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After Eking Out Small Revenue Growth, Billionaire Pony Ma Says Tencent Will Keep Cost-Cutting Measures

March 23, 2023 by www.forbes.com

Share to Twitter Share to Linkedin Tencent Holdings is back growing again, after two quarters of falling revenue, but cofounder and billionaire Pony Ma still wants the company to pursue cost-cutting measures and improve efficiencies. The 51-year-old Ma, who is currently the country’s third richest man, saw his wealth shoot up by $3.7 billion to $39.3 billion on Thursday, after the WeChat operator on Wednesday reported a slim 0.5% revenue gain to $20.8 billion for the last three months of 2022. Shares of the Hong Kong-listed firm surged 8.2% as investors are hopeful about the outlook for advertising and international games expansion as future growth drivers. Bu Ma appears to be only cautiously optimistic about growth. In the mogul’s once-in-a-year address with media discussing Tencent’s performance, he said the tech behemoth would keep following the direction of improving efficiency and cutting costs. “The goal is to get rid of the fat, and build up the … [Read more...] about After Eking Out Small Revenue Growth, Billionaire Pony Ma Says Tencent Will Keep Cost-Cutting Measures

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DoubleDragon raises $20M via offshore bond sales

March 23, 2023 by business.inquirer.net

MANILA, Philippines  -DoubleDragon Corp., the real estate venture between tycoons Tony Tan Caktiong and Edgar “Injap” Sia II, said its overseas subsidiary raised an additional $20 million via a bond sale in Singapore. In a stock exchange filing on Thursday, the developer said DDPC Worldwide Pte. Ltd. raised the amount though a tap offering of its outstanding $160 -million 7.25 percent notes due 2025 that are listed on the Singapore Exchange Securities Trading Ltd. “Use of proceeds intended for the development and construction of Hotel101 overseas projects and for general corporate purposes,” DoubleDragon said. This was in line with the broader goal to export the Hotel10 in the International market. “DoubleDragon envisions its subsidiary Hotel101 Global Pte Ltd to reach 500,000 uniform Hotel101 room portfolio globally by 2040 and aims to make the homegrown Filipino Hotel101 brand become one of the top 5 global hotel groups operating in over 101 countries,” DoubleDragon said. … [Read more...] about DoubleDragon raises $20M via offshore bond sales

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Inside A High-Stakes March Madness Calcutta

March 22, 2023 by www.forbes.com

Share to Twitter Share to Linkedin Professional gamblers wager millions on the NCAA Tournament using an auction-style format that brings out casual hoop dreamers and sophisticated quants. With brackets busted, it still pays to play the game within the game. N eal, a 36-year-old insurance broker who lives in Ohio with his wife and two children, is the proud owner of the University of Texas, University of Connecticut, Tennessee, Creighton and Florida Atlantic men’s basketball teams. His wife doesn’t know about his ownership stakes, but hopefully by the end of the NCAA Men’s Basketball tournament his $19,000 investment will turn into $50,000. And then, he’ll let her know. “Right now, we’re on a heater,” he says of the March Madness run his teams are on. “We’re still in the red on paper, but I hope that will change quickly with a few wins.” Neal doesn’t technically own any team, of course, but the amateur sports gambler “bought” these college … [Read more...] about Inside A High-Stakes March Madness Calcutta

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Fraud Section Report Helps Companies’ Counsel Navigating DOJ’s Seas

March 22, 2023 by www.forbes.com

Share to Twitter Share to Linkedin DOJ’s 2022 Year In Review Report released last month not only recounts its Fraud Section’s activity and “accomplishments” for the preceding year, but also allows practitioners and in-house counsel responsible for helping companies and their executives navigate the shoals of corporate compliance anticipate the government’s likely future focus. This year’s Report first suggests that in the upcoming years DOJ will continue to focus on individual accountability for corporate malfeasance particularly in the area of financial fraud and market manipulation. In fact, the Report was released at the same time that DOJ leadership was commending the Department’s convictions of individuals such as Elizabeth Holmes and Sunny Bulwani . Second, the Report also foreshadows an increase in independent compliance monitorships in corporate resolutions, a practice previously avoided under a Trump-era policy . Again, public comments, including … [Read more...] about Fraud Section Report Helps Companies’ Counsel Navigating DOJ’s Seas

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GOP Leans Into George Soros Conspiracies In Targeting Manhattan DA Alvin Bragg

March 22, 2023 by www.forbes.com

Share to Twitter Share to Linkedin Topline Republicans decrying Manhattan District Attorney Alvin Bragg’s investigation into former President Donald Trump as a politically motivated stunt have sought to exploit the Democratic prosecutor’s links to billionaire George Soros, who for years has been the subject of conspiracies that tie his philanthropic ventures to issues demonized by the right. Key Facts GOP lawmakers, including Florida Gov. Ron DeSantis, Rep. Elise Stefanik (R-N.Y.) and Sen. J.D. Vance (R-Ohio), are among the Republicans who have claimed that Bragg took millions of dollars from Soros, while criticizing Bragg’s investigation into hush-money payments made on Trump’s behalf during the 2016 presidential election. Trump has also mentioned Soros in criticizing Bragg’s investigation, calling him “a highly controversial, George Soros backed District Attorney” and claiming he “received in EXCESS OF ONE MILLION DOLLARS” from Soros in a series … [Read more...] about GOP Leans Into George Soros Conspiracies In Targeting Manhattan DA Alvin Bragg

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A Fast, New Rangefinder For The Course

March 23, 2023 by www.forbes.com

Share to Twitter Share to Linkedin I’ve never been able to hold my hands steady. No, it’s not from too much caffeine – well, not usually. But as a result, I can rarely use a handheld distance rangefinder out on the course. Which is a shame, because I walk many of my rounds. So I don’t often have a cart GPS screen to cross-reference yardage on. Yes, I could use a GPS watch but literally every model I’ve tried has resulted in a skin rash flare-up underneath the band. But maybe there’s a new product to help. Precision Pro Golf’s new NX10 Slope rangefinder locks in distances super quickly and with accuracy. No it doesn’t have image stabilization like some other models I’ve tried, but this has speed on its side. Billed as the market’s first fully customizable rangefinder with interchangeable skins, it comes out of the box essentially as an all-white unit. But you can buy up to 30-some different custom skins separately. The largest underside panel slides off, so … [Read more...] about A Fast, New Rangefinder For The Course

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Galapagos Whale Sharks Undergo Ultrasounds For First Time

March 23, 2023 by www.forbes.com

Share to Twitter Share to Linkedin This isn’t your ultrasound appointment. For one, the doctors on call weren’t sure if the patient(s) would show up. While the Galápagos Islands are one of many global locations that are visited by whale sharks ( Rhincodon typus ) during the year, there was no guarantee they would show. But the signs were promising, with the filter-feeder’s usual food plentiful along the rocky outcrops. The second indication this wasn’t your normal ultrasound appointment is the procedure would be taking place underwater. Not only that, but they were often working in strong currents and, although quite placid in nature, whale sharks are by nature “a lot faster than us, and emerge from the blue with little warning; we only get a short time to work with each animal,” says Marine Megafauna Foundation co-founder Simon J. Pierce, who is author on the paper and stresses the techniques in this research were also quite challenging to apply. … [Read more...] about Galapagos Whale Sharks Undergo Ultrasounds For First Time

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UEFA Opens Investigation Into FC Barcelona Referee Payments Scandal With Champions League Ban Possible

March 23, 2023 by www.forbes.com

Share to Twitter Share to Linkedin European football governing body UEFA has opened its own investigation into FC Barcelona's payments to the Former Vice President of the Spanish Technical Committee of Referees Jose Maria Enriquez Negreira, with a ban from playing in the Champions Leauge a possible outcome. The Catalan club was charged for "continued corruption between individuals in the sports field" by the Barcelona provincial prosecutor's office almost a fortnight ago. The day before this development, it was reported that UEFA EFA had requested information from the Spanish Football Federation regarding the case and was following its developments closely. This caused it to be claimed that there were "growing fears" of a potential sanction which could affect Barca's participation in European competition such as the Champions League next term, especially when considering their continued support for the breakaway European Super League with Real … [Read more...] about UEFA Opens Investigation Into FC Barcelona Referee Payments Scandal With Champions League Ban Possible

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Champions League Ban Could Cancel Lionel Messi’s FC Barcelona Return

March 23, 2023 by www.forbes.com

Share to Twitter Share to Linkedin Lionel Messi's potential return to FC Barcelona could be scrapped if the club is banned from the Champions League next season. As confirmed through a statement on Thursday, European football governing body UEFA EFA has appointed Ethics and Disciplinary Inspectors to "conduct an investigation regarding a potential violation of UEFA’s legal framework by FC Barcelona in connection with the so-called 'Caso Negreira'", which is what the case concerning payments made to the Former Vice President of the Spanish Technical Committee of Referees Jose Maria Enriquez Negreira is known as in Spain. Barcelona's provincial prosecutor's office charged Barca for "continued corruption between individuals in the sports field" last Friday. The day before this, reports spread of how there were "growing fears" behind the scenes at Camp Nou that UEFA could punish them with sanctions which affect Barca's participation in European … [Read more...] about Champions League Ban Could Cancel Lionel Messi’s FC Barcelona Return

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PSEi cheers better August jobs data

September 9, 2022 by business.inquirer.net

The hiring pace in August encouraged some bargain-hunting at the bourse, but it was not enough for the main-share Philippine Stock Exchange index (PSEi) to go above the 6,600 territory on Thursday. The benchmark PSEi rose by 0.61 percent, or 39.66 points, to finish at 6,593.74 while the wider All-Shares index climbed by 0.43 percent, or 15.13 points, to end at 3,505.20. Philstocks Financial Inc. researcher Mikhail Plopenio said investors bought up shares amid better labor force numbers. The Philippine Statistics Authority said the number of unemployed Filipinos went down to 2.6 million in July from 2.76 million in April. “However, ongoing headwinds, which include the peso’s depreciation and recession risks offshore, kept many investors on the sidelines which resulted in weak trading for the day,” Plopenio said. The peso fell to another fresh low on Thursday as it hit P57.18 against the dollar. China Bank Securities research director Rastine Mackie Mercado added … [Read more...] about PSEi cheers better August jobs data

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