How (And Why) The Mechanics Of Financial Technology Matters

Image credit: ERP Maestro

ERP Maestro has been established to automate all IT-related access to a firm’s financial records.

Business used to be done on paper and accountants would manage vendors, pay accounts and dutifully fill out balance sheets in exacting detail, employing their a) unearthly ability to understand double entry book keeping and b) desire to want to pore over business administration figures in minute detail.

But then, the industrial revolution(s) 1.0, 2.0 and 3.0 all happened and we found that technology could give us spreadsheets, forensic accounting analysis applications and higher-level Enterprise Resource Planning (ERP) suites. Of course with great (technology) power comes great responsibility. So how do we control the internal mechanics of our financial technology systems to make sure that staff and stakeholders only use them to do what we want them to?

It comes down to managing internal controls for access including a key practice known as Segregation Of Duties (SOD).

Segregation Of Duties

CEO and founder of ERP Maestro Jody Paterson explains that his firm has been established to automate all IT-related access to a firm’s financial records. Specifically, ERP Maestro manages access risk, compliance and security in SAP environments through its cloud-based software as a service (SaaS) platform.

An ex-KPMG audit specialist, Paterson explains that SOD and Control Monitoring is not the same as Identity Access Management (IAM) and that IAM vendors in fact want to build SOD into IAM, where possible.

“Okay so here’s a working example: when a new supplier is signed up by a company, the financial team will enter all their details into the company’s financial records and set up the procedures needed to process payments to them. The staff who set up that procedure in a large enterprise should not also have the ability to ‘actually’ pay that supplier. The risk is that an employee could defraud the company. Segregation of Duties ensures that these kinds of risks are spotted and prevented. That’s Segregation of Duties in motion,” said Paterson.

This process is essentially put in place to stop fraud, where a financial services employee could set up a new payee and then pay them. In the event of that happening, ERP Maestro provides what it calls Conflict Reporting, i.e. an anomaly gets logged when someone initiates an action that they are not supposed to. The results of these analyses are then ultimately flagged for a business manager to view in a visual dashboard.

Exclusive: China's Xiaomi cuts valuation after pulling mainland offering: sources

HONG KONG/SHANGHAI (Reuters/IFR) – Chinese smartphone maker Xiaomi has lowered its likely valuation to between $55 billion and $70 billion following its decision to delay its mainland share offering until after its Hong Kong IPO, three sources with direct knowledge of the matter said.

FILE PHOTO: A booth of Chinese smartphone maker Xiaomi is seen at an industrial design expo in Wuhan, Hubei province, China December 3, 2017. REUTERS/Stringer/File Photo

The delay was triggered by a dispute between the company and regulators over the valuation of its China depositary receipts (CDRs), sources said, casting doubt on Beijing’s efforts to lure foreign-listed Chinese tech giants back home.

Xiaomi Corp [IPO-XMGP.HK][XTC.UL] is using a range of $55 billion to $70 billion in its discussions with potential cornerstone investors ahead of the planned launch of its Hong Kong initial public offering (IPO) later this week, three sources said.

The sources declined to be named because the discussions were not public. Xiaomi did not immediately respond to a request for comment on the valuation.

The new valuation is far below the $100 billion touted by sources earlier this year and below the more recent floor price of $70 billion that the company and its advisers had informally used as guidance for investors.

Pre-IPO research from its sponsoring banks valued the group at between $65 billion and $86 billion, Thomson Reuters’ IFR reported last week.

The company said it was asking regulators to postpone its application to sell CDRs, but gave no reason for the decision.

“After iterative, careful research, the company has decided to implement its Hong Kong and mainland IPO in a measured way,” Xiaomi said in a post on its Weibo account.

“We’ll list in Hong Kong first, before going public on the mainland through the CDR.”

Beijing-based, Cayman-domiciled Xiaomi had been expected to raise up to $10 billion, split between its Hong Kong and mainland offerings in one of the biggest tech floats worldwide in recent years. Two sources said it was looking to sell about 10 percent of its enlarged capital in the Hong Kong offering.

The delay to its CDRs is a blow for Chinese officials, who have designed the offerings as a means for China to compete globally for major tech listings and give mainland investors access to its tech champions.

Other companies known to be considering CDRs include Alibaba (BABA.N), search engine giant Baidu (BIDU.O) and JD.com (JD.O), Alibaba’s e-commerce rival.

In Xiaomi’s case, officials from the China Securities Regulatory Commission (CSRC) wanted the CDRs to be priced below the level the company was targeting, according to two sources.

Commission officials were concerned that a too-high valuation would lead to poor performance in the secondary market, damping investor enthusiasm for future CDR sales, the sources said.

Xiaomi executives on the other hand were looking for a high mainland price to help generate excitement among Hong Kong investors, whose tranche was expected to debut the day after the CDRs went public.

CSRC officials did not respond to requests for comment.

FRAILTIES EXPOSED

Xiaomi was set up in 2010 and doubled its smartphone shipments in 2017 to become the world’s fourth-largest maker, according to Counterpoint Research, defying a global slowdown in smartphone sales.

Its listing has come at a delicate time for China’s stock markets, with the CSI 300 index of the country’s top blue-chips falling 4.3 percent this month and 10.9 percent this year amid fears of a trade war with the United States.

“The China stock market is so fragile,” said David Dai, general manager of Shanghai Wisdom Investment Co Ltd, a hedge fund. “I think Xiaomi is worried about its valuation, and is considering a China listing at a better time.”

The government needed to stabilize the market if it wanted to preserve its ability to raise capital for companies, he added.

Xiaomi is still expected to go ahead with its Hong Kong listing, which it plans to kick off later this week. The exact size of the Hong Kong deal is not yet clear, said the sources.

CDRs were due to account for around half of the combined Hong Kong and mainland issuance, Xiaomi said last week.

Difficulties with finalizing the details of CDR rules and scheduling issues also contributed to the delays, sources said.

(This version of the story repeats to fix technical glitch.)

Reporting Julie Zhu in HONG KONG, Fiona Lau of IFR, Adam Jourdan and Samuel Shen in SHANGHAI and Beijing Monitoring Desk; Writing by Jennifer Hughes; Editing by Stephen Coates

'Westworld' Recap, Season 2 Episode 9: The Many Lives of the Man in Black

As the second season of Westworld approaches its end, the world is closing in on the Man in Black. A philanthropic family man in real life and a model of depravity within Westworld, he had built a wall to separate his two selves. But in Episode 9, the divide between those lives comes crashing down.

The premise of this episode is familiar enough. In the Westworld universe, a recurring theme is that you can’t always tell a human from a host. But in Sunday’s penultimate episode, two of the season’s interwoven narratives—the Man in Black’s quest and Dolores and Teddy’s interpersonal drama—tackle the tragic implications of that fact in a way the show has never done before.

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Earlier this season, Westworld went to great lengths to establish that giving a host a copy of a human mind was impossible. The failed attempts to rebuild Jim Delos (Peter Mullan) and Robert Ford’s (Anthony Hopkins) reincarnation as a brain sprite proved Delos’ immortality project had failed. But what if you start to doubt that fact? What if you’re the Man in Black (Ed Harris) and the person who could be a host is your daughter? What if it’s you?

This week’s episode begins with the Man in Black at a gala honoring his philanthropic work. As the accolades pour in, his mind turns to a mystery that has haunted him for years. He wonders when it was that a “tiny fleck of darkness” crept into his soul. He describes it as a fragment of a dream or a mental convolution, a thing that showed up in his mind one day and ended up consuming his character. He looks stricken as he massages his right forearm. If he cut deep enough into his arm, he seems to be thinking, would he eventually strike metal?

He steps away from the gala to grab a drink at a bar alone. But seated at the bar is Ford, waiting for him. Ford hints that the project of capturing guest information has progressed faster than the Man in Black might realize. “When was the last time you took a good look at your creation and what it is learning about its subjects?” Ford asks. He slides a data drive resembling a metal playing card over to him. “For a self-portrait, you may find it’s not very flattering,” he says as the Man in Black pockets the information.

Meanwhile, the Man in Black’s wife, Juliet, has gotten drunk, and he escorts her home. She accuses him of living a lie and demands to know what he does inside the park. He says little and tucks her into bed. After she seemingly falls asleep, he gazes again at his forearm and confesses to her that she was right—she was the only person who could see his true, black-hearted self, and that as she suspected, he never loved her.

But Romeo and Juliet this is not, and in this tragedy Juliet is in fact awake and listening as her husband declares his lack of love. She secretly observes him walk over to a row of books and hide the data card Ford gave him inside a copy of Slaughterhouse Five. Once he’s safely out the door, Juliet’s eyes pop open and she hurries over to the book. Shaking out the card, she connects it to a reader and watches as the data unspools before her: the entire history of her husband’s adventures in Westworld. She removes the card and places it inside a music box—a gift she’d given their daughter, Emily (Katja Herbers), years earlier, and which Emily had rejected.

Then she kills herself.

It’s a dreadful scene, but ultimately it adds little that’s new. What we seem to have learned is that she took her own life after discovering her husband’s true nature. That’s far from shocking, so we’re left unsettled, wondering if that’s all there is to her tale.

Earlier episodes intimated that after Juliet died, the Man in Black fled to Westworld; Emily then followed him, seeking answers about her mother’s suicide. In this episode, Emily has dragged her badly injured father to a rally point, where she awaits a rescue team. She quizzes him about the immortality project, specifically how they managed to collect information about the guests’ internal states. He tells her that they had embedded brain scanners into the cowboy hats that all guests wear. (Um, OK.) She pesters him about her mother’s death, saying that she feels like she is missing a piece of the puzzle.

But her father’s mind takes a paranoid turn. When a rescue team finally shows up, the Man in Black mutters, “You underestimate me, Ford,” and guns them down. Emily, in shock, yells out, “Those were real people!” Then in the series’ most gutting moment yet, the Man in Black becomes convinced that she is just another one of Ford’s tricks, and he fires off a spray of bullets that kills her.

He strides over to her and pulls out his knife, ready to plunge it into her arm to confirm his suspicions. But then he sees it—the data card Ford had given him, clutched in her hand.

The presence of the data card suggests that Emily had learned everything there was to know about her father before entering the park, just as her mother had. Yet Emily claimed she didn’t understand her mother’s suicide, when the only fact she appears to be missing is that her mother learned the truth about the Man in Black on the night of her death. Traipsing through the park after her father, she went to a lot of trouble in pursuit of that piece of information. Perhaps we still don’t know everything about what Juliet learned. It could also just be poor storytelling, but we hope for the best!

Seeing the card in Emily’s hand, the Man in Black is stunned. He staggers into a field and prepares to off himself. But his doubts strike again. What if he himself is a droid? Then, he reasons, his actions aren’t really his. He can’t die without finding out. He falls to his knees, pulls up his sleeve, and unsheathes his knife. Angling the blade, he carves into his flesh.

We don’t get to see what he discovers. In this hyper-scientific future, where tiny brain scanners are sewn into hats, the only way to see inside one’s arm is to slice through slow-healing flesh. But his paranoia is in full force. The ease with which he murdered his daughter shows the depth of his conviction that everything he experiences is another trick masterminded by Ford. An intriguing possibility is that he’s right. Maybe he’s a host who is only a week or two old. Perhaps he has yet to start glitching, or his overactive paranoia is a sign that he’s glitching now.

In a parallel narrative, Teddy (James Marsden) is grappling with his own inability to see how he is any different from a human, that barbarous species that has showered atrocities upon him and the other hosts. He and Dolores (Evan Rachel Wood) are alone in Westworld’s wilderness. They have just come off an encounter with the Ghost Nation in which Dolores’ crew, armed with guns, annihilated the bulk of the arrow-shooting Native Americans.

He confronts her, telling her she has made him into a monster. She argues that she changed him so he could survive. “What’s the point of surviving if we become just as bad as them?” he asks her. If survival means sinking to the status of a human, he wants out. He apologizes to her for not being able to protect her any longer, and shoots himself.

Teddy dreaded becoming human. The Man in Black, meanwhile, became consumed by the question of whether he is in fact a host. If he discovers robot parts, he might be horrified to find that his existence has been a lie, or he might find absolution from his sins. He didn’t kill his daughter, his robo-programming did! For a man who can spout Plutarch at parties, he has an astoundingly poor command of basic philosophy of mind, as if it’s unequivocal that any human has free will.

Or perhaps he’ll only find human goo inside. The season finale may offer redemption for some characters of Westworld—but for the Man in Black, the future looks bleak.


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KFC Just Announced the Unthinkable. Here's Why It's a Bad Idea

Kentucky Fried Chicken is turning into Kentucky Fried Tofu later this year. This comes as a result of the US brand’s recent announcement that they will be catering a new menu item to new sections of the market in the United Kingdom, who don’t eat chicken.  

This mystery meat, may contain less calories, but the larger question worth asking is will it contain the same authentic brand experience for KFC customers?

I think that it goes without saying that this is a bad move.

Although this isn’t as dramatic as the IHOP to IHOB rebrand, it does raise a few concerns from my perspective. If KFC changed their name to KFU, I think some towns would riot.

So let’s get to the basics of this announcement and why I think it’s a bad idea.

For starters, KFC is a world-renowned fast food chain. Being a leader in the fast-food industry means that they aren’t catering to health enthusiasts.

In fact, they have been doing the opposite–very profitably–for decades, now.  

However, every company goes through periods where they feel they need to catch onto the next big thing. Unfortunately for KFC, I don’t think they’ve established a proper market fit.  

The Colonel’s secret sauce is in their branding. The white-haired founder lives on posthumously in commercials and franchise logos, and represents a staple in American comfort food.

What do you think about KFC what comes to mind?  

Probably their home-style biscuits and gravy, mashed potatoes, green beans, and of course their famous chicken.  This is because they’ve done an excellent job of creating something that everyone in the world can easily recognize.

Despite this recent blunder, there are still a few takeaways we can glean from this experience.

So what can other companies learn?

1. Continue doing what made you successful

As businesses strive to increase profitability, it’s important to make sure that the main thing, remains the main thing.

Jamba Juice, Protein Bar, and even Subway cater to a health-conscious demographic. Customers who choose to eat at these restaurants aren’t going to start eating at KFC suddenly. It’s important that you let your competitors deviate into newer markets where you don’t have a presence, while you stay tried and true for your loyal customers.  

2. Don’t try to please everyone.

Imagine if KFC began offering a variety of new products: buttered popcorn to complement the popcorn chicken, BBQ ribs for a true Southern experience, and even chicken and waffles to make sure that everyone got what they wanted.

The menu would become too convoluted, kitchen staffs would be in pandemonium over entirely new food items, and sales would plummet.  

The perfect recipe for pleasing no one is trying to please everyone.

3. Improve strengths, not weaknesses.

Everyone has weaknesses. There isn’t a single company on the planet that is perfect. However, working on strengths is the fastest way to get better and stay in your own lane.

When everyone else is trying to compensate for weaknesses, focus on improving what is already working. If a particular product line is doing well, devote more research and developent money towards that. If another product is undesirable, ditch it and move on to something else.  

Being able to launch successful products can be challenging. There’s a reason that Apple doesn’t make driverless cars, and Tesla doesn’t make smartphones.

Being a leader in any market means having sound judgment in terms of what not to focus on.

From my own personal experience, I’d suggest that anytime you are thinking of going into a new market, you make sure that it won’t alienate current customers, or deviate too far from your current successful product lines.

Companies I’ve worked with in my career, usually are best served to stick to the plan and continue doing what’s been working well for them. When companies try to take on too much, too fast–in multiple directions–that energy often tapers out and sales start to fall. Momentum and timing are keys to success in business, as in life.

Don’t try to make everyone happy, and don’t cater to vegetarians if you are the world’s leading chicken chain!

28 Successful Executives Share the Best Advice They Received From Their Dads

A father’s example and advice can inexorably affect the lives of his children. Here’s how more than two dozen successful leaders say their dads affected their trajectories.

1. Surround yourself with great people.

“The best advice I ever received from my dad is to always surround yourself with great people.  You never want to be the smartest person in the room and want individuals that will challenge you to think outside of the box and help you break through the ceiling to the next level. He has proven himself with creating a leadership team of nine of the best individuals, sometimes with different opinions but always come to together make decisions for what is best for the company.”

–Jennifer M. Jackson, VP of development of Hungry Howie’s, a national pizza franchise with more than 550 restaurants open or under construction in 21 states

2. Take things one step at a time and everything else will fall into place.

“My Dad always taught me to figure out how to get on first base, then on second, and then on third. The homeruns will happen on their own.”

–Andy Wiederhorn, president and CEO of FAT Brands, Inc., a global franchising company that develops fast casual and casual dining restaurants around the world, including Fatburger, Buffalo’s Cafe, and Ponderosa and Bonanza Steakhouse with more than 300 locations open worldwide

3. We’re the average of the people we spend time with.

“One of the most valuable lessons I learned from [my father] growing up was that we are all guilty by association. In other words, we are the average of the people that we spend the most time with. So, if you want to be a drug dealer? Surround yourself with drug dealers. If you want to be a millionaire? Surround yourself with millionaires. This goes for surrounding yourself with people who are caring, generous, etc., and has really carried into the kinds of friends and professional networks that I aim to keep.”

–Adam Callinan, cofounder and CEO of BottleKeeper, which was recently featured on Good Morning America and The View

4. Your name is all you have, so protect it.

“My dad’s advice… Essentially, your name is your integrity, and how people know you will do what you say you will do. It’s how they know you’ll live up the standards you have set for yourself as a son, husband, father, professional, and so on. I didn’t realize until later in life how profound and deep this was. I was building my own personal brand, and my name was how people in my professional network, and most importantly how my children, would see me.  When I am gone, what will they know me by? It will be by how they speak to my name. This gem will be passed on to my children and hopefully generations to come.”

–Brett Worthington, VP of global business development and partnerships at SmartThings, a company helping to turn homes into smart homes and acquired by Samsung in 2014

5. You’ll be happier professionally if you love life.

“I specifically remember a time earlier in my career where I stayed late at work and missed a performance I was supposed to give for my guitar class. He called me to see how it went, and when I told him I ended up spending time at work instead he made me promise that while work is important, I would put myself first and work around my personal life, rather than through it. That balance has kept me sane as I’ve continued to grow in my career. His contagious energy and motivation to make it look easy to have it all and has made me always work harder to keep making him proud. 

–Erin Jordan, leader of the retail technology and commerce practice at Walker Sands Communications and author of the Future of Retail report, which has garnered the attention of Fortune 500 companies and has been featured in Inc., Forbes, CNBC, Business Insider, Entrepreneur, The Washington Post and more

6. Every stranger can teach you something.

“My dad is a hardworking carpenter and business owner from Long Island, and he has an incredible gift for connecting with strangers. He can get almost anyone (and I mean anyone) to open up and speak about what is truly meaningful to them. It could be the guy working the deli meat counter, the finance executive on the train, the kid raising money door-to-door for his football team, the elderly ladies at the local nursing home… When others would rather be polite and keep their distance, my dad has the boldness to ask people real questions. He’s not abnormally charismatic or friendly, but he is intensely curious. In a world where we are all buried in our phones in public, unplanned conversations can add richness and adventure to your life and career. We all want to feel known, and I’m so thankful to have my father’s example of boldness, spontaneity, and openness to follow.”

–Drew D’Agostino, CEO of Crystal, which provides millions of personality assessments each year to over 2,000 companies worldwide

7. Character counts.

“I can’t remember a single time when [my dad] didn’t hold the door open for someone behind him or for someone approaching, or a single time when he didn’t stop and offer to assist an elderly person who may or may not have needed a simple helping hand. In short, my dad personifies integrity and respect. I’ve tried to emulate my dad and have found that embodying these characteristics in my personal as well as business life has helped me thrive and feel fulfilled at the end of each and every day. Goodness is about character. I’ve been fortunate to be part of several high energy management teams launching and building startup companies in the high-tech arena. We were most successful in the markets where and when each critical executive embraced integrity and respect. I cannot thank my father enough for such valuable lessons early in my life.”

–Brian Fitzgerald, SVP of Global Solutions, NOKIA Corporation, which operates in the 5G wireless infrastructure market globally

8. Always do your best.

“[My dad] was an individual that always made an impact with others and he taught me that in a world that can often be cold and cruel, there’s real power and beauty in being kind hearted to others… In April of 2013, I lost my younger brother to cancer. Danny was only 33 years old and it was devastating on so many levels. For a parent, life is never the same after losing a child. My father owned a jewelry manufacturing business and my younger brother had been working with him for several years. After my brother’s passing, I decided to move back to Rhode Island and pick up where my brother and Dad had left off. Fast forward five years: We started a new business together called Luca + Danni, successfully leveraging the infrastructure of his factory but now as a digitally native, vertically integrated, direct-to-consumer brand. The brand is built on the lessons I learned from him, including the importance of family, celebrating people and embracing the journey of life. My father passed away unexpectedly last month and this will be my first Father’s Day without him. I will cherish the memories that we’ve made together and I am so grateful for all of the valuable lessons he’s taught me over the years.”

–Fred Magnanimi, founder and CEO of Luca + Danni, an American jewelry brand available online as well as through a network of more than 600 retailers across the U.S.

9. Be grateful and humble in whatever role you play.

“When I was a little kid, the grandfather of a good friend passed away, and I first realized my grandparents wouldn’t be around forever. Noticing my sadness, my grandfather asked me to fill a big bowl of water. He told me to make two fists and slowly put them in the bowl, and then asked me to stay there for five minutes. Then, he instructed me to slowly take my fists out of the bowl without spilling any water. ‘Do you see the big hole left behind when your hands came out?’ he asked. Of course, there was no hole, and the water had covered any indication that my hands had ever been there. My grandfather stated simply, ‘As much as I love you, and you love me, that is how life will carry on once I am gone.’ His words instilled in me a perspective of humility: never think too highly of yourself, no matter how good you believe you are. I often recall the story of the bowl of water when a key employee resigns, and realize that while it might be tough, others will step up. We will find someone new. Or we might even re-shape the role to fit someone else. Life is always about what we can contribute to make this world a better place, but we should still be grateful and humble in whatever role we play. This sentiment goes for both our personal and professional lives because the circle of life goes on with or without us.”

–Anthony Goonetilleke, president of Amdocs Technology at Amdocs, a software and services provider for the communications and media industry and 2018 leader in Gartner’s magic quadrant for operations support systems

10. Wherever you go in life, there you are.

“My dad is a teacher and guidance counselor, so he always pushed me to generate insight and learning from my own self-reflection, when sometimes I just wanted him to give me an easy answer.  As life unfurled, I leaned on my dad’s wisdom to map a career path with one common theme: generate insight at every twist and turn. His favorite quote was ‘wherever you go in life, there you are’ coming from Willie Nelson by way of Confucius… which is a good metaphor for my unorthodox moves!  I think he meant to reinforce two key lessons: one, there is no wrong path – only many right paths with different growth. As I took many different ‘right paths,’ from finance on Wall Street to technology in Silicon Valley, I got the second key learning, which is about mindfulness and presence.  Wherever you are, whatever your circumstance, make the most of it, give your best effort at that moment, and you will make an impact.”

–Sara Baack, CMO of Equinix, an interconnection and data center company with more than 200 data centers located across 52 markets around the globe

11. Everyone puts their pants on one leg at a time, just like you do.

“This idea of demystifying the unknown always stayed with me. Over time I applied this same idea to pursuing startups. Realizing that most of the world around you; the things, the products, the services, were made by people who are no smarter than you.  There is an often-quoted answer Steve Jobs gave back in 1995 to this effect which I always loved as well. It’s so true. From the first day of starting a company, you get thrown into so many deep pools that you just have to learn to swim.  After I did that a few times I always thought ‘Hey that wasn’t so hard.’ I would look at a product I admired and think ‘Man I could never do something like that.’  But then after learning what that product was all about under the hood, I would think, ‘Oh, that’s it?’ Not in a disappointing way, just a ‘That’s not so hard’ kind of way.  And this happened over and over. Pitching to a senior exec for the first time, building a new product, helping a customer go live with a big complex project, etc.

–Rick Nucci, CEO of Guru, a contextual coaching platform that helps sales and support teams respond faster and more accurately to customer conversations with customers including Square, Shopify, Intercom and more

12. Leave it better than you found it.

“My father was a high school teacher and a journalist at three of the papers in his town. He was a hard-driving person who accepted no excuses. He believed you had to be the best you could be no matter what, and he expected that from his children. The advice from him that has stuck with me my entire life is, ‘Leave it better than you found it.’ You have to be sensitive to a situation when you walk into it. You can’t just show up with your stuff. You have to contribute and add rather than subtract. That advice has become the fabric of who I am. As a parent myself, my Dad’s lesson has really made me think about what I want for my kids. I, too, want them to be the best, but I also want to be sure they’re who they want to be, whether that’s artists or engineers or something entirely different. That’s so important for women. That’s why I do the work I do now–to leave the tech industry better for women than when I found it.”

–Brenda Darden Wilkerson, president and CEO of AnitaB.org, a nonprofit organization dedicated to the advancement of women in technology which works with women technologists in more than 50 countries, and partners with leading academic institutions and Fortune 500 companies

13. Kindness and generosity go a long way.

“My father led by example with very few words.  He worked hard, he was generous with anything he had (time or money) and always strove to do the right thing. If there was any piece of spoken advice it was this: ‘Always be nice to your mother.'”

–Chris Powell, CMO of Commvault, a provider of enterprise backup, recovery, archive and the cloud which has consistently been named a leader in the Gartner Magic Quadrant for Data Center Backup and Recovery Software for the last seven years

14. Think big, act with humility and give it everything you have.

“Coming from a middle-class family my dad wanted his kids to only be limited by their own potential. Maximizing your potential starts by dreaming big and then working hard and giving it your all to achieve those dreams. But he always emphasized that chasing your dreams with humility and integrity was also important. Humility and integrity enable you to leave your community and the world a better place than the one you were born into, which is what delivers true happiness. My parents gave up two decades of hard-earned savings to fund my education, because they believed in me and what I could achieve. Their actions spoke louder than words, and their sacrifice motivated me more than anything else.”

–Neil Araujo, CEO of iManage, a leading technology company building document management and artificial intelligence solutions used by over one million professionals at over 3,000 organizations in over 65 countries

15. Break up tense situations by being playful.

“My father was a playful person – he worked hard, but also made time to enjoy life and family. He would often break the ice in a tense situation by being playful or silly, and showed me that play was the best remedy for so much of life’s challenges; for clearing the mind, getting through difficult times, and staying connected with family, friends and community.”

–Lisa Tarver, founder and chief impact officer of One World Play Project, a B Corporation which has delivered nearly 2 million balls worldwide to an estimated 60 million youth in 185 countries worldwide

16. Business is a team sport and every employee is important to the success of a company.

“I witnessed his wisdom firsthand when I worked in the warehouse of the company he managed for a summer after high school. He treated each of the 20 or so hourly employees working in the warehouse as equals and knew each one personally. It was clear that the warehouse employees had a lot of respect for my father and they would go the extra mile as needed for him, the company and ultimately the customers because of his team effort approach. Seeing my dad in action definitely influenced the way I run a company today and believe this approach gives us a competitive advantage due to the team-based culture we have been able to build.”

–Scott Knoll, CEO of Integral Ad Science, a global software company operating in the advertising industry with offices in 13 countries and over 600 employees

17. Always shine your shoes.

“My dad is big on the idea of dressing for the job you want, not the one you have and still to this day he asks me before a big presentation if I shined my shoes. From his view, the way you pull yourself together is a reflection of how organized and prepared you are. This advice has been a little bit harder to follow in my world where CEOs wear New Balance sneakers and hooded sweatshirts, but I still always try to make sure that I’m putting my best foot forward.”

–Sara Varni, CMO at Twilio, a cloud communications platform that enables innovators across every industry to reinvent how companies engage with their customers

18. Make sure every note counts.

“One of Dad’s gifts was his musicianship. As a kid, I grew up listening to my dad play beautiful thought-provoking Jazz piano. I took for granted that he had a disability and somehow had overcome it. You see, my dad was born with only 6 fingers. Hard to play 88 keys with six when most can’t play it with 10. In fact, when he first wanted to play piano, no one would teach him. So instead he learned trumpet. Eventually though, he really wanted to play piano. So, for his 16th birthday he asked his parents for a piano and he taught himself in one summer. He spent countless hours at the piano that summer. So much at times his fingers bled. It was his grit that enabled him to figure out how to make his disability an asset. That summer he created a new style of jazz that I have never heard repeated. He leveraged the pedals so he could use all 88 keys and boy did he ever. When I listen to his music, every note counts and you hear it. So, whenever I doubt or question if I will be able to do what I need to do to make my business successful, I think of my dad and the lessons he taught me. I think of the importance of determination, persistence and grit in achieving great accomplishments.”

–René Lacerte, founder and CEO of Bill.com, a business payments network with 3 million members processing over $50 billion per year in payment volume

19. Stay focused, determined and complete things.

“My father often talked about the importance of finishing what you started. Success is a compilation of completed tasks. Taking a risk and going for it is important, but if it’s never taken to the finish line it is an unsuccessful attempt. This advice has stuck with me when things gets tough and giving up seems like an option, but then I hear his voice in my head and make the choice to power through it, and complete the project.”

–Filipp Chebotarev, COO and partner at Cambridge Companies SPG, a strategic opportunity investment firm that has invested capital in better-for-you brands with celebrity partners including Foodstirs (Sarah Michelle Gellar), Once Upon a Farm (Jennifer Garner), Matchabar (Drake) and more

20. Attitude is everything.

“The best advice I ever received from my father was the power of a maintaining a positive attitude.  My father grew up with very little and battled severe dyslexia. But he worked tremendously hard and ultimately led one of the nation’s largest mortgage insurance companies out of bankruptcy and through a successful IPO. He always told me that ‘attitude is everything.’ People are drawn to and motivated to work with people who are positive, even in the most extreme conditions. A positive attitude can help you overcome most any obstacle.”

–David Lacy, CEO of SmashMallow, a premium snackable marshmallow brand available in over 15,000 retailers nationwide including Target, Whole Foods, Walmart, CVS and more

21. Be generous.

“The best advice I ever received from my dad is to always be generous. He engrained in me that I am fortunate enough to be privileged and if I see someone’s situation sour, to never ignore it, but instead step in to help where I can. His passion for helping people has always been transparent in his advice and I am thankful for that.”

–Daniel Lee, marketing manager of Flame Broiler, a quick-serve restaurant franchise which has grown to nearly 200 restaurants throughout California, Nevada, Arizona, Oklahoma, Idaho, Florida and North Carolina

22. Always try to approach conversations with the end goal in mind.

“If you know what you want your desired outcome to be, you can be more strategic in how you approach the situation. I first learned this lesson after voicing my frustrations with a challenge I was facing. At the time, my dad convinced me that I could be more successful in my approach if I were more certain of how I wanted the situation to end up. Since then, I’ve found this advice to be useful in both my personal and professional life. When put into practice, this concept forces me to be less reactive and emotional. It also allows me to invite others to be a part of the desired solution, which–ultimately–results in a discussion that feels more positive for all involved.”

–Alex Bingham, president and CEO of The Little Gym International, a children’s enrichment and development franchise with over 390 locations worldwide

23. Respect others.

“My dad always taught me to treat everyone with the same respect. No matter their social status, rich, poor, color of their skin, language, or ethnicity, and to always help people in need. These are values I still live by today. The more you help others the more good actually comes back to you and the fuller your heart.”

–Neka Pasquale L.Ac. MS, licensed acupuncturist, herbalist, author and founder of Urban Remedy, which operates 15 retail locations and more than 35 kiosks across northern and southern California

24. Never give up.

“[T]he best advice [my dad] has ever given me was when I was eight years old preparing for an elementary school race at field day. He simply said, ‘Never, never, never give up no matter what.’ This is a mantra that I now live by and has helped me keep pressing forward in business even in the darkest of times because I know that if I simply do not give up, I will be successful regardless of the outcome.”

–Jordann Windschauer-Amatea, founder and CEO of Base Culture, a company providing Paleo-certified breads, brownies, granola and almond butters on Amazon and in over 2,600 store locations around the country

25. Be industrious in everything you do.

“It’s important to note that my father grew up in the South and as an African American living through segregation, he experienced life through a lens that people my age and younger could not imagine. He decided to leave the South in hopes of building a better life for himself in California. He had to adapt quickly to the various business challenges all entrepreneurs face, including the soul-testing lessons that come with overcoming fear of failure. Soon after I started on my own entrepreneurial path, I asked my father how he managed to accomplish it all and do it with such patience and grace. His answer was profound. He said, ‘Son, in life you are owed nothing. Always seek ways to leverage your talents. Most of all, be industrious in everything you do.'”

–Tafa Jefferson, founder and CEO of Amada Senior Care, a senior care franchise system with over 100 locations nationwide, and former NFL player for the Chicago Bears

26. No one will do the work for you.

“At age 16 I skipped school and my father found out.  His advice to me was simple, he said ‘Alon, if you study or not it’s up to you, it’s your life.’  I understood then that nobody will do the work for me.  I then focused on the things that were of interest to me and those are the things I excelled at.”

–Alon Ozery, founder and co-owner of Ozery Bakery, makers of Snacking and Morning Rounds named as the number one brand in unit sales in the natural food channel for 52 weeks ending April 22, outselling all other English Muffin and Bagel brands, according to SPINS Data

27. Keep a healthy balance.

“I feel honored to work with my father in the business that we have built together. Through witnessing his diligent work ethic to develop the healthy products Xlear is founded on, along with the model he set for our family growing up, I have watched his example and taken his advice around how family is key to success and happiness. As a dad now myself, I try to put his teachings into action with my own daughters, making every effort to be present in their day-to-day life, as well as maintaining my role at our company, leading our team–ensuring that family, health, and wellness are put as a priority in our lives and in our business.”

–Nathan Jones, CEO of Xlear, a provider of natural xylitol-based sinus and oral care products with a footprint in over 36,000 stores nationwide

28. Learn to sell what you love.

“When I was in elementary school, my dad, like most dads, asked me what I wanted to do when I grew up. I didn’t know what that meant, so I told him, ‘I want to be rich.’ To which he replied, ‘How are you going to do that?’ I, of course, had no answer. That day my dad taught me that to succeed in business, you must first succeed in sales, and to succeed in sales you must sell something you love. I’ve always remembered that, and to this day I feel so grateful to spend my time doing and selling what I love…”

–Ryan Farr, founder and CEO of 4505 Meats, a producer of artisanal pork rinds, with a footprint in grocery stores nationwide

Airbus Share Prices Increasing

Shares of Airbus (OTCPK:EADSF/OTCPK:EADSY) gained sharply today braking the €100 level again. Recently the company has undergone a leadership change and has been plagued with issues on the turbofans of the Airbus A320neo crumbling the jet maker’s ability to increase production to previously envisioned levels. In this report we look at a couple of things that might have driven up shares prices of the European jet maker.

Etihad Airways troubles

Afbeeldingsresultaat voor a350 etihad

Source: 3D Warehouse

Earlier, we explained that Etihad Airways’ busted investment strategy could severely dent its growth profile and appetite for new aircraft. The airline has wide body orders for the Airbus A350, Boeing 787 as well as the Boeing 777X and the signs have been getting stronger that especially the Boeing 777X will fall victim to changes in the delivery schedule. The problems Etihad Airways faces are not directly a good sign for Airbus since it has unfilled orders from the airline, but the hesitance regarding the Boeing 777X might agitate the thought that with the Airbus A350-900 and Airbus A350-1000, Airbus is in a much better low-risk demand spot.

Jetlines to start operations with Airbus

Another reason that may possibly have contributed towards some positive momentum is the decision of Jetlines to commence operations with the Airbus A320 instead of the Boeing 737-800s. The airline is one of the few confirmed customers for the Boeing 737 MAX 7 and currently that contract is still in place, but we could see the airline sticking to Airbus.

Recovery plan on track

Afbeeldingsresultaat voor pw1100g

Source: ELFC

The big positive news is that suppliers of turbofans are on track with their recovery plan to catch up on deliveries. The geared turbofan of the Pratt & Whitney (NYSE:UTX) is often seen as the sole reason why Airbus is currently backloading deliveries. The turbofan has been suffering from various design and durability related issues choking the delivery flow to Airbus, which forced the jet maker to produce dozens of ‘gliders’, which is an terminology used for aircraft that are missing their turbofans. What is often not known, because the disruption of PW1100G deliveries is so big, is that also CFM is running a few weeks behind on schedule.

Given that jet makers do depend a lot on their single aisle production for earnings as well as future upscaling in production, the issues with the turbofans have been a huge setback for Airbus earnings and might have raised some question marks regarding plans to scale up production even further. So the news that the recovery plan is on track is a huge plus that warrants the shares of Airbus trading higher. Obviously the road to full recovery is a long one for Airbus.

New assembly line opened

Afbeeldingsresultaat voor assembly line a320

Source: ainonline.com

Another important news item was the opening of another production line for the Airbus A320 in Hamburg. The added capacity will not directly result in a steep increase in output as Airbus aims to increase production from 50 aircraft per month now to 60 aircraft per month by mid-2019. The line features 2 robots to drill holes, thereby increasing quality and decreasing required rework effort. Additionally the line also features automated moving platforms for fuselage and wing and used dynamic laser tracking for better alignment of aircraft parts.

With the eye on more deliveries per month in the future, Airbus has also opened a bigger delivery center for.

Stock performance

As much as I’d like to keep Boeing (BA) and Airbus separated and try to view them individually, my readers have made a habit out of it to compare even when not necessary or relevant.

This week, we are seeing that shares of Airbus are trading roughly 5 percent higher, while Boeing shares are trading about 2% lower. This can be partly explained by news items regarding both companies. A few news items do not make a trend, but since I bought shares of Airbus the company’s shares have performed somewhat better than Boeing and year-to-date the performance for both company’s shares have been comparable. So, while I do appreciate people being concerned about my long position in Airbus… I am doing just fine.

Conclusion

The uptick in Airbus share prices are mainly caused by relatively good news on the recovery plan for engine suppliers and the opening of a new assembly line that will further support production hikes and cost efficiency.

Important to note is that the road towards a fully recovered delivery profile for the Airbus A320 is long, but that it does not mean that share prices should remain pressured. Investing in the aerospace industry is difficult, since it is an industry with a complex product line and on top of that it is a very closed industry for the average investor. What holds is that if you wait for the real good news to be expressed by management you might already have missed part of the upward movement in share prices. What rewards investors in this industry is taking positions for the long term.

Disclosure: I am/we are long BA, EADSY.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

The Government's Loss In AT&T-Time Warner Was A Waste of Taxpayer Resources

US Assistant Attorney General Makan Delrahim speaks to the press after a court ruled that the merger between AT&T and Time Warner could go ahead in Washington, DC, on June 12, 2018. (Photo by NICHOLAS KAMM/AFP/Getty Images)

Judge Richard Leon summoned both parties to his courtroom at 4 pm Eastern on Tuesday to hear his decision in the biggest merger challenge of our time. For a case about the dizzying pace of competition between Internet service providers (ISPs) and dominant tech platforms on the Internet super-highway, it was a tad ironic that the public could not access news of his decision for some forty minutes, as reporters were forbidden from leaving the courtroom until he was finished (and a connected cellphone would earn a contempt citation).

Judge Leon dismantled the Antitrust Division’s case, carefully noting the false premises and internal inconsistencies in the evidence presented to support DoJ’s claim that the vertical tie-up of a non-dominant distributor with a content provider lacking “must-have” content would substantially lessen competition. The head of the Antitrust Division, darling of the tech reporters, and antitrust hero of the New Brandeisians for having the audacity to bring a case against an ISP—regardless of its infirmity and alignment with President Trump’s war on Time Warner’s news arm and the concept of a free press generally—was present as the seasoned judge explained why virtually each government witness and the studies underpinning their case lacked credibility.

Consistent with his writing style, Judge Leon filled his written opinion with several exclamation points (“Please !” or “Poppycock !”) to emphasize how incredible he found some of the DoJ-sponsored testimony. DoJ witnesses from the industry were unprepared to support their claims, and on cross examination, some contradicted their direct testimony.

DoJ’s economic expert offered an estimated price effect that relied on critical inputs—such as the share of a rival distributor’s subscribers who would depart to follow Time Warner’s content (the “departure” rate)—generated by a third-party consultant. That consultant originally produced results consistent with a low departure rate, only to be inexplicably altered in a manner that fit the DoJ’s theory of the case (a high departure rate) before being given to the economic expert for incorporation into his work. Unfortunately for the economic expert, he apparently relied upon DoJ’s horde of attorneys and economists to ensure the inputs were supportable. Any trust he put in their work was misplaced.

Some tech reporters were quick to use Judge Leon’s decision to stoke the public’s dissatisfaction with their ISPs, by claiming falsely that the approval will usher in an avalanche of anticompetitive combinations of content owners and distributors. The Washington Post went further; its headline read: “AT&T-Time Warner merger approved, setting the stage for more consolidation across corporate America.” Poppycock !, as Judge Leon would say: That the government failed to present credible studies or witnesses to challenge a merger that might cost customers 27 cent per month does not foreclose the government from challenging a future merger that presents a more  economically significant consumer injury.

As antitrust law professor Einer Elhauge of Harvard Law noted on Twitter shortly after the decision, “Judge Leon’s ATT-TW opinion is so case-specific that it has little implication for future merger cases.” The case turned not on the strength or weakness of DoJ’s theory, but on a failure of facts. As a keen observer of the well-financed think tank-PR machine-tech press echo chamber that drives its agendas, Judge Leon attempted to preempt the spinners he knew the decision would trigger: “The temptation by some to view this decision as being something more than a resolution of this specific case should be resisted by one and all!” (Exclamation point in original, of course!)

There are only two scenarios that explain how DoJ’s 18-month-long effort could produce a record so devoid of credible testimony that its value as a vehicle for making policy is zero: Either the DoJ had a dog of a case, and should not have brought it, or the DoJ botched the trial by doing a lousy job with witnesses and evidence. Regardless of whether government lawyers were dealt a bad hand (and persisted in trying the case nonetheless) or threw away a royal flush, this reflects poorly on the leadership of the Antitrust Division and serious questions need to be asked about why they will get to remain at DoJ after wasting taxpayer dollars in this train wreck.

According to the opinion, “tens of millions of dollars” were spent on the case, including a staggering 32 DoJ lawyers plus their in-house and outside experts. These highly scarce resources were allocated away from potentially meritorious cases that present material consumer harm, and instead were squandered on a case reasonably valued at less than a video subscriber’s pocket change. Indeed, Judge Leon concluded that the government’s economic expert could not distinguish the harms from zero cents per subscriber per month.

Some corrections are needed. To avoid further waste of  taxpayer resources, DoJ should follow a simple rule of thumb on vertical tie-ups of content with distribution: Any deal that does not involve a true must-have input and a distributor with significant market power (as indicated by high downstream market shares) should be addressed with behavioral remedies such as a nondiscrimination provision, and enforced via binding arbitration with discovery rights; in contrast, any such vertical tie-up that presents both conditions should be blocked or a targeted divestiture should be used in the local markets where both conditions are present.

This proposal avoids uncertainty among investing parties and frees up DoJ resources to attack concentrations of power in essential industries affecting every American. It is in stark contrast to the factually unsupported, doctrinaire path chosen by the Antitrust Division head; by shunning behavioral remedies despite their apparent success in Comcast-NBCU, he has pushed the agency towards a policy that amounts to a categorical ban on any vertical merger, including those benefitting consumers. Any vertical merger—even a hypothetical mashup of DISH and HGTV (no offense fellow gardeners)—will generate some positive price effect under the Nash bargaining model used by economists to evaluate vertical mergers; thus, absent a behavioral option, the DOJ would be compelled to block all such deals (absent a showing of offsetting efficiencies). Ironically, the burdens the antitrust chief’s structural approach to vertical mergers would place on DoJ resources dwarf the efforts he objects to making to enforce behavioral remedies.

From a policymaking perspective, the key question is whether the decision to pursue such an unworthy case was knowable given existing antitrust standards. The Nash bargaining model was known. The critical inputs (a very small departure rate) were available in DoJ files. The likely output (27 cents per subscriber per month, using those available inputs) was easily calculable. And if the absence of provable consumer harm was knowable, why were division resources assigned to pursue an expensive exercise in futility?

We are left returning to the question Judge Leon insisted (correctly) remain unanswered in his courtroom: What is the likelihood that the case was brought not on its (now, openly) flimsy merits, but as an act of political retribution against a frequently anti-administration voice? Congress should find out whether DoJ’s economic theories were hijacked for political ends, and what process changes are needed to make sure the question does not arise again.

Twitter: @halsinger

UK's Dixons Carphone says has been a victim of cyber crime

LONDON (Reuters) – British mobile phone and electricals retailer Dixons Carphone (DC.L) said on Wednesday it had been the victim of cyber crime, having discovered unauthorized access to payment card data held by the company.

FILE PHOTO: Signs display the logo of Dixons Carphone at the company headquarters in London, Britain August 1, 2017. REUTERS/Neil Hall

The group said an ongoing investigation indicated there was an attempt to compromise 5.9 million cards in one of the processing systems of Currys PC World and Dixons Travel stores.

It said 5.8 million of these cards have chip and pin protection and the data accessed contained neither pin codes, card verification values (CVV) nor any authentication data that would enable cardholder identification or a purchase to be made.

However, it said 105,000 non-EU issued payment cards which do not have chip and pin protection have been compromised.

Dixons Carphone said it immediately notified the relevant card companies so that they could protect customers.

It said it had found no evidence of any fraud on these cards as a result of this incident.

The group has also found that 1.2 million records containing non-financial personal data, such as name, address or email address, had been accessed. It said there was no evidence of fraud here either.

Reporting by James Davey; editing by Kate Holton

Vietnam legislators back cyber law clamping down on tech firms, dissent

HANOI (Reuters) – Vietnamese legislators approved a cybersecurity law on Tuesday that tightens control of the internet and global tech companies operating in the Communist-led country, raising fears of economic harm and a further crackdown on dissent.

FILE PHOTO: A 3D-printed Facebook like button is seen in front of the Facebook logo, in this illustration taken October 25, 2017. REUTERS/Dado Ruvic/Illustration/File Photo

The cyber law, approved by 91 percent of attending legislators, requires Facebook (FB.O), Google (GOOGL.O) and other global technology firms to store locally “important” personal data on users in Vietnam and open offices in the country.

The vote in the National Assembly came two days after legislators delayed a decision on another draft law that had sparked violent protests in some parts of the country.

Thousands of demonstrators in several cities and provinces denounced a plan to create new economic zones for foreign investment that has fuelled anti-Chinese sentiment. Some protesters had also derided the cybersecurity bill, which experts and activists say could cause economic harm and stifle online dissent.

Tuesday’s vote was held amid tight security, with police manning barricades outside the legislature in the capital, Hanoi. It was not clear when the cyber law would take effect.

FILE PHOTO: The logo of Google is pictured during the Viva Tech start-up and technology summit in Paris, France, May 25, 2018. REUTERS/Charles Platiau

Human rights group Amnesty International said the law was a “devastating blow” for freedom of expression, allowing the state to force tech companies to hand over potentially vast amounts of data, including personal information, and censor users’ posts.

“With the sweeping powers it grants the government to monitor online activity, this vote means there is now no safe place left in Vietnam for people to speak freely,” Clare Algar, Amnesty’s director of global operations, said in a statement.

Under the law, social media companies in Vietnam are required to remove offending content from their platforms within one day of receiving a request from the authorities.

Vo Trong Viet, head of the defence and security committee that drafted the law, said the requirement to store data inside Vietnam was feasible, crucial to fighting cyber crime and in line with international rules.

“Placing a data centre in Vietnam increases costs for businesses but is a necessary requirement to meet the cybersecurity need of the country,” he told legislators.

The United States and Canada had urged Vietnam to delay the vote and review the law to ensure it aligned with international standards and address concerns that it may hurt the growth of a digital economy in Vietnam, where its 94 million people are a target for global consumer brands.

About 55 million Vietnamese are regular social media users, according to a 2018 global digital report by the media consulting firm We Are Social, and Hootsuite, a social media management firm.

Vietnam ranked seventh among active Facebook-using countries, the report said, while its economic hub, Ho Chi Minh City, was number 10 among cities with active Facebook users.

Canada said some of the localisation requirements might increase costs, uncertainty and risks for Canadian businesses and inhibit their global operations. The Vietnam Digital Communication Association said the requirements could reduce Vietnam’s gross domestic product by 1.7 percent and wipe off 3.1 percent of foreign investment. Trade and foreign investment are crucial to Vietnam’s economy.

Reporting by Mai Nguyen; Editing by Martin Petty and Darren Schuettler

Facebook Memories: A Central Place To View 'On This Day' Posts

, Opinions expressed by Forbes Contributors are their own.

The Facebook application displayed on a smartphone. (Photo by Guillaume Payen/SOPA Images/LightRocket via Getty Images)

</div> </div> <p><span>Facebook <a href="https://newsroom.fb.com/news/2018/06/all-of-your-facebook-memories-are-now-in-one-place/" target="_blank" data-ga-track="ExternalLink:https://newsroom.fb.com/news/2018/06/all-of-your-facebook-memories-are-now-in-one-place/" rel="nofollow">has announced</a> a new section called “Memories.” Memories is a central place to view “On This Day” content. The Memories feature&nbsp;will also highlight friends that you made on that day in the past with collages and videos that celebrates “friendversaries.” In&nbsp;that section, there&nbsp;will be seasonal or monthly recaps of memories that are bundled into short videos or messages. And if you do not check the memories page for a while, it will show posts that you may have missed from the past week.</span></p> <p><span>In the announcement, Facebook product manager Oren Hod pointed out that over 90 million people use the “On This Day” feature per day. Hod also cited </span><a href="https://blog.prototypr.io/facebook-memories-the-research-behind-the-products-that-connect-you-with-your-past-f9a1d8a49a43" target="_blank" data-ga-track="ExternalLink:https://blog.prototypr.io/facebook-memories-the-research-behind-the-products-that-connect-you-with-your-past-f9a1d8a49a43" rel="nofollow"><span data-ga-track="ExternalLink:https://blog.prototypr.io/facebook-memories-the-research-behind-the-products-that-connect-you-with-your-past-f9a1d8a49a43">research</span></a><span> that reflecting on memories can have a positive impact on people’s mood.</span></p>

Facebook

Facebook Memories

</div> </div> <p> </p> <p>&quot;We know that memories are deeply personal — and they’re not all positive. We try to listen to feedback and design these features so that they’re thoughtful and offer people the right controls that are easy to access,&quot; wrote Hod. &quot;We work hard to ensure that we treat the content as part of each individual’s personal experience, and are thankful for the input people have shared with us over the past three years.&quot;</p> <p><span>If there are certain people, dates or date ranges that you would like to filter out from Memories, then you can set that up in the Preferences section:</span></p>

Facebook

Facebook Memories Preferences

</div> </div>

<p><span>According to <a href="https://www.theverge.com/2018/6/11/17442720/facebook-memories-on-this-day-month-launch" target="_blank" data-ga-track="ExternalLink:https://www.theverge.com/2018/6/11/17442720/facebook-memories-on-this-day-month-launch" rel="nofollow">The Verge</a>, Facebook also attempts to automatically detect and filter out negative memories based on certain keywords and reactions.</span></p> <p><span>The memories can still be accessed from the Memories bookmark to the left of the News Feed on the desktop version or under the “more” tab at the bottom-right of the mobile app version of Facebook. Links to Memories will also appear in notifications, the News Feed and you can also go directly to the section by going to </span><a href="http://facebook.com/memories" target="_blank" data-ga-track="ExternalLink:http://facebook.com/memories" rel="nofollow"><span data-ga-track="ExternalLink:http://facebook.com/memories">facebook.com/memories</span></a><span>.</span></p> <p>Facebook originally announced &quot;On This Day&quot; <a href="https://newsroom.fb.com/news/2015/03/introducing-on-this-day-a-new-way-to-look-back-at-photos-and-memories-on-facebook/" target="_blank" data-ga-track="ExternalLink:https://newsroom.fb.com/news/2015/03/introducing-on-this-day-a-new-way-to-look-back-at-photos-and-memories-on-facebook/" rel="nofollow">in March 2015</a>. And the &quot;On This Day&quot; feature had evolved from the Lookback video and Say Thanks video that Facebook released in 2014.</p> <p>This is not the only feature that Facebook announced recently. Last month at the F8 conference, <a href="https://www.forbes.com/sites/amitchowdhry/2018/05/06/social-media-roundup-facebook-dating-feature-instagram-video-chat-whatsapp-group-video-calls/#7f5d20fe12d4" target="_self">Facebook said it was launching</a> a dating feature, a Clear History function (see information about apps and websites you interact with and delete it), augmented reality in Messenger, video chat in Instagram and group video calls in WhatsApp.</p>” readability=”49.0961080222″>

The Facebook application displayed on a smartphone. (Photo by Guillaume Payen/SOPA Images/LightRocket via Getty Images)

Facebook has announced a new section called “Memories.” Memories is a central place to view “On This Day” content. The Memories feature will also highlight friends that you made on that day in the past with collages and videos that celebrates “friendversaries.” In that section, there will be seasonal or monthly recaps of memories that are bundled into short videos or messages. And if you do not check the memories page for a while, it will show posts that you may have missed from the past week.

In the announcement, Facebook product manager Oren Hod pointed out that over 90 million people use the “On This Day” feature per day. Hod also cited research that reflecting on memories can have a positive impact on people’s mood.

Facebook

Facebook Memories

“We know that memories are deeply personal — and they’re not all positive. We try to listen to feedback and design these features so that they’re thoughtful and offer people the right controls that are easy to access,” wrote Hod. “We work hard to ensure that we treat the content as part of each individual’s personal experience, and are thankful for the input people have shared with us over the past three years.”

If there are certain people, dates or date ranges that you would like to filter out from Memories, then you can set that up in the Preferences section:

Facebook

Facebook Memories Preferences

According to The Verge, Facebook also attempts to automatically detect and filter out negative memories based on certain keywords and reactions.

The memories can still be accessed from the Memories bookmark to the left of the News Feed on the desktop version or under the “more” tab at the bottom-right of the mobile app version of Facebook. Links to Memories will also appear in notifications, the News Feed and you can also go directly to the section by going to facebook.com/memories.

Facebook originally announced “On This Day” in March 2015. And the “On This Day” feature had evolved from the Lookback video and Say Thanks video that Facebook released in 2014.

This is not the only feature that Facebook announced recently. Last month at the F8 conference, Facebook said it was launching a dating feature, a Clear History function (see information about apps and websites you interact with and delete it), augmented reality in Messenger, video chat in Instagram and group video calls in WhatsApp.