Global Business Magazine

Adani Group slams ‘baseless’ New York fraud and bribery charges

BusinessMagazine — Thu, 21 Nov 2024 08:23:06 +0000

Gautam Adani, chairman of Adani Group, speaks during the Forbes CEO Summit in Singapore, on Tuesday, Sept. 27, 2022. India needs fossil fuels to serve large populations and getting rid of all fossil fuels instantly would not work for the nation, Adani said. Photographer: Edwin Koo/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

India’s Adani Group on Thursday denied allegations of bribery and fraud made by U.S. authorities in relation to the group’s chair Gautam Adani, saying all claims were “baseless.”

Shares of companies in India’s Adani Group plunged after Gautam Adani, one of the world’s richest people, was indicted in a New York federal court on charges regarding an alleged bribery and fraud scheme. Shares in Adani Green Energy, the firm at the center of the allegations, slumped 17.9%.

Adani and several other defendants are accused of having paid Indian government officials more than $250 million in bribes to obtain solar energy supply contracts worth more than $2 billion in profits.

The company’s 62-year-old chair, his nephew Sagar Adani, and fellow company executive Vneet Jaain are charged with misleading U.S. and international investors about their company’s compliance with antibribery and anticorruption practices as they raised more than $3 billion in capital to fund energy contracts.

An Adani Group spokesperson said the allegations made by the U.S. Department of Justice and the U.S. Securities and Exchange Commission against directors of Adani Green Energy are “baseless and denied.”

“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws,” the spokesperson said in an emailed statement.

They added that “all possible legal recourse will be sought,” following the allegations.

Shares of Adani investor GQG Partners also cratered around 20% on Thursday.

This is a breaking news story. Please refresh for updates.

– CNBC’s Boon Ping and Dan Mangan contributed to this story.

By CNBC

Vietnamese Dishes Dominate the List of Southeast Asia’s Best Rice-Based Foods

BusinessMagazine — Thu, 21 Nov 2024 05:54:00 +0000

Culinary site TasteAtlas has released a list of 76 Southeast Asian dishes made mainly from…

The post Vietnamese Dishes Dominate the List of Southeast Asia’s Best Rice-Based Foods appeared first on Vietnam Insider.

Nokia Corporation: Repurchase of own shares on 20.11.2024

BusinessMagazine — Wed, 20 Nov 2024 20:30:00 +0000

Nokia Corporation
Stock Exchange Release
20 November 2024 at 22:30 EET

Nokia Corporation: Repurchase of own shares on 20.11.2024

Espoo, Finland – On 20 November 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	2,852,209	4.08
CEUX	1,317,613	4.06
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	4,169,822	4.07

* Rounded to two decimals

On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

Total cost of transactions executed on 20 November 2024 was EUR 16,979,932. After the disclosed transactions, Nokia Corporation holds 209,317,495 treasury shares.

Details of transactions are included as an appendix to this announcement.

On behalf of Nokia Corporation

BofA Securities Europe SA

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Inquiries:

Nokia Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications

Nokia Investor Relations
Phone: +358 40 803 4080
Email: investor.relations@nokia.com

Attachment

Daily Report 2024-11-20

VXBanc Sets a New Standard with Unprecedented Speed in Crypto and Forex Data Analysis

BusinessMagazine — Wed, 20 Nov 2024 20:27:00 +0000

SINGAPORE, Nov. 20, 2024 (GLOBE NEWSWIRE) — VXBanc, a leading innovator in financial technology, has unveiled its latest breakthrough in AI-driven analytics, setting a new standard for speed and accuracy in cryptocurrency and Forex market data analysis. With cutting-edge algorithms and state-of-the-art machine learning models, VXBanc’s innovative solutions are poised to empower traders with faster and more precise insights than ever before.

By processing vast volumes of financial data in real time, VXBanc enables traders to stay ahead of volatile market trends. Leveraging proprietary AI technology, VXBanc.com aims to provide actionable insights with unparalleled speed and accuracy, offering a crucial edge in navigating the fast-paced world of crypto and Forex markets.

“Our mission at VXBanc is to equip traders with tools that redefine the limits of what’s possible,” said Andrew G. McConnell, CMO, VXBanc. “With this latest innovation, we are paving the way for smarter decision-making and a deeper understanding of financial markets.”

Key highlights of VXBanc’s technology include:

Real-Time Analytics: High-speed processing of crypto and Forex data streams.
Enhanced Accuracy: Proprietary AI algorithms designed to deliver precise market predictions.
Scalable Solutions: A future-proof framework adaptable to evolving market needs.

As VXBanc continues to refine its AI-driven analytics, the company is committed to supporting traders and financial professionals with cutting-edge technology designed to transform market analysis. Stay updated on VXBanc’s journey and breakthroughs by visiting VXBanc.com.

About VXBanc
VXBanc is a pioneer in AI-driven financial analytics, dedicated to transforming how traders approach cryptocurrency and Forex markets. By delivering cutting-edge technology and unparalleled insights, VXBanc empowers its users to make data-driven decisions with confidence.

Contact Information:
Andrew G. McConnell
Chief Marketing Officer, VXBanc
Email: marketing@vxbanc.com
Website: VXBanc.com

Disclaimer: This content is provided by sponsor. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f6c8736a-5b4f-4a52-bb70-4abc05cb356e

Dogecoin, XRP Trading Volumes Flip Bitcoin’s in South Korea

BusinessMagazine — Wed, 20 Nov 2024 10:39:24 +0000

South Korean traders are known for pushing euphoric rallies on tokens, contributing to buying pressure and possibly influencing prices.

Trading volume in XRP and dogecoin (DOGE) is much higher than that of bitcoin (BTC) on South Korean crypto exchanges this week, a frenzy that may have helped raise prices of the two tokens in the crazed market.

CoinGecko data shows XRP and DOGE have cumulatively accounted for as much as 30% of trading volumes on Upbit, the country’s biggest exchange, and nearly 20% on Bithumb in the past 24 hours. That is unusually higher than usual leader bitcoin and indicates a short-term demand for the tokens in the country.

Part of these volumes could be attributed to wash trading, however, where automated programs continuously trade a token to give the illusion of a heavily traded market.

Upbit led XRP volumes in dollar terms across all global exchanges in the past 24 hours, including venues such as Binance and Coinbase, the data shows. (These trades were placed against Korean won but have been converted to U.S. dollars at current exchange rates).

Binance and Coinbase, however, lead DOGE trading volumes across global exchanges.

XRP and DOGE were the best-performing majors in the past weeks as BTC hit new lifetime highs. Both tokens are up more than 100% in the past 14 days, data shows, with their futures products surging to yearly highs.

In crypto circles, South Korean traders are known for pushing euphoric rallies on tokens, contributing to buying pressure and possibly influencing prices.

Gains in XRP started last week as the shifting U.S. regulatory climate supported growth in tokens related to companies hampered by the Securities and Exchange Commission’s (SEC) actions (XRP is closely related to Ripple Labs).

Meanwhile, DOGE has surged following a Republican win at the U.S. elections and a renewed promotional push by technocrat Elon Musk — who has been picked to lead the proposed Department of Government Efficiency (D.O.G.E) non-governmental unit under a Trump administration.

As such, attention from South Korean markets may mark a local top for tokens as it a sign of froth, as a CoinDesk analysis previously noted.
However, CoinDesk markets analyst Omkar Godbole sees growth in XRP prices in the near term.

“XRP is holding steady above $1 after a powerful rally—the strongest in three years! While intraday charts hint at a possible pullback, it could set the stage for another upward move,” Godbole said.

“Momentum indicators on longer charts are firmly bullish. Key supports to watch out for are 96 cents and 65 cents. Resistance looms at $1.26 and $1.40, echoing the supply zone from September 2021,” he added.

XRP trades at just over $1 as of Asian afternoon hours Wednesday. DOGE is just under 40 cents.

Source: Crypto Insider

WOO X and Kaito Unveil “George AI” – An AI-Powered Lead Trader, Launching the Bold “You’ll All Be Obsolete” Campaign

BusinessMagazine — Wed, 20 Nov 2024 07:00:00 +0000

WOO X and Kaito Unveil “George AI” – An AI-Powered Lead Trader, Launching the Bold “You’ll All Be Obsolete” Campaign

WOO X, a leading global centralized crypto trading platform, in partnership with AI innovator Kaito, today announced the launch of “George AI,” a groundbreaking AI-powered Lead Trader on WOO X’s Social Trading platform.

VICTORIA, Seychelles, Nov. 20, 2024 (GLOBE NEWSWIRE) — WOO X, a leading global centralized crypto trading platform, in partnership with AI innovator Kaito, today announced the launch of “George AI,” a groundbreaking AI-powered Lead Trader on WOO X’s Social Trading platform. This advancement marks a major step in leveraging AI to transform trading strategies and drive market engagement, aligning with WOO X’s mission to provide innovative and transparent trading solutions.

George AI, the new AI Lead Trader, is powered by social information, curated by Kaito’s advanced AI technology, and is designed to analyze extensive volumes of social data in real-time. By synthesizing and responding to hundreds of social signals simultaneously, George AI delivers actionable insights with a precision and speed beyond human capacity.

“AI is rapidly evolving beyond a mere tool into an intelligent partner capable of transforming how users interact with financial markets,” said Willy Chuang, COO of WOO X. “There’s no question that AI will be a driving force in the future of trading—helping traders go beyond manually navigating platforms to instead expressing their intent and having those complex actions executed seamlessly. With George AI, we’re taking a bold step in making sophisticated trading strategies accessible, efficient, and intuitive for all users.”

“At WOO X, we envision a future where AI agents redefine how users interact with technology and the financial ecosystem. George AI is the first embodiment of this agentic paradigm—a pioneering step towards creating hyper-personalized services that evolve with each user’s needs,” said Alex Lee, Head of AI Innovation and Platform Strategy at WOO X. “This launch is not just about technology but about rethinking the way we approach innovation, collaboration, and user empowerment. The agentic era demands bold thinking, and we are excited about the opportunities this transformative approach will unlock for our ecosystem and the broader industry.”

To accompany the launch, WOO X is introducing the provocative “You’ll All Be Obsolete” (YABO) campaign. This satirical initiative is designed to address the excitement and apprehensions surrounding AI’s increasing presence in the trading landscape. By asking the bold question, “Are human traders becoming obsolete?” the YABO campaign aims to spark a meaningful dialogue on the future of trading.

The campaign features a unique trading competition where George AI will compete alongside human lead traders. The purpose is to challenge conventional thinking and demonstrate both the advantages of AI and the irreplaceable value of human intuition and judgment.

The YABO campaign doesn’t just seek to entertain; it’s an opportunity to explore the potential risks and rewards of AI in trading. As AI adoption accelerates, fears about job displacement and loss of human agency are rising. WOO X and Kaito want to confront these concerns head-on by showcasing how AI, when thoughtfully integrated, can enhance rather than replace human decision-making.

“Sentiment plays a huge role in crypto price movements. However, due to the sheer volume and noise of the data, no human trader has been able to systematically deploy a strategy based on social signals. Kaito is redefining what AI can achieve in trading by combining advanced sentiment analytics with real-time processing of large-scale social and blockchain data. Through our partnership with WOO X, we aim to democratize the power of AI for millions of community traders, enabling them to express their intents in social trading and make better-informed decisions,” said Yu Hu, CEO of Kaito

The underlying infrastructure for this ambitious project is provided by Kronos Research, a quantitative trading firm and key market maker specializing in market liquidity services. Kronos Research will play a central role in delivering the robust, scalable technology essential to this initiative. Their advanced infrastructure guarantees the seamless integration of George AI into WOO X’s Social Trading platform.

To learn more about WOO X, download our app or visit WOO X

Contact: media@woo.network

About WOO X

WOO X is a global centralized crypto futures and spot trading platform offering the best-in-class liquidity and price execution. WOO X has an average daily volume exceeding $600 million and is home to hundreds of thousands of traders worldwide. WOO X traders benefit from radical transparency through our industry-first live Proof of Reserves & liabilities dashboard and the company’s mission to maintain the trust of its growing community of professional traders.

About Kaito
Kaito is a leading AI search engine and market intelligence platform for Web3. We index a wide range of Web3 content that is not easily accessible through traditional search engines, including social media, governance forums, research, news, podcasts, conference transcripts, and more. By leveraging advanced AI technologies, Kaito transforms terabytes of unstructured information into searchable, actionable insights, redefining how users discover and engage with blockchain-related content and empowering more informed decision-making.

Disclaimer
The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

Statements made in this announcement may include forward-looking statements regarding future plans, developments, or initiatives, including the integration of AI technologies. These statements are based on current expectations and assumptions and are subject to risks, uncertainties, and changes in circumstances that may cause actual results to differ materially.

We strongly recommend that you seek independent advice from a qualified professional before making any decisions related to cryptocurrencies. We shall in NO case be liable for any loss or damage arising directly or indirectly from the use of or reliance on the information contained in this article.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1c247acb-835a-40a4-a257-2cd020b76a23

Japan exports rise more than expected in October, rebounding from 43-month low

BusinessMagazine — Wed, 20 Nov 2024 06:19:02 +0000

A line of trucks parked outside a shipping terminal in Yokohama, Japan, on Monday, Dec. 4, 2023.

Bloomberg | Bloomberg | Getty Images

Japan’s exports posted a 3.1% rise in October compared to a year ago, rebounding from a fall in September that marked a 43-month low.

The climb beat expectations of a 2.2% rise from economists polled by Reuters, and is a reversal from the 1.7% fall in September.

Government data showed that Japanese exports increased the most to the Middle East region, recording a 35.4% rise, compared to the same period a year ago.

Imports to Asia’s second largest economy by GDP rose 0.4%, compared to expectations of a 0.3% fall from the Reuters poll.

As such, Japan’s trade deficit expanded to 461.2 billion yen ($2.98 billion), wider than the Reuters poll expectations of 360.4 billion and compared to September’s revised figure of 294.1 billion yen.

In a Nov. 19 note, Daniel Hurley, who is global equities portfolio specialist at T. Rowe Price, said that the key area to monitor for Japan equities would be U.S. President-elect Donald Trump’s plans for tariffs and trade relationships with partners.

Tariffs are clearly the biggest risk for an open and exporting economy like Japan’s, he said, while also pointing out that the country has a very close relationship with the U.S., and Trump in particular.

He added: “Any escalation of tensions between the U.S. and China on tariffs and trade is likely to weigh upon global trade and global growth. Japan, as an open and cyclical economy, will be impacted by any deterioration in global trade and the global economy.”

By CNBC

Seven & i shares surge on report its founding family is raising over $50 billion to take the firm private

BusinessMagazine — Wed, 20 Nov 2024 03:32:26 +0000

TOKYO, JAPAN – 2024/10/11: Logo at the Seven & i Holdings headquarters in Tokyo.

Sopa Images | Lightrocket | Getty Images

Shares of 7-Eleven owner Seven & i soared nearly 11% on Wednesday after a report said the company’s founding family was raising more than $50 billion to take the company private within this fiscal year.

According to a report by Japanese public broadcaster NHK, the founding family will raise over 8 trillion yen ($51.66 billion) from “three Japanese megabanks and major American financial institutions,” according to a Google translation of the report in Japanese.

The funds will be used by a special-purpose company to carry out a tender offer for Seven & i shares, with the goal to complete the plan by March 2025.

Should this acquisition go through, it will be the largest buyout of a Japanese company to date, NHK said.

Seven and i said “no decision has been made regarding a proposed deal with Junro Ito, Ito Kogyo, ACT [Alimentation Couche-Tard] or other third parties at this time,” Reuters reported.

Junro Ito is Seven & i’s vice president and the son of late Masatoshi Ito, founder of Seven & i. Ito-Kogyo is a company affiliated with the vice president, and is Seven and i’s second-largest stakeholder with an 8.2% stake.

Canadian convenience store operator Alimentation Couche-Tard initially made an offer of $14.86 per share to take over Seven & i in August. The offer was rejected, with Seven & i saying it “grossly undervalues” the company

ACT then reportedly raised its offer in October by over 22% to $18.19 per share, valuing Seven & i at 7 trillion Japanese yen, or about $47 billion. Seven & i said in a statement last month that it “has maintained, and intends to continue to maintain, the confidentiality of its current discussions with ACT at this time.”

In September, Seven & i was designated as “core” to national security in Japan, although the company said the designation was not related to the ACT takeover bid, according to a Reuters report.

A foreign investor must file for a national security review with the Japanese government if it intends to acquire a stake of 1% or more in a “core” Japanese firm.

By CNBC

China expectedly keeps benchmark lending rates steady as Beijing assesses stimulus measures

BusinessMagazine — Wed, 20 Nov 2024 01:42:27 +0000

The People’s Bank of China (PBOC) building in Beijing on Dec. 15, 2022.

Bloomberg | Getty Images

China’s central bank on Wednesday kept major benchmark lending rates unchanged, as Beijing assesses the effects of its recent stimulus measures.

The People’s Bank of China said it would keep the 1-year loan prime rate at 3.1%, and the 5-year LPR at 3.6%.

Market watchers polled by Reuters had expected PBOC to keep the lending rates unchanged this month.

There was “no immediate need to adjust the LPR this month,” said Bruce Pang, chief economist and head of research for Greater China at JLL, adding that the Chinese leaders were likely still assessing the impact of recent measures aimed at boosting the economy.

The record-low net interest margins at Chinese commercial banks have limited their ability to support lower lending rates, Pang said, “while another policy rate cut before the end of the year seems unlikely, there remains potential for interest rate cuts in 2025.”

The 1-year LPR affects corporate and most household loans in China, while the 5-year LPR acts as a benchmark for mortgage rates.

The rate decision came after a cut of 25 basis points to both the 1-year and 5-year LPRs last month, and followed China’s October economic data that underscored lackluster momentum in the economy, despite the recent barrage of stimulus announcements.

In October, China reported slower-than-expected industrial production and fixed asset investment growth. The annual decline of real estate investment from January to October also steepened from a year ago.

Only retail sales beat expectations, with a 4.8% year-on-year increase, indicating that recent stimulus had started seeping into certain sectors of the economy.

Since late September, Chinese authorities have ramped up stimulus announcements to spur economic growth, which has been dragged down by a prolonged property crisis as well as weak consumer and business sentiment.

Earlier this month, the Ministry of Finance unveiled a 5-year fiscal package totaling 10 trillion yuan ($1.4 trillion) to tackle local government debt problems, while signaling more economic support could come next year.

China’s central bank also planned to maintain supportive monetary policy, said Governor Pan Gongsheng, who had indicated in October that there was still room to cut several key policy rates by end of the year.

Morgan Stanley expects China’s growth to slow to around 4% in each of the next two years, and has downgraded Chinese equities to “slight underweight” in a note dated Sunday, naming a deflationary environment and rising trade tensions as risks.

“We see a low limited chance that Chinese government will front-load enough fiscal stimulus to target consumption and housing,” the analysts said.

Goldman Sachs also estimated that China’s GDP growth could decelerate to 4.5% in 2025, from 4.9% this year, according to the bank’s note on Monday.

Goldman, however, maintained “overweight” stance on China equities, forecasting a 13% upside to the benchmark CSI 300 index next year.

Donald Trump’s election victory, which is likely to bring higher tariffs on Chinese exports, has added to the uncertainty over China’s export-heavy economy.

By CNBC

Happy Vietnamese Teachers’ Day – November 20

BusinessMagazine — Wed, 20 Nov 2024 01:09:56 +0000

May your Vietnamese Teachers’ Day be filled with joy, inspiration, and pride as you continue to nurture dreams and guide them to soar high!

The post Happy Vietnamese Teachers’ Day – November 20 appeared first on Vietnam Insider.