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But the group is still mired in a war of nerves with the government over management affairs. Former CEO Koo Hyun-mo was appointed under the liberal Moon Jae-in administration. But he gave up a bid for another term under pressure from the conservative Yoon Suk Yeol administration. Yun’s withdrawal underscores how the KT management remains under political influence. As Koo’s term ends at the end of March, KT could be doing business without CEO for a while. Finding the next candidate for the top post is not easy. The government opposed Yun as the new head of KT, not to mention three other candidates shortlisted by the KT board of directors. The government more or less displayed its disapproval of the current KT management, accusing it of being “a cartel group.” While resigning from the nomination, Yun said that the new CEO should be able to improve the governance structure that can exceed the expectations of major stakeholders. Given that Yun’s nomination was approved by minority … [Read more...] about [Editorial] A critical leadership vacuum at KT

Key Takeaways Carnival Corporation ( CCL ) was the worst-performing stock in the S&P 500 after the cruise line operator predicted much bigger losses than expected in the current quarter and full year. For 2023, the company predicts a loss of $0.28 to $0.44 per share, at least four times more than forecasts. That came as Carnival posted better-than-expected first quarter results and record bookings. Revenue was up 173.1% to $4.43 billion, and was about 95% of the level in 2019, prior to the COVID-19 outbreak which basically shut down its operations. Carnival Corporation ( CCL ) was the worst-performing stock in the S&P 500 after the cruise line operator predicted much bigger losses than expected in the current quarter and full year. Carnival indicated it would lose $0.34 to $0.42 per share in the second quarter. Analysts were anticipating a drop of $0.28. For 2023, the company predicts a loss of $0.28 to $0.44 per share, at least four times more than … [Read more...] about Carnival Guidance Sinks Shares

Companies founded by women received less than 2% of venture capital funding in 2022— a decline from the year before. However, when women-led startups are funded, research has shown that they generate more in cumulative returns, compared to those led by men. A new VC fund aims to take this lesson to women’s sports. On Monday, venture capitalists Kara Nortman and Jasmine Robinson announced the close of a $100 million fund, the Monarch Collective, with a mission to “accelerate equity in global sport.” Nortman is a former partner at the Los Angeles-based venture capital firm Upfront Ventures. Robinson was a partner at Causeway, a fund focused on sports, media, and entertainment. The Monarch Collective, founded in January, will focus on investing in women’s teams and leagues, along with adjacent industries, such as media and gaming. The duo say they are initially considering investments in women’s soccer teams in the U.S., and in women’s teams and leagues in sports such … [Read more...] about The Monarch Collective unveils $100 million fund to bring equity to women’s sports

Shares in Deutsche Bank fell sharply Friday, dragging down other major European banks and leading German Chancellor Olaf Scholz to express confidence in the country’s largest lender after fears about the global financial system sent fresh shudders through the market. Deutsche Bank shares were down 8.8% in late-afternoon trading on the German stock exchange after falling as much as 14%. That followed a steep rise in the cost to insure bondholders against the bank defaulting on its debts, known as credit default swaps. Rising costs on insuring debt were also a prelude to Swiss lender Credit Suisse’s government-backed rescue by rival UBS. That hastily arranged takeover Sunday aimed to stem the upheaval in the global financial system after the collapse of two U.S. banks and jitters about Credit Suisse’s long-running troubles led its shares to tank and customers to pull out their money. Asked whether Deutsche Bank could be the next Credit Suisse, Scholz said, … [Read more...] about What’s happening at Deutsche Bank? Stock drops amid fears that banking crisis will get worse

Metro Pacific Investments Corp chair and president Manuel V. Pangilinan and Solar Philippines founder and CEO Leandro Leviste shake hands after signing the share purchase agreement. MANILA  -Tycoon Manuel V. Pangilinan-led Metro Pacific Investments Corp. is buying into businessman Leandro Leviste’s SP New Energy Corp., announcing on Tuesday  the infusion of a P2-billion investment in the company plus an option that could make it the solar energy startup’s single largest shareholder. In a stock exchange filing on Tuesday, Metro Pacific said it signed definitive agreements to acquire 1.6 billion common shares or a 16 -percent stake in SP New Energy, which is aggressively raising money to bankroll an ambitious pipeline of solar power projects. Solar Philippines aims to build world’s largest solar farm Pangilinan will also replace Leviste, son of Sen. Loren Legarda, as chair of SP New Energy. Leviste will remain president and CEO of the company. “Our thrust of pursuing … [Read more...] about Metro Pacific invests P2B in Leandro Leviste’s solar power firm

Alibaba Group Holding Ltd is planning to split its business into six main units covering e-commerce, media and the cloud, the company said on Tuesday, adding that each of the units will explore fundraising or initial public offerings. U.S.-listed shares of Alibaba rose 3.5 percent in trading before the bell. The six units will include Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. Each of the six will be managed by its own CEO and board of directors. Daniel Zhang will continue to serve as chairman and CEO of Alibaba Group, which will follow a holding company management model, the company said in a statement. Zhang will also serve as CEO of Cloud Intelligence Group, as previously announced. Your subscription could not be saved. Please try again. Your subscription has been successful. … [Read more...] about Alibaba to split into six units, explore IPOs

Globe is setting a new trend with women outnumbering their male counterparts in leadership positions. This comes at a time when most Philippine boardrooms are still dominated by men. Some 52% of Globe’s executive roster are women, with 49 holding the top two ranks in the corporate hierarchy, compared to 45 men as of end 2022. This marks the first time in at least five years that there were more female executives in Globe’s core business. Women ranked managers and directors have also been increasing in the last five years, rising from 958 in 2018 to 1,193 as of end 2022. Even while there are still more men in middle management, the female population is catching up. These figures buck the trend as cited in a March 2019 study by the Makati Business Club that was supported by UN Women, the European Union and Women Empower Asia. The study “Women in the Philippine C-Suite” found that only about three percent of C-Suite positions in business across the country are … [Read more...] about Globe keeps diversity and gender balance strong with women in leadership team

The Richard Rodgers Theatre is seen on June 6, 2019 located on 226 West 46th Street where “Hamilton”, one of Broadway’s biggest hits, is playing in New York. Photo by TIMOTHY A. CLARY / AFP) NEW YORK — After triumphing on Broadway, the lower 48 states and London’s West End, “Hamilton” is eyeing its first non-English production as well as tours throughout Europe and Asia. The much-decorated musical, currently being staged nightly in London and New York as well as four other US cities, last month announced plans to launch in Sydney in early 2021 in a production expected to tour Australia before going to Asia, its producer said in an interview. The “Hamilton” team is also working with a German hip-hop artist and playwright to develop a German-language version of the work. The show, which is performed by a mostly non-white cast and mixes pulsating rap numbers with ballads and traditional musical numbers, has been credited with invigorating Broadway, thrilling audiences of … [Read more...] about After conquering Broadway, ‘Hamilton’ eyes global tour

President Ferdinand R. Marcos Jr. lauded Pag-IBIG Fund’s highest dividend rates since the Covid-19 pandemic, as its Regular Savings dividend rate for 2022 reached 6.53 percent and its Modified Pag-IBIG 2 (MP2) Savings surged to 7.03 percent per annum The dividend rates on the members’ savings of the agency were the highlights of the Pag-IBIG Fund Chairman’s Report for 2022, where the president spoke before a gathering of agency members, partners and stakeholders at the SMX Convention Center, Tuesday (March 28). “It makes me proud that your agency’s stewardship of our national savings program has successfully provided affordable shelter financing for our people. Let me thank all of you, the members who are the owners of Pag-IBIG Fund, including concerned housing developers, partners, and other key stakeholders who have been instrumental in fulfilling the Pag-IBIG Fund’s mandate, of serving the Filipino workforce,” the President said. “As the Pag-IBIG Fund was established under the … [Read more...] about PBBM lauds highest Pag-IBIG dividend rates since pandemic: 6.53% for Regular Savings, 7.03% for MP2

Share to Twitter Share to Linkedin Topline Sam Bankman-Fried will no longer be able to use a smartphone or access the internet freely on his laptop, according to a proposed amendment to his bail conditions filed late Monday in New York federal court, as the former boss of cryptocurrency exchange FTX will have to find new ways to kill time in the seven months before he goes to trial for fraud. Key Facts The proposal, jointly submitted by prosecutors and defense for judge approval, includes a variety of restrictions, such as replacing his personal cell phone with a phone only equipped to make voice calls and send SMS text messages. Bankman-Fried’s laptop will also be replaced with a new device with similar restrictions, restricting the former billionaire’s personal Internet use to 23 websites—including Forbes , NFL.com and, oddly, DoorDash, among others (see full list below). Notably, Bankman-Fried will no longer be able to use any … [Read more...] about No More Smartphone Or League Of Legends For Sam Bankman-Fried