EDITORIAL: American Dream Continuous Headache

The state can’t scrape up the money to repair the state’s roads and bridges, fully fund its schools or pay for the pensions of retired state workers. But, somehow, it found a method this week to authorize an $800 million bond after formerly authorizing $350 million in tax breaks for a $3.1 billion megamall in the Meadowlands.The state’s Local

Financing Board, an arm of the state Department of Community Affairs, today authorized the bond for the enormous Meadowland America Dream shopping and entertainment complex, understood throughout a previous incarnation as Xanadu. After 2 false starts attributable to the job’s inability to get private financing, the project was taken control of in 2011 by Triple Five, a Canadian firm, almost a decade after it was very first approved.Last week’s approval by the Regional Financing Board, and the approval of a financing contract a day previously by the shopping mall’s property manager, the NJ Sports amp; Exposition Authority, came unaccompanied by any outrage from state lawmakers other than Michael Doherty, R-Warren. Why the silence? Maybe legislators didn’t desirewish to call more attentionfocus on the irony of their providing bonding for a personal endeavor at a time they can’t scrape up enough money for the state’s basic requirements, in spite of having the greatest homereal estate tax in the nation.MORE: Long-planned gambling establishment proposed at Meadowlands Exactly what makes the funding arrangement a lot more irritating is the fact Triple 5 is constructing a similar project in Florida entirely with private funding and without tax breaks. The reality New Jersey is supplying any support at all to a well-off company that has actually shown a capability to independently fund similar endeavors somewhere else recommends one of 2 things: political connections have played a role or New Jersey does not know the best ways to work out. Or, more most likely, both.Ever since the task was first proposed as Xanadu in 2002, officials have touted its capability to develop tasks– 9,000 to construct it and 11,000 to staff it upon conclusion– to promote the regional economy and to create a brand-new source of sales tax revenue. Those very same arguments are being duplicated today. Issue is, under regards to the arrangement with Triple Five, much of the sales tax income will be diverted to helpto assist pay off the bonds. Likewise, the permanent jobs to be produced aren’t the kind New Jersey requires: skilled, high-paying tasks. And the task development totals mentioned leave out the jobs sure to be lost when services at surrounding shopping centers and stores, which do not have the tax advantages of the American Dream, are required to shutter their doors.MORE: Tension constructs between Meadowlands, Monmouth Park race track operators Even more, the job and the state’s desire to bond it, ignores the monetary challenges malls have actually faced in currentover the last few years. The internet has actually injured them terribly

, debilitating some completely. That may well discuss Triple 5’s failure to obtain complete buy-in from personal investors.Xanuda was a boondoggle from the start. Absolutely nothing has changed, other than worsened potential customers for the American Dream. And harder times for New Jersey’s overloaded taxpayers.MORE EDITORIALS

Renren Reveals Unaudited Second Quarter 2016 Financial Results

2nd Quarter 2016 Outcomes Overall net revenues for the second quarter of 2016 were US$ 14.4 million, representing a 38.5% increase from the corresponding period in 2015.

Advertising and IVAS net revenues were US$ 7.6 million, representing a 14.6% reduction from the corresponding duration of 2015. Marketing revenues were US$ 0.8 million for the 2nd quarter of 2016, a 78.7% decline from the corresponding period of 2015. The decline was because of increasing competition and the continuing migration of our traffic to mobile. Internet Value-Added Services (IVAS) profits were US$ 6.8 million, representing a 34.7% increase from the matching period in 2015. The increase was generally due to the revenue from woxiu and the new Renren mobile live streaming earnings began this quarter. Month-to-month distinct log-in users decreased from around 45million in June2015 to approximately 35million in June 2016.

Financing earnings was US$ 6.8 million for the 2nd quarter of 2016, compared to US$ 1.5 million in the matching duration of 2015. The increase was in line with the increase of funding receivable from US$ 62.4 million as of June 30, 2015 to US$ 207.2 million as of June 30, 2016.

Cost of profits was US$ 13.1 million, a 75.4% boost from the corresponding duration of 2015.

Operating costs were US$ 20.1 million, a 28.7% reduction from the matching duration of 2015.

Offering and marketing expenses were US$ 5.2 million, a 40.5% reduction from the corresponding duration of 2015. The reduction was mainly due to a decline in advertising expenses, headcount decreases, and a reduction in workers related cost.

Research and development expenditures were US$ 4.6 million, a 46.5% reduction from the corresponding duration in 2015. The decline was primarily due to headcount reductions and a reduction in workers associated expense.

General and administrative expenses were US$ 10.2 million, a 4.9% reduction from the corresponding duration in 2015.

Share-based compensation costs, which were all included in operating expendituresbusiness expenses, were US$ 5.5 million, compared with US$ 6.2 million in the corresponding duration in 2015.

Operating loss was US$ 18.8 million, compared to an operating loss of US$ 25.3 million in the corresponding duration in 2015.

Recognized gain on short-term investments was US$ 0.7 million, compared to a loss of US$ 48.8 million in the corresponding period in 2015.

Incomes in equity technique financial investments were US$ 1.4 million, compared with profits of US$ 3.3 million in the corresponding period in 2015.

Net loss attributable to the Company was US$ 46.1 million, compared to a net loss of US$ 70.3 million in the corresponding period in 2015.

Changed net loss (non-GAAP) was US$ 40.6 million, compared with an adjusted bottom line of US$ 64.3 million in the matching period in 2015. Changed net loss is defined as loss omitting share-based payment expenses and amortization of intangible assets.

Business Outlook The Business expects to create earnings in an amount varying from US$ 17.5 million to US$ 19.5 million in the 3rd quarter of 2016, representing a 98.4% to 121.1% year-over-year boost, driven by the new Renren mobile live streaming and financing company. This projection reflects Renrens current and preliminary view, which is subject to change.

Conference Call Details The Company will not host a teleconference. Please call our Financier Relations Department if you have any concerns.

About Renren Inc. Renren Inc. (NYSE: RENN)runs a leading real name social networking service (SNS) and an internet financing business in China. Our SNS enables users to connect and interact with each other, share images and access mobile live streaming. Our web finance company includes mainly consumer funding and auto financing. Renren.com and our renren mobile application had around 236 million triggered users as of June 30, 2016. RenrensAmerican depositary shares, each of which represents 3 Class A common shares, trade onNYSEunder the sign RENN.

Safe Harbor Statement This announcement includes forward-looking statements. These declarations are made under the safe harbor arrangements of the US Personal Securities Lawsuits Reform Act of 1995. These positive statements can be identified by terms such as will, expects, expects, future, intends, strategies, thinks, estimates and similar statements. Amongst other things, the businessbusiness outlook for the 3rd quarter of 2016 and quotes from management in this statement, along with Renrens strategic and functional plans, include forward-looking statements. Renren may likewise make composed or oral positive declarations in its filings with the United States Securities and Exchange Commission (SEC), in its annual report to shareholders, in press releases and other written materials and in oral declarations made by its officers, directors or workers to 3rd celebrations. Declarations that are not historical truths, consisting of declarations about Renrens beliefs and expectations, are forward-looking declarations. Positive statements include intrinsic risks and uncertainties. A variety of aspects might cause actual outcomesresult in vary materially from those consisted of in any positive declaration, including but not limited to the following: our goals and techniques; our future business development, monetary condition and results of operations; the expected development of the social networking site market in China; our expectations concerning demand for and market approval of our services; our expectations regarding the retention and strengthening of our relationships with key advertisers and consumers; our plans to boost user experience, facilities and service offerings; competition in our industry in China; and relevant federal government policies and policies connecting to our industry. More information regarding these and other dangers is consisted of in our yearly report on Form20-F and other files submitted with the SEC. All information provided in this pressreleaseand in the attachments is as of the date of this news release, and Renren does not carry out any obligation to update anyforward-looking declaration, except as required under suitable law.

About Non-GAAP Financial Measures

To supplement Renrens combined monetary outcomes presented in accordance with United States Typically Accepted Accounting Principles (GAAP), Renren utilizes adjusted net incomeearnings (loss) which is defined as a non-GAAP financial procedure by the SEC, in assessing its business. We define adjusted net income (loss) as net earningsearnings (loss) leaving out share-based payment expenses and amortization of intangible possessions. We provide adjusted net incomeearnings (loss) due to the fact that it is utilized by our management to evaluate our operating efficiency. We also think that this non-GAAP financial step supply helpful details to financiers and others in understanding and assessing our combined outcomes of operations in the very same way as our management and in comparing financial outcomes throughout accounting periods and to those of our peer business.

The presentation of this non-GAAP financial step is not meant to be considered in seclusion from, or as a replacement for, the monetary details ready and provided in accordance with GAAP. For more infoFor additional information on these non-GAAP monetary steps, please see the table captioned Reconciliation of non-GAAP outcomes of operations steps to the equivalent GAAP financial measures at the end of this release.

For more informationFor more details, please contact:

Cynthia Liu
Investor Relations Department
Renren Inc.
. Tel: (86 10) 8448 1818 ext. 1300
Email: ir@renren-inc.com

Yesterday’s Upgrade Review: Autohome Inc (ADR) (NYSE: ATHM)

Autohome Inc (ADR) (NYSE: ATHM) received a stock rating upgrade from CLSA on Aug-17-16. In a note to financiers, the firm provided a Buy rating. The analysts previously had an Underperform score on the stock.

Analysts have an agreement target cost of $27.96 in the 12-month period. The cost objective is 11.80% higher than the recent closing rate of $25.01. The 52-week price range is $19.32-$37.73 and the business has a market capitalization of $2.84 billion. Analysts covering the shares preserve an agreement Purchase rating, according to Zacks Financial investment Research study. Zero expert has ranked the stock with a sell rating, 0 has actually assigned a hold rating, 1 states it’s a buy, and 1 have actually appointed a strong buy rating to the company.

Autohome Inc (ADR) (ATHM) on August 17, 2016 announced that Mr. Paul Tyler has actually been selected as a director on the board of directors of the Company (the “Board”), and Ms. Cynthia Whelan has resigned from the Board, effective as of August 15, 2016.

Mr. Paul Tyler is Group Handling Director International of Telstra Corporation Limited. Mr. Tyler is responsible for assisting Telstra’s international business as Telstra continues to expand the scale and breadth of the business’s activities beyond Australia. Prior to signing up with Telstra in 2016, Mr. Tyler has held a variety of functions over more than 15 years at Nokia Networks, consisting of most recently the Head of Asia-Pacific and Japan. Mr. Tyler likewise served as the Chairman of BigAir Group Limited, a service provider of managed services and networking facilities in Australia from 2008 to 2016. He has substantial experience, relationships and performance history of providing company development outcomes and excellent customer experiences in the Asia-Pacific area. Mr. Tyler holds an MBA from University College Dublin and engineering degrees from the University of New South Wales.

Mr. Min Lu, Autohome’s Chairman of the Board and President, stated: “We wish to welcome Mr. Tyler to our Board. We are positive that his varied point of views and experiences will be a terrific possession to the Board and the Company.”

Autohome Inc. (ATHM) is the leading online location for auto customers in China. Its mission is to enhance the car-buying and ownership experience for automobile customers in China. Autohome supplies professionally produced and user-generated material, a thorough car library, and extensive auto noting details to vehicle consumers, covering the whole automobile purchase and ownership cycle. The capability to reach a big and engaged user base of automobile consumers has made Autohome a favored platform for automakers and dealerships to perform their advertising campaignsmarketing campaign. Even more, the Business’s dealership membership and advertising services allow dealerships to market their inventory and services through Autohome’s platform, extending the reach of their physical display rooms to potentially countless web users in China and producing sales leads for them. The Business provides sales leads, information analysis, and marketing services to help automakers and dealers with improving their performance and helping with deals. As a transaction-centric business, Autohome runs its “Autohome Shopping center”, a full-service online deal platform, to assist in deals for automakers and dealers. Even more, through its website and mobile applications, it also supplies other value-added services, including vehicle financing, car insurance, utilized automobile transactions, and aftermarket services. For more info, please visit www.autohome.com.cn.

Ballooning Customer Debt In UAE A Matter Of Concern

Economic experts on Wednesday reported rising levels of consumer and individual debt in the UAE, a disturbing trend cutting acrosscrossing numerous socio-economic groups and nationalities. Gulf News reported that the total debt levels rose by 7.5 per cent over last year. So, why are expatriates and residents dependentbased on charge card and personal loans? Factors are numerous, however can be broadly classified into three primary categories. First are customers who use credit cards and loans for white products and cars. Second type of loanings consist of personal loans for home lease, school costs or to settle mortgages back house. The 3rd category are those who obtain from loan sharks to settle charge card bills or pay individual loan instalments.Then there are likewise

those who indulge in card kiting and balance transfer to manage their loanings, plunging themselves deeper into a nonstop cycle of financial obligation. Not surprisingly, the typical local in the country owes Dh42,600 in loans, pressingrising the overall quantity of individual loans to Dh430 billion in the 2nd quarter of this year up from Dh400 billion a year previously. Intensifying the problem is the subdued economic environment around the world and rapidly-dwindling task chances, squeezing family spending plans as expenditures mount.In recent months, however, lenders have actually been carefulbewared in extending individual loans, partly due to limited liquidity and likewiseas well as because banks now have access to centralised information of customers and their liabilities. These actions taken by banks will hopefully lower defaults and improve their loan-to-deposit ratio. But it will take a lot more from regulators and lenders to help individuals leave from a vicious circle of debt. Banks can, for example, help these individuals in debt consolidation and revise interest elements of their outstandings.

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