Author: techbizweb
Creditors of the world’s most indebted property company China Evergrande sold a Hong Kong plot intended for the construction of a Versailles-inspired mansion, forcing the Chinese developer to take a $770mn loss on one of its most significant assets in the city.Evergrande said receivers of the 2.2mn sq ft “Project Castle” plot, which was taken over by Oaktree in January, sold it for about $637mn to repay debts connected to the project, according to a Sunday filing to the Hong Kong stock exchange.Oaktree, the Los Angeles-based asset manager, had seized control of the plot and appointed a receiver after the…
NFT marketplace, OpenSea has revealed its plan to create a tool to help creators on its platform enforce creator fee payments. It is probably not a new thing whether enforcing or not royalties which have been argued topics in the industry ever since it was introduced. While some platforms have already concluded their side of the argument, platforms such as OpenSea were yet to reveal their opinions. OpenSea finally disclosed its thoughts and plans on enforcing royalties on-chain on Sunday. By kicking off with its plans, the platform stated, “With many marketplaces choosing to stop enforcing creator fees, to put…
The heads of some of the UK’s largest listed companies have warned that relations with their institutional investors have deteriorated markedly, with “box-ticking” exercises over stewardship now risking company growth.The State of Stewardship report, compiled by PR and lobbying group Tulchan, highlights a number of problem areas, including what many chairs saw as a blurring of responsibilities between the two sides that is creating unnecessary distractions for boards.Some chairs said this, compounded by an “ever-increasing thicket of government regulation”, was contributing to the decline in the number of listed companies in the UK.Interviews with 35 named chairs of FTSE companies…
USD coin issuer and digital financial technology firm Circle is now set to expand its Euro Coin and cross-chain transfer protocol to the Solana ecosystem in the first half of 2023. The Euro Coin is a euro-backed stablecoin issued by Circle in June. In contrast with its counterpart USDC coin, which is pegged to dollars, the Euro Coin is pegged to the Euro. Currently, the Euro coin is live on the Ethereum blockchain, and by Q1 2023, it will also be live on the Solana blockchain. According to Sheraz Shere, Head of Payments at Solana Labs, the launch of the…
The biennial event of a nationally significant American election is upon us with the US midterms. All 435 House seats and 35 of the 100 Senate seats are on the ballot on Tuesday. Joe Biden is so concerned that last week he hit the campaign trail, ramping up the rhetoric.The Democrats are likely to lose control of the House and the upper chamber is on a knife edge. That (or rather the divided government it will create) is bad news for investors, according to Unhedged’s Rob Armstrong. FT columnist Janan Ganesh blames the voters.Want to know more? This Thursday, FT…
The cryptocurrency market has posted a bullish performance, marking a good beginning this week. The market started to rally above the trillion-dollar mark towards the end of last month as the appeal for riskier assets increased amid the current bearish macroeconomic environment. On Monday 02:46 am EAT (East African Time), the market capitalization of all cryptocurrencies was $1.08 trillion, down 2.63% in the last 24 hours. The overall volume of the crypto market during the last 24 hours reached $64.26 billion, a 41.82% fall, according to data platform Coingeko. With the new month remaining bullish for the landscape, here is…
Judged solely by the bestseller stands of the biggest bookshop in Tokyo’s financial district, the streets of late 2022 Japan should now be licked by revolutionary flames.On one set of shelves are the titles that worship business, deify its pantheon of global leaders and promise readers supremacy with seven keys to success. Where these volumes identify crises — underfunded pensions, demographic collapse, climate implosion — they do so with the fearless faith that capitalism will present a solution.But from across the aisle comes the newly remastered snarl of Karl Marx — insistent from beyond the grave that the brakes must…
According to a media report released on Sunday, the U.S. Securities and Exchange Commission (SEC) has reportedly issued a subpoena to influencers who were found promoting crypto coins, such as HEX, PulseChain, and PulseX. Over the weekend, Swedish researcher Eric Wall shared an official letter from the SEC dated November 1, which was addressed to the influencers. The letter said the influencers might possess documents and data relevant to an ongoing investigation conducted by the SEC staff. The regulator accompanied the letter with a subpoena that was issued as part of the investigation, which demanded the influencers in question produce…
Apple has warned that global shipments of its newest high-end iPhones will be delayed after China’s zero-Covid lockdowns caused havoc at a factory run by key supplier Foxconn.The tech group made a rare announcement about iPhone delays on Sunday, just over a week after it warned of “significant” headwinds to revenue growth due to the impact of a strong US dollar and supply constraints for its high-end models.Apple said that demand for the iPhone 14 Pro and Pro Max models, whose popularity helped to drive iPhone revenue up 10 per cent last quarter, remained strong but added: “We now expect…
The US is working on a plan to harness cash from the world’s largest companies to help developing countries cut their use of fossil fuels, an idea it aims to unveil at the UN climate summit this week.US president Joe Biden’s climate envoy John Kerry is trying to marshal support from other governments, companies and climate experts to develop a new framework for carbon credits to be sold to business. The proceeds could then fund new clean energy projects.Under the potentially transformational plans, regional governments or state bodies would earn carbon credits by reducing their power sector’s emissions as fossil…