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Protests intensified in Sri Lanka this week over the country’s crippling economic crisis. Prime Minister Mahindra Rajapaksa resigned amid the mounting turmoil and was replaced by Ranil Wickramasinghe. In India, the Supreme Court put the sedition law on hold till the Centre re-examines it. The United States’ abortion debate raged on. A leaked Supreme Court document pointing to the possible overturning of the landmark Roe v. Wade verdict has triggered protests in the country. See how editorial cartoonists illustrated these developments. RC Pradeep Close The cartoonist illustrated violent protests in Sri Lanka. His sketch showed President Gotabaya Rajapaksa at the wheel of a vandalised car. #themorninglk 12.05.2022 #editorial #cartoon #SriLankaCrisis #SriLanka pic.twitter.com/NBHqPL33w2 — RCPradeep (@RcSullan) May 12, 2022 Sandeep Adhwaryu The Times of India cartoonist illustrated how the sedition verdict brought some respite … [Read more...] about Sri Lanka turmoil to SC’s sedition verdict: News this week in 5 cartoons

- A + A NEW YORK (May 18): The Nasdaq and the S&P 500 dropped 3% on Wednesday as a rally in growth shares faded amid economic growth concerns, while Target plunged to the bottom of the S&P 500 after the retailer became the latest victim of surging prices. Target Corp's first-quarter profit halved and the company warned of a bigger margin hit on rising fuel and freight costs. Its shares fell 25.2% and were tracking their worst day since the Black Monday crash on Oct 19, 1987. The retailer's results come a day after rival Walmart Inc trimmed its profit forecast. The SPDR S&P Retail ETF declined 8.2%. All of the 11 major S&P sectors declined, with consumer discretionary and technology stocks down 5.7% and 3.5% respectively. Rising inflation, the conflict in Ukraine, prolonged supply chain snarls, pandemic-related lockdowns in China and prospects of aggressive policy tightening by central banks have weighed on the markets recently, stoking concerns … [Read more...] about Nasdaq, S&P 500 drop 3% as growth stocks rally wanes

Amazon.com, Inc . ( AMZN ) has rolled out several enhancements to its Amazon Web Services (AWS) cloud computing offering that are designed to enhance its utility to a wide range of customers. In particular, AWS is focused in 2022 on enabling many organizations—including startups, large enterprises, and government agencies—to become more agile and innovate more rapidly at lower cost. During the AWS Summit in San Francisco on April 21, 2022, Swami Sivasubramanian, vice president of data, analytics, and machine learning services at AWS, offered details on several new product offerings. The innovations that he described range across several service categories, including databases, machine learning, the Internet of Things (IoT) , and application development. Key Takeaways Amazon Web Services (AWS) announced six major enhancements on April 21, 2022. Two increase flexibility and lower costs for AWS users. One makes creating digital twins easier. One facilitates … [Read more...] about Amazon (AMZN) Rolls Out Web Services (AWS) Innovations

- A + A (May 18): Asian sponsors of blank-check firms are facing a tough market for initial public offerings wherever they turn, as a combination of increasing regulatory scrutiny and fading investor demand shutters the window for new listings from the US to Asia. In the past three months, at least six Asia-related special purpose acquisition companies seeking a combined $1.3 billion from US IPOs have been scrapped, according to data provider SPAC Research. Of 12 blank-check firms that have filed to go public in Hong Kong, only one has actually started trading. It’s a similar pattern in Singapore, where SPACs have stalled after three inaugural IPOs in January. “The global IPO market has obviously been very quiet so far this year,” Paul Uren, JPMorgan Chase and Co.’s Asia Pacific head of investment banking, said in an interview with Bloomberg TV. “What we need to see for that to change is lower volatility and investors with more of a risk-on mentality.” Asia was … [Read more...] about Asia’s SPAC Hopefuls Have Nowhere to Turn As IPO Market Shuts

Reuters filepix for illustration purpose only - A + A NEW YORK (May 18): The US is forcing Wall Street banks to embark on a systematic search through more than 100 personal mobile phones carried by top traders and dealmakers in the largest-ever probe into clandestine messaging on platforms such as WhatsApp. The Securities and Exchange Commission has been sending firms lists of key positions — in some cases pointing to around 30 people including heads of certain investment banking teams or trading desks — that are subject to the review, according to people with direct knowledge of the requests. Personnel in those roles are being ordered to hand over phones so devices can be examined by lawyers. The aim is to gauge how pervasively Wall Street professionals use unauthorized messaging platforms to chat with each other or clients as regulators decide which firms to punish, and how hard, for failing to preserve business-related messages sent via unapproved platforms. … [Read more...] about US pries into over 100 trader and banker phones in texting probe

- A + A (May 18): Asian sponsors of blank-check firms are facing a tough market for initial public offerings wherever they turn, as a combination of increasing regulatory scrutiny and fading investor demand shutters the window for new listings from the US to Asia. In the past three months, at least six Asia-related special purpose acquisition companies seeking a combined US$1.3 billion from US IPOs have been scrapped, according to data provider SPAC Research. Of 12 blank-check firms that have filed to go public in Hong Kong, only one has actually started trading. It’s a similar pattern in Singapore, where SPACs have stalled after three inaugural IPOs in January. “The global IPO market has obviously been very quiet so far this year,” Paul Uren, JPMorgan Chase and Co’s Asia Pacific head of investment banking, said in an interview with Bloomberg TV. “What we need to see for that to change is lower volatility and investors with more of a risk-on mentality.” Asia was … [Read more...] about Asia’s SPAC hopefuls have nowhere to turn as IPO market shuts

- A + A (May 18): A former senior official from the Chinese Central Bank is under investigation for “suspected serious violation of laws and discipline,” the Communist Party’s anti-graft watchdog said. Sun Guofeng, who was removed from his post as head of the monetary policy department in May, is under disciplinary investigation, the Central Commission for Discipline Inspection said in a statement Wednesday. At least 40 financial sector officials have been probed or penalized since the latest corruption crackdown on the sector was launched in October. The top disciplinary watchdog sharply criticized the People’s Bank of China among more than two dozen financial regulators, state banks, insurers and bad debt managers in February, saying the agencies had gaps in their work to implement the Party’s major strategy. Born in 1972, Sun joined the PBOC in 1996 and has spent most of his career in the monetary policy department. He’s been at the forefront of the PBOC’s … [Read more...] about China says senior Central Bank official under investigation

- A + A KUALA LUMPUR (May 18): Sunway Real Estate Investment Trust's (Sunway REIT) net property income (NPI) for the first quarter ended March 31, 2022 (1QFY22) jumped 77.4% year-on-year (y-o-y) to RM118.9 million from RM67.02 million driven by strong pick up in business activities for the retail and hotel segments due to the relaxation in movement restrictions. Earnings per unit rose to 2.96 sen from 0.94 sen a year earlier, Sunway REIT informed Bursa Malaysia on Wednesday (May 18). Quarterly revenue grew 47.67% to RM153.97 million from RM104.27 million underpinned by higher revenue from all segments. Gross revenue for the retail segment soared 83.5% to RM98.4 million from RM53.7 million a year ago, primarily contributed by strong performance from all retail malls on the back of pent-up demand, festive spending, relaxation of Covid-19 safety measures and marginal rental support. The hotel segment’s gross revenue increased 28.6% y-o-y to RM18.5 million compared … [Read more...] about Sunway REIT’s 1Q net property income jumps 77% on strong pick up in business activities

- A + A (May 18): A welcome revival in travel and cargo demand helped Singapore Airlines Ltd narrow losses in the second half of the fiscal year through March, though the high price of oil weighed on the carrier, its annual results showed. The airline’s net loss in the October-March period was S$125 million (US$90 million), it said in a statement Wednesday, compared with a loss of S$804 million a year earlier. Sales more than doubled in the six-month period to S$4.79 billion. Singapore started unraveling tight Covid-19 travel restrictions in September, allowing fully-vaccinated people from certain countries to enter without having to quarantine — a boost to the flag carrier, which had suffered record losses in the height of the pandemic. With Singapore further loosening curbs in April, quarantine-free entry is available for inoculated travelers from anywhere. “Key markets around the world have further eased travel restrictions, supporting a strong recovery in … [Read more...] about Singapore Airlines’ second-half loss narrows as travel picks up

When a $70 million NFT sold at Christie’s last spring—a time before Bored Apes, Cool Cats, and Lazy Lions roamed the earth—some scoffed at the fortune spent on computer pixels that could be copy-pasted to your screen for free. But the lot wasn’t just a jpeg, it was the jpeg—and the money went to claim the original work, or the one we would call “authentic.” Take away that distinction, and yes, the file is worthless. advertisement advertisement It’s a high-stakes game that’s rife with fraud, abuse, and theft, and not even the biggest players are immune. But OpenSea, the planet’s largest NFT marketplace, might have a few tricks up its sleeve. This morning, it’s rolling out two products to safeguard the authenticity of collections on its platform. The first streamlines the verification of creator accounts, and the second banishes copymints, or spoofs of existing NFTs, using image recognition. Verified badges are among OpenSea’s so-called … [Read more...] about OpenSea is on a new quest to ban copymints, armed with AI, Twitter threads, and Discord chats