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☆ Alibaba's breakup plan lifts hopes China's tech crackdown is ending
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +4 min

The group's Hong Kong-listed shares jumped as much as 16.3%, tracking a 14.3% rally in its U.S.-listed shares overnight . Its e-commerce rival JD.com Inc (9618.HK) rose 7% and gaming giant Tencent Holdings Ltd (0700.HK) gained 5%. That compared with a 2.3% jump in benchmark Hang Seng Index (.HSI) and a 3.2% gain for the Hang Seng Tech Index (.HSTECH). Brian Tycango, who tracks China's tech sector at Stansberry Research, says that in addition to enabling higher valuations, the restructuring better protects individual divisions from future government regulation. "Any new regulations will likely not affect the whole company now - just the particular division that that regulation covers," Tycango told Reuters.

☆ China's Alibaba to break up empire into six units as Jack Ma returns home
▼ + stars: | 2023-03-29 | by ( Josh Horwitz | ) www.reuters.com time to read: +5 min

Alibaba said the biggest restructuring in its 24-year history would see it split into six units - Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. Zhang will continue as chairman and CEO of Alibaba Group, which will follow a holding company management model, and also serve as CEO of Cloud Intelligence Group. The exception would be Taobao Tmall Commerce Group that handles China commerce businesses and will remain a wholly owned unit of Alibaba Group. Investors said the split signals the clearing of regulatory worries and allays concerns that Alibaba had lost the potential to grow. [1/2] The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021.

☆ Alibaba shares soar 15% in Hong Kong on news of major overhaul
▼ + stars: | 2023-03-29 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

Signage at the Alibaba Group Holding Ltd. offices in Beijing, China, on Tuesday, Jan. 17, 2023. Hong Kong-listed shares of Alibaba surged 15% at the open on Wednesday after the company announced a significant overhaul to split the tech giant into six business groups. On Wall Street overnight, Alibaba stocks soared to close 14.26% higher. The decision to split into different units means each will be managed by its own leadership and executive board, and can pursue independent fundraising and IPOs when they're ready. The company said the move aims to "unlock shareholder value."

☆ SoftBank shares jump on Alibaba split-up plans
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

TOKYO, March 29 (Reuters) - Shares in SoftBank Group Corp (9984.T) soared on Wednesday after Chinese e-commerce conglomerate Alibaba Group (9988.HK), in which the Japanese technology investor has a 13.7 % stake, announced a major restructuring plan. SoftBank shares were up 5.6% in afternoon trade, on track to post the biggest percentage gain in five months. Alibaba shares were up 13.2%. Ichiyoshi Asset Management director Mitsushige Akino said that investors chased SoftBank higher in light of a spike in Alibaba shares, but that it is too early to tell whether the revamp will bring lasting growth to the Chinese company. "I'm not sure if a 5% rise (in SoftBank shares) can be justified.

☆ Alibaba is splitting into six to prepare for IPOs
▼ + stars: | 2023-03-28 | by ( ) edition.cnn.com time to read: +2 min

Alibaba Group plans to split its business into six main units covering e-commerce to cloud in the biggest restructuring of its 24-year history. Five of the business units will explore fundraising or initial public offerings, the company said Tuesday. The six units are Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group, it said in a statement. Daniel Zhang will continue to serve as chairman and CEO of Alibaba Group (BABA), which will follow a holding company management model, and concurrently serve as CEO of Cloud Intelligence Group. The restructuring “does inject an element of flexibility and adaptability into the company, which currently is something of a behemoth,” he added.

☆ Alibaba to split into 6 units and explore IPOs; shares pop 7%
▼ + stars: | 2023-03-28 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Each business group will be managed by its own CEO and board of directors. These are the groups:Cloud Intelligence Group: Alibaba CEO Daniel Zhang will be head of this business which will house the company's cloud and artificial intelligence activities. Alibaba CEO Daniel Zhang will be head of this business which will house the company's cloud and artificial intelligence activities. Taobao Tmall Commerce Group: This will cover the company's online shopping platforms including Taobao and Tmall. Yu Yongfu will be CEO and the business will cover Alibaba's food delivery service Ele.me as well as its mapping.

☆ Alibaba to break up empire into six units, seek IPOs
▼ + stars: | 2023-03-28 | by ( Josh Horwitz | ) www.reuters.com time to read: +3 min

The six units are Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group, it said in a statement. Daniel Zhang will continue to serve as chairman and CEO of Alibaba Group, which will follow a holding company management model, and concurrently serve as CEO of Cloud Intelligence Group. Each business group and other investments will retain the flexibility to raise outside capital and seek an initial public offering, it said, with the exception being Taobao Tmall Commerce Group that handles its China commerce businesses and will remain an Alibaba Group wholly owned unit. Each business group, he said, had to actively tackle the rapid changes in the market and each Alibaba employee had to "return to the mindset of an entrepreneur." The restructuring "does inject an element of flexibility and adaptability into the company, which currently is something of a behemoth," he added.

☆ Factbox: How Alibaba's six new business units stack up
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +4 min

The company's CEO Daniel Zhang said the business units will each be free to pursue funding and IPOs independently, which points to a possible carving out in the future. Below are the six divisions:TAOBAO TMALL COMMERCE GROUPThe Taobao Tmall Commerce Group will cover Alibaba's domestic-facing e-commerce marketplaces, which make up over two-thirds of Alibaba's total revenue. Despite the scale of Alibaba's e-commerce operations, growth in the business has slowed. Taobao Tmall Commerce Group will remain wholly owned by Alibaba Group after the restructuring, the company said, even as the other units will be free to seek fundraisings and listings. Daniel Zhang, current chairman and CEO of Alibaba Group, will serve as CEO of the Cloud Intelligence Group.

☆ Explainer: How Kakao won a takeover battle against HYBE for K-pop pioneer SM Entertainment
▼ + stars: | 2023-03-12 | by ( Hyunsu Yim | ) www.reuters.com time to read: +4 min

For more than two decades, the K-pop industry was dominated by the trio until BTS rose to global fame in recent years, making its agency HYBE the largest music label in the country. It is the second-largest entertainment group in South Korea by market value at $2.8 billion, trailing HYBE, which is worth $5.5 billion. Lee filed an injunction request to block the deal that was approved by a court, and sold a 15% stake in SM to rival agency HYBE, setting up a takeover battle. Kakao, the most popular social media platform in South Korea, is expanding aggressively into the entertainment industry where it already owns a smaller K-pop agency, Starship Entertainment. In January, Kakao Entertainment announced a 1.2 trillion won ($966.27 million) investment from Singapore's GIC and Saudi Arabia's Public Investment Fund, giving it more firepower for the SM bid.

The capital raising, comprising a A$685 million 3-for-5 rights offer and a A$115 million institutional placement, will help Star repay debt and increase liquidity, the company said on Thursday. It had a net debt of A$1.11 billion as of end-2022. The shares in the capital raising are being sold at A$1.20 each, 21% below Star's latest closing price of A$1.52. Major shareholders Chow Tai Fook Enterprises and Far East Consortium (0035.HK) have taken up their rights entitlements and committed $80 million to the capital raising, Star said. Star shares are in a trading halt Thursday while the capital raising is underway.

☆ Star to raise $544.24 mln in equity amid regulatory uncertainties
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Casino operator Star Entertainment Group (SGR.AX) said on Thursday it was looking to raise A$800 million ($544.24 million), even as the embattled firm tries to recover from regulatory concerns and impairment charges. "While the outcome of regulatory and other matters creates material uncertainty as to the Group's ability to remain a going concern, the Group is likely to be able to meet its liabilities as and when they fall due over the next 12 months," the second largest Australian casino operator said. The capital raise will include a A$685 million entitlement offer and a A$115 million institutional placement, Star said, adding the balance of the equity raising is underwritten. Adding to its relief efforts, Star said it will continue to pursue the recycling of non-core assets, including the sale of its Treasury buildings which are expected to contribute about A$233.0 million in additional cash. ($1 = 1.4699 Australian dollars)(This story has been refiled to remove extraneous $ sign in paragraph 4)Reporting by Roushni Nair in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Star Entertainment's first-half statutory loss widens
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Star Entertainment Group's (SGR.AX) first-half statutory loss widened, the casino operator said on Thursday, as it navigates through regulatory concerns and costs related to compliance procedures. The company's earnings took a hit from the increased regulatory restrictions at its Sydney operations from mid-September, and rise in competition since the opening of Crown Resort's Sydney operations in August after the New South Wales (NSW) regulator granted it a licence. Star said it "continues to pursue the recycling of non-core assets, including the Treasury buildings," adding that the asset is expected to contribute A$233.0 million in additional cash. The second largest Australian casino operator posted statutory net loss after tax of A$1.26 billion ($858.19 million) for the six months ended Dec. 31, compared with A$74.2 million in losses last year. The firm, however, posted A$43.6 million in normalised net profit after tax for first-half, compared with A$73.7 million in losses last year.

☆ Australia's Star Entertainment sees up to $1.1 bln hit from tax change; shares plunge
▼ + stars: | 2023-02-12 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Star Entertainment said it would incur remediation costs of about A$20 million during the six months ended Dec. 31, 2022, as it attempts to "improve compliance processes as the group seeks to return to licence suitability". Star Entertainment shares slumped almost 11% to A$1.67 in early trading. The casino operator on Monday also announced a number of initiatives, including loyalty benefits and pricing actions, to respond to competition in Sydney, where its bigger rival Crown Resorts operates. The initiatives would likely contribute about A$40 million on an annualised basis to the operating performance, Star Entertainment said. It expects underlying earnings before interest, taxes, depreciation and amortisation within A$195 million to A$205 million in its first-half results.

☆ Australia's Star Entertainment sees up to $1.1 billion hit from tax change; shares plunge
▼ + stars: | 2023-02-12 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

☆ Feds seized a party boat, a Rolls Royce, and a motorcycle from a man accused of using COVID loans to buy his way into a Texas yacht club
▼ + stars: | 2023-01-27 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

A deceased Texas man had his party boat, Rolls Royce, and yacht club membership seized by the feds. He secured the goods through a COVID PPP loan fraud scheme, seeking $23 million, feds alleged. Between April 2020 and May 2020, he received almost $1 million in PPP loans and started spending. McQuarn agreed to hand over the items he bought with some of the $23 million in COVID PPP loans he tried to secure, which included a Rolls Royce and a sizable boat. By June 2020, federal investigators had caught up to McQuarn and his associates, seizing all of the money and luxury items that they had amassed in their scheme.

Live Nation Entertainment is composed of Live Nation, an events promoter and venue operator, and Ticketmaster, a ticket sales giant. This is not the first time consumers have called for the breakup of Ticketmaster and Live Nation. While Live Nation Entertainment arguably has a monopoly on the industry, a monopoly in itself is not illegal in the United States. The band regularly interacts with Live Nation Entertainment. It’s unclear what's next for Live Nation Entertainment.

☆ The purple Wiggle responds to his TikTok heartthrob status: 'It's opened up a new world of followers'
▼ + stars: | 2023-01-21 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Kahlan-Rosenblatt.Jpg | Kalhan Rosenblatt | ) www.nbcnews.com time to read: +6 min

On TikTok, parents and nonparents alike have been thirsting after a member of one of the biggest children's acts in the world — the new purple Wiggle from The Wiggles. — likely stems from a video Pearce posted this week in which he participated in a trend that stems from the movie "Zoolander." Originally, Pearce wanted to film the clip with the original purple Wiggle, Jeff Fatt, while the two were on a recent tour together. In the clip, Pearce's purple Wiggle persona bumps into his everyday self dressed in a cutoff T-shirt, revealing his toned and tattooed arms. He added that he's looking forward to meeting his newest slew of fans when The Wiggles tour later this year.

☆ Stocks have taken a beating this year and investors feel worse than during 2008's Great Financial Crisis. Here's what that means for 2023.
▼ + stars: | 2022-12-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Now, unlike this newsletter and all you readers, the stock market is rounding out a year to forget. It's worth noting, too, that alongside slumping stocks, investor sentiment is worse than it was during the 2008 Financial Crisis. But in Fundstrat's view, that suggests a stock market bottom is near, if it hasn't happened already. In other words, overly bearish sentiment suggests stocks could be set up for a big rally in 2023. What's your stock market outlook for the new year?

☆ Star Entertainment dives on NSW govt's proposal to reform casino tax rates
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

Dec 19 (Reuters) - Shares in Australia's Star Entertainment Group tumbled nearly 12% on Monday, after the New South Wales (NSW) government proposed to raise taxes on casino poker machine operators in the state from July next year. The NSW Treasurer Matt Kean said on Saturday the money raised will be used to help fund vital services like helping communities recover from impacts of COVID-19, bushfires and floods. The move comes amid increased efforts to reform Australia's gambling industry which has been roiled in damning reports of sidestepping anti-money-laundering rules, dysfunctional governance and poor corporate culture. Star Entertainment Group said in a statement on Monday it had not been consulted by the NSW government on the matter, adding it is "seeking to urgently engage with the NSW government as to the sustainability of the proposed tax changes and the impact on The Star's business". ($1 = 1.4941 Australian dollars)Reporting by Savyata Mishra in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ A solo Ticketmaster might attract financial fans
▼ + stars: | 2022-12-15 | by ( Jennifer Saba | ) www.reuters.com time to read: +8 min

NEW YORK, Dec 15 (Reuters Breakingviews) - The drums are beating louder for a breakup of Live Nation Entertainment (LYV.N). For Live Nation, it’s not entirely clear that the flywheel is spinning smoothly. Live Nation says it is so dominant because it’s so much better than the competition. Putting the complicated legal and regulatory questions aside, there’s probably a financial case for Ticketmaster to become a solo act. Live Nation merged with Ticketmaster in 2010.

☆ Three pharmaceutical stocks were last week's top performers — and analysts gave one 40% upside
▼ + stars: | 2022-12-05 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Global stocks rose last week, tracking U.S. stocks as Wall Street's major indexes closed with weekly gains. The MSCI World index was up about 1% over the week, and all three U.S. indexes also set weekly gains , with the Nasdaq posting the largest increase. Pharmaceutical stocks had a good week, with three — Horizon Therapeutics , Catalent and Alnylam Pharmaceuticals — making big gains. Of all three, Catalent got the highest upside (40%) from analysts — getting a buy rating from 56% of those covering the stock. U.S. media and internet company IAC was one top weekly performer, with the highest upside given by analysts — at 60%.

☆ Australian regulator begins civil lawsuit against Star Entertainment
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

Nov 30 (Reuters) - Star Entertainment Group (SGR.AX) said Australia's financial crimes regulator has begun a civil lawsuit against it over allegations of failure to comply with disclosure norms in relation to anti-money laundering and counter-terrorism financing rules. The Australian Transaction Reports and Analysis Centre (AUSTRAC) will commence civil penalty proceedings against two of Star's units, The Star Pty and The Star Entertainment Queensland Ltd, the casino operator said on Wednesday. Star, however, said AUSTRAC did not specify the damages it was seeking from the said lawsuit. Star's shares have dropped 28.8% in a year marked with investigations and scrutiny of its operations over its alleged failure to prevent money laundering and criminal activity. Reporting by Tejaswi Marthi in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ American Casino Giants Win 10-Year Macau License Renewals
▼ + stars: | 2022-11-26 | by ( Elaine Yu | Katherine Sayre | ) www.wsj.com time to read: 1 min

HONG KONG—Six casino operators in Macau won provisional licenses to continue operating in the Chinese gambling hub for the next 10 years, the local government said, while rejecting a bid from an outsider to enter the market. The winning companies include affiliates of three American casino giants, Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts Ltd. The licenses of three local rivals were also renewed. They are held by Galaxy Entertainment Group , SJM Holdings Ltd. and Melco Resorts & Entertainment Ltd.

☆ Six Macau Casino Operators Win New 10-Year Licenses
▼ + stars: | 2022-11-26 | by ( Elaine Yu | Katherine Sayre | ) www.wsj.com time to read: 1 min

Six casino operators in Macau won provisional licenses to continue operating in the Chinese gambling hub for the next 10 years, the local government said, while rejecting a bid from an outsider to enter the market. The winning companies include affiliates of three American casino giants, Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts Ltd. The licenses of three local rivals were also renewed. They are held by Galaxy Entertainment Group , SJM Holdings Ltd. and Melco Resorts & Entertainment Ltd.

☆ Taylor Swift public ticket sale on Friday is canceled, Ticketmaster says. But the secondary market can be 'buyer beware'
▼ + stars: | 2022-11-17 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Kevin Mazur | Wireimage | Getty ImagesDeals for hot tickets, you're virtually not going to find one. Why concert tickets are a 'buyer beware' marketSome Taylor Swift fans who bought seemingly legitimate tickets have already discovered they were duped. Buying tickets on the "secondary market" poses an elevated risk of fraud and/or exorbitant prices for consumers, entertainment-industry experts warned. "There are almost so many [secondary sellers] that you just can't keep up," Cobb said. Of course, this isn't to say secondary sellers are grifters in all circumstances.

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