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- BusinessAssociated Press Finance
FTX says most customers will get all money back, less that 2 years after catastrophic collapse
FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that. FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors. The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the extent that funds still remain.
2 min read - WorldReuters
SpaceX's unit Starlink secures Indonesia operating permit
The satellite unit of Elon Musk's SpaceX has secured a permit to operate in Indonesia, the communications minister told Reuters on Wednesday. Starlink had obtained a permit to operate as an internet service provider for retail consumers and had been given the go-ahead to provide networks, having received a very small aperture terminal (VSAT) permit, minister Budi Arie Setiadi said in an interview. Indonesia is the third country in Southeast Asia where Starlink will operate.
1 min read - BusinessBloomberg
Air Baltic Sells Europe’s Highest-Yielding Junk Bond This Year
(Bloomberg) -- Air Baltic Corp AS had to offer Europe’s highest coupon bonds so far this year to pull off a last-minute refinancing deal, even with Latvia’s government stepping up to buy a chunk of the debt.Most Read from BloombergTrump Judge Indefinitely Postpones Documents Case TrialOne Out of Every 24 New York City Residents Is Now a MillionaireAmericans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t TrackTrump’s Private Life Exposed in Intimate Stormy Daniels TestimonyThe Latvian airli
3 min read - BusinessJust Drinks
BrewDog’s James Watt steps down as CEO
Watt will remain “captain and co-founder” and take a board seat.
3 min read - TechnologyDigital Trends
Microsoft says 75% of office workers already use AI at work
Microsoft has published its Annual Work Trend Index, and to no one's surprise, use of AI took the spotlight.
2 min read - Businessetf.com
How to Invest in China Without the Downside Risk
KraneShares’ Shelon discusses the company’s new China ETFs.
1 min read - BusinessFreightWaves
FleetPulse spun off from Great Dane, raises $11M for trailer telematics
FleetPulse has spun off from trailer OEM Great Dane and hired industry executives to lead the independent company. The post FleetPulse spun off from Great Dane, raises $11M for trailer telematics appeared first on FreightWaves.
3 min read - BusinessInternational Accounting Bulletin
Bristol Sport implements Xledger UK cloud finance solution
Bristol Sport has successfully deployed Xledger UK’s automated cloud finance solution to drive efficiencies through automation, insight and scalability across the group’s finance function. Comprised of five professional sports teams, across football, rugby and basketball, Bristol Sport were looking for a strategic partner to help with its finance transformation journey to enhance its processes and reporting. …
2 min read - USMiami Herald
Sheriff requests nude photos from inmate in exchange for favorable treatment, feds say
The former Mississippi sheriff was accused of bribery and lying to the FBI.
2 min read - USBusiness Insider
Homeowners are suing for the right to demolish the house Marilyn Monroe died in, angering fans who say it's part of Hollywood history
Owners of the Brentwood home Marilyn Monroe died in are suing Los Angeles for the right to demolish it, according to a new lawsuit. Fans aren't happy.
3 min read - BusinessRailway Technology
New Korail high-speed train hits the lines
The delayed high-speed trains will be rolled out across the Korean network over the next three years.
2 min read - BusinessBloomberg
Wood Group Rejects £1.4 Billion Takeover Proposal From Sidara
(Bloomberg) -- John Wood Group Plc said it rebuffed a £1.4 billion ($1.8 billion) bid from family-owned engineering company Sidara. Most Read from BloombergTrump Judge Indefinitely Postpones Documents Case TrialOne Out of Every 24 New York City Residents Is Now a MillionaireAmericans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t TrackTrump’s Private Life Exposed in Intimate Stormy Daniels TestimonyLondon-listed Wood received an unsolicited preliminary proposal of 205 pence per share from
2 min read - BusinessThe Accountant
ACCA: Updated internal audit code aligns to global standards
A proposed code for internal auditors has been praised by ACCA (the Association of Chartered Certified Accountants) for ‘clearly and concisely reflecting and adopting global standards’, while maintaining its relevance for the UK profession. Responding to a public consultation, issued by the Chartered Institute of Internal Auditors, ACCA welcomes the way the draft looks across…
2 min read - BusinessPrivate Banker International
Goldman Sachs adds to its executive team with vice chairman
Global investment bank Goldman Sachs reinforces the management committee and its senior leadership.
2 min read - Businessdpa international
German chipmaker Infineon to cut hundreds of jobs
German semiconductor manufacturer Infineon confirmed on Wednesday that it would cut hundreds of jobs in the Bavarian city of Regensburg as part of a previously announced cost-cutting programme. The move comes after Infineon on Tuesday lowered its forecast for the current year after profits saw a further decline. The company announced the cutbacks without going into detail. "The workforce was informed on May 7 that the changes will affect a mid three-digit number of jobs in Regensburg," a spokesm
1 min read - BusinessBloomberg
Shell to Sell Singapore Oil Assets to Glencore-Indonesia JV
(Bloomberg) -- Shell Plc has agreed to sell its Singapore refining and chemicals assets to a joint venture between commodity trader Glencore Plc and Indonesia’s PT Chandra Asri Pacific.Most Read from BloombergTrump Judge Indefinitely Postpones Documents Case TrialOne Out of Every 24 New York City Residents Is Now a MillionaireAmericans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t TrackTrump’s Private Life Exposed in Intimate Stormy Daniels TestimonyAs part of the transaction, Shell will
2 min read - BusinessJust Food
Dale Farm to expand cheese production in Northern Ireland
The expansion will increase the site’s cheese production capacity by 20,000 tonnes per year.
2 min read - BusinessJust Style
Explainer: Lululemon probe thrusts ‘misleading’ green claims into spotlight
Lululemon is the latest brand caught up in allegations of “misleading” consumers with its sustainability claims as industry experts say companies must ensure any green claims made are “reasonable and balanced” to prevent reputational damage.
6 min read - BusinessPackaging Gateway
SgMA scales up plastic-free packaging production with new funding
The investment will accelerate the scale-up of SgMA’s Solgelica technology for 100% plastic-free packaging solutions in the EU and the UK.
1 min read - BusinessReuters
SK Hynix to sell 50% stake in China foundry unit to Chinese enterprise -Korea Economic Daily
South Korea's SK Hynix has agreed to sell its nearly 50% stake in its foundry unit based in China to a Chinese state-owned enterprise, according to regulatory filings and media reports. SK Hynix System IC said in a regulatory filing that it plans to sell a 21.3% stake in its foundry unit in Wuxi to China's state-owned Wuxi Industry Development Group Company for 205.4 billion won ($150.81 million). In a separate filing, SK Hynix System IC said it will also sell its intangible assets, including
1 min read - BusinessElectronic Payments
Indonesia e-commerce payments to surge by 15.5% in 2024, reveals GlobalData
Indonesia’s e-commerce market is one of the fastest growing in South East Asia, supported by advancements in digital infrastructure and logistics
3 min read - TechnologyEngadget
The Morning After: Apple's new iPad Pro is thinner than an old iPod nano
The biggest news stories this morning: Google announces the $499 Pixel 8a early, Apple’s M4 chip arrives with a big focus on AI, Nintendo to announce Switch successor before March 2025.
2 min read - BusinessTechCrunch
Axmed raises $2M from Founderful to streamline drug supply chains in underserved markets
It is estimated that about 2 billion people, especially those in lower and middle-income countries, lack access to quality and affordable essential medicines. The situation is exacerbated by low-quality or even killer counterfeit drugs that fill the gap. This is the problem that B2B marketplace Axmed is out to fix by addressing supply chain fragmentation, and the startup recently raised $2 million in seed funding from Founderful Ventures to fuel its plans.
3 min read - BusinessCNN Business
Collapsed FTX says it can pay most creditors back in full
FTX has recovered enough assets to pay most of its creditors back in full, the failed crypto exchange said late Tuesday as it unveiled a proposed reorganization plan.
2 min read - BusinessJust Style
In data: RFID upgrades inventory management for apparel manufacturer
Tracking solution provider RFID Discovery has announced it is working with European clothing supplier Brook Taverner, however GlobalData has revealed Radio Frequency Identification (RFID) apparel patents have not risen since 2020.
1 min read - BusinessPower Technology
Siemens Gamesa CEO steps down, shares surge 13%
Vinod Philip is set to take the helm as Siemens Energy initiates a comprehensive overhaul.
2 min read - BusinessOffshore Technology
EIA estimates slower world oil demand growth in 2024
The latest report by the US Energy Information Administration (EIA) predicts slower global oil demand growth for 2024 and a 2% decline in US natural gas production from the first quarter (Q1) of 2024 to Q2 2024.
3 min read - BusinessMining Technology
Ganfeng to acquire Leo Lithium’s Mali project stake for $342.7m
The company has agreed to acquire a 40% stake in the Goulamina lithium mine from Leo Lithium for $342.7m (1.63bn yuan).
2 min read - BusinessThe Guardian
‘It’s the brand speaking to you’: the scent firms making smells for Subway, Abercrombie and more
As brick-and-mortar retail stores compete with e-commerce, chains are spending heavily to immerse customers in bespoke fragrances
9 min read - BusinessAFP
BMW says EU probe into China EV subsidies against free trade
The chief executive of German luxury carmaker BMW on Wednesday warned the European Union's investigation into Chinese electric car subsidies runs counter to free trade.Oliver Zipse -- CEO of BMW, which has major investments in China, the world's biggest car market -- said that the Munich-based group "always strives for free trade".
2 min read - BusinessBloomberg
Cocoa’s Dizzying Volatility Is Spilling Into the Coffee Market
(Bloomberg) -- Cocoa and coffee have become intertwined this year, with extreme weather and shortages fueling rallies of both commodities that test the limits of traders.Most Read from BloombergTrump Judge Indefinitely Postpones Documents Case TrialOne Out of Every 24 New York City Residents Is Now a MillionaireAmericans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t TrackTrump’s Private Life Exposed in Intimate Stormy Daniels TestimonyJust like cocoa, the coffee market is facing severe sh
4 min read - BusinessThe Wall Street Journal
Will Tesla’s EV Charging Slowdown Supercharge Competitors?
Tesla’s decision to step back from EV charging opens up space for competitors. It isn’t clear that they can fill the gap.
4 min read - WorldFreightWaves
New shipping routes highlight growing Asia-to-Mexico trade
Global ocean carriers are targeting the growing trade from China to Mexico with new express services. The post New shipping routes highlight growing Asia-to-Mexico trade appeared first on FreightWaves.
3 min read - BusinessBloomberg
Turkey’s Inflation Math Is No Longer a Dealbreaker for Investors
(Bloomberg) -- Turkish inflation forecasts still strain belief — but this time, few in the market are complaining.Most Read from BloombergTrump Judge Indefinitely Postpones Documents Case TrialOne Out of Every 24 New York City Residents Is Now a MillionaireAmericans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t TrackTrump’s Private Life Exposed in Intimate Stormy Daniels TestimonyAs Governor Fatih Karahan prepares to unveil the central bank’s fresh outlook at a quarterly event in Ankara o
4 min read - TechnologyElectronic Payments
AI needed to tackle AI fraud – cybersecurity expert
Resitant AI CEO Martin Rehak says AI fraud is predominantly enabling a change of scale without engendering a change of scope.
5 min read - BusinessZacks
ExxonMobil (XOM) Trading Staff Opposes London Relocation Plan
ExxonMobil (XOM) employees in Brussels take to the streets, resisting the company's move to relocate trading operations to London. Job cuts loom large as tensions rise.
3 min read - BusinessBloomberg
FTX Has Billions More Than Needed to Pay Bankruptcy Victims
(Bloomberg) -- Cryptocurrency exchange FTX has amassed billions of dollars more than it needs to cover what customers lost in its November 2022 collapse, setting them up to receive full recoveries, plus interest, a rare outcome in US bankruptcy proceedings. Most Read from BloombergTrump Judge Indefinitely Postpones Documents Case TrialOne Out of Every 24 New York City Residents Is Now a MillionaireAmericans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t TrackTrump’s Private Life Exposed in
4 min read - BusinessJust Auto
Ford mulls restricting ICE vehicle sales in Britain – FT
The move would help to hit UK mandated share of sales targets for BEVs and avoid fines
1 min read - BusinessJust Drinks
Bolthouse Farms splits into two business entities in food and beverages
Bolthouse Fresh Foods is focused on fresh carrots, while Generous Brands serves the dressings and fruit and veg drinks categories.
2 min read - WorldHotel Management Network
Dusit to launch lifestyle resort near Malé, Maldives
The lifestyle resort, dusitD2 Feydhoo Maldives, is set to open in the fourth quarter of 2024.
2 min read - BusinessCharlotte Observer
How a new Albemarle deal for its Kings Mountain lithium mine will help local nonprofits
The Charlotte-based company has several upcoming community meetings planned as it works to reopen the dormant mine
4 min read - BusinessReuters
Apple's iPhone shipments in China rebound with 12% surge in March after price cuts
Apple's iPhone shipments in China increased by 12% in March after the company and its retailers reduced prices, according to data from a research firm affiliated the Chinese government. Shipments of foreign-branded phones in China increased by 12% in March to 3.75 million units from 3.35 million a year earlier,data from the China Academy of Information and Communications Technology (CAICT) published on Wednesday showed. Although the data did not explicitly mention Apple, the company is the dom
2 min read - TechnologyVerdict Food Service
Presto introduces new Voice AI feature to streamline restaurant operations
The new tech will minimise the need for human intervention at early stages of the ordering process.
2 min read - BusinessPackaging Gateway
Lunchskins introduces new recyclable Lunch SAC line at Target stores
The newly added line comprises recyclable FSC-certified paper.
1 min read - BusinessLife Insurance International
AI-powered insurance solutions provider Simplifai garners funding
Simplifai’s InsuranceGPT is said to be the industry's first insurance-specific generative AI (GenAI) technology.
2 min read - BusinessPrivate Banker International
The AmeriFlex Group acquires The W Source
AmeriFlex Group purchases a women-to-women professional networking platform.
2 min read - BusinessRetail Insight Network
Amazon launches South African online store
Amazon.co.za offers same-day and next-day delivery services, a 30-day return policy, and home pickup and self-drop options.
2 min read - BusinessVerdict
In data: US semiconductor industry attracted over $100bn in foreign direct investment since 2019
Germany ranked second after the US, attracting nearly $40m of FDI in semiconductors since 2019.
2 min read - BusinessCoinDesk
Japanese Crypto Exchange Coincheck Sees Nasdaq Listing Completion in Second, Third Quarters
Coincheck said the timing is subject to approval by Thunder Bridger IV's stockholders, the SEC and Nasdaq.
1 min read - USAkron Beacon Journal
City of Akron weighing $750k shot in the arm to help nonprofits assist small businesses
Pending council approval, the city of Akron could issue $750,000 to the Bounce Innovation Hub, Akron Urban League and Western Reserve Community Fund.
3 min read