DIRS.INFO The most relevant business & tech news

☆ Judge Orders Cruise Companies to Pay More Than $436 Million for Docking at Seized Terminal in Cuba
▼ + stars: | 2023-01-07 | by ( Mengqi Sun | ) www.wsj.com time to read: +3 min

Four major cruise lines say they will appeal a recent ruling that would force them to pay roughly $436 million in total damages to a company that owned a port terminal in Havana prior to the Cuban Revolution. The ruling in favor of Havana Docks Corp., owner of the Havana Cruise Port Terminal before the Cuban revolution, marked an important milestone for Cuban-Americans seeking compensation for property confiscated by the Castro regime. Mickael Behn, a descendant of the original owners of Havana Docks. The verdict in favor of Havana Docks is the first from a district court, the data shows. The ruling comes after the judge in the case, Beth Bloom, signaled last March that she agreed that the use of the Cuban port constituted trafficking in confiscated property owned by Havana Docks.

☆ Factbox: From BlockFi to Genesis, crypto firms reel from exposure to FTX
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +5 min

Jan 5 (Reuters) - After the collapse of major cryptocurrency exchange FTX, the industry has felt a ripple effect due to the exposure of many companies to FTX and its affiliated trading firm Alameda Research. Here are some firms that have given information about their exposure to FTX. The crypto lending arm of U.S. digital asset broker Genesis Trading suspended customer redemptions last month, citing the sudden failure of FTX. Genesis said in a tweet on Nov. 10 that its derivatives business has approximately $175 million in locked funds on FTX. COINSHARESCrypto asset manager CoinShares has $30.3 million worth of exposure to crypto exchange FTX, it said in a statement on Nov. 10.

☆ China Securities Regulator Cracks Down on Online Brokerages Futu and Up Fintech
▼ + stars: | 2022-12-30 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

Futu has been listed in the U.S. since 2019. SINGAPORE—China’s securities regulator said two Nasdaq-listed online brokers have allowed customers on the mainland to make cross-border trades, stoking concerns that Chinese authorities aren’t finished with their crackdowns on private-sector companies. The American depositary receipts of Up Fintech Holding Ltd., which is also known as Tiger Brokers, and Futu Holdings Ltd. tumbled more than 25% in U.S. premarket trading after the China Securities Regulatory Commission put out a statement Friday that named both companies.

☆ China regulator asks Futu and UP Fintech to stop soliciting mainland clients
▼ + stars: | 2022-12-30 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

Reuters reported earlier that Chinese officials were planning to ban online brokerages such as Futu Holdings Ltd and UP Fintech Holding Ltd from offering offshore trading services to mainland clients. The announcement also came a day after Futu, backed by Chinese internet giant Tencent Holdings, delayed its listing plan in Hong Kong. The company said it was “clarifying certain matters concerning the Group with the Hong Kong Stock Exchange”, in a filing to the Hong Kong bourse on Thursday night. Futu and UP Fintech Hong Kong have conducted cross-border securities businesses involving domestic investors without regulatory consent, contravening Chinese laws, the China Securities Regulatory Commission (CSRC) said in a statement. The CSRC will ask the brokerages to take corrective measures, such as to stop soliciting new business from mainland investors, the watchdog said.

☆ China Regulator Says Futu, Up Fintech Violated Laws
▼ + stars: | 2022-12-30 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

SINGAPORE—China’s securities regulator said two Nasdaq-listed online brokers violated its domestic laws by allowing customers on the mainland to make cross-border trades, stoking concerns that Chinese authorities aren’t finished with their crackdowns on private-sector companies. The American depositary receipts of Up Fintech Holding Ltd., which is also known as Tiger Brokers, and Futu Holdings Ltd. fell around 20% in Friday morning New York trading after the China Securities Regulatory Commission put out a statement that mentioned both companies.

☆ China Approves Foreign Videogames in Latest Breather for Tech Giants
▼ + stars: | 2022-12-28 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

Imported videogames have been an important source of income for large Chinese game companies. SINGAPORE—China has resumed granting publishing approvals for foreign videogames, ending a halt stretching back to June 2021 and removing a source of uncertainty for the country’s once-flourishing videogame industry. China’s main videogame regulator, the National Press and Publication Administration, said Wednesday that it had approved 45 imported titles, including “Pokémon Unite,” a multiplayer battle arena game co-developed by China’s Tencent Holdings Ltd. and Japan’s The Pokémon Co., and Riot Games Inc.’s first-person shooter game “Valorant.”

☆ Tencent chief blasts managers in fiery townhall - sources
▼ + stars: | 2022-12-23 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

In a rare show of frustration, Pony Ma said at a year-end meeting with staff on Dec. 15 that internal reviews this year had exposed unspecified corruption within Asia's biggest social media and gaming company, the sources said. Tencent reported a second straight quarterly revenue drop last month as China's economic slowdown and regulatory scrutiny hit its ad and gaming businesses. Up to the previous quarter, Tencent had reported double-digit growth for almost every three-month reporting period since going public in 2004. Ma, who mostly stays out of public view, also said the company needed to focus on short video for future growth, and described the WeChat Video Account, Tencent’s short video platform, as the "hope" of the Shenzhen-based company, the sources said. He warned that the video gaming business group would have to get used to Beijing’s strict licensing regime, and the number of new games China would approve would remain limited in the long run.

☆ Kirin seeks more North American craft beer factories after strong growth
▼ + stars: | 2022-12-21 | by ( Miho Uranaka | ) www.reuters.com time to read: +3 min

REUTERS/Issei KatoTOKYO, Dec 21 (Reuters) - Kirin Holdings (2503.T), Japan's second-largest brewer, is looking to buy factory facilities in North America to maintain strong growth in the region's craft beer market, its chief executive said. Kirin has seen sales volumes in the North American craft beer market climb by double-digit percentage figures since acquiring Colorado-based New Belgium Brewing in 2019 and Bell's Brewery in Michigan in 2021. "Our craft beer business in North America is on a roll," CEO Yoshinori Isozaki said in an interview with Reuters on Tuesday. North American craft beer is also now the company's most profitable segment among global businesses that span everything from whisky to probiotic health drinks, he added, without disclosing profit margins. Kirin had craft beer sales of about 60 billion yen ($454 million) in the year ended in March, accounting for 3% of global sales.

☆ Australia blocks Telstra-TPG wireless internet deal, sparking legal fight
▼ + stars: | 2022-12-21 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

SYDNEY, Dec 21 (Reuters) - Australia's antitrust regulator blocked an asset transfer deal between Telstra and TPG, the country's No.1 and No.2 wireless internet firms, citing competition concerns, setting the scene for a legal battle over access to four million customers. In a deal announced in May, Telstra Group (TLS.AX) was to buy spectrum - airwaves which carry wireless internet - and transmission towers from TPG Telecom Ltd (TPG.AX), while TPG would keep selling 4G and 5G coverage using what would become Telstra's infrastructure. 3 wireless internet provider Optus, owned by Singapore Telecommunications (STEL.SI), opposed the deal saying it would build Telstra's market dominance. The decision sets up a second legal showdown between TPG and the ACCC in just over two years. "By knocking back this deal, the ACCC has helped ensure that our regional communities will continue to benefit from competition," said Optus CEO Kelly Bayer Rosmarin in a statement.

☆ Exclusive: Grab to implement cost cuts, cites uncertain macroeconomic situation- CEO in memo
▼ + stars: | 2022-12-15 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

SINGAPORE, Dec 15 (Reuters) - Grab Holdings Ltd (GRAB.O), Southeast Asia's biggest ride-hailing and food delivery firm, is rolling out cost-cutting measures to cope with an uncertain macroeconomic situation, the Singapore-based company's chief executive told staff in a memo. Tan said in the memo that Southeast Asia has not, and will not, be spared from rising prices and interest rates, and the consequent effects on growth. Grab, which operates in 480 cities in eight countries, had about 8,800 staff at the end of 2021. The memo circulated on Wednesday said Grab would "freeze the majority of current open job requisitions which are not in offer stage". These measures, Tan said, had helped Grab get closer to its profitability goals.

☆ Dutch central bank warns that KuCoin operating without registration
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, Dec 15 (Reuters) - The Dutch central bank on Thursday issued a statement saying cryptocurrency exchange KuCoin is operating in the Netherlands without being registered to do so. KuCoin is a subsidiary of a Seychelles-registered company called MEK Global Limited (MGL), the bank said in a statement. MGL "is acting in violation of the law on preventing money laundering and financing terrorism and offering illegal services," De Nederlandsche Bank said. Customers of the exchange are not breaking the law, the DNB said, "but they may have a heightened risk of becoming involved in money laundering and terrorism financing." In August 2021, the DNB issued a similar warning that Binance Holdings Ltd. was operating in the Netherlands without a license.

☆ FTX owned $256 million of Bahamas real estate including 15 condos in the same building, and the government wants it back
▼ + stars: | 2022-12-13 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Bahamian regulators are trying to claim $256 million of real estate owned by FTX. Court documents filed on Monday show that FTX owns 35 properties, including 15 multi-million dollar condos in the same building. The most expensive property in the documents is worth $30 million, suggesting that the Bahamas is trying to claim Bankman-Fried's apartment. At One Cable Beach — another luxury community where FTX owns four properties — apartment plans on the same floor show a nearly 3,000 sq-ft home with a wraparound balcony. The company was only used to hold Bahamas real estate, and "has no assets here, no creditors here, and it never has done business here."

☆ Bigtincan suitor SQN Investors unhappy with potential capital raising
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - Australia's Bigtincan Holdings Ltd (BTH.AX) said on Thursday top shareholder and suitor SQN Investors (SQN) had expressed its disagreement over a potential capital raising, calling it "highly dilutive" and "value-destructive". Last week, the software provider received a buyout bid from private equity adviser SQN, valuing it at A$441.9 million ($296.74 million). "We would urge you to instead honour your fiduciary obligations and engage with the various parties that have approached you about a control transaction, including SQN Investors." SQN, which holds a 13.6% stake in Bigtincan, also expressed concerns the potential capital raise "would imply a reliance on further acquisitions" to achieve fiscal 2023 annualised recurring revenue guidance of between A$137 million and A$143 million. In its response to the letter, Bigtincan confirmed its guidance and said it would make an announcement once the placement was completed.

☆ Cramer's lightning round: I like Advanced Micro Devices over Micron
▼ + stars: | 2022-12-06 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...Nu Holdings Ltd : "I've got U.S. financials, which until last Friday were just coming in with a head of steam. Loading chart...Micron Technology Inc : "I think the inventory glut lasts another six weeks and then the stock could be off to the races. If that's the case, there are others that would be even better, including Advanced Micro ." Loading chart...Robinhood Markets Inc : "I've got brokerage stocks that are fantastic that are going down left and right. Disclaimer: Cramer's Charitable Trust owns shares of Advanced Micro Devices.

☆ Australian regulator sues AmEx for alleged breaches of distribution obligations
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - Australian corporate regulator on Tuesday filed a civil lawsuit against American Express Co's (AmEx) (AXP.N) Australian arm, seeking declarations and pecuniary penalties for alleged breaches of design and distribution obligations. The Australian Securities & Investments Commission (ASIC) said the lawsuit was related to two co-branded credit cards issued by AmEx to retail consumers in David Jones stores, owned by South Africa's Woolworths Holdings Ltd (WHLJ.J). ASIC added that AmEx continued to issue the cards despite being aware of the deficiencies in TMD, risking customers with a financial product that was not in line with their needs. AmEx and Woolworths Holdings did not immediately respond to a Reuters' request for comment. Reporting by Himanshi Akhand in Bengaluru; Editing by Shounak Dasgupta and Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

☆ More Crypto Exchanges Verify Reserves, But Questions About Assets Remain
▼ + stars: | 2022-12-05 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

Most crypto exchanges are privately held, meaning they don’t have to file financial statements with the Securities and Exchange Commission or get them audited. He added that customers of crypto exchanges should “look for as rigorous of that as you can look for regulatory reporting.”FTX founder Sam Bankman-Fried sat down with The Wall Street Journal to discuss what happened to the billions of dollars deposited by the exchange’s customers. Photo: Kenny Wassus/The Wall Street JournalSuch a third-party verification represents a step toward more transparency around crypto exchanges, but there are significant shortcomings, some academics said. Coinbase Global Inc. last month reported $95.11 billion in both customer crypto assets and liabilities for the quarter ended Sept. 30, up from $88.45 billion the previous quarter, filings show. Still, the PCAOB encourages investors to review reports on the work those companies’ auditors have done, Chair Erica Williams said at a conference Tuesday.

☆ Galaxy wins bid for collapsed crypto lender Celsius' GK8 unit
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

Dec 2 (Reuters) - Galaxy Digital Holdings Ltd (GLXY.TO) will buy crypto lender Celsius Network LLC-owned digital asset custody platform GK8, the crypto financial services company said on Friday. The deal will add nearly 40 people, including cryptographers and blockchain engineers, as well as an office in Tel Aviv, Galaxy said. Founded by Michael Novogratz, the company offers a suite of financial services including trading, asset management and investment banking among others to the crypto-focused companies. Reuters had reported in August that San Francisco-based blockchain payments company Ripple Labs Inc was interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, according to a company spokesperson. Crypto markets were shaken by the collapse of the popular terraUSD and luna tokens in May, followed by the implosion of crypto exchange FTX last month.

Dec 2 (Reuters) - Analysts have upgraded forecasts for Chinese corporate earnings in 2023, on expectations that its economy will benefit from stimulus measures and the easing of COVID-19 restrictions. Analysts raised forward 12-month earnings of companies on the MSCI China index (.dMICN00000PUS) by 2% in November, data from IBES estimates showed. They had earlier cut the forward 12-month earnings by 15% between January and October this year on concerns over slowing growth. We forecast earnings growth of 15%-20% for MSCI China, which would be underpinned by lower commodity prices, improved economic growth and lower asset write-downs," said James Wong, strategist at UBS. Breakdown by country for Asian companies' earnings growth in 2023China's COVID-19 cases remain near record highs.

☆ China Clamps Down on Internet as It Seeks to Stamp Out Covid Protests
▼ + stars: | 2022-12-01 | by ( Liza Lin | ) www.wsj.com time to read: +1 min

SINGAPORE—China’s internet watchdog instructed tech companies to expand censorship of protests and moved to curb access to virtual private networks this week, as a government clampdown succeeds in keeping most protesters off the streets after nationwide demonstrations erupted over the weekend against the country’s strict Covid policies. The Cyberspace Administration of China issued guidance to companies on Tuesday, including Tencent Holdings Ltd. and ByteDance Ltd., the Chinese owner of short video apps TikTok and Douyin, asking them to add more staff to internet censorship teams, according to people familiar with the matter. The companies were also asked to pay more attention to content related to the protests, particularly any information being shared about demonstrations at Chinese universities and a fire in the western Xinjiang region that triggered the nationwide backlash over Covid policies.

☆ Rising Tether Loans Add Risk to Stablecoin, Crypto World
▼ + stars: | 2022-12-01 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

The company behind the tether stablecoin has increasingly been lending its own coins to customers rather than selling them for hard currency upfront. The shift adds to risks that the company may not have enough liquid assets to pay redemptions in a crisis. Tether Holdings Ltd. says it lends only to eligible customers and requires that borrowers post lots of “extremely liquid” collateral, which could be sold for dollars if borrowers default.

☆ American Casino Giants Win 10-Year Macau License Renewals
▼ + stars: | 2022-11-26 | by ( Elaine Yu | Katherine Sayre | ) www.wsj.com time to read: 1 min

HONG KONG—Six casino operators in Macau won provisional licenses to continue operating in the Chinese gambling hub for the next 10 years, the local government said, while rejecting a bid from an outsider to enter the market. The winning companies include affiliates of three American casino giants, Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts Ltd. The licenses of three local rivals were also renewed. They are held by Galaxy Entertainment Group , SJM Holdings Ltd. and Melco Resorts & Entertainment Ltd.

☆ Six Macau Casino Operators Win New 10-Year Licenses
▼ + stars: | 2022-11-26 | by ( Elaine Yu | Katherine Sayre | ) www.wsj.com time to read: 1 min

Six casino operators in Macau won provisional licenses to continue operating in the Chinese gambling hub for the next 10 years, the local government said, while rejecting a bid from an outsider to enter the market. The winning companies include affiliates of three American casino giants, Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts Ltd. The licenses of three local rivals were also renewed. They are held by Galaxy Entertainment Group , SJM Holdings Ltd. and Melco Resorts & Entertainment Ltd.

HONG KONG/SHANGHAI, Nov 25 (Reuters) - China's central bank will offer cheap loans to financial firms for buying bonds issued by property developers, four people with direct knowledge of the matter said, the strongest policy support yet for the crisis-hit sector. China has stepped up support in recent weeks for the property sector, a pillar accounting for a quarter of the world's second-biggest economy. As a result of the crackdown, though, property sales and prices fell, developers defaulted on bonds and suspended construction. Chinese media reported on Monday the central bank planned to provide 200 billion yuan in interest-free relending loans to commercial banks through the end of March for housing completions. Among other recent official support, China's interbank bond market regulator said this month it would widen a programme to support about 250 billion yuan ($35 billion) of debt offerings by private firms.

☆ Bankman-Fried's FTX, senior staff, parents bought Bahamas property worth $300 mln
▼ + stars: | 2022-11-22 | by ( Koh Gui Qing | ) www.reuters.com time to read: +5 min

[1/5] View of the entrance to the condominium complex ONE Cable Beach, a beachfront residence in New Providence, Bahamas, November 18, 2022. The deeds show these properties, bought by a unit of FTX, were to be used as "residence for key personnel" of the company. PROPERTY PURCHASESReuters searched property records at the Bahamas Registrar General's Department for FTX, Bankman-Fried, his parents and some of the company's key executives. FTX Property Holdings Ltd, an FTX unit, bought 15 properties worth nearly $100 million in 2021 and 2022. The property records for the penthouse, dated March 17, were signed by Ryan Salame, the president of FTX Property, and showed it was intended as "residence for key personnel."

Search resuls for: "Holdings Ltd"

25 mentions found