Crypto broker Genesis and its parent company Digital Currency Group (DCG) owe customers of the Winklevoss twins’ crypto exchange Gemini $900 million, the Financial Times reported on Saturday. Crypto exchange Gemini is trying to recover the funds after Genesis was wrongfooted by last month’s failure of Sam Bankman-Fried’s FTX crypto group, the newspaper said, citing people familiar with the… Continue reading Crypto broker Genesis owes $900m to customers of Winklevoss twins-owned Gemini
Author: Deal Street Asia Online News
Softbank-backed OYO lays off 600 employees in ‘wide ranging reorganisation’
Softbank-backed Indian hotel aggregator Oyo Hotels and Homes Pvt Ltd said on Saturday it is cutting 600 jobs in its corporate and technology departments. India’s IPO-bound Oyo will cut 10% of its 3,700-employee base, while at the same time hiring 250 people, it said in a statement. Product and engineering teams are being merged to allow for smoother functioning, the company… Continue reading Softbank-backed OYO lays off 600 employees in ‘wide ranging reorganisation’
SE Asian startup employees seek better compensation, career growth: Report
Technology companies across Southeast Asia are struggling to find and retain employees amid demands for better compensation and growth opportunities, according to a recent survey. The survey found that nine out of 10 companies face difficulties hiring digital talents as earlier-stage startups often cannot compete with bigger and deeper-pocketed startups. There is also a limited… Continue reading SE Asian startup employees seek better compensation, career growth: Report
India: Tencent-backed ShareChat shuts fantasy sports vertical Jeet11The social media platform also laid off nearly 5% of its workforce.
Social media platform ShareChat on Friday said it has shut fantasy sports platform Jeet11 and laid off nearly 5% employees as it re-evaluates its strategy. “As a standard business practice, we periodically evaluate our strategies. We can confirm that we are ceasing operations of Jeet11 and have reorganised some of our functions, which meant the… Continue reading India: Tencent-backed ShareChat shuts fantasy sports vertical Jeet11The social media platform also laid off nearly 5% of its workforce.
Canadian pension fund CPPI to raise $372m in first ‘reverse inquiry’ bond
Canada’s largest pension fund CPP Investments (CPPI) is set to raise C$500 million ($372 million) in its first “reverse inquiry” bond, a debt instrument that is issued in response to investor demand, a top official told Reuters. The bond offer gives Canadian institutional investors a rare opportunity to buy into the pension manager’s debt at an attractive coupon. The offer is unique as it is tailored according to the terms determined… Continue reading Canadian pension fund CPPI to raise $372m in first ‘reverse inquiry’ bond
Maybank promotes Saurabh Gupta as head of Singapore investment banking team
Malaysia’s biggest bank, Malayan Banking Bhd (Maybank) has appointed Saurabh Gupta as the head of its investment banking and advisory business for Singapore, according to a company memo seen by Reuters. Gupta has been with Maybank for a decade and his latest appointment is in addition to his current role as head of the consumer, retail and healthcare sectors. Singapore-based Gupta, who was previously with Bank of America Merrill Lynch and… Continue reading Maybank promotes Saurabh Gupta as head of Singapore investment banking team
India extends deadline to levy cap on digital payment transactions by 2 years
India has decided to extend the deadline on capping the share of digital payment transactions by about two years to Dec. 31, 2024, the National Payments Corporation of India (NPCI) said on Friday. The NPCI had said in late 2020 that payment firms will not be allowed to process more than 30% of the total volume of transactions on UPI from Jan 1. The move comes as a breather… Continue reading India extends deadline to levy cap on digital payment transactions by 2 years
Tesla delivers first heavy-duty truck Semi to PepsiCo, but no update on pricingIn 2017, Tesla had said the 300-mile range version of the Semi would co…
Tesla Inc. Chief Executive Elon Musk delivered the company’s first heavy-duty Semi on Thursday to PepsiCo without offering updated forecasts for the truck’s pricing, production plans or how much cargo it could haul. Musk, who appeared onstage at an event at Tesla’s Nevada plant, said the battery-powered, long-haul truck would reduce highway emissions, outperform existing… Continue reading Tesla delivers first heavy-duty truck Semi to PepsiCo, but no update on pricingIn 2017, Tesla had said the 300-mile range version of the Semi would co…
Philippine central bank governor cautions over $4.9b sovereign wealth fund plan
The Philippines’ central bank governor on Friday voiced caution over a legislative proposal to create a sovereign wealth fund overseen by President Ferdinand Marcos Jr, saying transparency over its governance would be key. Felipe Medalla, in an interview with Bloomberg TV, said a key concern for him would be how the fund would be managed… Continue reading Philippine central bank governor cautions over $4.9b sovereign wealth fund plan
GLP-backed Hidden Hill Capital closes $465m fund targeting logistics investments
Hidden Hill Capital, the private equity arm of global logistics giant GLP, has closed its Hidden Hill Foundation Fund at $465 million, according to a statement by the company on Friday. The company added that the fund has exceeded its initial target, but did not say by how much. The vehicle will target investments in… Continue reading GLP-backed Hidden Hill Capital closes $465m fund targeting logistics investments