Mark Cuban turned down Uber for $2

Posted By: Aditya Gogoi Posted On: Aug 20, 2023
Dallas Mavericks? owner Mark Cuban. Photo: Reuters
(Reuters)

The regret of missing a good deal can go as far as fifteen years, as Billionaire Mark Cuban who turned down investment in Uber in 2009 still feels sad for his decision. During that time, he was asked to invest $250,000 investment in Uber, had it been done at that time, Cuban would have owned stake worth ₹$2.3 billion in the company.

He was approached by Uber cofounder Travis Kalanick about making investment in Uber at a valuation of $10 million. Currently, the company's market capitalisation stands at about $ 90 billion.

In the recent episode of Heart to Heart, Kevin Hart's talk show on the Peacock, Mark Cuban again mentioned his decision and regretted. “I said, ‘I'll do it at $5 million valuation,'" the Shark Tank star recalled, reported Fortune's Steve Mollman.

He was apprehensive that the regulatory pain faced by the Uber will hinder its progress. He also warned Kalanick that taxi commissions would “try to put you out of business," reported the magazine.

Source: Live Mint
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Mutual Funds Investment

Posted By: Preeti Dabar Posted On: Sep 26, 2023

Mutual funds have recently become one of the most popular tools of investment. The investors are putting their money in mutual funds due to higher return and a wide range of options. Just like fixed deposits (FD), there are many mutual funds which also offer a steady return. Each scheme is suited for particular needs. Those, who are new to the mutual fund investments, often get confused over redemption of a mutual fund or to switch to a new scheme.

Transferring funds from one mutual fund scheme to another is known as switching mutual funds. Your total investment is just transferred from one mutual fund scheme to another for better returns or to mitigate the risk. On the other hand, mutual fund redemption refers to taking money out of a scheme or simply withdrawing your investment.

You should know that for switching mutual funds, the schemes should belong to the same family. These are the things you should keep in mind while switching mutual funds:

• The first is investment strategy, because if you feel that the returns of a particular fund of the same family are better, then you should switch.

• Secondly, pay attention to the tax, because if you switch it from a taxable account, you may have to pay capital gains tax on it.

• The third aspect is fees and expenses. Before switching your investment, you must check the fees charged on it.

In case you want to redeem your mutual fund, keep the following points in mind:

• First, you will have to sell your holding and get the money transferred to your account. For this, focus on the financial goal. If your financial goals have changed and you no longer want to continue investing in the mutual fund, it would be better to redeem.

• Second, you should pay attention to the performance and risk of your investment. If the risk on your investment is increasing or its returns are decreasing, you should consider redemption.

• If you have invested in the short term and need money in the near future, then it would be better to redeem your mutual fund.

Redeeming or switching a fund entirely depends on your decision and financial need.

When changing mutual funds, there is typically no capital gains tax to be paid. On redeeming you may have to pay taxes for certain mutual funds if the investment tenure is more than 3 years.

Additionally, you will not be able to receive returns on a fund if you redeem it, which makes it preferable to switch.

Source: News18
Related Posts: BUSINESS,FINANCE,INVESTMENT

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South Korea’s government and business are over-close

Posted By: Tarun Kumar Posted On: Sep 21, 2023
On June 20th the World Bank?s arbitration forum ruled that South Korea?s government had left Elliott Investment Management, an American hedge fund, out of pocket by improperly meddling in a merger between two units of Samsung (Photo: Bloomberg)

Lee kun-hee embarked on a world tour in 1993 to take stock of Samsung, the firm he inherited from his father. Finding its televisions and other electronics languishing on shelves, he decided to remake Samsung’s image. “Change everything but your wife and your children," he told employees. One thing that didn’t change, according to a ruling by the International Centre for Settlement of Investment Disputes (ICSID), is the close relationship between such chaebol, family-run conglomerates that form the backbone of South Korea’s economy, and the government.

On June 20th the World Bank's arbitration forum ruled that South Korea's government had left Elliott Investment Management, an American hedge fund, out of pocket by improperly meddling in a merger between two units of Samsung. The deal in 2015 between Samsung C&T and Cheil Industries was seen as an attempt to ensure a smooth succession between Mr Lee and his son, Lee Jae-yong. Elliott, which owned a 7% stake in Samsung C&T, objected to the valuation of its shares and launched a proxy battle, which it lost after South Korea's National Pension Service (NPS), which held stakes in both firms, backed the deal.

Yet in 2016 Moon Hyung-pyo, the health minister at the time of the merger and by then the head of the NPS, was indicted for pressing the pension service to approve the deal. This triggered a series of investigations into corrupt dealings between Samsung and the government which revealed that the younger Mr Lee had bribed the then president, Park Geun-hye, to aid his succession. Ms Park was impeached; both ended up in jail (and both were subsequently pardoned).

Elliott filed suit in 2018 with the ICSID, claiming that the government's actions violated its free-trade agreement with America, and sought $770m in compensation. The government claimed that Elliott's hedging strategy, which involved buying Cheil swaps after the merger went through, meant that it had made a profit of $1.9m. Despite the court finding in its favour, Elliott says that it was awarded only $108m, including interest and legal costs.

Instead of quietly paying up, on June 27th the Ministry of Justice petitioned the court to deduct from the amount it owed a sum previously paid to Elliott from Samsung related to the merger. Continuing to make life hard for a foreign investor seems at odds with the spirit of the country's capital-market reforms, which are designed to attract investors and end the “Korean discount" that plagues its companies. Such meddling—in other ongoing cases the government is accused of exerting undue influence on the business dealings of foreign firms—in part explains the discount.

The entire affair may also upset ordinary South Koreans. Aside from the drain on the public purse from the court case, it is a reminder that the original merger cut the value of the country's pension fund by $300m, by some estimates. Park Sang-in of Seoul National University says the drama highlights how the “relationship between the government and the chaebol will cost the taxpayers money".

To stay on top of the biggest stories in business and technology, sign up to the Bottom Line, our weekly subscriber-only newsletter.

© 2023, The Economist Newspaper Limited. All rights reserved. From The Economist, published under licence. The original content can be found on www.economist.com

Source: Live Mint
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SoftBank seeking to invest or partner with OpenAI

Posted By: Vishal Maurya Posted On: Sep 17, 2023
SoftBank plans to tie up with OpenAI for AI upgradation, says report. (Photo: AP)

After the blockbuster listing of its Arm unit, SoftBank is mulling over to make investment in artificial intelligence (AI). The global investment bank is also looking for a potential investment in OpenAI, the Financial Times reported on Saturday.

SoftBank is seeking to invest in artificial intelligence companies and may seek to spend tens of billions in the sector, reported FT citing people familiar with the matter.

The company also made a preliminary approach to buy Graphcore, a UK-based AI chipmaker. However, Graphcore denied it had received an offer from SoftBank. The bank has declined to respond the queries of FT.

SoftBank partnership with OpenAI and ChatGPT

The Japanese tech investment firm is also planning to strike a deal with ChatGPT maker OpenAI, FT said.

In June, SoftBank founder, Masayoshi Son, saidthat his tech investing conglomerate is planning to shift its stance to "offence mode" amid excitement over advances in AI.

Son has expressed excitement about AI technology, adding he is a "heavy user" of ChatGPT, the AI-powered chatbot from Microsoft-backed startup OpenAI. He has also said that he speaks "almost everyday" to OpenAI CEO Sam Altman.

The firm is also looking at a range of alternatives to OpenAI, including Graphcore, and other companies. SoftBank secured a $54.5 billion valuation in its US initial public offering (IPO) on Wednesday, seven years after SoftBank took the company private for $32 billion.

In August this year, SoftBank posted a surprise loss but said it was dipping its toes back into new investments after its Vision Fund returned to the black for the first time in six quarters.

The Japenese firm has been in “defence mode" since May 2022 after tech valuations crashed due to sharply higher interest rates and jitters that hit the global banking sector.

Source: Live Mint
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Anil Agarwal’s Vedanta to regain control over Zambian copper mines

Posted By: Ramesh Sharma Posted On: Sep 06, 2023
Anil Agarwal?s Vedanta Resources and ZCCM Investments Holdings have resolved their ownership disputes over a Zambian copper mine.

Anil Agarwal's Vedanta Resources Ltd. and Zambian government-owned ZCCM Investments Holdings Plc (ZCCM-IH) have resolved their disputes over a Zambian copper mining complex, Bloomberg reported.

The Zambian Konkola Copper Mines (KCM) were placed under provisional liquidation in 2019 by the former Zambian President Edgar Lungu's administration, who accused Vedanta of dishonesty about expansion plans and tax payments, initiating a series of legal battles. President Hakainde Hichilema, Lungu's successor, ended a four-year legal battle over its ownership.

Also read: Vedanta's Anil Agarwal agrees to pay Zambian creditors, says ?money will never be a constraint?

In a statement on September 5, ZCCM-IH stated, “All disputes between the parties have been resolved and all proceedings relating to the disputes will be withdrawn with each party bearing their own costs." The statement further added, "KCM board will be reinstated, and Vedanta Resources Ltd. will return to its previous role as the majority shareholder of KCM."

The resolution is a significant victory for Agarwal, who has been battling to regain control of Konkola. It could also prove beneficial for the Zambian government if Vedanta follows through on its commitment to invest $1 billion over five years to complete an expansion.

Also read: After Adani, OCCRP targets Vedanta, says company lobbied to weaken environmental laws during COVID-19 pandemic

The finalisation of this deal could contribute to the revival of Zambia's copper industry. Zambian government projects that copper output will reach a 14-year low in 2023. Hichilema's administration aims to achieve national production of 3 million tons annually by 2031, nearly quadrupling last year's production.

Before the liquidation process began, Vedanta held a 79.4% stake in Konkola, with ZCCM-IH owning the remainder. The transition period for Vedanta to assume operational control of Konkola is expected to take about three months, according to ZCCM-IH Chairman Kakenenwa Muyangwa.

Zambian government will also re-establish its golden share in Konkola, granting it veto rights over the company, announced Zambian Mines Minister Paul Kabuswe as part of the deal. Kabuswe said, "History must not repeat itself" at Konkola, adding, “We want world-class standards."

(With inputs from Bloomberg)

Source: Live Mint
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