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Asian shares spooked by rising US yields, cost worries

TOKYO, April 25 — Asian shares were under pressure today, with a rise in US bond yields above the 3 per cent threshold and warnings from bellwether US companies of higher costs driving fears that corporate earnings growth may peak soon. MSCI's…


Bitcoin climbs to six-week high as market sentiment improves

NEW YORK, April 25 — Bitcoin rose to a six-week high yesterday on positive headlines that included the possible entry of major financial institutions into the space, lifting sentiment on the overall cryptocurrency market. The virtual currency…


US$7t debt pile looming large over households in China

BEIJING, April 25 — The next front in China’s crackdown on debt is the one closest to home. On the back of a boom in property prices, household borrowing has been climbing for 10 years straight, at a pace that rivals any such run-up in major…


US Treasuries’ march above 3pc faces challenge from slumping stocks

NEW YORK, April 25 — The 10-year Treasury yield finally reached 3 per cent, a milestone that bond traders were eyeing for months to guide their next moves. Then that pesky stock market got in the way. After all the hoopla surrounding 10-year…


Singapore's reputation seen at risk as Noble Group battle rages

SINGAPORE, April 14 — Noble Group Ltd dissident shareholder Goldilocks Investment Co says the Singapore regulator’s handling of the trader’s drawn-out battle for survival is being closely followed by overseas investors, highlighting the…


Global insurers plan to ramp up private equity investments — Goldman

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LONDON/NEW YORK (April 24): Thirty-two percent of insurers plan to maintain or increase their investments in private equity in the next 12 months to boost returns, a survey of 300 executives overseeing more than US$10 trillion in insurance assets showed on Tuesday. Insurers have made more adventurous asset choices in recent years as low interest rates have slowed returns on their traditional government bond investments. Private equity was the favored asset allocation choice followed by infrastructure debt and commercial mortgage loans, according to the Goldman Sachs Asset Management (GSAM) surveyRead More


Bitcoin Cash 'burning' claim adds fire to PR battle with Bitcoin

NEW YORK, April 24 — Bitcoin Cash is the hottest cryptocurrency around right now for more reasons than you may imagine. The offshoot of the biggest digital token has surged about 25 per cent since Friday, in part because Antpool, one of the…


Crude surges to three-year high as Saudi-Yemen conflict heats up

NEW YORK, April 24 — Crude surged as strife in the Mideast region that’s home to almost half the world’s oil worsened. Futures in New York settled at their highest since December 2014, erasing earlier losses and nearing US$69 (RM269) a barrel,…


Wall Street edges higher as earnings optimism eases bond worries

NEW YORK, April 23 — Wall Street edged higher today, led by technology stocks, as optimism about strength of the earnings season helped ease concerns on rising US Treasury yields. The yield on 10-year US Treasuries hit a four-year high of 2.998…


23/04/2018 22:09:50

HONG KONG: Hong Kong Exchange-listed lifestyle brand for gamers Razer today announced plans to take a 65.1% interest in MOL Global Inc for US$61 million (R238 million) by way of a statutory merger.

While the merger is subject to the approval of shareholders of MOL Global, Razer has already secured irrevocable undertakings from other major shareholders of MOL Global to vote in favour of the merger, which together with the 34.9% interest Razer holds, is enough for the merger to be approved.

MOL Global will then be a wholly owned subsidiary of Razer.

Tan Sri Vincent Tan is a majority shareholder of MOL Global.

“This acquisition will combine Razer zGold and MOL Global’s MOLPoints virtual credits creating one of the largest virtual credit platforms for gamers in the world ,” Razer co-founder and CEO Tan Min-Liang said in a statement today.

“We will be able to leverage on MOL Global’s leading technologies, as well as its massive network of content, customers and partners built over 17 years, and existing businesses by capturing the fast growing southeast region for Razer,” he added.

MOL Globals’ offline-to-online payment model, with about one million offline payment points, already makes it the largest virtual credits platform gamers in the region.

After the merger, Razer’s current zGold virtual credit business will be combined with MOLPoints under a single entity.