News / E-commerce logistics operators will be hit hard by new HMRC rules

first_img© Mike Clegg UK e-commerce logistics operators are to be hit by a wave of new regulations as tax authorities seek to claw back billions of unpaid duty.Transport and logistics law specialist Howard Catherall has warned that companies involved in distributing e-commerce goods will be subject to the new Fulfilment House Due Diligence Scheme, which Her Majesty’s Revenue & Customs (HRMC) is set to bring into law next year.This it is said will “place a heavy administrative burden and new obligations on any company or individual storing goods which are imported from outside the EU and being offered for sale online”.“This is a completely new system of regulation and operators simply can’t afford to ignore it. The deadlines are set, the requirements are clear and there is no room for manoeuvre,” said Mr Catherall, a partner with Gotelee Solicitors.The new scheme is designed to collect up to £1.5bn of unpaid VAT and customs duty that has been uncollected because fulfilment houses are being used by unscrupulous retailers based outside the EU.“HMRC says there is systematic under-declaration of value and misdeclaration of goods, with no VAT being paid following the online sale,” Mr Catherall said.The scheme is scheduled to go live next April, but e-commerce fulfilment firms already operating have to register with the HMRC by the end of June this year – and face a £500 fine for each month registration is late.Additionally, Mr Catherall said, the definition of what constitutes a fulfilment business “goes much further than many might expect, ranging from a large-scale operation to a few spare shelves in a warehouse, to an individual channelling products through their spare bedroom or garage”.And the scheme will require fulfilment operators to keep details of their customers, and if they know or have grounds to suspect that particular businesses or individuals are not meeting VAT and customs obligations, they will have to notify HMRC and not do any more business with that party.Any breach of that would lead to a £3,000 penalty. Non-compliance could lead to a company going out of business.A fulfilment house will be required to keep records of customer details, VAT information, descriptions of the types and quantities of goods being stored, import entry numbers and other information.“That in itself is particularly onerous,” said Mr Catherall. “The operator has to do this for each and every individual or business based outside the EU which sells non-EU goods on line, at a time when they are stored in the UK warehouse. It is an incredible amount of work,”This means fulfilment firms will have to check the contents of the boxes they handle to keep an accurate record of type and quantity, and that may have Trading Standards implications, as logistics operators could be held responsible for any goods despatched that don’t meet safety standards.“If a shipment comes in stating that a carton contains 100 toasters, you can’t simply say you have the carton and that the import numbers match up. It requires someone to open the carton and check it does indeed contain toasters, and the right number of them.“If a faulty toaster went out and subsequently injured someone, inevitably Trading Standards would follow the audit trail and ask: ‘you looked at the toasters – what did you do to satisfy yourself that they were safe?’,” he said. By Gavin van Marle 05/04/2018last_img read more

It started with a rumor. Now data show a drug is effective against graft-versus-host disease

first_img What’s included? Unlock this article — and get additional analysis of the technologies disrupting health care — by subscribing to STAT+. First 30 days free. GET STARTED Stem cells from bone marrow are filtered and tests before being transplanted. AP Photo/David J. Phillip STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Cancer patients inherit brand-new immune systems after undergoing bone marrow transplants. Though this intensive therapy can rid the body of malignancies, it often triggers graft-versus-host disease — a condition in which freshly adopted immune cells mount violent attacks on a person’s tissues and organs, viewing them as foreign.Other than steroids, which only work about half of the time, there have been few options to treat the disease. GVHD, as the condition is known, is often fatal. [email protected] Health Log In | Learn More GET STARTED Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr.center_img It started with a rumor. Now data show a drug is effective against graft-versus-host disease Meghana Keshavan @megkesh What is it? About the Author Reprints Biotech Correspondent Meghana covers biotech and contributes to The Readout newsletter. By Meghana Keshavan April 22, 2020 Reprints Tags biotechnologycancerSTAT+last_img read more

WATCH: Two national titles for Laois athletes at Indoor Championships

first_img Laois County Council create ‘bigger and better’ disability parking spaces to replace ones occupied for outdoor dining Pinterest Twitter Facebook WATCH: Two national titles for Laois athletes at Indoor Championships Twitter RELATED ARTICLESMORE FROM AUTHOR Laois County Council team up with top chef for online demonstration on tips for reducing food waste By Alan Hartnett – 19th February 2018 Barry Pender and Sarah Buggy claimed National Indoor titles There was great success for two Laois athletes at the National Indoor Championships this weekend.The St Abban’s duo of Barry Pender and Sarah Buggy won their respective events in some style in the National Indoor Arena in Abbotstown.This was a second straight title for Buggy in the Triple Jump after she won gold last year.She reaffirmed her position as the number one female triple jumper in the country with a hop, skip and jump of 13.02m.Some distance ahead of Lydia Mills from Queens University AC who came second following a jump of 11.17m.Barry Pender saved the best for last for the crowd with a swashbuckling performance to win the men’s high jump.The Killeshin native’s incredible leap of 2.24m brought a huge roar from the fans and sent them home happy.He is now set to take part in a big Grand Prix in Athlone on Wednesday. TAGSBarry PenderNational Indoor ChampionshipsSarah Buggy Rugby center_img Pinterest WhatsApp Previous articleApplications now open to volunteer at Electric PicnicNext articleInterior Design Alan HartnettStradbally native Alan Hartnett is a graduate of Knockbeg College who has worked in the local and national media since 2008. Alan has a BA in Economics, Politics and Law and an MA in Journalism from DCU. His happiest moment was when Jody Dillon scored THAT goal in the Laois senior football final in 2016. Community Council WhatsApp Facebook Incredible jumping from Barry Pender St Abbans AC who cleared 2.24 in the men’s high jump at the @irishlifehealth Nationl Seniors! pic.twitter.com/iqtEfaJLLG— Athletics Ireland (@irishathletics) February 18, 2018SEE ALSO – Excitement building for Laois family as Our Duke gets set for Cheltenham Home Sport Athletics WATCH: Two national titles for Laois athletes at Indoor Championships SportAthletics Ten Laois based players named on Leinster rugby U-18 girls squadlast_img read more

FINRA fines Wall Street firms US$9.1 million over leveraged ETF sales

BFI investors plead for firm’s sale Share this article and your comments with peers on social media The firms were fined more than US$7.3 million and are required to pay a total of US$1.8 million in restitution to certain customers who made unsuitable leveraged and inverse ETF purchases. Wells Fargo received the largest fine of US$2.1 million, and US$641,489 in restitution. Citigroup got a US$2 million fine and US$146,431 in restitution; Morgan Stanley was hit with a US$1.75 million fine and US$604,584 in restitution, and UBS faces a US$1.5 million fine and US$431,488 in restitution. The firms neither admitted nor denied the charges, but consented to FINRA’s findings. Regulators have been concerned about the suitability of sales of complex leveraged and inverse ETFs to retail investors over the past couple of years, noting that they carry risks that are not found in traditional ETFs. Features such as daily resets, leverage and compounding can mean that the performance of these sorts of ETFs differs significantly from the performance of the underlying index or benchmark when held for longer periods of time, particularly during volatile markets, regulators have warned. “The added complexity of leveraged and inverse exchange-traded products makes it essential that brokerage firms have an adequate understanding of the products and sufficiently train their sales force before the products are offered to retail customers. Firms must conduct reasonable due diligence and ensure that their representatives have an understanding of these products,” said Brad Bennett, FINRA executive vice president and chief of enforcement. In this case, FINRA found that from January 2008 through June 2009, the firms did not have adequate supervisory systems in place to monitor the sale of leveraged and inverse ETFs, and failed to conduct adequate due diligence regarding the risks and features of the ETFs. As a result, it says, the firms did not have a reasonable basis to recommend the ETFs to their retail customers. It also says that the firms’ registered reps made unsuitable recommendations of leveraged and inverse ETFs to some customers with conservative investment objectives. Each of the four firms sold billions of dollars of these ETFs to customers, some of whom held them for extended periods when the markets were volatile, it adds. James Langton PwC alleges deleted emails, unusual transactions in Bridging Finance case Related news Keywords EnforcementCompanies Financial Industry Regulatory Authority Mouth mechanic turned market manipulator U.S. securities regulators have sanctioned four Wall Street firms for unsuitable sales of leveraged and inverse exchange-traded funds. The Financial Industry Regulatory Authority announced that it has levied US$9.1 million in fines and restitution against four firms, Citigroup Global Markets, Inc.; Morgan Stanley & Co., LLC; UBS Financial Services; and Wells Fargo Advisors, LLC amid allegations that the firms sold leveraged and inverse ETFs without reasonable supervision, and did not have a reasonable basis for recommending the securities. Facebook LinkedIn Twitter read more

CSA recommends greater co-operation on cybersecurity

first_img James Langton Although Canada’s securities industry generally has good plans for dealing with cybersecurity incidents, it needs to develop more formal mechanisms for sharing information in the event of a disruptive attack, the Canadian Securities Administrators (CSA) suggest in a report issued on Thursday. Share this article and your comments with peers on social media OSFI seeks to step up sector’s cyber resilience Keywords CybersecurityCompanies Canadian Securities Administrators As investors go online, criminals follow New York boosts cybersecurity Related news ESMA launches digital finance consultation The report details the results of a cybersecurity roundtable that regulators hosted with a cross-section of investment industry firms and organizations on Feb. 2, which aimed to explore cybersecurity issues and responses to a large-scale incident by examining a couple of hypothetical scenarios. “The discussions highlighted the interconnected nature of the Canadian securities markets ecosystem and the importance of co-operation and information sharing in responding to a cybersecurity incident and reducing the risk of contagion,” the CSA’s report notes. “In the view of roundtable participants, cybersecurity incidents can potentially have far-reaching implications beyond the immediate organizations that are affected, notably if core systems are impacted.” Read: Fortress data: cybersecurity update The CSA reports that roundtable participants indicated that the industry’s individual incident response plans (IRPs) “are generally quite detailed and complete” in terms of their internal procedures, but that these plans should also “address co-ordination and information sharing with other stakeholders, particularly in the context of a potentially market-wide cybersecurity incident.” The existing, informal approach to information sharing and communication generally works well, the CSA notes; yet, it adds that “relying on more formal communication channels and co-ordination in the event of a market-wide cybersecurity incident may contribute to improved response and recovery.” As a result, the CSA intends to “work toward a more formal co-ordination process beyond the existing processes that are in place.” “There was a clear agreement on the importance of co-operation and information sharing in responding to a cybersecurity incident and reducing the risk of contagion,” says Louis Morisset, chairman of the CSA and president and CEO of the Autorité des marchés financiers (AMF), in a statement. In addition, roundtable’s participants discussed the need to test and update these plans, the report says: “Conducting regular drills and assessments of IRPs and protocols is essential in ensuring that they are up-to-date and effective.” The CSA’s report stresses that firms need to have internal controls and processes for reporting security breaches; regulators “also expect that registrants continue to remain vigilant in developing, implementing and updating their approach to cybersecurity hygiene and management.” Photo copyright: maxkabokov/123RF Facebook LinkedIn Twitterlast_img read more

CRA says U.S. Covid-19 payments not taxable in Canada

first_img Share this article and your comments with peers on social media Facebook LinkedIn Twitter Americans living in Canada who received U.S. government assistance related to the Covid-19 pandemic will not have to include these amounts in income on their Canadian tax returns, the Canada Revenue Agency (CRA) said in a recent technical interpretation. “The amount of any advance payment received, or tax credit claimed, under the U.S. EIP [Economic Income Payment Program] by a Canadian resident individual, would not be required to be included in the individual’s income under the Income Tax Act,” the CRA interpretation dated Aug. 31 stated.  Rudy Mezzetta center_img A see through piggy bank with money coins pogonici/123RF A technical interpretation provides the CRA’s interpretation of specific provisions of Canadian income tax law. However, the interpretation does not itself determine the tax treatment of a taxpayer’s particular situation.The U.S. EIP, which is part of an economic stimulus package under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), is a refundable tax credit for U.S. citizens and U.S. resident aliens. Under the program, taxpayers automatically received a payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child. Most eligible individuals receive an advance payment of the tax credit in 2020.The tax credit is adjusted lower once adjusted gross income reaches certain threshold amounts and eliminated entirely for single filers with income exceeding $99,000, and for joint filers without children with income exceeding $198,000.In the interpretation, the CRA noted that a resident of Canada for income tax purposes is “subject to income tax in Canada on their worldwide income; that is, on their income, whether it be Canadian source or foreign source income.”However, in the case of U.S. EIP, “we would not consider a reduction of U.S. income taxes in the circumstances described — either in the form of a tax credit or an advance payment — to be income from a source for Canadian income tax purposes and hence not taxable.”The CRA’s interpretation will be “welcome news to the thousands of U.S. citizens living in Canada who may have received a U.S. EIP cheque this year,” said Jamie Golombek, managing director of tax and estate planning with CIBC Private Wealth Management.“It means they will be able to keep 100% of the U.S. government assistance — assuming their income is below the limits — without needing to set aside any for Canadian income taxes.”last_img read more

COVID-19 CMA launches investigation into airlines over refunds

first_imgCOVID-19 CMA launches investigation into airlines over refunds The move comes as part of ongoing work by the Competition and Markets Authority (CMA) in relation to holiday refunds during the coronavirus (COVID-19) pandemic.The investigation will consider situations where airlines continued to operate flights despite people being unable lawfully to travel for non-essential purposes in the UK or abroad, for example during the second lockdown in England in November.The CMA is aware that, in some cases where flights were not cancelled, customers were not offered refunds even though they could not lawfully travel. Instead, many were offered the option to rebook or to receive a voucher.The CMA recognises that the airlines sector, like many others, is under strain due to the pandemic. However, it is concerned that certain airlines may have breached consumers’ legal rights by failing to offer cash refunds, leaving people unfairly out of pocket, and has therefore opened an investigation to examine the matter further.Andrea Coscelli, Chief Executive of the CMA, said:We will be carefully analysing all the evidence to see whether any airlines breached consumers’ legal rights by refusing people cash refunds for flights they could not lawfully take.We recognise the continued pressure that businesses are currently facing, but they have a responsibility to treat consumers fairly and abide by their legal obligations.The CMA will be working closely with the UK Civil Aviation Authority as it progresses its investigation.While the Civil Aviation Authority (CAA) leads on consumer protection in the airline sector, the CMA has undertaken extensive action in connection with cancellations and refunds during the pandemic and is well placed to support the CAA on these issues. The CMA and the CAA continue to work closely and share the same enforcement powers to tackle breaches of consumer protection law.The CMA will now be writing to a number of airlines requiring information to understand more about their approaches to refunds for consumers prevented from flying by lockdown.Following a careful analysis of this evidence, the CMA then will decide whether to launch enforcement action against individual airlines.NotesIt should not be assumed at this stage of the CMA’s investigation that any airline has breached consumers’ rights. The CMA has not reached a view on this issue and, ultimately, only a court can decide whether this has occurred.At this stage, the CMA is not disclosing the identities of the airlines it will be writing to. Should it decide to launch enforcement action, it will likely name the airline(s) involved at that time, in line with its transparency policy in consumer enforcement cases.As an enforcer under Part 8 of the Enterprise Act 2002, the CMA cannot levy administrative fines, but it can enforce consumer protection legislation through the courts, and where appropriate, obtain additional measures to improve consumer choice, drive better compliance with the law, or obtain redress for consumers. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:airline, Aviation, cash, civil aviation, coronavirus, court, covid-19, Government, Holiday, investigation, launch, law, legislation, pandemic, travel, UK, UK Governmentlast_img read more

Premium Private Label Wines Driving Growth

first_imgPinterest AdvertisementIf your idea of a private label wine is “Two-Buck Chuck” from the supermarket chain Trader Joe’s, think again. While the first privates label wines started by national and regional chains tended to be lower-priced wines, the current trend is the premiumization of the entire U.S. wine industry, and that extends to the world of private label wines as well.The easiest place to see this premiumization trend in action, of course, is in the number of private label wines that are now winning prestigious awards for their quality. The German retail chain Lidl, for example, recently won 100 medals at the International Wine Competition in Los Angeles. German discount retailer Aldi has also been working hard to showcase the quality of its wines. Suddenly, the $10 bottle of wine found at your local supermarket comes with the same sort of accolades and attention as a $20 or $30 bottle of wine at a high-end wine shop.So what’s driving this dynamic? Many wine industry experts point to the expanding purchasing power of young Millennial wine drinkers, who are both more experimental than their older Baby Boomer peers as well as more open to spending money on innovative wine blends from around the world. According to Wine Spectator, millennials now account for 42% of all wine purchased.So, while older Baby Boomers may still have a fondness for single varietal blends from specific wine regions of the world, Millennials are much more open to the idea of distinctive wine blends coming from unique locations. And, most importantly, they are open to the idea of paying a premium price if the wine is accompanied by a story and brand narrative that they support.And, of course, wine retailers and on-premise establishments would not be so firmly behind the trend of premium private label wine brands if it wasn’t helping to boost their bottom line, right? On average, retailers can expect 30-35% margins on branded wines, but a staggering 50-55% margin on private label wines. And if the private label also happens to be a premium label, that margin could be even higher.Not surprisingly, retailers have found a number of clever ways to encourage the premium wine trend. They have noticed, for example, that young millennials are big fans of subscription-based meal kits, so they are now advertising their own meal kits, paired with their own private label wines. Thus, an overworked millennial looking to splurge on a healthy and tasty meal mid-week while not breaking the bank on a bottle of wine now has a very affordable option.To see the premiumization theme in full force, it’s worth considering how the trend has already completely transformed the UK retail wine sector. While private label wines account for just 17% of all wine sales in the U.S, the figure is much closer to 35% in the UK. And, in the UK, the big leaders of the private label trend are the supermarkets. According to retailers like Marks & Spencer, British consumers are rapidly trading up from cheaper branded lines and regular private label tiers to more expensive, premium private labels. In fact, the change in mindset has been so complete that many British consumers are no longer making the choice between a premium private label wine and a cheaper branded wine, they are making the choice between a premium private label wine and a sparkling wine or premium gin.To help promote this trend of premiumization, there is a lot that supermarkets and other retailers can do. For one, they can host more in-store events and promotions – such as tastings and the pairing of meal kits and private label wines. They can also explore new retail formats that make clear the premium value proposition. For example, in the UK, Tesco even created a special pop-up store that focused on its finest-quality private label products (including wines).In the U.S. market, Trader Joe’s is not resting on its laurels. Stop into any Trader Joe’s store that sells wine (which, unfortunately, is not all of them, due to state-by-state regulatory requirements), and you’ll notice shelf after shelf filled with private label wines, all of them at different price points. In fact, the Charles Shaw (“Two Buck Chuck”) private label wines are usually placed in a different part of the wine section entirely, to separate them from the unique blends and varietals that Trader Joe’s is selling under other labels such as Coastal.The key reason why the “premium trend” has legs is because consumers feel that they are getting a real value with every purchase. It’s no longer about getting a “cheap wine” – it’s about getting a “value wine.” Wine consumers can now compare, side-by-side, two different bottles. They might have a favorite go-to brand for their wine, but when they see a similar bottle of wine priced a few dollars lower, they will be tempted to compare them. And when they see that the lower-priced wine comes from a unique terroir, is supported by an engaging brand identity, and oh yes, also happens to have won a few wine awards, then the choice is an easy one.The most exciting part about the premium trend is that all signs point to rapid growth over the next five years. According to industry analysts, growth over the next five years will be even more rapid than in the preceding five-year period. In addition to Trader Joe’s, Whole Foods Market, Costco, Aldi and Lidl all are active in the private label market. Even Target – a store that many would not normally associate with wine – is even getting behind the idea of private label wines, driven in large part by the earlier success of its other private label products.Premium private label wines are here to stay. In some cases, the branding of these private labels is so unique that consumers might not even realize that they are choosing a private label wine over a traditional branded wine. We’ve already seen how this trend has transformed the UK wine landscape, and now we’re starting to see the same features within the U.S. wine market.If you are a retailer or on-premise establishment looking for ways to tap into this important new theme of premiumization, you won’t want to miss the upcoming International Bulk Wine & Spirits Show (IBWSS) in San Francisco, which will highlight the many ways that participants can get involved with private label wines.For more information on IBWSS San Francisco, please visit: www.ibwsshow.comAdvertisement TAGSBulk WineIBWSSInternational Bulk Wine & Spirits ShowPrivate Label Home Industry News Releases Premium Private Label Wines Driving GrowthIndustry News ReleasesWine BusinessPremium Private Label Wines Driving GrowthBy Press Release – July 10, 2018 1250 0 Share Facebook Twitter ReddIt Email Linkedin Previous articleSustainable Ag Expo Announces Dr. Michael McCarthy as 2018 Featured SpeakerNext articleAfternoon Brief, July 10 Press Releaselast_img read more

Ensure Children Take Medical Exam – Radcliffe

first_imgRelatedEnsure Children Take Medical Exam – Radcliffe Ensure Children Take Medical Exam – Radcliffe CultureSeptember 3, 2012 RelatedEnsure Children Take Medical Exam – Radcliffe FacebookTwitterWhatsAppEmail Acting Chief Education Officer, Clement Radcliffe, is appealing to parents to ensure that their children undergo the structured medical examination, being implemented by the Ministry, to detect any physical or mental abnormalities, which could affect learning and behaviour. Mr. Radcliffe, who was addressing a recent JIS Think Tank, said the aim is to give educators and parents an early indication of any problems to have these addressed early. “We want to identify problems at the start, so that remedial action can be devised and implemented in a humane, effective and practical way,” he stated. Students entering school at the early childhood level, grade one at primary school and grade seven in secondary school, are being asked to take the structured medical examination. Mr. Radcliffe said that the testing process, which is in collaboration with the Ministry of Health, will begin this September and extend over four months. Portfolio Minister, Hon. Rev. Ronald Thwaites, at a back-to-school press conference earlier this month, said teachers and principals must encourage parents to have their children take the test. “It (the test) can’t all be done before September morning, but it must be done certainly, during the first part of the term, where we look not only at the physical health of the children, which is so important for their education, but also look at their emotional stability and their social arrangements, which will help to ensure that they make the best of their educational opportunities,” the Minister stated. Rev. Thwaites added that the Ministry is seeking to engage the services, both voluntary and professional, of counselling psychologist and social workers.  “We will be stressing to our guidance counsellors the need to develop a profile of each of the children under their care, especially those entering an educational institution,” he stated. Mr. Radcliffe told JIS News that the medial assessment will not replace the medical tests that are usually required by schools.center_img RelatedEnsure Children Take Medical Exam – Radcliffe Advertisementslast_img read more

Blog: Ten years on, telcos chase mindset shift

first_img It was certainly a déjà vu experience at the 5G Asia conference last week when the discussion at a big data analytics panel turned to the continued mindset and cultural gap between mobile operators and the so-called OTT players.The response from panelists, to the simple question “why are global internet companies ahead in using data analytics?”, took me back to 2006 when I attended my first billing events in the region.I recall the talk back then of the need for a real mindset shift, to hire people from outside, to change the internal culture, to take on more risks. A decade later, after billing conferences have morphed into CEM (customer experience management) and then to big data events, the themes have generally changed very little.YLT Communications (Malaysia) CEO Wing Lee bluntly said: “Telcos are used to moving bits, they don’t understand the importance of data. Internet businesses thrive on data. It requires a total mindset change. They [operators] have to go to school and wise up quickly.”Ahmed Saady Yaamin, VP of business intelligence at Robi Axiata in Bangladesh, argued that it has to do with how telcos interact with their customers compared with the OTT firms. “The lack of customer trust with telcos allows OTTs to gather more personal data and deliver more personal services.”Users are willing to sign away access to certain personal data, which is the way the internet players generate revenue. Telcos haven’t been able to reach that level of trust with their customers, participants grumbled.A comment from the audience suggested that the ongoing gap was due in large part to regulatory issues that limit data sharing. But the moderator, Virat Patel, MD of Pioneer Consulting Asia, noted it was important for operators to determine what they can do within these constraints, since they aren’t likely to be removed any time soon.It was interesting that in the next big data session, Huawei’s Zhang Lufeng claimed that data openness is the key for data monetisation.Top-down strategyThe panel was in agreement that it starts with the type of people being hired, but also requires a top-down approach, with top management having to understand the objectives and how to improve analytics. A common problem is that many firms avoid transparency and sharing data between departments and even between executives, which again is a cultural, mindset issue.Robi’s Yaamin noted that just the fact that most telcos see a call centre as a cost centre is telling. From another point of view, he said a call centre can move to monetising insights gleaned from interactions with customers.As for the opportunity to sell data to other companies, particularly consumer brands, he insisted that the market is not mature and telcos don’t have that much confidence to move ahead in this area.Wing from YLT said: “Big data is about action, otherwise it’s just a bunch of guys looking at spreadsheets and a waste of storage space. There has to be a fundamental change to embrace analytics.”Let’s see if that message has been widely adopted by 2026.The editorial views expressed in this article are solely those of the author and will not necessarily reflect the views of the GSMA, its Members or Associate Members. Big data, universal panacea HomeBlog Blog: Ten years on, telcos chase mindset shift Previous ArticleTelenor Myanmar targets network expansionNext ArticleThai regulator sets date for 1.8GHz auction AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 04 OCT 2016 Blog Big Datacultural gapmindset shift Related Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he… Read more Author Big data, big problems Tags Joseph Waring last_img read more