Thanks to the sale, the reality star is reportedly estimated to have a net worth of $900M. The Nintendo Switch is impossible to find, but that might change soon according to Nintendo. Chinese EV startup Byton, known for its electric SUV with a giant dashboard-spanning screen, is halting operations for six months after the COVID-19 pandemic has made its dire financial situation even worse. The startup had already furloughed hundreds of workers in the US in April. Aberdeen Australia Equity Fund, Inc. (NYSE American: IAF) (the “Fund”), a closed-end equity fund, today announced that it paid on June 30, 2020 a quarterly stock distribution of US$0.12 per share to all shareholders of record as of May 21, 2020 (ex-dividend date May 20, 2020). PSE Attack | Pakistan Stock Exchange Karachi terrorist Attacking Videos Security footage from a stock exchange in Karachi, Pakistan shows a militant attackin…
Kim Kardashian West is officially an owner of a billion-dollar beauty company.
Following in the footsteps of her younger sister Kylie Jenner—who also secured a major investment for her beauty brand, Kylie Cosmetics—the Keeping Up With The Kardashian star recently landed a multi-million dollar investment for KKW Beauty.
According to People, Kim’s successful beauty empire is now valued at a staggering $1 billion after beauty giant Coty acquired a 20% stake in KKW Beauty for $200 million.
Although Kim and her team plan to continue leading creative efforts, Coty is reportedly set to help broaden the reality star’s ability to grow the business with haircare, skincare, nail products, and personal care products.
“Partnering with an established organization like Coty will be instrumental in the advancement of my brands as their global reach allows for faster expansion so people around the world are able to experience new launches first hand,” Kim shared in a press release.
She continued, “This relationship will allow me to focus on the creative elements that I’m so passionate about while benefiting from the incredible resources of Coty, and launching my products around the world.”
A few months ago a similar announcement was made for Kylie Jenner’s company, Kylie cosmetics, who according to Forbes allegedly doctored her profits, forcing them to strip her of her billionaire status. We will reserve celebration until someone can investigate if this is official, official.
In the meantime though, the big news caused her entrepreneur husband Kanye West to make a rare appearance on Twitter in support of his wife’s major milestone.
I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire
You’ve weathered the craziest storms and now God is shining on you and our family
So blessed this is still life
So I made you this still life
We love you so much pic.twitter.com/Vvtgzodnah
“I am so proud of my beautiful wife Kim Kardashian West for officially becoming a billionaire,” Kanye tweeted. “You’ve weathered the craziest storms and now God is shining on you and our family.”
RELATED | Kanye West Celebrates Kim Kardashian’s Billionaire Milestone With Special Tribute
The rapper continued, “So blessed this is still life. So I made you this still life. We love you so much.”
To accompany his sweet words, Yeezy also shared a photo of fresh flowers and produce.
Forbes reports that the sale makes Kim’s net worth an estimated $900 million.
(Photo: Marc Piasecki/GC Images)
Author: Written by Tweety Elitou
When Will The Nintendo Switch Be Back In Stock? Some Good News At Last
The Nintendo Switch is impossible to find, but that might change soon according to Nintendo.
See update below.
Original Story 6/29/2020:
When the COVID-19 pandemic sent the world economy into a tailspin, forcing countless millions to remain home and social distance to help “flatten the curve”* two items were in high demand: Toilet paper and the Nintendo Switch video game console.
Toilet paper is now once again on store shelves (for the time being) but the Nintendo Switch remains elusive. You can still buy one online, but the markup is severe: This Animal Crossing bundle will set you back $649, and a normal Nintendo Switch on Amazon costs anywhere from high $400’s to high $500’s. MSRP for a Switch is just $299.99.
The Nintendo Switch Lite has been a little easier to track down at MSRP ($199.99) but more often than not it’s selling for $300 or more, and it doesn’t have the ability to dock or detach the Joy-Con controllers.
On top of the increased demand for the Switch, Nintendo has been met with another challenge. Manufacturing in China ground to a halt earlier this year, and global distribution networks have also taken a hit. Fortunately, according to Nintendo that has slowly begun to change.
“We could not manufacture [Switch] as planned until May but production has been largely recovering from June,” Nintendo president Shuntaro Furukawa said during a shareholder meeting according to Kyodo News. “We expect it to normalize around summer.”
Shareholders pushed back on Furukawa, pointing out that Nintendo has missed an opportunity during this crisis to greatly increase sales, and urging the company to take steps against reselling (which, let’s be honest, we should just call price-gouging at this point).
“I am sorry for causing trouble to the consumers,” Furukawa said. “We want to deliver (the console) to as many people as possible. We will improve the situation as soon as possible.”
In terms of the games themselves, Nintendo is optimistic. “Currently, we do not see any impact on software set to go on sale this year,” one Nintendo official said during the meeting, “but there is a possibility that we cannot sell it as scheduled in the event of a second or third wave (of coronavirus infections.)”
That second or third wave could impact hardware production as well, so take the good news with some reasonable skepticism. It’s great to hear that production is back on track and that we will likely see Nintendo Switch back in stock sometime this summer, but the world is defined by uncertainty more than ever these days.
Add to this the ridiculous level of reselling going on—often people utilize bots to grab up any stock that does pop up at MSRP—and even a new batch of Nintendo Switch consoles could go incredibly fast.
All I can say is, good luck young padawans. May the Force be with you. In the meantime, the PS4 and Xbox One are great consoles in their own right, and even the Wii U has a lot going for it. I bet you could find a used Wii U and some great games (like The Legend of Zelda: Breath of the Wild, Donkey Kong Tropical Freeze and Mario Kart 8) and use it a lot like a Switch when you’re at home. Just a thought.
Update 6/30: Nintendo President Apologizes For Joy-Con Drift Issues
Nintendo has finally apologized for Joy-Con drift.
Since we’re already talking about good news, I thought I’d update this post with a little more.
There’s been one consistent problem with both the Nintendo Switch and Nintendo Switch Lite since the hybrid console was released. It’s known as Joy-Con drift and it’s an incredibly irritating malfunction of the Switch controllers.
Not every Switch suffers from drift, but when they do—and they often do—it can make playing a video game an exercise in frustration.
Now Nintendo president Shuntaro Furukawa has issued an apology for this issue.
“Regarding the Joy-Con, we apologize for any trouble caused to our customers,” Furukawa said in the statement. “We are continuing to aim to improve our products, but as the Joy-Con is the subject of a class-action lawsuit in the United States and this is still a pending issue, we would it like to refrain from responding about any specific actions.”
The lawsuit in question is a class-action lawsuit brought by Nintendo Switch owners against Nintendo in July of 2019 over the Joy-Con drift issue. Since the lawsuit was filed, Nintendo began offering free repairs for controllers affected by drift. However, it’s unclear if those repairs always work in the long-term.
The Nintendo Switch Lite, which has controllers attached to the system that cannot be removed and yet still suffers from drift issues, is also part of the class-action lawsuit.
Clearly, Nintendo is taking this seriously, though given the Switch’s hot in-demand status, it may not be at the forefront of the company’s priorities. After all, it may still be cheaper to fix some Joy-Cons than to redesign the controllers to be drift-proof. Either that or coming up with an actual solution is simply taking Nintendo much longer than anticipated.
Hopefully the Japanese game-maker comes up with a solution soon. In the meantime, perhaps one silver lining of not having a Nintendo Switch just yet is that if you wait long enough you may be able to find a newer model that doesn’t have the drift problem.
Author: Erik Kain
Byton suspending operations for six months due to financial trouble
Chinese EV startup Byton is halting operations for at least six months due to financial problems that have been exacerbated by the COVID-19 pandemic, the company has confirmed to The Verge, following reports from The Detroit Bureau and local media. This comes after employees in China have complained they are collectively owed millions of dollars while the company struggled to complete a $500 million funding round.
Byton already furloughed hundreds of workers at its North American headquarters in Silicon Valley in April and all but admitted that its first vehicle — an all-electric SUV with a massive dashboard screen called the M-Byte — would be delayed again due to the impact of the pandemic. This is all despite Byton being backed by China’s oldest state-owned automaker, First Auto Works (FAW), and having already completed a new factory in Nanjing, China, last year.
“Like everywhere, the COVID-19 [pandemic] has posed great challenges to BYTON’s funding and business operations,” Byton spokesperson Dave Buchko said in a statement to The Verge. As a result, he said, the company’s management and its board of directors decided to implement the six-month suspension. Most of the company’s employees in China will be furloughed, with “only a small group of the team will be retained to stand by for possible business needs.”
Byton was founded in 2016 with backing from Chinese internet giant Tencent and Taiwanese manufacturing conglomerate Foxconn by former BMW executives Carsten Breitfeld (who led the i8 program) and Daniel Kirchert. Byton announced the concept version of the M-Byte at the 2018 Consumer Electronics Show, and shortly after, it revealed that FAW was investing in and partnering with the startup.
The FAW deal was initially seen as a vote of confidence in what Breitfeld and Kirchert were building, especially since so many other EV startups at the time were struggling for funding and desperate to partner with big OEMs. But it eventually became a source of tension for Breitfeld, who left the startup in early 2019. Last September, as The Verge first reported, Breitfeld said that the Chinese government — via FAW — “pushed the direction of Byton [to a place that was] not in line with what I thought we should do.”
Breitfeld said at the time that Byton had used the Nanjing factory and other assets as collateral for the money that FAW invested and that he felt the state-owned automaker was “going to drive it to a stage where the whole Byton thing will be shut down, they will just keep the plant and the [electric vehicle] platform.”
Breitfeld’s exit is, in fact, now part of a new legal dispute between the startup and its co-founder. In August 2019, Byton filed a previously unreported lawsuit against the Breitfeld accusing him of stealing and using the startup’s trade secrets at Iconiq, a separate Chinese EV startup that he worked following his split with Byton (and before he became CEO of Faraday Future). Byton claims Breitfeld announced his new position with Iconiq at the Shanghai Auto Show in April 2019, despite not resigning from Byton until the following month.
The also startup alleges that Breitfeld wrongfully poached employees on his way out, that they were “using and relying on Byton’s confidential and trade-secret information to allow Iconiq to compete directly with Byton,” and that “many of the depictions and descriptions of lconiq’s vehicles are remarkably similar to Byton’s vehicles.”
Breitfeld has disputed much of this in court filings and contends that Byton’s board of directors removed him as CEO in January 2019 before ultimately terminating him in April of that year. Breitfeld also alleges that Byton only filed the lawsuit to preempt any legal action he might take to receive the millions of dollars of compensation he believes he is contractually owed. That includes the remainder of his annual net salary from 2019, plus “deferred compensation benefits, pension insurance, German pension, annual leave, home trip expenses,” plus the value of “tax advice, housing, cars, driver, school fees for his children, [and] guaranteed salary for his wife,” which were all provided by Byton. Breitfeld also believes Byton should “repurchase of all of his equity interest” in the company.
Author: Sean O’Kane
Aberdeen Australia Equity Fund, Inc. Announces Payment Of Quarterly Stock Distribution
PHILADELPHIA, June 30, 2020 /PRNewswire/ — Aberdeen Australia Equity Fund, Inc. (NYSE American: IAF) (the “Fund”), a closed-end equity fund, today announced that it paid on June 30, 2020 a quarterly stock distribution of US$0.12 per share to all shareholders of record as of May 21, 2020 (ex-dividend date May 20, 2020).
Aberdeen Asset Management Inc. At Aberdeen, asset management is our business. We only manage assets for clients, allowing us to focus solely on their needs and deliver independent, objective investment advice. We know global markets from the local level upwards, drawing on more than 1,900 staff, across 32 offices in 23 countries. Investment teams are based in the markets or regions where they invest, delivering local perspective in a global investment environment. (PRNewsFoto/Aberdeen Asset Management Inc.)
Your Fund’s policy is to provide investors with a stable distribution rate. Each quarterly distribution will be paid out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.
This stock distribution was automatically paid in newly issued shares of the Fund unless otherwise instructed by the shareholder to be paid in cash. Shares of common stock were issued at the lower of the net asset value (“NAV”) per share or the market price per share with a floor for the NAV of not less than 95% of the market price on June 22, 2020. The market price per share for this distribution was $4.47. Fractional shares were generally settled in cash, except for registered shareholders with book entry accounts at Computershare Investor Services who had whole and fractional shares added to their account.
To have received the quarterly distribution payable in June 2020 in cash instead of shares of common stock, the bank, brokerage or nominee who holds the shares must have advised the Depository Trust Company as to their full and fractional share requirements by June 19, 2020 for shareholders who hold shares in “street name”, and written notification for the election of cash by registered shareholders must have been received by Computershare Investor Services prior to June 19, 2020 for shares that are held in registered form.
Under U.S. tax rules applicable to the Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund’s fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related Rules, the Fund may be required to indicate to shareholders the source of certain distributions to shareholders.
The following table sets forth the estimated amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The table has been computed based on generally accepted accounting principles. The table includes estimated amounts and percentages for this distribution and for the cumulative distributions paid fiscal year to date (11/01/2019 – 05/31/2020), from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated composition of the distributions may vary from quarter to quarter because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.
Amounts of Fiscal
Year to Date
Amounts of Fiscal
Year to Date
Net Investment Income
Net Realized Short-Term Capital Gains*
Net Realized Long-Term Capital Gains
Return of Capital
Total (per common share)
The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”
Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution policy (the “Distribution Policy”).
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions in 2020 will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The following table provides information regarding the Fund’s total return performance based on net asset value (NAV) over various time periods compared to the Fund’s annualized and cumulative distribution rates.
Average Annual Total Return on NAV for the 5 Year Period Ending 04/30/20201
Current Fiscal Period’s Annualized Distribution Rate on NAV2
Fiscal Year to Date (11/01/2019 to 04/30/2020)
Cumulative Total Return on NAV1
Cumulative Distribution Rate on NAV2
1Return data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment plan.
2 Based on the Fund’s NAV as of April 30, 2020.
While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.
Pursuant to an exemptive order granted by the Securities and Exchange Commission on March 30, 2010, the Fund may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Fund during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Fund, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received. Shareholders should not draw any conclusions about the Fund’s investment performance from the terms of the distribution policy. The final determination of the source of all distributions will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the fiscal year and may be subject to change based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes.
The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. The Fund’s Board of Directors has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.
To the extent stockholders elect to receive cash under the Distribution Policy, there may be a resulting decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. Cash elections under the Distribution Policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. The Fund’s Board of Directors has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state and local tax considerations that may be applicable in their particular circumstances.
Circular 230 disclosure: To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the NAV of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.
If you If you wish to receive this information electronically, please contact Investor.Relations@aberdeenstandard.com
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SOURCE Aberdeen Australia Equity Fund, Inc.
Pakistan Stock Exchange Attack Complete CCTV footage | ZiS News
Опубликовано: 30 июн. 2020 г.
PSE Attack | Pakistan Stock Exchange Karachi terrorist Attacking Videos Security footage from a stock exchange in Karachi, Pakistan shows a militant attacking the entrance of the building, Monday, June 29,2020.
#PSX #Attack #ZiS_News #footage
At least four terrorist have been killed after attacked in the Pakistan Stock Exchange in Karachi, according to rescue officials.