US SEC sues world’s largest crypto exchange Binance and founder
The SEC says Binance and its CEO secretly control clients’ assets, allowing them to mix and siphon client funds. The Securities and Exchange Commission (SEC) has sued Binance, the world’s largest cryptocurrency exchange, and its CEO and founder, Changpeng Zhao, for allegedly violating U.S. securities laws. The SEC alleges that Binance failed to register as […]
China Home Prices Rise First Time in 18 Months After Stimulus
China’s home prices rose in February for the first time in 18 months, a sign that government efforts to revive the battered market are starting to pay off. New home prices in 70 cities, excluding state-subsidized housing, gained 0.3% after being unchanged in January, the National Bureau of Statistics reported Thursday. Prices snapped an 18-month […]
SVB Collapse Offers Lesson for China: State Media
Official media say a similar collapse is unlikely in China but the situation has ‘important implications for lenders. The collapse of Silicon Valley Bank (SVB) will not affect China’s financial system but offers an important lesson for the country’s banking industry, the official Securities Times has said. An SVB-style bank failure is unlikely to happen […]
Hyundai Reviews Russia Plant After Sales Reports in Kazakhstan
South Korean automaker says it is considering ‘various options’ for the Saint Petersburg factory. Hyundai Motor says it is considering “various options” for its suspended factory in Russia, following a report that the South Korean automaker is discussing the plant’s sale to a Kazakhstan company. Hyundai, South Korea’s third-largest conglomerate, said on Friday it had […]
Google’s Plan to Catch ChatGPT is to Stuff AI into Everything
A new internal directive requires “generative artificial intelligence” to be incorporated into all of its biggest products within months. Artificial intelligence was supposed to be Google’s thing. The company has cultivated a reputation for making long-term bets on all kinds of far-off technologies, and much of the research underpinning the current wave of AI-powered chatbots took […]
iPhone Maker Plans $700 Million India Plant in Shift from China
Apple Inc. partner Foxconn Technology Group plans to invest about $700 million on a new plant in India to ramp up local production, people familiar with the matter said, underscoring an accelerating shift of manufacturing away from China as Washington-Beijing tensions grow. The Taiwanese company, also known for its flagship unit Hon Hai Precision Industry […]
Tata Group’s Talks Over $1 Billion Bisleri Stake Stall
Tata Group’s talks for a majority stake in Bisleri International Pvt, one of India’s largest bottled water makers, have stalled overvaluation, according to people familiar with the matter. The Indian conglomerate had been in advanced discussions to take control of Bisleri and the parties were working on finalizing the structure of a transaction, the people […]
A $19 Billion Derivative Bond Trade in India Will Unwind with Modi’s New Tax
A derivative trade that boosted demand for India’s sovereign bonds by billions is at risk from a proposed tax, piling pressure on a market straining under record government borrowings. Analysts say a New Delhi plan to tax high-value insurance policies will reduce demand, leading the industry to cut back on bond investments. For the past […]
South Africa Added to FATF ‘Grey List’ Despite Designation of Crypto as a Financial Product
In a move seen as a major setback for South Africa, the international financial watchdog, the Financial Action Task Force, announced on Feb. 24 that it had added the country to its “grey list.” Getting grey-listed by the financial watchdog potentially makes it difficult for South Africa to obtain loans from foreign banks. A Setback […]
PCB Calls Emergent Meeting to Decide PSL Fate
LAHORE: The Pakistan Cricket Board called an emergent meeting with the owners of all six franchises of HBL Pakistan Super League on Friday to apprise them about the demand of the Punjab government asking for an amount of Rs450 million for providing security to the matches that will be held in Lahore and Rawalpindi from […]