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Yahoo
05-05-2025
- Business
- Yahoo
Apollo CEO: I don't agree with Warren Buffett on tariffs
Apollo Global Management (APO) CEO Marc Rowan has a different take on tariffs than the Oracle of Omaha. (Disclosure: Yahoo Finance is owned by Apollo Global Management.) "I don't [agree with Warren Buffett on tariffs being a weapon]," Apollo Global Management chair, co-founder, and CEO Marc Rowan told Yahoo Finance at the Milken Institute Global Conference on Monday. Buffett spoke out aggressively on tariffs at the Berkshire Hathaway annual meeting over the weekend, calling them a "weapon." The billionaire investor made a case for free trade. "I think there are smart tariffs and there are stupid tariffs. Tariff is just a tool. A weapon gives it a political context or other things," Rowan explained. He added, "They [tariffs] will certainly cause an abrupt adjustment." Apollo's first quarter results reflected the more volatile backdrop for risk assets. Read more: What Trump's tariffs mean for the economy and your wallet Total fee-related revenue rose 16.6% from the year-ago period to $978 million, and adjusted earnings rose 8% to $1.85. But the spread income Apollo earned from managing insurance assets clocked in at $804 million, slightly short of analyst estimates. Performance-based profits of $14 million were also shy of estimates as the market backdrop made it tougher to sell investments for profits. The company said it put some $25 billion to work after the "Liberation Day" dislocations, mostly in public debt markets. Rowan said on trends he's seeing in Apollo's vast portfolio of businesses, "We don't think of our portfolio as a US-centric and, to a lesser extent, a European-centric portfolio. On balance, tariffs are kind of a nonissue. There are winners and losers across the portfolio. What we do see, though, is uncertainty. When you don't know what the rules of the game are, you stop investing, you stop hiring, you stop making moves." Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email Sign in to access your portfolio
CNA
28-04-2025
- Entertainment
- CNA
China's Black Pearl Restaurant Guide awards held in Singapore for the first time
Prestigious Chinese Black Pearl Restaurant Guide held its eighth awards ceremony in Singapore on Apr 25 at the Marina Bay Sands Convention Centre. This is the first time that the awards are being presented outside of China, an indication of Black Pearl's international ambitions and Singapore's long-term plans to be a global gourmet destination. The awards ceremony, which was attended by Cao Zhongming, the Ambassador of China to Singapore, was followed by a 10-course dinner by chefs from Yong Fu (Hong Kong), Amazing Chinese Cuisine (China), Waku Ghin (Singapore), La Chine (Macau), and CUT by Wolfgang Puck (Singapore). Often touted as the Asian counter to the more European-centric Michelin Guide, the Black Pearl Restaurant Guide was launched in 2018 by Chinese e-commerce giant Meituan, whose app runs the gamut from food delivery orders to movie ticket purchases and ride-hailing services. The guide operates on a similar anonymous review system as Michelin, where restaurants are awarded one, two or three diamonds based on their innovative use of ingredients and cooking techniques, along with a more specific assessment criteria for Chinese culinary styles and standards. Sixteen Singapore restaurants are on the 2025 list, including newly minted One-Diamond Chinese restaurants Cassia, Jade Palace Seafood Restaurant and Peach Blossoms as well as Japanese restaurant Waku Ghin in Marina Bay Sands and Seroja, which focuses on cuisine from the Malay Archipelago. Modern British fine-diner JAAN by Kirk Westaway received Two Diamonds while French restaurants Les Amis and Odette were awarded Three Diamonds each. Other overseas cities represented on the list are Bangkok, Hong Kong, Macau, Taipei and Tokyo. Peach Blossoms won one out of four Annual Dish Awards for its Crispy Scales Fillet of Marble Goby in Spicy Pineapple Sauce. Singapore's One-Diamond Zen's executive chef Toraik Chua was named Young Chef of the Year along with chef Park Seunghun of Hong Kong's Korean fine-diner Hansik Goo. Les Amis' executive chef Sebastien Lepinoy took home the Master Chef Award. View this post on Instagram A post shared by Peach Blossoms (@peachblossomssg) Thanks to the list, many local restaurants including Peach Blossoms, Les Amis and Zen have seen a significant increase in well-heeled mainland Chinese diners in the past few years. Peach Blossoms' executive Chinese chef Edward Chong said that the restaurant's inclusion in the Black Pearl Guide affirmed his vision of presenting a unique form of Chinese cuisine that embraces Southeast Asian flavours such as assam and curry. 'I am pleasantly surprised that the Chinese guests love our dishes even though the flavours are so different from the usual Chinese cuisine.' Chua said: 'We were surprised to be on the list as we're a Nordic restaurant but it is definitely great exposure as we get more Chinese diners. Some are here to 'da ka' – show that they've been to Zen – while others are interested to find out more about our food.' According to Tang Yan, head of Black Pearl Restaurant Guide, 77 per cent of the reviewing panel is made up of gourmands and 'Chinese culinary experts with a deep knowledge of Chinese cuisine and culture and have a good understanding of local taste preferences while having an international culinary perspective'. Those with direct interests in the restaurants, such as suppliers and public relations representatives, are disallowed. Each reviewer's term is capped at five years and 30 per cent of the panel are rotated annually. The guide also leverages on data collected on the Meituan-Dianping platform regarding gourmet trends and the taste preferences of its users, which currently numbers around 678 million active users, according to global data and business intelligence platform Statistica. Tang said: 'We hope to establish an evaluation system that embodies Chinese characteristics to provide a reference point for international businesses keen to enter the Chinese market, and we hope to build a bridge for Chinese cuisine to go global. 'We plan to follow the paths of the Chinese diaspora in expanding our scope. Future editions will primarily focus on Asian regions, specifically Southeast Asia and East Asia. These areas are rich in culinary diversity and home to significant Chinese communities. Through this strategic expansion, we aim to further enhance cross-cultural dining exchanges and integration.' These are the Singapore restaurants ranked in the Black Pearl Restaurant Guide 2025. THREE DIAMONDS Les Amis Odette TWO DIAMONDS JAAN by Kirk Westaway ONE DIAMOND Burnt Ends Candlenut Cassia Cloudstreet Jade Palace Seafood Restaurant Meta Restaurant Peach Blossoms Restaurant Born Seroja Summer Pavilion Teochew Restaurant Huat Kee Waku Ghin Zen
