Remains at stake

- A + A KUALA LUMPUR (June 28): Inari Amertron Bhd is forming a joint venture (JV) with China Fortune-Tech Capital Co Ltd (CFTC) to carry out outsourced semiconductor assembly and test (OSAT) services in China. In a filing with Bursa Malaysia, Inari said its wholly-owned subsidiary Amertron International Ltd has entered into a JV contract with CFTC (Yiwu) Equity Investment Fund Partnership (Limited Partnership) and CFTC Equity Investment Management (Beijing) Co Ltd. CFTC (Yiwu) is a private equity fund administered by CFTC, while CFTC Equity is wholly owned by CFTC. Inari said Amertron International will take up 54.4648% interest in the JV company, called Yiwu Semiconductor International Corporation, while CFTC (Yiwu) will own the remaining 45.5352% stake. Amertron International will have to contribute RM283.33 million cash into the JV company while CFTC (Yiwu) will inject RM131.78 million of new cash investment, said Inari. The group said it will fund the … [Read more...] about Inari investing RM283 mil in JV with CFTC to carry out OSAT services in China

- A + A CHICAGO (June 28): In a year that has seen widespread selling of technology stocks and long-time market leaders fall into bear territory, the woes of Netflix Inc stand alone. The video-streaming company has plummeted 69% this year, abandoned by both investors and analysts as back-to-back disappointing quarterly reports raised concerns about user trends in an industry that’s becoming more competitive and losing its pandemic-related tailwinds. The drop is the most of any Nasdaq 100 or S&P 500 component, and much worse than the former index’s 26% decline. The growth outlook has weakened to the point that Netflix has cut hundreds of jobs and changed its tune on two longstanding principles: it is cracking down on password sharing, and will introduce an ad-based subscriber tier to the platform. That’s on top of a backdrop where high inflation has pushed the Federal Reserve to hike rates sharply, sparking recession fuels and fueling a rotation out of tech. … [Read more...] about The number of Netflix bulls is dwindling

A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . You can listen to an audio version of the newsletter by clicking the same link. London (CNN Business) This week, Russia defaulted on its foreign debt for the first time since the Bolshevik revolution after it failed to pay interest on two bonds during a 30-day grace period that expired Sunday. But to put the event in context, we don't need to go as far back as 1918. Instead, we can look to 1998 . That's the year Russia defaulted on ruble-denominated bonds, triggering a "Moscow meltdown" that infected markets around the globe. Quick rewind: In August 1998 , following years of upheaval after the fall of the Soviet Union, the Russian government defaulted on its local debt and devalued the ruble. The move sparked chaos in Russia, driving up inflation, causing an economic contraction and triggering bank … [Read more...] about Russia’s last default sparked a crisis. This time is different

Share to Twitter Share to Linkedin NFL star Patrick Mahomes and Nascar driver Bubba Wallace have joined the growing list of athletes investing in a third fund led by venture capital firm Andreessen Horowitz. The firm, known as a16z, launched its third Cultural Leadership Fund, or CLF, which has the goal of growing Black wealth through ownership of future technology companies. The fund also attracted NBA player Blake Griffin, WNBA stars Nneka Ogwumike and Maya Moore, and NFL running back Leonard Fournette, as well as music producer Pharrell Williams and pop star The Weeknd. CLF’s investment portfolio includes equity stakes in blockchain company Dapper Labs, video game developer Roblox and publishing platform Substack. A16z said the fund has raised over $60 million since 2018. In a statement sent to Forbes , Wallace called CLF “important work” as its purpose is to enhance “access and equity for Black communities in tech.” Diversity in the tech … [Read more...] about Patrick Mahomes, Bubba Wallace Join A16z Cultural Leadership Fund Aiming To Grow Black Wealth