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UPDATE Stall sellers and the owners of the Ratchawong Rungrueng packaging shop building, which caught fire in Bangkok’s Chinatown on Saturday, say they are going to sue the Metropolitan Electricity Authority for negligence after a broken transformer caused the blaze that killed 2 people. The faulty transformer caught fire and quickly ripped through the 3-story building on Ratchawong Road in the Sumphanthawong district of Bangkok, also affecting 4 nearby buildings and stalls, causing the death of 2 people and millions of baht worth of damage. The inspector of police from the Chakkrawat Police Station, Ponlawat Promsorn, yesterday spoke to the building owners, and stall sellers, and they estimated the damage caused by the fire is about 10 million baht. They revealed they are suing the MEA and other relevant departments for their recklessness. The building owner revealed to the police and media that they asked the MEA to repair the transformer many times, but they allegedly did … [Read more...] about UPDATE: Owner of fire building in Bangkok Chinatown to sue electric authority

Fred Hu, chairman of Primavera Capital Group, poses for a photograph following a Bloomberg Television interview in Hong Kong, China on Monday, Sept 16, 2019. (Bloomberg filepix) - A + A (June 28): The founder of one of China’s biggest private equity investors said the nation’s tech firms are turning a corner after a recent rout wiped out nearly US$2 trillion in market value at its peak. Fred Hu, the former Goldman Sachs Group Inc rainmaker who started the US$17 billion Chinese private equity firm Primavera Capital, said reassuring messages concerning regulation, resilient earnings and beaten-down valuations now make the sector interesting for investors. “This could be the beginning of a new era for China tech,” Hu, the firm’s chairman, said in a recent interview. “There’s a lot of value to be discovered,” he said, adding that investors still need to be selective given the high risk profile of such companies. The private equity mogul’s views are one of the … [Read more...] about One of China’s top tech investors sees crackdown turning point

Penang Chief Minister Chow Kon Yeow (The Edge filepix) - A + A BATU KAWAN (June 28): Penang recorded approved manufacturing investments totaling RM6.3 billion in the first quarter of 2022, paving the way for it to be among the country's top contributors in terms of total investment inflow this year, Chief Minister Chow Kon Yeow said. "The state’s commendable performance that continues to punch above our weight is testament to our resilient industrial ecosystem, placing us at the forefront of industrialisation," he said in his speech at the grand opening of Smith & Nephew’s manufacturing facility here on Tuesday (June 28). Chow said Penang garnered a record high of RM76.2 billion in total approved manufacturing investments in 2021, significantly exceeding the state's past performances. "In particular, foreign direct investments (FDIs) contributed 98% of total investment inflows, making Penang the highest recipient of manufacturing FDIs in Malaysia," he … [Read more...] about Penang records RM6.3 bil total approved manufacturing investment for Q1 2022

- A + A NEW YORK (June 28): The lukewarm reception for Polestar Automotive Holding, the latest electric-vehicle (EV) company to go public in the US, is sending an ominous message to other start-ups: The purge is not over. Yes, the auto industry is due for a transformation as oil prices soar and the need for cleaner transportation becomes increasingly apparent. But, runaway inflation and a looming economic downturn are making investors leery of speculative investments, which include EV makers despite the allure of the coming revolution. Polestar's tepid welcome — the stock jumped 16% on its first day of trading on Friday and then dropped 15% on Monday — is the latest evidence of that scepticism. The Swedish electric-car maker went public after merging with blank-cheque company Gores Guggenheim Inc. The company's market valuation stood at about US$24 billion as of Monday's close. "EV stocks benefitted greatly from the abundance of liquidity that had been sloshing … [Read more...] about Polestar IPO’s meh greeting a troubling signal for EV makers

Officials from BC Card and the Busan city government take a commemorative photo to celebrate the opening of BC Card's big data platform lab Wednesday in Busan. [BC CARD] BC Card opened a second financial big data platform lab in Busan in support of the government’s Digital New Deal initiative, the company announced Thursday. “We hope businesses can utilize our big data platform lab for various purposes and eventually promote the big data ecosystem and relevant technologies,” said BC Card Chief Operating Officer Lee Kang-hyuk, at an opening ceremony in the Busan International Finance Center Wednesday afternoon. Big data technology analyzes large databases to extract meaningful information. BC Card’s big data platform lab is a data marketplace that extracts and sells both financial and non-financial data to individuals and companies. BC Card was selected by the government to head the building of a big data infrastructure for the finance sector in May 2019 as part of the … [Read more...] about BC Card opens big data lab in Busan

A 29-year-old transgender woman beat out a 13-year-old competitor to win a June 25 skateboarding contest in New York City, according to the competition’s results. Los Angeles-based Ricci Tres, a biological man who identifies as a female, beat out five biological females in “The Boardr Open at New York City Women’s FINALS Presented by DC,” according to the organization’s results . Tres won the women’s division of The Boardr’s open street skateboarding competition and a $500 prize. The transgender adult beat out 13-year-old Florida native Shiloh Catori, who came in second place and won $250 in prize money. The 29-year-old also competed against Juri Iikura, a 10-year-old who took fifth place in Friday’s competition. Four of the six finalists listed on The Boardr’s results page are under the age of 17. Tres is globally ranked a 833, while Catori is globally ranked at 133, according to Boardr’s website. Male wins women’s skateboarding finals and money at the Boardr Open NYC … [Read more...] about Trans 29-Year-Old Beats 13-Year-Old Female In New York Skateboarding Competition

Share to Twitter Share to Linkedin Crypto may be down, but Jack Lu and Zhouxun Yin are continuing to build. The cofounders of Magic Eden, the top Solana SOL -based NFT marketplace by market share, announced today the close of a $130 million Series B venture round. The added capital brings the company’s valuation up to $1.6 billion and is one of the first major investments to be announced since the recent crypto plunge that saw bitcoin fall below $20,000 and ether drop under $1,000. Magic Eden now becomes the third NFT marketplace to achieve unicorn status alongside $13 billion OpenSea and $7 billion LooksRare. The funding was co-led by Electric Capital and Greylock and it comes three months after the company announced its $27 million Series A in March 2022. “Magic Eden’s ability to keep pace and drive innovation in a rapidly evolving NFT market is extremely impressive,” said Avichal Garg, cofounder and managing partner at Electric Capital. “They … [Read more...] about Billion Dollar NFT Marketplace Magic Eden Raises $130 Million Despite Signs Of Crypto Winter

Share to Twitter Share to Linkedin Cryptocurrencies are famous for their wild price swings, and in their short history, they’ve gone through multiple cycles of scorching-hot summers followed by frigid, long winters. The last downturn began in early 2018 and lasted about two and a half years. Over the past three months, with inflation spiking and recession concerns spreading, bitcoin has dropped from a high of $48,000 to roughly $21,000 . Today, some top investors think we’re in for another painful, extended period of low prices. “The next two years are going to be really rough,” says Avichal Garg, a managing partner at Electrical Capital, a crypto investment fund with more than $1 billion in assets. His fundamental views on the industry’s promise haven’t changed. “New software developers are coming in , and we're seeing more and more high-quality founders. We see Web2 executives from Facebook and Google coming in at a faster clip,” he says. But one … [Read more...] about The Crypto Bear Market Could Last Two Years, Top Investors Say

Share to Twitter Share to Linkedin David is the Co-Founder of Aloa , a platform for outsourcing software development. Aloa has helped 200+ startups/companies build their tech. Software outsourcing is an inherently complicated space, where even highly technical individuals face pain points. In this article, I’ll create a simplified guide by walking through three main concepts that will help you understand what you need to know to kick off your software outsourcing journey. 1. The Analogy “Software development is like building a house.” Let’s look at some of the basic challenges of software development with this analogy in mind. Third-Party Limits: Your house doesn’t control your Wi-Fi signal; your internet provider does. The contractor who built your house is not responsible when you have an issue with your connectivity. With software development, you will have to rely on numerous third parties. Your devs will help implement them, but … [Read more...] about Why You Need To Look At Software Outsourcing Like Building A House

- A + A (June 28):Investors caught in the web of international sanctions that pushed Russia into default on bond payments are faced with the choice of seeking recompense now, or biding their time. Sanctions aimed at punishing Russia for its invasion of Ukraine shut it out of the world’s financial system, blocking its ability to transfer funds to creditors. It missed payments in late May, and a final deadline to remedy the situation expired on Sunday, creating what the bond documents call an “event of default”. Holders of at least 25% of the outstanding notes can come together to declare the debt fully and immediately repayable, “without any further formality” — a process known as accelerating the debt — according to the documents governing the relevant bond contracts. They may be in no rush. Claims only become void three years on from the payment date, the bonds’ terms show. There’s the chance that if international penalties against President Vladimir Putin’s … [Read more...] about Russia’s foreign bond investors left caught in sanctions web