The Central Bank of the United Arab Emirates (CBUAE) said on Wednesday it has completed the world’s largest pilot of central bank digital currencies (CBDC) transactions, with other regulators including the People’s Bank of China’s Digital Currency Institute. “The project mBridge demonstrated faster, cost-effective and secure cross-border monetary settlements using central bank money, identified as a G20 economic priority,” CBUAE said, adding it would be positive for… Continue reading UAE completes pilot of crossborder transactions using central bank digital currenciesCentral banks have been racing to develop CBDCs as an alternative…
Author: Deal Street Asia Online News
Crypto industry disappointed as Australia looks to impose capital gains tax
The cryptocurrency industry said on Wednesday it was disappointed with Australia’s decision to continue treating digital currencies as assets for tax purposes, and not as foreign currency. The government said in its budget announcement on Tuesday it would introduce legislation to enshrine the treatment of digital currencies such as Bitcoin as an asset. This means investors would pay… Continue reading Crypto industry disappointed as Australia looks to impose capital gains tax
Australia’s ELMO Software agrees to takeover offer from US firm K1 Investment
Australia’s ELMO Software said on Wednesday it has agreed to a near-A$500 million ($319 million) takeover bid from Los Angeles-based K1 Investment Management. The U.S. group offered A$4.85 per share in cash for the cloud-based software solutions business that operates in Australia, New Zealand and the United Kingdom. The offer is a 100.4% premium to the closing… Continue reading Australia’s ELMO Software agrees to takeover offer from US firm K1 Investment
Sony unit, Zee to divest three channels ahead of planned India merger
The Indian unit of Japan’s Sony and Zee Entertainment Enterprises have agreed to divest three Hindi language channels as part of their deal to create a $10-billion TV behemoth, according to an order by India’s competition regulator. The plan became public on Wednesday as the Competition Commission of India released a detailed copy of its order approving… Continue reading Sony unit, Zee to divest three channels ahead of planned India merger
Chinese automaker Chijet to merge with new SPAC at 37% lower valuation
Chijet Motor Co on Wednesday agreed to go public in the United States through a merger with a blank-cheque company that gave the China-based automaker a 37% lesser valuation than what it had secured in another deal that was terminated. The deal with special purpose acquisition company (SPAC) Jupiter Wellness Acquisition Corp values Chijet at $1.6 billion, less… Continue reading Chinese automaker Chijet to merge with new SPAC at 37% lower valuation
Chinese VC firm Bright Capital raises almost $140m for dual-currency fund seriesBright Capital plans to double down on early-stage dealmaking in the c…
Chinese venture capital (VC) firm Bright Capital has held the final closing of a new US dollar fund, bringing the total capital commitments for its third dual-currency fund series to 1 billion yuan ($139.3 million), it announced on Wednesday. With the dry powder, Shenzhen-headquartered Bright Capital plans to double down on early-stage investments in the… Continue reading Chinese VC firm Bright Capital raises almost $140m for dual-currency fund seriesBright Capital plans to double down on early-stage dealmaking in the c…
IFC mulls extending $25m debt to Indian laminate maker Greenlam
International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, has proposed to extend debt investment worth up to $25 million to Greenlam, one of the largest laminate manufacturers in India. Greenlam plans to use the proceeds to part-finance greenfield manufacturing facilities for high-pressure laminates, and particleboard, an engineered wood product… Continue reading IFC mulls extending $25m debt to Indian laminate maker Greenlam
Temasek’s president, CFO step down in management reshuffle
Singapore state investor Temasek Holdings’ chief financial officer Leong Wai Leng and president Tan Chong Lee are stepping down from their respective roles, Bloomberg reported on Wednesday. General counsel Pek Siok Lan will also be leaving the firm. CFO Leong, who is departing after a 16-year stint at the company, will be replaced by deputy… Continue reading Temasek’s president, CFO step down in management reshuffle
Singapore’s GIC joins consortium to acquire EU-based Unither Pharma
Singapore sovereign wealth fund GIC has joined a consortium to acquire Unither Pharmaceuticals (Unither), an EU-based pharmaceutical product manufacturer, from French PE firm Ardian, according to an announcement. The transaction sees the consortium comprising GIC and IK Partners (IK) acquiring the equity stake while Keensight Capital (Keensight) and Parquest are reinforcing their existing positions. Unither’s… Continue reading Singapore’s GIC joins consortium to acquire EU-based Unither Pharma
Hidden Hill Capital leads $300m funding in Geely-owned NEV brand Farizon Auto
Farizon Auto, a commercial new energy vehicle (NEV) brand owned by Chinese multinational automaker Geely, announced on Wednesday that it has raised over $300 million in a Series Pre-A round led by GLP’s private equity arm Hidden Hill Capital. Hangzhou-based Farizon Auto, which was launched in 2016 by Geely’s commercial vehicle subsidiary Zhejiang Geely New… Continue reading Hidden Hill Capital leads $300m funding in Geely-owned NEV brand Farizon Auto