Samsung Electronics Co. (005930) will start selling what it called the world’s first smartphone with a curved display as the largest handset maker adds another device to help win users from Apple Inc. (AAPL)
The 5.7-inch (14 centimeter) Galaxy Round will go on sale starting tomorrow in South Korea and cost 1,089,000 won ($1,010), Samsung said in an e-mailed statement today. The 7.9 millimeter thick device will only be available in the Suwon, South Korea-based company’s home market and comes in brown.
Oct. 4 (Bloomberg) — Ashok Kumar, an analyst at Maxim Group LLC, talks about Samsung Electronics Co.’s financial performance and business outlook. Samsung, the world’s biggest maker of smartphones, posted third-quarter profit that beat estimates as sales of cheaper handsets in emerging markets cushioned the impact of slowing demand for high-end devices. Kumar speaks with Susan Li on Bloomberg Television’s “First Up.” (Source: Bloomberg)
Sept. 5 (Bloomberg) — Bloomberg’s Rich Jaroslovsky reviews Samsung’s new Galaxy Mega smartphone. The Mega dwarfs the other Galaxy offerings. It has a 6.3-inch display, measures 6.6 inches tall by 3.46 inches wide, and weighs 7.02 ounces. (Rich Jaroslovsky is a Bloomberg News columnist. The opinions expressed are his own. Source: Bloomberg)
The Round joins the Galaxy Gear smartwatch, the Galaxy Golden smartphone with a clamshell design, the flagship S4 and an upgraded Note among devices introduced this year as Samsung targets products at multiple prices to maintain sales growth. Amid fresh competition from Apple’s latest iPhones, Samsung is expanding handsets into new shapes such as the curved design as it works on technology to produce flexible screens.
“This phone signifies something that is much more important,” said Warren Lau, an analyst at Kim Eng Securities Ltd. in Hong Kong. “In the next 18 months or so, we could see Samsung launching foldable display devices. That is going to be a game changer.”
That could see a 5.5-inch smartphone unfold to an 11-inch display and be part of a brand new market, said Lau.
In January, Samsung showed a flexible organic light-emitting diode display that can bend as it plays images and said it has “various mobile application opportunities,” according to a statement at the time. The material is composed of thin plastic instead of glass.
The Galaxy Round’s curved display is designed to make the phone screen viewable from different angles and be more comfortable to hold in a user’s hand, Samsung said.
Samsung started selling 55-inch curved televisions using organic light-emitting diodes for about $13,500 in its home market in June.
Last month, Samsung released the Galaxy Gear wristwatch device that can make phone calls, check e-mails and take photos. Cupertino, California-based Apple has a team of designers working on a watch-like device, two people familiar the matter said in February.
The first companies to sell devices that multitask could lock customers into their platform and boost device sales, with researcher Strategy Analytics expecting 500,000 Galaxy Gears to be shipped this year.
Samsung shipped about 32 percent of global smartphone deliveries in the second quarter, more than twice its nearest competitor, Apple, according to researcher IDC.
The company announced the new curved phone a day after U.S. President Barack Obama decided not to veto a ban won by Apple in a patent-infringement dispute. The Korean company asked Obama to overturn the ban ordered by the U.S. International Trade Commission on public policy grounds, the same relief the president gave Apple in August from an order barring imports of the iPhone 4S.
The company last week reported record third-quarter operating profit of 10.1 trillion won as an expanded range of mid-priced smartphones captured sales in China and India.
Samsung is also the world’s biggest maker of chips and televisions.
The A7 processor inside Apple’s new iPhone 5s was made by Samsung, according to a teardown of the handset by IFixit.
AMAZON ERROR ALLOWED ALEXA USER TO EAVESDROP ON ANOTHER HOME
A user of Amazon’s Alexa voice assistant in Germany got access to more than a thousand recordings from another user because of “a human error” by the company.
The customer had asked to listen back to recordings of his own activities made by Alexa but he was also able to access 1,700 audio files from a stranger when Amazon sent him a link, German trade publication c’t reported.
“This unfortunate case was the result of a human error and an isolated single case,” an Amazon spokesman said.
The first customer had initially got no reply when he told Amazon about the access to the other recordings, the report said. The files were then deleted from the link provided by Amazon but he had already downloaded them on to his computer, added the report from c’t, part of German tech publisher Heise.
CRYPTOCURRENCY INDUSTRY FACES INSURANCE HURDLE TO MAINSTREAM AMBITIONS
Cryptocurrency exchanges and traders in Asia are struggling to insure themselves against the risk of hacks and theft, a factor they claim is deterring large fund managers from investing in a nascent market yet to be embraced by regulators.
Getting the buy-in from insurers would mark an important step in crypto industry efforts to show that it has solved the problem of storing digital assets safely following the reputational damage of a series of thefts, and allow it to attract investment from mainstream asset managers.
“Most institutionally minded crypto firms want to buy proper insurance, and in many cases, getting adequate insurance coverage is a regulatory or legal requirement,” said Henri Arslanian, PwC fintech and crypto leader for Asia.
“However, getting such coverage is almost impossible despite their best efforts.”
Many asset managers are interested in digital assets. A Greenwich Associates survey, published in September, said 72% of institutional investors who responded to the research firm believe crypto has a place in the future.
Last month, Mohamed El-Erian, Allianz’s chief economic adviser said that cryptocurrencies would gain wider acceptance as institutions began to invest in the space.
Most have held off investing so far however, citing regulatory uncertainty and a lack of faith in existing market infrastructure for storing and trading digital assets following a series of hacks, as well the plunge in prices.
The total market capitalisation of crypto currencies is currently estimated at approximately US$120bil (RM502bil) compared to over US$800bil (RM3.3tril) at its peak in January.
“Institutional investors who are interested in investing in crypto will have various requirements, including reliable custody and risk management arrangements,” said Hoi Tak Leung, a senior lawyer in Ashurst’s digital economy practice.
“Insufficient insurance coverage, particularly in a volatile industry such as crypto, will be a significant impediment to greater ‘institutionalisation’ of crypto investments.”
Regulatory uncertainty is another problem for large asset managers. While crypto currencies raise a number of concerns for regulators, including money laundering risks, few have set out clear frameworks for how cryptocurrencies should be traded, and by whom.
Insurance might allay some of the regulators’ concerns around cyber security. Hong Kong’s Securities and Futures Commission recently said it was exploring regulating crypto exchanges, and signalled that the vast majority of the virtual assets held by a regulated exchange would need insurance cover.
Keeping crypto assets secure involves storing a 64 character alphanumeric private key. If the key is lost, the assets are effectively lost too.
Assets can be stored online, in so-called hot wallets, which are convenient to trade though vulnerable to being hacked, or in ‘cold’ offline storage solutions, safe from hacks, but often inconvenient to access frequently.
Over US$800mil worth of crypto currencies were stolen in the first half of this year according to data from Autonomous NEXT, a financial research firm.
Some institutions have started working to solve this problem, and may provide fierce competition to the incumbent players.
This year, Fidelity, and a group including Japanese investment bank Nomura have launched platforms that will offer custody services for digital assets.
Despite the industry’s complaints, insurers say that they do offer cover. Risk advisor Aon, received some two dozen inquiries this year from exchanges and crypto vaults seeking insurance, according to Thomas Cain, regional director, commercial risk solutions, at Aon’s Asian financial services and professions group.
“It is not difficult to insure companies that hold large amounts of crypto assets, but given the newness of the asset class and the publicity some of the crypto breaches have received, applicants need to make an effort to distinguish themselves,” Cain said.
The industry also says it is getting closer to solving the custody problem.
“This year there have been a number of developments, and some providers have developed custody solutions suitable for institutional clients’ needs,” said Tony Gravanis, managing director investments at blockchain investment firm Kenetic Capital.
“Players at the top end of the market have also been able to get insurance,” he said.
But this is not the case for all.
One cryptocurrency broker, declining to be named because of the subject’s sensitivity, said insurers struggled to understand the new technology and its implications, and that even those who were prepared to provide insurance would only offer limited cover. “We’ve not yet found an insurer who will offer coverage of a meaningful enough size to make it worthwhile,” he said. – Reuters
CTECH’S THURSDAY ROUNDUP OF ISRAELI TECH NEWS
Scrapped London Skyscraper set to dominate Tel Aviv skyline. A tower ditched mid-construction in London due to the economic downturn of 2008 is now being resurrected in Tel Aviv in the midst of the city’s unprecedented tech boom. Watch the video
Acquisition by Medtronic complete, Mazor delists. Medtronic paid $1.3 billion in cash for the Israeli surgical robotics company. Including Medtronic’s existing stake, the deal is valued at $1.7 billion. Read more
Israelis receive 8.5 spam calls a month, according to Truecaller. The country ranked last among the top 20 countries affected by spam calls in 2018, according to a new report released by the company. Read more
Innoviz expands globally, sets up a commercial manufacturing line in China.The Israel-based LiDAR maker has doubled its employee count in the past year and intends to recruit additional personnel for research and development, business and sales. Read more
Particle analyzer company PML sold following liquidation. The company developed electro-optical systems for monitoring and measuring fluid particle sizes and concentration.