DIRS.INFO The most relevant business & tech news

REUTERS/Athit Perawongmetha/ File Photo Acquire Licensing RightsBANGKOK, Oct 4 (Reuters) - Thailand will close legal loopholes relating to firearm classification and online sales in its gun control efforts, its police chief said on Wednesday, a day after a teenager was arrested following a deadly shooting at a mall that left two people dead. Existing Thai laws on the possession of illegal firearms carry a prison sentence of up to 10 years and a fine of up to 20,000 Thai baht($539.67). Laws have tightened after mass shootings in recent years in Thailand, including a requirement for a medical evaluation for those who want to buy a gun or renew their gun license. And in 2020, a soldier shot and killed at least 29 people in another northeastern Thai city. "The government should learn the lessons from past mass shooting incidents, review the proposed solutions and quickly implement them," Krisanaphong said.

Persons: Athit, Torsak Sukvimol, Torsak, Lazada, Krisanaphong, Panu, Poppy McPherson, Devjyot Ghoshal, Bernadette Baum, Alexandra Hudson Organizations: REUTERS, Rights, Authorities, Thailand's Channel, Rangsit University, Reuters, Singapore's, Alexandra Hudson Our, Thomson Locations: Siam, Bangkok, Thailand, Rights BANGKOK, Southeast Asia, Thai

☆ Lightning Round: Avnet is too cheap, hold on to it, says Jim Cramer
▼ + stars: | 2023-09-15 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: Avnet is too cheap, hold on to it, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stocks including: SLB, Avnet, Sea Ltd., Joby Aviation, Discover Financial and Verizon.

Persons: Jim Cramer Organizations: Sea Ltd, Joby Aviation, Discover Financial, Verizon Locations: Avnet

☆ JPMorgan says AI's 'democratization' could put these 2 U.S.-listed Asian stocks at risk
▼ + stars: | 2023-08-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

JPMorgan warned that rapid growth in artificial intelligence is no guarantee of sustained earnings increase — and could leave many companies at risk. However, this does not guarantee sustained earnings growth and [return on equity] expansion," JPMorgan analysts led by Ranjan Sharma wrote in a note to clients on Aug. 9. According to JPMorgan, AI costs are also expected to continue dropping in light of lower computing costs and the development of more open-source AI models. The company owns the e-commerce platform Shopee, the fintech platform SeaMoney and the game development studio Garena. "In our view, SE's gaming business could face increased competitive risks as GenAI reduces barriers for entry in game development.

Persons: OpenAI's ChatGPT, Ranjan Sharma, TDCX, CNBC's Naman Tandon Organizations: JPMorgan, Sea Ltd, NYSE Locations: New York, Singapore

☆ Sea pivoted to growth over profits as it faced rising competition from TikTok, Lazada, analysts say
▼ + stars: | 2023-08-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

But analysts said the pivot is a move to defend market share. Defending your market share is the right strategy in e-commerce. CEO Shou Zi Chew said in June that TikTok would invest billions of dollars in Southeast Asia over the next few years to gain market share. Sea's decision to accelerate ecommerce investments in growth is likely to materially weigh on its earnings and share price in the near-term. "Sea's decision to accelerate ecommerce investments in growth is likely to materially weigh on its earnings and share price in the near-term," said JPMorgan.

Persons: Forrest Li, GoTo, Sachin Mittal, Woo, Li, JPMorgan, Jonathan Woo, Shou Zi Chew, TikTok, Alibaba's Lazada, Sea's Shopee, Lazada's GMV Organizations: Sea Ltd, Bloomberg, Getty, Local, DBS Bank, Phillip Securities Research, JPMorgan, Momentum Works Locations: Singapore, Lazada, Southeast Asia

☆ Here are 13 stocks Jim Cramer is watching Tuesday, including Ollie's and Norfolk
▼ + stars: | 2023-08-15 | by ( Jim Cramer | ) www.cnbc.com time to read: +2 min

Workday (WDAY): Jefferies raises price target to $275 from $250, another positive call on enterprise software, which has been the Achilles heel of the Nasdaq. Deckers Outdoor (DECK) price target to $618 from $564 at TD Cowen. Ollie's Bargain Outlet (OLLI) PT raised to $83 from $67 at Wells Fargo, sees significant surge in bargain shopping. Substack meets MasterClass meets The Economist meets The New Yorker ... XPO Logistics (XPO) is out of penalty box. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jefferies, Oppenheimer, Buffett, LEN, Horton, Cowen, OLLI, Substack, MasterClass, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Andrew Harrer Organizations: Southern, Getty Images, Hollywood, Barclays, Nasdaq, Textron, Bank of America, PayPal, XPO Logistics, Jim Cramer's Charitable, CNBC, Norfolk Southern Corp, Bloomberg, Getty Locations: Susquehanna, Wells Fargo, Singapore, Norfolk , Virginia

☆ Singapore's Sea misses Q2 revenue estimates on weak e-commerce sales
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

Southeast Asian e-commerce and gaming group Sea Ltd's sign is pictured at its office in Singapore, March 5, 2021. Tepid spending amid a challenging macroeconomic outlook pressured Sea's e-commerce business Shopee and caused a steep decline in its mobile gaming business. After a meteoric run in 2020 and part of 2021, with multiple quarters of triple-digital revenue increases, Sea's growth tapered as the pandemic-fueled boom in e-commerce and digital entertainment waned. Revenue grew over 5% from a year earlier to $3.10 billion, compared with analysts' estimate of $3.20 billion, according to Refinitiv data. E-commerce revenue, which contributes about two-thirds of the company's top-line, grew about 21% to $2.1 billion from a year earlier, but missed expectations of $2.25 billion.

Persons: Edgar Su, Sea's, Shopee, Yuvraj Malik, Krishna Chandra Organizations: REUTERS, Technology, Sea Ltd, Asia's, Revenue, Thomson Locations: Singapore, India, Europe, Bengaluru

☆ What we want to see from retail sales and 3 Club earnings in the week ahead
▼ + stars: | 2023-08-12 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

State of the consumer: Retail sales for July are out on Tuesday. Key retail earnings reports from Walmart (WMT), Target (TGT) and Tapestry (TPR) will also provide clues on the health of the consumer. Earnings : On Wednesday morning, we hear from Club holding TJX Companies (TJX). Prior retail sales data has shown monthly sales growth at clothing and clothing accessory stores accelerate throughout the quarter, rising 0.14% monthly in April, 0.3% in May and 0.6% in June. For those looking to review first-quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, Estee Lauder, we've, Palo, Cardinal Health, JD.com, Brinker, BILL, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Dow Jones, Investors, Walmart, TJX Companies, Palo Alto Networks, Embraer, Energy, Getty, Sea Ltd, Cardinal, Nu Holdings, Housing, ZIM, Food, Colgate, Palmolive, Cisco Systems, Chemical & Mining, Keysight Technologies, Ross Stores, Deere & Company, Alto Networks, Jim Cramer's Charitable, CNBC Locations: China, Dole, DOLE, Manhattan, New York City

☆ Brazil offers tax advantages via e-commerce compliance program
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBRASILIA, June 30 (Reuters) - Brazil's Finance Ministry announced on Friday an exemption from federal taxes on e-commerce purchases up to $50 for companies participating in a new compliance program by the tax revenue service. The program, starting Aug. 1, offers faster and cheaper customs treatment for e-commerce companies that voluntarily meet criteria set by the government, the ministry's statement said. Under the program, e-commerce companies must also inform consumers about the product's origin and the merchandise's total value, including federal and state taxes - procedures that are currently optional. The program will essentially relieve the revenue service of such tasks when e-commerce firms participate. The government had previously attempted to end exemptions on all shipments as some companies imported products as individuals to avoid higher rates.

Persons: Dado Ruvic, Alibaba Group's, Marcela Ayres, Emma Rumney Organizations: REUTERS, Brazil's Finance, HK, Thomson Locations: BRASILIA, AliExpress

HONG KONG/SINGAPORE, June 1 (Reuters) - Southeast Asian e-commerce and gaming giant Sea Ltd (SE.N) is winding down its investment arm, two people with knowledge of the matter said, amid a cooling investment environment globally as macroeconomic and market uncertainty weigh on valuations. The arm, Sea Capital, stopped new equity investing in 2022 with leadership moving on in May, while Sea itself is placing less priority on investing given market conditions, one of the people said. Singapore-based Sea launched Sea Capital in March 2021 with initial capital of $1 billion after buying Hong Kong's Composite Capital Management, founded by former Hillhouse Capital partner David Ma who became Sea's chief investment officer. One of the people said the decision to wind down Sea Capital was prompted by "less deal activity" resulting in fewer investment opportunities. Sea Capital had made at least three investments, including in 2021 into collapsed cryptocurrency exchange FTX.

Persons: David Ma, Ma, FTX, Kane Wu, Fanny Potkin, Sumeet Chatterjee, Christopher Cushing Organizations: Capital, Hong Kong's, Capital Management, Hillhouse, Sea, U.S, Asia's, Thomson Locations: HONG KONG, SINGAPORE, Asia, Japan, Singapore, New York, Sea, India, Europe, Hong Kong

HONG KONG/SINGAPORE, June 1 (Reuters) - Southeast Asian e-commerce and gaming giant Sea Ltd (SE.N) is winding down its investment arm, two people with knowledge of the matter said, amid a cooling investment environment globally as macroeconomic and market uncertainty weigh on valuations. The arm, Sea Capital, stopped new equity investing in 2022 with leadership moving on in May, while Sea itself is placing less priority on investing given market conditions, one of the people said. Singapore-based Sea launched Sea Capital in March 2021 with initial capital of $1 billion after buying Hong Kong's Composite Capital Management, founded by former Hillhouse Capital partner David Ma who became Sea Capital's chief investment officer. One of the people said the decision to wind down Sea Capital was prompted by "less deal activity" resulting in fewer investment opportunities. Sea Capital had made at least three investments, including in 2021 into collapsed cryptocurrency exchange FTX.

☆ This winning fund puts a spin on emerging markets investing with bets from Nvidia to Chinese spirits
▼ + stars: | 2023-05-28 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

The Artisan Developing World Fund (ARTYX) is crushing the market this year by tilting the traditional investing principles in emerging markets. "These are companies that are based in developed markets but economically tied to emerging markets," Kaufman said in an interview. By domicile, Artisan Developing World Fund has just 57% of its portfolio in emerging markets. However, the emerging markets exposure should rise to 70% when looking at the economic exposure by revenue, Kaufman said. Other than those passport companies, the fund also invests in a slew of companies domiciled in emerging markets.

☆ Singaporean tech firm Sea's profit miss sparks share selloff
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

May 16 (Reuters) - Singaporean tech firm Sea Ltd (SE.N) missed first-quarter profit estimates on Tuesday, as its digital entertainment revenue halved and it took a one-time charge of more than $100 million. Sea shares dropped 12.5% to $77.05 and headed for their worst day in six months, dulling this year's strong gains booked on a cost-cutting plan involving thousands of job cuts, the closure of some operations and a lower marketing budget. The company's operating expenses fell by more than a fifth in the quarter ended March 31, with marketing spends down 60.2%. It helped Singapore-based Sea report a profit of $87.3 million, compared with a loss of $580.1 million a year ago. It also missed estimates of $3.07 billion.

☆ Brazil mulls 'digital tax' on shipments from e-commerce giants -minister
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, April 20 (Reuters) - Brazil's finance minister said on Thursday the country would implement a new "digital tax" on shipments from e-commerce giants, after backtracking earlier this week from a decision to tax individual-to-individual shipments of up to $50. "We will follow the example of developed nations, a digital tax," Fernando Haddad told reporters. He had already announced the government would look for administrative means and implement heightened oversight to close a tax loophole that Asian e-commerce giants were seen taking advantage of. Alibaba Group's (9988.HK) AliExpress, Sea Ltd-owned (SE.N) Shopee and Shein were seen as the main targets of the measure. Haddad previously said AliExpress and Shopee had agreed with the tax proposal before the government reversed it.

☆ Brazil plans 'digital tax' on shipments from e-commerce giants
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, April 20 (Reuters) - Brazil's finance minister said on Thursday the country would implement a "digital tax" on shipments from e-commerce giants, after backtracking earlier this week from a decision to tax individual-to-individual shipments of up to $50. "We will follow the example of developed nations, a digital tax," Finance Minister Fernando Haddad told reporters. "Consumers will be exempt from any tax collection when they make the purchase, companies will collect it without passing on any additional cost." The source emphasized that the tax in question already exists and will be collected electronically prior to the shipment of goods. Alibaba Group's (9988.HK) AliExpress, Sea Ltd-owned (SE.N) Shopee and Shein were seen as the main targets of the measure.

☆ Credit Suisse wins $41 mln London lawsuit against Saudi Prince
▼ + stars: | 2023-04-05 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

Prince Fahad bin Sultan bin Abdulaziz al Saud is liable to pay his company Burgundy Sea Ltd’s debts to Credit Suisse, Judge Robert Bright said in a written ruling. Credit Suisse and the Saudi government’s communication office did not immediately respond to a request for comment. Prince Fahad and Burgundy, a special purpose vehicle ultimately owned by the prince, were sued by Credit Suisse in 2021 over a 48 million-euro ($52.5 million) loan for the refinancing of luxury motor yacht, the Sarafsa. In September 2021, Credit Suisse demanded Burgundy pay all its total debts for alleged breaches of the loan agreement and then called on Prince Fahad to settle the debts, under a personal guarantee of Burgundy’s obligations. However, the judge said that Prince Fahad and Burgundy “have no real prospect of successfully defending (Credit Suisse’s) claims”.

☆ Brazil targets Asian e-commerce giants, local companies in tax push
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, April 3 (Reuters) - Brazil will soon unveil tax measures, including a crackdown targeting Asian e-commerce giants and curbs on some company tax benefits, as it looks to raise more than 100 billion reais ($20 billion), Finance Minister Fernando Haddad said on Monday. The e-commerce measures come in response to complaints from local retailers about unfair competition from Asian giants such as AliExpress, Shein, and Shopee. He later told journalists that combating the practice, which Haddad called "smuggling", should generate 7 billion reais to 8 billion reais in new revenue for the government. The most significant impact will come from the government's move to seek approval from the Federal Supreme Court to disallow companies from receiving tax breaks from states on operating expenses, which result in them paying less federal tax. The tax reform proposal should be voted in the Lower House by July and in the Senate by October, Haddad said.

In a filing on Thurday, JD.com said it would continue to hold a stake of more than 50% in the units, JD Industrials and JD Property, upon completion of the proposed spin-off. JD.com said the size and structure of its units' initial public offerings had not yet been finalised. Two sources with knowledge of the floats said the two JD units are seeking to raise $1 billion each in the IPO. In their listing prospectuses filed later on Thursday, JD Industrials and JD Property disclosed annual revenues of 14.1 billion yuan ($2.05 billion) and 2.3 billion yuan, respectively. UBS and Citic Securities are the financial advisers for JD Industrials, while UBS is the financial adviser for JD Property.

☆ China's JD.com to spin off industrial, property units in Hong Kong float
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 30 (Reuters) - Chinese e-commerce firm JD.com Inc (9618.HK) said on Thursday it planned to spin off its property and industrial units and list them on the Hong Kong Stock Exchange. Upon completion of the proposed spin off of JD Industrials and JD Property, JD.com said it would continue to indirectly hold more than 50% of the shares in both the units, which will remain as subsidiaries of the company. The size and structure of JD.com units' initial public offerings have not yet been finalised. The e-commerce firm, which missed fourth-quarter revenue forecasts, said earlier this month that rebuilding consumer confidence would take time after the lifting of strict pandemic-related curbs late last year. Reporting by Twinnie Siu in Hong Kong and Tiyashi Datta in Bengaluru; Editing by Sharon Singleton and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ China's JD.com reports higher fourth-quarter adjusted profit
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

March 9 (Reuters) - Chinese e-commerce firm JD.com Inc (9618.HK), reported a higher quarterly adjusted profit on Thursday as China lifted strict pandemic-related curbs late last year. JD.com's net income attributable to ordinary shareholders in the fourth quarter was 3 billion yuan ($430.92 million), compared with a net loss of 5.2 billion yuan a year earlier. Revenue rose 7.1% to 295.4 billion yuan in the three months ended December, missing analysts' estimates of 296.17 billion yuan, according to Refinitiv data. Parts of China remained under strict lockdown for most of the December quarter, with shoppers holding back on spending amid continued economic uncertainty. On an adjusted basis, the Beijing-based company earned 4.81 yuan per American depositary share in the reported quarter, compared with 2.21 yuan per share a year earlier.

☆ Singapore's Sea Group turns profitable for the first time
▼ + stars: | 2023-03-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Sea Limited's e-commerce arm, Shopee, turned positive adjusted EBITDA for the first time in the fourth quarter of 2022. The group also posted its first-ever positive net income in the quarter. The chairman and group CEO of Sea Limited, said on Tuesday that 2022 was "another year of evolution for us." Shopee and SeaMoneyMeanwhile, e-commerce business Shopee and digital payments arm SeaMoney continued to see strong growth in 2022. Positive EBITDA, or earnings before interest, taxes, depreciation and amortization, refers to the company operating at a profitable level.

☆ Here are Thursday's biggest analyst calls: Apple, Tesla, Generac, Coinbase, Meta, Roku, Roblox & more
▼ + stars: | 2023-02-16 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Thursday's biggest calls on Wall Street: Bernstein reiterates Tesla as underperform Bernstein said Tesla sharers remain overvalued. Loop reiterates Apple as buy Loop said it sees attractive iPhone revenue upside for Apple. Canaccord upgrades Generac to buy from hold Canaccord said it sees "storm clouds breaking" for shares of Generac. JPMorgan reiterates Roku as overweight JPMorgan said it's standing by shares of Roku after the company's earnings results on Wednesday. " Bernstein reiterates Meta as outperform Bernstein kept its outperform rating on the social media giant and says it likes the company's "clear cost takeout plan."

☆ Cramer's lightning round: L3Harris Technologies is still a buy
▼ + stars: | 2023-01-27 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

Loading chart...Dutch Bros Inc : "You've got to wait [to buy], because we still see wage pressure." Loading chart...Farfetch Ltd : "I don't know FTCH. Loading chart...Bausch Health Companies Inc : "We've got that on what I would regard as being a retainer basis. We simply don't know what to do. Disclaimer: Cramer's Charitable Trust owns shares of Bausch Health Companies and Nvidia.

☆ Singapore’s Sea Is Passing Through the Storm
▼ + stars: | 2022-11-16 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

Sea Ltd. shares could see some further upside as it accelerates its path to profitability and if it succeeds in reversing its cash burn. It might just be possible to get U.S. investors to pile back into tech stocks if companies were to brutally cut costs and give priority to profits over everything else. Case in point: Singapore’s Sea Ltd. The Asian consumer internet company’s beaten-down shares surfed a wave of enthusiasm on Tuesday after it narrowed losses substantially during the third quarter, defying market expectations. They surged 36% in New York trading after having been down 87% from their 52-week high.

☆ Sea Limited stock jumps as much as 41% as company renews focus on profitability
▼ + stars: | 2022-11-16 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Shares of Sea Limited jumped as much as 41% following Tuesday's announcement of its third-quarter financial results, after the company said it will renew its focus on profitability instead of outright, blistering growth. In early morning Asia time, the stock was trading at about $62.70 in after hours trade. The company fell deeper into the red in the third quarter ending September, as adjusted EBITDA loss widened to $358 million. That's compared to the $166 million loss in the same period last year. In September, its top management also announced it will forgo salaries "until the company reaches self-sufficiency."

☆ India agency raids Coda offices in money laundering probe involving Free Fire
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterBENGALURU, Sept 27 (Reuters) - India's financial crime fighting agency on Tuesday searched the premises of Coda Payments India as part of a money laundering probe into the fintech firm and Sea Ltd's (SE.N) Free Fire. Coda enables cross-border payments for games and other digital products, including Garena Free Fire, Teen Patti Gold, and Call of Duty. Register now for FREE unlimited access to Reuters.com RegisterThe ED also froze all Coda's accounts, which had a total balance of 685.3 million Indian rupees ($8.40 million). Coda Payments and Sea did not immediately respond to emails seeking comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nishit Navin in Bengaluru and Munsif Vengattil; Editing by Anil D'Silva, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Sea Ltd"

25 mentions found