Ferrari Shipped 8,398 Supercars in 2017

Ferrari Shipped 8,398 Supercars in 2017

Ferrari had shipped 8,398 supercars in 2017, and is projected to ship more than 9,000 cars in 2018.  The Italian supercar maker reported net profit of Euro 537 million and 3.417 billion revenue.

” Ferrari shipped 8,398 supercars in 2017 “

Ferrari, spin off  from Fiat Chrysler Automobiles in 2015, was listed at around $10 billion in market value.  The current market value of Ferrari is more than $24 billion (2nd February 2018).

Source: Official Press Release

 

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About Ferrari

Ferrari is among the world’s leading luxury brands focused on the design, engineering, production and sale of the world’s most recognizable luxury performance sports cars. Ferrari brand symbolizes exclusivity, innovation, state-of-the-art sporting performance and Italian design. Its history and the image enjoyed by its cars are closely associated with its Formula 1 racing team, Scuderia Ferrari, the most successful team in Formula 1 history. From the inaugural year of Formula 1 in 1950 through the present, Scuderia Ferrari has won 229 Grand Prix races, 16 Constructor World titles and 15 Drivers’ World titles. Ferrari designs, engineers and produces its cars in Maranello, Italy, and sells them in over 60 markets worldwide.

Visit: Ferrari

 


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Private Equity Firm Blackstone to Acquire 55% Stake in Thomson Reuters Financial and Risk Business for $17 Billion

Private Equity Firm Blackstone to Acquire 55% Stake in Thomson Reuters Financial and Risk Business for $17 Billion

Blackstone, one of the world’s top private equity firm, will acquire 55% stake in Thomson Reuters Financial and Risk (F&R) business for $17 billion.  F&R will enter into 30-year agreement to secure access to news services provided by Reuters for a sum of at least $325 million annually.

” Thomson Reuters sell 55% stake to Private Equity Firm Blackstone for $17 Billion “

The transaction values the F&R business at $20 billion.  Blackstone will fund the $17 billion acquisition via $14 billion of debt and preferred equity, and 3 billion cash equity.  Thomson Reuters will also maintain full ownership of its Legal, Tax & Accounting and the Reuters News businesses. Canada Pension Plan Investment Board (CPPIB) and GIC will invest alongside Blackstone for the $17 billion transaction.  Thomson Reuters plans to use the net proceeds to invest in its core Legal and Tax & Accounting businesses, reduce debts and perform share buy-backs.

Thomson Reuters expects its principal shareholder, Woodbridge, to participate in the issuer bid/tender offer and to maintain its ownership in the 50% to 60% range.  The Woodbridge Company is the primary investment vehicle for members of the family of the late Roy Thomson, founder of Thomson Corporation.

Source: Thomson Reuters, Bloomberg, Reuters

 

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About Thomson Reuters Financial and Risk business:

The F&R business provides a broad range of offerings to financial market professionals. Its global content sets include fundamentals, estimates and primary and secondary research. F&R also provides customers with tools, platforms, venues and services to enable fast, intelligent decision-making. The businesses that will comprise the new F&R partnership had 2017 revenues of approximately $6 billion.

 

About Thomson Reuters

Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI).

Visit www.thomsonreuters.com

 

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $385 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis.

Visit: www.blackstone.com

 


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Qbao – The $11 Billion Ponzi Scheme in China

Qbao – The $11 Billion Ponzi Scheme in China

China’s internet finance and marketing firm, qbao.com may be one of the largest online Ponzi scheme in China, having raised CNY 50 to 70 billion ($7.92 – $11.08 billion) from the public.  Qbao.com had promised almost up to 80% annualised returns by simply depositing money, taking part in activities such as watching advertisements, sharing info about products on social media or signing into account daily.

” Qbao.com raised almost $11 billion in Online Ponzi Scheme “

On Boxing Day, 26th December 2017, founder of qbao.com, Zhang Xiaolei turned himself to the police in Nanjing.  Once a media darling in China, qbao.com claims to have almost 200 million registered users and CNY 200 million transactions daily.  The website currently have an official notice of Zhang Xiaolei being held in custody for suspicion of illegal fundraising and is calling Qbao investors to report to local authorities and cooperate in the investigations. Qbao’s servers and funds have also been frozen.

Source: Qbao.com, SCMP, Caixing

 


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CEO Elon Musk to Achieve $650 Billion Valuation for Tesla in 10 Years

CEO Elon Musk to Achieve $650 Billion Valuation for Tesla in 10 Years

Tesla has announced a new 10 year CEO performance award for Elon Musk where he will receive no salary, bonuses or equity.  Instead, he will be granted a 10-year stock options only if he meets 2 key milestones: To increase Tesla’s market capitalisation to $650 billion, and to meet operational milestones (increase revenue & adjusted EBITDA).

“ Tesla CEO Elon Musk to Receive no Salary for 10 Years “

For the 1st of 12 market capitalisation milestone, Elon must increase the current market capitalisation to $100 billion (market capitalisation of $57.62 billion as of 26/1/18).  Subsequently, he needs to increase $50 billion in market capitalisation for each milestone to arrive at $650 billion after another 11 milestones, in 10 years.  For operational milestones, he will have to meet targets for revenue and EBITDA.

Without any compensation, CEO Elon Musk performance is 100% tied to Tesla’s performance.  At Tesla, all employees are also given equity.  In 2012, a similar performance award was also offered to Elon Musk and he met 9 of 10 operational milestones.  The CEO performance award was granted on 21st January 2018, after more than 6 months of consultation with Compensia Inc.  Elon Musk and Kimbal Musk did not participate in the shareholder voting for the CEO performance award.

Source: Tesla

 

 

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About Tesla

Tesla was founded in 2003 by a group of engineers in Silicon Valley who wanted to prove that electric cars could be better than gasoline-powered cars. With instant torque, incredible power, and zero emissions, Tesla’s products would be cars without compromise. Each new generation would be increasingly affordable, helping the company work towards its mission: to accelerate the world’s transition to sustainable energy.

Visit: Tesla

 

 


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Apple to Pay $38 Billion in Taxes for Offshore Cash, Invest $350 Billion into US Economy

Apple to Pay $38 Billion in Taxes for Offshore Cash, Invest $350 Billion into US Economy

Apple has announced planned investment of $350 billion that will indirectly create more than 2 million jobs over the next 5 years in the United States.  At Apple, more than 20,000 jobs will be created including a new campus.  Part of these planned capital investments will be funded by Apples’ offshore cash which will be repatriated, that will trigger an approximate tax payment of $38 billion.

” Apple to Invest $350 Billion into US Economy, to Hire more than 20,000 People “

Apple is one of the first major US corporation to take advantage of the new tax system to promote US domestic economic growth.  Cash are taxed at 15.5% while non-cash or less liquid assets will be taxed at 8%.  Apple has more than $200 billion of cash reserves offshore.

Source: Apple, Bloomberg, Reuters

 

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About Apple Inc

Apple Inc., incorporated on January 3, 1977, designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players. The Company sells a range of related software, services, accessories, networking solutions and third-party digital content and applications. The Company’s segments include the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple Watch, Apple TV, a portfolio of consumer and professional software applications, iPhone OS (iOS), OS X and watchOS operating systems, iCloud, Apple Pay and a range of accessory, service and support offerings.

Visit: Apple Inc

 


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Western Union Fined $60 Million for Anti-Money Laundering & New York Banking Secrecy Violation

Western Union Fined $60 Million for Anti-Money Laundering & New York Banking Secrecy Violation

Western Union has agreed to pay $60 million fine for breaching anti-money laundering (AML) and New York Bank Secrecy Act through a consent order issued by the New York Department of Financial Services (DFS).  Western Union executives and managers had ignored and failed to report high volume of suspicious money transfer transactions originating from agents in New York and around the world to its locations in China.  The transactions may also have aided in human trafficking.

“ One Western Union Agent in Lower Manhattan processed more than $1.14 billion of money transfers between 2004 and 2011 “

Many of these agents are small businesses but are some of Western Unions largest agent locations in the world by transaction volume and are extremely profitable.  One Western Union agent in Lower Manhattan alone, processed more than $1.14 billion of money transfers and 447,000 transactions between 2004 and 2011.

Investigations had discovered the company had failed to establish and maintain an anti-money laundering compliance program during its operation from 2004 until 2012.  DFS licenses and regulates money transmitters in New York State, and is the sole regulator for Western Union in New York State.

Source: Department of Financial Services, Western Union

 

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About Western Union

We are a leader in global payment services. From small businesses and global corporations, to families near and far away, to NGOs in the most remote communities on Earth, Western Union helps people and businesses move money – to help grow economies and realize a better world. In 2016, we completed 791 million transactions for our consumer and business clients. We continue to innovate, developing new ways to send money through digital, mobile, and retail channels, with an array of convenient pay-out options to meet business and consumer needs.

Visit: Western Union

 

About New York State Department of Financial Services

The New York State Department of Financial Services was created by transferring the functions of the New York State Banking Department and the New York State Insurance Department into a new department. This transfer of functions became official on October 3, 2011.

Visit: DFS

 


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China Lufax Valued at $60 Billion in Potential HK IPO

China Lufax Valued at $60 Billion in Potential HK IPO

China Ping An Group subsidiary, Lufax, is planning for a Hong Kong IPO in April 2018 that could value the firm around $60 billion.  Lufax (Shanghai Lujiazui International Financial Asset Exchange Co), is one of China’s largest online wealth management platform, has 33 million registered users and 500 billion yuan or in USD, $77.38 billion AUM.

” China Lufax Planning for HK IPO Valued at $60 Billion “

The IPO is expected to raised about $5 – $6 billion.  In 2017, Citic Securities, Citi Group, JP Morgan, Morgan Stanley and Goldman Sachs have been appointed joint sponsors for the IPO.  The international site can be visited via https://www.lu.com

Source: South China Morning Post, Reuters

 

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About Lufax

Shanghai Lujiazui International Financial Asset Exchange Co.,Ltd. owns and operates an online wealth management platform that provides investment and financing services. It also offers peer to peer lending services. The company provides financial assets management services. Additionally, it operates in advisory, development, design, and trading services of financial products and research and digital analysis of financial market. Shanghai Lujiazui International Financial Asset Exchange Co.,Ltd. was founded in 2012 and is based in Shanghai, China. – Bloomberg

Visit: lufax

 


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Chinese Tech Giant Tencent Receives License to Sell Third-Party Mutual Funds

Chinese Tech Giant Tencent Receives License to Sell Third-Party Mutual Funds

Chinese technology giant Tencent has successfully acquired the license to sell third-party mutual funds, through its affiliated company Tengan Funds Sales (Shenzhen).  The license is issued by Shenzhen Securities Regulatory Bureau.  With the license, it is now able to build financial service platforms to compete against rivals Alibaba Group and Baidu.

“ Tencent Acquires Mutual Funds License, To Compete against Alibaba Group & Baidu “

Prior, Tencent can only act as an online bridge between investors and fund distributors via its online wealth management platform qian.qq.com and its messaging platform Wechat which has more than 980 million users.

Source: SCMP, CGTN

 

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Chinese Ride-hailing Giant Didi Chuxing Raises over $4 Billion for Global Push

Chinese Ride-hailing Giant Didi Chuxing Raises over $4 Billion for Global Push

Chinese ride-hailing firm Didi Chuxing Technology has raised more than $4 billion to support AI capacity-building, expansion overseas and new business initiatives.  The  five-year-old Chinese ride-hailing firm latest round of funding pushes its valuation to about $56 billion and lifts its cash reserves to $12 billion.

“Chinese ride-hailing giant Didi Chuxing raises over $4 billion for global push”

The company was founded in 2012 by Cheng Wei, a former employee of Alibaba.  The President of DiDi Chuxing is Liu Qing (Jean Liu), ex-Managing Director at Goldman Sachs and is the daughter of Lenovo founder Liu Chuanzhi.

Source: Reuters, Bloomberg, CNBC, Didi Chuxing

 

 

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About DiDi Chuxing

DiDi is the world’s leading one-stop mobile transportation platform.  We offer app-based mobility options for more than 450 million users.  At DiDi, we strive to harness the power of AI technology to help cities solve transportation, employment and environmental challenges.

 

Visit: DiDi Chuxing


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Billionaire Carlos Slim Sold New York Times shares for $240 Million

Billionaire Carlos Slim Sold New York Times shares for $240 Million

Mexican billionaire Carlos Slim has sold more than half of 17 percent stake in the New York Times Co. to U.S. hedge fund investors more $240 million.  The sale structure is expected to create tax benefits for the billionaire.

“Slim Sell more than half of his New York Times shares for $240 Million”

After the selloff, he is still the second-largest NYT shareholder, behind Black Rock’s 8.1 percent stake.  He had acquired shares in the New York Times after lending the company $250 million in 2009.

Source: New York Post, Bloomberg

 

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