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Reuters
a day ago
- Business
- Reuters
Breakingviews - Richard Li redefines IPO success
HONG KONG, June 26 (Reuters Breakingviews) - Richard Li is nothing if not relentless. The tycoon's pan-Asian insurer FWD is going public after multiple false starts. A $6.2 billion, opens new tab market capitalisation is less than half what Li once targeted. But there are plenty of silver linings. When founder and controlling shareholder Li first tried to list his company in New York in 2021, the group aimed for a valuation of up to $15 billion, sources told Reuters. When that floundered, FWD instead tried for a Hong Kong debut in 2022, but rocky markets thwarted a further two attempts there. FWD's world changed dramatically in the interim. Its closest peers, Asia-focused insurers Prudential (PRU.L), opens new tab and AIA ( opens new tab, have shed around a fifth and a third of their value since 2021 as China's economy stalled, leaving Hong Kong's market in a slump. FWD shifted to steadier growth after an action-packed decade of acquisitions. Its operating profit after tax still outpaces its older, larger rivals, climbing 29% last year to $463 million, while AIA and Pru each managed about 7%. But the value of new business – a measure of estimated future profits from policies sold – rose 14% last year, compared with 28% in 2021. That makes today's $6.2 billion price tag pretty punchy. At HK$38 per share, the pan-Asian insurer is worth 1.1 times its embedded value in 2024 – roughly in the middle of Pru's 0.9 multiple and the 1.4 times sported by AIA. The deal stands out in other ways too. If FWD exercises its overallotment option to hit around $510 million in proceeds, it would be level with Mixue's ( opens new tab $511 million capital raise in February, the city's largest IPO so far this year. True, it's far below the $3 billion targeted in New York. However, Li was able to drum up some $1.8 billion through pre-IPO private funding rounds in 2021 and 2022, making up some of the difference. And in some respects the IPO is testing the waters: the company is only selling a small slug of stock – less than 10% – and no existing shareholders are cashing out. That means Li and fellow owners can still hold out hope that public markets may at some point bump up FWD's value. For now, a successful deal is being redefined as one that can get done at all. Follow Katrina Hamlin on Bluesky, opens new tab and Linkedin, opens new tab.
South China Morning Post
07-06-2025
- South China Morning Post
Would you travel for food? In Thailand, these regional chefs believe so
What makes a place worth visiting? For some, it might be a tick list of sights; others may favour a sandy beach or a pool by which to sit back and relax. But for a large and growing number of travelling gourmets, it's the number of Michelin stars a region racks up. Advertisement For these epicureans, Tokyo holds the global first place, with a whopping 220 Michelin stars. Paris comes second with 160, followed by Kyoto with 119. Hong Kong ranks fifth in the 2025 edition, with a rather respectable 101 stars. But what about the other end of the spectrum, like, say, Phuket , where Pru, a 36-seat restaurant inside the luxurious Trisara resort, has been the Thai island's sole recipient of a Michelin star since 2018, making its tweezered tasting menu the foremost ambassador for fine dining in a place better known for cheap and cheerful street food served from unpretentious open-air markets. Executive chef Jimmy Ophorst works the open-fire grill at Pru Phuket in Thailand. Photo: Gavin Yeung 'Being the only Michelin-starred restaurant on the island brings a lot of privileges, but because we're in Phuket, it also brings a lot of challenges,' says Pru's executive chef, Jimmy Ophorst. 'The sourcing of ingredients is a lot harder than when you are in Bangkok, for example, where suppliers have their headquarters and you have direct connections.' The Dutch native believes Phuket's unique conditions for fine dining were vital to shaping Pru into its current incarnation. Perched atop a hill in a dedicated villa, the restaurant invites diners to ascend a flight of stairs to its welcome lounge, where a trio of amuse-bouches is served, cluing diners into the locavore cuisine. The main dining room is dominated by a Japanese kappo-style dining bar, where up to 10 diners can peer into the generously spaced, state-of-the-art open kitchen, and out to the Andaman Sea beyond. Durian mousse on a bed of Hua Hin caviar and topped with shiso leaf oil at Pru in Phuket. Photo: courtesy Pru
Time of India
21-05-2025
- Health
- Time of India
Odisha govt approves new guidelines for 180-day maternity leave of women employees
Image used is for representative purposes only BHUBANESWAR: The Odisha govt has issued comprehensive guidelines clarifying how women employees can avail themselves of the 180-day maternity leave benefit. This addresses the long-standing confusion that led to varying interpretations by different departments and leave sanctioning authorities. Chief Minister Mohan Charan Majhi approved the proposal that allows female govt employees with fewer than two living children to take maternity leave from three months before the expected delivery date to six months after childbirth . The leave can be taken either continuously or in phases, a govt statement said. Under the new guidelines, women who join govt service after childbirth can avail themselves of the benefit until their child turns six months old, though the leave duration will be proportionately reduced. For instance, if an employee joins service when her child is three months old, she will be eligible for only the remaining three months of leave. The govt has also outlined specific provisions for cases involving miscarriage, stillbirth, or infant death. In cases of miscarriage or infant death within 28 days of birth, employees are entitled to 42 days of leave from the date of the incident. If the child's death occurs between 29 and 120 days after birth, the employee will receive 14 days of leave. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Complete protection with iPru All-in-one Term Plan ICICI Pru Life Insurance Plan Get Quote Undo "This brings much-needed clarity to the maternity leave policy," said a senior official from the Women and Child Development Department. "The detailed guidelines will ensure uniform implementation across all govt departments," she said. The new rules specify that childbirth must occur in a recognised medical facility. Additionally, if an employee receives a promotion during her maternity leave, her joining report will be considered effective from the date it reaches the appropriate authority, and she can continue with her remaining leave. The guidelines aim to standardise the implementation of maternity benefits across all govt departments while ensuring the well-being of both mother and child.
Time of India
20-05-2025
- Politics
- Time of India
'Escape from the field': Social media has field day as Pakistan promotes Asim Munir to Field Marshal
04:38 Pakistan Army chief general Asim Munir was on Tuesday promoted to the rank of Field Marshal for 'successfully' leading the armed forces during the recent conflict with India . The move, approved during a cabinet meeting chaired by Prime Minister Shehbaz Sharif , makes Munir only the second officer in Pakistan's history to receive the title—after General Ayub Khan , who was defeated in the 1965 war with India. While the Pakistani government hailed it as a significant honour, many saw it as a dramatic—and ironic—gesture. — DipuSingh241769 (@DipuSingh241769) Social media users were quick to mock the promotion, calling it Pakistan's 'most ambitious promotional stunt' yet. 'He is the second Field Marshal of Pakistan. The first was Md Ayub Khan, who was defeated by India in 1965. History repeats itself,' one user posted on X. Some questioned what the title was awarded for. 'Field Marshal for what exactly?' asked one user, summing up the frustration online. Another joked: "Failed Marshal Asim Munir promotes himself after leading the country to Pakistan's latest military defeat against India." One meme doing the rounds asked: 'Ye wohi Field Marshal hai na jo field se bhag kar bunker me chhup gaya tha?' ( loosely translated as, 'Isn't he the same Field Marshal who ran from the field and hid in a bunker?') "Asim Munir got a well-deserved promotion due to his exemplary participation in an adventure sport common in Pakistani conditions called 'Hide In A Bunker The Longest'," another user remarked. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Complete protection with iPru All-in-one Term Plan ICICI Pru Life Insurance Plan Get Quote Undo The sarcasm didn't stop there. "Only in Pakistan you can get a promotion for your failure,' quipped another user. Some speculated if the title had less to do with military success and more with staying close to power. One viral post read: 'Only in Pakistan you can get a promotion for your failure.' Another took a dig at the title itself: "They must be confused. Must have asked him to look after Agriculture and leave the Armed Forces. For them that must mean Field Marshal." As satire mixed with disbelief, one user summed it up: 'What next? President of Pakistan Field Marshal Asim Munir?!' Referencing Pakistan's military record and recent losses, another viral comment read: 'Pakistan Army logic: Get defeated by India, lose 11 airbases, declare 'victory', and then promote the boss to Field Marshal.' As another user joked, the only thing left now may be an ISPR-produced Netflix comedy: 'Field Marshal – Escape from the Field.'
Time of India
14-05-2025
- Entertainment
- Time of India
Ahead of their big Cannes 2025 debut, Janhvi Kapoor and Ishaan Khatter's old pizza-ordering video goes viral
Ishaan Khatter and Janhvi Kapoor made their Bollywood debuts — first Ishaan in Beyond the Clouds, followed by their on-screen pairing in Dhadak. Fast forward to 2025, the duo is all set to reunite at the Cannes Film Festival for the premiere of Neeraj Ghaywan's Homebound, alongside co-star Vishal Jethwa. As excitement builds for their red carpet appearance, a nostalgic video of Janhvi and Ishaan ordering pizza has resurfaced, delighting fans with a glimpse of their early days. Watch the video here: Throwback Gold: Janhvi's Pizza Dilemma & Ishaan's Teasing by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Complete protection with iPru All-in-one Term Plan ICICI Pru Life Insurance Plan Get Quote Undo Janhvi Kapoor and Ishaan Khatter clearly shared a great bond while shooting for Dhadak, and their whirlwind promotional tour only brought them closer. Their easy chemistry sparked dating rumours at the time, but fans mostly adored their fun, friendly vibe. That same adorable energy is on full display in a throwback video that's gone viral just as they gear up for their Cannes debut. In the clip, a visibly excited Janhvi is seen trying to order pizza, hilariously confused by the endless chicken topping options — every foodie's dilemma! Ishaan, of course, can't resist teasing her, making the moment even more delightful. Flight Delayed, Fun Ensued At the end of the video, Ishaan reveals that they're actually at the airport, grabbing a bite after their flight got delayed. Relatable, adorable, and totally unfiltered — fans can't get enough of their off-screen chemistry! Cannes Calling: Glam Expectations and Style Goals Now, all eyes are on their big Cannes debut. Janhvi has consistently wowed with her glamorous fashion choices, and expectations are sky-high for her red carpet look. Meanwhile, Ishaan recently stole hearts as the dashing Maharaj in The Royals — his regal wardrobe and those chiselled abs had fans swooning. With both stars bringing their A-game, their Cannes appearance promises to be nothing short of spectacular. Check out our list of the latest Hindi , English , Tamil , Telugu , Malayalam , and Kannada movies . And don't miss our picks for the best Hindi movies , best Tamil movies, and best Telugu films .
