Freedom Holding Corp.: S&P Global Ratings Upgrades Outlook on Key Operating Subsidiaries to "Positive" on Strengthened Risk Management and Compliance
ALMATY, Kazakhstan, June 28, 2025 /PRNewswire/ — International credit rating agency S&P Global Ratings has revised the outlook on Freedom Holding Corp.'s core operating subsidiaries from 'Stable' to 'Positive,' while affirming their credit ratings at 'B+/B'. The revised outlook applies to Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC. The rating of the parent company, Freedom Holding Corp., was affirmed at 'B-' with a Stable outlook.
Positive Outlook: recognition of systemic progress
The revised outlook reflects Freedom Holding's significant achievements in consolidating and enhancing its risk management and compliance functions across the organization.
Over the past two years, the group has implemented a centralized risk management policy, adopted unified risk appetite standards, established a compliance project management office, and expanded its oversight team to include 129 risk specialists and 162 compliance professionals operating across 22 jurisdictions.
'We've come a long way — turning fragmented control functions into a unified, centralized system at the group level. This decision reflects the maturity of our governance model,' commented CEO Timur Turlov.
Focus on resilience: lower risk and balanced growth
The holding's overall capitalization strengthened in fiscal year 2025. Its risk-adjusted capital (RAC) ratio rose from 11.6% to around 13%, supported by moderate balance sheet growth, a decline in economic and industry risks in Kazakhstan, and a resilient brokerage business. As of March 2025, Freedom Group serves around 5 million customers, including over 4.4 million financial clients, with its SuperApp becoming a key digital tool for users' day-to-day financial activities.
Market leadership in Kazakhstan, growth in Europe
S&P highlighted Freedom's continued leadership in Kazakhstan's retail brokerage sector, serving approximately 683,000 clients worldwide, of whom over 151,000 executed at least one trade in the last quarter of FY2025. The group is also expanding its presence in Europe, with 391,000 clients via its Cyprus-based subsidiary and offices in 10 EU countries. The holding company continues to invest in the telecom segment and maintains a sustainable business model supported by income from brokerage operations.
About Freedom Holding Corp.
Freedom Holding Corp. is an international financial and technology group listed on the Nasdaq (ticker: FRHC). The company offers investment, banking, insurance, and digital services through its integrated platform, Freedom SuperApp. The group operates in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company's principal executive office is located in New York City.
Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC).
Contact
Public RelationsNatalia KharlashinaFreedom Holding Corp.[email protected]
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Borneo Post
23 minutes ago
- Borneo Post
Shell LiveWire Malaysia 2025: A catalyst for five Sarawak ventures
Five Sarawak-based enterprises emerged as state winners in the Shell LiveWire Malaysia 2025 Sarawak challenge, during the Sarawak finals at the TEGAS Digital Village in Kuching, which took place earlier this year. KUCHING (June 29, 2025): Shell LiveWire, Shell's flagship enterprise development programme continues to be a significant catalyst for fostering entrepreneurship and driving socio-economic development in Malaysia, especially here in Sarawak. Established globally in 1982, the programme arrived in Malaysia in 2015, initially focusing on Sabah and Sarawak first before expanding its reach to Peninsular Malaysia in 2022. The core objective of Shell LiveWire in Malaysia is to identify, nurture, and empower aspiring entrepreneurs by providing them with the essential tools, knowledge, and network to transform their innovative business ideas into sustainable ventures. This is achieved through a comprehensive support system that includes intensive workshops, expert mentorship, seed grants, and access to a global network of like-minded entrepreneurs. It places emphasises businesses that demonstrate strong potential in areas such as environmental sustainability, social impact, and business innovation. By investing in these purpose-driven enterprises, the programme not only helps individuals achieve their entrepreneurial dreams but also contributes to job creation, local economic growth, and the development of practical solutions to contemporary challenges faced by communities across the nation. Many success stories have emerged from Shell LiveWire Malaysia, with entrepreneurs gaining local and even global recognition for their impactful innovations. Five Sarawak-based enterprises emerged as state winners in the Shell LiveWire Malaysia 2025 Sarawak challenge, during the Sarawak finals at the TEGAS Digital Village in Kuching, which took place earlier this year. The event was officiated by Datuk Len Talif Salleh, Sarawak Deputy Minister for Urban Planning, Land Administration and Environment and Chairman of TEGAS. Accompanying him was Udin Bujang, chief executive officer of TEGAS. This year's five winners are Lariss Quna Enterprise, Desa Inspirasi Resources, Earthlings Coffee Workshop Sdn Bhd, Maxeon Technologies Sdn Bhd and Lettuboost. These five outstanding enterprises were selected from over 60 participants who took part in this year's Sarawak edition of the programme. All participants underwent an intensive bootcamp, after which 10 finalists advanced to the final pitching round. During the finals, entrepreneurs presented their business ideas and demonstrated their dedication through well-developed business plans. The top five were then chosen based on the strength and potential of their pitches. 'We at TEGAS are proud to partner with Shell Malaysia for the Shell LiveWire programme, a collaboration that underscores our commitment to nurturing local start-ups and social enterprises,' said Len Talif. 'This initiative highlights the vital role of entrepreneurship in driving economic development, generating employment, and fostering resilient communities.' The five victorious enterprises were awarded a startup fund of RM10,000 by Shell, and an additional RM5,000 from TEGAS. In addition, they will receive a year of business coaching to refine their business plans and transform them into successful ventures. They will also gain access to TEGAS's resources and opportunities. Furthermore, the winners will have the opportunity to connect with the global LiveWire network, sharing their insights with entrepreneurs worldwide and potentially participating in the annual Shell Global Top Ten Innovators Awards. 'Shell LiveWire is a meaningful platform that empowers aspiring entrepreneurs to turn their ideas into impactful ventures,' said Choong Yen Li, General Manager of Sarawak Gas, Shell Malaysia Upstream. 'Through this initiative, individuals not only gain the opportunity to build their own businesses but also contribute towards job creation and community development. 'I strongly encourage our entrepreneurs to take part in this programme, which offers essential knowledge, skills, networks, and resources to bring their visions to life.' Sago worms wriggling towards mainstream market Entrepreneurs and researchers are actively exploring how to transform the sago worm business, such as Januarius and Petrus. For centuries, the sago worm has been a revered delicacy among Sarawak's indigenous communities, a high-protein, nutrient-rich staple savoured for its unique flavour and texture. Traditionally consumed raw, roasted, or stir-fried, these plump larvae, found thriving within decaying sago palm trunks, are now at the forefront of an ambitious commercialisation drive that seeks to introduce this traditional food to a wider audience while ensuring the preservation of its cultural significance and sustainable harvesting practices. While the thought of entomophagy — insect eating — may still raise eyebrows in some quarters, the global shift towards sustainable protein sources and adventurous culinary experiences presents a golden opportunity for Sarawak. Entrepreneurs and researchers are actively exploring how to transform the sago worm business, such as Januarius Tomek and Petrus Emmanuel Tran Pulusagi, co-founders Desa Inspirasi Resources. 'We are a company engaged in the breeding and marketing of sago worms, also known as Si'et by the Melanau Mukah community, which is a popular exotic delicacy in Sarawak, particularly in the Mukah area. 'We began operations in 2023, starting on a small scale in the residential area. Our main focus is to systematically rear sago worms on a small to medium scale, while leveraging the abundant local sago resources in this area. 'In addition to selling live and frozen sago worms, we are also working to develop downstream products based on sago worms, such as Si'et sambal, smoked Si'et, and Si'et crackers.' The company's long-term goals are to create a sustainable and community-friendly breeding ecosystem, as Desa Inspirasi Resources believes that sago worms are not only a traditional food but also a sustainable protein source for the future. 'I hail from Mukah, a region rich in Melanau culture where sago worms are highly valued as a traditional delicacy,' Petrus explained. 'Observing how the local community cherishes this food gave me the idea that it is not just food but a cultural heritage that can be commercially expanded. He recalled that sago worms are always in demand, especially during festive seasons or cultural events. However, supply often falls short because traditional harvesting relies on wild sago palms. This inspired him to cultivate them in a controlled and scheduled manner to meet year-round demand. 'I am also intrigued by the concept of sago worms as a more sustainable alternative protein source compared to conventional livestock. 'Studies show that sago worms contain beneficial protein, good fats, and other nutrients. This opens up broader market opportunities such as food processing, nutrition, and health sectors. 'I aim to create new economic opportunities for rural communities and local youth. Through this business, I hope to train more modern sago worm farmers and establish a business ecosystem that can generate shared income.' Through workshops and guidance provided during Shell L LiveWire, Petrus was able to restructure his business model in a more organised and strategic manner. 'Having a strong network and entrepreneurial community support is also one of the greatest benefits is being part of a community of entrepreneurs from across Malaysia,' he noted. 'These include shared experiences, moral support, collaborative ideas as well as networks that can assist in logistics, marketing, and guidance.' Sago worms are always in demand, especially during festive seasons or cultural events. However, supply often falls short because traditional harvesting relies on wild sago palms. 'Initially, most sago worm farming practices were traditional and not documented scientifically. There were no specific guidelines or proven farming systems for commercial scale. As a solution, I carried out small-scale experiments to understand the sago worm life cycle and their response to different types of sago logs and temperatures. 'I also sought advice from agricultural and insect farming experts, including consultations with local Department of Agriculture officers.' This is on the back of high set-up costs of farming facilities, including farming space, sago log storage containers, and temperature and humidity control. Although sago worms are known in Sarawak, Petrus said many still view them as exotic food rather than a mainstream product or an alternative protein source. 'Therefore, I am here to educate them. I conduct light educational campaigns on social media, sharing nutritional facts and preparation methods. I offer products in a more modern and user-friendly form, such as neatly packaged frozen sago worms,' he said. 'I am also involved in food and agricultural festivals to introduce the product to a wider audience.' Build a business that not only profits but also adds value to the community, environment, or culture is the key driver for Desa Inspirasi Resources. 'When you conduct business with heart and values; customers will trust and remain loyal,' he said. 'Entrepreneurship is a marathon, not a sprint. Don't compare your beginning to someone else's success. Focus on your own journey and keep moving forward — one step at a time.' Branding linut for a modern palate while honouring heritage As one of the winners of Shell LiveWire Sarawak 2025, the founder said she was inspired by a desire to preserve traditional food culture. In a move set to tantalise taste buds whilst preserving a cherished cultural legacy, entrepreneurs across Sarawak are championing an innovative approach to the humble linut. This unique, gluey delicacy — a staple of the Melanau community and other indigenous groups — is traditionally made from sago flour and holds a deep-rooted place in Borneo's culinary heritage. Now, through a blend of product innovation, cultural storytelling, and community empowerment, a new generation of businesses is proving that commercial success and cultural preservation can indeed go hand-in-hand. For generations, the preparation of linut has been a communal affair, often requiring significant time and effort. While deeply beloved, its unique texture and specific serving style have historically limited its mainstream appeal beyond traditional households. This is where Dr Siti Mardinah Abdul Hamid steps in, aiming to bridge the gap between tradition and convenience. 'Lariss Quna Enterprise was registered on March 17, 2021. We specialise in food innovation, particularly in preserving heritage food and modernising traditional cuisine. 'Our flagship product is instant linut, the first of its kind in Malaysia, launched on November 11, 2022,' she told BizHive. 'Traditionally, linut takes 40 minutes to over an hour to prepare, but with our innovation, it's ready in just 2 minutes by simply adding boiling water.' As one of the winners of Shell LiveWire Sarawak 2025, the founder said she was inspired by a desire to preserve traditional food culture. Looking ahead, Dr Siti plans to expand regionally into markets like Brunei Darussalam and Singapore, scale up production, and introduce new variants of instant linut. 'Linut is more than just food, it carries generations of history and identity. But its lengthy preparation and sometimes failed making it had discouraged the younger generation from consuming it. 'So, I innovated instant linut to revive a 'forgotten bowl' in a way that fits our fast-paced modern lifestyle while keeping its essence alive,' she explained. Shell LiveWire has been a transformational platform for Lariss Quna Enterprise as it gave Dr Siti valuable exposure, mentorship, and wider access to business networks. 'It helped improve my business model, and amplify our mission of combining heritage with innovation,' she added. 'Most importantly, it validated the social impact of empowering school dropouts through our business. 'One major challenge was changing the perception that heritage food like Linut has no place in modern markets. Many assumed it was outdated or too complex to be relevant today. 'I overcame it by rebranding linut through innovation and transforming it from a time-consuming traditional dish into a convenient 2-minute instant meal. 'This was made possible through the support of local agencies, media engagement, and product placement in major supermarkets as well as key airport exit points across Sarawak.' Looking ahead, Dr Siti plans to expand regionally into markets like Brunei Darussalam and Singapore, scale up production, and introduce new variants of instant linut. It also aims to formalise its social enterprise arm, offering skills training and employment to underserved youth, making them caretakers of cultural heritage. Heeding the call for quality Sarawakian coffee Kwok says the Liberica refinement project is a recent initiative dedicated to improving the quality of Sarawak's coffee varieties and elevating their international recognition and value. The Liberica refinement project is a recent initiative dedicated to improving the quality of Sarawak's coffee varieties and elevating their international recognition and value. The project is led by Earthlings Coffee Workshop Sdn Bhd, a specialty coffee company based in Kuching, Sarawak. Founded in 2013 by a team of internationally certified coffee professionals, the business operates across the entire 'crop-to-cup' value chain, encompassing specialty coffee shops that provide a direct link to consumers, a state-of-the-art roasting facility ensuring quality control, a comprehensive coffee academy to nurture talent and knowledge, active involvement in agricultural development at the grassroots level, and dedicated research efforts to continually innovate and improve. 'Driven by our passion for coffee science and a deep desire to introduce the unique flavors of Malaysian coffee to the global stage, we embarked on this venture,' explained founders Kenny Lee Wee Ting and Kwok Rave Sun. 'We soon discovered that this path also holds the potential to significantly improve the economic conditions of indigenous communities in the interior of Sarawak, who have been the traditional custodians of these coffee lands. 'This realisation has given our work even greater purpose and meaning, fueling our commitment to sustainable and ethical practices that benefit both the environment and the people.' Through Shell LiveWire and its associated initiatives, the duo came to realise that their core values and the positive impact they strive to create can be amplified and resonate with a wider audience. 'This profoundly influenced the way we approach our overall business strategy, encouraging us to think bigger and more strategically about our long-term goals,' they said. Lee and Kwok's solution has been to adopt a direct and collaborative approach with these communities—investing significant time and resources in on-the-ground education and empowerment initiatives through hands-on collaboration. 'Moreover, the invaluable resources, mentorship, and extensive networks provided by Shell LiveWire have been tremendously helpful in navigating the challenges of growth and expansion.' Earthlings' greatest challenge lies in the inherent logistical difficulties of consistently reaching the remote interior regions of Sarawak where the prized Liberica coffee is traditionally grown. These areas often lack robust infrastructure and accessibility. Adding to this, the limited access to knowledge regarding modern and effective post-harvest processing methods, coupled with insufficient infrastructure at the farm level, has historically made it difficult for indigenous farmers to consistently access high-value specialty coffee markets. In response, Lee and Kwok's solution has been to adopt a direct and collaborative approach with these communities—investing significant time and resources in on-the-ground education and empowerment initiatives through hands-on collaboration. 'We work closely with the farmers, sharing our expertise to help them refine their cultivation and processing techniques, ultimately ensuring a higher quality product that can command better prices. 'Furthermore, we are committed to purchasing their crops at premium prices, fostering a fair and sustainable economic partnership. 'Our overarching vision is to champion Sarawak Liberica as a distinguished high-value specialty coffee, establishing its presence and reputation not only across Malaysia but also in discerning global markets. 'We believe that by achieving international recognition for this unique coffee, we can create a sustainable economic engine that will genuinely and significantly improve the livelihoods of the indigenous communities living in the interior, preserving their cultural heritage and connection to the land.' Beyond simply promoting Sarawak Liberica, the pair's concrete plans involve strategically scaling their operations through establishing more direct trade relationships, investing in advanced processing technologies at origin, developing targeted marketing campaigns to reach international buyers, and exploring opportunities for value-added products derived from Liberica. They also aim to further expand their coffee academy to provide more in-depth training programs for local communities, fostering a new generation of skilled coffee professionals in Sarawak. Maxeon Technologies unlocks power of geospatial data Tai says the Shell LiveWire Malaysia programme has been transformative for Maxeon s it receives comprehensive guidance and support from mentors and business advisors, who helped refine its business model, improve its value proposition, and craft a sustainable growth strategy. In today's day and age, technology is key to driving the future. Maxeon Technologies Sdn Bhd (Maxeon), a tech-driven enterprise committed to transforming the field of geospatial data, is doing just that. The enterprise provides large-scale area mapping solutions that leverage advanced imaging technologies and artificial intelligence (AI) to achieve centimeter-level accuracy all at a significantly reduced cost compared to traditional methods like LIDAR. 'The core of our innovation lies in making high precision mapping both accessible and affordable for a wide range of industries, including urban planning, forestry, agriculture and environmental conservation,' said its co-founders Maximilian Richard Tai and Derek Lee. The inspiration behind founding Maxeon Technologies stemmed from a realisation of the growing need for reliable, high-resolution geospatial data across various sectors in Malaysia and the wider Southeast Asian region. 'We observed that traditional mapping solutions particularly those using LIDAR were not only cost-prohibitive but also logistically challenging to deploy. 'This created a significant barrier for small and medium-sized enterprises (SMEs), government agencies, and NGOs that require detailed spatial data but often lack the budget or infrastructure to access it. 'We saw a clear opportunity to disrupt the status quo by combining cutting-edge AI and drone technology to deliver scalable, efficient, and affordable mapping solutions. 'Our goal has always been to empower decision-makers with data that is accurate, timely, and actionable without the high costs typically associated with traditional systems.' The Shell LiveWire Malaysia programme has been transformative for Maxeon. From the outset, it received comprehensive guidance and support from mentors and business advisors, who helped refine its business model, improve its value proposition, and craft a sustainable growth strategy. Photo shows 3D advanced computer vision and tree intelligence. The programme also provided extensive training in areas such as business planning, market validation, branding, and financial management, which has significantly enhanced our capacity to operate and compete effectively in a fast-evolving tech landscape. 'Moreover, the exposure and visibility we gained through Shell LiveWire have opened doors to new collaborations, pilot project opportunities, and potential investment partners,' the duo said. 'Most importantly, the programme has instilled in us a deeper understanding of resilience, community impact, and long-term value creation, which continues to shape our business philosophy moving forward. 'One of the most significant challenges we faced as a startup was establishing trust in the reliability and precision of our AI-driven mapping technology, particularly when compared to long-established systems like LIDAR, which are widely regarded as the industry standard. Gaining market acceptance required Tai and Lee to conduct extensive field testing, benchmarking, and third-party validation to prove the accuracy and robustness of our solutions. The two co-founders also faced initial skepticism from potential clients, many of whom were unfamiliar with the capabilities of AI-powered mapping tools. 'To overcome this, we initiated pilot projects with strategic partners, who helped us test our technology in real-world scenarios and provided invaluable feedback. We used this data to continuously refine our system, enhance our algorithms, and optimize performance. 'Over time, these collaborations helped us build credibility, foster user confidence, and establish a solid foundation for growth.' Currently, they are focused on scaling their business both geographically and technologically. This tallies with its aim to extend its services throughout Malaysia, and eventually to other parts of Southeast Asia, particularly countries like Indonesia where there is a strong demand for cost effective, high-accuracy mapping. 'On the technology front, we are investing in the development of a next-generation AI analytics platform that will provide clients with real-time data visualisation, predictive modeling, and customized spatial insights. 'We are also exploring applications in climate monitoring, carbon tracking, and precision agriculture, as we see immense potential for our technology to contribute to the United Nations' Sustainable Development Goals.' But technology alone is not enough to guarantee success, as Tai said in his advice to budding entrepreneurs: 'Throughout our journey, the most powerful lesson we have learned is that technology alone does not guarantee success. True impact comes from deeply understanding your customers' needs and delivering solutions that genuinely solve their problems. 'It's easy to become enamoured with innovation, but unless that innovation is grounded in practicality, empathy, and relevance, it will struggle to gain traction. We've also learned the importance of resilience and adaptability, especially in navigating the ups and downs that naturally come with building a startup. 'Every setback has been a learning opportunity, and every pivot has brought us closer to product-market fit. Maintaining a growth mindset, staying open to feedback, and building strong relationships have been fundamental to our progress.' Lettuboost: Solving two problems with one solution As a young team of fresh graduates and students, Pavithran affirmed that funding and scalability were their biggest hurdles. Lettuboost is the result of hands-on research, testing, and a shared vision by two Sarawakian innovators determined to create something that actually matters. Founded just three months ago, it all started when they noticed a huge, overlooked problem: water lettuce, an invasive plant clogging our rivers and choking ecosystems. Most people see it as waste — we saw potential. 'This plant is nutrient-rich, fast-growing, and free — what if we could transform it into something that solves another big problem: the rising cost of fish feed hurting small-scale aquaculture farmers?' said one of its founders, Pavithran Julieus Sudhave. 'That idea became our mission — to produce a sustainable, affordable, and eco-friendly fish feed, especially for local farmers on the edge of survival.' That question sparked the journey to transform waste into wealth by creating an eco-friendly, affordable fish feed that helps both farmers and the environment. Lettuboost's biotechnology background gave them the tools and, their passion for community sustainability gave them the purpose. 'We've successfully tested our prototype with a local fish farm and are currently preparing for full scale deployment. We're not just building a product — we're building a movement that turns waste into wealth, empowers rural communities, and protects ecosystems. 'This is homegrown innovation with global potential — and we're just getting started.' The duo said the opportunity to pitch our startup to an established platform like Shell LiveWire felt like the perfect way to test their idea, get real feedback, and maybe even secure the support needed to grow. 'Winning the Shell LiveWire Sarawak not only validated our idea, it gave us the momentum we needed. The seed funding of RM15,000 is instrumental in helping us improve our prototype and plan the next phase of development. 'But more than the money, the networking, mentorship, and media exposure opened doors — connecting us to other entrepreneurs, advisors, and future partners who believe in what we're building. It helped us go from a student project to a real startup.' A site visit at Puri Johan Aquaculture, Serian in Sarawak. As a young team of fresh graduates and students, Pavithran affirmed that funding and scalability were their biggest hurdles. 'While we had the science and vision, we didn't yet have the capital or systems to mass-produce our feed — or to secure a consistent supply of water lettuce, which was an invasive wild plant, but not commercial,' he said. 'We tackled this by taking every chance we could to compete — joining innovation challenges like Shell LiveWire to raise funds, build our credibility, and grow our network. We also began exploring partnerships with local communities and farms to source raw materials sustainably. 'Slowly but surely, it's helping us build the foundation we need to grow sustainably.' From a business perspective, Lettuboost's immediate goal is to complete its product development and officially bring Lettuboost to the market, starting with smallholder aquaculture farms in Sarawak. The company is also exploring partnerships to secure a steady supply chain of water lettuce and scale our production sustainably. This falls back to its long term vision for Lettuboost to become a leading name in eco-friendly aquaculture solutions across Malaysia and eventually Southeast Asia. 'We're also working on expanding our product line, such as turning water lettuce into an organic soil booster,' Zulhilmi said. 'This way, we will not only be tapping into the aquaculture industry but also open avenues to penetrate the agriculture sector as well and is also part of our vision to build a full circular bioeconomy.' On his biggest lessons learnt along the journey with Shell LiveWire, Pavithran said that passion alone isn't enough. 'Persistence and teamwork matter just as much. Building a startup from scratch while juggling studies or transitioning from student life to full-time commitment tested all of us and I believe will continue to be much harder after this, but that's okay. 'We learnt that it's okay to not have everything figured out, as long as you're willing to keep learning, adapt fast, and lean on your teammates when things get tough. Most importantly, is to keep persevering even if we feel the odds are against us, because nothing good comes easy. 'Start small, start messy — just start. You don't need perfect conditions to build something meaningful. Find a problem you genuinely care about, work with people who challenge and support you, and don't be afraid to ask for help. 'Also, take advantage of platforms like Shell LiveWire. They're more than just competitions, they're launchpads for people like us, with big ideas but limited resources.' entrepreneurs Livewire sarawak Sarawak Shell Shell
The Star
an hour ago
- The Star
Nvidia insiders sold over $1 billion in stock amid market surge, FT reports
A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration (Reuters) -Nvidia insiders sold over $1 billion worth of company stock in the past year, with a notable uptick in recent trading activity as executives capitalize on surging investor interest in artificial intelligence, the Financial Times reported on Sunday. More than $500 million of the share sales took place this month as the California-based chips designer's share price climbed to an all-time high, the report said. Jensen Huang, Nvidia's chief executive, started selling shares this week for the first time since September, the SEC filing showed. Nvidia's stock hit a record on Wednesday, and the chipmaker reclaimed the crown as the world's most valuable company after an analyst said the chipmaker was set to ride a "Golden Wave" of artificial intelligence. Its latest gains reflect the U.S. stock market's return to the "AI trade" that fueled massive gains in chip stocks and related technology companies in recent years on optimism about the emerging technology. Nvidia did not immediately respond to a Reuters request for comment. Nvidia's shares have rebounded over 60% from their closing low on April 4, when Wall Street was reeling from President Donald Trump's global tariff announcements. U.S. stocks, including Nvidia, have recovered on expectations the White House will reach trade deals to soften the tariffs. (Reporting by Devika Nair in Bengaluru; Editing by Kim Coghill)
New Straits Times
2 hours ago
- New Straits Times
Carmaker Lotus says it has no plans to close English factory
LONDON: British-based sportscar company Lotus said it has no plans to close a factory in eastern England, following a report in the Financial Times which said manufacturing there could end with the loss of 1,300 jobs. "Lotus Cars is continuing normal operations, and there are no plans to close the factory," Lotus said in an emailed statement on Saturday. "We are actively exploring strategic options to enhance efficiency and ensure global competitiveness in the evolving market." Lotus is owned by China's Geely and Malaysia's Etika Automotive and the brand produces cars in Britain and China. Any closure of the factory in Hethel, Norfolk, would have been a blow for Britain's auto industry which is suffering as a result of tariffs imposed by the United States. Britain's vehicle production dropped 32.8 per cent from a year ago industry data showed on Friday. The Financial Times said the government had intervened to signal it would offer Lotus support after news emerged that the factory could shut, but the Department for Business and Trade did not confirm that. "The government does not comment on speculation or the commercial affairs of private companies," a spokesperson for the department said on Saturday. While Britain has negotiated a trade deal with the US which will reduce the tariffs for a quota of exported vehicles, it does not come into force until the end of June. Meanwhile, carmakers have reported lower output and exports to both the US and the European Union, according to economic data.
