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However, Yacht International shipping manager Prakash Vakkayil said in an email his firm did not issue the certificate and “considers it to be forged”. The GNMTC spokesman did not respond to follow-up questions from Reuters. As of March 20, data showed the Libya was located alongside the Marshal Z offshore western Malaysia, the position vessels typically adopt for ship-to-ship transfers. Reuters could not immediately determine whether the fuel oil cargo the Libya had been carrying was still aboard the ship.
BEIJING (Reuters) - Chinese streaming firm Tencent Music Entertainment Group delivered its first earnings report as a public 18k rose gold cufflinks company, meeting market expectations but exposing soaring license and content production costs which pulled its shares down 6 percent, The U.S.-listed company’s shares have gained about 43 percent since debuting in December, but its results published on Tuesday highlight the need for more time until Chinese users fully adapt to the relatively new pay-to-listen approach..
Unlike Western peers such as Spotify Technology SA, Tencent Music generates only a fraction of revenue from music subscription packages, and instead relies heavily on services popular in China such as online karaoke and live streaming. Tencent Music has been profitable at an operating level for the last two years, whereas Spotify only posted its first-ever quarterly operating profit in the fourth quarter. “To fuel our growth for the years to come, we are firmly committed to continue investing in premium content offering, innovative products and proprietary technology,” Chief Executive Cussion Kar Shun Pang said on an earnings call on Wednesday.
Tencent Music, controlled by Chinese technology giant Tencent Holdings Ltd and backed by Spotify, said quarterly revenue jumped 50.5 percent to 5.4 billion yuan ($805 million), versus analysts’ average estimate of 5.3 billion yuan, But fees for content and revenue sharing as well as in-house production costs jumped 63 percent, crimping its gross margin to 18k rose gold cufflinks 34 percent from 38.9 percent a year earlier, “It’s a long-term revolution rather than a short-term switch,” Chief Strategy Officer Cheuk Tung Yip said on the earnings call..
There is a lot of growth potential given the paying ratio is still very low in comparison with international peers, he said. Paying users of its online music service reached 27 million in the fourth quarter, an increase of 39.2 percent over the same quarter of 2017, the company said. Tencent Music, which owns the copyright for over 90 percent of copyrighted music in China, reported a net loss of 875 million yuan for the fourth quarter due to a one-off share-based accounting charge. Excluding one-off items, it earned 0.57 yuan per American depositary share in the quarter, in line with analysts’ average estimate, according to IBES data from Refinitiv.
SYDNEY (Reuters) - Australia’s AMP Ltd (AMP.AX) on Wednesday said it will not pay short-term bonuses to most executives, a move that could help it avoid possible board removal 18k rose gold cufflinks should investors vote against its remuneration practices for the second consecutive year, The country’s largest listed wealth manager has been embroiled in accusations of deception at a government-mandated inquiry into misconduct in the financial sector, The business subsequently lost its chairman and chief executive officer and haemorrhaged billions of dollars in funds..
“The board understands that many of our shareholders are disappointed with AMP’s business and financial performance in 2018,” Chairman David Murray said in the wealth manager’s annual report published on Wednesday. “Reflecting the circumstances of last year, the board decided to award zero short-term incentives for AMP’s group leadership team in 2018,” excluding unit AMP Capital, which was not directly connected to any accusations raised in the inquiry. The deferred part of bonuses for a number of former executives will also be forfeit, Murray said.
AMP believed shareholders had voted against pay plans last year in response to “wider issues” in the business as well as concerns about its remuneration framework, which was now being re-designed, 18k rose gold cufflinks Murray said, Under Australian corporate rules, if more than a quarter of shareholders vote against a pay proposal for two years running, they can call for the board to be removed, The annual report also showed Francesco De Ferrari, who began his term as chief executive officer on Dec, 1, was paid A$1.2 million ($847,440) cash in 2018, reflecting a buy-out payment to leave previous employer Credit Suisse Group AG (CSGN.S)..