promote its underperforming Iberian gear enterprise to privately owned Italian group Tesa S.p.A.

($1 = 12.7895 rand)

Reporting by Nqobile Dludla; Modifying by Subhranshu Sahu and Susan Fenton

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Dubai ruler hails Space 2071 as ‘bridge to the long run’ – NEWPAPER24

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Newpaper24 - Global online News around the World sheikh-mo-2071 Dubai ruler hails Space 2071 as 'bridge to the long run' - NEWPAPER24

Dubai ruler hails Space 2071 as ‘bridge to the long run’

2018-05-15 15:03:27


Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, has opened Space 2071, an interactive platform that seeks to unify efforts and initiatives that concentrate on the long run.

He mentioned that Space 2071 is a bridge to the long run, and a platform to implement the UAE’s mannequin for future design.

“At present we opened Space 2071, the interactive platform that gathers inventive minds, and displays partnership private and non-private sector, and innovators to develop inventive options, implement concepts to serve humanity and design a greater future for subsequent generations,” Sheikh Mohammed mentioned.

“Space 2071 displays the UAE’s ambition to be a key participant in constructing the long run. It’s an open laboratory to be taught, develop concepts and experiences, and design the long run, as nicely drafting a greater future for humanity.”

Space 2071 is a part of plans to strengthen the nation’s popularity and delicate energy, constructing Emirati values and ethics for coming generations, and enhancing the financial system’s productiveness.

The realm will “act as an umbrella” to convey collectively entrepreneurs, start-ups, small and medium-sized companies, and authorities programmes reminiscent of Dubai’s Future Accelerators.

Space 2071 will see suppose tanks and labs tackoing challenges in varied growth sectors to speed up their progress, and to offer a pioneering mannequin for tackling these challenges for each the area and the world.

The zone, situated at Emirates Towers in Dubai, is designed to function the headquarters of worldwide good corporations, companies and labs, and can work to create progressive options and instruments, in accordance with future necessities and applied sciences.

Space 2071 is known as after the UAE’s Centennial Imaginative and prescient 2071 – the federal government’s long run plan that marks the 100 years because the institution of the UAE.

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Sanctions-hit Rusal soars 9 per cent in Hong Kong after Russian oligarch Deripaska cedes management – NEWPAPER24

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Newpaper24 - Global online News around the World 470cbdd4-5ca6-11e8-a4de-9f5e0e4dd719_image_hires_133704 Sanctions-hit Rusal soars 9 per cent in Hong Kong after Russian oligarch Deripaska cedes management - NEWPAPER24

Sanctions-hit Rusal soars 9 per cent in Hong Kong after Russian oligarch Deripaska cedes management

2018-05-21 05:25:51


Rusal, which produces about 7 per cent of the world’s aluminium, noticed its Hong Kong-listed shares surge as a lot as 9 per cent on Monday, after Russian billionaire Oleg Deripaska stated he would cede management of the agency and “finish his affect” on the board in a bid to keep away from US sanctions.

The inventory opened sharply increased in Hong Kong and shortly hit HK$2.01, earlier than paring good points to commerce at HK$1.95 by midday, up 6 per cent from the earlier shut of HK$1.84. 

The surge got here after Rusal introduced earlier than market open that En+, which owns Rusal, had endorsed a plan to permit Deripaska to finish his management over En+ to let the corporate escape US penalties.

Newpaper24 - Global online News around the World  Sanctions-hit Rusal soars 9 per cent in Hong Kong after Russian oligarch Deripaska cedes management - NEWPAPER24

“The plan [by En+] seeks to each cut back Mr Deripaska’s shareholding in En+ to under 50 per cent and to finish his affect over the board of administrators of En+ via the appointment of a majority of impartial administrators,” Rusal stated.

Deripaska has additionally resigned as a director of En+ and given an enterprise to not search re-election as a director of Rusal on the forthcoming annual normal assembly.

Rusal additionally stated it was extremely doubtless the influence of US sanctions could also be “materially hostile” to its enterprise and prospects.

Rusal shares had plunged as a lot as 70 per cent after the US introduced on April 6 its hardest sanctions on a listed Russian firm in recent times. 

Washington gave patrons a deadline of 30 days to exit dealings with Rusal, whereas additionally imposing asset freezes and monetary sanctions on plenty of Russian oligarchs and their corporations, in addition to senior Russian authorities officers. 

Rusal’s Hong Kong listed inventory sinks as US plans to slap contemporary spherical of sanctions on Russia

The penalties have been aimed toward punishing Russia for a spread of “worldwide malign exercise, together with persevering with to occupy Crimea and instigate violence in japanese Ukraine, supplying the Assad regime with materials and weaponry as they bomb their very own civilians, making an attempt to subvert Western democracies, and malicious cyber actions,” the US Treasury stated.

Nonetheless, the US softened its stance significantly on April 23. 

The US Treasury stated it could think about lifting sanctions on Rusal if Deripaska ceded management, whereas extending the deadline for corporations to exit dealings with Rusal by virtually 5 months, to October 23 this 12 months. 

“Rusal has felt the influence of US sanctions due to its entanglement with Oleg Deripaska, however the US authorities will not be focusing on the hardworking individuals who depend upon Rusal and its subsidiaries,” Steven Mnuchin, the US Treasury Secretary, stated in an announcement on April 23.

The preliminary announcement of the sanctions in April in opposition to Rusal had pushed up aluminium costs amid fears that the worldwide market may face provide shortages. 

“It’s not the primary time that the Trump administration has proven a willingness to again down on its threats in return for comparatively modest concessions,” stated Simona Gambarini, a commodities economist for Capital Economics, in a latest notice.

On April 19, aluminium costs on the London Steel Change surged to US$2,718 per tonne, the best degree in virtually seven years. World alumina costs had additionally spiked as a lot as 80 per cent.

However costs fell after a change in tone on April 23, with aluminium posting its greatest one-day drop in eight years that day. It has since continued its retreat, closing at US$2,270 on Friday, down 16 per cent from its latest peak in April.

Gambarini stated she anticipated the worth of aluminium to fall to US$2,000 per tonne by the top of this 12 months and drop even additional if Rusal was totally exempted from the US sanctions.



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