Latest news with #GCL
Zawya
7 days ago
- Business
- Zawya
China solar industry to address overcapacity challenge but turnaround far off, experts say
Solar manufacturing company heads in China, grappling with losses and tariffs on exports to the U.S., called for an end to a price war and a solution to overcapacity in the sector, but industry participants predict a slow turnaround. China's solar manufacturers have reported losses this year as U.S. President Donald Trump's trade war put further pressure on demand within the industry. Losses in the photovoltaic manufacturing value chain reached $40 billion last year, while for the industry as a whole - including firms' other business lines - totalled $60 billion, Trina Solar Chairman Gao Jifan said. The Chinese government and industry were working to address the overcapacity and breakneck competition that have pushed most major producers into the red, Gao told the SNEC PV+ Photovoltaic Power Conference and Exhibition in Shanghai this week. The National Development and Reform Commission (NDRC), China's state planner, held an online meeting in February calling for a ban on new production, Gao said, but new capacity has nevertheless been built in recent months. NDRC did not immediately respond to a faxed question on the matter. Zhu Gongshan, chairman of polysilicon and module producer GCL, called for a "clear out" of the sector through mergers and a paring back of production capacity. China was also moving away from reliance on a single market, Zhu said, referring to growth in new markets outside China in response to tariffs and other trade barriers. Chinese manufacturers have been rapidly expanding in the Middle East, and a module-producing firm said demand is set to grow in eastern Europe and South Asia. Solar manufacturing makes up less than two-thirds of Trina's business now and will fall to 50% or less in the next two to three years, Gao said, with a greater focus on product solutions and energy storage. Several experts told Reuters during this week's industry event that there is no hope for recovery in solar component prices this year. One procurement manager at a module producer in eastern China said two or three large factories would have to stop production for supply and demand to rebalance and support prices, unlikely in the near future. "The overcapacity issue is so deep one cannot see to the bottom," another module producer, using a Chinese proverb.
Reuters
7 days ago
- Business
- Reuters
China solar industry to address overcapacity challenge but turnaround far off, experts say
SHANGHAI, June 13 (Reuters) - Solar manufacturing company heads in China, grappling with losses and tariffs on exports to the U.S., called for an end to a price war and a solution to overcapacity in the sector, but industry participants predict a slow turnaround. China's solar manufacturers have reported losses this year as U.S. President Donald Trump'strade war put further pressure on demand within the industry. Losses in the photovoltaic manufacturing value chain reached $40 billion last year, while for the industry as a whole - including firms' other business lines - totalled $60 billion, Trina Solar ( opens new tab Chairman Gao Jifan said. The Chinese government and industry were working to address the overcapacity and breakneck competition that have pushed most major producers into the red, Gao told the SNEC PV+ Photovoltaic Power Conference and Exhibition in Shanghai this week. The National Development and Reform Commission (NDRC), China's state planner, held an online meeting in February calling for a ban on new production, Gao said, but new capacity has nevertheless been built in recent months. NDRC did not immediately respond to a faxed question on the matter. Zhu Gongshan, chairman of polysilicon and module producer GCL, called for a "clear out" of the sector through mergers and a paring back of production capacity. China was also moving away from reliance on a single market, Zhu said, referring to growth in new markets outside China in response to tariffs and other trade barriers. Chinese manufacturers have been rapidly expanding in the Middle East, and a module-producing firm said demand is set to grow in eastern Europe and South Asia. Solar manufacturing makes up less than two-thirds of Trina's business now and will fall to 50% or less in the next two to three years, Gao said, with a greater focus on product solutions and energy storage. Several experts told Reuters during this week's industry event that there is no hope for recovery in solar component prices this year. One procurement manager at a module producer in eastern China said two or three large factories would have to stop production for supply and demand to rebalance and support prices, unlikely in the near future. "The overcapacity issue is so deep one cannot see to the bottom," another module producer, using a Chinese proverb.
Yahoo
12-06-2025
- Business
- Yahoo
GCL Announces Subsidiary's Intention to Exercise Right of Compulsory Acquisition in relation to the Offer for Ban Leong Technologies Limited and Subsequent Delisting
As of 6.00 p.m. (Singapore time) on June 12, 2025, GCL's indirect subsidiary, Epicsoft Asia Pte. Ltd. (the 'Offeror') owns, controls, or has agreed to acquire an aggregate of 100,167,499 Shares representing approximately 92.92% of the total number of issued Shares of Ban Leong Technologies Limited. SINGAPORE, June 12, 2025 (GLOBE NEWSWIRE) -- GCL Global Holdings Ltd (NASDAQ: GCL) ('GCL'), a leading provider of games and entertainment and the indirect parent company of the Offeror, today announced that the Offeror has successfully garnered acceptances exceeding 90% of the total number of issued Shares (excluding Shares held in treasury) (the 'Announcement'). As of 6.00 p.m. (Singapore time) on June 12, 2025, GCL's indirect subsidiary, the Offeror owns, controls, or has agreed to acquire an aggregate of 100,167,499 Shares representing approximately 92.92% of the total number of issued Shares of Ban Leong Technologies Limited ('Ban Leong'). Consequently, the Offeror is entitled to, and intends to, exercise its right to compulsorily acquire all the Offer Shares not acquired under the Offer. The Offeror will despatch to the Shareholders who have not accepted the Offer ("Dissenting Shareholders") the relevant documentation in relation to the exercise of its right of compulsory acquisition, together with the prescribed notice under the Companies Act 1967 of Singapore, in due course. Subsequent to such compulsory acquisition, the Offeror will proceed to delist Ban Leong from the Singapore Stock Exchange. LOOKING AHEAD As stated in the Offer Document dated May 21, 2025, the acquisition is expected to create potential synergies through economies of scale and improved operational efficiencies. It is also expected to enable new revenue streams, introduce additional sales channels, and enhance both companies' brand positioning within an integrated gaming ecosystem. Following the completion of the Offer, GCL will explore opportunities to align with Ban Leong's marketing and procurement strategies in the consumer electronics and gaming hardware sectors. This may include initiatives such as leveraging Ban Leong's industry relationships, exploring B2C sales opportunities for gaming peripherals and PC components that complement GCL's gaming content, and evaluating the feasibility of introducing branded gaming devices pre-installed with GCL titles. GCL and Ban Leong will also assess how the Group's existing sales and distribution infrastructure across Asia can support the broader commercialisation of GCL's gaming portfolio. Notwithstanding the foregoing, the Offeror will undertake a comprehensive review of Ban Leong's businesses and fixed assets to determine the optimal strategy for Ban Leong, post-closing of the Offer. This press release should be read in conjunction with the full text of the announcement filed by the Company on a Form 6-K, on June 12, 2025, available on the Securities and Exchange Commission ('SEC') website at No Offer or Solicitation This news release is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. About GCL Global Holdings Ltd. GCL Global Holdings Ltd. leverages its diverse portfolio of digital and physical content to bridge cultures and audiences by introducing Asian-developed IP to a global audience across consoles, PCs, and streaming platforms. Learn more at About GCL Global Pte. Ltd. GCL Global Pte. Ltd. ('GGPL') unites people through immersive games and entertainment experiences, enabling creators to deliver engaging content and fun gameplay experiences to gaming communities worldwide with a strategic focus on the rapidly expanding Asian gaming market. It is an indirect wholly-owned subsidiary of GCL Global Holdings Ltd. About Epicsoft Asia Pte. Ltd. Epicsoft Asia Pte. Ltd. ('Epicsoft Asia'), a wholly-owned subsidiary of GCL Global Pte. Ltd., is a premier distributor of interactive entertainment software. With a robust network and a proven track record of successful game launches, Epicsoft Asia is dedicated to bringing premier gaming experiences to players across Taiwan, Hong Kong, and Southeast Asia. About Ban Leong Technologies Limited Ban Leong Technologies was incorporated in Singapore on 18 June 1993 and was listed on the Main Board of the Singapore Stock Exchange on 23 June 2005. The principal activities of the company and its subsidiaries are the wholesale and distribution of computer peripherals, accessories and other multimedia products. It distributes a wide range of technology products, with key segments that include IT accessories, gaming, multimedia, smart technology and commercial products. The company is headquartered in Singapore with regional offices in Malaysia and Thailand. Forward-Looking Statements This press release includes 'forward-looking statements' made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995, and may be identified by the use of words such as 'estimate,' 'plan,' 'project,' 'forecast,' 'intend,' 'will,' 'expect,' 'anticipate,' 'believe,' 'seek,' 'target' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements may also include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the estimated implied enterprise value of the Company, GCL's ability to scale and grow its business, the advantages and expected growth of the Company, and the Company's ability to source and retain talent. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of GCL's management and are not predictions of actual performance. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although GCL believes that it has a reasonable basis for each forward-looking statement contained in this press release, GCL cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the proxy statement/prospectus included in the Registration Statement relating to the recent business combination, filed by the Company with the SEC on December 31, 2024 and other documents filed by the Company from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. GCL cannot assure you that the forward-looking statements in this press release will prove to be accurate. There may be additional risks that GCL presently knows or that GCL currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of GCL as of the date of this press release. Subsequent events and developments may cause those views to change. However, while GCL may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of GCL as of any date subsequent to the date of this press release. Except as may be required by law, GCL does not undertake any duty to update these forward-looking statements. GCL Investor Relations:Crocker 652-7185 Directors' Responsibility Statement pursuant to the Singapore Code on Take-overs and Mergers The sole director of the Offeror and the directors of GGPL (including those who may have delegated detailed supervision of the preparation of this press release) have taken all reasonable care to ensure that the facts stated and all opinions expressed in this press release are fair and accurate and that there are no other material facts not contained in this press release, the omission of which would make any statement in this press release misleading, and they jointly and severally accept responsibility accordingly. Where any information has been extracted or reproduced from published or otherwise publicly available sources or obtained from Ban Leong (including without limitation, relating to Ban Leong and its subsidiaries), the sole responsibility of the sole director of the Offeror and the directors of GGPL has been to ensure, through reasonable enquiries, that such information is accurately and correctly extracted from such sources or, as the case may be, accurately reflected or reproduced in this press in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-06-2025
- Politics
- Yahoo
NJ governor election: Who is running for NJ governor 2025? Check out the list.
The 2025 primary is June 10 in New Jersey. Here are the ballot choices for governor that await Democratic and Republican voters who enter polling stations Tuesday. Hot topics: New Jersey farmers want to see these concerns tackled by a new governor Steve Sweeney, a former state Senate president. Sean Spiller, president of the New Jersey Education Association and former Montclair mayor. Newark Mayor Ras J. Baraka. Jersey City Mayor Steven Fulop. U.S. Rep. Mikie Sherrill, D-NJ. U.S. Rep. Josh Gottheimer, D-NJ. Issues: How GCL rail, other South Jersey public transit initiatives may hinge on governor's race Jack Ciattarelli, the GOP's 2021 gubernatorial nominee and a former state assemblyman. State Sen. Jon Bramnick, R-Union. Bill Spadea, a former conservative talk radio host. Justin Barbera, a contractor from Vincentown. Mario M. Kranjac, an attorney and former Englewood Cliffs mayor. Joe Smith is a N.E. Philly native transplanted to South Jersey 36 years ago, keeping an eye now on government in South Jersey. He is a former editor and current senior staff writer for The Daily Journal in Vineland, Courier-Post in Cherry Hill, and the Burlington County Times. Have a tip? Support local journalism with a subscription. This article originally appeared on Cherry Hill Courier-Post: On Tuesday, Democrats Republicans pick their 2025 governor nominees
New Indian Express
27-05-2025
- Business
- New Indian Express
Inside the chess world's race to ace the Indian market
STAVANGER: The FIDE World Cup is scheduled to be held in India later this year. The third season of the Global Chess League (GCL), owned and conducted by an Indian company, may be held in Chennai in December. Another edition of the Chennai Grandmasters, India's only super tournament, is scheduled to be held in August. It may be bigger and better than the first two. Viswanathan Anand, a former five-time world champion, is one of FIDE's top officials. D Gukesh is the reigning world champion. Arjun Erigaisi, now in the top five, had to play and win a lot of open tournaments. These days, Erigaisi gets invited to a lot of top-tier events; an indication of his standing. Likewise with Aravindh Chithambaram, R Praggnanandhaa and so on. In short, if you are an Indian — or an Indian entity — involved in chess, this is boom time. Everybody wants in on the gravy train or the 'Indian market'. It, of course, wasn't like this before. "The pandemic changed it from an Indian (chess) perspective," says Srinath Narayanan, a GM who has organised several events over the last few years. "Indian players were getting invites to the big events but not at the level we are seeing now. But you can also understand why they are getting invites to the super tournaments now, there are two of them in the top five." The 'two of them' Narayanan refers to are featuring at Norway Chess —Gukesh and Erigaisi. Here's Kjell Madland, the tournament's founder and tournament director. "India is so important," Madland says. "It's a very big country and it's growing... the economy, technology and also they have so many young players. It's very important to have connections with Indian players and the market in India." Madland and his team at Stavanger, the annual destination for Norway Chess, have already held exploratory talks with stakeholders in India apropos holding events in India under their umbrella. It's not hard to imagine why they would want to do so. It could be a case of future-proofing the brand in a post Magnus Carlsen world (the World No. 1 could well stop playing Classical chess from next year). "In the first year (2013), Vishy (Viswanathan) Anand played and he was the world champion. Even from the beginning, we knew India was important." That kind of sentiment is reflected in the number of Indians in the draw this year. There are four (two each in the Open and women's), a record for Indian players at the tournament in its 13-year history. Narayanan has a theory as to why that may be the case across invitational closed competitions. "There are a fair few players in the top-10 and top-20 so they have got there with the way they have performed. Take both Erigaisi and Gukesh, for example. They have won a lot of open tournaments and now are getting invited to super events fairly regularly." It's not just the Indian players who have been front and centre. In 2024, the Tamil Nadu government as well as the All India Chess Federation (AICF) submitted two separate bids to host the World Championship. A year earlier, the TN government organised a super tournament to help one of Gukesh or Erigaisi to qualify for the Candidates via the circuit (the former capitalised). Narayanan, tasked with the role of bringing that competition to life, explains. "Chess is a difficult event to get sponsors on but I would say it has been better to get sponsors on board in 2024 and now. Because, in 2023, it existed only as a concept." Young Indian GMs, including the likes of Praggnanandhaa and Gukesh, are at the top of the wish-list because of their social media followings. While appearance fees aren't big in chess, organisers of the big events, especially in 2025, may prefer to get on board a player who has a bigger social media footprint. "If you are looking at two similarly rated players but have only a slot, their social media accounts can play a role," Narayanan says. It's like this because there is the added element of the tournament receiving potentially more eyeballs on social media. Wednesday's pairings: Open: Magnus Carlsen vs Wei Yi, Fabiano Caruana vs Arjun Erigaisi, D Gukesh vs Hikaru Nakamura. Women: Koneru Humpy vs Sara Khadem, Ju Wenjun vs R Vaishali, Lei Tingjie vs Anna Muzychuk.
