Highlights of FY23/24 Results For the financial year ended 31 March 2024, total sales amounted to US$3,814 million – an increase of 5% compared to the prior year Gross profit totalled US$851 million – an increase of 19% EBITA, adjusted to exclude non-cash foreign exchange rate movements and restructuring charges, increased by 56% to US$343 million or 9.0% of sales (compared to 6.0% of sales in FY22/23) […]
The Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund of the United Arab Emirates, has joined a consortium aiming to privatize Malaysia Airports Holdings Berhad (MAHB). The consortium, known as the Gateway Development Alliance, submitted a pre-conditional voluntary offer to acquire all remaining shares in MAHB for a total of $3.9 billion. This move comes as Malaysia seeks to raise capital and potentially improve the […]
Emirates NBD, a leading bank in the United Arab Emirates, is making a significant stride towards democratizing fixed-income investments. The bank announced it will offer fractional bond investments through its digital wealth platform, the ENBD X app. This move allows individual investors to participate in the bond market with a lower minimum investment compared to traditional whole bond purchases. Previously, the high minimum investment amounts associated with […]
Hong Kong’s fledgling Bitcoin and Ethereum exchange-traded funds (ETFs) witnessed a significant setback this week, with record net outflows exceeding $39 million on Monday alone. This substantial withdrawal effectively erased any gains accumulated over the past two weeks. The outflows encompassed all six currently available crypto ETFs in Hong Kong, signifying a broad-based investor retreat from the market. The reasons behind this sudden shift in sentiment remain […]
El Salvador, the nation that took the world by storm when it adopted Bitcoin as legal tender in 2021, has taken another bold step towards cryptocurrency integration. On May 12th, the National Bitcoin Office (ONBTC) launched a dedicated mempool space, granting the public unprecedented access to the country’s Bitcoin holdings. This move signifies a commitment to transparency in El Salvador’s ongoing Bitcoin experiment. The mempool, a term […]
Burjeel Holdings, a leading healthcare provider in the United Arab Emirates (UAE) and the broader Middle East and North Africa (MENA) region, announced strong financial performance for the full year 2022. The company reported a net profit of AED 355 million, reflecting a significant increase of 52% compared to the previous year. This upsurge highlights the success of Burjeel’s yield enhancement strategy, which focuses on maximizing revenue […]
In a move to facilitate the distribution of crypto assets to eligible clients, bankrupt cryptocurrency lender BlockFi has partnered with major exchange Coinbase. This collaboration aims to ensure a smoother process for users seeking to withdraw their holdings from the defunct platform. The announcement comes after BlockFi filed for bankruptcy in November 2023, citing significant exposure to the crypto market downturn. The filing left many users in […]
SINGAPORE – Media OutReach Newswire – 9 May 2024 – MAL Management is excited to announce the introduction of its new Single Family Office (SFO) and Variable Capital Company (VCC) services. MAL Management’s Single Family Office (SFO) services cater to the unique financial needs of businesses, providing comprehensive wealth management solutions tailored to their specific objectives. From strategic investment planning and asset allocation to tax optimisation and […]
Decentralized finance (DeFi) has emerged as a revolutionary force in the financial landscape, offering alternatives to traditional banking systems. But within this burgeoning ecosystem, a particularly high-risk, high-reward practice has captured the imagination of many investors:yield farming. Yield farming involves leveraging DeFi protocols to maximize returns on cryptocurrency holdings. It’s akin to supercharging a staking strategy, where investors earn passive income by locking up their crypto assets […]
The notion surrounding the safety and prudence of holding large cash deposits as a long-term wealth strategy is being increasingly challenged. While cash offers immediate liquidity and a perceived sense of security, its passive nature and susceptibility to erosion over time pose significant drawbacks that can hinder wealth accumulation in the long run. One of the most palpable drawbacks of maintaining substantial cash reserves is the insidious […]
Beleaguered crypto companies Gemini and Genesis have received a crucial court nod, paving the way for the return of most digital assets owed to Gemini’s Earn program users. Under a settlement agreement approved by the Bankruptcy Court, Gemini will distribute a staggering 97% of the digital assets frozen since November 16, 2022. This positive development comes as a welcome relief for users who have been waiting months […]
SL25 recognises and celebrates the 25 best projects of steward leadership excellence by for-profit organisations. Past honourees include Avtar Group, Last Mile Care Private Limited, Marico Limited, and Tata Consultancy Services. SINGAPORE – Media OutReach Newswire – 2 May 2024 – In an era where talk of sustainability often exceeds impactful action, Singapore’s Stewardship Asia Centre (SAC) and its partners have embarked on a mission to spotlight […]
The Central Bank of the United Arab Emirates (CBUAE) announced a financial milestone, with its balance sheet reaching a record AED 750 billion (approximately USD 204 billion) by the end of February 2024. This achievement signifies a robust 32.5% surge compared to February 2023, highlighting the UAE’s burgeoning financial strength. The CBUAE’s balance sheet report, released in late April, detailed a significant increase in its general budget. […]
Abu Dhabi Developmental Holding Co. (ADQ), a prominent sovereign wealth fund, unveiled its financial results for 2023, showcasing a positive year marked by growth in both revenue and net profit. The company reported a net profit of 16.1 billion dirhams (approximately $4.3 billion), reflecting a climb from 12.2 billion dirhams in 2022. This positive performance is further bolstered by a rise in revenue. ADQ’s consolidated revenue for […]
Refreshing the Brand to Tap into Chow Tai Fook Enterprises’ Extensive Resources Consistently Committed to Creating Value Beyond Insurance HONG KONG SAR – Media OutReach Newswire – 29 April 2024 – FTLife Insurance Company Limited (“FTLife”) announced today that it will change its company name to Chow Tai Fook Life Insurance Company Limited (“CTF Life”) and launch the new brand in the third quarter of this year, […]
HONG KONG SAR – Media OutReach Newswire – 26 April 2024 – BioMed Technology Holdings Limited (“BioMed“), a start-up founded by CUHK professors and alumni, announced an investment received from CUHK Innovation Limited. CUHK Innovation Limited has announced its investment in BioMed, marking its first investment since its establishment. Pictured are Mr. Vincent Tsang, CEO and Co-founder of BioMed (second from the left), Dr. Norman Chan, Chairman […]
SINGAPORE – Media OutReach Newswire – 27 April 2024 – A diverse group of eight accountancy and business leaders have been elected to the Council of the national accountancy body, the Institute of Singapore Chartered Accountants (ISCA). These leaders include partners from accounting firms, a leader from the healthcare sector, a representative from a polytechnic and an entrepreneur. The total number of votes casted by eligible ISCA […]
Starting from April 27th, at K11 MUSEA HONG KONG SAR – Media OutReach Newswire – 27 April 2024 – Forward Fashion (International) Holdings Company Limited (“Forward Fashion Group” or the “Group”; Hong Kong stock code: 2528), a creative integrated group with three synergistic business segments – fashion, art, and lifestyle, is pleased to announce that Artelli, the Group’s pioneering multi-dimensional art space presents “Paradise” by renowned Japanese […]
Grayscale, the world’s biggest digital currency asset manager, once again moved a significant amount of Bitcoin (BTC) to a Coinbase Prime address. The transfer, which occurred overnight, involved over 1,000 BTC, adding to a series of similar transactions in recent months. The reasons behind Grayscale’s repeated transfers of large Bitcoin sums to Coinbase Prime remain unclear. Some analysts speculate it could be linked to internal housekeeping, with […]
A Hong Kong and Macau Collaborative Tribute to Four Decades of Iconic Photography HONG KONG SAR – Media OutReach Newswire – 26 April 2024 – Forward Fashion (International) Holdings Company Limited (“Forward Fashion Group” or the “Group”; Hong Kong stock code: 2528), a creative integrated group with three synergistic business segments – fashion, art, and lifestyle, is pleased to announce that Artelli, the Group’s pioneering multi-dimensional art […]
TAIPEI, TAIWAN – Media OutReach Newswire – 25 April 2024 – The “2024 Taiwan-Singapore Tea Industry Business-matching and Exchange Event” in Singapore is held to assist Taiwan’s tea industry in expanding overseas markets, under the guidance of the Ministry of Agriculture, the Taiwan Tea Manufacturers’ Association led four local tea producers—— HGT, HIGH TEA, GOOD YOUNG, and SHYE YUE to participate in this event. The event facilitated […]
HONG KONG SAR – Media OutReach Newswire – 24 April 2024 – The Institute of ESG & Benchmark (IESGB) proudly announces the fourth edition of the ESG Achievement Awards 2023/2024. The awards, returning for its fourth year, continues to honour innovative initiatives that empower businesses and communities to flourish through creativity, conscious enterprise, and commitment to environmental, social, and governance (ESG) principles. The Early Bird application period […]
Nubank, Brazil’s leading digital bank, has taken a significant step towards integrating cryptocurrency into mainstream financial services. The bank recently announced support for deposits, withdrawals, and transactions involving Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) directly through its mobile application. This move caters to the growing demand for cryptocurrencies in Brazil and reflects a broader global trend of financial institutions acknowledging the potential of digital assets. Nubank’s […]
In a move designed to lure investors seeking lower costs, cryptocurrency giant Grayscale Investments unveiled plans for a new exchange-traded fund (ETF) – the Bitcoin Mini Trust – boasting the lowest expense ratio of any Bitcoin ETF currently available. Grayscale, the world’s largest digital currency manager, currently offers the Grayscale Bitcoin Trust (GBTC), the leading Bitcoin investment vehicle in the market. However, GBTC comes with a 1.5% […]
