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Bloomberg
a minute ago
- Bloomberg
OQEP CFO: Always Scouting for Big Oil Partnerships
OQ Exploration & Production says 1H net profit fell almost 11% due to rising finance costs. The Omani energy company also reported revenue remaining flat despite lower oil price pressures. Jaber Al Noumani, CFO of OQ Exploration & Production spoke to Bloomberg's Lizzy Burden on Horizons Middle East and Africa on the company's resilience. (Source: Bloomberg)
Forbes
a minute ago
- Forbes
Naver's Webtoon Arm Jumps 81% On Disney Deal To Bring Marvel And Star Wars To Digital Comics
Fans wait in line to meet Webtoon Entertainment creators during the company's Nasdaq IPO in New York, US, on June 27, 2024. Michael Nagle/Bloomberg Shares of Webtoon Entertainment, the digital comics company controlled by South Korean internet giant Naver, on Wednesday surged 81% in its biggest one-day gain since its Nasdaq debut last year after announcing a partnership with Walt Disney. Webtoon Entertainment, which popularized the vertically scrolling digital comics designed for mobile, said it will publish about 100 reformatted comics from the U.S. entertainment behemoth's properties on its English-language app. These properties include Disney, Marvel, 20th Century Studios and Star Wars, with the initial launches including comics from Spider-Man and the Avengers. The partnership also involves the two companies producing original webcomics, according to Webtoon Entertainment. 'We're thrilled to kick off this collaboration with iconic series from their comic book catalog – and this is just the start,' said Kim Yongsoo, chief strategy officer and head of global at Webtoon Entertainment, in a statement. 'Together, we're bringing this legendary storytelling to a new generation of mobile-native comic fans, while giving existing fans a new way to experience series and characters they love.' Webtoon Entertainment's shares closed at $16.96 on Wednesday, though it's still below its initial public offering price of $21. The Los Angeles-based company went public on the Nasdaq in a $315 million IPO in June last year. Its stock price has since then tumbled due to previous disappointing earnings. Webtoon Entertainment's roots date back to 2005, when Naver launched a platform for serialized digital comics in a vertical-scroll format, known as webtoons. Following the launch of a mobile app version in the 2010s, webtoons' popularity grew as smartphones became widely adopted. Their prominence rose further during the pandemic, with the global success of K-pop and K-dramas helping the digital comics expand beyond Korea. In the quarter ended June, Webtoon Entertainment had 156 million global monthly active users, with 71% of them consuming online comics in languages other than Korean and Japanese. The company posted an 8.5% rise in revenue to $348 million in the three months ended June, with 51% of sales coming from Japan, followed by Korea and then the rest of the world. Its net loss narrowed by 95% to $3.9 million during the same period. Webtoon Entertainment attributed the financial growth to an increased revenue from paid content, advertising and intellectual property adaptations. Korean webtoon companies, however, are facing challenges from declining reader engagement and piracy. To make up for the loss, Webtoon Entertainment said it's launching a short-form video platform that turns webtoons into bite-sized clips. Meanwhile, Kakao, a Naver rival, has also rolled out a platform that uses AI to generate short-form videos based on webtoons. Over the past year, Kakao's webtoon business has withdrawn from markets including mainland China, Taiwan, Indonesia and Europe. MORE FROM FORBES Forbes Naver-Backed Motion Capture Startup Movin Expands Into AI Training Datasets For Humanoid Robots By John Kang Forbes Former Naver Research Scientist Launches AI Startup, Aims To Be The OpenAI Of Korea By John Kang Forbes Billionaire Jean Salata's EQT Asia To Invest In Korean LinkedIn Rival By Zinnia Lee
News24
a minute ago
- News24
Swatch boss proposes gold tax on US as payback for tariffs
• For more financial news, go to the News24 Business front page. Switzerland's gold industry on Thursday voiced scepticism about a proposal by the boss of watchmaker Swatch to introduce a levy on gold exports to the United States in retaliation for US tariffs on Switzerland. US President Donald Trump last week imposed tariffs of 39% on imported Swiss goods, causing shock and dismay in the Alpine republic, a major refining and transit hub for gold. The US Customs and Border Protection afterwards said Washington might put tariffs on the most widely-traded gold bullion bars in the United States. However, Trump said on Monday that gold would not face tariffs. Swatch CEO Nick Hayek told Swiss newspaper Blick that Trump's announcement indicated that tariffs on gold would be painful for the US president. "Now is the time to go on the offensive. Switzerland should order a 39% export tax on gold bars for the United States," Hayek told the paper. "That's where we have to get at him. That's his Achilles' heel." The Swiss Association of Manufacturers and Traders in Precious Metals (ASFCMP) said that while ideas to better balance bilateral trade were welcome, careful consideration needed to be given to Switzerland's longer-term interests. "An export tax on Swiss gold destined for the USA would not only harm Switzerland economically, but also damage the reputation of a country that has consistently promoted and defended free trade," ASFCMP President Christoph Wild said. The Swiss Economy Ministry declined to comment on the proposal, but said the support of business representatives was in general welcome and helped underscore the close economic ties between the U.S. and Switzerland. Trump justified his 39% tariff by pointing to Switzerland's sizeable trade surplus with the United States. Part of that is due to gold exports. Hayek said that even if a gold levy failed to move Trump, it would cut the U.S. trade deficit with Switzerland. "If Trump doesn't give in to our pressure, we'll at least improve the trade balance with the US if the Americans no longer import gold bars via Switzerland," he told Blick. Switzerland is continuing to hold talks with US officials aimed at lowering the US tariffs.
