SeaPRwire

Robinhood’s core business more than triples in Q1 amid meme-stock frenzy

elean
2 minutes

NEW YORK (BLOOMBERG) - Robinhood Market's largest source of revenue - payment for order flow - more than tripled in the first quarter as the trading app became immensely popular with young investors amid the meme-stock frenzy. Revenue from "payment for order flow," a system where market makers like Citadel Securities pay retail brokers including Robinhood for routing orders to them, reached about US$331 million (S$440.3 million) in the first quarter, up from US$91 million a year ago, according to a securities filings last week cited by the Wall Street Journal. The brokerage last year took in about US$687 million from such payments, according to data from regulatory filings compiled by Bloomberg Intelligence. Robinhood co-founder and chief executive officer Vlad Tenev had testified that the practice is the company's largest source of revenue. The arrangement is commonplace and disclosed in the brokerage industry, but has been controversial as it may give brokers an incentive to push their customers to trade more often. The app popularised the zero-commission brokerage and introduced millions of millennials and Gen Zers to the market. Critics including US lawmakers and a state securi...

ACN Newswire
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Wintermar Offshore (WINS:JK) Reports FY2020 Results

indie
8 minutes

JAKARTA, Apr 26, 2021 - (ACN Newswire via SEAPRWire.com) - Wintermar Offshore Marine (WINS:JK) has reported results for the full FY2020, achieving a gross profit of US$1.1 million, turning around from a gross loss of US$1.27 mil in FY2019, as utilization rose to 66% in Q42020. The rise in vessel utilization provided a boost to revenue of US$11.9 million for 4Q2020, and brought the Company back to a gross profit for the full FY2020.A strong 4th quarter saw high tier vessel utilization reach 77% as several drilling projects commenced. Although revenue for FY2020 was 23% lower than FY2019, the significant cost control measures in the past year brought total direct expenses down by 26% YOY.--Owned Vessel DivisionAs oil prices stablilised, there was a recovery in drilling activity in 4Q2020, particularly benefitting the high tier fleet which saw utilization jump to 77% for the final quarter. This boosted Owned Vessel revenues by 24.4% QOQ to US$9.1million in 4Q2020.Overall fleet utilization for FY2020 was 63% which was similar to FY2019. Total Owned Vessel revenue for FY2020 was US$33.8 million, a YOY decline of 18% compared to FY2019. However, the fleet streamlining and cost control me...

ACN Newswire
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TEC named one of Asia’s fastest growing companies by the Financial Times

indie
3 minutes

HONG KONG, Apr 20, 2021 - (ACN Newswire via SEAPRWire.com) - The Executive Centre (TEC), the leading premium flexible workspace provider across Asia Pacific and the Middle East, announced that it was ranked in the Financial Times Top 500 Asia-Pacific High-Growth Companies 2021."It is a great honour to be placed on the list and is a testament to our robust growth since our founding in 1994. In the last five years, we have doubled our footprint from 76 Centres to 150+ across Asia Pacific and the Middle East and our EBITDA has grown 43% from US$32.3 million in 2016 to US$46.1 million in 2019 across our key markets," said Paul Salnikow, TEC Founder and CEO. "We have witnessed steady demand throughout the last year as the pandemic has led companies to preserve costs and seek more flexibility from their partners. As the office remains as an essential space to foster creativity and collaboration, we believe that more companies will adopt a flex-and-core strategy to allow greater agility to expand in tandem with business growth."TEC, which was ranked 409th on the list, saw its revenue surge from US$140.74 million in 2016 to US$235.75 million in 2019, registering an absolute growth rate of ...

ACN Newswire

TANAKA Memorial Foundation Announces Recipients of Precious Metals Research Grants

indie
6 minutes

TOKYO, Mar 31, 2021 - (ACN Newswire via SEAPRWire.com) - The TANAKA Memorial Foundation's Representative Director, Hideya Okamoto, announced the recipients of the FY2020 Precious Metals Research Grants.Following a rigorous screening process, the Gold Awards, each for 2 million yen, were presented to Professor Yasushi Sekine and Professor Hideyuki Murakami, both of Waseda University. In addition, three research projects received Silver Awards, and four Young Researcher Awards were presented.The TANAKA Memorial Foundation undertakes programs designed to foster developments in new precious metal fields while contributing to the advancement of science, technology, and socio-economics for the overall enrichment of society. The research grant program was launched in FY1999 and has continued each year since with the goal of supporting the various challenges of the "new world opened up by precious metals." This year, the program's 22nd year, a total of 171 applications were received in a wide range of fields where precious metals can make contributions to the research and development of new technologies. A total of 16.1 million yen in research grants was awarded for 26 projects.The names o...

ACN Newswire
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Redsun Properties Revenue Increases 32.9% to RMB20.2 Billion, Net Profit Up 13.4% to RMB1,855 Million

indie
7 minutes

HONG KONG, Mar 29, 2021 - (ACN Newswire via SEAPRWire.com) - Redsun Properties Group Limited ("Redsun Properties", or the "Group", stock code: 1996), a leading comprehensive property developer in Mainland China, announced its annual results for the year ended 31 December 2020. The Group has maintained a solid financial position with enhanced credit. With revenue hit a record high, steady profit growth, stable growth in scale of assets and continuous optimization of debt structures, the Group entered into the green tier at the "Three Red Lines" assessment. 2020 Results Highlights:-- Contracted sales reached RMB86.50 billion, representing a year-on-year increase of 32.8%. Average contracted selling price increased by 10.0% to RMB14,622 per sq.m. -- Total revenue amounted to RMB20.2 billion, representing an increase of 32.9% compared with the 2019 level. Revenue from property business up 33.3% to RMB19.6 billion, while commercial and hotel operations increased by 20.3% to RMB542.8 million-- Gross profit and gross profit margin were RMB4,507.7 million and 22.4% respectively-- Net profit amounted to RMB1,854.9 million, representing an increase of 13.4% compared with the 2019 level. Net ...

SeaPRwire

Crypto craze: Digital assets gaining traction in Singapore

elean
1 minute

SINGAPORE - Singapore-based digital assets exchange Zipmex raised US$6 million (S$8 million) in its latest funding round in January, well above its target of US$4 million. This was no fluke: the exchange raised US$1.9 million in a seed round in January 2019 and a further $3 million in September that year. 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.

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Volcano IPO Shares Oversubscribed by 176.6 Times

pandora
3 minutes

- Leading manufacturer of nameplates and plastic injection moulded parts to MNC customers- Proceeds for purchase of machinery and equipment to expand capacity, grow market share in E&E and automotive industries KUALA LUMPUR, Mar 26, 2021 - (ACN Newswire) - The shares of Volcano Berhad (VOLCANO) have been oversubscribed by 176.6 times ahead of the Group's listing on the ACE Market of Bursa Malaysia Securities Berhad (Bursa Malaysia). Volcano Berhad's factory in Perai, Penang"We are extremely grateful for the confidence our investors have in Volcano, our business, prospect and future plans. Our hard work to build a sustainable business for the past 20 years has paid off," said Managing Director of Volcano, Datuk Ch'ng Huat Seng.Volcano is raising RM8.75 million from the IPO exercise. From the proceeds, the Group will use RM5.55 million for the purchase of machinery and equipment while RM3.20 million will be used for listing expenses."This is just the beginning of our corporate journey. The expansion plan will give a push to the growth of the Group's business," Ch'ng explained. "This is also part of the strategy to increase automation and capacity to meet the demand of our new and...

ACN Newswire
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Emperor Watch & Jewellery Limited Announces 2020 Annual Results

indie
4 minutes

HONG KONG, Mar 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 annual results for the year ended 31 December 2020 (the "Year").In the face of a tough operating environment as a result of COVID-19, the Group's total revenue decreased by 36.1% to HK$2,626.6 million (2019: HK$4,110.1 million) during the Year. The revenue during the second half of the Year is nearly two times of that of the first half Year. Revenue from the Hong Kong market dropped significantly to HK$1,256.6 million (2019: HK$2,760.7 million) as the retail market remained difficult due to weak tourism, and accounted for 47.8% (2019: 67.2%) of the total revenue. On the other hand, with mainland China substantially containing COVID-19 and continued restrictions on outbound travel, there was an expansion of inbound consumption and resulted in a robust rebound of the Group's mainland China business. Hence, revenue from the mainland China market increased by 39.7% to HK$783.3 million (2019: HK$560.6 million), accounting for 29.8% (2019: 13.6%) of the total r...

JCN Newswire
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Mitsubishi Motors Thailand Achieved Cumulative Production of Six Million Cars

ruth
2 minutes

TOKYO, Mar 18, 2021 - (JCN Newswire via SEAPRWire.com) - Mitsubishi Motors (Thailand) Co., Ltd. (MMTh), a manufacturing and sales company of MITSUBISHI MOTROS CORPOLATION (MMC) in Thailand, has reached cumulative production of six million units.Exporting vehicles to more than 120 countries throughout the world, MMTh has exported 4.4 million out of the six million units abroad. The milestone of six millionth was a TRITON one-ton pickup truck."Thailand is an important hub for us, and MMTh has become our largest export base in the ASEAN region with the support from the Royal Thai Government," said Takao Kato, chief executive officer of MMC. "MMTh produces popular TRITON, MIRAGE, and so on, and we have started production of OUTLANDER PHEV, a premium plug-in hybrid electric SUV with high performance but eco-friendly vehicle that attracts global attention, in the end of 2020. We are willing to offer even more attractive products to our customers."MMC commenced operations in Thailand in 1961 and celebrates 60th anniversary this year. It reached the milestone of one million total units produced in 2003, two million in 2010, three million in 2013, four million in 2015, and five million in 2...

ACN Newswire
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Volcano Berhad Launches Prospectus for IPO

indie
3 minutes

KUALA LUMPUR, Mar 17, 2021 - (ACN Newswire via SEAPRWire.com) - Volcano Berhad ("Volcano" or the "Group"), a leading international manufacturer of nameplates and plastic injection moulded parts, has successfully launched its prospectus for the Group's listing on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities").Volcano Berhad's factory in Rayong, ThailandVolcano's initial public offering ("IPO") involves a public issue of 25.0 million IPO shares and an offer for sale of 35.0 million shares at the issue price of RM0.35 sen per share, made available for application in the following manner:Public issue:- 8.25 million new shares will be available for application to the Malaysian public;- 8.25 million new shares will be allocated for application by eligible directors, key senior management, employees and business associates; and- 8.50 million new shares will be offered by way of private placement to identified investors.Offer for sale:- 14.375 million shares by way of private placement to identified investors; and- 20.625 million shares by way of private placement to identified bumiputera investors approved by the Ministry of International Trade and Industry.The IP...

SeaPRwire

Man allegedly involved in impersonation scam charged over providing unlicensed payment services

aseanpr
2 minutes

SINGAPORE - A 66-year-old man who allegedly received $209,370 which he tried to transfer overseas was charged on Thursday (March 11) over providing payment services without a licence. Wang Wai Keong, who is also known as Wong Wai Keong, was arrested on suspicion of being involved in a China officials impersonation scam. Wang was offered bail of $10,000 and his case is expected to be mentioned again on April 1. Police, in a statement on Wednesday, said they received a report from a woman on April 9 last year in which she alleged that she had handed over $1 million to two women she believed to be Chinese authorities investigating her for transnational crimes. Preliminary investigations by the Commercial Affairs Department found that Wang allegedly received $209,370 in criminal proceeds from one of the scammers between March 31 and April 8 last year. The police believe he acted on the instructions of unidentified foreign clients to receive the cash and make arrangements with business contacts in Hong Kong. The sum has been recovered and seized by the police. Police have advised members of the public to take precautions when receiving unsolicited calls to hand over money. Those who col...

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Hedge fund boss takes home UK record pay of $634m

elean
2 minutes

LONDON (AFP) - Hedge fund boss Christopher Hohn set a UK record in 2020 for the biggest ever annual paycheck after he paid himself almost half a billion US dollars, according to documents filed on Monday (March 1). The billionaire boss, who owns 100 per cent of the Children's Investment (TCI) fund which he runs, paid the £343 million (S$634 million) sum into his personal company TCI Fund Management, documents at Companies House showed. The amount paid in dividends for the fiscal year ending in March is the highest ever paid to an individual in the Britain, The Guardian newspaper reported. The figure is 9,000 times the average annual salary in Britain. Mr Hohn broke the record previously held by Denise Coates, the founder of the British online betting site Bet365, who in 2018 pocketed £323 million in salaries and dividends. The previous year, the TCI boss received a sum of US$261 million (S$346.4 million) but he gave himself a pay rise after his fund's pre-tax profit rose from US$420 million in 2018-2019 to US$695 million in 2019-2020. TCI, which was founded in 2003, has made a name for itself by taking minority stakes in numerous multinationals with the aim of influencing their str...

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UOB posts 32% drop in Q4 profit to $688 million

elean
1 minute

SINGAPORE (REUTERS) - United Overseas Bank reported a 32 per cent fall in quarterly profit as Singapore's smallest listed bank said its net interest income declined and credit losses swelled. UOB said on Thursday (Feb 25) that October-December net profit slumped to $688 million from a year earlier, in line with an average estimate of $696.3 million of four analysts, according to data from Refinitiv. More on this topic Related Story UOB and Vietnam government agency secure more than $3 billion foreign direct investment Related Story UOB and its commercial clients raise over $500k for charity through CNY fund-raiser

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Man accused of laundering over $10m in Covid-19 scam has case postponed after falling sick

aseanpr
3 minutes

SINGAPORE - A 40-year-old man who was to face charges over allegations that he had laundered more than $10 million in a Covid-19 scam had his case postponed after coming down with a fever. Defence lawyer Thong Chee Kun on Wednesday (Feb 24) told the court that his client, Thye Wee Boon, has to take a swab test. His case has been adjourned to March 3. Thye was to have faced 19 charges for offences including dealing with the benefits of criminal activities. To date, the authorities have managed to recover more than $6.4 million of the amount taken in the ruse - the largest single recovery since the formation of the Singapore Police Force's (SPF) anti-scam centre, which was set up in June 2019. Police were alerted in March last year that a French pharmaceutical company had been scammed of €6.636 million (S$10.64 million). According to the European Union's law enforcement agency Europol, a suspect had taken the identity of a legitimate company and advertised the fast delivery of surgical masks and hand sanitisers. "Once the pharmaceutical company transferred the funds to a bank in Singapore, the items were never delivered and the supplier became uncontactable," said the agency in a sta...

SeaPRwire

15,600 first-time flat buyers get $500m in grants

aseanpr
1 minute

About 15,600 first-time flat buyers have received nearly $500 million in grants under the Enhanced CPF Housing Grant since the scheme was launched in September 2019. Of these, 7,700 bought new flats and got about $270 million in all. Another 7,900 bought resale flats, getting about $226 million in grants. The Housing Board yesterday said it has also disbursed some $748 million under the Proximity Housing Grant scheme to about 40,200 households since August 2015. SEE THE BIG STORY

ACN Newswire
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Rojukiss International PCL (SET: KISS) embraces future as Asian health & beauty leader

indie
3 minutes

BANGKOK, Feb 20, 2021 - (ACN Newswire) - Rojukiss International PCL (SET: KISS), an innovator in health and beauty and creator of brands 'Rojukiss', 'PhDerma', 'Best Korea', 'Wonder Herb' and 'Sis2Sis', will move forward with its expansion plans following today's listing on the Stock Exchange of Thailand (SET). The Company is underlining its potential in the health and beauty industry, having invested in the creation of distinctive and innovative brands with wide-ranging consumer appeal as well as technology such as Mobile Skin Analysis, with both domestic and international sales channels, while setting goals for growth with a 3 billion baht revenue target for FY2024.Ms Worrawan Chaikamnerd, Chief Executive Officer of Rojukiss International (KISS), spoke at the opening of SET trading (Feb 19) of the Company's vision to become an Asian leader in the health and beauty sector, a "True Health and Beauty Company" targeting revenue of 3 billion baht in FY2024, or average revenue growth of 20% per year from FY2019."The Company plans a budget of 300 million to invest both domestically and internationally. We will invest 100 million baht in the development and marketing of new products and ...

SeaPRwire
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Oil jumps US$1 per barrel as Texas freeze prompts US output drop

elean
3 minutes

NEW YORK (REUTERS) - Oil prices gained more than US$1 a barrel on Wednesday (Feb 17), as frigid Texas temperatures shut production across the largest US crude producing state, with the unusually cold weather expected to hamper output for days or even weeks. Brent crude settled at US$64.34 a barrel, gaining 99 cents, or 1.6 per cent, while US West Texas Intermediate (WTI) crude settled at US$61.14 a barrel, rising US$1.09, or 1.8 per cent. Both benchmarks were at their highest levels since January last year. Oil has been supported by Opec+ supply curbs, Saudi Arabia's additional cuts and hopes of a demand rebound due to Covid-19 vaccinations. Historic cold weather since the weekend in Texas, which supplies the bulk of US crude and is part of the main US refining hub, has propelled prices even higher. "This has just sent us to the next level," said Bob Yawger, director of energy futures at Mizuho in New York. "Crude oil WTI will probably max out somewhere pretty close to US$65.65," Mr Yawger said. The US deep freeze has shut an estimated 1 million barrels a day of production and is expected to disrupt production for several days if not weeks, industry experts said, as wellheads have ...

SeaPRwire
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Elon Musk says he will give US$100 million for carbon capture prize

elean
2 minutes

NEW YORK (BLOOMBERG) - Elon Musk said he plans to donate US$100 million (S$132 million) towards a prize for the best carbon capture technology, weeks after he became the world's richest person. Musk made the announcement on Thursday (Jan 21) on Twitter, his preferred medium of communication, and said details would come next week. The Tesla co-founder's net worth surged in the past year to surpass Jeff Bezos as the carmaker delivered consistent profits, was included in the S&P 500 Index and attracted legions of retail investors. He's now worth US$201.4 billion, according to the Bloomberg Billionaires Index. One of his first reactions on becoming the wealthiest human - after an initial shrug - was to solicit advice on how to give it away. Mr Musk, 49, is a philanthropy neophyte compared with those he just leapfrogged on the Bloomberg ranking of the world's 500 wealthiest people. Despite signing the Giving Pledge, Mr Musk has done relatively little publicly in the way of charity. He's donated more than US$257 million to the Musk Foundation -- equivalent to about 0.1 per cent of his current net worth - which in turn distributed US$65 million between 2016 and 2018 to about 200 nonprofit...

ACN Newswire
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Mediwelcome: Key Player in the Gold Track, is Forming a Head Leading Advantage

indie
11 minutes

HONG KONG, Jan 6, 2021 - (ACN Newswire) - In recent years, with the improvement of the economic level and the development of the aging population, as well as the unhealthy living habits of adolescents and other factors, the incidence of cardiovascular and cerebrovascular diseases has shown an obvious trend of increase. According to the report, there are about 391 million patients with cardiovascular and cerebrovascular diseases in China in 2019, accounting for about 26.8 percent of the national total population. The number of patients with cardiovascular and cerebrovascular diseases in China is expected to further increase to about 429 million in 2024.In this huge market space, Mediwelcome, a Beijing-based provider of comprehensive medical marketing solutions for cardiovascular and cerebrovascular diseases, faces excellent development opportunities. Its Hong Kong shares (02159.HK) will list on January 19, so further exploration of the company's quality and reputation follows.1. Business support from three segments, leading the industry in medical track segmentationFounded in 2000, Mediwelcome is China's largest provider with comprehensive medical marketing solutions for cardiovascu...

ACN Newswire
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Mediwelcome: Reasonable valuation with HK listing on track for January 19

indie
11 minutes

HONG KONG, Jan 6, 2021 - (ACN Newswire) - With the improvement in China's economic level, the ageing population and the unhealthy living habits of adolescents, the incidence of cardiovascular and cerebrovascular disease is increasing. There were 391 million patients with cardiovascular and cerebrovascular diseases in China in 2019, or 26.8% of the population. The incidence of cardiovascular and cerebrovascular disease in China will increase to about 429 million in 2024.In this huge market space, Mediwelcome, a Beijing-based provider of comprehensive medical marketing solutions for cardiovascular and cerebrovascular diseases, faces excellent development opportunities. Its Hong Kong shares (02159.HK) will list on January 19, so further exploration of the company's quality and reputation follows.1. Business support from three segments, leading the industry in medical track segmentationFounded in 2000, Mediwelcome is China's largest provider with comprehensive medical marketing solutions for cardiovascular and cerebrovascular diseases. At present, its business layout mainly involves three areas: comprehensive medical marketing solutions, Internet hospitals and CRO services. The new bus...