Tag: Samsung

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World News

Samsung shares fall as inheritor Lee is launched from jail

Samsung stocks fall as heir Lee is released from prison

SINGAPORE — South Korean stocks led losses among the Asia-Pacific markets in Friday morning trade, with shares of firms related to conglomerate Samsung falling after the firm’s heir was released from prison.

In Friday morning trade, shares of industry heavyweight Samsung Electronics plunged 3.25% while Samsung C&T dropped 1.48%. Samsung Life Insurance fell nearly 1% and Samsung SDS declined 1.4%.

Those losses came after Samsung Electronics Vice Chairman Jay Y. Lee was released from prison on Friday. South Korea’s justice ministry announced earlier this week that he had qualified for parole.

The broader Kospi in South Korea was down by 1.61%.

In Japan, the Nikkei 225 dipped 0.17% while the Topix index traded 0.1% higher.

Over in Australia, the S&P/ASX 200 edged 0.49% higher as investors watched the coronavirus situation, with the country’s capital Canberra entering a week-long lockdown from Thursday after a Covid-19 case was identified.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.43% lower.

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Overnight on Wall Street, the Dow Jones Industrial Average climbed 14.88 points to 35,499.85 while the S&P 500 gained about 0.3% to 4,460.83. The Nasdaq Composite advanced 0.35% to 14,816.26.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.995 — above levels below 92.9 seen earlier in the week.

The Japanese yen traded at 110.39 per dollar, weaker than levels below 110.20 seen against the greenback earlier this week. The Australian dollar changed hands at $0.7334, off levels above $0.736 seen earlier in the trading week.

Oil prices were lower in the morning of Asia trading hours, with international benchmark Brent crude futures slipping 0.53% to $70.94 per barrel. U.S. crude futures shed 0.56% to $68.7 per barrel.

Categories
Health

Ada Well being raises money from Samsung and Bayer for A.I. physician app

Ada Health raises cash from Samsung and Bayer for A.I. doctor app

Berlin-based company Ada Health, which developed a doctor-style app that uses artificial intelligence to diagnose symptoms, was supported by the investment arms of South Korean company Samsung and German pharmaceutical giant Bayer.

Ada Health announced Thursday that it has initiated a $ 90 million round of funding with an undisclosed valuation that brings the total investment in the company to approximately $ 150 million.

Bayer led the round through its Leaps by Bayer investment arm, while Samsung invested through the Samsung Catalyst Fund, a US-based venture capital fund that Samsung Electronics uses to support companies worldwide. Young Sohn, former chief strategy officer and corporate president of Samsung Electronics, has joined the board of directors of Ada Health.

Ada Health was founded in 2011 by entrepreneurs Dr. Claire Novorol, Martin Hirsch and Daniel Nathrath and states that the app has been downloaded over 11 million times.

How it works

“The app works basically like a WhatsApp chat with your trusted family doctor, but around the clock,” CEO Nathrath told CNBC.

The patient starts typing in their symptoms and an AI chat bot asks a series of questions to help pinpoint the problem. After that, the app will show the patient the conditions that are most likely the cause and offer some suggestions on what to do next to fix the problem.

The iOS and Android apps provide general information on how to see a family doctor in the next three days. However, when patients interact with Ada Health through a healthcare system that uses the app, they can book an appointment directly and share the result of their preliminary exam with a real doctor, Nathrath said.

He said the company has signed contracts with multiple health systems, health insurers, and life science companies. Axa OneHealth, Novartis, Pfizer and SutterHealth are listed as partners on the Ada Health website.

While the app can be downloaded free of charge for patients, Ada Health charges its partners for access to the software.

The company said the new funds will be used to expand deeper into the US, which is already the largest market with 2 million users. Elsewhere, Ada Health has around 4 million users in the UK, Germany, Brazil and India with around 1 million each.

The funds will also be used to improve the company’s algorithms, expand the medical knowledge base, and go beyond 10 languages, Nathrath said.

He also wants to provide the Ada Health app with additional information beyond the symptom data provided by the patient. That could include lab data, genetic testing, and sensor data, Nathrath said.

“Smartwatches and other sensors have really made a big leap forward,” said Nathrath. “Nowadays you can measure your blood pressure, do an EKG, measure heart rate variability and blood oxygen levels.”

“Our goal is really to develop what is known as a personal operating system for health, in which you can not only carry out a symptom check, but also integrate all relevant sources of health information in such a way that Ada can ideally become this companion and notify you before the pound 100 problem is becoming a pound 100,000 problem a year. “

U-turn on tele health

Ada Health received less money than other “doctor” apps like Babylon and Kry.

Unlike Babylon and Kry, Ada Health does not allow patients to video call a family doctor.

Ada briefly ran a service called Doctor Chat, which allowed users to consult a registered GP through an on-demand chat portal. However, it was deactivated in March 2018 after having lived for about a year.

“We expected a lot more people to actually use this than they did,” said Nathrath, adding that people would prefer the automated chat experience to video calling with family doctors.

“If you look at telemedicine, you can’t scale it as well as an AI solution because you still have to hire a lot of doctors in different countries,” said Nathrath.

The investment in Ada Health comes just over two weeks after British health start-up Huma raised $ 130 million from the venture arms of Bayer, Samsung and Hitachi.

Other investors in the last round of Ada Health are Vitruvian Ventures, Inteligo Bank, F4 and Mutschler Ventures.

Categories
Business

Jay Y. Lee, Chief of South Korea’s Samsung Empire, Is Despatched to Jail

Jay Y. Lee, Chief of South Korea's Samsung Empire, Is Sent to Prison

SEOUL, South Korea – The Seoul Supreme Court sentenced Samsung’s top leader Lee Jae-yong to two and a half years in prison on Monday for bribing former South Korean President Park Geun-hye.

Mr. Lee’s case can still go to the Supreme Court if either Mr. Lee or the prosecution wants to take it there. In South Korea, the Supreme Court can either approve a lower court ruling on a case or send it back for retrial. It cannot override the judgment of a lower court.

When Mr. Lee’s case first reached the Supreme Court in 2019, the court returned it to the Seoul Supreme Court for retrial, stating that it had the amount of bribes Mr. Lee gave to Ms. Park and her secret confidante Choi Soon- paid, underestimated. sil while Mrs. Park was in power. The amount was supposed to be 8.6 billion won ($ 7.8 million), not 3.6 billion as the lower court found.

In its ruling on Monday, the Seoul Supreme Court accepted 8.6 billion won as the correct amount as instructed by the Supreme Court. The decision to do so meant that it was far from settled, that the Supreme Court would approve the verdict should the case end there again.

Mr. Lee has already spent a year in prison after being arrested in 2017 in connection with the prosecutor’s bribery case. He is now expected to spend only a year and a half in prison, which takes away the day-to-day running of one of the world’s most valuable technology giants.

After the court issued its verdict on Monday, Mr. Lee was immediately arrested in the courtroom so that he could serve his time.