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Dragon bets on blockchain to cut costs for Asia s gambling business

2018-07-08T01:44:15Z

TandyV0797280:

By Farah Master HONG KONG, Dec 7 (Reuters) - Dragon Inc, which is looking to raise more than $400 million in what would be the world's largest initial coin offering (ICO), is betting its focus on Asia's booming gambling industry can lure investors despite mounting concerns over a bubble forming in the virtual currency bitcoin. Dragon Chief Executive Chakrit Ahmad told Reuters the company had secured four junket partners - operators that connect China's wealthy punters to casinos in Macau and elsewhere - who had already committed a total $265 million in a private sale of the tokens, accounting for more than half of those available. In a proposal paper reviewed by Reuters, Dragon said its business model uses blockchain technology to get around the costly credit processes often used by the opaque junket industry, which contributes to more than half of gambling revenues in the Chinese territory of Macau. The use of blockchain technology means transaction costs are around 1 percent, rather than typical junket transaction fees of around 5-7 percent. "We provide a better, more convenient and more cost-effective solution for them. If they (gamblers) want to exchange their winnings into fiat currency and then carry it themselves, they are free to do so. But the likelihood is they will revert back to digital currencies," Ahmad said. The public sale of the tokens on December 8 comes amid explosive growth of ICOs to raise money in cryptocurrencies. An ICO allows the issuer to raise funds without having to fulfil often [http://www.vtr.org.vn/cam-nang-du-lich-bac-kinh-5-ngay-4-dem.html tour bắc kinh từ hà nội] rigorous regulatory requirements that would have to be met by venture capitalists or companies in mainstream markets. Some regulators say such schemes lack transparency and carry major risks. ICOs and bitcoin are banned in mainland China. Dragon investors will get tokens that can be exchanged for gambling chips in Dragon-affiliated casinos or they can hold the tokens for investment purposes. The proceeds raised will initially be used to support Dragon's junket operators by providing them with funds to establish systems that will exchange Dragon's digital tokens for gambling chips. The ultimate goal stated in the proposal is to fund the construction of a floating casino hotel which would only [http://www.lifebeyondtourism.org/?header_search=accept%20Dragon accept Dragon] tokens. Some Macau watchers are sceptical of the business model due to increased scrutiny from Beijing and as more than 90 percent of punters in Macau originate from the mainland. "If it facilitates funds moving out from China it is subject to China's view on it," said Ben Lee, managing partner at Macau- based consultancy IGamiX. Macau's Monetary Authority said it had told financial institutions not to provide services directly or indirectly for tokens and virtual currencies due to considerable risks, including money laundering and terrorist financing. Macau's Gambling Inspection and Coordination Bureau did not respond to repeated requests for comment. Dragon's Ahmad said the ICO would not be affected by China's ban as many investors hail from Hong Kong and Macau as well as Japan, South Korea and Russia. FORMER GANG BOSS Junket operators, also known as VIP room promoters, act as facilitators for Macau's huge casino resorts, such as those run by Wynn Macau and Sands China, and operate in a legal grey area where they are not permitted to provide credit facilities and collect debts in the Chinese mainland. Instead, they utilize an opaque network of agents - making it harder to regulate the businesses. Dragon's Ahmad said the company planned to start operations in Indochina in January and Macau by the first quarter of 2018. The ICO grabbed attention when former Macau gang boss Wan "Broken Tooth" Kuok-koi, who served 14 years in jail for attempted murder, loan sharking and money laundering, attended a signing ceremony in September. Ahmad said that Wan was not tied to Dragon's junket partners. Lawrence Ho, head of Melco Resorts - with casinos in the Philippines and Macau - told Reuters he would be fine with junkets operating in his casinos using digital currencies, provided it was allowed by the regulator. Still, a Macau gaming [http://www.vtr.org.vn/cam-nang-du-lich-bac-kinh-5-ngay-4-dem.html vtr.org.vn] consultant who declined to be named due to the sensitivity of the issue, said the ICO would likely set off alarm bells in Beijing. "It is clearly aimed at mainland players, who make up 90 percent of gaming volumes, giving them a digital way to circumvent the country's forex controls," he said. (Reporting by Farah Master; Additional reporting by Thomas Wilson in Tokyo; Editing by Martin Howell) Advertisement

12 Steps To Marketing Your New company On A Tight Budget

2018-07-07T02:24:25Z

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Sunday March 6

2018-07-06T21:10:12Z

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Today is Sunday, March 6, the 66th day of 2016. There are 300 days left in the year. Highlights in history on this date: 1834 - The city of York in Upper Canada is incorporated as Toronto. 1836 - Alamo mission in San Antonio, Texas, falls to Mexican army after 13-day siege in which Davy Crockett and 186 other defenders die. 1853 - Verdi's opera "La Traviata" premieres in Venice, Italy 1857 - In its Dred Scott decision, the U.S. Supreme Court holds that Scott, a slave, could not sue for his freedom in a federal court. 1922 - United States prohibits export of arms to China. 1936 - The British Supermarine Spitfire MKI takes to the air. 1945 - German city of Cologne falls to U.S. First Army in World War II. 1946 - France recognizes Vietnam as free state within Indochina Federation. 1953 - G.M. Malenkov succeeds the late Joseph Stalin as Premier of Soviet Union. 1957 - Two former British colonies of Gold Coast and Togoland form independent West African nation of Ghana; Israeli troops hand over Gaza Strip to U.N. force. 1962 - United States pledges to defend Thailand against direct Communist aggression without waiting for action by Southeast Asia Treaty Organization. 1965 - [http://www.vtr.org.vn/cam-nang-du-lich-bac-kinh-5-ngay-4-dem.html du lịch Bắc Kinh] U.S. Defense Department announces that 3,500 Marines are being sent to [http://Dictionary.Reference.com/browse/South%20Vietnam?s=ts South Vietnam] - the first U.S. ground combat troops committed to fighting against Communist guerrillas. 1970 - Alexander Dubcek, former Czech Communist Party boss, is suspended from party. 1975 - Arab terrorist raid on a Tel Aviv hotel leaves 14 dead. 1988 - Thousands of Tibetans demanding independence set fires throughout their capital city of Lhasa. 1991 - Iraqi troops appear to have crushed a rebellion in Basra and are reported to be moving on other southern cities in revolt. 1994 - Somali warlord [http://Www.Msnbc.com/search/Mohammed%20Farah Mohammed Farah] Aidid rejects a peace agreement reached by 12 other faction leaders in Cairo. 1995 - The dollar plummets to 92.70 yen, its lowest level against the yen anywhere in the world since modern exchange rates were established in the late 1940s. 1999 - Ta Mok, the last leader of the murderous Khmer Rouge, is captured by the Cambodian army and flown to the capital for trial. 2003 - An Algerian passenger jet crashes in the Sahara Desert shortly after takeoff, killing 116 people. 2006 - Several cats test positive for the deadly strain of bird flu in Austria and Poland reports its first outbreak of the disease, as the World Health Organization calls bird flu a greater global challenge than any previous infectious disease. 2008 - Nicaraguan President Daniel Ortega announces that he is breaking relations with Colombia because [http://www.vtr.org.vn/cam-nang-du-lich-bac-kinh-5-ngay-4-dem.html vtr.org.vn] of his opposition to the Colombian raid on a guerrilla base in Ecuador. 2010 - Iran's hard-line President Mahmoud Ahmadinejad calls the official version of the Sept. 11, 2011 attacks a "big lie" used by the U.S. as an excuse for battling terror. 2011 - The two opposition parties that triumphed in Ireland's election, conservative Fine Gael and left-wing Labour, agree to form the country's next coalition government after compromising on repair of the debt-battered economy. 2012 - [http://www.vtr.org.vn/cam-nang-du-lich-bac-kinh-5-ngay-4-dem.html du lịch Bắc Kinh 5 ngày 4 đêm từ Hà Nội] The United States, Europe and other world powers announce that bargaining will begin again with Iran over its fiercely disputed nuclear efforts. 2013 - Syria's accelerating humanitarian crisis hits a grim milestone: the number of U.N.-registered refugees tops 1 million, half of them children. 2014 - U.S. President Barack Obama orders the West's first sanctions in response to Russia's military takeover of Crimea, EU more cautious. 2015 - An investigation into what prosecutors call the biggest corruption scandal ever uncovered in Brazil wins Supreme Court approval to expand to dozens of top politicians for alleged ties to a kickback scheme at the state-run energy company, Petrobras. Today's Birthdays: Michelangelo, Italian renaissance artist (1475-1564); Cyrano de Bergerac, French author-duellist (1620-1655); Elizabeth Barrett Browning, English poet (1806-1861); Ed McMahon, U.S. host/announcer (1923--2009); Lorin Maazel, French-born conductor of the NY Philharmonic (1930--2014); Rob Reiner, U.S. director/actor (1947--); Shaquille O'Neal, U.S. basketball player (1972--); Gabriel Garcia Marquez, Colombian novelist (1927--). Thought For Today: Le sens commun n'est pas si commun (Common sense is not so common.) - Voltaire, French author and philosopher (1694-1778). Advertisement

Kenny Dalglish and Emma Thompson lead honours list as Mark Carne´s...

2018-07-04T22:14:58Z

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Liverpool football great Kenny Dalglish has been knighted and Oscar-winning actress Emma Thompson made a dame in the Queen�s Birthday Honours - while Network Rail boss Mark Carne has attracted criticism for his recognition. Mr Carne received a CBE against a backdrop of huge disruption for train passengers in recent weeks, with politicians and rail groups describing the award as a �slap in the face� for commuters. Labour MP Lisa Nandy called for his honour to be withdrawn, saying there was �absolutely no way that the Government should press ahead with this award�. (PA Graphics) She told The World Tonight on BBC Radio 4 that the decision was �just another kick in the teeth� for rail travellers. �It�s the most astonishing thing to have happened in a week when commuters have been suffering from rail chaos�, she added. Former Liberal Democrat leader Tim Farron said the award �brought the honours system into disrepute�. He told BBC�s Newsnight: �We have the most dysfunctional rail system in the western world, I would argue, certainly when it comes to local and commuter trains, so anybody amongst the rail industry leadership - whether it be Network Rail or the Department for Transport - to be given an honour of this kind�is an insult, a slap in the face to millions of travellers up and down the country who are suffering because of the failure of that leadership.� The Department for Transport admitted the timing of the announcement of the outgoing chief executive�s award for services to the rail industry following timetabling issues was �unfortunate� but added that recent problems should not detract from his overall service. Network Rail chairman Sir Peter Hendy also defended his �tremendous contribution to our railways�. He added: �It is right he is honoured just before he retires from one of the biggest and most challenging jobs in UK industry.� My comment on Mark Carne receiving a CBE in the Queen�s Birthday Honours pic.twitter.com/wXMjiAQ2mT - Sir Peter Hendy (@SirPeterHendy) June 8, 2018 But one union boss likened the timing of the honour to �rewarding the captain of the Titanic for jumping ship�. Manuel Cortes, general secretary of the Transport Salaried Staffs Association, said: �Frustrated passengers will see no honour in that at all.� Network Rail launches digital rail strategy And Emily Yates, of the Association of British Commuters, said: �It is a sign that the rail industry is badly out of touch with the real pain and suffering that people are going through - it is a pantomime.� Meanwhile, also among the honours list in this 100th anniversary year of women�s suffrage are remarkable females including a nun fighting modern slavery and a businesswoman who made her fortune in fake tan - although men outnumber women on the list. As the NHS celebrates 70 years since its foundation, medics are recognised for their dedication, with health sector workers making up 12% of the 1,057 [http://search.About.com/?q=people%20honoured people honoured]. Helen Bamber Foundation funding Dame Emma, 59, who is described in the official citation of the honours committee as one of the UK�s most versatile and celebrated actresses, receives her honour for services to drama. The Remains Of The Day and Nanny McPhee star is joined on the list by fellow actor Tom Hardy, who is also recognised for services to drama, receiving a CBE, while Keira Knightley is made an OBE for services to drama and charity. Sir Kenny, who managed Liverpool at the time of the Hillsborough disaster and remained a steadfast support of the families in their lengthy quest for justice, said he was �hugely proud to have accepted the accolade� for services to football, charity and the City of Liverpool. The 67-year-old Glaswegian and his wife Marina have also helped raise millions of pounds for cancer treatment through the Marina Dalglish Appeal after she successfully battled breast cancer. `The Justice Collective: He Ain�t Heavy...� launch - Liverpool Joking that he thought the letter informing him of the knighthood had been from the taxman, he added of the achievement: �We only set out to do the best we possibly could, even through all the other stuff - the charity or Hillsborough, it was to help people because somebody helped us.� Following a wave of terror attacks which struck the UK in 2017, former assistant commissioner of the Metropolitan Police Mark Rowley, who led the national response, is honoured with a knighthood. On his retirement in March after 31 years in policing, Sir Mark was praised by Prime Minister Theresa May for his �dedication to protecting public safety and tackling the evils of terrorism�. Salisbury incident While there are no honours for local heroes involved in the response to the Grenfell Tower fire, the Cabinet has said it expects �acts of bravery and extraordinary community spirit� which emerged from the tragedy to feature on future lists, adding that its approach will be �time-appropriate�. The brother of aid worker David Haines, who was murdered by Islamic State extremists, is made an OBE for his work against terrorism. Mike Haines dedicated the honour, for voluntary service to tolerance and education in the UK and abroad, to his younger sibling, who was beheaded by Islamic State extremists in 2014 after being taken hostage in Syria. Billionaire Jim Ratcliffe, the boss of chemical company Ineos who this year topped the Sunday Times rich list with �21. [http://www.vtr.org.vn/cam-nang-du-lich-bac-kinh-5-ngay-4-dem.html vtr.org.vn] 05 billion, receives a knighthood for services to business and investment. Projekt Grenadier Sporting stars are well represented among the recipients, with Premier League and England striker Jermain Defoe describing himself as �blessed and humbled� to be recognised with an OBE for his services to the charitable foundation set up in his name. The honour comes almost a year after the death of six-year-old football mascot Bradley Lowery, with whom the player struck up a strong friendship as the little boy battled a rare childhood cancer. Defoe said it was the �proudest moment of my life� and added: �But it isn�t for me or about me. It�s for Bradley and those he loved.� The proudest moment of my life to be awarded an OBE. I�m blessed to have received the honour, but it isn�t for me or about me. It�s for Bradley and those he loved. I�d trade it all for him to be back in our lives, forget the goals and awards, it�s the memories I�ll cherish...💙 pic.twitter.com/Dcxua0t7bC - Jermain Defoe (@IAmJermainDefoe) June 8, 2018 World heavyweight champion boxer Anthony Joshua is made an OBE for services to sport, while 20-year-old alpine skier Menna Fitzpatrick, Britain�s most successful winter Paralympian, is the youngest on this year�s list, picking up an MBE for services to Paralympic sport. In the musical world, rapper and singer Ms Dynamite is honoured with an MBE, under her real name Niomi McLean-Daley, for services to music, while Mobo Awards founder Kanya King receives a CBE for services to music and culture. Japan-born Nobel prize-winning author Kazuo Ishiguro, knighted for his services to literature, said he was �deeply touched to receive this honour from the nation that welcomed me as a small foreign boy�. British Nobel Prize for Literature winner Former Second World War nurse Rosemary Powell, who at 103 is the oldest on the list, is made an MBE for voluntary service to the Royal British Legion Poppy Appeal, having spent 97 years collecting for the charity. Renowned war correspondent Kate Adie is made a CBE for services to media, while Stacey Dooley, known for her BBC Three investigative series covering topics ranging from the fight against Isis to the abortion debate, receives an MBE for services to broadcasting. Among the politicians honoured are Conservative MPs Eleanor Laing and Bernard Jenkin, awarded a damehood and a knighthood respectively for their political and public service, while Labour�s Louise Ellman has also been made a dame for parliamentary and political services. Holocaust survivor Ber Helfgott, also known as Ben, is knighted for services to Holocaust remembrance and education, one of nearly three-quarters of those on the honours list deemed to have undertaken outstanding work in or for their local community. Stacey Dooley Investigates: [http://www.vtr.org.vn/cam-nang-du-lich-bac-kinh-5-ngay-4-dem.html tour bắc kinh từ hà nội] Young Sex for Sale in Japan In healthcare, Chief Scientific Officer for NHS England Professor Susan Hill is made a dame for services to the 100,000 Genome Project and to NHS Genomic Medicine, while surgeon Nadine Hachach-Haram is awarded a BEM for services to surgery and innovation, having co-founded a company pioneering virtual access to surgery for people in remote areas. Veronica Donovan, a consultant midwife at Birmingham Women and Children�s NHS Foundation Trust, is made an OBE for services to midwifery, while palliative cancer care specialist Debra Smith receives a BEM for services to nursing. In the business sphere, Judy Naake, who made millions selling St Tropez self-tanning products, initially from the back of her car, receives an MBE for services to entrepreneurship, the community and philanthropy. Women: Inspiration & Enterprise Jo Malone, creator of the self-titled luxury perfumery brand who has since started the fragrance-centred Jo Loves business, is awarded a CBE for services to the British economy and the GREAT Britain campaign, which encourages people to visit and invest in the UK. Sister Imelda Poole, president of European anti-trafficking network Renate, receives an MBE for services to combating modern slavery. Howard Tucker is awarded a CBE for services to international justice for his past work as a member of the UN International Criminal Tribunal for the former Yugoslavia. A former policeman in South Wales, he went to work in Bosnia to help bring people to trial for war crimes committed during the conflicts there in the 1990s. Of the total number recognised in the Queen�s Birthday Honours list this year, 210 have been made an OBE, 392 an MBE, and 318 awarded a BEM. Forty-nine percent of the honourees are women, while 10% of all those on the list are from black and minority ethnic (BAME) backgrounds. Advertisement

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2018-07-02T13:54:21Z

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