The antiquities were stolen from a temple in Nagapattinam in 1978 The automaker is quietly building a massive and lucrative software business. /PRNewswire/ — InvestorsObserver issues critical PriceWatch Alerts for AAPL, COTY, TSLA, SQ, and PLCE. Click a link below then choose between in-depth options… NetEase (NTES) news for Thursday includes the company’s earnings report for the third quarter of 2020 boosting NTES stock up. Project Yen A consortium of 30 formidable Japanese companies from sectors including banking, telecommunications and retail have announced a collaborative effort to begin testing and experimentation on a country-wide digital currency. Initially reported by Reuters, the project is scheduled to begin in 2021 and supports the trajectory of recent announcements made by the Bank of […] More
Antique bronze idols of Lord Rama, Sita and Lakshmana, stolen from a temple in Nagapattinam in the 1970s and recovered from a private collector in London in September, were handed over to the Idol Wing of the Tamil Nadu police by Union Minister of Culture and Tourism Prahlad Singh Patel in New Delhi on Wednesday.
Abhay Kumar Singh, Additional Director-General of Police, Idol Wing CID, received the idols, which will be handed over to the temple at Anandamangalam.
The investigation into the theft of idols was taken up after India Pride Project, a group of art enthusiasts that uses social media to identify stolen artefacts from Indian temples, alerted the High Commission of India in London. The NGO said the idols of Lord Rama, Sita, Lakshmana and Hanuman were stolen from the Rajagopalaswamy Temple (built during the Vijayanagara period) and smuggled to the U.K.
Photo-documentation of the sculptures was done at the temple in June 1958, and the idols were suspected to be stolen later.
Once the idols were verified with the relevant records, the High Commission took up the matter with the Art and Antiques Unit of the Metropolitan Police Service, London, as well as the Idol Wing of the Tamil Nadu police. The Idol Wing sent a comprehensive report, confirming that the theft had taken place on November 23-24, 1978, at the temple, and some criminals were also caught. Based on the photo, the idols were examined and they were found to be the same ones that had been stolen from the temple.
A detailed report was sent to the High Commission after proper verification, Mr. Singh said, thanking the authorities for their steps to recover the idols.
The Art and Antiques Unit of the Metropolitan Police Service investigated the matter. Based on the information and documents handed in, it contacted the owner of the idols and conveyed the High Commission’s request for their return. The collector had bought these idols from an unknown dealer; hence, no prosecution was initiated. Subsequently, Metropolitan Police Service handed over these idols to the High Commission. The bronze idols of Rama and Lakshmana and Sita are the masterpieces of the Indian metal art. They are 90.5 cm, 78 cm and 74.5 cm in height respectively. Stylistically, they are datable to the 13th century AD. The total count of antiquities recovered from foreign countries stands at 53, of which 40 have been brought back since 2014.
S. Vijay Kumar, founder of India Pride, said, “This case underscores the urgent need to reopen all closed cases of idol theft that have not been followed up because of the stated reason that the idols were untraceable since the 1950s. If the police and the HR&CE Department can help with even the basic details of such antiquities, we are sure we can track many more such stolen idols.”
Author: R. Sivaraman
Tesla Stock: Headed to $540 on Recurring Software Revenue?
Shares of Tesla (NASDAQ:TSLA) rose sharply again on Wednesday, following a run-up on Tuesday fueled by news of the electric-car maker stock’s planned inclusion in the S&P 500 index. Driving the stock price higher this time was a huge price target hike by Morgan Stanley analyst Adam Jonas.
The growth stock could benefit in the coming years from a business model shift toward higher-margin software and vehicle services revenue, the analyst says.
Here’s a closer look at why Jonas is so bullish on Tesla stock.
Model S. Image source: The Motley Fool.
Tesla has become more than an automaker, Jonas told investors are Wednesday. The company is “on the verge” of a significant shift in its business model, the analyst explained. This enhanced business model will include meaningful revenue contribution from a high-margin software business on a recurring basis. Jonas is so confident in Tesla’s future earnings potential from software that he has added software and connected vehicle services revenue and earnings to his forecasts for the business.
The addition of this expected business growth accounts for almost all of his $180 increase in his 12-month price target. Jonas now expects Tesla shares to rise to $540 over the next 12 months. This is up from a previous price target of $360.
With Jonas’ new price target representing meaningful upside over the stock’s $479 price tag at the time of this writing, he unsurprisingly boosted his rating for the stock from equal weight to overweight (similar to a buy rating).
Tesla already generates significant sales from Autopilot software. The company currently charges $10,000 per vehicle for its “Full Self-Driving” upgrade to its standard Autopilot technology. This price point is up 100% from a price of $5,000 as recently as May of last year. The price has been steadily rising as Tesla releases new features for the package.
Despite the software package’s name, Tesla vehicles with the “Full Self-Driving” autopilot upgrade can’t drive themselves. But the electric-car company did recently release a beta update enabling full self-driving for some of its vehicles, as long as the driver is ready to take over at a moment’s notice. Since the feature requires the full attention of the driver, the company hasn’t quite achieved fully autonomous driving yet.
Over time, Tesla believes the new technology could be worth over $100,000. With such an ambitious view for the technology’s potential value, it wouldn’t be surprising to see Tesla begin selling the technology on a subscription basis, making the technology more accessible to customers unwilling to shell out for the upfront cost. In September, a Reddit user reverse-engineered an upgrade to Tesla’s mobile app to reveal a “subscribe” section, suggesting Tesla may be considering doing exactly that.
With Tesla’s “Full Self-Driving” upgrade for Autopilot becoming more valuable with every new feature the company releases, it wouldn’t be surprising to see Tesla build a substantial software business over the next five years. Further, a subscription for the electric-car maker’s “Full Self-Driving” option could accelerate adoption of the feature while also helping Tesla achieve a recurring revenue model.
Author: Daniel Sparks
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NetEase News: Why NTES Stock Is Popping 5% Today
NetEase (NASDAQ:NTES) news for Thursday includes the company’s earnings report for the third quarter of 2020 boosting NTES stock up. This comes after reporting adjusted earnings per American Depositary Share (ADS) of 79 cents on revenue of 18.7 billion yuan. For comparison, Wall Street was expecting adjusted earnings per ADS of 39 cents on revenue of 18.24 billion yuan.
Here’s what else investors need to know about the most recent NetEase earnings news.
William Ding, CEO and director of NetEase, said this about the earnings news.
“With strong and steady contributions from our online game services, our total net revenues for the third quarter reached RMB18.7 billion, an increase of 27.5% year-over-year. The strength of our games business is bolstered by our diverse and growing game portfolio with impressive longevity. Additionally, our robust pipeline of games ready for launch is hugely exciting, and we cannot wait to unveil our game sensations across multiple genres to both domestic and global players in the coming quarters.”
NetEase doesn’t include guidance in the most recent earnings news. Even so, we know what Wall Street’s expecting. That includes earnings per ADS of 83 cents on revenue of 19.55 billion yuan.
NTES stock was up 5.3% as of noon Thursday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Article printed from InvestorPlace Media, https://investorplace.com/2020/11/netease-news-has-ntes-soaring/.
©2020 InvestorPlace Media, LLC
William White, InvestorPlace Writer
30 Japanese Companies Team Up to Test Digital Yen
A consortium of 30 formidable Japanese companies from sectors including banking, telecommunications and retail have announced a collaborative effort to begin testing and experimentation on a country-wide digital currency.
Initially reported by Reuters, the project is scheduled to begin in 2021 and supports the trajectory of recent announcements made by the Bank of Japan to begin testing a Digital Yen. In this project, market experimentation in terms of issuing the currency will be conducted by private banks.
The Japanese government has been actively engaging in the ideal of a cashless society for the last few years. With a historical yearn for cash, Japan’s statistics for cash usage plot an outlier in the Asian markets. One could say that Japan has a yen for the Yen!
According to the 2018 World Cash Analysis, Japan also lacks behind many of their developed-nation counterparts on the global stage. Analysing cash as a share of all payments, Japan comes in third with 82%. The gap is contextualised by the UK’s figure at 42%, China’s at 40% and the US at 32%.
With the Olympic and Paralympic Games on the horizon for next summer in the capital Tokyo, the government has genuine incentives to begin construction of the financial infrastructure and societal usability of digital payments needed to accommodate the influx of foreign tourists and spectators.
Chair of the Group and former BOJ executive, Hiromi Yamaoka discussed the projects vision during an online call: “Japan has many digital platforms, none of which are big enough to beat cash payments.”
The three largest banks in Japan: Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have each independently integrated digital payment within their systems.
However, due to the lack of cohesion in development, the traction in adoption within society has been slow. Yamaoka believes that a unification must take place between banking and technology to successfully transition the country into this new economic age. A prime reason why this group was formed.
“We don’t want to create another silo-type platform. What we want to do is to create a framework that can make various platforms mutually compatible.”
Japan are by no means alone with this announcement. Throughout the past year, the competition for digital currencies has risen, as multiple central banks issued plans to begin testing and developing their own Central Bank-issued Digital Currencies (CBDCs).
Author: Written by FinancialNews