MARKETS - Page 20

The long-term value of hotly contested $10.6 billion takeover target Origin Energy (ORG.AX) has been muddied by a government plan to accelerate the rollout of renewable energy, announced just hours before a key shareholder vote on the deal. The Australian government will radically expand a taxpayer-underwritten scheme to support new power generation and storage capacity. It could spur investment worth at least A$30 billion ($20 billion). Australia climate change minister Chris Bowen will announce a plan to underwrite 32 gigawatts

Australia’s top shareholder said on Thursday it would reject a complex new offer by a Brookfield Asset Management Ltd (BAM.AX)-led consortium to buy Australia’s most prominent energy retailer made after it became clear investors would vote down an earlier $10.6 billion bid. By lodging the amended offer just hours before a meeting of Origin shareholders in Sydney to vote on the original bid was due to start, suitors gave themselves more time to lobby investors. The Australian superannuation fund said

As the year’s final quarter draws to a close, Bitcoin is expected to exhibit heightened volatility and substantial buying activity, potentially pushing BTC above $37,000 in the early days. This is mainly due to optimism about the future of cryptocurrency, which has led to increased awareness and a rise in retail investment. However, this sentiment isn’t universal among the industry’s top players. Some, including Marshall Beard from Gemini and Paolo Ardoino from Tether, remain bearish on Bitcoin, predicting that the

The founder of Binance resigned from the company and pleaded guilty to breaking anti-money laundering laws of the United States as part of a $4.3 billion settlement resolving a years-long probe into the world’s largest crypto exchange. According to the Justice Department, CZ, the CEO of Binance at the time, prioritized growth over compliance and allowed billions of dollars to flow through the company without proper Know Your Customer (KYC) procedures. In a press conference Tuesday, Attorney General Merrick Garland

The packaging stage of production is increasingly being seen as critical for driving advances in chip technology, with the U.S. kicking off a $3 billion program to boost its packaging capabilities this week. As a result, companies like Japan’s Resonance are putting more emphasis on research and development that focuses on this aspect of chip creation. Resonance (4004.T), the Japanese maker of silicon carbide (SiC) wafers, said on Wednesday it would set up a research and development center for advanced

On Monday, the U.S. Securities and Exchange Commission sued one of the world’s largest cryptocurrency exchanges, which accused it of illegally operating as a securities exchange without first registering with the regulator. The San Francisco federal court lawsuit against Payward Inc. and Payward Ventures, which operate Kraken, alleges that the firm turned a blind eye to securities laws designed to protect investors and commingled customer funds with its own. Kraken denies the allegations and says it intends to defend its

Chinas Nio said on Tuesday it would partner with Changan Automobile (000625. SZ) to jointly develop battery-swapping electric vehicles in an attempt by the loss-making Chinese EV maker to ease costs. The joint venture will establish battery swap standards, build and share battery-swapping stations, standardize batteries, and engage in R&D of battery-swap-enabled vehicle models. The company told Reuters that it will also set up an efficient battery asset management system. They added that the partnership will initially focus on the

The Nasdaq led Wall Street gains as heavyweight Microsoft hit a record high after it hired prominent artificial intelligence executives. The S&P 500 and Dow also posted robust gains. Microsoft is journeying to become a “truly Intelligence Driven Organization.” This is a monumental undertaking that requires every person in the company to break down siloes, work differently, experiment more, and learn from failure. Everyone needs to align around a vision that inspires real change and commit to transforming processes. It’s

On Monday, the London Stock Exchange Group (LSEG.L) named Michel-Alain Proch its new finance chief, starting March 1, 2024. He currently serves as group CFO of the advertising group Publicis PUBP.PA> and takes on the role of Anna Manz, who will step down in February 2024 following the publication of the group’s 2023 full-year results. Proch will report to chief executive David Schwimmer and join the board as a non-executive director. The company said he would receive a salary of

Shares in Foxtron Vehicle Technologies, the electric car unit of Taiwanese contract manufacturer Foxconn, fell in their debut on Monday, hurt by concerns over headwinds in the highly competitive electric vehicle market. EV demand has been rising rapidly, but the sector is still relatively new, and the industry’s leaders need help to scale up production quickly enough to meet surging demand. The company’s shares recovered some ground from earlier losses of as much as 9%, ending down 2.7%, giving it