Saudi Arabia’s sovereign wealth fund said on Wednesday it had secured a $17 billion loan from a group of 25 banks that will partly refinance a loan it took out in 2018. The Public Investment Fund (PIF) raised $11 billion in 2018 via a five-year loan from 15 banks, which “will be repaid early,” PIF… Continue reading Saudi Arabia’s PIF raises $17b in loan refinancing
Author: Deal Street Asia Online News
HSBC eyes sale of NZ retail business, axes UK branches
HSBC announced on Wednesday a possible sale of its New Zealand business and plans to close 114 branches in Britain, in the latest retrenchment by the bank as it strives to improve returns amid criticism from a top investor. HSBC once billed itself as the world’s local bank and built a network of local banking… Continue reading HSBC eyes sale of NZ retail business, axes UK branches
Kraken to cut about 1,100 global jobs as crypto winter bites
Cryptocurrency exchange Kraken said on Wednesday it would cut its global workforce by 30%, or about 1,100 employees, citing tough market conditions that have crippled demand for digital assets this year. Higher interest rates and worries of an economic downturn have roiled cryptocurrencies as investors fled risky assets, with recent bankruptcies adding to the uncertainty.… Continue reading Kraken to cut about 1,100 global jobs as crypto winter bites
BlackRock’s Fink says crypto technology still relevant despite FTX
BlackRock Inc Chief Executive Larry Fink said on Wednesday that there appear to have been “misbehaviors” by the now-bankrupt FTX crypto exchange, but that the technology behind crypto is relevant for the future. “We’re going to have to wait to see how this all plays out (with FTX),” Fink said. “I mean, right now we… Continue reading BlackRock’s Fink says crypto technology still relevant despite FTX
Axiata, Telenor complete merger of Celcom and Digi
Axiata Group Berhad (Axiata) and Telenor Asia Pte Ltd (Telenor) on Wednesday announced the completion of the merger of Malaysian cellular arm Celcom Axiata Bhd with Norwegian Telenor Group’s unit Digi.Com, making the merged entity one of the largest technology companies on Bursa Malaysia. Axiata and Telenor will both hold equal ownership in Celcom Digi… Continue reading Axiata, Telenor complete merger of Celcom and Digi
BYD races to the top of China’s car market in NovemberTesla’s retail sales in China also nearly doubled in November from a year earlier.
BYD was the top-selling car brand in China in the first four weeks of November, brokerage data showed, outperforming the Volkswagen brand in a reversal that highlights the pressure on legacy brands in the world’s largest auto market. Tesla’s retail sales in China also nearly doubled in November, from a year earlier, after the U.S. automaker… Continue reading BYD races to the top of China’s car market in NovemberTesla’s retail sales in China also nearly doubled in November from a year earlier.
Hong Kong’s IPO market seen bouncing back as 100 firms line up for share sale
Hong Kong has more than a hundred applicants in the pipeline for initial public offerings (IPOs) and is eyeing more companies and investors from markets including the Middle-East and Southeast Asia, the chairman of the city’s bourse operator said. China’s economic slowdown, a sweeping regulatory crackdown that has tightened scrutiny over companies’ fundraising outside mainland… Continue reading Hong Kong’s IPO market seen bouncing back as 100 firms line up for share sale
KKR closes tender offer to buy Japan’s Hitachi Transport System
Global private equity (PE) powerhouse KKR has closed its deal for a 100% stake in Japanese multinational conglomerate Hitachi’s logistics subsidiary Hitachi Transport System (HTS), as per a company announcement on Wednesday. In addition to the shares acquired during the cash tender offer worth 51.11%, KKR will buy the remaining shares of HTS through a… Continue reading KKR closes tender offer to buy Japan’s Hitachi Transport System
This the time to build for the future, VCs tell crypto startupsBlockchain firms must build good teams, products, and MVPs to attract investors, say VC…
As funding activities slow down amid a so-called crypto winter, digital asset startups must use up the valuable time to build their products, according to a panel of crypto-focused venture capitalists. “The markets are not hot right now, so startups have got time to build,” said Crypto.com’s partner Jon Russell, who pointed out that the… Continue reading This the time to build for the future, VCs tell crypto startupsBlockchain firms must build good teams, products, and MVPs to attract investors, say VC…
US crypto broker Genesis says it is working to avoid filing for bankruptcy
US cryptocurrency brokerage Genesis said it is seeking to avoid bankruptcy after Bloomberg news reported on Tuesday that creditors to the firm are in discussions with restructuring lawyers to prevent insolvency. Citing people with knowledge of the situation, the report said law firms Proskauer Rose and Kirkland & Ellis are being consulted by creditor groups, who are… Continue reading US crypto broker Genesis says it is working to avoid filing for bankruptcy