ACN Newswire
Read More

FTX Trading Bankruptcy: Protecting Your Company’s Interests

indie
4 minutes

NEW YORK, NY, Feb 2, 2023 - (ACN Newswire via SEAPRWire.com) - Zuber Lawler is representing entities who received investments from Alameda Research and FTX Ventures. Alameda Research and several other FTX-related entities have filed bankruptcy proceedings in Delaware. These multiple filings are all being administered under one matter, In re FTX Trading, USBC Case No. 22-11068. Most first and second day motions have been heard and either have been granted or are currently pending. Things are moving forward.On January 18, 2023, FTX debtors moved for an order authorizing and approving procedures for a sale or transfer of what they have termed as "de minimis assets." FTX debtors define "de minimis assets" as investments and/or interests held by FTX debtors, including Alameda Research, in privately held companies, which (according to FTX debtors) can be easily separated from the debtors' core operations, will not disrupt the core operations, and will generate less value to the estate than other assets. FTX debtors state that the de minimis category includes approximately 185 investments made for $1 million and below, approximately 75 investments made between $1 million and $5 million ea...

ACN Newswire
Read More

Go From Crypto Curious to Confident With Just One Book, Say Authors

indie
3 minutes

NEW YORK, N.Y., Nov 18, 2022 - (ACN Newswire via SEAPRWire.com) - As cryptocurrencies continue to dominate the news, more and more people are interested in hearing the 'real deal' from veteran insiders. However, many don't know where to start, especially when experts are using unfamiliar terms like "altcoin," "Web3," and other jargon.Experienced investors in the crypto market want to level the playing field and pave the way for new investors. Such is the case for Mike Kimelman and Charlie Shrem, co-authors of the new book Mastering the Basics of Bitcoin and Crypto: Go from Crypto Curious to Crypto Confident With Just One Book.The book promises to be a revolution in the way the typical reader sees and talks about cryptocurrencies. Both authors are highly respected minds in the crypto field with over a decade of experience. By sharing their knowledge, they aim to help the average consumer become more familiar with Bitcoin, other cryptocurrencies, and the emerging world of Web3 as a whole.This is a service that Kimelman and Shrem have been providing for years. Their company Dekryption provides consultations to elite level businesses about how they can implement blockchain technology i...

ACN Newswire
Read More

Swang Chai Chuan Limited Announces Details of Proposed Listing on the Main Board of The Stock Exchange of Hong Kong Limited

indie
13 minutes

HONG KONG, Aug 8, 2022 - (ACN Newswire via SEAPRWire.com) - Swang Chai Chuan Limited ("Swang Chai Chuan" or the "Group"), an established distributor of Food & Beverage ("F&B") and other products for recognised international and domestic third-party brands and own brands in Malaysia, today announced the details of its proposed listing on the Main Board of The Stock Exchange of Hong Kong Limited ("HKEX").Swang Chai Chuan plans to offer a total of 241,000,000 shares under the Global Offering (subject to the Over-allotment Option), which comprises 216,900,000 Shares (subject to re-allocation and the Over-allotment Option) for the International Placing, and 24,100,000 Shares (subject to re-allocation) for the Hong Kong Public Offering. Based on the Offer Price HK$0.54 per Share (being the mid-point of the indicative offer price range of HK$0.52 to HK$0.56 per Share) assuming the Over-allotment Option is not exercised, after deducting estimated underwriting fees and other expenses, net proceeds from the Global Offering are estimated at approximately HK$86.0 million.The Hong Kong Public Offering will commence from 9:00 a.m. on 8 August 2022 (Monday) and end at 12:00 noon on 11 Aug...

ACN Newswire
Read More

SEMK (2250.HK) Announces 2021 Adjusted Net Profit Increases by Nearly 30% to HK$77 million, Becomes the Largest Domestic Character IP Company In China

indie
7 minutes

HONG KONG, Mar 30, 2022 - (ACN Newswire via SEAPRWire.com) - SEMK Holdings International Limited ("SEMK", together with its subsidiaries, the "Group", stock code: 2250.HK), the largest domestic character Intellectual Property (IP) company* engaged in the provision of licensing services, design consultation services and retail of licensed brand products of its self-created B.Duck family characters, announced today the first annual results after its listing on the Main Board of The Stock Exchange of Hong Kong Limited on 17 January 2022. Mr. Eddie Hui, Chairman and Chief Executive Officer of SEMK.Together with its licensee, MADworld, SEMK launched its first drop of B. Duck NFT - 4,000 unique and original design 3D B.Duck NFTs as collectibles and potential future gaming celebrities.Despite the unprecedented challenges due to the COVID-19 pandemic (the "Pandemic"), SEMK's business remains resilient. The Group's total revenue for the year ended 31 December 2021 ("FY2021" or the "Year") was approximately HK$290.0 million (FY2020: HK$233.5 million), representing a year-on-year growth of 24.2%. Excluding listing-expenses, the adjusted net profit for the Year was HK$77.3 million (FY2020: HK$...

SeaPRwire
Read More

ONSTON Announces ONSTON Metaverse Platform Development Plan for 2022

pandora
2 minutes

Hong Kong/ January 7, 2022 / SEAPRWire / – ONSTON, a new virtual reality metaverse cryptocurrency project that develops ONSTON Metaverse Platform and ONSTON Marketplace, announced the plan for metaverse platform development for 2022. Using blockchain technology, and building a 3D virtual world by linking VR/AR devices, ONSTON is a cryptocurrency project that will ultimately achieve its goal to build a theme park to play ONSTON Metaverse games, shopping center, NFT museum, and 3D workplace. To realize the objectives, ONSTON project team has announced its milestone for 2022. The team is currently working on development to build a wallet, staking service, swap, demo version of ONSTON Metaverse to launch in 2022. ONSTON Metaverse platform will not only play its role as a game, entertainment, lifestyle, and communication platform as the other metaverse projects, but also become a platform that expands into other financial-based services as well. ONSTON Metaverse users can purchase their own living space, furniture, and buildings and a company can rent a virtual office space or meeting room to hold the various events. All the activities that users do in ONSTON Metaverse will be compensat...

ACN Newswire
Read More

The Inaugural World FinTech Summit Virtually Convened Saudi’s Top FinTech Leaders To Discuss Its FinTech Ecosystem

indie
4 minutes

Delhi, India, Dec 23, 2021 - (ACN Newswire via SEAPRWire.com) - World FinTech Summit - KSA which took place on 6 December 2021, attracted some of the prominent voices in the FinTech space such as Ihab Hawari Chief Information Technology Officer, Aljabr Holding; Yahia Kafi, CFO, ALJ Enterprises; Ali Alomran, Financial Technology Expert; Faisal Alyousef, Chief Business Officer, Saudi Financial Technology - Alinma Bank; and Loredana Matei; Founder, Finsight.news to name a few.More than 200 FinTech experts, business leaders, industry experts, innovators, government officials, and startups from around the world attended the summit, which featured informative keynotes and networking sessions where they shared ground-breaking insights into FinTech industry and future strategies.The show covered key topics such as The FinTech and banking landscape in KSA, the New language of FinTech World: API's, Convergence between FinTech and other sectors, Convergence between FinTech and other sectors and much more.Ben Lloyd, Head of Digital Product, Banque Saudi Fransi discussed at length The FinTech and banking landscape in KSA. He stated that, "With the changing banking model as a result of open bank...

SeaPRwire

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 ...

SeaPRwire

Facebook doubles profit, but sees cooling growth from regulatory actions

elean
4 minutes

SAN FRANCISCO (AFP) - Facebook on Wednesday (July 28) reported its profit doubled in the recently ended quarter as digital advertising surged, but warned of cooler growth in the months ahead in an update which sent its shares sinking. Profit jumped to US$10.4 billion (S$14.1 billion) on revenue of US$29 billion, a 56 per cent increase from last year, mainly from a jump in ad revenues, Facebook said in its second quarter report. The number of people using the social network monthly climbed to 2.9 billion, a year-on-year gain of 7 per cent. And some 3.5 billion people used at least one of the company's apps including Instagram, WhatsApp and Messenger. "We had a strong quarter as we continue to help businesses grow and people stay connected," Facebook chief executive Mark Zuckerberg said in an earnings release. However, Facebook shares slipped some 4 per cent as the tech giant warned that growth was expected to slow due to regulatory actions and a tweak to the Apple iPhone operating software that could hurt its ad targeting. "We continue to expect increased ad targeting headwinds in 2021 from regulatory and platform changes, notably the recent iOS updates," Facebook said in the earnin...

SeaPRwire

Tesla plans to open its charging network to other electric vehicles later this year

elean
2 minutes

BENGALURU (REUTERS) - Tesla plans to open its network of superchargers to other electric vehicles later this year, chief executive officer Elon Musk said on Twitter. The electric-car maker's fast-charging network, with over 25,000 superchargers globally, has given it a competitive edge. Meanwhile, other carmakers have formed alliances or invested in start-ups for networks as they rush new electric vehicle entrants to market. "We're making our Supercharger network open to other EVs later this year," Mr Musk said on Tuesday (July 20), adding that over time Tesla's charging network will be opened to other electric vehicles in all countries. Germany's transport minister said last month he was trying to convince Tesla to open its charging network to other carmakers to make it easier for drivers of electric vehicles to charge. In the United States, President Joe Biden's administration late last month embraced a bipartisan Senate deal to spend US$1.2 trillion (S$1.6 trillion) on infrastructure projects, including US$7.5 billion on electric vehicle infrastructure, including charging stations. Charging companies such as Blink Charging, EVgo, ChargePoint Holdings and Volkswagen's Electrify A...

SeaPRwire
Read More

Shell starting new green businesses

elean
5 minutes

(NYTIMES) - On a clearing at the edge of a farm field, 40 big rectangular boxes the size of shipping containers sit behind a tall fence. Packed inside are stacks of lithium-ion cells and other electrical equipment. Wired together, these units will form Europe's largest battery, the operators say, able to pump out powerful bursts of electricity to offset fluctuations in the power grid when ebbing winds or cloudy skies slow the generation of renewable electricity. As more power comes from wind and solar, the need for giant batteries will grow. One of the companies behind this £40 million (S$75 million) project is Royal Dutch Shell. Like other oil giants, Shell is under pressure to move away from climate-damaging fossil fuels, and it is recasting itself as more of a renewable energy company, looking for investments as it sidles towards a new future. Shell's foray into the English countryside in Minety, about 145km west of London, provides a clue to that future. But for a firm more used to offshore oil rigs and producing natural gas, the giant battery is part of what some critics see as a tortuous turnaround that, they say, must quicken to have a real impact on the factors causing clim...

SeaPRwire
Read More

Bitcoin soars after Elon Musk’s Tesla buys US$1.5b of digital coin, plans to accept as payment for its cars

elean
5 minutes

NEW YORK (REUTERS) - Bitcoin took another large stride towards mainstream acceptance on Monday (Feb 8) after Elon Musk's Tesla revealed it had bought US$1.5 billion (S$2 billion) of the cryptocurrency and would soon accept it as a form of payment for its electric cars. The announcements, buried deep in Tesla's 2020 annual report, drove a 13 per cent surge in the world's most widely held cryptocurrency to an all-time high above US$44,000. At current prices, 0.88 bitcoins would be enough to buy an entry-level Tesla Model 3. Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock, the world's largest asset manager, and payments companies Square and PayPal. Mr Elon Musk has upended Wall Street over the last year and briefly became the world's richest person as shares of Tesla surged nearly 500 per cent to become the fifth most-valuable US company, leaving other companies and investors eager to follow in his wake. "If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin, I don't think it would have been taken seriously," said Thomas Hayes, managing member at Great Hill Capital. "But when th...

SeaPRwire
Read More

GameStop, other ‘Reddit rally’ stocks bounce after selloff, then dip after hours

elean
4 minutes

SINGAPORE (REUTERS) - GameStop and other social media darlings rebounded in calmer trading on Wednesday (Feb 3) from their sharp sell-off in the prior session as investors turned their focus to the possibility of tighter US trading regulations. However, the so-called "Reddit rally" cooled again in after hours trade, as GameStop and AMC Entertainment, the main targets hyped on investment forums, fell. Mass buying over the past two weeks by amateur traders following posts on social media fueled a fierce rally in companies that big hedge funds had bet against, including videogame retailer GameStop and cinema operator AMC. GameStop had soared as high as US$483 (S$643.60) last week, fueled by posts on the Reddit forum WallStreetBets, then dived and on Tuesday fell briefly below US$90. On Wednesday GameStop shares closed up 2.68 per cent at around US$92.41. They seesawed all day but within a range, while shares of AMC rose 14.71 per cent a day after dropping 41 per cent. After the closing bell, GameStop was off 2.61 per cent while AMC dipped 2.23 per cent. Some professional investors bemoaned the volatility and warned that retail investors who piled in could ultimately face big losses. "...

SeaPRwire
Read More

GameStop rallies again as US regulators eye wild trading

elean
3 minutes

NEW YORK • The United States Securities and Exchange Commission (SEC) waded into the battle between small investors and Wall Street hedge funds, warning brokerages and social media traders it was on alert for any wrongdoing in last week's roller-coaster trade. GameStop shares rallied again, awarding retail investors the advantage in the latest round of their week-long slugfest against major financial institutions that had shorted the video game retailer. The so-called "Reddit rally" has inflated stock prices for GameStop and other previously downtrodden firms that individual investors championed on social media forums such as Reddit's Wallstreetbets, which has almost six million members. GameStop surged 68 per cent on Friday after brokerage apps including Robinhood eased some restrictions on trading. GameStop shares fell on Thursday following the curbs, which drew calls for scrutiny from regulators and outrage from celebrities and politicians on both sides of the political aisle. Robinhood said late on Friday that opening new positions in 50 securities including GameStop is currently allowed, but limited. Koss Corp was up 53 per cent, but both the headphone maker and GameStop remai...

SeaPRwire
Read More

Third vaccine emerges as contender

aseanpr
1 minute

A vaccine developed by Oxford University and biopharmaceutical firm AstraZeneca has been found to be up to 90 per cent effective at preventing Covid-19, according to preliminary results. It joins two other vaccine front runners.

SeaPRwire
Read More

Jack Ma’s botched Ant IPO becomes a boost for China’s state-run banks

elean
4 minutes

BEIJING (BLOOMBERG) - China Merchants Bank and other state-backed lenders have emerged as the biggest winners from new regulations that derailed Ant Group's massive stock listing, as China aims to level the playing field between fintech giants and traditional banks. Merchants Bank, known as the retail bank king in China, soared 16 per cent in Hong Kong this month, its biggest six-day advance in more than five years. Other Chinese lenders gained, including Agricultural Bank of China, while Alibaba Group Holding, an affiliate and one-third shareholder of Ant, lost 1 per cent. Chinese banks, trading near record low valuations, rallied after financial regulators last week proposed new rules to curb the rapid growth and leverage at the nation's more than 200 micro-loan lenders, putting a surprise halt to Ant's US$37 billion (S$49.9 billion) initial public offering. Ant and other fintech giants such as Tencent Holdings, using big data and cloud computing, have grabbed market share from commercial banks in the lucrative consumer lending space by providing easier access to credit for younger users online, many of whom have little income nor credit history. "The regulations move the dial ba...