SeaPRwire

Tesla ordered to pay worker $185.9 million million for racism at plant

elean
2 minutes

NEW YORK (BLOOMBERG) - Tesla lost a trial with a Black former elevator operator and must pay him US$137 million (S$185.9 million) for having turned a blind eye to racial taunts and offensive graffiti he endured at the electric car maker's northern California plant, according to the man's lawyer. Owen Diaz, a former contract worker hired at the company in 2015 through a staffing agency, was subjected to a racially hostile work environment, a jury in San Francisco decided on Monday (Oct 4), according to Lawrence Organ, a lawyer for DMr iaz. The verdict couldn't immediately be confirmed in electronic court records. Mr Diaz's case marked a rare instance in which Tesla, which typically uses mandatory arbitration to resolve employee disputes, had to defend itself in a courtroom trial in public. The company almost never loses workplace arbitrations, though it was hit with a US$1 million award in May in a case brought by another ex-worker that was similar to Mr Diaz's. The trial's outcome could embolden shareholder activists who have pushed Tesla's board, so far without success, to adopt more transparency about its use of arbitration to resolve complaints about sexual harassment and racial...

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Malaysia’s AirAsia X reports record quarterly loss of $7.95 billion

elean
2 minutes

KUALA LUMPUR (REUTERS) - Malaysia's AirAsia X on Monday (Sept 27) posted a record quarterly loss of RM24.6 billion (S$7.95 billion), eight times more than a year ago, as a multi-billion-dollar provision to cover debts drove operating costs higher. It was the ninth loss in succession for the airline, an affiliate of AirAsia Group. The net loss for the April-June period widened from a RM305.2 million loss a year ago. The airline said it made an accounting provision of RM23.8 billion to its creditors during the quarter as it is in default under the contract terms. Revenue dropped 20.9 per cent to RM72.3 million, versus RM91.4 million. In a stock exchange filing, it said the impact of the provision should be temporary. "The contractual liabilities for which the provision is made will be waived upon a successful completion of the proposed debt restructuring exercise," it said. To reduce costs, the airline group plans to operate a reduced fleet and return excess aircraft to the lessors. It said it has returned one aircraft and is in discussions with other aircraft lessors "to achieve the optimal fleet size". Discussions to reduce future lease rental rates are ongoing, as are talks with o...

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Hong Kong tycoon Richard Li’s insurer FWD files for long-awaited US IPO

elean
3 minutes

HONG KONG (BLOOMBERG) - FWD, the acquisitive Asian insurer backed by billionaire Richard Li, filed on Thursday (Sept 23) to go public in the United States, confirming an earlier Bloomberg News report. The Hong Kong-based company listed the size of the offering as US$100 million (S$134.8 million), a placeholder that will likely change when the proposed terms of the share sale are set. FWD could seek to raise about US$2 billion to US$3 billion based on initial investor feedback, said people with knowledge of the matter who asked not to be identified because it was private. The insurer aims to sell shares in the fourth quarter, the people said. Details such as the timing and the final size of the offering could change based on market conditions, the people said. A representative for FWD declined to comment. FWD manages US$62.5 billion in total assets, according to the filing with the US Securities and Exchange Commission. FWD disclosed that Athene Life Re, part of private equity firm Apollo Global Management, has agreed to buy US$400 million worth of its Class A share in a concurrent private placement. Athene and Apollo will also manage part of FWD's investment portfolio as part of a ...

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US opens probe into 30 million vehicles over Takata air bag inflators

elean
3 minutes

WASHINGTON (REUTERS) - US auto safety investigators have opened a new probe into 30 million vehicles built by nearly two dozen automakers with potentially defective Takata air bag inflators, a government document seen by Reuters on Sunday (Sept 19) showed. The National Highway Traffic Safety Administration (NHTSA) on Friday opened an engineering analysis into an estimated 30 million US vehicles from the 2001 through 2019 model years. Automakers were alerted to the investigation, which is not yet public. The new investigation includes vehicles assembled by Honda Motor, Ford Motor, Toyota Motor, General Motors, Nissan Motor, Subaru, Tesla, Ferrari , Nissan Motor, Mazda, Daimler, BMW Chrysler (now part of Stellantis), Porsche Cars, Jaguar Land Rover (owned by Tata Motors) and others. The automakers on Sunday either declined to comment before NHTSA’s expected public announcement on Monday, or did not immediately respond to requests for comment. NHTSA declined to comment. The 30 million vehicles include both vehicles that had the inflators installed when they were manufactured as well as some inflators that were used in prior recall repairs, NHTSA said in the document. Over the last dec...

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GIC-backed Thoughtworks soars in flurry of high-performing US IPOs

elean
3 minutes

SAN FRANCISCO (BLOOMBERG) - Technology consulting firm Thoughtworks Holding climbed as much as 40 per cent in its trading debut after raising US$773 million (S$1.05 billion) in one of four large initial public offerings (IPOs) priced above their marketed ranges. Leading a burst of US IPOs that delivered first-day gains for investors on Wednesday (Sept 15), the Chicago-based company's shares closed at US$29.39 in New York trading, giving the company a market value of almost US$9 billion. The company sold almost 37 million shares for US$21 on Tuesday after marketing them for US$18 to US$20. Thoughtworks, which is changing its name from Turing Holding as part of the IPO, is kicking off a seasonal surge in US listings following the US Labor Day weekend. The 781 IPOs raising more than US$248 billion on US exchanges this year already top what was an all-time record of US$180 billion raised during all of 2020, according to data compiled by Bloomberg. At least five other companies filed this week to begin marketing their shares for listings of more than US$100 million. They include Sovos Brands, the owner of Rao's Homemade pasta sauces, as well as online jeweller Brilliant Earth Group. Com...

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Leon Fuat Berhad Posts 1,110% Jump in Net Profit

pandora
3 minutes

Group records RM32.12 million in PAT supported by strong gross profit margin growth SHAH ALAM, Malaysia, Sept 9, 2021 – (ACN Newswire) – LEON FUAT BERHAD (“Leon Fuat” or the “Group”), a manufacturer and trader of steel products, specialising in rolled long and flat products, today announced that the Group registered a 1,110.1% growth in profit after tax (“PAT”) to RM32.12 million for the quarter ended 30 June 2021 (“2Q 2021”) compared with the RM2.65 million recorded for the quarter ended 30 June 2020 (“2Q 2020”). Calvin Ooi Shang How, Executive Director of Leon Fuat The strong gain in PAT was due to the 322.5% increase in gross profit (“GP”) to RM53.46 million in 2Q 2021 boosted by higher overall gross profit margin of 17.0 percentage points compared with the RM12.65 million in GP recorded for 2Q 2020. The Group recorded 73.1% growth in revenue to RM184.78 million for the quarter under review compared with RM106.76 million recorded in 2Q 2020. On a segmental basis, revenue from trading of steel products increased 74.0% to RM73.88 million while revenue from processing of steel products increased by 72.7% to RM110.85 million. The share of revenue from the trading segment stood at ap...

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Bit2Me Raises 5 Million Euros as Phase One of ICO Sells Out in Under 60 Seconds

indie
3 minutes

MADRID, Sep 7, 2021 - (ACN Newswire via SEAPRWire.com) - Bit2Me has closed the first phase of its ICO (Initial Coin Offering) in just 59 seconds, raising a figure of 5 million euros. This is the most successful token issue ever launched in Spain. The second phase will start on September 13 and the third phase on September 21.Record-Breaking ICOThe Spanish cryptocurrencies platform had already raised 2.5 million in a private round in early August. In total, it has achieved an investment of 7.5 million euros through its B2M token, which can be reserved from the official website After the success of the first phase, the company is preparing the second phase of the ICO, which will take place on September 13, with the greatest of guarantees. The third and final phase will start on September 21. It is possible to join the queue for both and schedule a purchase through a form available on the website.On September 6, Bit2Me issued a total of 500 million tokens. Another 500 million will be put into circulation in the second phase, while 250 million will be launched in the third phase. In total, Bit2Me will issue 1.25 billion tokens.Global AppealThe interest in the ICO was so great in the da...

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CEKD Berhad Launches Prospectus to Raise RM24.28 Million from IPO

indie
3 minutes

KUALA LUMPUR, Sep 6, 2021 - (ACN Newswire via SEAPRWire.com) - CEKD BERHAD ("CEKD" or the "Group"), a die-cutting solutions provider as well as manufacturer of die-cutting moulds and trader of related consumables, tools and accessories enroute to a listing on the ACE Market of Bursa Malaysia Securities Berhad (Bursa Securities), is pleased to announce the launch of the Group's prospectus for the initial public offering (IPO).The Group aims to raise RM24.28 million from its upcoming listing. The IPO involves the public issue of 50.59 million new shares at the issue price of RM0.48 sen per share, to be made available for application in the following manner:Public issue:- 9.73 million new shares will be available for application to the Malaysian public;- 9.73 million new shares will be allocated for application by eligible directors, employees and persons who have contributed to the success of the Group;- 6.81 million new shares by way of private placement to selected investors; and- 24.32 million shares by way of private placement to Bumiputera investors approved by the Ministry of International Trade and Industry (MITI).The Utilisation of Proceeds table as below: https://www.acnnews...

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Nissin Foods Announces 2021 Interim Results

indie
7 minutes

HONG KONG, Aug 30, 2021 - (ACN Newswire via SEAPRWire.com) - Nissin Foods Company Limited (the "Company" or "Nissin Foods", and together with its subsidiaries, the "Group"; Stock code: 1475) has today announced its interim results for the six months ended 30 June 2021 ("the reporting period"). The PRC operations continued to perform well during the reporting period, while the Hong Kong operations were hard-hit by the high-base effect benefiting from the "stay-at-home" economy last year. Accordingly, the Group recorded a revenue of HK$1,853.8 million, representing a 6.8% growth year-on-year (2020: HK$1,735.4 million). It is primarily attributable to continuous revenue growth in the PRC operations, offset by the decrease in consumption in the Hong Kong operations. Gross profit was HK$592.3 million (2020: HK$588.0 million) with gross profit margin of 31.9% (2020: 33.9%), mainly attributed to the surge in raw materials prices, the decline in revenue from the Hong Kong operations and the lower contribution from the joint venture distribution business in Shanghai in the first year of its operations. The Group's EBITDA was HK$281.3 million (2020: HK$310.7 million), representing an EBITDA ...

SeaPRwire

Mall guy: Investor mints a fortune in retail scene

elean
4 minutes

(BLOOMBERG) - Mr Igal Namdar has made a fortune buying shopping malls no one else wants. He scoops up struggling centres at bargain-basement prices after their landlords lose faith, betting he can turn a profit before the last tenants turn out the lights. So far, that strategy has netted big gains - as well as lawsuits accusing him of letting his real estate slide into disrepair. In building an empire of 268 properties in 35 US states, he has accumulated a personal net worth of about US$2 billion (S$2.7 billion). The coronavirus pandemic accelerated the shift to e-commerce, forcing many already-ailing department stores and apparel shops to go dark. Landlords that own lower-end malls - with high proportions of tenants that have fallen behind on rents or shuttered stores - have been hit especially hard. For Mr Namdar, that smells like opportunity. He expects a flurry of deals next year as more owners of troubled retail properties head for the exits. "Any seller of retail - malls or open air - any size of portfolio, we're there," Mr Namdar, 51, said in an interview from his base in New York. "We can close immediately, as is, where it is, with no due diligence." The formula for Namdar ...

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Hektar REIT 2Q Revenue up 4.5%

indie
4 minutes

KUALA LUMPUR, Aug 26, 2021 - (ACN Newswire via SEAPRWire.com) - Hektar Asset Management Sdn. Bhd., the Manager of Hektar Real Estate Investment Trust ("Hektar REIT"), today announced the second quarter results ended 30 June 2021 ("2Q 2021"). Hektar REIT recorded revenue of RM25.71 million, which is 4.5% higher than the RM24.60 million recorded in the same quarter of the preceding year.Hektar REIT Summary of Financial Results for 2Q21 (unaudited)Net property income meanwhile was RM10.21 million, a decrease of 14.8% compared to the RM11.97 million recorded in 2Q 2020. The reported decline was in line with other retail and hospitality REITs affected by the pandemic due to the implementation of various Movement Control Orders and mobility restrictions. Realized income for 2Q 2021 was 5.2% higher at RM1.58 million compared to the RM1.50 million recorded in 2Q 2020. Earnings per unit ("EPU") of 0.34 sen was recorded for the second quarter.While the operating landscape continues to be challenging for the retail industry due to the prolonged COVID-19 pandemic, Hektar REIT is hopeful that the situation will gradually normalize and consumer sentiment will recover as the high vaccination rate...

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Emperor W&J Announces 2021 Interim Results

indie
4 minutes

HONG KONG, Aug 24, 2021 - (ACN Newswire via SEAPRWire.com) - Emperor Watch & Jewellery Limited (the "Group" or "Emperor W&J") (Stock code: 887), a leading retailer of European-made watches and fine jewellery, announced its interims results for the six months ended 30 June 2021 (the "Period").As pandemic containment has become broadly stable in Greater China, and various governments made progress with vaccination programs during the Period, the Group generally continued noting signs of improvement, and its total revenue surged by 122.4% to HK$2,071.0 million (2020: HK$930.6 million). Revenue from mainland China registered remarkable growth of 189.5% to HK$704.7 million (2020: HK$243.4 million), accounting for 34.0% (2020: 26.2%) of the total revenue. With a concrete rebound of domestic consumptions, the Group's mainland China business during the Period exceeded the pre-COVID-19 level, while its segment profit recorded a fivefold increase to HK$119.6 million (2020: HK$22.8 million). Despite the decrease in visitor arrivals to Hong Kong, the local consumption market regained momentum, and revenue from the Hong Kong market increased by 70.3% to HK$857.9 million (2020: HK$503.7 ...

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HYPEBEAST LTD (0150.HK) Delivers Record Q1 Revenue, Up 58% YOY with Momentum Intact, Continues on Expansion Plans

indie
5 minutes

HONG KONG, Aug 23, 2021 - (ACN Newswire via SEAPRWire.com) - The board of directors of Hypebeast Limited (0150.HK) has announced the Group's unaudited key financial results for the three months ended 30 June 2021 ("FY2022 Q1"). FY2022 Q1 ended on a high note as the business achieved record results for first quarter revenue, gross profit and gross profit margin as various regions exit lockdown from the COVID-19 pandemic. Revenues for FY2022 Q1 increased 57.9% year-on-year to approximately HK$200.8 million, due to increases in Media contract values, continued expansion in client industry categories and strong regional revenue growth from the Group's Media segment. Revenues for FY2022 Q1 increased by 12.6% compared to the three months ended 30 June 2019 ("FY2020 Q1"), reflecting significant growth versus the pre-COVID-19 baseline. Such growth versus pre-COVID-19 pandemic business levels are expected to continue and accelerate throughout FY2022. The Group experienced specific strength in the rebound of the Media business, with a significant increase in signed contract value of approximately 111.9% in FY2022 Q1 versus prior year or 74.7% versus pre-COVID-19 pandemic level in the FY2020 ...

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Quantum Solutions Co., Ltd. establishes joint venture with FOMM Company Limited

indie
5 minutes

HONG KONG, Aug 23, 2021 - (ACN Newswire via SEAPRWire.com) - According to the announcement dated 12 July 2021 in respect of "Notice of Capital and Business Alliance with FOMM Limited", Quantum Solutions (hereinafter referred to as the "Company") has agreed to form a capital and business alliance (hereinafter referred to as the "Capital and Business Alliance") with FOMM Limited (hereinafter referred to as "FOMM") and a joint venture agreement was signed today.1. Purpose of setting up the joint venturePursuant to the Capital and Business Alliance, the Group has agreed to invest in FOMM. After discussion, the two parties agreed to set up a joint venture in Hong Kong, namely Quantum FOMM Limited (hereinafter referred to as the "New Company"), to manufacture and distribute electric vehicles in China, in other words to serve the two companies as a vehicle to tap the China market. Asia TeleTech Investment Limited (hereinafter referred to as "ATT"), a wholly-owned subsidiary of the Company, will contribute capital direct to the New Company whereas FOMM will contribute capital as well.2. Purpose and strategy of the Capital and Business Alliance(1) Short term plan (12 months)The New Company ...

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Gaming platform Zupee closes Series B at over $500 Million valuation

indie
3 minutes

New Delhi, India, Aug 17, 2021 - (ACN Newswire via SEAPRWire.com) - Zupee, a leading innovator in India's online skill-based gaming industry, has announced that it has raised $30 million at a pre-money valuation of $500 million in Series B funding round. This round of funding has been co-led by Silicon Valley based WestCap Group and Tomales Bay Capital, with participation from Matrix Partners India & Orios Venture Partners.Dilsher SinghThis round comes within 6 months after its Series A round at a $100 million valuation, which is more than 5x increase in the company's valuation. With total funds raised now at $49 million, Zupee is backed by some of the best in the industry - WestCap Group, Matrix Partners India, Smile Group and Orios Partners. The company has an existing user base of over 10 million users. This new round of funding will be used to enable scaling efforts through expanded product portfolio, deepening market reach and hiring global talent.Founded in 2018 by graduates of India's leading institution IIT Kanpur, Dilsher Singh and Siddhant Saurabh, and incubated with funding from Smile Group, Zupee innovates by reengineering time-tested games and enabling them to enha...

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Dasin Retail Trust says business fundamentals ‘reasonably sound’ despite significant liabilities

elean
3 minutes

SINGAPORE (THE BUSINESS TIMES) - Dasin Retail Trust (DRT) said its business fundamentals are "reasonably sound" throughout the protracted Covid-19 crisis, and expects to generate sufficient cashflow to meet working capital needs. It gave its response on Monday (Aug 16) to several queries from the Singapore Exchange (SGX), in relation to the group's "significant" current liabilities of $557.2 million and cash and bank balance of only $123.98 million for the first half ended June 30. DRT said the current liabilities were mainly due to the re-classification of $242 million and US$134.29 million (S$182 million) offshore syndicated term loan equivalent to $422.66 million in aggregate of the group, and 375.15 million yuan (S$78,143,000) onshore syndicated term loan of the group, which are due and payable on Dec 19, 2021. The group is in "active negotiations" with the lenders and believes the refinancing of the term loans is achievable within the stipulated timeframes, based on indicative terms discussed with the lenders. In considering its payment obligations in the next 12 months, DRT said it has sufficient cash and cash equivalents; and expects that adequate cashflow will be generated ...

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Central Global Berhad Increases Production Capacity by 250% to Meet Fresh Demand

indie
2 minutes

KUALA LUMPUR, Aug 16, 2021 - (ACN Newswire via SEAPRWire.com) - Central Global Berhad ("Central Global" or "Group"), a producer of industrial masking tapes and label stocks as well as general building contractor, is in the midst of finalizing the purchase of machinery that will triple the Group's manufacturing arm's capacity to produce industrial masking tapes.Central Global executive chairman Dato' Faisal ZelmanWith the purchase of the new machinery, the Group's factory in Kuala Muda, Kedah, will have a capacity to produce up to 70 million square metres ("sqm") per year of tapes from 20 million sqm of tapes per year from the old machinery.Central Global executive chairman Dato' Faisal Zelman said, "This is perfect timing for us as we currently have new potential orders of up to 30 million sqm of masking tape orders from existing customers. The new machinery will make us even more productive and efficient while allowing us the capacity to grow the business.""We are also able to fulfil backlog orders worth RM10.0 million from July and August that had been delayed due to the enhanced movement control order that was extended by two weeks in parts of Kuala Muda to the end of July. We w...

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Wintermar Offshore (WINS:JK) Reports 1H2021 Results

indie
5 minutes

JAKARTA, Aug 12, 2021 - (ACN Newswire via SEAPRWire.com) - Wintermar Offshore Marine (WINS:JK) has announced results for 1H2021, achieving a gross profit of US$3.3 million for 1H2021, compared to gross loss of US$0.66 million for the same period last year, with fleet utilization recovering to 63%.Utilization improved from 61% in 1Q2021 to 63% in 2Q2021 as oil prices climbed, bringing total revenue for 1H2021 to US$20.1 million, just 8% lower than 1H2020. Due to the cost control measures and streamlining of fleet carried out, total direct costs reduced by 26% thus producing a gross profit of US$3.3 million for 1H2021.--Owned Vessel DivisionOwned Vessel Revenue declined slightly by 3%YOY to US$16.7 million in 1H2021, but total direct costs for the division for 1H2021 fell sharply by 25% to US$14 million, thereby contributing US$2.7 million of Owned Vessel gross profit. The cost reduction was mainly due to the sale of vessels and a reorganization of the vessel management structure to reduce overheads.--Chartering and Other ServicesAlthough chartering revenue fell by 27% YOY to US$2.6 million for 1H2021, the Division still recorded a gross profit of US$0.36 million, up 22% YOY. Gross p...

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Singtel posts $445 million Q1 profit, reversing year-ago loss

elean
2 minutes

SINGAPORE (THE BUSINESS TIMES) - Singtel swung into the black with a net profit of $445 million for the first quarter ended June 30, compared with a net loss of $20 million a year ago on the back of an improved operating and business environment with the easing of Covid-19 restrictions. The telco on Thursday (Aug 12) also posted a 7.5 per cent increase in operating revenue to $3.8 billion, from $3.5 billion a year ago. Revenue growth was driven mainly by Singtel's Australian consumer business, where its operating revenue grew by 7.7 per cent to $1.7 billion, from $1.6 billion a year ago due to an 11 per cent appreciation of the Australian dollar. Assuming a constant exchange rate, operating revenue for the Australian consumer business fell 2.6 per cent. Still, earnings before interest, tax, depreciation and amortization (Ebitda) for the business segment grew by 12 per cent on improved mobile postpaid average revenue per user, cessation of Covid-19-related customer fee waivers and rebates, as well as lower bad debts provision. Singtel's operating revenue in Singapore also rose 1.3 per cent year on year to $414 million, from $409 million the year before on higher mobile service, fixe...

SeaPRwire

Temasek-backed UpGrad scores US$185m to join India’s unicorns

elean
2 minutes

BENGALURU (BLOOMBERG) - UpGrad has raised US$185 million (S$251 million) from Temasek and other investors over a span of a few months this year, garnering a valuation of US$1.2 billion that ranks it as India's third-largest edtech unicorn. The higher education start-up doubled in valuation within 60 days of its first financing round of US$120 million from Temasek, later adding another US$65 million from latest backers International Finance Corporation and India's IIFL. In a release, the start-up referenced but did not confirm Indian media reports it is now in discussions to raise US$400 million at a US$4 billion valuation. India's education start-ups are riding an upswell of demand during the Covid-19 pandemic that has buoyed leader Byju's and smaller rivals like Unacademy and UpGrad. Dozens of start-ups have closed funding rounds from global investors betting on Indian-built start-ups going international. "We are very focused on our path to being in the top 3-5 companies globally in EdTech and serve the one billion workforce across the age group of 18 to 60 years," UpGrad's chairman and co-founder Ronnie Screwvala said in a statement. The start-up will announce more acquisitions s...