Author: therawinformant

Vuzix Smart Glasses revenues for the second quarter increased 183% year-over-yearOverall revenues for the second quarter increased 98% sequentially compared to the first quarterROCHESTER, N., Aug.

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(Bloomberg) — David Chen left his native China as a teenager to attend school in Singapore. Little did he know that his adopted city would help him reach the ranks of the ultra-rich.The co-founder of Sea Ltd. is now worth $1.3 billion, joining fellow co-founders Forrest Li and Gang Ye among Singapore’s wealthiest individuals. Their company has thrived during the pandemic thanks to the popularity of battle royale mobile game Free Fire and e-commerce platform Shopee.By far the city-state’s biggest company by market value, Sea didn’t happen by accident. It’s the result of the island’s approach to lure foreign talent at a young age to a market with easy access to capital. Chen and Ye both moved with scholarships for their studies, while Li, who was born and raised in China’s port city of Tianjin, followed his wife to Singapore after finishing an MBA at Stanford University.“Attracting the right foreign talent is essential to allow progressive development of successful Singapore brands and enterprises,” said Daniel Wong Hwee Boon, an associate professor at the National University of Singapore. “As a small country, it is imperative to not only stay relevant but also ahead. Our next generation will see how other talents are managing around the world.”Both Chen and Ye arrived in Singapore as teenagers under a government effort to recruit foreign talent through scholarship programs that began in the 1990s. Chen studied computer engineering at the National University of Singapore, while Ye, also originally from China, went to Hwa Chong Institution and Raffles Junior College, and later got bachelor degrees in computer science and economics from Carnegie Mellon University in Pittsburgh.Touchy SubjectThe lives of Sea’s three founders are now deeply rooted in Singapore. They’ve all become citizens, and Chief Executive Officer Li is a board member of the Economic Development Board, the government agency charged with promoting growth and positioning the city-state as a global center for business.With Singapore’s economy now mired in a record slump, the government is pulling several levers — including attracting foreign talent — to get it back on track. Immigration policies have become a touchy subject, though, and public spending on scholarships and tuition grants for international students has fallen over the past decade. The ruling People’s Action Party recently dealt with opposition claims that it was attempting to increase the population by boosting the number of foreigners, saying it could result in fewer jobs for locals.Yet the city-state’s appeal has been growing for entrepreneurs, just as the Trump administration has been working to tighten immigration in the U.S. The number of startups in Singapore has more than doubled in the last decade to an estimated 55,000, according to the Economic Development Board. While that mirrors an explosion seen in many countries around the world, official support for areas such as fintech has helped entice entrepreneurs from places like protest-wracked Hong Kong.Founded in 2009 and backed by Chinese tech giant Tencent Holdings Ltd., Sea is heading for another spectacular year, thanks in part to Free Fire and Shopee, which was the third-most downloaded shopping app globally across iOS and Google Play in the first quarter. While based in Singapore, the company is listed in New York, and its American depositary receipts have more than tripled in 2020, sending Sea’s market value to $61 billion. They surged 255% in 2019.Soccer ClubThat’s pushed Li’s wealth to $7.1 billion, making him Singapore’s sixth-richest person, according to the Bloomberg Billionaires Index. Ye, who serves as the company’s chief operating officer, is worth $4 billion. Chen, Shopee’s chief product officer, owns 2.6% of the shares as well as options, according to a company filing.“These guys are the very product of meritocracy,” said Alan Hellawell, a venture partner at Alpha JWC Ventures, who formerly served as Sea’s chief strategy officer.With about 3,000 employees in Singapore, Sea is one of the largest homegrown tech companies by workforce. It’s also the owner of the city’s Lion City Sailors Football Club.But the best way to manage wealth is to continuously grow the company, according to Sea’s founders.“We’re all very committed,” Li said in a video interview. “Other things don’t matter.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Omeros Corporation (NASDAQ: OMER) shares were galloping higher Monday after the biopharma announced results from a compassionate use study of its lead investigational human monoclonal antibody.What Happened: Seattle-based Omeros said its narsoplimab, when administered to six COVID-19 patients with Acute Respiratory Distress Syndrome who initially required mechanical ventilation, led to recovery, survival and discharge from the hospital.Mannan-binding lectin-associated serine protease-2, or MASP-2, binds the nucleocapsid protein of SARS-CoV-2 — the virus responsible for COVID-19 — resulting in complement activation and lung injury.Narsoplimab targets MASP-2, alleviating symptoms of COVID-19, including ARDS and thrombotic events, according to Omeros. Narsoplimab is being evaluated as a treatment option for hematopoietic stem cell transplant-associated thrombotic microangiopathy, or HSCT-TMA.Rolling BLA submission is underway for the indication, Omeros said.The study of narsoplimab in COVID-19 was initiated following a request from treating physicians at the Papa Giovanni XXIII Hospital in Bergamo, Italy, the company said.The uniformly successful outcomes of the study are impressive, Alessandro Rambaldi, head of the department of hematology and oncology at Papa Giovanni, said in a statement. Rambaldi also served as the lead investigator for the HSCT-TMA trial. "Also of importance in this terribly sick population studied, the drug was well-tolerated, showing no adverse effects," Rambaldi said. Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.What's Next: Omeros said a manuscript detailing the results of the study has been accepted for publication in the peer-reviewed journal Immunobiology.OMER Price Action: At last check, Omeros shares were surging higher by 49.89% to $21.18. Related Links:The Week Ahead In Biotech: Bausch Health, Fennec Pharma FDA Decisions And Smid-cap Earning Attention Biotech Investors: Mark Your Calendar For August PDUFA Dates See more from Benzinga * Seres Therapeutics Skyrockets On Positive Pivotal Study Results For Microbiome Therapeutic * Why BofA Has The Street's Highest Nvidia Price Target Ahead Of The Q2 Print * Why iPhone 12 Will Be Another 'Defining Chapter' In Apple's Growth Story(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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It is doubtless a positive to see that the Ideanomics, Inc. (NASDAQ:IDEX) share price has gained some 272% in the last…

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Stephens downgraded Trade Desk to Hold from Buy citing the stock's high valuation. The advertising tech company on Aug. 6 posted 2Q earnings that beat analysts' expectations. Shares rose 2.6% on Friday.Stephens analyst Kyle Evans stated that the recent run-up in Trade Desk (TTD) stock in comparison to the valuation and mixed 2Q revenue performance led to the downgrade. The analyst maintained a price target of $470 (4.7% downside potential).Trade Desk's 2Q earnings of $0.92 per share beat analysts’ estimates of $0.17. Its revenues of $139.4 million surpassed Street estimates of $134.9 million. Overall though 2Q sales and earnings declined on a year-over-year basis. (See TTD stock analysis on TipRanks).RBC Capital analyst Mark Mahaney raised Trade Desk's price target to $510 (3.4% upside potential) from $300 but maintained a Hold rating. “Trade Desk saw a large deceleration in growth from Q4 levels but July trends suggested a strong recovery,” Mahaney wrote in a note to investors.Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 4 Buys versus 6 Holds. Given the year-to-date stock increase of around 90%, the average price target of $465 implies downside potential of about 5.7%.Related News: Wedbush Lifts Apple’s PT To ‘Street High’ ON Semiconductor Quarterly Profit Misses Estimates; Top Analyst Sticks To Buy Barclays Lifts Uber’s PT On Recovery Bet More recent articles from Smarter Analyst: * MGM Spikes 14% As IAC Makes $1B Investment Amid Online Gambling Bet * Marriot Posts Wider-Than-Expected 2Q Loss, Sees 'Gradual Recovery' * FedEx Gains 5% As Bernstein Raises Stock To Buy * Northland Cuts Stamps.com To Hold Despite 2Q Earnings Beat

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Yahoo Finance’s Alexis Keenan joins Zack Guzman to discuss how Kodak shares tanked more than 40% as the government loan is put on pause while allegations of the company are investigated.

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Top stories about how the coronavirus pandemic is affecting business around the world.

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TikTok talks with Microsoft unlikely to end in deal. Yahoo Finance’s On The Move panel shares the details.

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Ford Motor Company (NYSE:F) shareholders will doubtless be very grateful to see the share price up 34% in the last…

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