SeaPRwire

Asia’s mobility industry is driving into the future

elean
1 minute

SINGAPORE - Once a niche sector for investors, the global pandemic has lit a fire under the sustainable investing market. Inflows into environmental, social and corporate governance (ESG) exchange-traded funds are already up over 80 per cent this year from last year - itself a landmark year for ESG investing. 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.

SeaPRwire

JPMorgan faces regulatory requests over message preservation

elean
2 minutes

(BLOOMBERG) - JPMorgan Chase & Co, which rattled employees earlier this year by ordering them to save work-related messages on their personal phones, said regulators have been asking questions about how it preserves records. The largest US bank has been responding to requests for information "concerning its compliance with records preservation requirements in connection with business communications sent over electronic messaging channels that have not been approved by the firm," JPMorgan said in a regulatory filing Monday. The company is engaged in "certain resolution discussions", but there's no guarantee that the talks will result in a resolution, according to the filing. JPMorgan declined to comment beyond the filing. As Wall Street sent most employees to work from home at the onset of the Covid-19 pandemic last year, the question emerged of how securities firms would maintain their tight grip on employee communications as required by regulators - even prompting an industry-wide alert from the Securities and Exchange Commission's inspections unit. Earlier this year, JPMorgan ordered traders, bankers, financial advisers and even some branch employees to sift through years of mess...

ACN Newswire
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Dynasty expects revenue to nearly double year-on-year to over HK$170 million in the first half of 2021

indie
5 minutes

HONG KONG, Aug 2, 2021 - (ACN Newswire via SEAPRWire.com) - Dynasty Fine Wines Group Limited (Stock Code: 828), a premier winemaker in China, today issued a profit alert update based on its latest unaudited consolidated management accounts. The Group expects to record a year-on-year increase in consolidated revenue of approximately 90% to 100%, reaching more than HK$170 million for the six months ended 30 June 2021 ("the Period"). The consolidated profit for the Period is expected to be between HK$10 million and HK$20 million.The significant increase in Dynasty's revenue during the Period was mainly attributable to three factors. Firstly, as the COVID-19 pandemic has gradually been brought under control in China, the government has relaxed the restrictions on consuming places, which has boosted the resumption of consumption occasions and consumer sentiment, as well as the growth in economy, particularly in domestic demand, which led to recovery of sales. Secondly, compared with the same period last year, sales of medium to high end wine products increased during the Period following the Group's upgrade of its brands and products. Thirdly, the Group's sales team strengthened its coo...

SeaPRwire

World’s biggest pension fund cuts US bond weighting by record

elean
4 minutes

TOKYO (BLOOMBERG) - Japan's Government Pension Investment Fund made a record cut to the weighting of Treasuries in its portfolio last fiscal year as the world's safest asset led a global debt sell-off. GPIF, as the world's biggest pension fund is known, slashed US government bonds and bills to 35 per cent of its foreign debt holdings in the 12 months through March 30, from 47 per cent previously, according to an analysis by Bloomberg of the latest data. The rebalancing comes with the fund now over a year into a new investment plan that's reduced dependence on Japanese government bonds and shifted focus toward higher returning equities and overseas debt. Bloomberg's analysis indicates the shift came largely through boosting holdings of European sovereign bonds, rather than selling Treasuries into a falling market. While GPIF offers little commentary on annual changes in its portfolios, even small adjustments reverberate through world markets given its total investments of about US$1.7 trillion (S$2.3 trillion). Some strategists suggested the pension giant may have sought to trim Treasuries because of an extended period of underperformance. Others said this could have been incidental...

SeaPRwire

New York facing rental slump

elean
3 minutes

(BLOOMBERG) - Condo sales are surging in New York City. But fewer of those buyers are tapping a once-popular investment strategy: leasing out units for income. The idea fell out of favour as rents dropped during the pandemic amid a mounting pile of apartment vacancies. Of all New York City condo units purchased last year, just 2.7 per cent were listed for rent within six months of closing, according to data compiled by StreetEasy. In 2017, the share was a record 11 per cent. "It's a strategy that has a lot of risk right now," said Ms Nancy Wu, an economist at StreetEasy. "Renting it out is very notably not-profitable because of how much rents have been dropping." Landlords have struggled to keep units filled since the pandemic shuttered offices and sent New Yorkers scurrying to the suburbs for more work-at-home space. Owners spent the past year discounting rents and upping incentives like free months to draw in tenants. Still, the number of empty units on the market has been discouragingly high. In June, despite a 38 per cent drop from the previous month, there were 11,853 available apartments in Manhattan alone. "No investor wants to go up against a landlord who has a hundred or 2...

JCN Newswire
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DENSO Announces First Quarter Financial Results

ruth
3 minutes

KARIYA, JAPAN, Jul 30, 2021 - (JCN Newswire via SEAPRWire.com) - DENSO, a leading mobility supplier, today announced its global financial results for its first quarter, ending June 30, 2021, for its 2022 fiscal year, ending March 31, 2022:- Consolidated revenue totaled 1,356.9 billion yen (US$12.3 billion), a 77.3 percent increase from the previous year.- Consolidated operating profit totaled 107.2 billion yen (US$969.3 million).- Consolidated profit attributable to owners of the parent company totaled 89.3 billion yen (US$808.0 million). "Revenue increased due to recovery of vehicle sales and production against COVID-19 from the previous year. Operating income increased due to higher production volume and profit improvements created by corporate reform from the previous year," said Yasushi Matsui, senior executive officer and member of the Board of Directors of DENSO Corporation."Although it is difficult to project how the business environment might change due to factors like COVID-19 and semiconductor supply, we have achieved a favorable result in our first quarter and raised our full-year forecast," said Yasushi Matsui, senior executive officer and member of the Board of Directo...

JCN Newswire
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Mazda Production and Sales Results for June 2021 and for January through June 2021

ruth
3 minutes

TOKYO, Jul 29, 2021 - (JCN Newswire via SEAPRWire.com) - Mazda Motor Corporation's production and sales results for June 2021 and for January through June 2021 are summarized below.I. Production1. Domestic Production(1) June 2021Mazda's domestic production volume in June 2021 increased 111.7% year on year due to increased production of passenger vehicles.[Domestic production of key models in June 2021]CX-5: 35,522 units (up 111.4% year on year)MAZDA3: 10,902 units (up 220.9%)CX-30: 6,541 units (up 306.8%)(2) January through June 2021Mazda's total domestic production volume in the period from January through June 2021 increased 43.3% year on year due to increased production of passenger vehicles.[Domestic production of key models in the period from January through June 2021]CX-5: 177,222 units (up 51.8% year on year)MAZDA3: 59,483 units (up 39.7%)CX-30: 38,923 units (up 20.0%)2. Overseas Production(1) June 2021Mazda's overseas production volume in June 2021 decreased 28.8% year on year, reflecting decreased production of passenger and commercial vehicles.[Overseas production of key models in June 2021]CX-30: 11,355 units (up 12.6% year on year)MAZDA3: 6,931 units (down 12.6%)MAZDA2:...

SeaPRwire

Temasek-backed payments firm Conductor readies US IPO: Sources

elean
2 minutes

SAO PAULO (REUTERS) - Brazilian payments firm Conductor has hired banks for an initial public offering in the United States that could come as early as this year, as Latin America's financial sector is enlivened by the arrival of several newcomers, three sources familiar with the matter said. Conductor, which is backed by venture capital firm Riverwood Capital and payments processor Visa, is a provider of technology for financial services. Its tools allow retailers, banks and financial startups to offer credit cards and payment wallets to their clients, for instance. Investment banking units of Goldman Sachs, JPMorgan, Bank of America and Credit Suisse will manage the offering, the sources added. None of those banks immediately commented on the matter. The company also declined to comment. Should Conductor conclude a listing on a US exchange, it will follow in the footsteps of two other Brazilian payments companies, StoneCo and PagSeguro Digital. The sources did not say which US exchange Conductor was likely to pick for the listing, how much money it would seek to raise, or what valuation it hoped for. Conductor has 95 million users and processes US$20 billion (S$27 billion) in pay...

SeaPRwire

Ninja Van ‘a year away’ from IPO: CEO

elean
3 minutes

SINGAPORE (THE BUSINESS TIMES) - E-commerce logistics player Ninja Van may pursue an initial public offering (IPO) in the US as early as next year. Ninja Van chief executive Lai Chang Wen told the Financial Times (FT) on Sunday (July 25) that the start-up is "a year away" from an IPO. In response to queries from The Business Times on the matter, a Ninja Van spokesman would only say: "Our focus at this point is on growing the business at a sustainable rate. This will put us in a good position to take advantage of the financial opportunities at a suitable time in the future." In its report, FT cited two sources as saying that the company had approached advisers to start discussions on a listing, most likely in the US. One of the individuals also claimed that Ninja Van had passed a US$1 billion(S$1.36 billion) valuation following its US$279 million funding round last year. However, data platform VentureCap Insights shows that the Series C round had valued Ninja Van at US$779.8 million. Ninja Van declined to comment on its valuation. FT also reported that Ninja Van is "almost break-even" and targeting profitability next year, which the Ninja Van spokesperson confirmed. According to Ven...

SeaPRwire

Almost 50% more BTO projects launched in mature estates in 2020 than in 2017 to cater to demand: HDB

aseanpr
5 minutes

SINGAPORE - As property seekers continue to home in on flats in mature estates, the Housing Board (HDB) has rolled out more Build-To-Order (BTO) projects in these prime locations. It said on Sunday (July 25) that 13 such projects were offered last year, compared with nine in 2017 - an almost 50 per cent rise. Projects in mature estates formed 44 per cent of the overall BTO launches in 2017 but the proportion climbed to 55 per cent last year, said HDB. Still, it was not easy to bag a unit in a choice area like Bishan, Toa Payoh or Kallang/Whampoa. The average application rate for a BTO flat in mature estates rose from 2.8 times in 2017 to 6.7 times last year. The average rates in non-mature estates, which include Bukit Batok and Tengah, were 2.1 times in 2017 and 4.8 times last year. Overall, there has been buoyant demand for new flats in the past four years, with the number of applicants vying for each BTO unit increasing from 2.3 in 2017 to 5.8 in 2020. Some projects in particular have drawn sky-high interest. In the May launch, Telok Blangah Beacon in Bukit Merah attracted almost 50 applicants for each of its 70 four-room flats, despite a waiting time of more than five years for ...

SeaPRwire

Battery tycoon charges ahead in wealth rankings

elean
3 minutes

(BLOOMBERG) - Looks like selling car batteries is a better business than e-commerce and fintech combined. After all, Dr Zeng Yuqun, founder of the world's biggest electric-vehicle battery maker, has overtaken Mr Jack Ma in the wealth rankings, a symbolic moment in the rise of China's green billionaires. His net worth has jumped to US$49.5 billion (S$67 billion), according to the Bloomberg Billionaires Index, as shares of Contemporary Amperex Technology (CATL) surged this year. That exceeds Alibaba Group co-founder Mr Ma's wealth of US$48.1 billion and makes Dr Zeng one of the five richest people in Asia for the first time. Investors have pushed up stocks such as CATL, a key supplier to Tesla, as the country leads the market for electric-vehicle sales and pursues an ambitious policy of reaching carbon neutrality in 2060. "The billionaire ranking used to be dominated by real estate tycoons and later tech entrepreneurs, and now we are seeing more from the new energy sector," said Mr Hao Gao, director of Tsinghua University's NIFR Global Family Business Research Centre. "As the industry leader for electric-vehicle batteries, CATL will benefit most from the carbon emission goal." Dr Zen...

SeaPRwire

Youth who did a backflip in Singapore Zoo rhino enclosure charged with offences including vandalism

aseanpr
3 minutes

SINGAPORE - A youth who was caught on video last December doing a backflip inside a white rhinoceros enclosure at the Singapore Zoo was charged in a district court on Monday (July 12) with offences including vandalism. Ralph Wee Yi Kai, 19, is also accused of two counts of mischief and one count of criminal trespass. The Singaporean teenager is accused of trespassing into the rhinoceros enclosure at around 2.40pm on Dec 17 last year. Separately, he allegedly committed an act of vandalism at around 2.40am on Oct 9 last year by hitting an information panel at a bus stop in Sixth Avenue off Bukit Timah Road, causing $900 in damage. He is also said to have caused damage to two cars at the nearby Sixth Crescent that morning by hitting their side mirrors. Wee is accused of causing nearly $2,800 in damage to a Mercedes Benz and more than $1,600 in damage to a BMW. In a statement on Sunday evening, the police said that officers were alerted to the case at the Singapore Zoo at around 5.40pm on Dec 17 last year. "Preliminary investigations revealed that the man's companion, an 18-year-old woman, allegedly filmed him before the man posted the video on his TikTok account, using the moniker @ra...

SeaPRwire
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A*Star scientist performed sexual act in common area of condominium

aseanpr
3 minutes

SINGAPORE - A scientist from the Agency for Science, Technology and Research (A*Star) was in a common area of his condominium complex when he exposed himself and performed a sexual act. Police officers arrested Xie Danpeng, now 31, after two women spotted him committing the offence at the Barossa Gardens condominium in Pasir Panjang Road on April 12 last year. The Chinese national was later evicted from his unit and, from April 14 last year, barred from entering the condominium grounds. Despite this, he returned to Barossa Gardens five days later and trespassed on it. Xie pleaded guilty in a district court on Monday (July 5) to two counts of sexual exposure. He also admitted to one count each of criminal trespass and an unrelated charge of dishonest misappropriation of property. Deputy Public Prosecutor Stephanie Koh said a 37-year-old woman was near her unit some time between 8am and 9am on April 12 last year when she spotted Xie committing the sexual act while staring at her. She recorded a video of his actions and the police were alerted. Meanwhile, a 26-year-old woman also spotted Xie committing the offence and told her boyfriend what she saw. The man confronted Xie, who ran ba...

SeaPRwire

Man jailed for forging retrenchment letter to cheat MSF into disbursing Covid-19 Support Grant

aseanpr
3 minutes

SINGAPORE - A man who resigned from his job last July forged a letter claiming that he had been retrenched to dupe the Ministry of Social and Family Development (MSF) into disbursing the Covid-19 Support Grant. Benny Ong Hong Beng was unsuccessful as the ministry was able to detect that the letter was a forgery. MSF did not disburse the pay-out, which would have seen him receive a total of $2,400 over three months. The 44-year-old, who used to work for a company called Davis Guitar, pleaded guilty on Thursday (July 1) to committing forgery for the purpose of cheating and was sentenced to 10 weeks' jail. The financial support scheme was announced by the Government in March last year as part of the Resilience Budget to deal with the economic and social impact of Covid-19. It was administered by the MSF and targeted employees affected by the economic impact of Covid-19. An applicant must have experienced, among other things, involuntary unemployment due to retrenchment or contract termination after Jan 23 last year. They must also submit documents including a retrenchment letter. On July 6 last year, Ong tendered his resignation at Davis Guitar, which sells musical instruments, as he ...

SeaPRwire

Didi prices US IPO at top of range to raise more than $5.4 billion

elean
4 minutes

HONG KONG (BLOOMBERG) - Chinese ride-hailing giant Didi Global Priced shares in its US initial public offering at the top of a marketed range to raise at least US$4 billion (S$5.4 billion) and will likely add to that sum by expanding the size of the share sale, according to people familiar with the matter. Didi, which planned to sell 288 million American depositary shares, priced them at US$14 each on Tuesday (June 29) after marketing them for US$13 to US$14, said the people, who asked not to be identified because the details weren't public yet. A final decision hasn't been made on increasing the number of shares being sold, the people said. A representative for Didi declined to comment. At US$14 a share, the IPO would raise more than US$4 billion before any increase in the number of shares, making it the second largest US IPO by a Chinese company on record, after Alibaba Group Holding's US$25 billion debut in 2014, according to data compiled by Bloomberg. The IPO shows investors are backing Didi despite Beijing's scrutiny of Chinese internet firms, which has stoked uncertainty ahead of its debut. The price would give Didi a market value of about US$67 billion, based on the outstan...

JCN Newswire
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Toyota Releases Sales, Production, and Export Results for May 2021

ruth
1 minute

Toyota City, Japan, Jun 29, 2021 - (JCN Newswire via SEAPRWire.com) - Toyota Motor Corporation (TMC) announces its sales, production, and export results for May 2021 as well as the cumulative total from January to May, including those for subsidiaries Daihatsu Motor Co., Ltd. and Hino Motors, Ltd.Global Sales- North America (276,000 units, up 50.3 percent year on year)In the U.S., sales were driven by solid sales of light trucks including the Highlander, HEVs including the Venza, and sedans including the Camry and Corolla, and in addition, sales dropped in the same month of the previous year due to effects of COVID-19. As a result, sales in North America were up substantially year-on-year.- China (169,000 units, up 1.5 percent year on year)Sales in China were up year-on-year due to strong sales of the Camry, Corolla, Levin, RAV4, and other models.- Japan (109,000 units, up 31.1 percent year on year)Sales were affected by COVID-19 in May of the previous year while this year, sales of the Harrier, Yaris, and other models were strong. As a result, sales in Japan were up year-on-year.For more information, visit https://global.toyota/en/. Copyright 2021 JCN Newswire. All rights reserved...

SeaPRwire

Harsher penalties for illegal racers and those who take the rap for others in traffic offences from June 30

aseanpr
4 minutes

SINGAPORE - Illegal racers and those who get others to assume responsibility for their traffic violations will face harsher penalties from Wednesday (June 30), as a slew of previously amended traffic laws takes effect. With the changes, electric bicycle riders must also start registering for an online theory test from Wednesday. Companies whose drivers are involved in an offence while driving a company vehicle will be required to quickly identify their driver to the traffic police. The harsher penalties for wide-ranging offences are a result of changes to the Road Traffic Act passed by Parliament in May. The provisions on illegal races, in particular, were made after 26 people were caught taking part in illegal street races last year, up from 17 people in total charged with this offence from 2015 to 2019. The Tanjong Pagar crash during Chinese New Year in February that killed five people was also believed to be in part caused by the driver speeding. From Wednesday, those who promote or take part in illegal speed races can be fined up to $5,000, up from the previous fine range of between $1,000 and $2,000. They can also be jailed for up to a year, double the previous maximum of six ...

SeaPRwire

China’s ride-hailing giant Didi seeks up to $5.4 billion in US IPO

elean
4 minutes

HONG KONG (BLOOMBERG) - Chinese ride-hailing giant Didi Chuxing is looking to raise as much as US$4 billion (S$5.4 billion) in one of the biggest United States initial public offerings (IPOs) of the past decade. Didi, which is one of the largest investments in SoftBank Group's portfolio, is marketing 288 million American depositary shares (ADSs) for US$13 to US$14 apiece, according to a filing on Thursday (June 24) with the US Securities and Exchange Commission. Affiliates of Morgan Stanley as well as Singapore's Temasek Holdings have agreed to purchase US$1.25 billion of ADSs in the offering, according to Thurday's filing. At the top of the range, the company would have a market value of more than US$60 billion based on the outstanding shares listed in the filing. That is at the lower end of a range that had stretched up to US$100 billion, Bloomberg News reported in April, suggesting investors baulked at the price tag. The same happened with US ride-hailing giant Uber Technologies, which achieved a US$75.5 billion valuation in its 2019 IPO, well below the US$120 billion that had been touted a year earlier. Uber now has a valuation of almost US$95 billion. Didi, whose shares had re...

ACN Newswire
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IBI Group Delivers Exceptional Results with Net Profit Surging 151.5%

indie
5 minutes

HONG KONG, Jun 24, 2021 - (ACN Newswire via SEAPRWire.com) - IBI Group Holdings Limited ("IBI" or the "Company", together with its subsidiaries as the "Group"; Stock Code: 1547), a publicly listed company that holds investments in companies focusing on the Built Environment, today announced its business results for the financial year ended 31 March 2021 ("FY2021"), nothing short of remarkable in light of the devastating impact to the global economy caused by the COVID-19 pandemic.During the year under review, the Group recorded revenue of approximately HK$556.7 million (FY2020: HK$591.1 million). Though its revenue dropped slightly, its gross profit increased by 53.1% to HK$79.4 million. Profit attributable to the owners of the Company for the year surged by 151.5% to approximately HK$54.4 million, mainly attributable to the strategic investments made during FY2021. Basic and diluted earnings per share climbed 151.9% to HK6.8 cents. The Group maintained a strong financial position with cash and cash equivalents of approximately HK$87.1 million and no bank borrowings as at 31 March 2021. The Board has recommended payment of a final dividend of HK4.0 cents per share for the year ende...

SeaPRwire

17 organisations, 114 people get awards from Commercial Affairs Department for thwarting scams

aseanpr
3 minutes

SINGAPORE - The Commercial Affairs Department (CAD) handed out awards to more than 100 people who helped thwart 83 cases of scams last year. The 114 people, from various organisations, were presented with Community Partnership Awards on Thursday (June 24) to recognise their contributions that led to the recovery of more than $3.2 million last year that would have otherwise been lost to scammers. The CAD said most of the cases involved Internet love scams. It added that it was because of the swift intervention by these individuals that the department was able to intercept the scams. The awards were also given to 17 organisations, including banks, remittance agencies and other businesses, which have been committed to detecting and preventing scams. The award recipients included DBS Bank, UOB and Hako Technology, which operates cryptocurrency platform Coinhako. In his speech at the ceremony held virtually on Thursday morning, CAD director David Chew noted that scams increased by more than 65 per cent last year as compared with 2019. He added that the amounts lost to scammers had also jumped from $170 million in 2019 to $268 million last year. He said there have been several initiative...