Google's New Ad Strategy Could Delay A Bunch Of Tech IPOs (GOOG) | ||
| | ||
Joe Apprendi, CEO of adtech startup Collective, is really enthusiastic about Google's new interest in transparency in the online advertising business. He thinks that the buying and selling of ads online is going to go through a "complete reassessment" in the next couple of years as clients figure out just how much of their money is wasted or taken in online fraud. And that, he told Business Insider during a break from a visit to Collective's London office, could make a bunch of companies think twice about whether they want to file IPOs or not. Some of those companies are looking at the experience of Rocket Fuel, an ad network that went public in September 2013 and months later was the subject of class action lawsuits, alleging the company's stock fell after it failed to disclose that a significant portion of its ads were being clicked on by fraudulent botnets. Earlier this week, Google disclosed that 56% of the ads appearing on its platforms aren't actually seen by anyone. While that seems bad for Google — why would you want to run ads that don't get seen? — Google is probably betting that by alerting its client base to the fact that it cares about non-functioning ads it will gain those clients' trust in the future. Those "unviewable" ads are ads that are served on a page but not seen by the user, perhaps because they were low on the page and the reader didn't scroll down that far. Currently advertisers are paying for those ads even though no one sees them. "Non-viewable ads will be worthless by this time next year," Apprendi says. "They're already technically worthless." Apprendi is betting that his company — which offers clients complete transparency about how their money is spent, the cost of the inventory bought and the results they get — is well placed to gain clients that want to know whether consumers can actually see the ads they're buying. Or whether bots are clicking on them. But the industry's switch from its current Wild West condition — Group M once offered clients pricing on a controversial "non-disclosed" basis — to one of full disclosure will be wrenching. Dirty laundry will be aired. Rocket Fuel will not likely be the last adtech company facing allegations from shareholders that it served lousy inventory. (And to be fair to Rocket Fuel, everyone is in the same boat here.)
Collective has previously been regarded as an IPO candidate. It has 400 employees and gross revenue of about $200 million. But Apprendi sounded unenthusiastic about the prospect this week. "Being well-capitalised and private is better than 'open kimono' right now." Join the conversation about this story »  | ||
| |
That will have a knock-on effect in terms of the larger adtech companies considering going public. ( New sight hope for six left blind by India cataract surgery | ||
| | ||
New Delhi (AFP) - Doctors may be able to restore the vision of at least six of the 20 people blinded by botched free cataract surgery in northern India, a government official said on Saturday. Authorities have suggested poor surgical hygiene may be to blame for the loss of sight after what are normally considered low-risk operations, in the latest scandal to highlight poor medical care in parts of India. Authorities in India's Punjab state reported 20 confirmed cases of blindness after a medical charity conducted free cataract operations on 157 people in November in Amritsar. But now a special team of doctors dispatched from New Delhi and Punjab state capital Chandigarh say "at least six of the victims could get their normal sight back after special treatment", senior Punjab state government official Ravi Bhagat told AFP. Local media reports, however, say the number of people blinded could range from 30 up to as much as 60. The cases have raised fresh concerns about the hygiene standards in India's severely stretched health-care services. The incident comes just weeks after the deaths of 13 women following sterilisation surgery at a camp in central India. Government officials blamed tainted drugs for the deaths, but an independent report said the women had suffered septicaemia that could have been caused by lack of hygiene. In the case of those having eye surgery, the organiser of the camp has been arrested on accusations of allegedly running the camp without government permission, police said, while the doctor who performed the cataract operations has been been held for questioning. "Our preliminary enquiries have indicated the doctor performed more than 30 operations in a single day," Manvinder Singh, a senior Punjab police official, told AFP. "Technical teams are questioning him (the doctor) on different aspects," Singh said. Punjab police were seeking to trace every patient operated on at the camp to ascertain the total number of victims. A government doctor who treated the latest victims on Friday said they had contracted infections after undergoing the cataract surgery on November 4. "They came to us in a very bad condition... the infection had already spread," Karanjeet Singh told India's NDTV news channel, adding "chances of restoring their eyesight" are as a result much lower. Volunteer groups and government authorities regularly hold medical camps to treat tens of thousands of poor Indians each year for various ailments. Authorities said the problem first came to light when victims began coming forward earlier in the week. Police said there could be more arrests in the cataract case. "Our police team is leaving for Mathura in neighbouring state of Uttar Pradesh, where the NGO (non-governmental organisation) has its headquarter," Singh said. "In Mathura, we hope to get the names of all the other people directly responsible for this illegal camp," he said.
Join the conversation about this story »  | ||
| |
Obama Condemns Al-Qaeda's 'Barbaric Murder' Of US Hostage | ||
| | ||
President Barack Obama and other top US officials released statements early Saturday morning condemning the killing of American photojournalist Luke Somers during an unsuccessful rescue attempt in Yemen. "The United States strongly condemns the barbaric murder of Luke Somers at the hands of Al-Qa'ida terrorists during a rescue operation conducted by U.S. forces in Yemen in partnership with the Yemeni government. On behalf of the American people, I offer my deepest condolences to Luke’s family and to his loved ones," Obama said. "Their despair and sorrow at this time are beyond words." Obama said Somers was kidnapped in Yemen 15 months ago and an imminent threat to his life spurred US action against the al-Qaeda in the Arabian Peninsula militants who captured him. Another hostage was also killed and was identified as South African citizen Pierre Korkie, according to The New York Times. "It is my highest responsibility to do everything possible to protect American citizens. As this and previous hostage rescue operations demonstrate, the United States will spare no effort to use all of its military, intelligence, and diplomatic capabilities to bring Americans home safely, wherever they are located. And terrorists who seek to harm our citizens will feel the long arm of American justice," Obama said. View the full statements of Obama, Secretary of State John Kerry, and Secretary of Defense Chuck Hagel below. Obama:"The United States strongly condemns the barbaric murder of Luke Somers at the hands of Al-Qa’ida terrorists during a rescue operation conducted by U.S. forces in Yemen in partnership with the Yemeni government. On behalf of the American people, I offer my deepest condolences to Luke’s family and to his loved ones. I also offer my thoughts and prayers to the family of a non-U.S. citizen hostage who was also murdered by these terrorists during the rescue operation. Their despair and sorrow at this time are beyond words.
Kerry:"The murder of Luke Somers by his captors during a rescue operation is a reminder of the brutality of the terrorists of Al-Qa’ida in the Arabian Peninsula (AQAP). They have again demonstrated their cruelty and their disdain for human life, freedom, and the Yemeni people whom they terrorize daily. Earlier this week, AQAP released a video announcing that Luke would be murdered within 72 hours. Along with other information, there was a compelling indication that Luke’s life was in immediate danger, and so we recommended that the President authorize an attempt to rescue Luke. Tragically, Luke and a foreign national hostage were killed by their captors during the course of that operation. Even in our grief, we couldn't be more proud of the brave men and women of the U.S. military who twice risked their lives in operations to try and bring Luke home safely. We also appreciate the efforts of the dedicated intelligence, law enforcement, and diplomatic professionals who supported these operations, and we are particularly grateful to the Yemeni government, under the leadership of President Hadi, for their critical and supportive role in trying to liberate this young American from unfathomable captivity, and for their enduring partnership in combating the scourge of AQAP. AQAP knows how to hate, they know how to murder, and now they have robbed a family of an idealistic young photojournalist who went to Yemen to practice his calling and document the lives of ordinary Yemenis. As a parent, I know there are no words that can assuage the loss that Luke's family has suffered, or the anguish of the family of the second hostage who was killed. There's no way to wipe away their pain. But Teresa and I both pray that they can find some small solace in knowing that the United States government and all of our people grieve with them, and that there were brave Americans in uniform willing to lay down their own lives so that they had a chance to live. We also pray for the families of all the innocents who are held against their will, whose safe return we work towards every day." Hagel:"Yesterday, by order of the President of the United States, U.S. Special Operations Forces conducted a mission in Yemen to rescue a U.S. citizen, Luke Somers, and any other foreign nationals held hostage with him by Al-Qa'ida in the Arabian Peninsula (AQAP) terrorists. There were compelling reasons to believe Mr. Somers' life was in imminent danger. Both Mr. Somers and a second non-U.S. citizen hostage were murdered by the AQAP terrorists during the course of the operation. On behalf of the men and women of the U.S. armed forces, I extend our condolences, thoughts, and prayers to their families and loved ones. Several of the AQAP terrorists holding the hostages captive were killed in the mission. The rescue attempt took place in central Yemen and was conducted in partnership with the Government of Yemen. I thank President Hadi, the Yemeni government, and Yemen security forces for their assistance and cooperation. Yesterday's mission is a reminder of America's unrelenting commitment to the safety of our fellow citizens - wherever they might be around the world. I commend the troops who undertook this dangerous mission. Their service and valor are an inspiration to all of us."
Join the conversation about this story »  | ||
| |
Google's New Ad Strategy Could Delay A Bunch Of Tech IPOs (GOOG) | ||
| | ||
Joe Apprendi, CEO of adtech startup Collective, is really enthusiastic about Google's new interest in transparency in the online advertising business. He thinks that the buying and selling of ads online is going to go through a "complete reassessment" in the next couple of years as clients figure out just how much of their money is wasted or taken in online fraud. And that, he told Business Insider during a break from a visit to Collective's London office, could make a bunch of companies think twice about whether they want to file IPOs or not. Some of those companies are looking at the experience of Rocket Fuel, an ad network that went public in September 2013 and months later was the subject of class action lawsuits, alleging the company's stock fell after it failed to disclose that a significant portion of its ads were being clicked on by fraudulent botnets. Earlier this week, Google disclosed that 56% of the ads appearing on its platforms aren't actually seen by anyone. While that seems bad for Google — why would you want to run ads that don't get seen? — Google is probably betting that by alerting its client base to the fact that it cares about non-functioning ads it will gain those clients' trust in the future. Those "unviewable" ads are ads that are served on a page but not seen by the user, perhaps because they were low on the page and the reader didn't scroll down that far. Currently advertisers are paying for those ads even though no one sees them. "Non-viewable ads will be worthless by this time next year," Apprendi says. "They're already technically worthless." Apprendi is betting that his company — which offers clients complete transparency about how their money is spent, the cost of the inventory bought and the results they get — is well placed to gain clients that want to know whether consumers can actually see the ads they're buying. Or whether bots are clicking on them. But the industry's switch from its current Wild West condition — Group M once offered clients pricing on a controversial "non-disclosed" basis — to one of full disclosure will be wrenching. Dirty laundry will be aired. Rocket Fuel will not likely be the last adtech company facing allegations from shareholders that it served lousy inventory. (And to be fair to Rocket Fuel, everyone is in the same boat here.)
Collective has previously been regarded as an IPO candidate. It has 400 employees and gross revenue of about $200 million. But Apprendi sounded unenthusiastic about the prospect this week. "Being well-capitalised and private is better than 'open kimono' right now." Join the conversation about this story »  | ||
| |
WEEKEND READS: Catch Up On The Best Economics And Finance Links Of The Week (DIA, SPY, SPX, QQQ) | ||
| | ||
Did you miss something on the internet this week? No matter who you are, the answer is probably yes. We’re here to help you catch up. Here’s a smattering of excellent posts, both short and long, from the last few days that make for a good weekend read: "Rather than cleanse the economy, recessions actually restrict workers from advancing to jobs that are better matches" — Nick Bunker How the fight for the $15 minimum wage has spread — Lydia DePillis The Sony Pictures hack accidentally also revealed a huge gender pay gap at Deloitte — Kevin Roose and Alexis Madrigal Rising housing prices mean a lot of people have been priced out of the market — Trulia Ontario has adopted a gender diversity quota for corporate boards (sort of) — Ontario Securities Commission What rights should pregnant employees have in the workplace? — Rebecca Leber This is the only thing you need to read about Art Basel Miami Beach — Scott Indrisek Self promotion: Here's what nerds mean when they say 'standard deviation' — Andy Kiersz These 14 Wall Street experts got the 2014 interest rate story dead wrong — Akin Oyedele Russia's brain drain is astounding — Elena Holodny The real reason why high-powered brokers are leaving Merrill Lynch — Linette Lopez Corporate America's stuff is just so old — Sam Ro India is the last BRIC standing — Portia Crowe GMO Capital's James Montier destroys the idea that maximizing shareholder value is good — Myles Udland This is what the next financial crisis might look like — Me SEE ALSO: This New Steampunk Condo Development Is Proof That New York Is Over Join the conversation about this story »  | ||
| |
China film mogul says $62m van Gogh buy cheaper than expected | ||
| | ||
Hong Kong (AFP) - A Chinese film mogul who purchased a Vincent van Gogh still life for a record $62 million, Saturday admitted he would have paid even more for the masterpiece. Wang Zhongjun, chairman of the high-powered Huayi Brothers film studio, bought van Gogh's 1890 painting "Still Life, Vase with Daisies and Poppies" for $61.8 million at Sotheby's in New York in November. Speaking at a presentation at the auction house's Hong Kong gallery Wang said the price -- a record for a still life painting by the artist -- was "a bit lower" than he had been expecting to pay. "I like it, it's not a matter of price, it's like I didn't spend money, it hangs on the wall and it belongs to me," Wang said. "Van Gogh is my favourite artist in terms of his use of colours and many other aspects," he added. The painting had been valued at $30 to $50 million before the sale. Wang, who will be hanging the piece at his Hong Kong home, is the latest wealthy Chinese businessman to make an eyebrow-raising art purchase. Forbes Magazine put Wang's net worth at nearly $1 billion, the 268th richest person in China. Huayi Brothers Media is one of the largest private entertainment groups in China and has produced and distributed some of the country's popular movies and television productions, according to its website. Last year, tycoon Wang Jianlin's Wanda Group bought the 1950 Pablo Picasso painting "Claude and Paloma" for $28 million, more than double the high estimate of $12 million. At the time, the company came under fire for the extravagant purchase, with some Chinese Internet users questioning Wang's patriotism and the painting's value. Wang Zhongjun came under similar criticism in November. Chinese collectors have sent prices for their own country's heritage spiralling on the back of its economic boom, and are now turning their attention to Western items too. The last great wave of Asian buying came as Japan reached the height of its economic power in the 1980s, culminating in 1990 when Japanese paper tycoon Ryoei Saito bought van Gogh's Portrait of Dr Gachet for $82.5 million and Renoir's Bal du Moulin de la Galette for $78.1 million. He triggered outrage across the art world later when he said he would have the canvases put in his coffin and cremated with him when he died.
Join the conversation about this story »  | ||
| |
