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Sea co-founder Forrest Li lost almost US$18B in stock crash

In September last year, Forrest Li, the co-founder of Sea – the parent company of Shopee – overtook Li Xiting to become Singapore’s richest man with a net worth of US $ 20.2 billion.

He retained that status till just a few months ago with his US $ 22 billion fortune. Now, he no longer makes the cut to be the top 500 richest people in the world.

According to the Bloomberg Billionaires Index, his net worth is now valued at only US $ 4.7 billion.

He has emerged as one of the biggest losers from a huge market crash. Additionally, the shutdown of its main e-commerce operation in India and disappointing earnings have tanked the company’s American depository receipts more than 80 per cent from a peak in October.

At one point, Sea was touted as Southeast Asia’s most valuable company, as it deepens its foray in fintech beyond gaming and e-commerce.

Shopee, the e-commerce arm of Sea Ltd / Image Credit: Reuters

The upcoming year will pose several challenges for the company. Like other tech companies that soared when the COVID-19 pandemic began, Sea is now facing difficulties due to an increase in interest rates as well as the tensions due to the war in Ukraine.

Sea is also facing renewed competition from rival businesses, including Alibaba, and more people are shifting from online to offline purchases as pandemic restrictions are eased.

Sea is scheduled to report its first-quarter earnings soon, and is expected to post a record loss of more than US $ 740 million, according to the average analyst estimate compiled by Bloomberg.

Sea’s net loss had already widened in the final three months of last year as the firm aggressively expanded.

Sea’s valuation collapse prompted Li to reach out to his employees earlier in March. In a 900-word internal memo, he told them not to fear and that while the drop is painful, “this is short-term pain that we have to endure to truly maximize our long-term potential”.

Many tech entrepreneurs have also lost their fortunes

Besides Li, many tech entrepreneurs who saw their wealth rise on the back of the pandemic-induced growth are being hit hard by the market selloff.

Eric Yuan, chief executive officer of Zoom Video Communications, has lost US $ 4.4 billion of wealth this year, while the fortune of Amazon’s Jeff Bezos, the world’s second-richest person, is down to almost US $ 58 billion.

(From left to right) Forrest Li, Gang Ye and David Chen / Image Credit: Sea

The company’s other two co-founders are also not spared. Gang Ye has lost US $ 4.3 billion in wealth this year, while David Chen is no longer a billionaire.

Previously, all three of the founders, who hail from China, were featured on the top half of Forbes’ Singapore’s Richest 2021 list.

Featured Image Credit: Sea Ltd


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Artist Martin Rosol Creates Stunning Abstract Glass Sculptures Inspired By Architectural Geometric Forms



USA-based Czech artist Martin Rosol creates stunning abstract glass sculptures inspired by architectural geometric forms. He was influenced most by architectural studies, Martin’s sculptures, in the words of one admirer, are “works of elegant design and craftsmanship”. Made with several pieces of glass precisely cut from blocks of crystal, the glass is constructed in architectural forms after selected surfaces have been sand-blasted.

The sculptures are multi-dimensional, some surfaces clear, some opaque. The results are monuments to light. Rosol’s public collections include the American Craft Museum in New York, the Kanazawa Museum in Japan, and the Moravian National Gallery in the Czech Republic.

Scroll down and inspire yourself. Please check the Holsten Galleries link to view more amazing work from Martin.

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Labor’s lead narrows in three new national polls; and seat polls galore

The final Resolve poll for Nine newspapers, conducted May 12-17 from a sample of 2,049, gave Labor just a 52-48 lead by 2019 election preferences, a two-point gain for the Coalition since last fortnight’s Resolve. By respondent preferences, Labor’s lead was narrower at 51-49, a three-point gain for the Coalition.

Primary votes were 34% Coalition (up one), 31% Labor (down three), 14% Greens (down one), 6% One Nation (up one), 4% UAP (down one), 6% independents (up two) ) and 4% others (steady). 86% said they were now committed to their first preference (up 10), while 14% were not yet committed (down 10).

50% thought Scott Morrison was doing a bad job and 43% a good job for a net approval of -7, up two points. Anthony Albanese gained three points for a net approval of -8. Morrison led as preferred PM by 40-36 (39-33 previously).

Labor and Albanese led the Liberals and Morrison by 32-30 on keeping the cost of living low (34-28 previously). On economic management, the Liberals led by 40-30 (42-27 last time).

The poll supplemented its usual online sample of about 1,400 for campaign polls with several hundred respondents interviewed by telephone.

In the three polls so far this week, Resolve has had the most dramatic narrowing. Essential has generally had better results for the Coalition than other polls, and Labor’s lead after preferences has been as low as one point twice this year. The narrowing in Morgan was not all it seemed.

I don’t think the Coalition’s campaign launch on Sunday and their housing policy is responsible, as the fieldwork for these polls began well before then. With Morrison’s ratings still well in negative territory, the narrowing may reflect hesitation about voting Labor.

I expect more polls from Newspoll, Ipsos and perhaps a final Morgan poll by Friday night.

Essential: 48-46 to Labor with undecided included

The final Essential poll, conducted May 11-16 from a sample of 1,600, gave Labor a 48-46 lead with undecided included (49-45 last fortnight). Primary votes were 36% Coalition (steady), 35% Labor (steady), 9% Greens (down one), 4% One Nation (up one), 3% UAP (down one), 6% Others (up one) and 7% undecided (up one).

With undecided excluded, the two parties would be 51-49 to Labor. Analyst Kevin Bonham estimated 51.6-48.4 to Labor by 2019 preference flows.

49% disapproved of Morrison’s performance (up one since April) and 43% approved (down one), for a net approval of -6, down two points. Albanese’s net approval was up one point to +1. Morrison led as better PM by 40-37 (40-36 previously).

34% said the government deserved to be re-elected (up one since last fortnight), and 49% said it was time to give someone else a go (up three).

Morgan poll: Labor’s lead narrows to 53-47, but …

A national Morgan poll, conducted May 9-15 from a sample of 1,366, gave Labor a 53-47 lead, a 1.5-point gain for the Coalition since the previous week’s poll. Primary votes were 34% Labor (down 1.5), 34% Coalition (steady), 13% Greens (steady), 4% One Nation (steady), 1% UAP (steady), 9% independents (up 0.5) and 5% others (up one).

This two party result is based on 2019 preference flows. Until last week, Morgan was using respondent preferences, which were better for Labor. Bonham gets a Labor lead of 53.9-46.1 from Morgan’s primaries, implying Morgan miscalculated the 2019 flows.

It’s likely Morgan’s high independent vote is because they continue to ask for independents in all seats, even though most seats don’t have viable independents. Resolve was the other pollster that used to have high independent votes, but dropped the independent option in its last poll in most seats, leading to a surge for the Greens.

Read more: Labor’s lead steady in Newspoll and gains in Resolve; how the polls moved during past campaigns

It’s not mentioned in the poll report, but Labor’s two party estimate using respondent preferences was actually up 0.5 points from the previous week to a 56.5-43.5 lead for Labor.

Seat polls galore, but mainly in NSW and WA

As I’ve said before, seat polls have been unreliable at past elections. The polls listed here are relatively poor for Labor in WA, but strong in NSW, which most of these polls focused on. There are two potential NSW losses for Labor: Eden-Monaro and Hunter, but far more for the Coalition.

Data for the seat polls would mostly have been collected last week, before any national narrowing began.

Polls were good for “teal” independents in Wentworth and Goldstein, and for Labor in inner Brisbane seats, but none of these polls surveyed a regional Queensland seat.

A note on seat margins: in Australia, the margin is the winning party two party percentage minus 50%, not the difference between the two leading candidates. For example, Parramatta is Labor held by a 3.5% margin, meaning that Labor won it by 53.5-46.5 at the 2019 election, a 7.0% difference.

Read more: Where are the most marginal seats, and who might win them?

Utting research robopolls of four WA seats were conducted May 12-13 from samples of 400 per seat for the WA Sunday Times. Compared to March polls of the same four seats, these are much better for the Coalition. Labor would still gain Swan and Pearce.

In Swan (Lib, 3.2% margin), Labor’s March lead is down from 59-41 to 53-47. In Pearce (Lib, 5.2%), Labor’s lead reduced from 55-45 to 52-48. In Hasluck (Lib, 5.9%), the Liberals lead by 55-45 after trailing 52-48 previously. And in Tangney (Lib, 9.5%), the Liberals have a 54-46 lead after a 50-50 tie last time.

WA has nearly always been much more pro-Coalition at federal elections than the country overall. These polls suggest that it has reverted to type. Labor’s national poll leads may reflect swings to Labor in the eastern states since the campaign began.

Polls for the Industry Association were reported by Sky News on Sunday. They surveyed seven NSW seats from samples of 800 per seat. Fieldwork dates and pollster used were not mentioned.

In Robertson (Lib, 4.2%), Labor led by 58-42. In Reid (Lib, 3.2%), Labor led by 53-47. In Parramatta (Lab, 3.5%), Labor led by 54-46. In Gilmore (Lab, 2.6%), Labor led by 56-44. In Shortland (Lab, 4.5%), Labor led by 57-43. In Hunter (Lab, 3.0%), Labor led by 51-49. And in Lindsay (Lib, 5.0%), the Liberals led by 57-43.

The report also said that similar polling earlier in the campaign showed losses for the Coalition in Banks (Lib, 6.3%) and Bennelong (Lib, 6.9%).

The weighted share in a Compass poll of North Sydney (Lib, 9.3%), conducted in the week of May 6 from a sample of 507, gave the Liberals 40.5%, Labor 21.6%, an independent 13.6% and the Greens 12.9%. Analyst Kevin Bonham estimated this would be 50.5-49.5 to Labor.

A Redbridge The North Sydney poll for Climate 200, conducted May 3-14 from a sample of 1,267, gave the Liberals 35.5%, the independent (Kylea Tink) 24.8% and Labor 18.9%. Bonham said respondent preferences gave Tink a 54.5-45.5 lead over the Liberals.

A Redbridge poll for independent Allegra Spender in Wentworth (Lib, 1.3% vs independent Kerryn Phelps in 2019), reported by The Guardian, gave the Liberals 36%, Spender 33.3%, Labor 11.7%, the Greens 6.2% and UAP 5.3%. Spender would win from these primary votes.

The Poll Bludger reported Tuesday that a Laidlaw poll of Fowler (Lab, 14.0%), conducted three weeks ago from a sample of 618, had Labor’s Kristina Keneally leading independent Dai Le by 45-38 after preferences with 17% undecided.

In the Victorian seat of Goldstein (Lib, 7.8%), Samantha Maiden reported Saturday that a eComms poll for the left-wing activist GetUp! with a sample of 831 gave independent Zoe Daniel a 59-41 lead over Liberal incumbent Tim Wilson.

eComms has had very strong results in its polls for “teal” independents. The Poll Bludger is sceptical as they have not altered their weighting since the 2019 election, when not weighting by education is thought to have caused the poll failure.

Read more: As the election campaign begins, what do the polls say, and can we trust them this time?

YouGov polls for Labor in May of Brisbane (Qld, LNP, 4.9%), Ryan (Qld, LNP, 6.0%), Bennelong and Higgins (Vic, Lib, 2.6%) from samples of 400 per seat had Scott Morrison’s disapproval rating at 57% in Bennelong, 58% in Ryan, 62% in Brisbane and 65% in Higgins according to The Guardian.

Maiden reported Tuesday that eComms polls for GetUp! in Gilmore, Ryan, Eden-Monaro (NSW, Lab, 0.9%), Page (NSW, Nat, 9.5%) and Macquarie (NSW, Lab, 0.2%) gave Labor a 57-43 lead in Gilmore, 55-45 in Ryan and 56-44 in Macquarie. But the Nationals led by 51-49 in Page and the Liberals by 51-49 in Eden-Monaro.

Tasmanian upper house: Labor loses Huon

Tasmanian upper house elections occurred in Huon, McIntyre and Elwick on May 7. The last two were decided by large margins, but in Huon preferences were distributed Tuesday after the postal reception deadline.

Primary votes were 25.1% Labor, 23.7% for conservative independent Dean Harriss, 22.7% Liberals, 20.9% Greens and 7.8% Local Party. After preferences, Harriss defeated Labor by 52.6-47.4. This means Labor drops from five seats to four in the 15-member upper house.

Author: Adrian Beaumont – Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

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Candace Owens Says The Media Does Not Care About White Victims

“The Media Does Not Care About White Victims Or Black Victims” – Candace Owens

We reported earlier that relatives of Buffalo’s supermarket-slaughter suspect are copping the COVID defense, telling the New York Post on Monday that the teen shooter likely snapped because of his paranoia and isolation from the pandemic.

Well, it appears Candace Owens has some things to share about the incident and how the media has been portraying it.

According to the controversial conservative commentator, the media doesn’t care about White victims. Taking to Twitter, Candace shared in a lengthy thread how Black crimes are being undermined by the media.

“A black supremacist took a vehicle and plowed it into a group of white people at a Christmas parade in Waukesha. A white supremacist carved the name of one of those white parade victims onto a rifle and livestreamed a mass shooting in a majority black neighborhood, ”she tweeted.

“Both acts are heinous but they will not earn equal coverage in the media. Our dishonest, race-obsessed media should be blamed for BOTH of these massacres. They will elevate the Buffalo shooting because white crimes vs. black victims is preferred. The cycle of hatred continues. ”

She continued, “Of course the media does not care about white victims or black victims. None of us, ever. All they care about is power. So today they are thinking: “how can we use dead black people to attack Tucker Carlson?” Delusional filth. That is what our mainstream media has become. ”

“Today is your reminder that your media: Does not care about dead black people Does not care about dead white people Do not care about dead police officers They will continue to sacrifice all Americans to” narrative “in an effort to garner more power for themselves . ”

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Госдеп намерен следить за военными РФ и обнародовать “преступления” на Украине

Guaddartan hotel has been released in the United States for the “peripherals of the Confederations”, in the United States. ситуацию на Украине to connect with the dashings of the “cool presets” cross-section.

As a result of the development of the human resources, we have developed a comprehensive understanding of the “natural resources” of human resources from the technological recreational and ecological resources.

“Обсерватория конфликтов будет анализировать и сохранять общедоступную и коммерчески доступную информацию, включая спутниковые снимки и информацию, распространяемую через социальные сети, в соответствии с международными правовыми стандартами, для использования в текущих и будущих механизмах подотчётности”, — цитирует заявление Госдепа CNN.

How to make the best of the best of the best, the best of the best, in the best of the best, in the best of the best. From a small group of people, the program will be organized in a way that “all of the dictatorship” is due to the recreational conditions in the bunker.

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FBI warns of scraping attacks targeting online checkout pages

The US Federal Bureau of Investigation has issued a flash alert warning businesses that cyber actors are scraping credit card data from online checkout pages.

The alert states that as of January, the unidentified cyber attacker scraped credit card data from a business by injecting malicious PHP code into the business’ online checkout page. The attacker then sent the scaped data to a service that spoofed a legitimate card processing server.

Furthermore, it is claimed that the attack also established backdoor access to the victim’s system by modifying two files within the checkout page.

This form of attack is hardly new – Magecart attacks have been prevalent for years, but as ZDNet points out, it appears that the methodology of inserting a different PHP function is a new variation on the typical attack. The actors create a backdoor using a debugging function and then installs two webshells onto the service, giving additional room for exploitation.

The FBI recommends that businesses update and patch all systems, change default login credentials and monitor requests performed against e-commerce systems to identify possible malicious activity. It is also recommended that websites be secured with SSL and that third-party software and hardware only be installed from trusted sources.

“This FBI warning is one that US businesses should take very seriously,” Kunal Modasiya, senior director of product management at cybersecurity company PerimeterX Inc., told SiliconANGLE. “An attack whereby bad actors scraped online credit card data by injecting malicious PHP code into the checkout page is yet another way to steal customers’ personally identifiable information and payment data, abuse account information and commit fraud.”

Dave Cundiff, chief information security officer at managed security services company Cyvatarnoted that “continually verifying and monitoring an organization’s fundamental cybersecurity is a requirement these days.”

“If the fundamentals of an organization’s security are not strong, then the additional complexity of any additional security is useless,” Cundiff explained. “Almost all of the attacks or compromises we have been tracking over the last couple of years could have been prevented or at least had the impact greatly reduced by following the basic hygiene approach of fundamental security.”

“Patching systems, changing default passwords, reducing overlap in system communication, these principals of cybersecurity have been around for decades,” Cundiff added. “It is more and more critical not to get distracted by flashy sales pitches and focus on making sure your organization’s fundamental security is solid before moving to more advanced mitigations.”


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HSE warns of disruption in hospitals due to strike

The Health Service Executive is warning of significant disruption and service delays in hospitals today due to a planned strike by medical scientists.

The HSE says the industrial action will lead to the cancellation of many inpatient and day-case elective procedures as well as hospital outpatient appointments across the country.

All routine GP testing services are being suspended.

“Some limited services will continue but unfortunately there will be widescale disruption to patients,” the HSE said in a statement.

Affected patients are being contacted directly and people are being asked not to phone hospitals.

Emergency departments began experiencing the knock-on effects of action yesterday as GPs could not send routine lab tests to hospitals and instead had to refer patients directly to emergency departments.

This led to delays for patients which are expected to continue today.

The Irish Patients Association has called on the Minister for Health Stephen Donnelly to personally intervene with all the parties involved in the dispute and ask them to stand down and not put patients’ lives at risk.

“Patients must not be used as pawns in any industrial dispute, it’s never too late for common sense to prevail,” said Stephen McMahon, director of the Irish Patients Association.

Medical scientists carry out critical diagnostic testing of patient samples with the majority of them working at laboratories in public hospitals.

The trade union that represents medical scientists, the Medical Laboratory Scientists Association (MLSA), announced strike action over long-standing pay and career development issues.

Routine laboratory services are being withdrawn from 8 am-8pm today and the MLSA has warned that if no progress is made, a further two days of action are planned for 24 May and 25 May, with three further strikes planned for 31 May, 1 June and June 2.

The chairman of the MLSA Kevin O’Boyle said there is huge frustration and burn-out among medical scientists because of a severe recruitment and retention problem.

“Up to 20% of approved medical scientist posts are unfilled in hospitals,” Mr O’Boyle said.

“Medical scientists carry out identical work to other colleagues in hospital laboratories, yet are paid on average 8% less,” he added.

The MLSA says it has made every effort to avoid disruption to patients and fellow healthcare workers but has been left with no alternative.

The union represents more than 2,100 medical scientists employed in public voluntary hospitals, HSE hospitals, private hospitals and the Irish Blood Transfusion Service.

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Cannes 2022: Final Cut | Festivals & Awards

He wasn’t the only one who indicated that the festival was being held at a troubling time. Forest Whitakerwho won the best-actor prize at Cannes for Clint Eastwood’s “Bird“In 1988, he received an honorary Palme tonight. Typically soft-spoken, he was difficult to hear under the French spoken over him, but he cited the pandemic and protests and said that” for years we’ll be processing the trauma “of the present. In a second speech, when the festival president, Pierre Lescure, officially gave him his Palme, Whitaker expressed nostalgia, recalling how walking the red carpet this evening had made memories from 1988 come flooding back. “I can still here the chants— ‘Clint!’ ‘Clint!’ “He said.

The ceremony, capped by Zelensky’s speech and an appearance by Julianne Moorewho officially declared the festival “ouvert,” was immediately followed by a screening of “Final Cut,” the opening film, directed by Michel Hazanavicius (“The Artist“). In French, “Final Cut” was originally titled “Z (Comme Z)” – that is, Z (Like Z) —but the title was changed to “Coupez!” (cut!) because the letter Z has become a symbol used by Russians to support the war against Ukraine. But “Final Cut” is a meta-movie, and multiple titles appear onscreen at different points. It certainly didn’t help, and was especially appalling following the speech by Zelensky, that the very first title we see is, in fact, “Z.”

“Final Cut” is a remake of a Japanese movie that premiered in 2017 called One Cut of the Dead“and if you know that film, there’s absolutely no reason to see this one. Both versions are difficult to discuss without giving too much away, but both open with (what looks like) a 30-minute single take of a movie crew filming a zombie thriller; during that time, the crew and the actors get attacked by actual zombies. Or so it seems. That sequence is a strange and sustained bit of screen comedy, and part of what makes it so distinctive in the original is its gracelessness . It’s supposed to look like the work of a talentless journeyman filmmaker attempting a high-wire act far beyond his skill set. Romain Duris plays the director character in “Final Cut.” He typically works on projects like infomercials and re-enactments. His goal, he says, is to make things that are “fast, cheap and decent.”

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