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Madden 15 For Xbox One, Xbox 360 and Ps3, Ps4: Does it worth a price?

September 1, 2014 By Nancy Young Leave a Comment

Alibaba Group Holding Ltd, a Chinese e-commerce company is intended to release its NewYork stock market debut in the first week of September.

The Initial public offering (IPO) could increase almost $20billion which will make it the largest technology listing in the United States.

The company is waiting for the final approval from the U.S Securities and Exchange Commission (SEC).

 

The NewYork Times reported that previously the authorities declared that they would launch the IPO’roadshow’ by the end of August. The company has moved it till the first week of September due to the summer vacations of investors.

Whereas, the pricing of the shares is expected to come sometime later in that  week. It signifies that Alibabba’ss shares will begin trading  as soon as 18  or  19 of September.

Spokesman of the company  refused to make any commentary on the share plans.

As per the reports of The Wall Street Journal Alibaba’s dialogues with the  SEC will end till the  next week. The SEC must give consent for IPO listing documents so  that the company can  launch a deal  and set a  price.

The stock will list as the name  of “BABA” on the NewYork Stock Exchange.

Alibaba has struggled to move pretty speedily with its IPO, which is noteworthy because of its size and complication. Its intention is to produce money for both the shareholders and for the company. Its chief objective is to lead the Chinese and U.S e-commerce companies which contains large cash piles.

Up till now Alibaba has upgraded its initial IPO filing five times.

As per the study of Wilmer Cutler  Picckeerinng  Hale and Dorr LLP, an American law firm the average U.S IPO from 2007 to 2013 obtained regulatory approval in less than four months.

Soft bank Corporation, a Japanese Internet telecommunication company  is the biggest shareholder of Alibaba.

This week Alibaba has released a second quarter earnings report which demonstrates further details on its sales from mobile service. Investors stated that they would concentrate whether Alibaba will be proficient enough  to rule in e-commerce with the help of smart  phones and  tablets.

The company had to dispense with other issues related to its agreements as well. Yahoo and Alibaba both the companies decided to lessen the number of shares which Yahoo is responsible to sell in the IPO.

Filed Under: Finance

Alibaba: $9.4 Billion expected with new Alipay deal

August 23, 2014 By Karen Jackson Leave a Comment

After striking a new deal with the payment processor, Alibaba Group Holding Ltd. will get atleast $9.4 billion from future value of its finance affiliate. If Alipay or its parent company seek an initial public offering, China’s biggest e-commerce operator will be entitled to the payment. Alibaba also gets the perpetual right to 37.5 percent of the finance arm’s pretax earnings and can buy a stake of about one-third if regulators approve.

Since billionare founder Jack Ma spun off Alipay into a Chinese company in 2011, their relationship with the finance business has been contentious. Alibaba may be headed towards the largest IPO in history, the deal locks in a share of earnings from the payments unit, which has expanded into money markets and controls more than 574 billion yuan of funds.

 

According to Wang Weidong, an analyst at Shanghai based Internet consultant firm IResearch, ”The financial unit is adding more services and becoming bigger in scale and complete in services.” According to what was said in the US regulatory filing, the new deal will transfer Hangzhou based Alibaba’s small business lending arm to Zhejiang Ant Small & Micro Financial Services Group Co. who is the parent of Alipay, for $518 million in cash and annual fees for seven years. The implications of the sale are that financial service assets will be owned by Chinese nationals instead of global investors that may buy shares in the IPO. Yahoo gave a statement saying that the terms outline in yesterday’s filing were negotiated through collaboration and that it supported the agreement. Softbank Corp. led by Masayoshi Son who owns more than 30 percent of Alibaba seems to think the deal is beneficial for both parties.

Filed Under: Business, Finance

Biggest economic contraction in Japan since the Tsunami

August 13, 2014 By Roxanne Briean Leave a Comment

The increase of sales tax in Japan has triggered an abrupt fall in consumer spending in the last quarter, which has consequently lead to an economic contraction that hasn’t been seen since the earthquake and tsunami more than three years ago. The annualized 6.8% decline in GDP reported by the government in a preliminary estimate on Wednesday, was relatively mild compare to the latest market forecasts but still far more severe than what most experts had predicted when the tax rise originally took effect in April.

Shinzo Abe, the prime minister, took office in late 2012, and promised to rejuvenate Japan’s economy with his program of “Abenomics”. The GDP decline could be analyzed keeping in mind the similar sized jump in the first quarter, and some may even call it a statistical anomaly.
Changes in spending patterns were noticed as many moved expensive purchases forward and stockpiled daily items. However, the point of importance here is that, the contraction was more significant than the earlier gain. Growth from January to March was revised in Wednesday’s report from 6.7% to 6.1% while the government also said that it had reason to believe that the economy had shrunk slightly in the final quarter of 2013.

 

Mr. Abe should understand that it is imperative to address the tax issue again soon, he needs to decide whether to let it increase or if the economy is too fragile. The dominant opinion among the experts regarding the current quarter is that the economic activity has picked up and data for this period is due for release in November, and is one of the biggest considerations in Abe’s decision.
Japan’s public debt is the largest in the world which makes raising revenue crucial for the government and the sales tax is still much lower than that of other wealthy, developed countries.

However, it must be noted that the previous time tax was increase in 1997, the economy suffered greatly and many critics and experts haven’t forgotten that. On the other hand, the government argues that it was the Asian currency crisis and not the tax increase that caused the crash while the critics still remain unconvinced.

Filed Under: Business, Finance

Alibaba: $9.4 Billion expected with new Alipay deal

August 13, 2014 By Kenneth Scott Leave a Comment

After striking a new deal with the payment processor, Alibaba Group Holding Ltd. will get atleast $9.4 billion from future value of its finance affiliate. If Alipay or its parent company seek an initial public offering, China’s biggest e-commerce operator will be entitled to the payment. Alibaba also gets the perpetual right to 37.5 percent of the finance arm’s pretax earnings and can buy a stake of about one-third if regulators approve.

Since billionare founder Jack Ma spun off Alipay into a Chinese company in 2011, their relationship with the finance business has been contentious. Alibaba may be headed towards the largest IPO in history, the deal locks in a share of earnings from the payments unit, which has expanded into money markets and controls more than 574 billion yuan of funds.

 

According to Wang Weidong, an analyst at Shanghai based Internet consultant firm IResearch, ”The financial unit is adding more services and becoming bigger in scale and complete in services.” According to what was said in the US regulatory filing, the new deal will transfer Hangzhou based Alibaba’s small business lending arm to Zhejiang Ant Small & Micro Financial Services Group Co. who is the parent of Alipay, for $518 million in cash and annual fees for seven years. The implications of the sale are that financial service assets will be owned by Chinese nationals instead of global investors that may buy shares in the IPO. Yahoo gave a statement saying that the terms outline in yesterday’s filing were negotiated through collaboration and that it supported the agreement. Softbank Corp. led by Masayoshi Son who owns more than 30 percent of Alibaba seems to think the deal is beneficial for both parties.

Filed Under: Business, Finance

Richard Kinder makes a million in a day

August 12, 2014 By Nancy Young Leave a Comment

The value of Kinder’s holdings surged by almost a million after his statement that he would consolidate his companies to grow faster. Richard Kinder’s corporate empire control a pipeline network long enough to circle the Earth three times. Bringing together Kinder’s oil storage tanks, pipelines, and natural gas processing plants together will create the biggest infrastructure company in North America. At this point the companies stand at a combined market value of $106 million.

As chairman and CEO of the company, Kinder takes $1 a year salary and gets no bonus from any of his companies. His ownership stakes in his company, however, earned him $380 million in dividends last year, which should rise under the deal. The rapid expansion of the company and division in to multiple entities had created a burden in recent years because the partnership structure siphoned off cash for investors that the company needed to grow. Kinder will unify the company in to one single stock that he can use as currency to buy out competitors.

Kinder has been behind competitors like Willams Cos. and Enterprise Products Partners LP in the last three years. Kinder generated a 73% total return compared with 221% for Williams’ investors and Enterprise’s 130% return. Richard Kinder’s personal stake alone in the company (243.1 million shares) makes him the largest investor in the company which announced its plans on Sunday to absorb its three sisters. The merger is said to be completed by the end of this year.

Filed Under: Business, Finance

Encryption is safer than payment card chips

August 9, 2014 By Deborah Campbell Leave a Comment

Following high profile breaches at large retailers and restaurant chains in the past 12 months there is a push in the US to move to chip-equipped payment cards. For the past 10 years or so, the EMV payment system (Europay, Mastercard, Visa) is the de facto payment system in Europe and is also widely used around the world.

In order to push wide spread EMV use in the US, the cards brands will shift liability in October 2015, any parties that haven’t deployed the system will be held liable in the case of fraudulent transactions.

A security engineering professor at Cambridge University with 25 years experience in payment systems security, Ross Anderson points out that EMV specification suffers from regulatory and security issues some of which have been exploited in real-world attacks. On Thursday, at the Blackhat security conference in Las Vegas, Anderson suggested two types of attacks possible agains EMV implementations. He suggests that Banks have tried to label these as impractical or too complex for for cyber-criminals to carry out. The two examples are”preplay” and “no PIN”.
The sophisticated EMV attacks that Anderson warns against are not usually used by criminals since its much easier to abuse the EMV today because the countries in which the system is not deployed the current system is also designed to work with payment terminals and ATMs. However, with the authorities pushing to deploy EMV, these attacks are a real possibility.

In light of the better consumer protection offered in the US, compared to Europe, it will be interesting to see if banks in the US will try to shift liability to consumers for PIN authorized EMV transactions. He further explained that EMV specification in the present day is quite complex and thus mistakes can be made in its implementation, he suggested that it is not necessary that transactions will be safer using EMV, you can make a good or a bad system using EMV depending on how much attention you pay.

Zaichkowsky suggests that one technology that has a better chance in preventing attackers is end-to-end encryption from the card reader to the payment processor’s back end systems. Similar suggestions have been made by other security experts for years, but adoption is slow since it requires POS terminals with new ones that support the new technology. Zaichkowsky says that since now in the US many will have to change their terminals to support EMV, it would be better to choose terminals that offer data encryption at the reader.

Filed Under: Finance, Tech & Science

Latvia to Become Eurozone Member

December 31, 2013 By Nancy Young Leave a Comment

Latvia will adopt the euro as its currency to become the 18thmember of the common currency eurozone. The country has a population of just 2 million and on Wednesday becomes the newest member of the region. Opponents of the switch to the common currency outnumber supporters by a margin of two to one, as the public expects an acceleration in inflation.

Residents also are bracing for the acceptance of new responsibilities in the new common currency union. One shop owner in the capital city of Riga said he expected prices to rise with the new euro. In fact, said the shop owner, Latvia is going to help pay for other euro member country’s debt after adopting it.

The adoption of the euro caps a journey for Latvia of over two decades for one of the former republics in the Soviet Union, which is now the fourth former member of the Soviet communist bloc to join the common currency zone following Estonia, Slovenia and Slovakia.

The government of Latvia and Valdis Dombrovskis, which spearheaded the change, pushed through a number of austerity measures that equaled 16% of the GDP as a requirement of its bailout program that helped its finances and kept its currency tied to the euro.

The country’s economy shrank between 2008 and 2009 by 20%, but is now growing at the European Union’s fastest pace in 2013.

Concern over inflation accelerating, even following the drop in consumer prices by 0.4% during November from the same month the previous year, marking the sixth consecutive month without an increase, continues in the country.

The Finance Ministry has estimated that prices would rise 2.3% in 2014, as the economy grows by 4.2%. Close to 83% of the people in Latvia fear the common currency will trigger price increases that are unwarranted, said the European Commission in a report from December 3.

However, the government in Latvia is focusing on potential benefits the currency brings. It says that by adopting the euro more investment will be attracted and the country can better promote its export industry, which would allow the economy to grow quicker and raise the welfare.

However, 50% of the country is still not convinced. Opposition for the adoption of the euro is at 50%, according to a report released this week, compared to over 58% opposition in October.

Filed Under: Finance, Headlines

Trade Zone Talks Do Not Reach Deal

December 10, 2013 By Nancy Young Leave a Comment

The United States along with another 11 nations negotiating a possible free trade zone that stretches from Japan to Chile were not able to reach a final deal in their Singapore talks, but did indicate a landmark deal was near.

The agreement led by the U.S. is a big part of the foreign policy shift by President Obama toward Asia. However, it has been hit with snags by disagreements between nations on market access, in particular for intellectual property, environmental protections and agricultural products.

Washington said it had hoped the agreement would have been completed prior to the end of 2014.

After meetings lasting four days in Singapore, trade ministers issued a Tuesday statement that said there has been substantial progress made in the Trans-Pacific Partnership. The statement also said they identified the potential landing zones for the majority of outstanding issues and a meeting was scheduled for January of 2014.

One person close to the situation said the statement’s tone tends to suggest that negotiators have quite a clear understanding of how the final agreement will read. The insider believes that the final deal will be reached sometime in March.

Negotiators from the group of 12 countries aim to lower the tariffs applied to goods and services to nearly zero. They also want to ensure that foreign businesses operating in the area of the agreement have an even playing field with businesses that are state owned, and that their products do not become counterfeited.

The group includes developing nations with their large industries that are state owned such as Malaysia and Vietnam and rich nations that included Japan and the United States.

The new trade agreement would cover close to one third of all world trade and over 800 million people. Those in favor of the agreement said it would lead to more economic growth.

The U.S. Congress would have to approve any deal and they might demand that changes be made to its contents.

NGO’s have been also seeking to put their influence on the agreement so the poor receive a better deal. They are worried that costs of medications will rise in poor countries like Vietnam.

Filed Under: Finance, Headlines

Yellen Nomination Eases Fears, Dollar Gains

October 9, 2013 By Deborah Campbell Leave a Comment

The news that U.S. President Barack Obama has decided to nominate Janet Yellen to chair the Federal Reserve helped to lift the dollar and eased fears over the current budget deadlock Wednesday. Nevertheless, world stocks dropped for the third consecutive session.

An official from the White House said that Obama would be nominating Yellen, who is currently the Fed’s deputy chief. Her nomination is expected later on Wednesday.

Most observers feel Yellen will lead the Fed’s policy on a similar path of Ben Bernanke her predecessor, including staying with the commitment by the bank to the bond purchasing stimulus program until the economy has recovered and is back on track.

However, most participants in the market, expected that the positive impact of the nomination of Yellen to be short, given the little progress being made in Washington that could lead the U.S. to default on its debt obligations as soon as next week.

Those worries caused shares in Europe to fall to a new low of one month Wednesday just one day after Wall Street saw a sharp selloff.

Futures for stocks in the U.S. pointed to a slight recovery for Wall Street when the session opens on Wednesday, where much attention will be focused on a new round of corporate earnings. The season for corporate earnings started Tuesday afternoon with Alcoa reporting first.

The dovish stance for Yellen on policy implied her appointment was previously set as a net negative for the currency of the U.S., but the budget problem seems to have changed that temporarily.

The dollar was up over 0.5% to 97.3 yen, which took it off a low of two-months of 96.55 it had hit on Tuesday. The dollar was also higher by 0.5% on the Swiss franc.

Congress only has nine more days to act prior to the deadline for the debt ceiling of October 17. Little or no movement has been made in negotiations between the two political parties.

Filed Under: Finance, Headlines

Gold Reaches High of Three Months

August 28, 2013 By Michael Turner Leave a Comment

As tensions over Syria increased, so did the price of gold. The price of the precious metal is close to 20% higher from its low of 34 months on June 27. As of 11:00 am ET on Wednesday gold was selling at $1,433, an increase of 1.3%.

The rise in the price of the precious metal can be attributed to the widespread speculation about the possible attack by Western forces against the country of Syria, causing investors to find a safe haven for their assets. Silver was also up hitting a high of four months on Wednesday morning.

If Gold can reach $1,440 and close there it would be at its highest price since mid May and 20% higher than is near three year low, which would make it a bull market.

Silver climbed on the day by 2.6% and is now at $25.10 an ounce, which is its highest price since mid April.

Any military response would focus on the weapons capabilities of Syria and would not be aimed at the deposing of current President Bashar al-Assad, insisted officials from the UK and U.S.

David Cameron the Prime Minister of the UK said that even though no decision has been taken on what course of action to proceed with, it would be proportionate and legal.

Increasing demand for bars, coins and jewelry in Asia has helped prices of gold rally over 19% since last June.

Bullion is set to have its first annual decrease in more than 13 years after many investors started losing faith in the precious metal, which spurred the mining industry to have over $26 billion in write downs and huge losses for hedge fund manager billionaire John Paulson.

Filed Under: Finance, Headlines

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