Aurelius Technologies Berhad IPO Shares Oversubscribed by 20.27 Times
KUALA LUMPUR, Dec 7, 2021 - (ACN Newswire via SEAPRWire.com) - The shares of Aurelius Technologies Berhad ("ATech" or the "Group") has been oversubscribed by 20.27 times ahead of the Group's listing on the Main Market of Bursa Malaysia Securities Berhad ("Bursa Securities").Mr. Lee Chong Yeow, ATech's Executive Director and Group Chief Executive Officer"We are extremely thankful for the trust that investors have in ATech, our business prospects and future plans. Our journey to be a one-stop solution for Electronics Manufacturing Services (EMS) provider has come a long way and has finally come to fruition," said Executive Director and Group CEO of Aurelius Technologies Berhad, Mr. Lee Chong Yeow."As an EMS provider, we are encouraged by the overwhelming response to the IPO as it indicates that the market sentiment is positive for economic growth momentum to continue, which is important for the overall outlook of the electrical and electronics industry."ATech is raising RM104.73 million from the IPO exercise. From the proceeds, the Group will use RM40.0 million for the purchase of new machinery and equipment, RM29.52 million for the repayment of borrowings, RM28.13 million for workin...
Building Trust, Having a Strong Fundamental Business Model and Embracing Digital Solutions are among the Key Retail Trends and Innovations Highlighted at the Recent Asia Retail Leaders Conference 2021 Organised by SMU RCoE
SINGAPORE, Nov 19, 2021 - (ACN Newswire via SEAPRWire.com) - A total of 304 participants attended the Asia Retail Leaders Conference 2021 staged by the Retail Centre of Excellence at Singapore Management University on 17 November in Singapore.SMU RCoE ARLC 2021 Speaker Panelist SessionThe full day hybrid conference revolved around the current developments and challenges faced by the retail industry such as prolonged and rising disruptions to businesses from the pandemic, changing consumer behaviour and up-and-coming technological innovations. 10 industry experts from the retail sphere and academic shed light on the critical relationship between digital transformation, trends, insights and topical issues such as sustainability, in empowering retailers and attendees with the required knowledge to emerge from and thrive in the post-pandemic environment.Technology that is aiding retailers to develop cost-effective omnichannel touchpoints with their customers has emerged as a critical factor to succeed in the rapidly evolving futuristic retail ecosystem. With the changed consumer's shopping behaviour as a result of the pandemic, progressive technologies such as Augmented Reality (AR) an...
Wall Street closes higher after positive data
NEW YORK (AFP) - Better-than-expected retail sales data and healthy earnings propelled Wall Street to a positive close on Tuesday (Nov 16), soothing traders who feared inflation would wreak havoc on the United States economy. Retail sales rose 1.7 per cent last month, the Commerce Department reported, the biggest monthly increase since March and defying predictions of a smaller gain. Meanwhile, Home Depot and Walmart released results that topped expectations, with the latter offering reassurances it expects sufficient inventories for the holiday season and emphasising a cautious approach in passing on higher costs to consumers. Traders have become preoccupied with the ongoing wave of inflation, which was thrown into stark relief last week when the government reported US consumer price inflation saw its biggest jump in more than 30 years last month. The positive retail sales data undercut fears inflation would keep consumers from shopping. Bokeh Capital Partners' Kim Forrest said: "It was good enough to get the market in the green because we know people are still spending." At the close, the benchmark Dow Jones Industrial Average was up 0.2 per cent at 36,142.22. The broad-based S&P...
Parkson Announces the Interim Results for the Period Ended 30 June 2021
HONG KONG, Aug 23, 2021 - (ACN Newswire via SEAPRWire.com) - Parkson Retail Group Limited ("Parkson" or the "Company", with its subsidiaries collectively referred as the "Group", HKEx stock code: 3368.HK), the leading nationwide lifestyle concept retailer in China, today announces the Group's interim results for the six months ended 30 June 2021 ("Review Period").During the Review Period, with the introduction of vaccines for the Coronavirus (COVID-19) and the implementation of economic recovery measures, the global market has been recovering gradually. Especially for China whose economy has largely rebounded from the COVID-19 pandemic and recorded total gross sales proceeds ("GSP") of RMB6,253.7 million inclusive of value added tax, representing an increase of 27.7% as compared with the same period of last year, which was mainly due to increase in same store sales ("SSS"). SSS in the Review Period increase by 25.9%, reflecting an improvement due to reduce impact from COVID-19. In the Review Period, the Group's profit from operations increased by 154.5% year-on-year to RMB247.4 million. Enrich Retail Portfolio Facing the continuous challenges of market changes and fierce competitio...
Weak US retail sales data ends streak of Dow records
NEW YORK (AFP) - Wall Street's five-day streak of records ended with a thud on Tuesday (Aug 17) following a lacklustre US retail sales report that exacerbated worries about the latest Covid-19 wave. Retail sales in the United States fell a surprising 1.1 per cent in July compared to June, a far bigger drop than analysts were expecting and mostly the fault of a steep decline in auto sales, the Commerce Department reported. The anaemic sales figure proved a catalyst for a sell-off after both the Dow and S&P 500 notched successive records over the last week. Investors "found enough of an excuse to dial things back," said Briefing.com analyst Patrick O'Hare in an interview, adding "the market was due for a pullback." The Dow Jones Industrial Average dropped 0.8 per cent to 35,343.28. The broad-based S&P 500 shed 0.7 per cent to 4,448.08, while the tech-rich Nasdaq Composite Index fell 0.9 per cent to 16,700.07. The retail sales report came as rising Covid-19 cases prompt fresh restrictions in some parts of the United States. However, analysts do not expect severe restrictions comparable to those enacted in the country at the outset of the pandemic last year. But a wildcard is whether o...
Robinhood surges 50% in frenzied trading, as investors scoop up ‘the meme of memes’
BENGALURU (REUTERS) - Shares of Robinhood Markets rose more than 50 per cent on Wednesday (Aug 5) during a wild trading session as investors scooped up shares after its underwhelming stock market debut last week. The online brokerage's shares closed at US$70.39, off the session high of US$85 when the stock was up nearly 82 per cent, with one analyst dubbing it "the meme of memes" in a reference to stocks popularised this year by retail investors congregating in online platforms such as Reddit's WallStreetBets. The stock has risen far above its initial public offering price (IPO) of US$38 per share and has logged its fourth straight day of gains. Its market capitalisation rose to US$58.8 billion (S$79.5 billion), catapulting it ahead of Twitter, restaurant chain Chipotle Mexican Grill and asset manager T. Rowe Price. Interest in the stock among retail investors soared on social media despite its weak market debut last week, when it fell below its IPO price. It was unclear exactly how much of Wednesday's buying was from retail investors, though. On Tuesday, retail trading volume rose tenfold, helping the stock gain 24 per cent, according to Vanda Research. Over the past 24 hours, Rob...
Alibaba nears first big deal since record antitrust fine
HONG KONG (BLOOMBERG) - Alibaba Group Holding is poised to make its first major investment since it paid a record antitrust fine as part of a bruising crackdown on Jack Ma's internet empire. A consortium led by the e-commerce giant and the Jiangsu provincial government is nearing a deal to buy a stake in the retail arm of Chinese billionaire Zhang Jindong's Suning conglomerate, people familiar with the matter have said. The deal would add to the 20 per cent stake that Alibaba already owns in Suning.com, one of China's biggest retailers of appliances, electronics and other consumer goods that's valued at roughly US$8 billion (S$10.8 billion). The potential investment could mark a comeback for Alibaba since authorities levied a US$2.8 billion fine on the company in April for anti-monopoly violations, fueling its first loss in nine years. The deal would help the e-commerce firm encroach on top rival JD.com's traditional stronghold of electronics, while joining hands with local authorities signals the tech billionaire and his company are ready to get back to deal-making. "Should the deal proceed, it strengthens the case that Alibaba isn't allowing regulatory overhang to constrain its s...
US retail sales fell in May in latest sign of bumpy recovery
WASHINGTON (NYTIMES) - Retail sales fell more than expected last month, the US Commerce Department reported on Tuesday (June 15), a sign of the uneven recovery of the American consumer and a shift in spending patterns as the country reopens after the coronavirus pandemic. The 1.3 per cent decline in May followed months of ups and downs in retail spending. After falling to record lows about a year ago, sales bounced back sharply this spring, only to swing from month to month, driven by the ebb and flow of government stimulus and the persistence of the virus. The data from April was revised Tuesday to show an increase of 0.9 per cent. Still, economists said that the broader recovery remained on track. Rather than signaling a fundamental weakness, last month's spending data shows that consumers have most likely spent all they need to furnish their homes or upgrade their phones during the homebound months of the pandemic. Now, they are shifting their purchases to restaurants, lodging and travel, as vaccination rates rise and people feel safer venturing out. "The decline was a bit of a shock," said Beth Ann Bovino, US chief economist at S&P Global. "But there are reasons I am not worrie...
Corporate America starts paying attention to retail investors
(NYTIMES) - After CarParts.com reported its quarterly results recently, executives at the company, which sells replacement car parts, did something rather unusual. They hosted a virtual meeting with about 2,000 guests who gathered to learn about the company. How did the business work? Why was CarParts.com able to offer lower prices than brick-and-mortar rivals? Were CarParts.com shares worth buying? Mr David Meniane, the chief financial officer and chief operating officer, called the session an experiment. "We're trying to disrupt the way people fix their cars," he said. "Is there a way for us to disrupt how retail investors communicate with management?" As the stock holdings of American households have soared to a record level over the past year, dozens of firms are suddenly paying more attention to individual investors. Some, like CarParts.com, are trying to transform newly minted traders of Reddit-fuelled viral "meme stocks" like GameStop into dedicated shareholders. And some of those meme stock companies, including GameStop itself, are issuing new shares. "The individual shareholder is back," said Professor Lawrence Cunningham of George Washington University Law School, who res...
Frasers shopping centre in Melbourne achieves sustainability certification
SINGAPORE - A mixed-use project developed by Frasers Property Australia has won praise for its high level of sustainability. Burwood Brickworks in Melbourne has achieved the Living Building Challenge Petal Certification, noted the International Living Future Institute on Saturday (April 24). The certification requires developments to have a net positive impact "by challenging them to operate as cleanly, beautifully and efficiently as nature's architecture". Burwood Brickworks encompasses retail, housing, open space and parklands, community facilities and amenities, said Singapore-headquartered Frasers Property. It has incorporated a range of sustainability measures, including a solar photovoltaic system, an embedded thermal and electricity network and wastewater treatment. The 13,000 square metre shopping centre also houses a 2,000 sq m rooftop urban farm and adjacent restaurant. Frasers Property said the farm is a first in Australian retail and fulfils the certification requirement for the development to commit a proportion of its area to food production for use on site. The development created 2,945 jobs during construction and 718 positions within the centre once opened in late ...
Citi retail units seen fetching US$6 billion as sales kick off
(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said. The sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private. Exits from other markets, such as South-east Asia and Poland, are at an earlier stage, the people said. The entire sales process is in its early stages, and the timeline and valuations could still change. "In terms of timing, look, we're already getting going and there's no dilly-dallying here," Chief Executive Officer Jane Fraser told analysts on a conference call last week. "We've begun the work." Citigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, though the lender will continue to serve corporations and private-banking clients in markets it's other...
Citi’s new CEO taps familiar strategy with retail banking exits
NEW YORK (BLOOMBERG) - As Citigroup simplifies its sprawling businesses, new chief executive officer Jane Fraser is reaching for a familiar playbook: her own. Ms Fraser, who rose to the top of the firm last month, is on familiar ground as she moves to exit retail banking in 13 markets across Asia, Europe, the Middle East and Africa as part of a strategic overhaul. Within a year of taking over the company's operations in Latin America in 2015, the former consultant oversaw sales of retail-banking and credit-card operations in Brazil, Argentina and Colombia. Once the world's biggest bank, Citigroup has spent more than a decade cleaving businesses, and Ms Fraser is now showing no sign of relenting as she carries out a multi-year remediation effort in the wake of regulatory rebukes. The lender already has shed almost US$1 trillion (S$1.33 trillion) in assets since it nearly succumbed to the 2008 financial crisis. Long known as one of the most global banks, it will soon operate retail branches in just six countries, down from 50 in 2006. "While these are excellent franchises we don't have the scale we need to compete," Ms Fraser said during a call Thursday to discuss earnings. "We decid...
Robinhood, at the heart of retail trading frenzy, files for IPO
BENGALURU (REUTERS) - Robinhood Markets, the online brokerage at the centre of the historic retail trading frenzy that gripped Wall Street this year, has confidentially submitted plans to regulators for a US initial public offering (IPO), the company disclosed on Tuesday (March 23). The move to push ahead with a stock market flotation comes in the middle of a historic boom in US capital markets, fueled largely by dealmaking through so-called special purpose acquisition companies (Spacs). Companies have raised well over US$100 billion (S$134.6 billion) through IPOs in the first three months of the year and are poised to overtake 2020's record haul of US$167 billion, data from Refinitiv and Dealogic showed. The amount raised includes blank-cheque IPOs. Reuters reported in December that Robinhood had picked Goldman Sachs Group to lead preparations for a stock market flotation. The company is yet to determine the number of shares to be offered and the price range, it said in a blog post. Robinhood had considered going public through a direct listing in the weeks leading up to the filing, people familiar with the matter said. In a direct listing, a company does not sell any shares in ad...
Parkson Announces the Annual Results for the Year Ended 31 December 2020
HONG KONG, Feb 23, 2021 - (ACN Newswire) - Parkson Retail Group Limited ("Parkson' or the "Company", with its subsidiaries collectively referred as the "Group", HKEx stock code: 3368.HK), the leading nationwide lifestyle concept retailer in China, today announces the Group's annual results for the year ended 31 December 2020 ("Year under Review").2020 had been full of challenges and uncertainties for the global market. The global outbreak of COVID-19 at the start of the year had caused significant reduction and suspension of social and economic activities which inevitably caused the global economy to face downward pressure. In addition to this, the continuous tension of Sino-US trade relations brought many uncertainties to the global economic and political environment. Hence, the overall performance of the Group declined as a result of the negative impact brought upon by the COVID-19 coronavirus pandemic which the Group has actively adopted cost control measures to reduce its impact. Meanwhile, the Group is committed to strengthening its position as a leading retailer of fashion and lifestyle concepts in China through a diversified development strategy.During the year under review,...
GBA Welcomes Venture Investment Platform DAO Maker as New Corporate Member
Washington, D.C., Feb 19, 2021 - (ACN Newswire) - The GBA has added another valuable corporate member to their growing network. DAO Maker, DAOETH, is a venture investment platform for all risk appetites, building the crucial platform for retail venture investing in equity and tokens. This will be great news for the over 15,000 participants in the GBA community who are interested in all things blockchain.Providing a low-risk participation model for venture capital, DAO Maker allows retail investors the opportunity to step onto the playing field without risking large portions of their money. This framework gives everyday people a chance to safely grow their own capital, while it provides new funding for innovation worldwide. Some bullets on DAO Maker:- Provides low risk venture capital opportunities- Provides funding source to innovation worldwide- Has one of the largest ecosystems of quality retail investors- Signed on more than 75,000 retail users in 2020- Provides a suite of services to attract high quality startups to join the ecosystem- Allows startups a decentralized, safe, and autonomous environment in which to accelerateAnd, staying true to their DAO name, DAO Maker is now wo...
GameStop unraveling quickens, pushing weekly collapse past 80%
NEW YORK (BLOOMBERG) - GameStop capped another day of heavy losses on Thursday (Feb 4), pushing its collapse past 80 per cent this week as retail traders flocked to other corners of the stock market such as small drug developers. The video-game retailer tumbled 42 per cent to US$53.50, erasing nearly US$30 billion (S$40 billion) in market value. Trading volume picked up after a slow start, with 60 million shares exchanged after selling accelerated throughout the session. Meanwhile, demand shrunk for companies such as headphone maker Koss and apparel retailer Express, which had also skyrocketed over recent weeks. Both stocks have shed more than three-quarters of their value from last week's peaks. Still, retail traders using Twitter to communicate about their bullish bets and outlooks helped fuel rallies in biotech stocks Atossa Therapeutics and Anavex Life Sciences Corp. Cassava Sciences, a stock whose gyrations were another reminder of how fickle these more speculative trades can be, erased gains of 34 per cent to close lower. The gains show that Reddit and Twitter are continuing to "play a major role in trading action" for single stocks, wrote Jared Holz, a Jefferies health-care ...
S&P 500 posts biggest gain since Nov 24, led by gains in tech shares
NEW YORK (REUTERS) - The S&P 500 registered its biggest daily percentage gain since Nov 24 on Monday (Feb 1) after a steep sell-off last week, and technology-related shares led the advance, while a move by retail traders into silver drove up mining shares. Investors also watched talks over the latest US Covid-19 relief package. The iShares Silver Trust ETF - the largest silver-backed ETF - jumped 7.1%. Silver prices climbed to an eight-year peak of just over $30 an ounce before paring gains. US small-cap miners Hecla Mining Co and Coeur Mining Inc surged. Last week, retail traders drove big gains in companies such as GameStop Corp. GameStop was down 30.8% on Monday. The frenzy may have changed course but is likely to stick around for a while, said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. "The fact of the matter is this is a powerful move in the markets, and it's not just going to dissipate," she said. The S&P 500 technology and consumer discretionary sectors, up more than 2% each, gave the S&P 500 its biggest boosts in the broad market rally. Amazon.com, due to report results Tuesday, was among the biggest positive influences, along with...
GameStop: US senators call for action against hedge funds as Wall Street braces for more market mayhem
WASHINGTON (AFP, REUTERS) - Progressive US senators Bernie Sanders and Elizabeth Warren called on Sunday (Jan 31) for action against what they said were the Wall Street abuses by hedge funds revealed by the recent frenzy over GameStop shares. "We need an SEC investigation," Ms Warren told CNN, referring to the federal Securities and Exchange Commission. "What's happening with GameStop is just a reminder of what's been going on on Wall Street now for years," the Democratic senator said. "It's a rigged game, and it's been a set of players who come in and manipulate the market." Amateur investors who organised over Reddit and other online forums have in recent days targeted shares of companies including GameStop that had been "short-sold" by hedge funds in a bet that the price of the shares would fall. The Reddit group's tactics caused massive spikes in share prices. The SEC said on Friday that it was "closely monitoring and evaluating the extreme price volatility of certain stocks' trading prices" and would "act to protect retail investors when the facts demonstrate abusive or manipulative trading activity that is prohibited" by federal law. But Ms Warren called for more decisive act...
GameStop frenzy has spread to Asia
SINGAPORE (REUTERS) - Asia's retail investors, emboldened by the meteoric rise of US videogame retailer GameStop, are taking on short sellers and making their brokers nervous enough to cut off margin lending. In South Korea, small investors known as "ants" have borrowed so much money to dabble in stocks that at least half a dozen brokerages have stopped offering them leverage. GameStop's global impact is the latest manifestation of a day-trading mania driven by amateur investors that is boosting the price of assets ranging from cryptocurrencies to new stock market listings. "Not afraid, not flinching," said Ji-Han Kim, who works at a food delivery chain in Seoul and whose stock portfolio includes Chinese drone-maker Ehang, which he says has made him a 412 per cent return, and chip giant Samsung Electronics. "I see it as a bubble that doesn't burst for a while." However, this euphoria is not universal and Korea Financial Investment Association data shows six South Korean brokerages stopped margin lending this month, after loan values hit a record 21.6 trillion won (S$25.8 billion) this week. "Any more lending to ants would go against the capital requirement ratio for brokerages," sa...