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ADAPTIVE INSIGHTS ACHIEVES CUSTOMER AND GROWTH MILESTONES AS COMPANY SCALES FOR FUTURE

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ADAPTIVE INSIGHTS ACHIEVES

Tops 3,000 global customers in rapidly growing cloud CPM market

Adaptive Insights, the leader in cloud corporate performance management (CPM) for the biggest brands and the fastest-growing companies, today announced another record quarter, capping a year of corporate, product, and customer milestones for the high-growth company. Performance for Q4 2015 continued the company’s strong momentum in the cloud CPM market, ending the year with 50 percent+ year-over-year (YoY) growth in total annual recurring revenue (ARR) bookings. As part of a broader leadership expansion plan, the company appointed a new CFO, Jim Johnson, former CFO of TIBCO Software and Jasper Software. It also appointed new board member Mark Templeton, former CEO of mobile workspace provider Citrix (NASDAQ: CTXS).

With market share expanding across enterprise and midsize company categories, Adaptive Insights now has over 3,000 customers, more than three times the customers of all other cloud CPM competitors combined. Additions to the company’s global customer list in Q4 2015 include Applied Micro, BDO Canada, Cal Poly San Luis Obispo, Epcor Utilities, Pei Wei Asian Diner, P.F. Chang’s China Bistro, Planned Parenthood Federation of America, Sirius Decisions, The University of Edinburgh – Accommodation Services, U.C. Davis Office of Research, and Young Presidents Organisation.

“Adaptive Insights has consistently shown strong growth, and this past year represents a milestone one as the company significantly increased its enterprise customer base,” said Kevin Dobbs, CEO at SaaS research and consulting firm Montclare. “As a pioneer in the cloud CPM space, they enable real-time access to business critical insights, which contributed to Adaptive Insights’ #16 rank on the MontclareSaaS 250, which showcases the most successful SaaS companies in the world.”

Throughout 2015, the company had significant corporate, product, customer, and partner achievements, including hiring new CEO Tom Bogan; raising $75M in venture funding; launching a new Adaptive Revenue Solution; becoming a Workday certified partner; and receiving top rankings for product/services scores across multiple use cases in the Gartner Critical Capabilities report.

“Closing out the most successful year in our history, it is clear that cloud CPM solutions are enabling finance teams of all sizes and across all industries to inform their business,” said Tom Bogan, CEO of Adaptive Insights. “Looking ahead, we anticipate continued demand, particularly in the enterprise where cloud solutions are replacing on-premises software. As a result, we are scaling our global teams and operations to meet this demand and move into our next phase of growth.”

Q4 Highlights

Adaptive Insights continues its corporate and industry leadership with key milestones, including:

  • Industry recognition. Adaptive Insights’ was named to the 2015 Deloitte Fast 500 Technology list, which recognises high-growth companies, for the fifth consecutive year. Adaptive Insights is the only cloud CPM vendor recognised and a record 20 percent of the list are Adaptive Suite customers
  • Strong international growth. Q4 2015 sales span 35 countries, underscoring continued global expansion. Key international customers include eClerx Services (India), Gulf Finance Corporation (Dubai), Hedeselskabet (Denmark), Latin American Caribbean Internet Address Registry (LACNIC) (Uruguay), The Tax Institute (Australia), and William Reed Business Media (United Kingdom). The Nordics are a rapidly growing region, with 10 new customers in Q4 including Cxense (Norway) and HelvarMerca (Finland)
  • Expanding partner network. Adaptive Insights experienced strong growth across its global partner network. In addition to becoming a Workday certified solutions partner, Adaptive Insights also expanded globally with new 19 new partners in six countries, including Canada, Singapore, and South America, among others
  • Highest customer satisfaction. Continuing its leadership position in customer satisfaction rankings, Adaptive Insights achieved the number one position in end-user satisfaction in the Trust Radius Corporate Performance Management Software TrustMap report. The company’s continued focus on delivering easy to use/easy to implement solutions drove a Q4 2015 100+ percent revenue renewal rate, including upsells

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Holiday bookings soar as Britons hope for travel restart

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Holiday bookings soar as Britons hope for travel restart 1

By Sarah Young

LONDON (Reuters) – International holiday bookings surged by as much as 600% after Britain laid out plans to gradually relax coronavirus restrictions, giving battered airlines and tour operators hope that a bumper summer could come to their rescue.

EasyJet said flight bookings from Britain jumped over 300% and holiday bookings surged by more than 600% week on week after the government indicated on Monday that travel could restart from mid-May, while holiday company TUI UK said that its holiday bookings surged 500%.

This summer is make-or-break for many airlines and holiday companies which are struggling to survive with close to a year of almost no revenue due to pandemic restrictions. Without it many will need extra funds after burning through cash reserves.

UK-listed travel stocks were buoyed after new bookings flooded in on Monday evening and Tuesday despite ongoing uncertainty over exactly how and when international routes can reopen.

Shares in easyJet jumped 9%, while British Airways-owner IAG traded up 6%, TUI and Jet2 both jumped 6% and Ryanair was 3% higher.

While British tourists are some of the biggest spenders in Europe, the presence of a more infectious variant of coronavirus in the UK could alarm some countries. France and Spain have shut their borders to most UK travellers due to variants.

UK holidaymakers will know more on April 12 when the government publishes a travel review. It has said that a lockdown ban on most international travel will stay until at least May 17.

That should give airlines time to plan their summer schedule, a process which takes months.

EasyJet said trips from the UK to beach destinations such as Malaga, Alicante and Palma in Spain, Faro in Portugal and Crete, Greece, were the most popular destinations with holidaymakers keenest to travel in August. July and September were the next most popular months.

TUI said destinations in Greece, Spain and Turkey were the most booked overnight, with people opting to go from July onwards.

Britain’s route back to normality is helped by rapid progress with its vaccine plan. Over 17.7 million people, or a quarter of the population, have already had a first dose of the jab. The government is also considering options for vaccine passports.

The airlines and travel companies hope such progress will mean that from May 17 the UK will end its holiday ban and remove a 10-day quarantine requirement, a big deterrent for holidaymakers, and some of its COVID-19 testing rules.

(Reporting by Sarah Young, Editing by Paul Sandle and Susan Fenton)

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Concern over rich-poor divide seen on the increase during pandemic

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Concern over rich-poor divide seen on the increase during pandemic 2

By Matthew Lavietes

NEW YORK (Thomson Reuters Foundation) – People have become more concerned about the gap between rich and poor during the coronavirus pandemic, especially the young, the authors of a new global study said on Tuesday, urging governments to take steps to redress the balance.

More than 8,700 people in 24 nations were surveyed at the start and end of 2020 by the Glocalities market research agency, with the findings showing an increase in the share of respondents who thought income differences should be reduced.

As the coronavirus pummeled the global economy last year, the survey also found a 10-point rise in the percentage who said decent work and economic growth were the most important means of improving quality of life.

“It has slapped people in the face and made them realize that things are not going well,” Ronald Inglehart, one of the lead authors of the study, told the Thomson Reuters Foundation, referring to the pandemic.

“We need government intervention on a larger scale. We don’t want a state-run economy, but some of the resources need to be reallocated to balance off this powerful trend.”

Policies that will create “good-paying jobs” in the fields of child care, environmental protection and infrastructure would help address mounting frustration over income inequality Inglehart added.

Young people are particularly concerned about income disparities, the study found.

A third of respondents aged between 18 and 34 said they were more concerned about income inequality than unemployment or economic growth at the end of 2020, up from 29% at the start of the year – before the coronavirus had spread around the world.

“Feelings of being upset, being afraid, feeling let down, feeling like ‘I have no prospective anymore’ are on the rise,” said Martijn Lampert, who also co-authored the study.

“So this requires very wise and just government interventions to channel this unrest in a positive way.”

Inglehart said he sees evidence of such sentiments among the students he teaches at the University of Michigan.

“The job market is dismal … My best students, the stars, they’re finding jobs at a lower level than they’re anticipating. And the ones who aren’t stars are getting nothing,” he said.

The global economy is seen shrinking 3.5% last year, according to the latest estimates by the International Monetary Fund, and numerous studies have shown how the global health crisis has exacerbated economic inequalities.

As a result of the pandemic, the number of people living in poverty has doubled to more than 500 million, according to a report issued last month by the charity Oxfam.

Meanwhile, the collective wealth of the world’s billionaires rose $3.9 trillion between March and December 2020 to reach $11.95 trillion, the report said.

(Reporting by Matthew Lavietes; Editing by Helen Popper; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)

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Boon or bane? Malaysian island reclamation plan divides residents

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Boon or bane? Malaysian island reclamation plan divides residents 3

By Rina Chandran

(Thomson Reuters Foundation) – The island of Penang on the northwest coast of Malaysia is known for its sandy beaches, the colourful wall murals of its capital Georgetown, and its fiery street food.

In time, it will also be known for three man-made islands that state authorities say are needed to provide housing and economic opportunities for an expanding population, while also generating funds for a modern transport network.

But the Penang South Reclamation (PSR) project, dubbed BiodiverCity, has pitted the government and businesses against fishermen and environmentalists who say it will wreck the lives of residents, and damage the coast.

“The area is rich in prawns and fish. If you build islands, what we will see is permanent environmental degradation,” said Mahadi Md Rodzi, chairman of the Penang Fishermen’s Association that represents about 6,000 fisherman.

“Fishermen have been told to upskill or get another job, but many of us are born fishermen and depend on the sea to live. The proposed compensation from the state is too insufficient for something that will affect our livelihoods forever,” he said.

Many fishermen have rejected the 20,000-ringitt ($4,950) compensation offered, as well as the Environmental Impact Assessment report, which conservationists say does not reflect the potential damage or propose adequate mitigation measures.

Authorities say BiodiverCity, which is a part of the Penang 2030 vision of improving liveability and sustainability, will be a “socially and economically inclusive development” with an emphasis on green spaces, clean energy and car-free transport.

The 4,500-acre (1,821 hectares) project comprising three lilypad-shaped islands will house about 15,000 people each, and use natural and recycled materials such as bamboo and timber for construction of homes and offices, according to the plan.

But the scale of the dredging and reclamation work over more than a decade will cause “massive and long-term environmental destruction”, said Evelyn Teh, an environmental researcher in Penang.

“Fifteen years of land reclamation is a long onslaught to any marine ecology and the fishery industry that depends on it. The reclaimed islands will bury existing fishing areas while deteriorating the surrounding marine water quality,” she said.

“Coastal communities who rely on the marine and coastal area for their livelihood will experience an irreversible negative impact,” she told the Thomson Reuters Foundation.

‘COLOSSAL MISAPPROPRIATION’

From Denmark to Singapore, planners have reclaimed land from the sea for decades for offices, apartments and tourism.

Cities and island states that are running out of space are reclaiming land, expanding vertically or going underground.

A United Nations-backed partnership is studying the prospect of floating cities that can help coastal cities at risk of flooding from worsening climate-change impacts.

In Asia, land reclamation has become a contentious issue, with Cambodia and Malaysia banning sand exports, while Jakarta has suspended its reclamation project, and a plan to build an artificial island in Hong Kong has drawn fierce criticism.

Malaysia has two other major reclamation projects underway: Melaka Gateway, a deep-sea-port and cruise terminal that is part of China’s massive Belt and Road infrastructure plan, and Forest City in Johor near Singapore, aimed at foreign investors.

Large-scale reclamation allows more flexibility in city planning, but also lets governments engage “more ambitiously and aggressively with the business of land-banking,” said Keng-Khoon Ng, a lecturer at UCSI University Kuala Lumpur.

“These island-making projects are designed to boost state coffers. They represent a colossal misappropriation of resources at a time of intensifying housing unaffordability and social injustice,” he said.

But the PSR is needed as Penang has “run out of land”, resulting in ad-hoc developments, fewer economic opportunities, and a shortage of affordable housing, said Eddie Chan, executive director of SRS Consortium, the project developer.

A quarter of residential units will be earmarked for affordable housing in the average price range of 350,000 ringgit, and a fishermen’s taskforce set up by the state government is addressing any social impacts, he said.

“With proper design and construction methods applied to dredging and reclamation, and pollution prevention and mitigation measures to minimise environmental impact, we are confident that reclamation can be done sustainably,” Chan said.

RADICAL RETHINK

The PSR project, designed by Copenhagen-based Bjarke Ingels Group (BIG), is scheduled to break ground in March after approvals.

Reclamation has hugely benefited Penang, with parts of the Bayan Lepas industrial zone, as well as heritage clan jetties built on reclaimed land, said Joshua Woo, a former local councillor.

“There are fancy land reclamation projects for the wealthy, but there are also land reclamation projects for a city’s survival. PSR belongs to the latter group,” he said.

“The project will open up new economic opportunities and social spaces for us,” he added.

In fact, PSR is a “feasible solution” to address urgent environmental issues such as climate change and sea-level rises, said Farizan Darus, chief executive of government agency Penang Infrastructure Corporation that is overseeing the project.

“More than half of Penang island is hilly terrain, therefore the next best approach is land reclamation,” he said.

“Without strategic land, Penang’s growth will be stunted. Now is the best time to implement PSR to provide a much-needed economic boost to Penang, and prepare the state for the post-pandemic economy,” he added.

Meanwhile, an online petition by a local heritage advocate against the project, has garnered more than 115,000 signatures, while a group of residents have held several protests under the Penang Tolak Tambak (Penang Rejects Reclamation) banner.

In building PSR and using it to fund the 46-billion ringgit ($11.4 billion) transport network, the state is taking on a huge financial risk during an economic slowdown, and putting commercial interests above the environment and people, said Teh.

Particularly now, when the coronavirus pandemic has revealed deep-rooted inequalities in urbanisation, authorities should instead favour a “radical rethink on building back better”, she said, including low-carbon public transport networks.

“The government risks putting too much focus on a massively expensive and environmentally destructive project that will only benefit a small group of people at the expense of the wider population during an unprecedented economic crisis,” Teh said.

“Penang may be biting off more than it can chew.”

($1 = 4.03691 Malaysian ringgit)

(Reporting by Rina Chandran in Bangkok, with additional reporting by Beh Lih Yi in Kuala Lumpur; Editing by Astrid Zweynert. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)

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