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Samsung Electronics CEO to resign

South Korean electronics giant Samsung Electronics announced today that CEO and Vice Chairman Kwon Oh Hyun plans to resign, several media reported.

Company spokesperson has declined to give further details on the resignation timeline, or names of any potential successor.

Kwon stated that it is time for the company to “start anew with new spirit and young leadership” as the reason for his resignation.

His resignation sparked controversy as the company has been forecasting a record third-quarter operating profit through its memory chip business. Kwon himself had played a key role in building this business unit, earning him the title “Mr. Chip.”

It also drives Samsung further into leadership uncertainty following the imprisonment of Samsung heir Lee Jae Yong for bribery, and other executives in the company.

Amazon Studio head suspended over sexual harassment alleagtion

Amazon Studio head Roy Price has been suspended following sexual harassment allegations by Isa Hackett, a producer in the company’s series The Man in the High Castle.

Hackett first mentioned the allegation in an exclusive interview with Hollywood Reporter. She stated that the harassment happened at the San Diego Comic-Con in July 2015, and had immediately reported it to Amazon executives.

Price was suspended following the publication of the article on Thursday (local time).

The case surfaced in time with ongoing sexual harassment scandal involving Hollywood mogul Harvey Weinstein.

Amazon also stated that it is currently reviewing the projects that it runs with Weinstein’s company The Weinstein Co.

Also Read: Captain’s Log, Oct 11: Alibaba plans to spend US$15 billion on research, VentureStart launches in Singapore

Indonesian fintech startup Pinjam to raise Series B funding round

Indonesian online lending startup Pinjam is set to raise its Series B funding round by end of next year, DailySocial reported.

The company will use the funding to fuel expansion to three to five new provinces in Indonesia, and that it is currently in consultation with financial services authority (OJK) to prepare for the expansion.

It also hinted that the funding round might come from a locally based venture capital firm.

Alibaba launches mobile ads platform UC Ads in Indonesia

Chinese internet giant Alibaba has launched its mobile ads platform UC Ads in Indonesia.

The platform provides content marketing solutions for companies, including small and medium enterprises (SMEs). It is targetting industries such as fast-moving consumer goods (FMCGs), e-commerce, gaming, tourism and entertainment.

Alibaba claimed that the platform can help Indonesian brands improve products’ exposure and reputation, sales promotion and customer acquisition. It is also designed to answer concerns in security and privacy.

UC Ads also has offices in India and China.