New complex for DSO - Singapore's largest defence R&D organisation
By Nur Afifah Ariffin Posted 21 Apr 2017 17:43 Updated 21 Apr 2017 17:50
The new DSO National Laboratories complex at Science Park Drive opened on Friday (Apr 21). (Photo: Nur Afifah)
SINGAPORE: The DSO National Laboratories (DSO) - Singapore's largest defence R&D organisation - officially opened its new complex in Science Park Drive on Friday (Apr 21).
The eight-storey twin buildings house more than 1,000 research engineers and scientists from across 200 offices and laboratories. They are also equipped with facilities that can further research in areas of robotics and artificial intelligence.
The new DSO National Laboratories complex consists of two eight-storey buildings. (Photo: Nur Afifah)
This includes the Playground - a shared space where researchers and scientists can access a wide suite of technology and tools. It also comprises an Artificial Intelligence (AI) hub, which aims to raise awareness of AI and promote innovative applications of the technologies to Singapore's defence systems.
Some of these innovations include using data for maritime security and analyzing social media to determine and extract intelligence to support counter-terrorism efforts.
Another key facility in the new complex is the Robotics Laboratory, a one-stop shop for engineers to embark on prototyping, integration, simulation and testing of robotic systems prior to field tests.
It's the first of its kind in Singapore, and is focused on making unmanned systems smarter and faster.
A demonstration of an unmanned air-to-ground teaming of a drone and driverless vehicle at the opening of the new DSO Complex on Friday (Apr 21). (Photo: Nur Afifah)
In his opening address, Defence Minister Ng Eng Hen acknowledged the importance of the DSO National Laboratories' role in the defence landscape, especially in building up new capabilities for the Next Gen Singapore Armed Forces.
"As it did before, DSO's work must help us better prepare for challenges ahead. DSO's past efforts in AI and robotics since the 1990s have helped provide the SAF with unmanned platforms for land, sea, and air," said Dr Ng.
A demonstration of an unmanned air-to-ground teaming of a drone and driverless vehicle at the opening of the new DSO Complex on Friday (Apr 21). (Photo: Nur Afifah)
"With our increasing dependence on technology, the new DSO complex has been designed to encourage collaboration and spur innovations to meet SAF's future requirements."
Dr Ng also went on a tour of the Playground and the Robotics Laboratory, where he witnessed a live demonstration of an unmanned air-to-ground teaming of a drone and driverless vehicle, capabilities which could soon be deployed in SAF operations.
- CNA/mn
- wong chee tat :)
Showing posts with label job seekers. Show all posts
Showing posts with label job seekers. Show all posts
Friday, April 21, 2017
Wednesday, April 12, 2017
Monday, February 13, 2017
Dyson opens S$587m R&D centre at Singapore Science Park
Dyson opens S$587m R&D centre at Singapore Science Park
By Nicole Tan Posted 13 Feb 2017 14:59 Updated 13 Feb 2017 15:10
The new facility will focus on developing new technologies for the future including artificial intelligence, machine learning, robotics, fluid dynamics and vision systems. (Photo: Nicole Tan)
SINGAPORE: British technology firm Dyson, known for its vacuum cleaners and bladeless fans, opened a new £330 million (S$587 million) research and development centre at the Singapore's Science Park on Monday (Feb 13).
The facility will focus on developing new technologies for the future, including artificial intelligence, machine learning, robotics, fluid dynamics and vision systems.
It will house the Global Technology Centre of Excellence, which will lead downstream research and development for new product categories and Internet of Things technologies to support the firm's move into the smart homes market.
Dyson's founder and chief engineer James Dyson said engineers at the new facility will work on bringing hardware, electronics and software together.
"The software is propelling hardware companies at a faster rate than software is propelling software companies. The power comes from the two working together,” he said. “Dyson is focusing on developing intelligent technology and making products which know and anticipate what you want before you do. Machine learning gives our products the intelligence to understand and react to the environment."
Speaking at the launch, Trade and Industry (Industry) Minister S Iswaran said Singapore will continue to work with industry partners to support innovation and internationalisation.
"These efforts will better position our enterprises to seize opportunities in growth sectors such as advanced manufacturing and the digital economy, as well as create good job opportunities for our people,” said Mr Iswaran.
Dyson, which currently employs 1,100 people in Singapore, said it plans to grow its Singapore-based engineering team by 50 per cent. It is seeking talent across a broad range of engineering disciplines, including connectivity, motors, sensors, robotics and software. The new centre will create an additional 190 jobs over the next five years.
- CNA/xk
- wong chee tat :)
By Nicole Tan Posted 13 Feb 2017 14:59 Updated 13 Feb 2017 15:10
The new facility will focus on developing new technologies for the future including artificial intelligence, machine learning, robotics, fluid dynamics and vision systems. (Photo: Nicole Tan)
SINGAPORE: British technology firm Dyson, known for its vacuum cleaners and bladeless fans, opened a new £330 million (S$587 million) research and development centre at the Singapore's Science Park on Monday (Feb 13).
The facility will focus on developing new technologies for the future, including artificial intelligence, machine learning, robotics, fluid dynamics and vision systems.
It will house the Global Technology Centre of Excellence, which will lead downstream research and development for new product categories and Internet of Things technologies to support the firm's move into the smart homes market.
Dyson's founder and chief engineer James Dyson said engineers at the new facility will work on bringing hardware, electronics and software together.
"The software is propelling hardware companies at a faster rate than software is propelling software companies. The power comes from the two working together,” he said. “Dyson is focusing on developing intelligent technology and making products which know and anticipate what you want before you do. Machine learning gives our products the intelligence to understand and react to the environment."
Speaking at the launch, Trade and Industry (Industry) Minister S Iswaran said Singapore will continue to work with industry partners to support innovation and internationalisation.
"These efforts will better position our enterprises to seize opportunities in growth sectors such as advanced manufacturing and the digital economy, as well as create good job opportunities for our people,” said Mr Iswaran.
Dyson, which currently employs 1,100 people in Singapore, said it plans to grow its Singapore-based engineering team by 50 per cent. It is seeking talent across a broad range of engineering disciplines, including connectivity, motors, sensors, robotics and software. The new centre will create an additional 190 jobs over the next five years.
- CNA/xk
- wong chee tat :)
Thursday, December 22, 2016
SMEs pessimistic about first half of 2017: Survey
SMEs pessimistic about first half of 2017: Survey
Despite the overall pessimism, the SBF-DP SME Index recorded ‘modest optimism’ in expectations of business expansion, capital investment and hiring. TODAY file photo
ANGELA TENG
angelateng@mediacorp.com.sg PUBLISHED: 4:00 AM, DECEMBER 22, 2016UPDATED: 11:13 AM, DECEMBER 22, 2016
SINGAPORE — In an ominous sign for the new year, small and medium enterprises (SMEs) here are pessimistic about their prospects for the first half of next year, an industry index showed yesterday — the first time the quarterly survey showed such negative sentiments since it was started seven years ago.
Despite a better official forecast for Singapore’s economy next year compared to this year, business owners expect turnover and profitability to sour in the coming months, according to the Singapore Business Federation (SBF)-DP SME Index, which fell by 0.4 point to 49.8, compared with the survey conducted in the previous quarter. The index seeks to measure a six-monthly outlook among SMEs, with a reading of 50 and above indicating optimism. This was the first instance where the index fell below 50, indicating pessimism.
Association of Small and Medium Enterprises president Kurt Wee said the pessimism was “not a surprise”.
“It is reflective of the current business sentiment and mood. Businesses are tightening their belts and not expecting a recovery in demand,” he said. “Businesses also expect an increase in cost of (financing) while operation costs remain high. The bright side is businesses have been preparing in the last 18 months for this situation.”
The index, which surveyed more than 3,600 SMEs between October and last month, recorded declines in five out of six sectors, compared with the survey in the previous quarter. SMEs had a negative outlook in commerce/trading, construction/engineering, manufacturing, retail/food and beverage, as well as transport/storage. Only firms in business services had positive sentiments.
The SBF and DP said index scores for turnover and profitability expectations were both at “record lows”. SMEs expect their profits to fall, “indicating how reduced sales and high operational costs are compressing already-lean profit margins and driving many SMEs into losses”, they added.
SBF CEO Ho Meng Kit said SMEs are facing “challenging conditions” in the current economic situation. “This is in line with the slowing overall economy,” said Mr Ho, noting that the Ministry of Trade and Industry (MTI) had cut the top end of its full-year growth forecast for this year by half a percentage point. The economy is now expected to grow between 1 and 1.5 per cent for the whole of this year. For next year, the MTI forecasts gross domestic product to grow between 1 and 3 per cent.
Mr Ho said that recommendations will be put forward for the Government’s Budget next year to help SMEs “navigate the immediate challenges of high business costs”. “The recommendations will also focus on helping SMEs sustain growth particularly during this current economic climate, as well as support scalable, local-based enterprises to develop into globally competitive companies,” he said.
SME owners told TODAY that they are feeling the strain.
Mr Kegan Tan, a retailer selling sports goods, recently closed down his shop at Tampines Safra after sales plunged. “It could be due to the economy or the location. In order to guard against choppy waters, we closed the retail shop a month ago. The lease was expiring and we decided not to renew it even though it was affordable,” he said. His company is looking at focusing more on its online business and other strategies. “Despite the change in the business focus, we are still optimistic,” he said.
Despite the overall pessimism, the SBF-DP SME Index recorded “modest optimism” in expectations of business expansion, capital investment and hiring.
CIMB Private Banking economist Song Seng Wun said: “The economy is affected by uncertainties from abroad, with a very uneven performance for the sectors. However, all is not lost. We keep our fingers crossed on global growth as there are signs of us turning the corner to better exports. Perhaps the worst may be behind us.”
- wong chee tat :)
Despite the overall pessimism, the SBF-DP SME Index recorded ‘modest optimism’ in expectations of business expansion, capital investment and hiring. TODAY file photo
ANGELA TENG
angelateng@mediacorp.com.sg PUBLISHED: 4:00 AM, DECEMBER 22, 2016UPDATED: 11:13 AM, DECEMBER 22, 2016
SINGAPORE — In an ominous sign for the new year, small and medium enterprises (SMEs) here are pessimistic about their prospects for the first half of next year, an industry index showed yesterday — the first time the quarterly survey showed such negative sentiments since it was started seven years ago.
Despite a better official forecast for Singapore’s economy next year compared to this year, business owners expect turnover and profitability to sour in the coming months, according to the Singapore Business Federation (SBF)-DP SME Index, which fell by 0.4 point to 49.8, compared with the survey conducted in the previous quarter. The index seeks to measure a six-monthly outlook among SMEs, with a reading of 50 and above indicating optimism. This was the first instance where the index fell below 50, indicating pessimism.
Association of Small and Medium Enterprises president Kurt Wee said the pessimism was “not a surprise”.
“It is reflective of the current business sentiment and mood. Businesses are tightening their belts and not expecting a recovery in demand,” he said. “Businesses also expect an increase in cost of (financing) while operation costs remain high. The bright side is businesses have been preparing in the last 18 months for this situation.”
The index, which surveyed more than 3,600 SMEs between October and last month, recorded declines in five out of six sectors, compared with the survey in the previous quarter. SMEs had a negative outlook in commerce/trading, construction/engineering, manufacturing, retail/food and beverage, as well as transport/storage. Only firms in business services had positive sentiments.
The SBF and DP said index scores for turnover and profitability expectations were both at “record lows”. SMEs expect their profits to fall, “indicating how reduced sales and high operational costs are compressing already-lean profit margins and driving many SMEs into losses”, they added.
SBF CEO Ho Meng Kit said SMEs are facing “challenging conditions” in the current economic situation. “This is in line with the slowing overall economy,” said Mr Ho, noting that the Ministry of Trade and Industry (MTI) had cut the top end of its full-year growth forecast for this year by half a percentage point. The economy is now expected to grow between 1 and 1.5 per cent for the whole of this year. For next year, the MTI forecasts gross domestic product to grow between 1 and 3 per cent.
Mr Ho said that recommendations will be put forward for the Government’s Budget next year to help SMEs “navigate the immediate challenges of high business costs”. “The recommendations will also focus on helping SMEs sustain growth particularly during this current economic climate, as well as support scalable, local-based enterprises to develop into globally competitive companies,” he said.
SME owners told TODAY that they are feeling the strain.
Mr Kegan Tan, a retailer selling sports goods, recently closed down his shop at Tampines Safra after sales plunged. “It could be due to the economy or the location. In order to guard against choppy waters, we closed the retail shop a month ago. The lease was expiring and we decided not to renew it even though it was affordable,” he said. His company is looking at focusing more on its online business and other strategies. “Despite the change in the business focus, we are still optimistic,” he said.
Despite the overall pessimism, the SBF-DP SME Index recorded “modest optimism” in expectations of business expansion, capital investment and hiring.
CIMB Private Banking economist Song Seng Wun said: “The economy is affected by uncertainties from abroad, with a very uneven performance for the sectors. However, all is not lost. We keep our fingers crossed on global growth as there are signs of us turning the corner to better exports. Perhaps the worst may be behind us.”
- wong chee tat :)
Wednesday, December 21, 2016
Fewer Singapore employers plan to increase headcount next year: Survey
Fewer Singapore employers plan to increase headcount next year: Survey
PUBLISHED: 8:55 PM, DECEMBER 20, 2016 UPDATED: 12:22 PM, DECEMBER 21, 2016
SINGAPORE — Fewer companies in Singapore plan to increase headcount next year, initial findings from a survey showed on Tuesday (Dec 20), a reflection of the current uncertain economic climate.
According to a survey on 2017 employment trends by international recruitment consultancy Michael Page, about one in three employers in Singapore – or 36 per cent – plan to ramp up hiring next year, down from 49 per cent in the 2016 survey. Meanwhile, 57 per cent of companies indicated they plan to maintain headcount in 2017 while 7 per cent said they will cut staffing, the survey showed.
The survey underscores the challenges facing Singapore’s labour market amid slower gross domestic product growth at home and sluggish global economic conditions. The latest labour market report from the Ministry of Manpower released last week showed that total employment expanded by just 14,500 in the first nine months of this year, the slowest growth since the 2009 global financial crisis. Jobseekers also continued to outnumber the vacancies available for the second quarter in a row.
Michael Page’s 2017 Asia Salary & Employment Outlook survey contained responses from nearly 450 employers in Singapore across various industries. The full report - which will be launched in February - will also contain market insights and recruitment trends from more than 3,400 respondents in Asia.
The initial findings released on Tuesday showed that among those planning to increase headcount next year, six in 10 are looking to hire at middle management level. The majority of companies - 63 per cent - also said they plan to offer employees a 1 to 5 per cent salary increase, while 15 per cent said they do not plan a pay hike.
Hiring is expected to be dominated by the digital, technology and healthcare sectors.
“Digital, technology and healthcare are likely to be the country’s fastest-growing industries due to the Government’s pledged efforts to boost investment in these sectors. As a result, employers across these three sectors are likely to continue hiring actively, though recruitment efforts will largely focus on filling niche roles,” said Mr Anthony Thompson, regional managing director of Greater China, South East Asia & India at Michael Page.
These niche technical requirements, combined with requests from hiring managers for solid industry experience, are likely to result in fierce competition for a limited pool of talent next year, the report said.
Meanwhile, a separate survey by recruitment agency Randstad released on Tuesday showed that employees in Singapore were less optimistic than global peers about how their employers would perform financially next year.
About 56 per cent of employees in Singapore said they expect their employers to perform better financially in 2017, compared with the global average of 69 per cent, Randstad’s Workmonitor research report showed. This also compares with the 59 per cent in Hong Kong and 70 per cent in Malaysia.
“Retrenchments and hiring freezes as well as news of major global issues, such as Brexit and the US elections, have kept employees taking a more cautionary stance with regards to their expectations for the coming year,” said Mr Michael Smith, managing director for Randstad Singapore, Hong Kong and Malaysia.
- wong chee tat :)
PUBLISHED: 8:55 PM, DECEMBER 20, 2016 UPDATED: 12:22 PM, DECEMBER 21, 2016
SINGAPORE — Fewer companies in Singapore plan to increase headcount next year, initial findings from a survey showed on Tuesday (Dec 20), a reflection of the current uncertain economic climate.
According to a survey on 2017 employment trends by international recruitment consultancy Michael Page, about one in three employers in Singapore – or 36 per cent – plan to ramp up hiring next year, down from 49 per cent in the 2016 survey. Meanwhile, 57 per cent of companies indicated they plan to maintain headcount in 2017 while 7 per cent said they will cut staffing, the survey showed.
The survey underscores the challenges facing Singapore’s labour market amid slower gross domestic product growth at home and sluggish global economic conditions. The latest labour market report from the Ministry of Manpower released last week showed that total employment expanded by just 14,500 in the first nine months of this year, the slowest growth since the 2009 global financial crisis. Jobseekers also continued to outnumber the vacancies available for the second quarter in a row.
Michael Page’s 2017 Asia Salary & Employment Outlook survey contained responses from nearly 450 employers in Singapore across various industries. The full report - which will be launched in February - will also contain market insights and recruitment trends from more than 3,400 respondents in Asia.
The initial findings released on Tuesday showed that among those planning to increase headcount next year, six in 10 are looking to hire at middle management level. The majority of companies - 63 per cent - also said they plan to offer employees a 1 to 5 per cent salary increase, while 15 per cent said they do not plan a pay hike.
Hiring is expected to be dominated by the digital, technology and healthcare sectors.
“Digital, technology and healthcare are likely to be the country’s fastest-growing industries due to the Government’s pledged efforts to boost investment in these sectors. As a result, employers across these three sectors are likely to continue hiring actively, though recruitment efforts will largely focus on filling niche roles,” said Mr Anthony Thompson, regional managing director of Greater China, South East Asia & India at Michael Page.
These niche technical requirements, combined with requests from hiring managers for solid industry experience, are likely to result in fierce competition for a limited pool of talent next year, the report said.
Meanwhile, a separate survey by recruitment agency Randstad released on Tuesday showed that employees in Singapore were less optimistic than global peers about how their employers would perform financially next year.
About 56 per cent of employees in Singapore said they expect their employers to perform better financially in 2017, compared with the global average of 69 per cent, Randstad’s Workmonitor research report showed. This also compares with the 59 per cent in Hong Kong and 70 per cent in Malaysia.
“Retrenchments and hiring freezes as well as news of major global issues, such as Brexit and the US elections, have kept employees taking a more cautionary stance with regards to their expectations for the coming year,” said Mr Michael Smith, managing director for Randstad Singapore, Hong Kong and Malaysia.
- wong chee tat :)
Sunday, December 18, 2016
Retrenchment On The Rise But Vacancies Still Exists?
Published on Nov 18, 2016
While job redundancies have been on the increase, many sectors – from sales to engineering and accounting and finance – are struggling to fill vacancies. Ascent Solutions chief executive Lim Chee Kean explains why recruiting Singaporean engineers is an uphill task for small and medium enterprises, while mechanical engineering undergraduate Siang Xuan Yu shares why he is not confining his career options to what he studied in school. Accounting veteran Gerard Ee also talks about the leakage of professionals in the field who venture into other areas, such as entrepreneurship, and how smaller firms can woo accountants.
What are your thoughts?
- wong chee tat :)
Friday, December 16, 2016
Redundancies in Singapore hit 7-year high; highest since 2009 financial crisis
Redundancies in Singapore hit 7-year high; highest since 2009 financial crisis
Posted 13 Dec 2016 11:11 Updated 13 Dec 2016 22:56
SINGAPORE: The number of workers laid off in Singapore hit a seven-year high in the first nine months of 2016 – the highest since the global financial crisis in 2009, figures released on Tuesday (Dec 13) by the Ministry of Manpower (MOM) showed.
A total of 13,730 workers were laid off in the first nine months of this year, an increase from the 10,220 during the same period last year and the highest since the first nine months of 2009 when 21,210 workers were laid off, according to the ministry’s quarterly labour market report.
During the third quarter, 4,220 workers were made redundant, down from the 4,800 in the previous quarter but higher than the 3,460 in the same quarter last year.
Professionals, managers, executives and technicians (PMETs) were more likely to be made redundant, the MOM report said. These workers formed the majority (73 per cent) of Singapore residents laid off during the quarter, and those with tertiary qualifications also formed the bulk of resident layoffs.
The overall unemployment rate remained unchanged at 2.1 per cent. Among Singaporeans, the unemployment rate was 3 per cent in September, down from 3.1 per cent in June, and among residents, it was 2.9 per cent, down from 3 per cent.
However, more job seekers were taking a longer time to find work, with the resident long-term unemployment rate rising to 0.8 per cent in September, up from 0.6 per cent a year ago and the highest September rate since 2009.
Total employment shrank by 2,700, the first decline in more than a year, MOM findings showed. The decline was primarily due to contractions in the manufacturing and construction industries, affecting mainly work permit holders. Over the first nine months, total employment grew by 14,500, but it was the lowest such growth since 2009.
“The contraction in total employment, heightened redundancy levels and decline in job vacancies to unemployed ratio reflect the current subdued global economic conditions and ongoing economic restructuring,” the ministry said.
It added that tripartite partners will continue to help affected workers look for new jobs.
- CNA/cy
- wong chee tat :)
Posted 13 Dec 2016 11:11 Updated 13 Dec 2016 22:56
SINGAPORE: The number of workers laid off in Singapore hit a seven-year high in the first nine months of 2016 – the highest since the global financial crisis in 2009, figures released on Tuesday (Dec 13) by the Ministry of Manpower (MOM) showed.
A total of 13,730 workers were laid off in the first nine months of this year, an increase from the 10,220 during the same period last year and the highest since the first nine months of 2009 when 21,210 workers were laid off, according to the ministry’s quarterly labour market report.
During the third quarter, 4,220 workers were made redundant, down from the 4,800 in the previous quarter but higher than the 3,460 in the same quarter last year.
Professionals, managers, executives and technicians (PMETs) were more likely to be made redundant, the MOM report said. These workers formed the majority (73 per cent) of Singapore residents laid off during the quarter, and those with tertiary qualifications also formed the bulk of resident layoffs.
The overall unemployment rate remained unchanged at 2.1 per cent. Among Singaporeans, the unemployment rate was 3 per cent in September, down from 3.1 per cent in June, and among residents, it was 2.9 per cent, down from 3 per cent.
However, more job seekers were taking a longer time to find work, with the resident long-term unemployment rate rising to 0.8 per cent in September, up from 0.6 per cent a year ago and the highest September rate since 2009.
Total employment shrank by 2,700, the first decline in more than a year, MOM findings showed. The decline was primarily due to contractions in the manufacturing and construction industries, affecting mainly work permit holders. Over the first nine months, total employment grew by 14,500, but it was the lowest such growth since 2009.
“The contraction in total employment, heightened redundancy levels and decline in job vacancies to unemployed ratio reflect the current subdued global economic conditions and ongoing economic restructuring,” the ministry said.
It added that tripartite partners will continue to help affected workers look for new jobs.
- CNA/cy
- wong chee tat :)
Monday, October 31, 2016
DBS extends Asia private banking push with ANZ assets purchase
DBS extends Asia private banking push with ANZ assets purchase
Posted 31 Oct 2016 07:43 Updated 31 Oct 2016 21:28
SINGAPORE: DBS Group said on Monday (Oct 31) that it plans to buy Australia and New Zealand Banking Group's (ANZ) wealth and retail businesses in five Asian markets - part of a big private banking push for the Singapore lender and the first significant retreat from Asia for ANZ.
The businesses in Singapore, Hong Kong, China, Taiwan and Indonesia will be sold for around S$110 million, in a deal that underscores how smaller players are being squeezed out of private banking due to lack of scale.
"Further investments do not make sense for us given our competitive position and the returns available to ANZ," Chief Executive Shayne Elliott said in a statement.
Mr Elliott also told an analysts call the bank would look to exit its retail and wealth assets in the Philippines, Vietnam, Cambodia and Laos separately.
He added that for the bank to have remained competitive, it would have had to invest further in developing its branch network and digital capacity.
The deal will help DBS build up its leading position in the region, said Ms Tan Su Shan, DBS' head of consumer banking and wealth management, noting that the Singapore lender had recently entered the top five bank rankings for the Asia-Pacific region.
DBS and local rival Oversea-Chinese Banking Corp have been aggressively bidding for the Western private banking assets for sale in Asia.
DBS, Singapore's biggest lender, is also weighing a bid for ABN AMRO's Asian private bank, sources have told Reuters.
ANZ TO FOCUS ON INSTITUTIONAL BANKING IN ASIA
The ANZ transaction is expected to be completed progressively from the second quarter of 2017, with full completion in all markets expected by early 2018.
Most of its staff currently employed in the affected units will join DBS, ANZ said, adding that it will focus on its institutional banking business in Asia instead.
ANZ, Australia's third-largest bank by market value, also said it would take a loss of A$265 million (S$280.8 million) on the sale, including write-downs, and added the sale was expected to increase its Tier 1 capital ratio by 15 to 20 basis points. The losses are set to be booked in the first half of the current financial year.
They will come on top of A$360 million in one-off charges that will be booked in the year just ended. Those earnings are due to be released in full on Thursday.
In 2009, ANZ acquired the Royal Bank of Scotland's retail, wealth and commercial businesses in Taiwan, Singapore, Indonesia and Hong Kong, as well as institutional businesses in Taiwan, the Philippines and Vietnam for US$550 million (S$766 million).
The move was part of a "super-regional strategy" led by former ANZ Chief Executive Mike Smith, who left the bank last year.
DBS Q3 PROFIT STABLE, BAD DEBT CHARGES UP
The news comes as DBS posted a slight increase in its third-quarter net profit, in line with expectations, although bad debt provisions rose sharply due to its exposure to the troubled oil and gas sector.
Singapore banks are grappling with growing risks to earnings as credit woes deepen for the offshore services sector, which has been hit hard by an almost two-year rout in oil prices that lasted until early this year.
DBS said net profit came in at S$1.071 billion in the third quarter that ended in September, versus a profit of S$1.066 billion a year earlier. That compares with an average forecast of S$1 billion from five analysts polled by Reuters.
Bad debt charges rose to S$436 million in the third quarter from S$178 million a year ago.
- REUTERS/CNA/cy
- wong chee tat :)
Posted 31 Oct 2016 07:43 Updated 31 Oct 2016 21:28
SINGAPORE: DBS Group said on Monday (Oct 31) that it plans to buy Australia and New Zealand Banking Group's (ANZ) wealth and retail businesses in five Asian markets - part of a big private banking push for the Singapore lender and the first significant retreat from Asia for ANZ.
The businesses in Singapore, Hong Kong, China, Taiwan and Indonesia will be sold for around S$110 million, in a deal that underscores how smaller players are being squeezed out of private banking due to lack of scale.
"Further investments do not make sense for us given our competitive position and the returns available to ANZ," Chief Executive Shayne Elliott said in a statement.
Mr Elliott also told an analysts call the bank would look to exit its retail and wealth assets in the Philippines, Vietnam, Cambodia and Laos separately.
He added that for the bank to have remained competitive, it would have had to invest further in developing its branch network and digital capacity.
The deal will help DBS build up its leading position in the region, said Ms Tan Su Shan, DBS' head of consumer banking and wealth management, noting that the Singapore lender had recently entered the top five bank rankings for the Asia-Pacific region.
DBS and local rival Oversea-Chinese Banking Corp have been aggressively bidding for the Western private banking assets for sale in Asia.
DBS, Singapore's biggest lender, is also weighing a bid for ABN AMRO's Asian private bank, sources have told Reuters.
ANZ TO FOCUS ON INSTITUTIONAL BANKING IN ASIA
The ANZ transaction is expected to be completed progressively from the second quarter of 2017, with full completion in all markets expected by early 2018.
Most of its staff currently employed in the affected units will join DBS, ANZ said, adding that it will focus on its institutional banking business in Asia instead.
ANZ, Australia's third-largest bank by market value, also said it would take a loss of A$265 million (S$280.8 million) on the sale, including write-downs, and added the sale was expected to increase its Tier 1 capital ratio by 15 to 20 basis points. The losses are set to be booked in the first half of the current financial year.
They will come on top of A$360 million in one-off charges that will be booked in the year just ended. Those earnings are due to be released in full on Thursday.
In 2009, ANZ acquired the Royal Bank of Scotland's retail, wealth and commercial businesses in Taiwan, Singapore, Indonesia and Hong Kong, as well as institutional businesses in Taiwan, the Philippines and Vietnam for US$550 million (S$766 million).
The move was part of a "super-regional strategy" led by former ANZ Chief Executive Mike Smith, who left the bank last year.
DBS Q3 PROFIT STABLE, BAD DEBT CHARGES UP
The news comes as DBS posted a slight increase in its third-quarter net profit, in line with expectations, although bad debt provisions rose sharply due to its exposure to the troubled oil and gas sector.
Singapore banks are grappling with growing risks to earnings as credit woes deepen for the offshore services sector, which has been hit hard by an almost two-year rout in oil prices that lasted until early this year.
DBS said net profit came in at S$1.071 billion in the third quarter that ended in September, versus a profit of S$1.066 billion a year earlier. That compares with an average forecast of S$1 billion from five analysts polled by Reuters.
Bad debt charges rose to S$436 million in the third quarter from S$178 million a year ago.
- REUTERS/CNA/cy
- wong chee tat :)
Thursday, October 27, 2016
Singapore's cybersecurity skills shortage: Why it matters
Singapore's cybersecurity skills shortage: Why it matters
By Linette Lim Posted 14 Oct 2016 15:51 Updated 14 Oct 2016 16:00
SINGAPORE: In his speech launching Singapore’s national cybersecurity strategy earlier this week, Prime Minister Lee Hsien Loong warned of cyberattacks and threats “becoming more frequent and sophisticated, with more severe consequences”.
He pointed to how a cyberattack on the power grid in Ukraine last December left many Ukrainians without electricity for hours, and how hackers used malware to withdraw more than US$2 million (S$2.77 million) from ATMs in Taiwan in July this year. Closer to home, he said that there have been attacks on government networks and on the financial sector.
According to a 2014 report from Center for Strategic and International Studies, cybercrime costs Singapore an estimated S$1.25 billion annually.
Yet there is a decidedly acute shortage of IT security specialists that can be engaged to help fend off such online threats.
According to Communications and Information Minister Yaacob Ibrahim, there were 15,000 vacancies in the information and communications technology (ICT) sector last year, unchanged from 2014. More than two-thirds of these vacancies, he said, were for professionals, managers, executives and technicians (PMETs) or technical specialists in areas such as development, network and infrastructure, cybersecurity and data analytics.
Additionally, 2012 data from the Economic Development Board (EDB) showed that just 0.8 per cent of Singapore’s 144,300 ICT workers were IT security specialists, with a particularly acute shortfall in the middle and senior tiers.
MANPOWER GAP HINDERING CYBERCRIME FIGHT
This is why for vendors like Quann, which hires more than 300 certified security professionals in the region, a global shortage of cybersecurity manpower means fighting cybercrime is proving to be an uphill battle.
“There is a distinct (manpower and skills) gap, and the gap has widened. The proxy for that is the wage growth that we’ve seen in this sector. Wages have gone up quite substantially in the last two to three years. Based on some reports by third-party consultancies, wages are estimated to have gone up by 20 per cent per year, over the last couple of years,” said Quann’s managing director Foo Siang-tse.
According to Mr Foo, increasing digitisation of customer and business records and the proliferation of interconnected devices have resulted in greater avenues for cybercriminals, but “until recently”, educational institutions have not expanded capacity quickly enough to keep pace with demand in the sector.
To address this, part of the national cybersecurity strategy is to boost the cybersecurity profession in a number of ways. This includes instituting clear career pathways, promoting certification, and working with the industry and institutes of higher learning to attract new graduates and convert existing professionals from related fields.
WHAT ARE THE SKILLS NEEDED?
One of these organisations is ISACA, the international professional body formerly known as the Information Systems Audit and Control Association. Its Singapore Chapter says the Government is working with industry groups like theirs to offer training and certification programmes.
“Skills that are lacking now are in the areas of intrusion detection, security architecture and analysis, security incident management, secure software development, incident response and recovery,” said Mr John Lee, President of ISACA Singapore Chapter.
“Singapore is a global financial hub with high-end manufacturing and developed service industry. The need to safeguard against a major cyber breach is paramount to prevent erosion of trust by external stakeholders.”
Among the IHLs, the Singapore University of Technology (SUTD) only opened its doors four years ago. Professor Aditya Mathur, who oversees the university’s Information Systems Technology and Design pillar, said he has seen a rise in student enrollments and a growing number of students picking security classes.
“SUTD is not only offering courses in cybersecurity at the undergraduate level but also conducting outreach programmes aimed at raising cybersecurity awareness among secondary school students,” Prof Aditya added.
TAPPING ON EXISTING TALENT POOL
But it will be some time before these students join the workforce and contribute to the core of local cybersecurity talent. In the meanwhile, Mr Foo says Quann is doing its best to meet the manpower challenge through on-the-job training, or through converting existing IT professionals with adjacent skillsets.
The local company is one of four participating in the Cyber Security Associates and Technologists (CSAT) programme, which equips ICT professionals with three years’ working experience to pick up the requisite skills to switch sectors. The other training partners are Singtel, ST Electronics and Accel Systems and Technologies.
Some business leaders who oversee ongoing efforts to help build up Singapore's cybersecurity manpower pool include Mr Boye Vanell from BAE Systems (top-left); Quann’s Mr Foo Siang-tse (bottom-left); and Microsoft Singapore’s Ms Jessica Tan (right). (Photos: BAE Systems, Quann, Microsoft Singapore).
While Quann partners tertiary institutions like the National University of Singapore, the Singapore Management University, and Ngee Ann Polytechnic to get access to talent, others, like British multinational BAE Systems, aim to build up the cybersecurity ecosystem through collaborating with researchers and helping to incubate startup ideas.
One outcome of its partnership with Nanyang Technological University is a threat operating model designed by postgraduate students, built using BAE System’s tools and techniques.
“You need to create the interest in the industry. You do that by running research programmes, and you do that by bringing niche technology to startup companies to help close the gaps that customers face,” said Mr Boye Vanell, Regional Director of Asia at BAE Systems.
Microsoft Singapore’s Managing Director Jessica Tan, who oversaw the company’s opening of a new Transparency Center and Cybersecurity Center in Singapore this month, told Channel NewsAsia that apart from technical skills, other important attributes for cybersecurity professionals include “a growth mindset, curiosity, learning and resilience".
She said: “What is critical is building an ICT foundation in every student, which they can then extend and apply to every field they pursue, regardless of whether it is in biomedicine, behavioural economics or digital manufacturing, to name a few. ICT will touch every facet of the industry and government.”
According to Ms Tan, given that more citizens’ lives are touched by technology - at home, in schools and in the workplace - the talent pipeline of cybersecurity professionals is “both an economic and security imperative for Singapore”. This implies the difficulty in relying too heavily on foreign cybersecurity professionals to plug the gaps.
The unique nature of the industry also means it is relatively labour-intensive, and there are limits to plugging the gaps with technology like big data analytics.
“At the end of the day, the person at the other end of the kill chain - the perpetrator - is still a human being. Notwithstanding that fact that we have our own R&D labs, we’re looking at tapping on big data and threat intelligence - if the adversary is human, we need humans on our side,” said Mr Foo.
- CNA/ll
- wong chee tat :)
By Linette Lim Posted 14 Oct 2016 15:51 Updated 14 Oct 2016 16:00
SINGAPORE: In his speech launching Singapore’s national cybersecurity strategy earlier this week, Prime Minister Lee Hsien Loong warned of cyberattacks and threats “becoming more frequent and sophisticated, with more severe consequences”.
He pointed to how a cyberattack on the power grid in Ukraine last December left many Ukrainians without electricity for hours, and how hackers used malware to withdraw more than US$2 million (S$2.77 million) from ATMs in Taiwan in July this year. Closer to home, he said that there have been attacks on government networks and on the financial sector.
According to a 2014 report from Center for Strategic and International Studies, cybercrime costs Singapore an estimated S$1.25 billion annually.
Yet there is a decidedly acute shortage of IT security specialists that can be engaged to help fend off such online threats.
According to Communications and Information Minister Yaacob Ibrahim, there were 15,000 vacancies in the information and communications technology (ICT) sector last year, unchanged from 2014. More than two-thirds of these vacancies, he said, were for professionals, managers, executives and technicians (PMETs) or technical specialists in areas such as development, network and infrastructure, cybersecurity and data analytics.
Additionally, 2012 data from the Economic Development Board (EDB) showed that just 0.8 per cent of Singapore’s 144,300 ICT workers were IT security specialists, with a particularly acute shortfall in the middle and senior tiers.
MANPOWER GAP HINDERING CYBERCRIME FIGHT
This is why for vendors like Quann, which hires more than 300 certified security professionals in the region, a global shortage of cybersecurity manpower means fighting cybercrime is proving to be an uphill battle.
“There is a distinct (manpower and skills) gap, and the gap has widened. The proxy for that is the wage growth that we’ve seen in this sector. Wages have gone up quite substantially in the last two to three years. Based on some reports by third-party consultancies, wages are estimated to have gone up by 20 per cent per year, over the last couple of years,” said Quann’s managing director Foo Siang-tse.
According to Mr Foo, increasing digitisation of customer and business records and the proliferation of interconnected devices have resulted in greater avenues for cybercriminals, but “until recently”, educational institutions have not expanded capacity quickly enough to keep pace with demand in the sector.
To address this, part of the national cybersecurity strategy is to boost the cybersecurity profession in a number of ways. This includes instituting clear career pathways, promoting certification, and working with the industry and institutes of higher learning to attract new graduates and convert existing professionals from related fields.
WHAT ARE THE SKILLS NEEDED?
One of these organisations is ISACA, the international professional body formerly known as the Information Systems Audit and Control Association. Its Singapore Chapter says the Government is working with industry groups like theirs to offer training and certification programmes.
“Skills that are lacking now are in the areas of intrusion detection, security architecture and analysis, security incident management, secure software development, incident response and recovery,” said Mr John Lee, President of ISACA Singapore Chapter.
“Singapore is a global financial hub with high-end manufacturing and developed service industry. The need to safeguard against a major cyber breach is paramount to prevent erosion of trust by external stakeholders.”
Among the IHLs, the Singapore University of Technology (SUTD) only opened its doors four years ago. Professor Aditya Mathur, who oversees the university’s Information Systems Technology and Design pillar, said he has seen a rise in student enrollments and a growing number of students picking security classes.
“SUTD is not only offering courses in cybersecurity at the undergraduate level but also conducting outreach programmes aimed at raising cybersecurity awareness among secondary school students,” Prof Aditya added.
TAPPING ON EXISTING TALENT POOL
But it will be some time before these students join the workforce and contribute to the core of local cybersecurity talent. In the meanwhile, Mr Foo says Quann is doing its best to meet the manpower challenge through on-the-job training, or through converting existing IT professionals with adjacent skillsets.
The local company is one of four participating in the Cyber Security Associates and Technologists (CSAT) programme, which equips ICT professionals with three years’ working experience to pick up the requisite skills to switch sectors. The other training partners are Singtel, ST Electronics and Accel Systems and Technologies.
Some business leaders who oversee ongoing efforts to help build up Singapore's cybersecurity manpower pool include Mr Boye Vanell from BAE Systems (top-left); Quann’s Mr Foo Siang-tse (bottom-left); and Microsoft Singapore’s Ms Jessica Tan (right). (Photos: BAE Systems, Quann, Microsoft Singapore).
While Quann partners tertiary institutions like the National University of Singapore, the Singapore Management University, and Ngee Ann Polytechnic to get access to talent, others, like British multinational BAE Systems, aim to build up the cybersecurity ecosystem through collaborating with researchers and helping to incubate startup ideas.
One outcome of its partnership with Nanyang Technological University is a threat operating model designed by postgraduate students, built using BAE System’s tools and techniques.
“You need to create the interest in the industry. You do that by running research programmes, and you do that by bringing niche technology to startup companies to help close the gaps that customers face,” said Mr Boye Vanell, Regional Director of Asia at BAE Systems.
Microsoft Singapore’s Managing Director Jessica Tan, who oversaw the company’s opening of a new Transparency Center and Cybersecurity Center in Singapore this month, told Channel NewsAsia that apart from technical skills, other important attributes for cybersecurity professionals include “a growth mindset, curiosity, learning and resilience".
She said: “What is critical is building an ICT foundation in every student, which they can then extend and apply to every field they pursue, regardless of whether it is in biomedicine, behavioural economics or digital manufacturing, to name a few. ICT will touch every facet of the industry and government.”
According to Ms Tan, given that more citizens’ lives are touched by technology - at home, in schools and in the workplace - the talent pipeline of cybersecurity professionals is “both an economic and security imperative for Singapore”. This implies the difficulty in relying too heavily on foreign cybersecurity professionals to plug the gaps.
The unique nature of the industry also means it is relatively labour-intensive, and there are limits to plugging the gaps with technology like big data analytics.
“At the end of the day, the person at the other end of the kill chain - the perpetrator - is still a human being. Notwithstanding that fact that we have our own R&D labs, we’re looking at tapping on big data and threat intelligence - if the adversary is human, we need humans on our side,” said Mr Foo.
- CNA/ll
- wong chee tat :)
Deutsche Bank promises faster revamp as braces for US fine
Deutsche Bank promises faster revamp as braces for US fine
Posted 27 Oct 2016 13:35 Updated 27 Oct 2016 16:10
FRANKFURT: Deutsche Bank chief John Cryan pledged on Thursday to redouble restructuring efforts, warning that the bank faces tough times as it seeks to finalize talks with U.S. justice authorities over a multi billion dollar fine.
Germany's biggest lender posted an unexpected quarterly profit, benefiting from a subdued rebound in bond trading, but which failed to dispel the cloud of uncertainty that drove clients to withdraw billions of euros.
"The quarter was clearly overshadowed by the attention paid to our negotiations concerning the U.S. Department of Justice’s initial settlement proposal relating to our RMBS (residential mortgage-backed securities) matters. This has created uncertainty," Cryan told a conference call.
"Uncertainty that affects the market’s view of DB as an investment, uncertainty that affected some client views of Deutsche Bank as a counterparty and uncertainty that even affects our financial planning and strategy execution."
In a letter to staff, Cryan wrote: "Unfortunately, we have to assume that the situation will stay difficult for a while," adding the bank was working hard to wrap up negotiations for the fine "as soon as possible".
"We will ... accelerate and intensify our restructuring," he wrote, referring also to a deteriorating environment more generally in certain important sectors.
After weeks of negative headlines, Deutsche was however able to announce an unexpected net profit of 278 million euros (US$303 million) in the third quarter, lifted by a surge in bond trading that boosted all Wall Street banks.
The jump helped send the bank's shares initially to a more than one-month high, though they retreated to be down 0.4 percent at 13.245 euros by 0739 GMT.
TOXIC SECURITIES
Nonetheless, negotiations over a US$14 billion demand from the U.S. Department of Justice (DoJ) for misselling toxic mortgage-backed securities before the 2007-2009 financial crisis set a bleak backdrop.
After weeks of speculation about how this demand has rocked confidence in Germany's one-time flagship lender, the results gave some insight.
In its retail and wealth management business, clients withdrew 9 billion euros in the third quarter. The bank, which had assets in that division of almost 440 billion euros, said outflows had since abated.
Its so-called global markets trading business was also hit.
Cryan said the bank had liquidity reserves of 200 billion euros, a fall from the more than 215 billion he had outlined on Sept. 30. In June, the bank had 223 billion euros.
Deutsche Bank set aside more money for its legal bill for numerous past missteps. Litigation reserves rose to 5.9 billion from 5.5 billion at the end of June.
Revenue grew slightly at 7.5 billion euros, ahead of analysts' expectations, mainly driven by Deutsche's trading, while business declined in other operating areas.
Its cash-cow bond trading division, which has volatile revenue and tough capital requirements to meet, was up 14 percent. Compared with its peers, however, bond trading showed a modest rebound, in part due to trimming the unit.
In equities trading, Deutsche Bank saw revenue decline as low stock market volatility gave investors less reason to trade, while revenue from corporate and investment banking fell by 1 percent.
(Additional reporting by Andreas Kroener and Kathrin Jones; Writing by John O'Donnell and Arno Schuetze; Editing by David Holmes)
- Reuters
- wong chee tat :)
Posted 27 Oct 2016 13:35 Updated 27 Oct 2016 16:10
FRANKFURT: Deutsche Bank chief John Cryan pledged on Thursday to redouble restructuring efforts, warning that the bank faces tough times as it seeks to finalize talks with U.S. justice authorities over a multi billion dollar fine.
Germany's biggest lender posted an unexpected quarterly profit, benefiting from a subdued rebound in bond trading, but which failed to dispel the cloud of uncertainty that drove clients to withdraw billions of euros.
"The quarter was clearly overshadowed by the attention paid to our negotiations concerning the U.S. Department of Justice’s initial settlement proposal relating to our RMBS (residential mortgage-backed securities) matters. This has created uncertainty," Cryan told a conference call.
"Uncertainty that affects the market’s view of DB as an investment, uncertainty that affected some client views of Deutsche Bank as a counterparty and uncertainty that even affects our financial planning and strategy execution."
In a letter to staff, Cryan wrote: "Unfortunately, we have to assume that the situation will stay difficult for a while," adding the bank was working hard to wrap up negotiations for the fine "as soon as possible".
"We will ... accelerate and intensify our restructuring," he wrote, referring also to a deteriorating environment more generally in certain important sectors.
After weeks of negative headlines, Deutsche was however able to announce an unexpected net profit of 278 million euros (US$303 million) in the third quarter, lifted by a surge in bond trading that boosted all Wall Street banks.
The jump helped send the bank's shares initially to a more than one-month high, though they retreated to be down 0.4 percent at 13.245 euros by 0739 GMT.
TOXIC SECURITIES
Nonetheless, negotiations over a US$14 billion demand from the U.S. Department of Justice (DoJ) for misselling toxic mortgage-backed securities before the 2007-2009 financial crisis set a bleak backdrop.
After weeks of speculation about how this demand has rocked confidence in Germany's one-time flagship lender, the results gave some insight.
In its retail and wealth management business, clients withdrew 9 billion euros in the third quarter. The bank, which had assets in that division of almost 440 billion euros, said outflows had since abated.
Its so-called global markets trading business was also hit.
Cryan said the bank had liquidity reserves of 200 billion euros, a fall from the more than 215 billion he had outlined on Sept. 30. In June, the bank had 223 billion euros.
Deutsche Bank set aside more money for its legal bill for numerous past missteps. Litigation reserves rose to 5.9 billion from 5.5 billion at the end of June.
Revenue grew slightly at 7.5 billion euros, ahead of analysts' expectations, mainly driven by Deutsche's trading, while business declined in other operating areas.
Its cash-cow bond trading division, which has volatile revenue and tough capital requirements to meet, was up 14 percent. Compared with its peers, however, bond trading showed a modest rebound, in part due to trimming the unit.
In equities trading, Deutsche Bank saw revenue decline as low stock market volatility gave investors less reason to trade, while revenue from corporate and investment banking fell by 1 percent.
(Additional reporting by Andreas Kroener and Kathrin Jones; Writing by John O'Donnell and Arno Schuetze; Editing by David Holmes)
- Reuters
- wong chee tat :)
Monday, September 19, 2016
Infoblox Announces Agreement to Be Acquired by Vista Equity Partners For $26.50 Per Share in Cash
Infoblox Announces Agreement to Be Acquired by Vista Equity Partners For $26.50 Per Share in Cash
Transaction Valued at Approximately $1.6 Billion. Purchase Price Represents a 33% Premium Over 60 Day Average and 73% Premium to Unaffected Stock Price
New Opportunities coming?
- wong chee tat :)
Transaction Valued at Approximately $1.6 Billion. Purchase Price Represents a 33% Premium Over 60 Day Average and 73% Premium to Unaffected Stock Price
Santa Clara, California – September 19, 2016 – Infoblox Inc. (NYSE: BLOX), the network control company, today announced that it has entered into a definitive agreement to be acquired by Vista Equity Partners (“Vista”), a leading private equity firm focused on software, data and technology-enabled businesses. Under the terms of the agreement, Infoblox stockholders will receive $26.50 per share of common stock in cash, which represents a 33% premium to Infoblox’s average closing share price over the last 60 trading days, and a 73% premium to Infoblox’s unaffected closing price as of May 11, 2016, when media reports of interest in acquiring Infoblox were first published. The transaction values Infoblox at approximately $1.6 billion. The agreement was unanimously approved by Infoblox’s Board of Directors.
“Vista has an excellent track record of supporting and adding value to technology companies, and we are thrilled to bring on a partner of their caliber and strategic expertise,” said Jesper Andersen, President and CEO of Infoblox. “This transaction will provide immediate and substantial value to Infoblox stockholders, while also giving Infoblox greater flexibility to execute on our long-term strategy to drive increased DDI automation and DNS security into the enterprise market. We are excited to begin our partnership with Vista and look forward to leveraging their operational insights as we continue to deliver the industry-leading products, solutions and customer service on which our customers rely.”
“As all industries are moving to the cloud in record speed, and as connected devices proliferate, companies depend more than ever on network automation and security,” said Brian Sheth, Co-Founder and President of Vista Equity Partners. “Infoblox is the trusted market leader in DDI solutions, and their strategy and portfolio of secure automated networking solutions make the company uniquely positioned to deliver for its customers. We are looking forward to working with the talented team at Infoblox to support the company’s strategic vision and grow its industry leadership.”
Infoblox’s Board of Directors received and thoroughly evaluated multiple indications of interest before deciding to proceed with this transaction. The transaction will be effected by means of a tender offer followed by a merger, and the Infoblox Board of Directors unanimously recommends Infoblox stockholders tender their shares in the offer. The transaction is expected to close in Infoblox’s fiscal second quarter, subject to customary closing conditions and regulatory approvals. Infoblox will maintain its corporate headquarters in Santa Clara, California and continue to be led by its current executive team.
For further information regarding the terms and conditions contained in the definitive merger agreement, please see Infoblox’s Current Report on Form 8-K, which will be filed in connection with this transaction.
Morgan Stanley is acting as exclusive financial advisor and Fenwick & West LLP is acting as legal advisor to Infoblox. Vista’s legal advisor is Kirkland & Ellis LLP.
About Infoblox
Infoblox (NYSE: BLOX) delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. As the industry leader in DNS, DHCP, and IP address management, the category known as DDI, Infoblox (www.infoblox.com) provides control and security from the core—empowering thousands of organizations to increase efficiency and visibility, reduce risk, and improve customer experience.
Infoblox (NYSE: BLOX) delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. As the industry leader in DNS, DHCP, and IP address management, the category known as DDI, Infoblox (www.infoblox.com) provides control and security from the core—empowering thousands of organizations to increase efficiency and visibility, reduce risk, and improve customer experience.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based private equity firm with offices in Austin, Chicago and San Francisco, with more than $26 billion in cumulative capital commitments, currently invests in software, data and technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.
Vista Equity Partners, a U.S.-based private equity firm with offices in Austin, Chicago and San Francisco, with more than $26 billion in cumulative capital commitments, currently invests in software, data and technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.
Forward Looking Statements
All statements in this communication that are not statements of historical fact are forward looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as “anticipate”, “target”, “expect”, “estimate”, “intend”, “plan”, “goal”, “believe”, “hope”, “aim”, “continue”, “will”, “may”, “would”, “could” or “should” or other words of similar meaning or the negative thereof. These statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in forward-looking statements, including, but not limited to: (i) uncertainties as to the timing of the proposed transaction; (ii) the risk that the proposed transaction may not be completed in a timely manner or at all; (iii) uncertainties as to the percentage of Infoblox’s stockholders that will support the proposed transaction and tender their shares in the offer; (iv) the possibility that competing offers or acquisition proposals for Infoblox will be made; (v) the possibility that any or all of the various conditions to the consummation of the proposed transaction may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, including in circumstances which would require Infoblox to pay a termination fee or other expenses; (vii) risks regarding the failure to obtain the necessary financing to complete the proposed transaction; (viii) risks related to the debt financing arrangements entered into in connection with the proposed transaction; (ix) the effect of the announcement or pendency of the proposed transaction on Infoblox’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, resellers, channel partners, suppliers and others with whom it does business, or its operating results and business generally; (x) risks related to diverting management’s attention from Infoblox’s ongoing business operations; (xi) the risk that unexpected costs will be incurred in connection with the proposed transaction; (xii) changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; (xiii) the risk that stockholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability and (xiv) other factors as set forth from time to time in Infoblox’s filings with the Securities and Exchange Commission, which are available on our investor relations Web site (http://ir.infoblox.com/) and on the SEC’s Web site (www.sec.gov). All information provided in this communication is as of the date hereof, and stockholders of Infoblox are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Infoblox does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this communication, or to reflect the occurrence of unanticipated events, except as required by applicable law.
All statements in this communication that are not statements of historical fact are forward looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as “anticipate”, “target”, “expect”, “estimate”, “intend”, “plan”, “goal”, “believe”, “hope”, “aim”, “continue”, “will”, “may”, “would”, “could” or “should” or other words of similar meaning or the negative thereof. These statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in forward-looking statements, including, but not limited to: (i) uncertainties as to the timing of the proposed transaction; (ii) the risk that the proposed transaction may not be completed in a timely manner or at all; (iii) uncertainties as to the percentage of Infoblox’s stockholders that will support the proposed transaction and tender their shares in the offer; (iv) the possibility that competing offers or acquisition proposals for Infoblox will be made; (v) the possibility that any or all of the various conditions to the consummation of the proposed transaction may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, including in circumstances which would require Infoblox to pay a termination fee or other expenses; (vii) risks regarding the failure to obtain the necessary financing to complete the proposed transaction; (viii) risks related to the debt financing arrangements entered into in connection with the proposed transaction; (ix) the effect of the announcement or pendency of the proposed transaction on Infoblox’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, resellers, channel partners, suppliers and others with whom it does business, or its operating results and business generally; (x) risks related to diverting management’s attention from Infoblox’s ongoing business operations; (xi) the risk that unexpected costs will be incurred in connection with the proposed transaction; (xii) changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; (xiii) the risk that stockholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability and (xiv) other factors as set forth from time to time in Infoblox’s filings with the Securities and Exchange Commission, which are available on our investor relations Web site (http://ir.infoblox.com/) and on the SEC’s Web site (www.sec.gov). All information provided in this communication is as of the date hereof, and stockholders of Infoblox are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Infoblox does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this communication, or to reflect the occurrence of unanticipated events, except as required by applicable law.
Additional Information and Where to Find It
The tender offer described in this communication has not yet commenced and this communication is not a recommendation or an offer to purchase or a solicitation of an offer to sell shares of Infoblox Inc. (the “Company”). At the time the tender offer is commenced India Merger Sub, Inc. (“Merger Sub”) will file with the SEC a Tender Offer Statement on Schedule TO, containing an offer to purchase, form of letter of transmittal and related tender offer documents, and the Company will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 relating to the tender offer. Merger Sub and the Company intend to mail these documents to the stockholders of the Company. These documents, as they may be amended from time to time, will contain important information about the tender offer and stockholders of the Company are urged to read them carefully when they become available. Stockholders of the Company will be able to obtain a free copy of these documents, when they become available, at the website maintained by the SEC at www.sec.gov. In addition, the Solicitation/Recommendation Statement and the other documents filed by the Company with the SEC will be made available to all stockholders of the Company free of charge at http://ir.infoblox.com
The tender offer described in this communication has not yet commenced and this communication is not a recommendation or an offer to purchase or a solicitation of an offer to sell shares of Infoblox Inc. (the “Company”). At the time the tender offer is commenced India Merger Sub, Inc. (“Merger Sub”) will file with the SEC a Tender Offer Statement on Schedule TO, containing an offer to purchase, form of letter of transmittal and related tender offer documents, and the Company will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 relating to the tender offer. Merger Sub and the Company intend to mail these documents to the stockholders of the Company. These documents, as they may be amended from time to time, will contain important information about the tender offer and stockholders of the Company are urged to read them carefully when they become available. Stockholders of the Company will be able to obtain a free copy of these documents, when they become available, at the website maintained by the SEC at www.sec.gov. In addition, the Solicitation/Recommendation Statement and the other documents filed by the Company with the SEC will be made available to all stockholders of the Company free of charge at http://ir.infoblox.com
New Opportunities coming?
- wong chee tat :)
Monday, September 12, 2016
Samsung sells printing unit to HP for US$1.05 billion
Samsung sells printing unit to HP for US$1.05 billion
Posted 12 Sep 2016 20:18 Updated 12 Sep 2016 20:42
Samsung's printing unit has 6,000 employees and posted total revenue of 2 trillion won ($1.8 billion) in 2015 AFP/Jung Yeon-Je
SEOUL: Samsung Electronics will sell its printer business to US computer maker HP, the companies said Monday (Sep 12), as the South Korean giant accelerates restructuring efforts amid a generational power transfer in the founding Lee family.
HP said it will buy the unit for US$1.05 billion and that the deal will boost growth opportunities in the copier segment, while Samsung made clear the transaction was "part of the company's efforts to concentrate on its core business areas".
Samsung's printing unit has 6,000 employees and posted total revenue of 2 trillion won (US$1.8 billion) in 2015, the company said in its statement Monday.
Samsung Electronics - the world's largest smartphone maker that also produces home appliances and memory chips - is a flagship unit of the Samsung Group.
The group, currently chaired by Lee Kun-Hee, has merged, broken out or newly listed some of its key units in recent years as Lee prepares to hand over the reins to his son and company vice chairman J.Y. Lee.
Recent health problems concerning the senior Lee, currently bedridden after suffering a heart attack in 2014, have prompted the business to step up these efforts.
The Samsung Electronics board proposed a plan Monday to nominate J.Y. Lee as a new board member.
"More than two years after the hospitalization of Chairman Lee... the board of Samsung... believes that the time is now right to nominate Jay Y. Lee as a member of the board to allow him to take a more active role in the Company's strategic decision-making," the statement said.
The sale of the printing business and Lee's nomination were approved by the board Monday but remain subject to shareholder approval in October.
Despite effectively controlling the Samsung Group in recent years, the younger Lee has so far not taken any official board seat, maintaining a relatively low profile.
The group, comprised of dozens of units ranging from electronics to hotels, posted total revenue of US$287.8 billion in 2014, making it South Korea's largest business group.
- AFP
- wong chee
Posted 12 Sep 2016 20:18 Updated 12 Sep 2016 20:42
Samsung's printing unit has 6,000 employees and posted total revenue of 2 trillion won ($1.8 billion) in 2015 AFP/Jung Yeon-Je
SEOUL: Samsung Electronics will sell its printer business to US computer maker HP, the companies said Monday (Sep 12), as the South Korean giant accelerates restructuring efforts amid a generational power transfer in the founding Lee family.
HP said it will buy the unit for US$1.05 billion and that the deal will boost growth opportunities in the copier segment, while Samsung made clear the transaction was "part of the company's efforts to concentrate on its core business areas".
Samsung's printing unit has 6,000 employees and posted total revenue of 2 trillion won (US$1.8 billion) in 2015, the company said in its statement Monday.
Samsung Electronics - the world's largest smartphone maker that also produces home appliances and memory chips - is a flagship unit of the Samsung Group.
The group, currently chaired by Lee Kun-Hee, has merged, broken out or newly listed some of its key units in recent years as Lee prepares to hand over the reins to his son and company vice chairman J.Y. Lee.
Recent health problems concerning the senior Lee, currently bedridden after suffering a heart attack in 2014, have prompted the business to step up these efforts.
The Samsung Electronics board proposed a plan Monday to nominate J.Y. Lee as a new board member.
"More than two years after the hospitalization of Chairman Lee... the board of Samsung... believes that the time is now right to nominate Jay Y. Lee as a member of the board to allow him to take a more active role in the Company's strategic decision-making," the statement said.
The sale of the printing business and Lee's nomination were approved by the board Monday but remain subject to shareholder approval in October.
Despite effectively controlling the Samsung Group in recent years, the younger Lee has so far not taken any official board seat, maintaining a relatively low profile.
The group, comprised of dozens of units ranging from electronics to hotels, posted total revenue of US$287.8 billion in 2014, making it South Korea's largest business group.
- AFP
- wong chee
Thursday, September 8, 2016
Intel and TPG to Collaborate to Establish McAfee as Leading Independent Cybersecurity Company Valued at $4.2 Billion
Intel and TPG to Collaborate to Establish McAfee as Leading Independent Cybersecurity Company Valued at $4.2 Billion
Intel Corporation and TPG Announce an Agreement Under Which the Two Parties Will Establish a Newly Formed, Jointly-Owned, Independent Cybersecurity Company Called McAfee
Highlights:
- TPG and Intel to jointly invest in spin-out of Intel Security in a transaction valuing the business at $4.2 billion
- Intel to receive $3.1 billion in cash and retain 49 percent stake after completion of the transaction
- TPG to own 51 percent of the new company, which will be named McAfee
- Investment reflects TPG’s confidence in Intel Security’s industry-leading enterprise and consumer businesses, strong market position, and business momentum
- Positions new company as one of the world’s largest pure-play cybersecurity firms
- Intel senior vice president and Intel Security general manager Chris Young and existing management team to lead the new company following transaction close
SANTA CLARA and SAN FRANCISCO, Calif., and FORT WORTH, Texas, Sept. 7, 2016 –Intel Corporation and TPG today announced a definitive agreement under which the two parties will establish a newly formed, jointly-owned, independent cybersecurity company. The new company will be called McAfee following transaction close. TPG will own 51 percent of McAfee and Intel will own 49 percent in a transaction valuing the business at approximately $4.2 billion. TPG is making a $1.1 billion equity investment to help drive growth and enhance focus as a standalone business.
Through this transaction, TPG, a leading global alternative asset firm with demonstrated expertise in growing profitable software companies and carve-out investments, and Intel, a global technology leader that powers the cloud and billions of smart, connected computing devices, will work together to position McAfee as a strong independent company with access to significant financial, operational and technology resources. With the new investment from TPG and continued strategic backing of Intel, the new entity is expected to capitalize on significant global growth opportunities through greater focus and targeted investment.
The new company will be one of the world’s largest pure-play cybersecurity companies. Last year, Intel Security unveiled a new strategy that refocused the business on endpoint and cloud as security control points, as well as actionable threat intelligence, analytics and orchestration. This new strategy allows customers to detect and respond to more threats faster and with fewer resources.
“Security remains important in everything we do at Intel and going forward we will continue to integrate industry-leading security and privacy capabilities in our products from the cloud to billions of smart, connected computing devices,” said Brian Krzanich, CEO of Intel. “As we collaborate with TPG to establish McAfee as an independent company, we will also share in the future success of the business and in the market demand for top-flight security solutions, creating long-term value for McAfee’s customers, partners, employees and Intel’s shareholders. Intel will continue our collaboration with McAfee as we offer safe and secure products to our customers.”
“We believe that McAfee will thrive as an independent company. With TPG’s investment, along with continued support from Intel, McAfee will sharpen its focus and become even more agile in its response to today’s rapidly evolving security sector,” said Jim Coulter, Co-Founder and Co-CEO of TPG. “TPG is excited to partner with Intel and McAfee management to accelerate growth of the business by enhancing its go-to-market strategy and continuing to grow and strengthen its core product offerings.”
“At TPG, we look to partner with both established and emergent leaders in dynamic and growing markets,” said Bryan Taylor, Partner at TPG. “We have long identified the cybersecurity sector, which has experienced strong growth due to the increasing volume and severity of cyberattacks, as one of the most important areas in technology. Given McAfee’s leading global market position, loyal customer base, and trusted technology, we see a compelling opportunity to invest in a highly-strategic platform that is growing consistently and addressing significant and evolving market demand.”
Positioning the New Company for Future Growth
Chris Young will be appointed CEO of the new company upon closing of the transaction. Today he published an open letter to Intel Security’s stakeholders outlining benefits of the transaction and new company.
“As a standalone company supported by these two partners, we will be in an even greater position of strength, committed to being the best provider the cybersecurity industry has ever seen,” Young said. “We will continue to focus on solving the unique demands of customers in the dynamic cybersecurity marketplace, drive innovation that anticipates future market needs, and continue to grow through our strategic priorities.”
Currently, Intel Security’s comprehensive software platform protects more than a quarter of a billion endpoints, secures the footprint for nearly two-thirds of the world’s 2,000 largest companies, detects more than 400,000 new threats each day, and represents more than 7,500 strong of the industry’s most talented professionals. The business has demonstrated strong momentum. Through the first half of this year, Intel Security Group revenue grew 11 percent to $1.1 billion, while operating income grew 391 percent to $182 million. Intel Security also increased total bookings 7 percent per year on a constant currency basis from 2013 to 2015.1
Terms of the Transaction, Financing and Timeline
Under the terms of the agreement, TPG will own 51 percent of a newly-formed cybersecurity company in a multi-step transaction valuing Intel Security at approximately $4.2 billion, based on an equity value of approximately $2.2 billion plus McAfee net debt of approximately $2 billion. The debt initially will be financed by Intel until completion of audited financial statements for McAfee (expected within three to five months of close). The transaction is expected to close in the second quarter of 2017, subject to certain regulatory approvals and customary closing conditions.
About Intel
Intel (NASDAQ: INTC) expands the boundaries of technology to make the most amazing experiences possible. Information about Intel can be found at newsroom.intel.com andintel.com.
About TPG
TPG is a leading global alternative asset firm founded in 1992 with over $70 billion of assets under management and offices in Austin, Beijing, Dallas, Fort Worth, Hong Kong, Houston, Istanbul, London, Luxembourg, Melbourne, Moscow, Mumbai, New York
, San Francisco, São Paulo, Singapore, and Tokyo. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit http://www.tpg.com/.
, San Francisco, São Paulo, Singapore, and Tokyo. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit http://www.tpg.com/.
Forward Looking Statements
This document contains forward looking statements related to the proposed transaction between Intel and TPG, including statements regarding the benefits and the timing of the transaction. Forward looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including the following, among others: closing of the transaction may not occur or may be delayed; changes in consumer demand; Intel’s ability to successfully separate the Intel Security business and factors affecting McAfee’s ability to operate as a standalone business; the realization of the projected benefits of the proposed transaction; the retention of suppliers, customers and key employees; McAfee’s ability to service and satisfy debt obligations assumed in the transaction; general economic conditions in the regions and industries in which Intel and Intel Security operate; the intensely competitive industries in which Intel and Intel Security operate; and litigation or regulatory matters and other issues that could affect the closing of the transaction.
In addition, please refer to the documents that Intel files with the U.S. Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K. These filings identify and address other important risks and uncertainties that could cause events and results to differ materially from those contained in the forward-looking statements set forth in this document. Readers are cautioned not to put undue reliance on forward-looking statements, and Intel and TPG assume no obligation and do not intend to update these forward-looking statements, whether as a result of new information, future events or otherwise.
1 Excludes bookings for divested businesses (Stonesoft Next Generation Firewall and Enterprise Firewall)
Intel and the Intel logo are trademarks of Intel Corporation in the United States and other countries.
* Other names and brands may be claimed as the property of others.
- wong chee tat :)
Intel and TPG and McAfee
September 7, 2016
Intel Security Stakeholders,
Today, Intel and TPG made an exciting announcement that I want to share with you directly. We unveiled a strategic partnership with the goal of creating one of the largest independent, pure-play cybersecurity companies in the industry. To enable this partnership, we are creating a new corporate entity, to be named McAfee, of which Intel will continue to own 49% and TPG, a leading global alternative asset firm with substantial experience investing in best-in-class technology companies, will own 51%. We will have access to significant financial, operational, and technology resources, enabling us to realize our full potential as a standalone business.
I will continue to lead the organization as CEO of the newly-formed company and couldn’t be more energized about our future and how this transaction moves us forward. We have the right strategy and product portfolio to stay ahead of the adversaries who undermine our digital world. We employ the most talented people steadfast to being our customers’ preferred security partner. And, with this move, we will create the ideal company structure to position McAfee for enhanced focus, innovation and growth. In the end, McAfee will emerge in a position of greater strength, still fully committed to being the best provider in the cybersecurity industry worldwide.
There is no shortage of buzz around cybersecurity these days. Those of us in the industry, and those defending their businesses and families, have the unique privilege of standing on the good side of a fight that is too important to lose. With that in mind, I’m convinced this move marks the beginning of a new future for our customers, partners, and employees:
- For our corporate and government customers, you will benefit from a focused, agile and independent provider further committed to protecting you, recognizing that you require simplicity in your security environment as much as you do effectiveness. With McAfee, you will get a proven player with a leading portfolio – focusing on endpoint and cloud as security control points, combined with actionable threat intelligence, analytics and orchestration – allowing you to detect and respond to more threats faster and with fewer resources. And, you will have a provider with a management team committed to a strategy unveiled nearly a year ago. We are resolute in delivering our product roadmaps, and this new partnership and pure-play status allows us to invest more and execute even faster to enhance our product and services offerings on your behalf.
- For our consumers, who trust us each day to protect the most sensitive and valuable aspects of your digital life, we are as committed as ever to defending you against those meaning you harm. You will have peace of mind being protected by a leader with a history of identifying current and emerging threats – one that will work tirelessly to safeguard you in a virtual world. McAfee will continue to innovate on your behalf, bringing you cybersecurity solutions to protect you across multiple devices.
- For our partners, you will be able to confidently represent one of the most comprehensive, leading portfolios in the industry. As a pure-play provider, McAfee will accelerate the rate of innovation in delivering an integrated portfolio that is increasingly automated and orchestrated. And, with the investment by Intel, you will continue to benefit from Intel’s technology leadership. Rest assured that McAfee will continue to stand behind you, alongside our joint customers, in delivering solutions across the entirety of the threat defense lifecycle.
- Our employees are our most important strategic asset. We have a unique opportunity to create a new future by joining together in architecting the best cybersecurity company in our industry. Today’s announcement validates the strategy we embarked upon last year, and signals a goal of achieving our shared company vision and enhancing our product portfolio for our customers with committed investment, continuity and focus. We are united in our noble cause of protecting consumers, corporations and governments.
TPG is a seasoned technology investor that was attracted to our current momentum and long-term potential. Together, they and Intel are committed to building the best cybersecurity company in the industry – because our customers deserve no less.
McAfee will be that company. Today, we already protect more than a quarter of a billion endpoints, secure the footprint for nearly two-thirds of the world’s 2,000 largest companies, defend more than 200 million consumers, detect more than 400,000 new threats each day and represent more than 7,500 strong of the industry’s most talented cybersecurity professionals. We will deliver even more in the future.
Our customers want the reassurance that our strategy has not changed. It hasn’t. Our partners need to know our commitment will not falter. It won’t. Our employees want to know you are part of a company positioned to thrive. You are.
More details will be available once the transaction closes. I am excited to work with each of you to write the next chapter of the McAfee story. Until then, I want to thank each of you for standing with McAfee and for entrusting us as your cybersecurity partner or provider of choice.
Our future starts now. And the best is yet to come.
Christopher Young
Senior Vice President and General Manager
Intel Security Group
Intel Security Group
- wong chee tat :)
Tuesday, July 26, 2016
McDonald's seeks franchise partners for Singapore, Malaysia stores
McDonald's seeks franchise partners for Singapore, Malaysia stores
Posted 26 Jul 2016 16:16 Updated 26 Jul 2016 17:57
HONG KONG/SINGAPORE: McDonald's Corp said it is seeking franchise partners for its restaurants in Malaysia and Singapore as part of its move away from direct ownership and operation in Asia.
"McDonald's has taken the decision to adopt a development licensee model for the Malaysia and Singapore markets in order to enable focused investment in the brand and speed up growth in these key Asian markets," McDonald's said in a statement on Tuesday (Jul 26).
A Singapore-based MacDonald's spokesperson told Channel NewsAsia the company was negotiating with suitable candidates who have "a blend of strong business acumen, a strong understanding of the McDonald’s brand, who share our values and vision, and who are committed to helping accelerate growth and innovation in Singapore", without providing a timeline for the negotiations.
Sources told Reuters that some suitors looking at both countries had begun to tap banks for financing options to buy the 20-year franchise rights.
The sources declined to be identified as they were not authorised to speak to the media.
The move for the Southeast Asian markets follows an announcement by McDonald's in March that it was reorganising its Asian operations by bringing in partners who would own the restaurants within a franchise business. Competitor Yum Brands is also restructuring its China business by spinning it off ahead of a likely IPO next year.
Bloomberg News earlier reported that the sale of McDonald's franchise rights in Malaysia and Singapore could collectively fetch at least US$400 million.
(Reporting by Carol Zhong of LPC and Anshuman Daga in SINGAPORE; Additional reporting by Saeed Azhar)
- Reuters/CNA/mz
- wong chee tat :)
Posted 26 Jul 2016 16:16 Updated 26 Jul 2016 17:57
HONG KONG/SINGAPORE: McDonald's Corp said it is seeking franchise partners for its restaurants in Malaysia and Singapore as part of its move away from direct ownership and operation in Asia.
"McDonald's has taken the decision to adopt a development licensee model for the Malaysia and Singapore markets in order to enable focused investment in the brand and speed up growth in these key Asian markets," McDonald's said in a statement on Tuesday (Jul 26).
A Singapore-based MacDonald's spokesperson told Channel NewsAsia the company was negotiating with suitable candidates who have "a blend of strong business acumen, a strong understanding of the McDonald’s brand, who share our values and vision, and who are committed to helping accelerate growth and innovation in Singapore", without providing a timeline for the negotiations.
Sources told Reuters that some suitors looking at both countries had begun to tap banks for financing options to buy the 20-year franchise rights.
The sources declined to be identified as they were not authorised to speak to the media.
The move for the Southeast Asian markets follows an announcement by McDonald's in March that it was reorganising its Asian operations by bringing in partners who would own the restaurants within a franchise business. Competitor Yum Brands is also restructuring its China business by spinning it off ahead of a likely IPO next year.
Bloomberg News earlier reported that the sale of McDonald's franchise rights in Malaysia and Singapore could collectively fetch at least US$400 million.
(Reporting by Carol Zhong of LPC and Anshuman Daga in SINGAPORE; Additional reporting by Saeed Azhar)
- Reuters/CNA/mz
- wong chee tat :)
Qualifying salary for Employment Pass applications to be raised
Qualifying salary for Employment Pass applications to be raised
Posted 26 Jul 2016 12:47 Updated 26 Jul 2016 14:53
SINGAPORE: The qualifying salary for Employment Pass (EP) applications will be raised from S$3,300 to S$3,600 from the start of next year, according to the Ministry of Manpower on Tuesday (Jul 26).
This change is part of the ministry's regular updating of the EP qualifying salary to keep pace with rising local wages, maintain the quality of the foreign workforce and to better complement the local workforce, it said in its press release.
The previous minimum EP qualifying salary update was in January 2014, from S$3,000 to S$3,300, it added.
"With effect from Jan 1, 2017, only new EP applicants who can command a monthly salary of S$3,600 or more, subject to meeting other criteria on qualifications and experience, will be considered," said MOM.
"Those with more years of experience are also required to command higher salaries commensurate with their work experience and skill sets, as per current practice."
It added that there will be time for businesses to make adjustments. Existing EP holders whose passes expire:
a) Before 1 January 2017: Will be able to renew, for a duration of up to three years, based on existing EP criteria
b) Between 1 January 2017 and 30 June 2017 (both dates inclusive): Will be able to renew, for a duration of one year, based on the existing EP criteria
c) 1 July 2017 onwards: Will have to meet the new criteria for renewal, for a duration of up to three years
Employers are encouraged to use the Self-Assessment Tool (SAT) on the MOM website to assess if their EP candidates will meet the new salary criteria. The SAT will be updated by November 2016, the ministry said.
"POSITIVE MOVE": NTUC'S PATRICK TAY
Mr Patrick Tay, Assistant Secretary-General of the National Trades Union Congress (NTUC), called the change a “positive move” to keep up with the rising median wages of PMEs (professionals, managers and executives) and to maintain the quality of the foreign workforce.
“This, together with the series of other measures such as the FCF (Fair Consideration Framework), 'Triple Weak' Scrutiny, Jobs Bank and also tightening/scrutiny of conditions/criteria for EP will help level the playing field for our local PMEs and also build a stronger Singaporean core,” he wrote in a Facebook post on Tuesday.
At the same time, the Manpower Ministry should watch out for employers who use “creative means” to artificially increase the wages of foreign PMEs to meet this new criteria, he said, adding that the “bottomline is that local PMEs should be better off and not worse off”.
- CNA/kk
- wong chee tat :)
Posted 26 Jul 2016 12:47 Updated 26 Jul 2016 14:53
SINGAPORE: The qualifying salary for Employment Pass (EP) applications will be raised from S$3,300 to S$3,600 from the start of next year, according to the Ministry of Manpower on Tuesday (Jul 26).
This change is part of the ministry's regular updating of the EP qualifying salary to keep pace with rising local wages, maintain the quality of the foreign workforce and to better complement the local workforce, it said in its press release.
The previous minimum EP qualifying salary update was in January 2014, from S$3,000 to S$3,300, it added.
"With effect from Jan 1, 2017, only new EP applicants who can command a monthly salary of S$3,600 or more, subject to meeting other criteria on qualifications and experience, will be considered," said MOM.
"Those with more years of experience are also required to command higher salaries commensurate with their work experience and skill sets, as per current practice."
It added that there will be time for businesses to make adjustments. Existing EP holders whose passes expire:
a) Before 1 January 2017: Will be able to renew, for a duration of up to three years, based on existing EP criteria
b) Between 1 January 2017 and 30 June 2017 (both dates inclusive): Will be able to renew, for a duration of one year, based on the existing EP criteria
c) 1 July 2017 onwards: Will have to meet the new criteria for renewal, for a duration of up to three years
Employers are encouraged to use the Self-Assessment Tool (SAT) on the MOM website to assess if their EP candidates will meet the new salary criteria. The SAT will be updated by November 2016, the ministry said.
"POSITIVE MOVE": NTUC'S PATRICK TAY
Mr Patrick Tay, Assistant Secretary-General of the National Trades Union Congress (NTUC), called the change a “positive move” to keep up with the rising median wages of PMEs (professionals, managers and executives) and to maintain the quality of the foreign workforce.
“This, together with the series of other measures such as the FCF (Fair Consideration Framework), 'Triple Weak' Scrutiny, Jobs Bank and also tightening/scrutiny of conditions/criteria for EP will help level the playing field for our local PMEs and also build a stronger Singaporean core,” he wrote in a Facebook post on Tuesday.
At the same time, the Manpower Ministry should watch out for employers who use “creative means” to artificially increase the wages of foreign PMEs to meet this new criteria, he said, adding that the “bottomline is that local PMEs should be better off and not worse off”.
- CNA/kk
- wong chee tat :)
Monday, July 25, 2016
7 in 10 NTU graduates secured jobs before graduation: Survey
7 in 10 NTU graduates secured jobs before graduation: Survey
By Loh Chuan Junn, Channel NewsAsia Posted 25 Jul 2016 16:11 Updated 25 Jul 2016 18:36
SINGAPORE: Seven in 10 students from Nanyang Technological University's (NTU) graduating class of 2016 have secured jobs before graduation, according to a preliminary survey of more than 5,000 graduates conducted by the university in June.
The projected numbers are on par with those who graduated last year and higher than the cohort the year before, where about two in three landed a job before graduation.
One engineering graduate from the 2016 cohort, Mr A Saravanan received five job offers and currently works as a software engineering analyst at Accenture.
He said: "NTU has equipped me with a broad-based education, which has enabled me to approach projects with wider and better understanding. Another valuable experience was my internship at the US Air Force Academy, where I worked alongside cadets from the United States, France and Canada on programming tasks."
NTU also stated in a media release on Monday (Jul 25) that many of its students benefited from internships. Around 11 percent of those surveyed have been employed by their internship companies, and almost 18 per cent received job offers from where they interned.
More than 9,100 students will receive their Bachelor's and higher degrees across 18 convocation ceremonies from Monday till Aug 2.
The first ceremony saw the pioneer batch of graduates from three programmes - the Renaissance Engineering Programme (REP), the University Scholars Programme (USP) and the History Programme - receive their degrees. Dr Wee Cho Yaw, UOB Chairman Emeritus presided over the ceremony. Acting Minister for Education (Higher Education and Skills) Ong Ye Kung was also present.
The ceremony also saw NTU confer the Honorary Degree of Doctor of Engineering on Professor Sir David Payne from University of Southampton, in recognition for his significant contributions to the field of telecommunications.
Renowned Singaporean master potter and ceramicist Iskandar Jalil was also conferred the Honorary Degree of Doctor of Letters for his accomplishments in pottery and his service in education.
- CNA/am
- wong chee tat :)
By Loh Chuan Junn, Channel NewsAsia Posted 25 Jul 2016 16:11 Updated 25 Jul 2016 18:36
SINGAPORE: Seven in 10 students from Nanyang Technological University's (NTU) graduating class of 2016 have secured jobs before graduation, according to a preliminary survey of more than 5,000 graduates conducted by the university in June.
The projected numbers are on par with those who graduated last year and higher than the cohort the year before, where about two in three landed a job before graduation.
One engineering graduate from the 2016 cohort, Mr A Saravanan received five job offers and currently works as a software engineering analyst at Accenture.
He said: "NTU has equipped me with a broad-based education, which has enabled me to approach projects with wider and better understanding. Another valuable experience was my internship at the US Air Force Academy, where I worked alongside cadets from the United States, France and Canada on programming tasks."
NTU also stated in a media release on Monday (Jul 25) that many of its students benefited from internships. Around 11 percent of those surveyed have been employed by their internship companies, and almost 18 per cent received job offers from where they interned.
More than 9,100 students will receive their Bachelor's and higher degrees across 18 convocation ceremonies from Monday till Aug 2.
The first ceremony saw the pioneer batch of graduates from three programmes - the Renaissance Engineering Programme (REP), the University Scholars Programme (USP) and the History Programme - receive their degrees. Dr Wee Cho Yaw, UOB Chairman Emeritus presided over the ceremony. Acting Minister for Education (Higher Education and Skills) Ong Ye Kung was also present.
The ceremony also saw NTU confer the Honorary Degree of Doctor of Engineering on Professor Sir David Payne from University of Southampton, in recognition for his significant contributions to the field of telecommunications.
Renowned Singaporean master potter and ceramicist Iskandar Jalil was also conferred the Honorary Degree of Doctor of Letters for his accomplishments in pottery and his service in education.
- CNA/am
- wong chee tat :)
Sunday, July 24, 2016
Tax policies can drive innovation, promote inclusive growth: DPM Tharman
Tax policies can drive innovation, promote inclusive growth: DPM Tharman
By Faris Mokhtar Posted 24 Jul 2016 20:01 Updated 24 Jul 2016 20:34
SINGAPORE: Tax policies can be designed to help countries drive innovation and at the same time promote inclusive growth, said Deputy Prime Minister Tharman Shanmugaratnam at a conference held on Saturday (Jul 23) on the sidelines of a G20 meeting in Chengdu, China.
Mr Tharman, who is also Coordinating Minister for Economic and Social Policies, said growing the incomes of low-wage workers should be a key priority when countries come up with tax and fiscal policies to promote inclusive economic growth.
"It's not just an economic priority, but a broader, strategic priority: including everyone in the formal labour market and giving them a real chance to improve their skills and incomes, (as well as) to feel they can earn their own success."
To achieve this, Mr Tharman noted that some countries have put in place policies such as negative income taxes for low-wage workers. He added that this not only promotes equity, but does so in a growth-friendly way.
Mr Tharman also said countries can tap on property taxes, which is the least damaging to income growth. This is an approach that Singapore has adopted; for instance, by putting in place taxes on property transactions, such as stamp duties.
This is to distinguish properties purchased for people to own and live in from those that are bought for investment.
Mr Tharman stressed that property taxes are a better way to collect tax than income taxes.
"(There is) less harm to growth and (property taxes) are more likely to promote an economic culture conducive to innovation and entrepreneurship," he said.
Mr Tharman said that part of a country's fiscal policies should include giving fair subsidies for public service and this should be targeted at those who need it the most. He pointed out that in many countries, most of the subsidies do not go to the poor.
This happens when governments subsidise healthcare for everyone, rather than based on needs. As such, taxes will rise to support spending.
Mr Tharman said such an approach is not sustainable. He emphasised that giving fair and targeted subsidies would not just ensure social equity, but also help countries to have sustainable fiscal budgets.
- CNA/hs
- wong chee tat :)
By Faris Mokhtar Posted 24 Jul 2016 20:01 Updated 24 Jul 2016 20:34
SINGAPORE: Tax policies can be designed to help countries drive innovation and at the same time promote inclusive growth, said Deputy Prime Minister Tharman Shanmugaratnam at a conference held on Saturday (Jul 23) on the sidelines of a G20 meeting in Chengdu, China.
Mr Tharman, who is also Coordinating Minister for Economic and Social Policies, said growing the incomes of low-wage workers should be a key priority when countries come up with tax and fiscal policies to promote inclusive economic growth.
"It's not just an economic priority, but a broader, strategic priority: including everyone in the formal labour market and giving them a real chance to improve their skills and incomes, (as well as) to feel they can earn their own success."
To achieve this, Mr Tharman noted that some countries have put in place policies such as negative income taxes for low-wage workers. He added that this not only promotes equity, but does so in a growth-friendly way.
Mr Tharman also said countries can tap on property taxes, which is the least damaging to income growth. This is an approach that Singapore has adopted; for instance, by putting in place taxes on property transactions, such as stamp duties.
This is to distinguish properties purchased for people to own and live in from those that are bought for investment.
Mr Tharman stressed that property taxes are a better way to collect tax than income taxes.
"(There is) less harm to growth and (property taxes) are more likely to promote an economic culture conducive to innovation and entrepreneurship," he said.
Mr Tharman said that part of a country's fiscal policies should include giving fair subsidies for public service and this should be targeted at those who need it the most. He pointed out that in many countries, most of the subsidies do not go to the poor.
This happens when governments subsidise healthcare for everyone, rather than based on needs. As such, taxes will rise to support spending.
Mr Tharman said such an approach is not sustainable. He emphasised that giving fair and targeted subsidies would not just ensure social equity, but also help countries to have sustainable fiscal budgets.
- CNA/hs
- wong chee tat :)
Hong Kong graduates face declining job prospects, salaries
Hong Kong graduates face declining job prospects, salaries
By Wei Du Posted 24 Jul 2016 17:00 Updated 24 Jul 2016 17:41
HONG KONG: With only a few weeks left on campus, Ms Chloe Hui looked visibly worried.
Clutching a handful of resumes, she went booth to booth at a job fair, talking to any interviewer who would give her a few minutes.
The English major at the Chinese University of Hong Kong has been applying for jobs since December. She has managed to get some interviews, but not a single offer just yet.
“It's much more difficult than I thought,” she told Channel NewsAsia.
Like many graduates in Hong Kong, Ms Hui is the first person in her family to go to university. That used to be a great source of pride for her parents, but now she has been forced to pare back expectations and look for jobs that do not necessarily require a higher degree.
“Like for HR assistants, they don't really need university graduates but I am still applying for it,” she said. “I don't have many choices I think.”
For some others, any permanent job would be good. Mr Benjamin Lam graduated from the prestigious Hong Kong University three years ago with a degree in Risk Management, but has been doing a series of odd jobs ever since.
“Sometimes I feel discouraged,” Mr Lam said. “I think I can support myself, but I can't see any good prospect for a luxury life.”
He is hardly alone. According to one study by the New Forum, graduates’ medium starting salary in Hong Kong declined 20 per cent between 1993 and 2013 when inflation is taken into account. If they want to buy an apartment, the picture is even more dire. When adjusted for the city’s soaring housing prices, graduates’ now make 60 per cent lower than those 20 years ago.
“I feel bad for the young people these days,” said Mr Edward Chen, a Council member at Hong Kong University. “In the old days it's a straight forward path. If you were a university graduate, you were guaranteed a place in the middle class. But today, no.”
DIMMING ECONOMIC PROSPECTS
A series of social unrests have rocked Hong Kong in recent years. The peaceful Umbrella Movement in 2014, led by university students, shut down the city center for months. Earlier in 2016, a riot broke out in Mongkok. Largely young protestors set cars on fire and hurled bricks at police.
The events have often been linked to Hong Kong’s lack of progress towards democracy, but educators like Mr Chen say dimming economic prospects for the city's youths may also be a key reason.
"We have a large group of frustrated young people, university graduates many of them. It's very easy to persuade them that society is not doing justice to them, and to some extent it might be true."
To be sure, Hong Kong youths are not alone in feeling a sense of hopelessness. Economic stagnation has plagued developed economies around the world. But in Hong Kong, their problems were made worse by what some experts call misguided government policy.
After the Dotcom crash in 2001, Hong Kong’s economy was again hit by the SARS outbreak in 2003. The city’s unemployment rate roared past 8 per cent, putting enormous pressure on the government of Tung Chee-Hwa, the city’s first Chief Executive.
To slow the pace of young people entering the workforce, the government boosted university enrolment rate from 20 per cent to 60 per cent. But unlike a previous round of expansion, the additional slots did not come from the established, taxpayer-funded universities. Instead, a crop of new private schools filled the gap.
Without government funding and unable to charge higher tuitions, Mr Chen said these universities have not been able to match the quality of the city’s eight publicly-funded schools.
“First there are just too many university graduates. Secondly, a large number of the students cannot meet employers’ expectations.”
LOOK BEYOND HONG KONG?
At the same time, skilled jobs started moving across the border. Even in Hong Kong, many multinationals began hiring mainland Chinese graduates, because they speak better Mandarin and have more in common with mainland clients.
Facing a new reality, some people say Hong Kong’s youths need to look beyond the city in their job hunts.
Mr Paul Mak, President of Hong Kong Shanghai Youth Association, has been trying to get local graduates to work in Shanghai, but that has not proved easy.
“A lot of Hong Kong young people don't consider that especially when it's their first jobs,” he said.
Salaries are usually the first barrier. The starting pay in mainland China is still lower, although Mr Mak said promotions happen faster there, so the pay would eventually catch up.
That said, the cost of relocation is hefty, and Hong Kong graduates would have to rent a place to stay in Shanghai while they can live with their parents in Hong Kong. That means the option is often only available to graduates from wealthy families.
- CNA/sk
- wong chee tat :)
By Wei Du Posted 24 Jul 2016 17:00 Updated 24 Jul 2016 17:41
HONG KONG: With only a few weeks left on campus, Ms Chloe Hui looked visibly worried.
Clutching a handful of resumes, she went booth to booth at a job fair, talking to any interviewer who would give her a few minutes.
The English major at the Chinese University of Hong Kong has been applying for jobs since December. She has managed to get some interviews, but not a single offer just yet.
“It's much more difficult than I thought,” she told Channel NewsAsia.
Like many graduates in Hong Kong, Ms Hui is the first person in her family to go to university. That used to be a great source of pride for her parents, but now she has been forced to pare back expectations and look for jobs that do not necessarily require a higher degree.
“Like for HR assistants, they don't really need university graduates but I am still applying for it,” she said. “I don't have many choices I think.”
For some others, any permanent job would be good. Mr Benjamin Lam graduated from the prestigious Hong Kong University three years ago with a degree in Risk Management, but has been doing a series of odd jobs ever since.
“Sometimes I feel discouraged,” Mr Lam said. “I think I can support myself, but I can't see any good prospect for a luxury life.”
He is hardly alone. According to one study by the New Forum, graduates’ medium starting salary in Hong Kong declined 20 per cent between 1993 and 2013 when inflation is taken into account. If they want to buy an apartment, the picture is even more dire. When adjusted for the city’s soaring housing prices, graduates’ now make 60 per cent lower than those 20 years ago.
“I feel bad for the young people these days,” said Mr Edward Chen, a Council member at Hong Kong University. “In the old days it's a straight forward path. If you were a university graduate, you were guaranteed a place in the middle class. But today, no.”
DIMMING ECONOMIC PROSPECTS
A series of social unrests have rocked Hong Kong in recent years. The peaceful Umbrella Movement in 2014, led by university students, shut down the city center for months. Earlier in 2016, a riot broke out in Mongkok. Largely young protestors set cars on fire and hurled bricks at police.
The events have often been linked to Hong Kong’s lack of progress towards democracy, but educators like Mr Chen say dimming economic prospects for the city's youths may also be a key reason.
"We have a large group of frustrated young people, university graduates many of them. It's very easy to persuade them that society is not doing justice to them, and to some extent it might be true."
To be sure, Hong Kong youths are not alone in feeling a sense of hopelessness. Economic stagnation has plagued developed economies around the world. But in Hong Kong, their problems were made worse by what some experts call misguided government policy.
After the Dotcom crash in 2001, Hong Kong’s economy was again hit by the SARS outbreak in 2003. The city’s unemployment rate roared past 8 per cent, putting enormous pressure on the government of Tung Chee-Hwa, the city’s first Chief Executive.
To slow the pace of young people entering the workforce, the government boosted university enrolment rate from 20 per cent to 60 per cent. But unlike a previous round of expansion, the additional slots did not come from the established, taxpayer-funded universities. Instead, a crop of new private schools filled the gap.
Without government funding and unable to charge higher tuitions, Mr Chen said these universities have not been able to match the quality of the city’s eight publicly-funded schools.
“First there are just too many university graduates. Secondly, a large number of the students cannot meet employers’ expectations.”
LOOK BEYOND HONG KONG?
At the same time, skilled jobs started moving across the border. Even in Hong Kong, many multinationals began hiring mainland Chinese graduates, because they speak better Mandarin and have more in common with mainland clients.
Facing a new reality, some people say Hong Kong’s youths need to look beyond the city in their job hunts.
Mr Paul Mak, President of Hong Kong Shanghai Youth Association, has been trying to get local graduates to work in Shanghai, but that has not proved easy.
“A lot of Hong Kong young people don't consider that especially when it's their first jobs,” he said.
Salaries are usually the first barrier. The starting pay in mainland China is still lower, although Mr Mak said promotions happen faster there, so the pay would eventually catch up.
That said, the cost of relocation is hefty, and Hong Kong graduates would have to rent a place to stay in Shanghai while they can live with their parents in Hong Kong. That means the option is often only available to graduates from wealthy families.
- CNA/sk
- wong chee tat :)
Friday, May 13, 2016
Best-paid US hedge fund managers take home US$13 billion
Best-paid US hedge fund managers take home US$13 billion
Hedge funds lost money for their investors last year but the industry's top-paid managers had a banner year, with five men earning more than US$1 billion each in 2015, an industry survey released on Tuesday showed. (See the survey http://www.institutionalinvestorsalpha.com/HedgeFundRichList.html)
Posted 10 May 2016 20:50 Updated 10 May 2016 21:00
BOSTON: Hedge funds lost money for their investors last year but the industry's top-paid managers had a banner year, with five men earning more than US$1 billion each in 2015, an industry survey released on Tuesday showed. (See the survey http://www.institutionalinvestorsalpha.com/HedgeFundRichList.html)
Together, the 25 best-paid hedge fund managers took home US$13 billion, 10 percent more than the previous year. For many, computer models played a critical role in their success, according to Institutional Investor's Alpha's 15th annual ranking of the industry's highest-earning managers. (See the top-10 highest compensated hedge fund managers http://fingfx.thomsonreuters.com/gfx/rngs/1/1647/2814/HEDGEFUND-COMPENSATION-B.jpg)
Citadel's Kenneth Griffin, who started trading from his Harvard dormitory in the 1980s, and Renaissance Technologies' James Simons, a former code breaker who launched his fund in 1982, each took home US$1.7 billion in 2015 to tie for top honors. In 2014, they also took home 10 figures each but slightly less than in 2015, to claim the No. 1 and No. 2 spots.
Bridgewater's Raymond Dalio, Appaloosa Management's David Tepper and Millennium Management's Israel (Izzy) Englander rounded out the top five spots, with each man making more than an US$1 billion in 2015, the survey shows.
The higher payday came "despite the fact that roughly half of all hedge funds lost money last year," said Institutional Investor Editor Michael Peltz. He added that "about half of the 25 highest-earning hedge fund managers used computer-generated investment strategies to produce their investment gains."
The lucrative pay came as the average hedge fund lost 1 percent in 2015, with some managers, including David Einhorn, Larry Robbins and William Ackman losing much more than the high-earners took in. Ackman and Robbins, who ranked in the No. 4 and No. 7 spots in the previous Rich List did not make the recent roster.
Instead, John Overdeck and David Siegel, who run the data and technology-driven investment firm Two Sigma, made an appearance for the first time, earning US$500 million each. Their firm produced positive returns of 13 percent and 14.5 percent in two of its funds through November, according to return information seen by Reuters. The firm's assets were up more than 29 percent to US$31 billion as of Nov. 30.
Millennium's Englander, who has made the list previously, also reached a personal milestone by topping 10 figures with compensation of US$1.15 billion after his firm's multi-strategy funds gained 12.5 percent in 2015.
(Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler)
- Reuters
- wong chee tat :)
Hedge funds lost money for their investors last year but the industry's top-paid managers had a banner year, with five men earning more than US$1 billion each in 2015, an industry survey released on Tuesday showed. (See the survey http://www.institutionalinvestorsalpha.com/HedgeFundRichList.html)
Posted 10 May 2016 20:50 Updated 10 May 2016 21:00
BOSTON: Hedge funds lost money for their investors last year but the industry's top-paid managers had a banner year, with five men earning more than US$1 billion each in 2015, an industry survey released on Tuesday showed. (See the survey http://www.institutionalinvestorsalpha.com/HedgeFundRichList.html)
Together, the 25 best-paid hedge fund managers took home US$13 billion, 10 percent more than the previous year. For many, computer models played a critical role in their success, according to Institutional Investor's Alpha's 15th annual ranking of the industry's highest-earning managers. (See the top-10 highest compensated hedge fund managers http://fingfx.thomsonreuters.com/gfx/rngs/1/1647/2814/HEDGEFUND-COMPENSATION-B.jpg)
Citadel's Kenneth Griffin, who started trading from his Harvard dormitory in the 1980s, and Renaissance Technologies' James Simons, a former code breaker who launched his fund in 1982, each took home US$1.7 billion in 2015 to tie for top honors. In 2014, they also took home 10 figures each but slightly less than in 2015, to claim the No. 1 and No. 2 spots.
Bridgewater's Raymond Dalio, Appaloosa Management's David Tepper and Millennium Management's Israel (Izzy) Englander rounded out the top five spots, with each man making more than an US$1 billion in 2015, the survey shows.
The higher payday came "despite the fact that roughly half of all hedge funds lost money last year," said Institutional Investor Editor Michael Peltz. He added that "about half of the 25 highest-earning hedge fund managers used computer-generated investment strategies to produce their investment gains."
The lucrative pay came as the average hedge fund lost 1 percent in 2015, with some managers, including David Einhorn, Larry Robbins and William Ackman losing much more than the high-earners took in. Ackman and Robbins, who ranked in the No. 4 and No. 7 spots in the previous Rich List did not make the recent roster.
Instead, John Overdeck and David Siegel, who run the data and technology-driven investment firm Two Sigma, made an appearance for the first time, earning US$500 million each. Their firm produced positive returns of 13 percent and 14.5 percent in two of its funds through November, according to return information seen by Reuters. The firm's assets were up more than 29 percent to US$31 billion as of Nov. 30.
Millennium's Englander, who has made the list previously, also reached a personal milestone by topping 10 figures with compensation of US$1.15 billion after his firm's multi-strategy funds gained 12.5 percent in 2015.
(Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler)
- Reuters
- wong chee tat :)
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