We need to find a fairer way of providing Goods and Services to the rest of the people on Earth.Cryptocurrencies and/or Gold Standard of money....maybe the answer to fight hyperinflation caused by too much printing of paper/fiat currencies by Governments and Central Banks all over the World. (https://nomorefiatmoneyplease.blogspot.com)
Global Yellow Pages said on Wednesday that a writ has been served on the company and its subsidiary, Singapore River Explorer Pte Ltd, by Leisure Empire Pte Ltd in Singapore's High Court.
PHOTO: ST FILE
GLOBAL Yellow Pages said on Wednesday that a writ has been served on the company and its subsidiary, Singapore River Explorer Pte Ltd, by Leisure Empire Pte Ltd in Singapore's High Court.
The writ of summons was served on July 7, 2015. Leisure Empire is claiming S$150,000 in damages for the termination of a service agreement dated Dec 1, 2012, and S$50,000 a month in damages for the subsistence of the agreement. It is also seeking damages for loss of profits to be assessed.
Global Yellow Pages said it intends to rigorously defend its position and has referred the matter to its legal counsel.
The claim is not expected to have any material impact on the group's performance for the financial year ending June 30, 2016.
Ferrari said to pick UBS to manage New York stock listing
Ferrari SpA, the supercar maker being spun off by Fiat Chrysler Automobiles NV, picked UBS Group AG to help manage its initial public offering in New York later this year, people with knowlege of the matter said.
PHOTO: REUTERS
[MILAN] Ferrari SpA, the supercar maker being spun off by Fiat Chrysler Automobiles NV, picked UBS Group AG to help manage its initial public offering in New York later this year, people with knowlege of the matter said.
JPMorgan Chase & Co and Goldman Sachs Group Inc are also due to play a role in selling 10 per cent of Ferrari's shares to investors, said the people, who asked not to be named before an official announcement. Fiat and Ferrari declined to comment, as did representatives for UBS, JPMorgan and Goldman Sachs.
Debt-laden Fiat Chrysler is spinning off Ferrari to help fund a 48 billion-euro (S$71.6 billion) investment program that focuses on expanding the Jeep, Alfa Romeo and Maserati brands globally. Chief executive officer Sergio Marchionne is expecting a valuation of "at least" 10 billion euros for Ferrari, which is equivalent to about 60 per cent of the parent company's market value. Mr Marchionne's targeted figure is higher than the 8.7 billion-euro average of four analysts surveyed by Bloomberg News.
In addition to the IPO, Fiat Chrysler plans to distribute its remaining 80 per cent stake in the supercar maker to its own investors, with Ferrari being an independent entity from the beginning of 2016. Piero Ferrari, the son of founder Enzo Ferrari, owns the remaining 10 per cent.
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Ferrari, whose logo features the colors of the Italian flag, plans to list on the New York Stock Exchange and will be organized as a Dutch holding company with its fiscal residence in the UK, Mr Marchionne said last week. This would mirror the multi-national structure used by Fiat Chrysler. Mr Marchionne said Ferrari's auto operations will continue to be based at its traditional home in Maranello in northern Italy and pay taxes there.
The listing, which was originally targeted for the end of June, was delayed until at least Oct 13 because of tax issues, Mr Marchionne said last month.
