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South Korea Targets Illegal Short Selling by Foreign Banks

The Financial Supervisory Service FSS, which oversees the stock market in South Korea, has learned that two investment banks with offices in Hong Kong

The Financial Supervisory Service FSS, which oversees the stock market in South Korea, has learned that two investment banks with offices in Hong Kong engaged in illegal naked short selling, which is against the countrys Capital Markets Act. The two unidentified banks engaged in lengthy transactions totalling 40 billion won $29.58 million and 16 billion won, respectively, which almost certainly led to significant fines. These infractions go against South Koreas efforts to foster an atmosphere beneficial for international investors. The FSS will look into similar practices at other investment banks to stop this type of misbehaviour from happening again. Read More..

B2B Tech News | 2 years ago        

Historic Labor Agreement Reached After Massive Healthcare Worker Strike

After a threeday strike involving 75,000 members, a union coalition representing Kaiser Permanente healthcare employees has achieved a tentative labou

After a threeday strike involving 75,000 members, a union coalition representing Kaiser Permanente healthcare employees has achieved a tentative labour agreement. The walkout affected nurses, technicians, and support personnel at Kaiser hospitals and clinics across multiple states and was the biggest among medical professionals. The agreement calls for uniform salary hikes, with Californias minimum wage rising to $25 per hour and $23 in other states where Kaiser does business. Julie Su, the U.S. Labour Departments acting secretary, participated in the discussions. The agreement calls for a 21% pay raise over four years, performancebased bonuses, and staffing shortage solutions. The agreement, which takes effect on October 1, will be put to a vote by more than 85,000 Kaiser employees. Read More..

B2B Tech News | 2 years ago        

IMF and World Bank Intensify Response to Global Challenges Bringing Africa On Center Stage

The IMF and World Bank have increased their response to global concerns since 2020, contributing $80 billion in funding, including debt relief and res

The IMF and World Bank have increased their response to global concerns since 2020, contributing $80 billion in funding, including debt relief and resilience programmes for six countries, due to their annual meetings in Marrakech. The gatherings this year mark the events 50year return to Africa. Due to high inflations impact on borrowers ability to make payments, debt sustainability is a worry. The IMF emphasised that despite low growth rates, debt vulnerabilities in Africa remain significant. Caution has been used in debt cancellation, highlighting the necessity for a casebycase approach. The gatherings take place in conjunction with a countersummit on debt elimination. Economic leaders have convened to discuss maintaining stability and growth in the face of conflict, inequality, and climate change. Read More..

B2B Tech News | 2 years ago        

UK Antitrust Greenlights Microsofts $69B Activision Blizzard Deal

The acquisition of game company Activision Blizzard by Microsoft has been approved by the UKs antitrust regulator, allowing the transaction to close o

The acquisition of game company Activision Blizzard by Microsoft has been approved by the UKs antitrust regulator, allowing the transaction to close on October 18. The permission comes after Microsoft agreed to ensure fair competition and the restructuring of the agreement. Selling Ubisoft the streaming rights and resolving worries about having too much control over cloud gaming are part of this. The Competition and Markets Authority CMA highlighted its independence from corporate lobbying and political influence and referred to Microsofts concessions as a "gamechanger" and described them as such. The $69 billion gaming industry transaction, initially obstructed in April, was finally approved. Microsoft applauded the decision, while Activision Blizzard looked forward to joining the Xbox Team. Read More..

B2B Tech News | 2 years ago        

Trump SPAC DWAC Returns $533 Million, Halting Truth Social Funding

Trump Media & Technology Group TMTG, which includes Trumps Truth Social platform, was to be funded by a $1 billion PIPE deal. Still, Digital World Acq

Trump Media & Technology Group TMTG, which includes Trumps Truth Social platform, was to be funded by a $1 billion PIPE deal. Still, Digital World Acquisition Corp. DWAC, the SPAC that will merge with Trumps media and technology company, is returning $533 million to investors instead. Investor withdrawals prompted this decision to expedite the TMTG merger, resulting in the termination of the PIPE transaction. An amendment passed in August required the unwinding of the PIPE, giving Trump more clout in the DWAC. To transfer to TMTG, DWAC will keep $293 million from its IPO, which investor redemptions may lower. Either party may terminate the merger agreement between October 31 and November 21. DWACs stock dropped 2% to $15.54, significantly below its peak of $97 in March 2022. Read More..

B2B Tech News | 2 years ago        

Fords Profit Machine Grinds to a Halt Amid UAW Strike

The United Auto Workers UAW intensified their strike against the Detroit Three automakers, abruptly shutting down Fords most extensive global plant, i

The United Auto Workers UAW intensified their strike against the Detroit Three automakers, abruptly shutting down Fords most extensive global plant, impacting the manufacturing of lucrative pickup trucks. About 8,700 UAW workers at Fords Kentucky truck production went on strike, protesting lower wages, eliminating a twotier wage structure and expanding unions to all three companies battery plants. This walkout jeopardizes the automakers annual revenues, affecting Fords most lucrative operation. The UAWs tactic of "reputational damage" and industrial disruption raises concerns about a more considerable labour dispute that might also affect General Motors and Stellantis. Currently, only around 22% of UAW employees are on strike. Still, thousands more have been on leave due to connected work stoppages. Read More..

B2B Tech News | 2 years ago        

Goldman Sachs Escalates 1MDB Clash with Malaysia

Tensions for a settlement connected to the 1MDB corruption crisis have increased due to Goldman Sachs filing a lawsuit against Malaysia in a UK court.

Tensions for a settlement connected to the 1MDB corruption crisis have increased due to Goldman Sachs filing a lawsuit against Malaysia in a UK court. The bank filed for arbitration, arguing Malaysia had broken the settlement agreements asset crediting duties. To end Malaysias criminal probe into Goldmans role in the affair, Goldman agreed to pay $3.9 billion in a 2020 agreement at the centre of the conflict. There is disagreement on the need for a $250 million interim payment and whether Malaysia will get the $500 million in assets by August 2022. $4.5 billion was taken as part of the 1MDB conspiracy, putting highranking officials—including Goldman staff—at fault. Read More..

B2B Tech News | 2 years ago        

Survey Japan Expects Chinas Economic Slump to Last Until 2025

A Reuters survey of 502 significant Japanese companies found that most believe Chinas economy would continue declining until at least 2025. 17% of res

A Reuters survey of 502 significant Japanese companies found that most believe Chinas economy would continue declining until at least 2025. 17% of respondents estimate that the economic slowdown will last until the end of 2024, while 52% believe it will last until 2025. 5% of respondents predict a recovery by the first quarter of 2024. Due to tight real estate market restrictions and escalating youth unemployment, China, Japans largest trading partner, saw a stagnation in cargo shipments and a decline in consumer expenditure. Meanwhile, 86% of polled Japanese businesses expect Prime Minister Fumio Kishida to announce an economic stimulus plan worth more than 10 trillion yen. Read More..

B2B Tech News | 2 years ago        



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