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Fin or tech? Why China’s Ant, biggest-ever IPO, says it’s a tech firm not a bank

elean
5 minutes

BEIJING (REUTERS) - China's Ant Group, about to make the biggest public sale of shares ever, poses a basic conundrum: what kind of company is it - a financial colossus or a tech giant? That is important for investors before and after the initial public offering of US$34.4 billion (S$46.9 billion), surpassing Saudi Aramco's record US$29.4 billion float last year. Shares are expected to start trading on Thursday (Nov 5) in Shanghai and Hong Kong. A spinoff from billionaire Jack Ma's Alibaba Group, Ant presents itself as a technology company, while financial regulators suggest the firm remains under their purview. The Hangzhou-based giant benefits from the far richer valuations the market affords to tech firms than to financial institutions. It hopes to escape the closer scrutiny of financial regulators, analysts say. China's central bank and financial regulators met on Monday with Mr Ma and top Ant executives as Beijing published draft rules for online micro-lending. One rule would require firms like Ant to shoulder default risks together with banks, while limiting leverage and lending amounts - all approaches used to regulate banks. An Ant spokeswoman said the company would "impleme...

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Royal Caribbean suspends cruises through year end on rising Covid-19 cases

elean
2 minutes

BENGALURU (REUTERS) - Cruise operator Royal Caribbean Group said on Monday (Nov 2) it would stop all its cruises through the end of the year, extending previous suspensions, as coronavirus infections continue to increase globally. The company's announcement comes days after the US Centers for Disease Control and Prevention issued a framework for a phased resumption of cruise ship operations, after a no-sail order issued in March in response to the Covid-19 pandemic expired on Saturday. Norwegian Cruise Line Holdings earlier in the day said it plans to extend the suspension of its cruises starting December through the end of the year. Royal Caribbean reported negative revenue for the first time last week, as well as a billion-dollar quarterly loss. Royal Caribbean and Norwegian Cruise had previously set up an expert panel to safely resume operations, as the cruise industry came to a virtual standstill after many vessels became hotbeds of infection and some operators even faced lawsuits for onboard outbreaks. More on this topic Related Story Global cruise industry still largely stuck in port, but several regions have restarted cruises cautiously Related Story Coronavirus microsite: G...

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Wall Street rises but market braced for choppy trade in US election week

elean
3 minutes

NEW YORK (REUTERS) - The Dow and S&P closed higher on Monday (Nov 2) with the Nasdaq posted slimmer gains on the eve of the US presidential election, as investors girded for what could be big market swings after all three indexes notched their biggest weekly decline since March. Market participants largely expected short-term volatility and the likelihood of major long-term policy shifts related to taxes, government spending, trade and regulation depending on whether Republican President Donald Trump or his Democratic challenger Joe Biden wins the White House race. Biden is ahead in national opinion polls, but races are tight in battleground states that could tip the election to Trump. Analysts said the outcome most likely to shake equity markets in the near term would be no immediate winner on Tuesday night. While the Dow and S&P were on the plus side, they ended well off session highs, and the Nasdaq dipped into the red as mega-cap technology and tech-related names struggled to gain traction after slumping in the prior week. Growth stocks edged higher, but were soundly outperformed by beaten-down value names, which tend to provide better returns coming out of a recession, and not...

ACN Newswire
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Raffles Financial Enters into Joint Venture Agreement with Raffles Infrastructure Investment

indie
4 minutes

SINGAPORE, Nov 3, 2020 - (ACN Newswire) - Raffles Financial Pte Ltd, a wholly owned subsidiary of Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTC: RAFFF) ("Raffles", "the Company" or "RF"), today announces that the Company has entered into a Joint Venture Agreement with Raffles Infrastructure Investment Pte Ltd. ("RII"), a subsidiary of Raffles Infrastructure Holdings Limited listed in Singapore under symbol LUY. The Parties intend to collaborate in a joint venture company ("JVC"), MFUND Limited, which upon completion shall be renamed into "Raffles Infrastructure Capital Limited", a company incorporated in Hong Kong.The joint venture is in line with the Company's long-term objective of seeking opportunities and growth of its business and operations."Asia infrastructure spending is forecast at US$5.3 trillion by 2025*. Raffles Infrastructure's core competency is in the planning and developing of infrastructural projects in Asia, particularly China, while Raffles Financial is focused on the global fund raising and corporate finance advisory. The JV can provide a complete suite of infrastructure development solutions to governments and their developers," comments Dr. Charl...

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Valarhash Officially Launches New Service Series for its Mining Hosting Operations

pandora
3 minutes

CHENGDU, CHINA, Oct 31, 2020 - (ACN Newswire) - Valarhash, a leader in digital asset services, officially launches a new series of cryptocurrency miner hosting services, now enabling customers with remote online access to the operations of their mining machines. Registered users will have many features such as selecting their mining pool, withdrawing options and even re-selling their mining machine on the platform. Customers can purchase machines from Valarhash or other providers and have them shipped to the Valarhash mining farms.Valarhash is launching the new service series following an earlier announcement launching miner machine hosting plans. With versatility being of the utmost importance, Valarhash adds the new series of features in order to distinguish itself from its counterparts. The Valarhash mining pool charges a handling fee of 2%, and users are free to assign a designated mining pool for their mining machine based on their needs, offering a customizable experience. This ensures a reliable supply of computing power to consumers which can be viewed in real-time via an app or web management system built by the platform.Kevin Huang, co-founder of Valarhash, said "given th...

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BioVaxys Files Patent Application for Novel COVID-19 Diagnostic for T-Cell Immunity

indie
8 minutes

Vancouver, BC, Nov 2, 2020 - (ACN Newswire) - BioVaxys Technology Corp. (CSE: BIOV) ("BioVaxys" or "the Company"), a world leader in haptenized protein vaccine research and development, announced today that it has filed a Provisional Patent Application with the U.S. Patent and Trademark Office entitled METHOD AND KIT FOR DETECTION OF CELL MEDIATED IMMUNE RESPONSE related to the potential development of a diagnostic for evaluating the presence or absence of a T-cell immune response to SARS-CoV-2, the virus that causes COVID-19.The BioVaxys method is based on measuring an immune response in a human showing no signs or symptoms of an active SARS-CoV-2 infection by administering a skin test of a subunit of the SARS-CoV-2 S-protein. Using Delayed Type Hypersensitivity[1] ("DTH"), a method which is known to demonstrate prior exposure and T cell immunity to tuberculosis[2], the immune system causes an inflammatory response that develops 24 to 72 hours after exposure. This type of immune response involves mainly T-cells rather than antibodies, which are made by B-cells.If ultimately successful, the diagnostic is intended to provide a low-cost, easy-to-administer, and accurate way to test f...

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Dusit International to manage its first Dusit Thani hotel in Kyoto, Japan

indie
4 minutes

BANGKOK, Nov 2, 2020 - (ACN Newswire) - Dusit International, one of Thailand's leading hotel and property development companies, has signed a hotel management agreement with Yasuda Real Estate Co., Ltd., a community-focused property developer based in Tokyo, to operate the luxury Dusit Thani Kyoto - its first Dusit-branded hotel in Japan.Dusit Thani Kyoto is designed to blend seamlessly with its traditional surrounds in the heart of the citySigned through D&J Co., Ltd., a subsidiary of Dusit International based in Tokyo, the historic deal reflects Dusit's commitment to sustainable expansion by bringing long-term value to its local communities through creating jobs, contributing to the economy, and encouraging responsible tourism.Located in the heart of the city, only 850 metres from Kyoto Station in the Honganji Monzen-machi district, the new property will comprise approximately 150 rooms set over four floors. Facilities will include a Thai-themed all-day dining restaurant, a Japanese specialty restaurant, a lobby lounge and bar, function rooms, a health club equipped for fitness, and wellness facilities. Guests will enjoy easy access to nearby attractions such as Higashi Honga...

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80 Acres Farms Raises Funding Round Led by Barclays to Accelerate Growth in Automated Vertical Farming Technology

indie
3 minutes

Hamilton, Ohio, Nov 2, 2020 - (ACN Newswire) - 80 Acres Farms, the sustainable solution for fresh, pesticide-free food, announced that it added Barclays as a strategic investor in the business, joining Virgo Investments, Orange Wings Capital, QuietStar Capital, and other family office investors.80 Acres Farms'. Fully-Automated vertical farm located in Hamilton, OH80 Acres Farms is a 2019 fellow from the Unreasonable Impact Americas program and award winner recognized for their work addressing the global pandemic's effects. 80 Acres Farms addresses both sustainability and food security through growing food differently with vertical farming technology and reducing water usage by 97% on less than 1% of the land, with 300x the yield.Mike Zelkind, CEO of 80 Acres Farms, said: "There has been an explosion in demand for fresh, locally grown, nutritious food, and this investment round enables us to continue to meet that demand at the right unit economics. We look forward to developing our relationship with Barclays and their global network through our shared passion for enhancing sustainability in this industry."Andrew Challis, Co-Head of Principal Investments at Barclays, said: "80 Acres ...

ACN Newswire

IDC giant GDS secondary listing receives great support led by its promising prospect

indie
4 minutes

HONG KONG, Nov 2, 2020 - (ACN Newswire) - According to South China Morning Post. At present, China's digital economy is developing rapidly. As the information infrastructure is closely related to the development of the Internet, IDC demand has experienced strong growth, and IDC business revenue has continued to grow rapidly. GDS Holdings Limited ("GDS"), the absolute leader in China's IDC industry, initiated its secondary listing amid the good timing of the industry's development, and was officially listed on the Hong Kong Stock Exchange today, which has been enthusiastically sought after by market investors.GDS actively makes its presence in the first-tier cities to seize high-quality resources. Its data centers are mainly located in Shanghai, Beijing, Shenzhen, Guangzhou, Hong Kong, Chengdu and Chongqing. All of which are major financial, commercial, industrial and communications hubs in various regions of China. In addition, the features of high power density and low PUE of the data centers owned by GDS can effectively help customers reduce their operating costs, proving that GDS has formed a strong competitiveness in providing services to customers.The data centers operated by ...

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Olympus announces acquisition of FH ORTHO, an international orthopedics company in France

ruth
4 minutes

Tokyo/Hamburg, Nov 2, 2020 - (JCN Newswire) - Olympus Corporation (Director, Representative Executive Officer, President and CEO: Yasuo Takeuchi) today announced that it has acquired FH ORTHO SAS, an international orthopedic company headquartered in Heimsbrunn, France, following the close of a definitive agreement the two companies signed in the summer of 2020. The acquisition underscores Olympus' commitment to expanding in the growing field of orthopedic minimally invasive surgery (MIS) both organically and through mergers and acquisitions, with the overarching goal of developing innovative solutions that improve clinical outcomes, reduce overall costs and enhance quality of life for patients.By acquiring FH ORTHO, Olympus builds on its portfolio of innovative and patient-focused solutions that are used in MIS procedures in ligament repair, foot & ankle, and trauma surgery.Olympus is already active in orthopedics in Japan, where its joint venture Olympus Terumo Biomaterials Corp. distributes products such as bone substitutes and high tibial osteotomy (HTO) plates and screws. Beyond this, Olympus has also developed the first ultrasound device indicated for arthroscopic surgery,...

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SPARX Group, Toyota, Sumitomo Mitsui Banking Corporation, MUFG Bank, and Mizuho Bank Form Partnership to Establish a New Fund

ruth
2 minutes

TOKYO, Nov 2, 2020 - (JCN Newswire) - SPARX Group Co., Ltd., Toyota Motor Corporation, Sumitomo Mitsui Banking Corporation, MUFG Bank, Ltd., and Mizuho Bank, Ltd. announced today that they have signed a memorandum of understanding (MOU) to establish a new fund.The fund will aim to invest in companies that are related to Japanese monozukuri (manufacturing). The partnership's primary purpose is to contribute to the development of Japanese monozukuri by helping the companies with superior technology and human resources implement the Toyota Production System (TPS) and formulate management strategies, through the sustainable growth of these companies.This objective is in line with the SDGs that the international community is addressing (including "decent work and economic growth" and "industry, innovation, and infrastructure"). Thus, the partnership will contribute to society by improving competitiveness in Japanese monozukuri in the face of the prolonged impact of COVID-19.Furthermore, the five-firm partnership will consider the details of the size of the investment, other investors, and investment targets, with the goal of establishing the fund in early December.About Toyota Motor Cor...

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With no grand festivities this year, crowds still visit Little India to shop ahead of Deepavali

aseanpr
4 minutes

SINGAPORE - There will be no grand festivities for Deepavali this year, but crowds still descended on Little India on Sunday (Nov 1) afternoon to get their shopping done ahead of the upcoming celebrations on Nov 14. However, shop owners and patrons told The Straits Times that crowds paled in comparison to previous years. With no trade fairs or festival villages organised this year, a small number of stalls belonging to existing shops have been set up at Campbell Lane. Mr Rajkumar Chandra, president of the Little India Shopkeepers and Heritage Association, said there was no space available this year for temporary festive stalls, and existing stallholders were only allowed to sell their goods within their premises and at permitted areas. "Those who have been vendors at bazaars have either given this year a miss or have resorted to online options. The online portal has helped many , but it cannot replace the experience of looking around and choosing items for themselves," he added. Stallholders selling flowers, decorations and festive snacks said that the past two weekends have been packed with customers in the lead up to Deepavali. Mr Iqbal Raja, 49, who works at Bawa's Delicacy, a s...

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Singapore’s education and training sector must adapt to stay competitive globally: Chan Chun Sing

aseanpr
4 minutes

SINGAPORE - The education sector in Singapore may be well-regarded, but it must continue to keep pace in the global market, Minister for Trade and Industry Chan Chun Sing said on Monday (Nov 2). Speaking to the media after a virtual visit to a class at the National Institute of Early Childhood Development, Mr Chan said there are "tremendous opportunities" to relook how training and education is conducted in the industry and beyond Singapore. He mapped out four broad changes in the education sector, which he said must evolve to remain competitive. The first change is that learning cannot be limited to the initial 15 to 20 years of a person's life anymore, said Mr Chan. "It is no longer about just compulsory education, but it is about continuing education," he said, adding that Singapore has to find new ways of educating adult learners, which will be an increasingly important sector for the country. Mr Chan said the second trend that Covid-19 has hastened is how learning is now not just offline, but also online. "There are both benefits of online and offline teaching methods. The challenge for us is to make sure that we combine both methods and get the best outcome for our students,"...

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Captiva Verde Comprehensive Update

indie
6 minutes

Coquitlam, British Columbia, Nov 2, 2020 - (ACN Newswire) - Captiva Verde Land Corp. (CSE: PWR) (OTC: CPIVF) (the "Company"), is pleased to report an update on all of our major operating business segments plus our recommendation of a financial newsletter written by an award winning portfolio manager.Financial Newsletter - Grit CapitalCaptiva Verde sponsored an investor event in Las Vegas in December 2019 with Grit Capital. Beginning November 1, 2020, Grit Capital has launched a very efficient and easy to read, fun, exceedingly informative, and highly impactful Investment Newsletter that covers emerging trends, themes and investment ideas which is based on where big money and momentum is moving in the market, long before the general investing public studies the available information. The newsletter is written by Genevieve Roch-Decter, CFA, a former $100 Million+ small cap portfolio manager who's fund was ranked #1 for 3 of the 7 years she ran it (as ranked by Globe & Mail - GlobeFunds). We strongly recommend all of our shareholders and all interested friends and family to subscribe to the free newsletter at https://gritcapital.substack.comSolargram Farms ("SGF")SGF just complete...

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14-year-old boys got lost in MacRitchie forest trying to find WWII Japanese shrine

aseanpr
4 minutes

SINGAPORE (THE NEW PAPER) - On a whim, two teenagers decided to look for the remnants of a World War II Japanese shrine and ended up lost for several hours in the forest at MacRitchie Reservoir. Broadrick Secondary School student Richard Goh, 14, found out about the Syonan Jinja shrine while searching the Internet for interesting places to explore last month. When he told his classmate Soo Xiang Lin, also 14, they decided to take a bus to MacRitchie Reservoir to look for it, arriving at the Lornie Road entrance at 3pm on Oct 18. The boys, who did not inform their parents of their plan, had no food or water because they assumed there would be vending machines there. Clad in T-shirts, shorts and track shoes, they took the Terentang Trail suggested by Apple Maps until they reached an opening, which they used to enter the forest. It was 5pm by then. They met a man who was also looking for the shrine, but he soon gave up his search. The boys pressed on and realised they were lost at 6.45pm when their attempt to follow pieces of orange plastic tied to surrounding trees led them deeper into the forest. Richard told The New Paper last week: "There was that sense of hopelessness when I real...

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MHA refutes allegations by Australian national that he saw inmates being walked to execution

aseanpr
3 minutes

SINGAPORE - The Ministry of Home Affairs has refuted the allegations of an Australian national who said he suffered here while in remand for drug charges. Businessman Philip George Sceats gave an account of his time behind bars to Australian media, after he was granted a discharge not amounting to an acquittal for his drug charge last year. He said he was a "broken man" after close to a year behind bars, claiming to have seen 14 fellow inmates being "walked to their execution" - a fate he faced as he had been charged with importing cocaine. He also claimed that he was subjected to a strict regime under which inmates were caned "on the bare bum" if they did something wrong, and that his cell lights were never turned off. In response to queries from The Straits Times, MHA clarified on Sunday (Nov 1) that contrary to his assertions, Mr Sceats "was never housed together with inmates on death row". He was kept instead in a separate area meant for remanded persons at Changi Prison, said the ministry, which oversees the Central Narcotics Bureau (CNB) and Singapore Prison Service. The ministry also noted that the cells for those in remand are fitted with lights that are scheduled to automa...

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$4m fund set up to give $500 in one-time payment to households affected by job loss

aseanpr
2 minutes

SINGAPORE - A $4 million fund has been set up to help Singaporean households that have family members who are unemployed amid the pandemic. Each eligible household will receive a one-time payout of $500. The Ngee Ann Kongsi-Community Development Council (CDC) Covid-19 Relief Fund was launched on Monday (Nov 2) by Deputy Prime Minister Heng Swee Keat and the five district mayors, who are also chairmen of the CDCs. At the ceremony, Mr Jamie Teo, president of non-profit organisation Ngee Ang Kongsi, presented a $2 million cheque to the mayors. The CDCs also pledged $2 million to the fund. It is targeted at Singaporeans aged 21 and above who are currently unemployed and have experienced income loss due to non-voluntary no-pay leave, retrenchment or termination for at least three months at the point of application. The CDCs will work with community partners to identify eligible Singaporeans from Nov 15 onwards. In a speech, Mr Heng said that the Government has committed close to $100 billion to support workers, businesses and families, most of which is disbursed through national-level schemes. "But some Singaporeans and their families do face unique or urgent circumstances, which requir...

ACN Newswire

Tianjin Development Change of Shareholding Structure of Intermediate Controlling Shareholder

indie
1 minute

HONG KONG, Nov 2, 2020 - (ACN Newswire) - Tianjin Development Holdings Limited ("Tianjin Development", stock code: 882.HK) has announced that an internal integration between its intermediate controlling shareholder, Tianjin Tsinlien Investment Holdings Co., Ltd. ("Tsinlien Investment Holdings") and Tianjin TEDA Investment Holding Co., Ltd. ("TEDA Holding") is to be implemented.Tianjin Development, said, "In order to implement the three-year action plan for state-owned enterprise reform, the Tianjin Government will further strengthen state-owned capital so as to build up a strong reputation for the reform and growth of Tianjin's state-owned enterprises, as well as implement multiple measures to enhance their overall strengths. Upon completion of the integration, TEDA Holding will directly hold 100% shareholding interest in Tsinlien Investment Holdings. However, Tsinlien Investment Holdings' shareholding interest in Tianjin Development will not be affected. The ultimate control over Tsinlien Investment Holdings and Tianjin Development remains with the Tianjin Government." Copyright 2020 ACN Newswire. All rights reserved. www.acnnewswire.com

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UNISOC Completes Multi-vendor 5G SA Chip Interoperability Testing

indie
2 minutes

SHANGHAI, Nov 2, 2020 - (ACN Newswire) - UNISOC completed multi-vendor 5G standalone (SA) chip interoperability testing and ZUC verification testing on October 15, with major system vendors. The tests confirm that UNISOC 5G chips are fully interoperable with system equipment vendors and support the ZUC encryption algorithm, laying the foundation for large-scale commercialization of 5G SA terminals.The tests were organized by IMT-2020 (5G) Promotion Group at the China Academy of Information and Communications Technology (CAICT), using smartphones powered by the UNISOC T7510. UNISOC successfully completed the 5G SA chip interoperability testing with ZTE, Nokia Shanghai Bell and Ericsson, and the ZUC verification test with ZTE.In the 5G SA chip interoperability test, following 3GPP R15 F60 standards, the UNISOC T7510 completed testing for 280 items, covering the physical layer, RRC layer, NAS layer, service bearing, network slicing and NR-LTE mobility and EPS Fallback. In the ZUC performance test, smartphones with the UNISOC T7510 completed 18 test cases for uplink/downlink rate, encryption delay, and integrity protection at data level. ZUC, or Zu Chongzhi, is a central 3GPP Confident...

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US presidential election: Looking beyond the Oval Office

elean
1 minute

SINGAPORE - As investors confront the upcoming United States presidential election, we believe that, in terms of market impact, two uncertainties dwarf the obvious question of who will win the White House. The first question is whether there will be a smooth transition of power. In past elections, a predictable process was mostly taken for granted, but we should not do so this time given multiple red flags that President Donald Trump is prepared to contest the election. These include his refusals to commit to accepting the results, his claims of widespread voter fraud and, more tellingly, Mr Trump's prediction that the outcome will be decided by the Supreme Court. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.