Tag Archives: Business News

The launch of the VC fund in Hong Kong highlights the country’s rising role as a crypto haven. CMCC Global, a crypto-focused venture capital (VC) company, has successfully raised $100 million to offer equity investments to early-stage blockchain startups across Asia with a particular interest in Hong Kong, its home country. In an interview with the South China Morning Post, the company’s co-founder Martin Baumann said the inaugural funding round for the fund, called Titan Fund, concluded...

SAS will leave exchanges as part of its restructuring deal, in addition to splitting equity and debt among members of a takeover consortium. Scandinavian Airlines (SAS) stock fell on Wednesday morning after the company announced a restructuring deal. As markets opened, SAS stock crashed 95% in reaction to an official release stating a restructuring deal that will take the airline off commercial exchanges. SAS has regained a tiny bit of its losses as of writing time and is trading over 86%...

The updated vaccine specifically addresses the XBB.1.5 subvariant of the Omicron variant, which has raised concerns due to its potential to evade immunity conferred by earlier versions of the vaccine.  In a recent development, stocks of Novavax Inc (NASDAQ: NVAX) jumped 8.2% yesterday following the Food and Drug Administration’s (FDA) approval of its improved COVID-19 vaccine. However, it’s worth noting that in pre-market trading, the stock experienced a slight dip and is 6% down at the...

Analysts have warned that the rise in the bond yields could pose significant challenge to equity market and other risky investments like crypto. On Tuesday, October 3, the US equity market came under major selling pressure as the US 10-year Treasury Yield surged to the levels last seen 16 years ago in 2007. The surge in interest rates has raised concerns about freezing the housing market and pushing the economy into recession. The Dow Jones Industrial Average experienced its most...

Softacom CEO predicted that Artificial General Intelligence (AGI) would be realized within the next decade. Masayoshi Son, the founder and CEO of SoftBank Group Corp (TYO: 9984), has advised businesses in Japan to embrace the potential of Artificial Intelligence (AI) and called for early adoption. Son delivered the statement while speaking at the recent SoftBank World corporate conference, an annual event for the company’s corporate clients in Japan. Son’s keynote address brimmed with...

Half of Sandoz’s revenue comes from Europe. Thus, it will be looking to leverage its brand presence in Europe for further growth. Emerging reports suggest that Novartis has completed the spinoff of its Generics and Biosimilars division, Sandoz, on Wednesday, October 4. The Swiss drug company first made its intention known in August 2022, commencing a strategic review to determine the fate of Sandoz. The review revealed a 100% spinoff was in the best interest of shareholders. Following...

It remains unclear whether the Orama purchase will directly result in the development of crypto-related products and services at BTG Pactual. Banco BTG Pactual SA Unit (BVMF: BPAC11), Brazil’s biggest investment bank, recently announced it has acquired 100% of the share capital of Orama DTVM, a prominent independent distributor for R$500 million (worth about $99 million). BTG Pactual and Orama Form a Strategic Alliance Orama, with more than R$17.9 billion ($3.6 billion) in assets under...

A substantial group of Evergrande’s offshore creditors is considering joining a liquidation court petition against the developer if it fails to submit a new debt restructuring plan by the end of October. The embattled Chinese property developer Evergrande witnessed a substantial surge in its shares as trading resumed in Hong Kong following a brief suspension last week. The company’s shares soared by more than 40% early on and maintained a 20% gain as trading progressed. The significant...

JPMorgan Chase & Co. recently raised its Sphere Entertainment stock price target from $25 to $28 following the release of the entertainment company’s Q4 figures. Sphere Entertainment Co (NYSE: SPHR) stock rose by more than 7% after the company opened its Sphere venue in Las Vegas with a show by U2 on Friday night. The 360-foot-tall venue is located at the Venetian Resort and will host live concerts and sporting events. Everything you need to know about the all new MSG Sphere in Las...

Birkenstock confidently moves ahead with its IPO plans despite mixed performances of other listings in September. Goldman Sachs, JPMorgan, and Morgan Stanley shall be the underwriters for the IPO.  Birkenstock, the renowned German premium footwear brand supported by private-equity firm L Catterton, has announced its intention to pursue a highly anticipated initial public offering (IPO) in New York. For its IPO the company is targeting a valuation of up to $9.2 billion. In this IPO, the...