How do partnerships raise capital

- A + A KUALA LUMPUR (Aug 12): ARB Bhd on Friday announced that it has proposed to list its internet of things (IoT) business via its indirect wholly-owned subsidiary ARB IOT Group Ltd (AIGL) on the NASDAQ Stock Exchange in New York through an initial public offering (IPO) with an issue price of at least US$4 (RM17.78) to raise a minimum of RM17.78 million and up to a maximum of RM59.32 million. In a bourse filing, ARB said the RM59.32 million proceeds under the maximum scenario from the IPO will be utilised mainly for strategic acquisitions and investment activities (RM30.69 million), aside from working capital and general corporate purposes (RM15.34 million), with the balance for the estimate listing expenses (RM8.18 million) as well as research and development activities (RM5.11 million). AIGL was incorporated in the Cayman Islands and is a wholly-owned subsidiary of ARB IOT Ltd, which in turn is an indirect wholly-owned subsidiary of ARB Holdings Sdn Bhd and in … [Read more...] about ARB to raise up to RM59.32 million via IPO through listing of IoT business unit on NASDAQ

- A + A KUALA LUMPUR (Aug 12): Vortex Consolidated Bhd plans to raise up to RM21.05 million via a private placement, mainly for working capital requirements for its moneylending business. The exercise will see up to 127.58 million shares or 10% of the group's total issued shares issued at a price to be determined later, Vortex said in a Bursa Malaysia filing. This marks the group's second cash call this year after it completed a private placement on March 29. That placement raised gross proceeds of RM19.92 million to fund a mixed property development project. Vortex has also undertaken several other cash calls over the past two years. It raised gross proceeds of RM56.55 million via a rights issue mainly to repay bank borrowings and as working capital requirements for the mixed property development project and its moneylending business. The rights issue exercise was completed on April 28, 2021. Prior to that, Vortex completed two rounds of private placements in … [Read more...] about Vortex plans another private placement to raise RM21 mil

Share to Twitter Share to Linkedin Overtime, a sports media start-up for high school sports is big business as the company announced it raised $100 million in its Series D funding round from Liberty Media and Morgan Stanley’s MS Counterpoint Global team. The company's CEO Dan Porter has indicated it's valued at more than $500 million, according to Bloomberg . The NBA star Kevin Durant, Drake, the rapper, and Amazon AMZN founder Jeff Bezos among others are already heavily invested in the company as it gears up to launch new leagues. The six-year-old company is making sure its players aren’t left out in the cold when it comes to compensation by providing guaranteed salaries to these young athletes. The Breakdown You Need To Know: The company is a social media juggernaut with 65 million social followers and 2 billion monthly video views. Overtime Elite features 27 players, all living, learning, and training in Atlanta. CultureBanx noted … [Read more...] about Overtime Raises $100 Million With Drake, Jeff Bezos And Kevin Durant On Its Cap Table

Share to Twitter Share to Linkedin As Congress is about to pass the Inflation Reduction Act, Washington is once again having a breathless debate over very little. This one is about whether Democrats are violating President Biden’s pledge to not raise taxes on households making $400,000 or less annually. But here’s the secret: This is yet another ridiculous political argument. The Tax Policy Center analyzed the big climate, health, and tax bill three different ways. The bill is quite progressive every time. On average, the after-tax incomes of low- and moderate-income households either would go up a bit or not change in any measurable way. The average after-tax incomes of high-income people would decline. But on average, the vast majority of households will barely notice any tax change, one way or the other. Effectively zero tax change In one TPC analysis , average taxes of middle-income households would fall by $100. In another, they’d go up … [Read more...] about Ignore The Debate Over Whether The Inflation Reduction Act Raises Taxes On Those Making $400,000 Or Less

Share to Twitter Share to Linkedin Any time a company announces a major layoff, it’s big news. Peloton Interactive (Peloton) recently announced that it will be letting go roughly 2,800 of its worldwide positions. This layoff will include about 20% of Peloton’s corporate workforce. This type of story normally isn’t something employment lawyers take note of, unless the mass firing was somehow illegal . But how can a large layoff be illegal? One way is if it violates the WARN Act. As far as we know, Peloton’s 2,800 worker layoff is perfectly legal and does not violate the WARN Act. But we can still use this event to get a better understanding of the WARN Act and what it does for employees. What Is the WARN Act? The Worker Adjustment and Retraining Notification (WARN) Act is a federal law that places conditions on how certain employers can conduct mass firings. Basically, the WARN Act requires a covered employer to provide 60 days’ notice to … [Read more...] about Peloton Interactive’s 2,800 Worker Layoff And The WARN Act

Homegrown oil company Phoenix Petroleum Philippines, Inc. returns to profitability with a net income of Php 201 million for the second quarter, its highest since the onset of the pandemic. Gradually recovering from the loss in the first quarter, gains from its overseas businesses and continued OPEX discipline across the Group grew EBITDA by 67% quarter-on-quarter. “We had a difficult start this year, but we’ve gained some traction, and are seeing favorable results from our strategies. Improved margins and our sustained prudence are paying off, and we are in a better position to cultivate growth as the market further recovers,” said Phoenix Petroleum President Henry Albert Fadullon. The company is reaping the benefits of its long-standing commitment in streamlining operations and maximizing efficiency across the business as OPEX was lower by 10% quarter-on-quarter. As part of its pre-pandemic OPEX and CAPEX rationalization programs, Phoenix has continued to advance … [Read more...] about Phoenix returns to profitability in Q2

Share to Twitter Share to Linkedin Tax Notes reporter Benjamin Guggenheim discusses the latest tax legislation on Capitol Hill: the recently passed CHIPS and Science Act and the revived reconciliation bill known as the Inflation Reduction Act. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor in chief of Tax Notes Today International . This week: Build Back smaller? After months of stalled negotiations, little agreement in either chamber of Congress, and a declaration that Build Back Better was dead, last week, Senate Democrats were able to make progress on not one, but two separate bills. The first, known as the CHIPS and Science Act, was a more bipartisan effort from the Senate that has generally been split down party lines. While the second, known as the Inflation Reduction Act (IRA), is Senate majority leader, Chuck Schumer, D-N.Y., and Senator Joe … [Read more...] about Congress Vs. Inflation: The Legislative Tax Showdown

Since the onset of the Covid pandemic, the economy has entered a VUCA phase. VUCA describes an environment that is Volatile, Uncertain, Complex and Ambiguous. World GDP growth went from 2.8 percent in 2019 to -3.1 percent in 2020 and the IMF’s projected growth for 2021 is 5.9 percent. The Indian economy has followed a similar trajectory. We can borrow three terms from the lexicon of risk management to understand what lies ahead for the economy in 2022.  These are the known knowns (facts), the known unknowns (possibilities) and the unknown unknowns (black swans). Known knowns The US Fed has doubled the pace of tapering. It will now reduce its monthly purchase of bonds by $30 billion. The Fed’s bond buying will end by March 2022 and interest rates will be raised from June. While a short-term negative reaction is expected from emerging stock markets, due to fears of flight of capital, the taper should be read as a sign that the US economy does not need a monetary stimulus … [Read more...] about Reforms can immunise Indian economy against shocks in 2022

Share to Twitter Share to Linkedin Within the span of just four weeks last month, Nepalese Finance Minister Janardan Sharma resigned from office but was then reinstated after he was absolved of an alleged corruption scandal. The upheaval began in early July, when Sharma faced a parliamentary investigation after he was accused of allowing unauthorized, last-minute changes to tax rates in the country’s budget. Sharma stepped down to allow for an internal investigation, which failed to find wrongdoing, and he was reinstated at the end of the month, according to Reuters. The saga has attracted a lot of public and media attention while another significant tax development has unfolded largely under the radar: Nepal is the latest country to implement a digital services tax. Under the new rules , foreign digital services providers with more than NPR 2 million in annual turnover (about $15,911) must register in the country and pay a 2% DST on their … [Read more...] about Shifting Goal Posts In Digital Taxation

- A + A (Aug 12): Wall Street's main indexes rose on Friday, setting the S&P 500 and the Nasdaq for a fourth straight week of gains on increasing evidence that inflation may have peaked. The S&P 500 is up 16.8% from its mid-June low, with the latest boost coming from a slower-than-expected rise in consumer prices and a surprise drop in producer prices in July. The benchmark index crossed a closely watched technical level of 4,231 points, indicating it has recovered 50% of its bear market loss. It was headed for fourth straight week of gains, its best performance since November 2021. "We're seeing a market that is focusing on inflation peaking and so the rally is continuing, although volume is rather light," said Peter Cardillo, chief market economist at Spartan Capital Securities. "Investors are becoming more optimistic in terms of the Fed not being as aggressive as the market previously had expected." While policymakers remain firm about a further … [Read more...] about Wall St set for weekly gains on signs of cooling inflation