At the end of June, I was honoured to be awarded Entrepreneur of the Year at the Elevator Awards at Mercure Ardoe House Hotel. I say honoured because our small corner of the world is home to an outsized number of successful businesses run by the brightest minds. It is inspiring that the region has so many great and growing businesses from brewers and gyms through to engineers and publishers.
Grab, the ride-hailing company competing with Uber in Southeast Asia, has pulled in $2 billion of new financing from existing investors Didi Chuxing, the company that defeated Uber in China, and SoftBank. The latest round of funding comes from Japan's Softbank and China's top ride-hailing firm Didi Chuxing. Grab said Monday that it expects another $500 million will come from other existing and new investors. Its last announced cash injection was in September when it raised $750 million led by Softbank, whose chief executive Masayoshi Son is Japan's richest person and a self-styled tech visionary.
A strong Easter bank holiday weekend helped Ryanair to a 55% rise in profit for the three months to the end of June. The airline reported a profit after tax of €397m for the quarter, compared to an average forecast of €366 million in a company poll of analysts. Ryanair generated €1.9 billion in revenue during the quarter, up 13% on the same period last year and carried 35m passengers (+12%). The company notes the results are flattered by the fact that Easter fell in April this year, skewing comparisons with 2016, when it was in March.
German newspaper Spiegel cited documents submitted by VW and another by Daimler, purportedly revealing that Volkswagen, Daimler and BMW are being investigated by Germany’s Federal Cartel Office on suspected antitrust collusion over decades on technology relating to exhaust gas measures on diesel vehicles. The report shows that the companies have been secretly meeting in various working groups since the 1990s, where they agreed on technologies, costs, suppliers and even how to work on emissions from diesel engines.
Assets under management at Julius Baer grew by 6 percent to 355 billion Swiss francs ($375.18 billion) in the first six months of 2017, the Swiss private bank said on Monday, roughly in line with analysts' estimates. The private bank said it took in over 10 billion Swiss francs in net new funds from clients, one of the key business of the future. The average forecast in a Reuters poll of five analysts was for the assets managed by Zurich-based Baer to grow to 358 billion francs. Adjsuted net income unexpectedly rose by 2 percent year on year to 404 million francs, ahead of the poll forecast for 373 million francs.
The first person who introduced the concept of “stalking” in investing was Van Tharp when he described his Ten Tasks of Trading. One of these tasks was: “stalking your trade”. Just like a cat stalks its prey looking for the best possible moment to pounce, so a trader can stalk an entry to get the best price for entry.
It is ironic that the fate of the US dollar depends on whether Saudi Arabia will continue to insist on accepting only US dollars for oil. The Free Thought Project had a good article by Jay Syrmopoulos on this subject on 16th July 2017, Russia and China Declare All Out War on US Petrodollar — Prepare for Exclusive Trade in Gold, which was picked up by Activist Post. It is the position of the US dollar as the main world reserve currency that has made it possible for the US to continue in its role as the global policeman or, as some would have it, the imperialist bully.
A Swiss citizen pleaded guilty on Thursday this week for conspiring to defraud the U.S government while she was working at Credit Suisse. Susanne D. Ruegg Meier admitted to a Virginia court that while working at Credit Suisse's North American desk in Switzerland from 2002 to 2011, she aided and conspired to help U.S taxpayers evade paying taxes on their incomes. She did this by concealing the earnings and assets of potential taxpayers in secret Swiss bank accounts.
The International Monetary Fund’s board on Thursday approved a $1.8 billion loan to Greece — but will only release the money if the country gets debt relief from its European creditors. The IMF has praised Greece for taking steps to reduce its budget deficits, including expanding its tax base and cutting spending on pensions. But the lending agency is pressuring Greece’s eurozone lenders to provide enough relief to ensure the battered country can pay its bills.
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