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Express Tribune
4 days ago
- Business
- Express Tribune
Police investigate BTS record label for fraud
HYBE, the agency behind K-pop superstars BTS, was raided by police on Thursday in connection with alleged fraudulent trading involving its founder Bang Si-hyuk, investigators said. "We are conducting a search and seizure at HYBE's headquarters in Yongsan District," Seoul police said in a brief statement, as per AFP. Bang, the mastermind behind BTS, is under investigation over allegations that he misled early investors to reap illicit profits from the company's 2020 initial public offering. He is accused of gaining around 200 billion won (US$146 million) through the process, according to local reports. HYBE has denied Bang committed any wrongdoing. "We will dutifully clarify that the listing at the time was carried out in compliance with all relevant laws and regulations," the company said in early July, pledging "active cooperation" with authorities to get to the bottom of the case. Bang allegedly misled HYBE's early investors, who held pre-IPO shares, by telling them in 2019 he had no plans to take the company public. He then allegedly encouraged them to sell their shares to private equity funds when in fact IPO plan was in the making. HYBE went public in 2020, after the shareholders sold their stakes. The 52-year-old is accused of secretly striking a deal with the private equity funds to receive a portion of the profits they made from selling shares after the IPO. The investigation comes as all seven BTS members complete their mandatory military service and prepare for a comeback next year. HYBE announced this month that a new album and world tour were scheduled for 2026. BTS, known for championing progressive causes, holds the record as the most-streamed group on Spotify and became the first K-pop act to top both the Billboard 200 and Billboard Artist 100 charts in the United States. Before their military service, BTS generated more than 5.5 trillion won (USD4 billion) in yearly economic impact, according to the Korea Culture and Tourism Institute. That accounts for roughly 0.2 per cent of South Korea's total GDP, according to official data. There had been debate over whether BTS should be granted exemptions from military service -—sometimes granted to Olympic medallists and classical artists who win top international awards — but pop stars do not qualify under South Korean laws. With the lack of public consensus on the matter, the members enlisted individually, beginning in late 2022.
Business Wire
16-07-2025
- Business
- Business Wire
Southeast Asia Is the Biggest Export Destination for Chinese Products: Euromonitor International
SINGAPORE--(BUSINESS WIRE)--Southeast Asia is the largest and fastest-growing export destination for Chinese goods, with imports reaching USD587 billion, a 12% year-on-year increase in 2024, a study by data analytics company Euromonitor International has revealed. Chinese exports to Southeast Asia surged to USD587 billion in 2024. Euromonitor International's whitepaper on The Rise of Chinese Brands in Southeast Asia highlights how Chinese players have leveraged product innovation and pricing strategies. The whitepaper offers a strategic analysis of Southeast Asia's major consumer market, focusing on growth opportunities for Chinese brands in key ASEAN-6 economies. The ASEAN-6 -- Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, represent 95% of Southeast Asia's USD4 trillion GDP. This momentum presents opportunities for Chinese brands to continue gaining ground in the region. Tim Chuah, senior global insight manager at Euromonitor International, said: 'Chinese companies are rapidly gaining ground in the region, particularly in sectors where they hold clear competitive advantages—electric vehicles, consumer electronics, and home appliances." 'More recently, with Chinese brands' aggressive expansion into industries such as beauty, food and foodservice, incumbents face new challenges that are reshaping competition across Southeast Asia.' Chinese brands threaten longstanding dominance of East Asian rivals Chinese brands have emerged as key drivers of growth in Southeast Asia's appliances market. In the air conditioning category, between 2015 and 2024, Japanese firms lost 7% market share, while Chinese brands grew from 9% to 25%. Chinese beauty brands are also rapidly gaining ground, leveraging affordable pricing and digital-savvy strategies to challenge competitors in the region. Chinese brands recorded a remarkable CAGR of 115% in the Southeast Asian mass skincare market between 2019 and 2024. Appetite for innovation fuels Chinese brand expansion Southeast Asia's love affair with coffee and milk tea continues to thrive, with Chinese players at the forefront of this trend. Driven by a projected 9% annual growth through 2029, the region presents a compelling opportunity for brands seeking growth beyond China's intensifying competition. Snacks and dairy products from China are also gaining momentum with double digit CAGR growth from 2019-2024, projected to be Asia Pacific's fastest growing region. Changing consumers taste and curiosity to try unique flavours are giving Chinese players an opportunity to showcase their broad product portfolio. Chinese pet care manufacturers are moving beyond contract production, and using their expertise to develop their own brands, both domestically and internationally. The region's pet care market is expected to grow at a CAGR of 9% from 2025 to 2030. Ecosystem partnerships are key as Chinese digital wallets face local adoption hurdles abroad Chinese digital wallets remain mostly as travel payment tools for Chinese tourists, with limited everyday adoption due to strong local payment networks and presence. In such markets, forming ecosystem partnerships is crucial for gaining local traction. For more information, see Euromonitor's The Rise of Chinese Brands in Southeast Asia whitepaper.
Business Recorder
23-05-2025
- Business
- Business Recorder
Bridging policy gaps in IT sector
EDITORIAL: The increasingly pivotal role that the country's IT sector plays in driving national development — by creating jobs, generating vital tax revenue, boosting exports, and attracting both domestic and foreign investment — positions it as a potentially transformative engine of inclusive and sustained economic growth. Even amid the economic turmoil of recent years, the sector has remained a resilient performer, and is set to contribute close to USD4 billion in exports by the close of the current fiscal year. By 2030, this figure is expected to surge to USD15 billion. Despite this promising outlook, numerous facets of the government's approach to the IT sector continue to impede its growth, and prevent it from realising its true potential. In a recent press briefing, the chairman of the Pakistan Software Houses Association (P@SHA) outlined key hurdles facing the IT sector, including policy unpredictability, ad hoc taxation measures and operational bottlenecks. He emphasised how these issues undermine investor confidence and constrain the sector's economic contributions. At the heart of these difficulties lie the frequent changes in tax regulations, ranging from export incentives to withholding taxes and other fiscal measures, which discourage long-term investment. Sudden and arbitrary changes to the tax framework weaken investor confidence, jeopardising years of effort by Pakistani software houses and IT companies to build global credibility, nurture talent and develop robust digital infrastructure. Pakistan currently imposes one of the highest corporate tax rates in the region at 29 percent, compounded further by elevated auxiliary taxes and high input costs. In contrast, the UAE maintains a rate as low as nine percent, while Vietnam's stands at 25 percent. Vietnam's streamlined government policies and predictable tax environment, in fact, have helped its annual exports surge to a highly impressive USD141 billion, underscoring the vast potential Pakistan could also unlock in export earnings if its IT sector were supported by a more enabling and competitive tax regime. Persistently high tax rates risk pushing IT firms to more favourable jurisdictions, weakening local industry and forfeiting future gains. While our chronic struggle with low tax revenues is well-documented, uncompetitive tax structures will not resolve the issue, and are more likely to deter investment, drive capital outflow and ultimately worsen the revenue shortfall they aim to address. Another critical issue is the misalignment in tax treatment between employees of IT firms operating domestically and independent remote workers employed by foreign companies. As P@SHA has noted, despite the rapid growth of remote work in recent years, remote workers remain undefined under the Income Tax Ordinance, 2001. This legislative gap has led to a significant disparity: while IT companies must withhold an additional 30 percent income tax from employees earning over Rs2.5 million annually, remote workers earning similar incomes are not subject to the same tax burden. This imbalance puts local firms at a competitive disadvantage, making it harder for them to attract and retain top talent, as skilled professionals prefer opportunities with foreign employers offering higher take-home pay. This also discourages international companies from establishing a physical presence in Pakistan, as they can access the same talent pool remotely without dealing with the associated tax implications. Rectifying this disparity is essential to creating a level playing field and fostering a policy environment that supports both local industry growth and foreign investment. Pakistan stands at the cusp of a vital transformation in its IT sector, where it could emerge as a truly competitive player in the global digital economy. But this opportunity could slip away if the regulatory environment remains riddled with unclear tax rules, inconsistent incentives and constraints on digital freedoms. The authorities must pivot towards a more forward-looking, coherent and enabling policy framework that empowers innovation, protects digital rights, and attracts both talent and investment. Copyright Business Recorder, 2025
Hypebeast
19-05-2025
- Business
- Hypebeast
The World's Top 10 Highest Paid Athletes of 2025
Summary Forbes' annual list of the world's highest-paid athletes for 2025 showcases the titans who have conquered their sports and captivated global audiences, their earnings soaring from record-breaking performances, lucrative endorsements and savvy business ventures. This year's ranking is a testament to the diverse landscape of global sports. Familiar faces continue to dominate, their established legacies attracting massive sponsorship deals and commanding top salaries. The reigning champions of basketball, football (both American and global), and more highlights their on-field or on-court brilliance directly fueling their off-field earnings. Leading the pack isCristiano Ronaldoat $275 million USD, making $225 million USD on-field and $50 million USD off. Coming behind Ronaldo is the greatest shooter in the world,Stephen Currywith $156 million USD ($56 million USD on-field, $100 million USD off-field). The Golden State Warriors guard became the first NBA player to reach 4,000 career 3-pointers back in March. In third is UK'sTyson Furyrepresenting the boxing world with $146 million USD. Others after Fury include NFL's Dak Prescott, Lionel Messi, LeBron James, Juan Soto, Karim Benzema, Shohei Ohtani and Kevin Durant. The top 10 showing span across the NBA, NFL, MLB, Boxing, MLS and more. Notably, the top 10 does not include any women, demonstrating that there is still a lot to be done in pay equality in women's sports. The 2025 list also highlights the growing influence of emerging sports and the power of individual brand building. These athletes have cultivated massive social media followings, launched successful businesses, and strategically partnered with global brands, demonstrating that athletic prowess is just one piece of the financial pie. This list offers a fascinating glimpse into the intersection of sports, celebrity, and big business, showcasing the individuals who have truly hit the jackpot in the world of athletics. 1. Cristiano Ronaldo – $275 Million USD2. Stephen Curry – $156 Million USD3. Tyson Fury – $146 Million USD4. Dak Prescott – $137 Million USD5. Lionel Messi – $137 Million USD6. LeBron James – $133.8 Million USD7. Juan Soto – $114 Million USD8. Karim Benzema – $104 Million USD9. Shohei Ohtani – $102.5 Million USD10. Kevin Durant – $101.4 Million USD
Express Tribune
22-02-2025
- Entertainment
- Express Tribune
Iqra Aziz dons Rastah
In an Instagram post shared Friday, Iqra Aziz donned fashion brand Rastah's 97 Paradise suede varsity jacket. Sporting smiles and an adorable set of poses, she wore the jacket over a red top, shadowing the vibrance with the Rastah article's black fabric and white stitching. The brand describes the piece as a striking blend of luxe materials and colours. Crafted from premium suede and leather, the jacket emulates sophistication with an edge. The logo patch under the right shoulder reads "money on my mind" in Urdu. The piece is adorned with a number of sleeve patches, strewn about in a splash of colour over its black layout. A tufted embroidery patch extends over the back, highlighting the phrase "gangsters paradise" and the number 97, both stitched in Urdu script. Designed to fit at the sleeves, the jacket offers a boxy appearance of the wearer's figure, giving the impression of both fitted and loose styles. Launched by Zain, Adnan, and Ishmail Ahmad in 2018, Rastah has been making strides across the fashion scene both locally and internationally. In December, the brand added another name to the star-studded catalogue of its admirers: Indian rap icon Yo Yo Honey Singh. In a post shared to Instagram, Rastah showcased Honey Singh sporting their striking emerald green leather suit, captioned, "Yo Yo Honey Singh wears the emerald green leather suit with custom embroidered detailing." The jacket alone, priced upwards of USD4,000, epitomises the brand's ethos of crafting pieces that are unconventional yet luxurious. The jacket, a standout piece, is crafted from green hair-on leather and features a cropped, structured silhouette that exudes urban sophistication. Its hand-embellished collar, adorned with metallic studs, offers a textured contrast to the simple design, while a handmade polymer clay zip adds an unexpected artistic and abstract touch. Fully lined for versatility, the jacket is designed for both comfort and impact, making it a statement piece for any fashion-forward wardrobe. Paired with the jacket are wide-legged trousers that further elevate the status of the ensemble to a rich man's co-ord. With a smooth, light-reflecting texture, the trousers boast an iridescent sheen, adding a sense of movement and fluidity to the look. The relaxed fit ensures ease of wear without compromising on style, while a simple button closure keeps the design clean. Completing the look, Honey Singh accessorised with black leather gloves and his signature rectangular-framed glasses.
