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Laos Economy Short-changed by Foreign Currency Outflows

Foreign currency - US dollar - (Photo by Giorgio Trovato on Unsplash)

Foreign currency outflows have outpaced inflows, resulting in a lack of foreign currency, and making it harder for the economy to import commodities.

Velocity Global raises $400M in Series B growth round

DENVER, US – News Direct – 18 May 2022 –

  • Eldridge and Norwest Venture Partners lead funding round
  • Achieves multi-billion dollar valuation, a 7x increase in one year
  • Investment boosts the company’s Global Work Platform™ that enables businesses and talent to work with anyone, anywhere, anyhow

Velocity Global, the leading provider of global talent solutions, announced today that it raised $400 million in its Series B funding round, increasing the company’s valuation seven-fold since the same time last year.

This second round of funding is led by Eldridge and Norwest Venture Partners which join Series A investor FFL Partners on Velocity Global’s board to lend their deep expertise in the areas of technology, future of work and global scale. The company retains majority ownership and founder Ben Wright continues as CEO and chair of the board of directors.

“This is a pivotal moment for our company in the midst of a paradigm shift for employers and talent,” said Wright. “Access to work is no longer limited by borders or the star you are born under as the adoption of global talent accelerates. In March, we tripled the number of new supported talent on our platform compared to the same time last year, and the momentum continues to build. Eldridge and Norwest Venture Partners join FFL Partners to invest in people’s lives and the future of business. Massive kudos to our team for this achievement on our way to even greater heights.”

Profitable since its founding in 2014, Velocity Global more than doubled its client roster over the past year, tripled the number of new supported talent on its platform, and will reach an annual net revenue run rate of $200 million by midyear as it continues to scale rapidly.

“Velocity Global’s proven technology platform is positioned to transform the future of work, offering businesses a frictionless solution for building and expanding their teams,” said Todd Boehly, co-founder and CEO of Eldridge. “We are proud to partner with Ben and his team as demand continues to grow for best-in-class workforce solutions that support organizations looking to scale across the globe.”

Parker Barrile, partner at Norwest Venture Partners, joins the Velocity Global board as a director. Barrile is the former vice president of product at LinkedIn who oversaw 20-fold growth as the company went public.

“Velocity Global has a rare mix of scale, growth, and profitability that attracted us to be part of the next phase,” said Barrile. “The company is led by a strong leadership team with an ambitious roadmap, and we look forward to partnering with them as they accelerate the future of work.”

The Global Work Platform from Velocity Global

The Global Work Platform from Velocity Global

The company’s Global Work Platform™ seamlessly connects employers and talent worldwide through proprietary cloud-based talent management technology, personalized expertise, and unmatched global scale. The platform offers a full suite of talent solutions, including global Employer of Record (EoR) and Contractor Management, to help thousands of companies compliantly onboard, manage, and pay full-time and part-time talent, contractors, and freelancers in more than 185 countries and all 50 United States.

Velocity Global serves more than 1,200 clients and over 7,000 supported employees worldwide. The Velocity Global team is more than 700 employees strong in 47 countries across six continents with plans to more than double the number of employees by the end of the year. In 2021, the company successfully completed acquisitions of iWorkGlobal and Shield GEO that added capabilities to its Global Work Platform.

Velocity Global will use the funds to continue enhancing the customer experience for both businesses and talent. The company will make further strategic investments in technology, sales and marketing, as well as potential future acquisitions to execute on its vision to provide a frictionless solution for businesses and talent to work with anyone, anywhere, anyhow.

FT Partners served as exclusive strategic and financial advisor to Velocity Global on this transaction.

About Velocity Global

accelerates the future of work for anyone, anywhere, anyhow. Its Global Work Platform™ simplifies the employer and talent experience through its proprietary cloud-based talent management technology, backed by personalized expertise and unmatched global scale. The platform offers a full suite of talent solutions, including global Employer of Record and Contractor Management, to help companies onboard, manage, and pay talent in more than 185 countries and all 50 United States. Thousands of brands rely on Velocity Global to build international teams without the cost or complexity of setting up foreign legal entities or state registrations. Velocity Global was named a “Leader” in Global Employer of Record Services by prominent analyst firm NelsonHall. Founded in 2014, the company has hundreds of employees across six continents. For more information, visit .

#VelocityGlobal

About Eldridge

Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge, please visit .

About Norwest Venture Partners

Norwest is a leading venture and growth equity investment firm managing more than $12.5 billion in capital. Since its inception, Norwest has invested in more than 650 companies and currently partners with more than 200 companies in its venture and growth equity portfolio. The firm invests in early- to late-stage businesses across a wide range of sectors with a focus on consumer, enterprise and healthcare. The Norwest team offers a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit . Follow Norwest on Twitter .

The issuer is solely responsible for the content of this announcement.

Sartorial Pioneer Officine Paladino Aims To Transform The Tailoring Of Menswear Through Sustainability And Digital Solutions

SINGAPORE – Media OutReach – 18 May 2022 – Purveyor of menswear fabrics Officine Paladino is an innovative, contemporary and eco-conscious fabric merchant that aims to inspire and enhance the tailoring experience for the modern man. They do this by curating sustainable high-quality fabrics, as well as offering digital solutions that simplify tailoring for everyone.

Paladino-main-pic.jpg

Founded in 2017, Officine Paladino believes that tailoring and the slow fashion movement can be on trend, versatile and sustainable. They curate high-quality fabrics that weave refined style with versatility and material excellence sourced from accredited mills and farms that practice responsible farming. The fabrics selected are made exclusively with all-natural fibers that minimize the long-term environmental impact. It uses its technical know-how to develop fabrics with innovative high-performance qualities for the modern man. In its latest Eco-Evolution collection, Officine Paladino was one of the first fabric merchants in the world to introduce a crease resistant wool fabric that is both stain and water repellent.

According to Vishal Advani, Managing Director of Officine Paladino, “Our vision is simple: Everything Starts with the Fabric. We’re all about sustainability in the textile and fashion industry by adopting slow fashion — without a thread of sacrifice to innovation and quality. In fact, our partners must have strong adherence to sustainable practices and environmental care and comply with international guidelines such as REACH.”

Officine Paladino’s sustainable fabric collections are showcased in lookbooks that speak the modern language of menswear today. These lookbooks go beyond the traditional expectations and help consumers visualize the final garment. To make tailoring more approachable, it utilizes digital solutions such as an online Styling Tool that allows users to create a look using any Officine Paladino fabric. This can be shared with their preferred tailor.

“We want to redefine tailoring by encouraging customers to think outside the box of what they usually expect from a tailor – such as a classic suit – and expand the idea of made-to-measure and made-to-order to atypical tailoring and other menswear products,” said Advani.

Officine Paladino has also been favored by icons in menswear including The Bespoke Dudes’s Fabio Attanasio and Sartoria Dalcuore. With well-cultivated partnerships among tailors and tailoring-aficionados alike, Officine Paladino aims to showcase the possibility of fashion that stands the test of time via utilizing ethically-sourced, traceable and 100% natural fabrics as well as through digital innovations.

Tailors and avid sartorialists can access Officine Paladino’s digital lookbooks which offer eagle-eyed trend analysis and stylistic inspiration, while the finer discussions on suiting and sustainable fashion can be discovered on Officine Paladino’s Per-Suit blog and newsletter.

ABOUT Officine Paladino:

Established in 2017, Officine Paladino is Singapore’s finest curator of exquisite menswear fabric with innovation in mind and sustainability at heart. Sourcing their fabric from renowned mills in Italy & the UK, Officine Paladino is redefining traditional tailoring with modernity. To date, Officine Paladino is the preferred fabric for Master Tailors from Australia, Canada, Southeast Asia, USA and more. To learn more about its tailoring and distribution network, .

#OfficinePaladino

Loca Transforms Taxis Into Electric Cars By 2030

Loca is transforming all taxis into electric cars by 2030 and installing EV charging stations across the country.

Media in Laos Briefed on Russia-Ukraine Conflict

Lao journalists attended the media briefing at Australian embassy.

Lao journalists were invited to a media briefing on the situation in Ukraine jointly hosted by the Australian and UK embassies on Friday.

Woman Held at Gunpoint in Follow-Home Robbery

CCTV footage which caught men forcing the woman to open her door.

A woman was kidnapped yesterday evening and forced at gunpoint to bring assailants to her Vientiane home where valuable items were stored.

Okta Appoints Celestine Tan as Vice President, APAC Marketing

SINGAPORE- Media OutReach – 18 May 2022 – Okta, the leading independent identity provider, has appointed Celestine Tan as Vice President for Asia Pacific (APAC) Marketing, effective immediately.

Celestine Tan, Vice President, APAC Marketing at Okta
Celestine Tan, Vice President, APAC Marketing at Okta

Celestine will oversee and lead Okta’s entire marketing function in the region, including end-user, channel and field marketing, and corporate communications.

Prior to Okta, Celestine was Vice President of Global Field and Partner Marketing at Splunk, where she led an 85-person team and drove end-to-end marketing to generate demand and build the sales pipeline globally.

Earlier in her career, Celestine spent 16 years at Sun Microsystems where she rose through the ranks to become the Global Vice President of marketing for Sun’s global software unit. During her tenure, she received the coveted Marketing Leadership Award from Sun Microsystems and was a graduate of the Sun Leadership Institute.

Celestine has also held senior marketing positions at CA Technologies and Pivotal.

John Zissimos, Chief Marketing Officer, Okta, said: “I am thrilled to have Celestine join the team. She brings an incredible amount of experience working in technology companies of all sizes, and will be an invaluable support to our sales leadership as we take our brand and business in the region to the next level.”

“Many APAC firms have not fully tapped digital identity to secure, modernise and transform their enterprise,” said Celestine Tan, Vice President, APAC Marketing, Okta. “I am excited at the prospect of leading a high performing team to navigate the dynamic markets here, bringing Okta’s innovative identity expertise to our fast-growing pool of customers.”

About Okta

Okta is the leading independent identity provider. The Okta Identity Cloud enables organizations to securely connect the right people to the right technologies at the right time. With more than 7,000 pre-built integrations to applications and infrastructure providers, Okta provides simple and secure access to people and organizations everywhere, giving them the confidence to reach their full potential. More than 15,000 organizations, including JetBlue, Nordstrom, Siemens, Slack, Takeda, Teach for America, and Twilio, trust Okta to help protect the identities of their workforces and customers.

#Okta

Spackman Media Group Artist Son Suk-ku’s Film, THE ROUNDUP, Post The Highest Ticket Reservation Record For A Korean Film In The Past Three Years

  • THE ROUNDUP, a sequel to the 2017 box office hit THE OUTLAWS headlined by Spackman Media Group artist Son Suk-ku, continues to claim #1 in national box office ticket reservations in Korea
  • THE ROUNDUP achieved the highest ticket reservations record for a Korean film in the past three years since PARASITE (2019) and the 4th highest opening day reservation volume in the history of the Korean box office
  • THE ROUNDUP, which shall be released today in Korean theatres, was pre-sold to 132 countries around the world, including Singapore, China, Thailand, Vietnam, Indonesia and France, as well as the regions of North America and Eastern Europe

SINGAPORE – Media OutReach – 18 May 2022 Spackman Entertainment Group Limited (the “Group“), one of Korea’s leading entertainment production groups founded in 2011 by media & technology investor Charles Spackman, wishes to announce that THE ROUNDUP, a sequel to the 2017 box office hit THE OUTLAWS starring Son Suk-ku of the Group’s associated company, Spackman Media Group Limited (“Spackman Media Group“), continues to dominate Korea’s box office ticket reservations.

THE ROUNDUP achieved the highest ticket reservations record for a Korean film in the past three years since PARASITE (2019) and the 4th highest opening day reservation volume in the history of the Korean box office.

According to data from the Korean Film Council, THE ROUNDUP recorded 18,788 reservations and 74.8% of real-time reservations, surpassing DOCTOR STRANGE as of May 18, 8 AM Korea time.

Alongside Ma Dong-seok (Don Lee) of Marvel Studios’ ETERNALS (2021), Son Suk-ku stars in THE ROUNDUP, which is scheduled to premiere today. In the film, Son Suk-ku takes on the role of extreme villain Kang Hae-sang where he confronts Detective Ma Suk-do, played by Ma Dong-seok. THE ROUNDUP is also directed by Kang Yoon-sung of THE OUTLAWS.

THE ROUNDUP was pre-sold to 132 countries around the world, including Singapore, China, Thailand, Vietnam, Indonesia and France, as well as the regions of North America and Eastern Europe.

Previously, the Group’s subsidiary, Novus Mediacorp Co., Ltd., co-presented and distributed the 2017 box office hit THE OUTLAWS. THE OUTLAWS broke the all-time highest Video On Demand sales record in Korea in 2018.

Son Suk-ku is represented by SBD Entertainment Inc. (“SBD Entertainment“), a wholly-owned subsidiary of Spackman Media Group.

Son Suk-ku of SBD Entertainment starred in the romance comedy film, NOTHING SERIOUS (2021), which reached #1 at the box office in Korea last year, and K-dramas, Netflix’s D.P. (2021), DESIGNATED SURVIVOR: 60 DAYS (2019) and MATRIMONIAL CHAOS (2018). He also starred in the American Netflix drama series SENSE8, which was written and produced by the Wachowski sisters.

Other than Son Suk-ku, SBD Entertainment also represents one of Korea’s rapidly rising young actors, Han Ji-hyun of popular K-drama THE PENTHOUSE 3, who won the Best Rookie Female Actor in the 2021 Brand Customer Loyalty Awards in Korea and endorsed luxury brand Gucci in April 2021.

About Spackman Entertainment Group Limited

Spackman Entertainment Group Limited (“SEGL” or the “Company“), and together with its subsidiaries, (the “Group“), is one of Korea’s leading entertainment production groups. SEGL is primarily engaged in the independent development, production, presentation, and financing of theatrical motion pictures in Korea.

The Company was founded in 2011 by renowned media and technology investor Charles Spackman who served as the Company’s Executive Chairman until 2017. For the past two decades, Mr. Charles Spackman has been a powerhouse in the Korean entertainment industry starting in the early 2000’s with the pioneering success of Sidus Pictures, the largest movie production company at the time and the first to be listed in Korea. Mr. Spackman is also the Founder, Chairman and Chief Executive Officer of the global investment firm, Spackman Group. For more information, please visit and .

Since its founding, SEGL had produced more than 30 major motion pictures including a number of the highest grossing and award-winning films in Korea, namely #ALIVE (2020), CRAZY ROMANCE (2019), DEFAULT (2018), MASTER (2016), THE PRIESTS (2015), SNOWPIERCER (2013), COLD EYES (2013) and ALL ABOUT MY WIFE (2012).

Our films are theatrically distributed and released in Korea and overseas markets, as well as for subsequent post-theatrical worldwide release in other forms of media, including online streaming, cable TV, broadcast TV, IPTV, video-on-demand, and home video/DVD, etc. Generally, we release our motion pictures into wide-theatrical exhibition initially in Korea, and then in overseas and ancillary markets.

The Group also invests into and produces Korean television dramas. In addition to our content business, we also own equity stakes in entertainment-related companies and film funds that can financially and strategically complement our existing core operations. SEGL is listed on the Catalist of the Singapore Exchange Securities Trading Limited under the ticker 40E.

Production Labels

SEGL owns Novus Mediacorp Co., Ltd. (“Novus Mediacorp“), an investor, presenter, and/or post-theatrical distributor for a total of 79 films (58 Korean and 21 foreign) including ROSE OF BETRAYAL, THE OUTLAWS and SECRETLY, GREATLY, which was one of the biggest box office hits of 2013 starring Kim Soo-hyun of MY LOVE FROM THE STARS, as well as FRIEND 2: THE GREAT LEGACY. In 2012, Novus Mediacorp was also the post-theatrical rights distributor of ALL ABOUT MY WIFE, a top-grossing romantic comedy produced by Zip Cinema. In 2018, THE OUTLAWS, co-presented by Novus Mediacorp broke the all-time highest Video On Demand (“VOD“) sales records in Korea. For more information, please visit

The Company owns a 100% equity interest in Simplex Films Limited (“Simplex Films“) which is an early stage film production firm. The maiden film of Simplex Films, JESTERS: THE GAME CHANGERS (2019), was released in Korea on 21 August 2019. Simplex Films has several line-up of films including HURRICANE BROTHERS (working title).

The Company owns a 100% equity interest in Take Pictures Pte. Ltd. (“Take Pictures“) which produced STONE SKIPPING (2020) and THE BOX (2021), and shall release THE GUEST in the second half of 2022 and A MAN OF REASON, with the previous working title GUARDIAN in 2022 tentatively.

The Company owns a 100% equity interest in Greenlight Content Limited (“Greenlight Content“) which is mainly involved in the business of investing into dramas and movies, as well as providing consulting services for the production of Korean content. Through the acquisition of Greenlight Content, the Group’s first co-produced drama, MY SECRET TERRIUS, starring top Korean star, So Ji Sub, achieved #1 in drama viewership ratings for its time slot and recorded double digits for its highest viewership ratings. Greenlight Content was one of the main investors of MY SECRET TERRIUS.

The Company owns a 20% equity interest in The Makers Studio Co. Ltd., which plans to produce and release four upcoming films, the first of which will be THE ISLAND OF THE GHOST’S WAIL, a comedy horror film.

Talent Representation

The Company holds an effective shareholding interest of 43.88% in Spackman Media Group Limited (“SMGL“). SMGL, a company incorporated in Hong Kong, together with its subsidiaries, is collectively one of the largest entertainment talent agencies in Korea in terms of the number of artists under management, including some of the top names in the Korean entertainment industry. SMGL operates its talent management business through renowned agencies such as MSteam Entertainment Co., Ltd. (Son Ye-jin, Wi Ha-jun, Lee Min-jung, Ko Sung-hee), SBD Entertainment Inc. (Son Suk-ku, Han Ji-hyun, Lee Cho-hee, Park Keun-rok), UAA&CO Inc. (Kim Sang-kyung, Kim Hye-ri, Kim Ji-young, Wang Ji-won), Play Content Co., Ltd. (Kang Min-ji, Hwang-hwi) and Kook Entertainment Co., Ltd. (Baek Si-won, Shin Ji-woong). Through these full-service talent agencies in Korea, SMGL represents and guides the professional careers of a leading roster of award-winning actors/actresses in the practice areas of motion pictures, television, commercial endorsements, and branded entertainment. SMGL leverages its unparalleled portfolio of artists as a platform to develop, produce, finance and own the highest quality of entertainment content projects, including theatrical motion pictures, variety shows and TV dramas. This platform also creates and derives opportunities for SMGL to make strategic investments in development stage businesses that can collaborate with SMGL artists. SMGL is an associated company of the Company. For more information, please visit

The Company owns a 100% equity interest in Constellation Agency Pte. Ltd. (“Constellation Agency“). Constellation Agency, which owns The P Factory Co., Ltd. (“The P Factory“) and Platform Media Group Co., Ltd. (“PMG“), is primarily involved in the business of overseas agency for Korean artists venturing into the overseas market. The P Factory is an innovative marketing solutions provider specializing in event and branded content production. PMG is a talent management agency which represents and manages the careers of major artists in film, television, commercial endorsements and branded entertainment.

Strategic Businesses

The Company also operates a café-restaurant, Upper West, in the Gangnam district of Seoul and own a professional photography studio, noon pictures Co., Ltd.

For more details, please visit

#SpackmanEntertainmentGroup