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On Friday, the EV market received a jolt as Swedish electric performance carmaker Polestar began trading on the Nasdaq after going public via a SPAC transaction. Shares, trading under the ticker “PSNY,” opened the trading day valued at $13.30 but sank to less than $11 as of midday. advertisement advertisement Polestar is the latest high-profile company to go public during a rather tumultuous time on the market—and also to do so using a SPAC deal. Sustainable consumer-products company Grove Collaborative likewise went public a week ago. But Polestar, which itself was spun off from its parent company, Volvo, is among a slew of other EV makers that have gone public in recent years, such as Rivian , Fisker , Nikola , and Lordstown Motors. “By 2025, we aim to be selling 290,000 cars per year, 10 times as many as we sold in 2021,” said Thomas Ingenlath, CEO of Polestar, in a press release . “We already have a real and … [Read more...] about Polestar goes public: What to know about the electric vehicle company’s SPAC merger

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. Naza Tower in Platinum Park in the city centre is one of the group’s key assets. (Photo by www.nazatower.com) - A + A NAZA Communications Sdn Bhd, a wholly-owned subsidiary of the diversified Naza Corp Holdings Sdn Bhd, is understood to be in talks to acquire the assets of digital services provider U Mobile Sdn Bhd, sources say. In response to questions from The Edge, Naza Communications says, it is “unable to comment”. Similarly, U Mobile says it is “unable to comment on your queries”, when asked about a possible sale of U Mobile’s assets to Naza Communications. While details of the assets in question remain scarce, U Mobile had total assets of RM6.33 billion as at end-December 2020, of which RM1 billion was current assets. Another source says U Mobile had called for a request for proposal (RFP) and Naza Communications, the front runner to acquire the former’s … [Read more...] about Naza Communications looking to buy U Mobile’s assets

Share to Twitter Share to Linkedin It’s been a rollercoaster ride for shares of Airbnb since the online home rental firm went public in December 2020. Shares rose in the second half of last year, peaking at just over $207 in November. Now they’re trading for about 50% less, following a decline in many U.S. stocks. One of Airbnb’s three billionaire cofounders has continued to sell shares monthly despite the stock plunge. Since June 15, 2021, Joe Gebbia, who is head of Airbnb’s nonprofit arm, has sold 5 million shares worth $713 million. He’s been selling at a rate of 200,000 to 700,000 shares a month, as recently as this month—parting with 8% of his stake in the company. After taxes, Forbes estimates Gebbia took home at least $450 million. Per Securities and Exchange Commission filings, those transactions were part of a predetermined trading plan. The only exception was March of this year, when Gebbia sold 1.4 million shares for a pretax total of $215 … [Read more...] about These Airbnb Founders Have Sold More Than $1 Billion Worth Of Stock Combined In The Past Year

- A + A (June 28): Half way to the point when Hong Kong will officially be enveloped by China, Beijing is not just calling the shots politically, but in vast swathes of the city’s US$344 billion economy. From the stock exchange to brokerages, construction projects to the retail sector, Chinese state-controlled firms are increasingly dominating, taking market share away from the local tycoons and British trading houses that thrived under the final decades of UK rule. Those behind the growing Chinese influence view Hong Kong’s economy as stagnant, slow to embrace the technology-driven, new economy industries that have been catalysts for growth on the mainland. Chinese enterprises have been handed more political power in the city, including a recent revamp of the electoral system that reduced the influence of local businesspeople and added greater representation for state-backed companies. “Hong Kong has come to a crucial crossroads,” said Simon Lee, a Hong Kong … [Read more...] about Chinese firms are dominating key parts of Hong Kong’s economy

US President Joe Biden attends a working lunch with other G7 leaders to discuss shaping the global economy at the Yoga Pavilion, Schloss Elmau in Kuren, Germany, June 26, 2022. (Kenny Holston/Pool via REUTERS) WASHINGTON — The United States aims to raise $200 billion in private and public funds over five years to fund needed infrastructure in developing countries under a G7 initiative aimed at countering China’s multitrillion-dollar Belt and Road project, the White House said on Sunday. US President Joe Biden will unveil the plans, flanked by other Group of Seven leaders, some of whom have already unveiled their own separate initiatives, at their annual gathering being held this year at Schloss Elmau in southern Germany. Increasingly worried about China, G7 leaders first floated plans for the project last year, and are formally launching it now under a fresh title, “Partnership for Global Infrastructure and Investment” while dropping the moniker “Build Back Better World” … [Read more...] about US to raise $200 billion for G7 vs China’s Belt and Road

Share to Twitter Share to Linkedin Now that McDonald’s has agreed to pay France a blockbuster €1.25 billion in back taxes and fines, labor unions are calling the settlement a success for union activism in the corporate tax space. The story dates back to 2015, when a coalition of European and U.S. labor organizations (the European Federation of Public Service Unions; the European Federation of Food, Agriculture, and Tourism Trade Unions; and the Service Employees International Union) and the U.K.-based antipoverty organization War on Want accused McDonald’s of avoiding over €1 billion in taxes in Europe by purposefully restructuring its European operations to take advantage of favorable tax rates in specific countries. The groups were concerned about some restructurings McDonald’s undertook in 2009 to move its European headquarters from the United Kingdom to Switzerland and route its intellectual property to a new IP holding company based in Luxembourg. … [Read more...] about Lesson For McDonald’s: Beware The Tax Whistleblower Unions

Share to Twitter Share to Linkedin Wells Fargo, the fourth largest bank in the United States, agreed on Friday to pay $3 billion to settle its long-running civil and criminal probes into the heinous accusations of rampant fraudulent sales practices. The San Francisco-based bank announced that it will pay the substantial financial penalty to both the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). Roughly $500 million of the fine will be allocated to the SEC. The regulator will use the funds from the settlement to offer some restitution to the the defrauded customers. The problems began when Wells Fargo executives pressured rank-and-file bank personnel to aggressively cross-sell products to enhance sales and revenue to meet certain quotas. Deception reared its ugly head when Wells Fargo employees then created millions of savings and checking accounts for customers without their knowledge or approval . To reach … [Read more...] about Wells Fargo Forced To Pay $3 Billion For The Bank’s Fake Account Scandal

India’s digital payments landscape has witnessed tremendous growth over the past five years. With 2 out of 5 transactions being digital and contributing to a US$3 trillion digital payment market, the industry is poised for a quantum leap towards the realisation of a cashless economy. Despite this explosive growth, certain segments of the market remain underpenetrated with considerable scope for growth. To deep dive into the current and future digital payments landscape, PhonePe Pulse in collaboration with Boston Consulting Group (BCG) released an exclusive report titled, “ Digital Payments in India: A US$10Tn Opportunity ”. Pulse, PhonePe’s flagship initiative launched last year, has emerged as India’s go-to destination for accurate and comprehensive data and insights on digital payments trends in the country. This insightful report is PhonePe Pulse’s second annual edition which provides an in-depth commentary on the digital payments ecosystem and explores factors and enablers that … [Read more...] about Indian digital payments landscape is projected to be at US$10 trillion by 2026: PhonePe Pulse & BCG report on digital payments

(Representational image) Thailand relaxed its cannabis laws Thursday, with users permitted to possess and grow the plant -- albeit under complicated new guidelines. The change comes after Thailand's landmark 2018 legalisation of medicinal cannabis -- the first such move by a country in Southeast Asia, where anti-drugs laws are notoriously harsh. The kingdom's public health ministry announced in February that marijuana would be removed from its banned narcotics list, and the rules came into effect on Thursday. Activists welcomed the development and Bangkok cannabis shop Highland Cafe was doing a brisk trade in buds on Thursday. "It's a dream come true," said co-owner Rattapon Sanrak. Close "We've been fighting for it (legalisation) for about 10 years," the 35-year-old said. Thailand has previously taken a tough stance on drugs, with people found with cannabis on them facing up to 10 years in prison and a hefty fine. But some warned against lighting up … [Read more...] about Thailand becomes 1st Asian country to legalise marijuana for medicinal use

- A + A KUALA LUMPUR (June 27): Bursa Malaysia opened higher on Monday (June 27) following a relief rally staged by Wall Street last Friday with all three major US indices closing broadly higher, a dealer said. At 9.05am, the FBM KLCI had gained 2.99 points to 1,439.69 from last Friday's close at 1,436.70. The benchmark index opened 2.12 points higher at 1,438.82. Overall market breadth was positive as gainers surpassed losers 198 to 99, while 189 counters were unchanged, 1,822 untraded and 55 others suspended. Turnover stood at 169.15 million units worth RM58.65 million. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said despite facing numerous headwinds, the Dow Jones Industrial Average ticked up 823 points and the Nasdaq Composite jumped 375 points as the US 10-year yield increased to almost the 3.14% level last Friday. The S&P 500 added 116.01 points to finish at 3,911.74. On the home front, given that the FBM KLCI made a mild … [Read more...] about Bursa opens higher after Wall Street’s relief rally