Post merger valuation

O ver the past 24 months, politicians and business leaders have invoked the name of George Floyd in calling for racial equity for Black Americans. Companies and foundations pledged billions on initiatives to recruit and promote Black talent, invest in Black-owned businesses and promote equity in everything from policymaking to policing. Despite an evolution in the dialogue and effort, there’s been little progress in outcomes for Black lives and livelihoods. Black families still have a fraction of the wealth , owning about 13 cents for every dollar held by white families. All that allyship and money hasn’t really moved the needle on the National Urban League’s equality index, which tracks how Black America is faring relative to white America on measures such as income, health outcomes, education quality, and incarceration rates. Its 2022 index stands at 73.9% – with 100% representing racial parity – which is one-tenth of a percentage point higher than the 73.8% index … [Read more...] about Despite Post-Floyd Era Promises, Limited Gains In Racial Equity

- A + A KUALA LUMPUR (May 24): Logistics and express carrier provider GDEX Bhd posted a net loss of RM1.9 million in the first quarter ended March 31, 2022 (1QFY22), the first time since it was listed in 2005, amid tough competitions at home and higher operating costs. The group reported a 13.16% decline in revenue during the quarter to RM91.89 million, compared with RM105.81 million a year ago, amid lower contributions from its courier services segment. Geographically, Malaysia and Vietnam collectively made up the majority, or 99.6%, of GDEX's revenue, while Singapore contributed the balance 0.4%, according to GDEX. GDEX managing director Teong Teck Lean said in a statement accompanying the results that the group continues to face headwinds in Malaysia due to predatory pricing. "The competitive pricing environment is destructive, with some players offering free delivery service to grow their volume. However, this practice seems to be slowing down and we … [Read more...] about GDEX falls into the red for the first time ever amid stiff competitions in 1QFY22

On May 25, 2020, George Floyd died before our eyes as a police officer knelt on his neck for approximately 9 minutes on a street in Minneapolis. Had Darnella Frazier, then 17, not captured the murder on her cell phone and posted it to Facebook, Floyd would have been yet another Black man to die in police custody – a statistic. Instead, George Floyd became a powerful symbol of persistent inequality and systemic injustice against Black Americans and a wake-up call for all. The response was historic – from the scores of leaders making forceful statements every day about racial justice to the $50 billion that U.S. companies pledged (but not necessarily paid) to support Black communities. To understand the complexities of where we stand as a nation, though, look no further than the racially motivated mass murder at a Buffalo grocery store on May 14. In an effort to capture the reality of being Black in America, we decided that we wanted to hear from leaders in the community. Here are … [Read more...] about Two Years After George Floyd, Black Leaders Reflect On Change

- A + A (May 24): Social media stocks are on course to shed more than US$100 billion in market value after Snap Inc’s profit warning, adding to woes for the sector which is already reeling amid stalling user growth and rate-hike fears. Shares in digital ad-dependent Snap are set for a record one-day drop, down 30% in premarket trading. If that move holds, the company will lose about US$10 billion in market value. Added to the value of premarket declines for peers including Facebook-owner Meta Platforms Inc, Google-owner Alphabet Inc, Twitter Inc and Pinterest Inc, the group may see about US$100 billion wiped out. “At this point, our sense is this is more macro and industry-driven versus Snap specific,” Piper Sandler analyst Tom Champion wrote in a note. Others on Wall Street agreed, with RBC Capital Markets analyst Brad Erickson saying that implications for the digital advertising space are broadly negative, with Meta and Alphabet likely best insulated among … [Read more...] about Social media stocks set to erase US$100b on Snap warning

Ritesh Agarwal, founder and chief executive officer of OYO Hotels & Homes, speaks at the SoftBank World 2019 event in Tokyo, Japan, on Thursday, July 18, 2019. (Bloomberg filepix) - A + A (May 24): Oyo Hotels, the once high-flying Indian startup, is shelving plans for an initial public offering in 2022 after a market downturn that would hurt its valuation, according to people familiar with the matter. The board of Oyo, formally known as Oravel Stays Ltd, talked through a change in the offering’s timing during multiple meetings last week and earlier this week after consulting with its bankers and investors, said the people, asking not to be identified because the decisions aren’t yet public. If the company picks up the process again by year end, the earliest possibility for an IPO would be in 2023, they said. The Gurgaon-headquartered company, which filed preliminary IPO documents last year, is seeking regulatory permission to update its draft prospectus with … [Read more...] about SoftBank-backed Oyo to shelve plans for IPO in 2022, sources say

- A + A (May 24): President Joe Biden is seeking to show US resolve against China, yet an ill-timed gaffe on Taiwan risks undermining his bid to curb Beijing’s growing influence over the region. Whether intentional or not, Biden provoked China with a vow to defend Taiwan militarily. After saying that US policy on Taiwan “had not changed at all” during a news conference in Tokyo, he then answered “yes” when asked if the US would act “militarily” to defend the island in the event of a Chinese attack. “It’s a commitment we made,” Biden added. White House officials later walked back the remark, saying the president was only promising US aid to help Taiwan defend itself in the event of hostilities. That would be akin to what the US is doing in Ukraine, where Biden has vowed not to send troops. “The policy has not changed at all, and I stated that when I made my statement,” Biden said Tuesday when pressed by reporters to clarify the US position. The president’s … [Read more...] about Biden’s latest Taiwan gaffe stokes tensions with Beijing

- A + A KUALA LUMPUR (May 24): KNM Group Bhd has sold its entire stake in Borsig GmbH, a German-based process equipment manufacturer, to GPR Siebzigste Verwaltungsgesellschaft mbH (GSV) for €220.8 million (RM1.03 billion), but is expected to make an estimated loss of RM490.55 million from the disposal. In a bourse filing on Tuesday (May 24), the group said its wholly-owned indirect subsidiary Deutsche KNM GmbH entered into a conditional sale, purchase and transfer agreement with GSV on Monday. KNM is a multinational group with core businesses in project management, engineering, manufacturing and construction for the renewable energy, power, utilities, refining and petrochemical industries. GSV is a special investment vehicle wholly-owned by Vorsprung Industries SCSp, incorporated for the acquisition of Borsig. The price tag represents an enterprise value (EV) over earnings before interest, taxes, depreciation and amortisation (ebitda) of 6.63 times, compared with … [Read more...] about KNM to sell Borsig at a loss for RM1 billion

By Rachel Metz , CNN Business Updated 1124 GMT (1924 HKT) May 24, 2022 (CNN Business) Cher Scarlett, a software engineer, has a history of being misidentified by face-scanning technology, including one instance that may have surfaced a distant ancestor in a photo. So when she was introduced to an online facial-recognition tool she hadn't heard of, she wanted to see whether it would mistake photos of her mom or daughter for her. On February 1, Scarlett uploaded some images of her teenage daughter and her mom to PimEyes , a facial-recognition website meant to be used to find pictures of yourself from around the web — ostensibly to help stamp out issues such as revenge porn and identity theft. She didn't get any images of herself in return — pictures of her daughter yielded other kids, she said, while one of her mom led to some pictures of her mother, plus images of other, similar-looking women. Anyone can use this powerful facial-recognition tool — and … [Read more...] about She thought a dark moment in her past was forgotten. Then she scanned her face online

(CNN) In mid-February, privacy and digital rights activists were buzzing about a recent victory: Earlier in the month, the Internal Revenue Service said it would back away from a controversial plan to force taxpayers to use facial-recognition software before they could log in to its website. "This has definitely been a major team effort — the hook, right, left uppercut," Joy Buolamwini, the founder and executive director of the Algorithmic Justice League, said excitedly during a Twitter Spaces session. "So many people coming together for this win." In addition to the Algorithmic Justice League, which raises awareness of the consequences of artificial intelligence, these people came from groups such as Fight for the Future, the Electronic Privacy Information Center and the American Civil Liberties Union. All have been vociferous critics of the IRS in recent months, contacting reporters and urging individuals, legislators, and the IRS itself to halt a plan that, starting this … [Read more...] about Activists pushed the IRS to drop facial recognition. They won, but they’re not done yet

Throwing my bags onto the airport security conveyor belt at New York City’s JFK Airport Terminal 4, I noticed that the woman in front of me was wearing a hat, jacket, and backpack all with the same company logo. I started talking with her as we waited our turn through the metal detector. I asked her about the company, and she excitedly told me about it and different roles she played there. That is powerful brand marketing—and it was free. Here is the funny part—she no longer even worked at that company. advertisement advertisement So much emphasis goes into employer branding and hiring. Employer branding is the reputation a company creates and reinforces through its marketing. It’s the image that compels people to apply for a job or take that recruiting call. There are entire marketing functions devoted to this, but when it comes to offboarding, it’s often difficult to find an HR employee who is available for that exit interview. While onboarding … [Read more...] about An effective way to recruit talent? Try to get your current workers to leave