iab-business banking & finance

Genesis and Gemini face civil suit alleging $1 billion fraud

20Oct

By adminNo Comments

Technology

Genesis and Gemini face civil suit alleging $1 billion fraud

CNN — The fallout from the colossal implosion of Sam Bankman-Fried’s crypto business is still rippling through the digital asset industry nearly a year later. On Thursday, New York’s attorney general filed a lawsuit against three digital asset firms that were caught up in the collapse of Bankman-Fried’s empire last fall — Gemini Trust, Genesis Global Capital and Digital Currency Group, parent company of Genesis. The lawsuit accused the companies of lying to investors and covering up more than $1 billion in losses. The AG’s office said that an investigation found Gemini, the crypto firm founded by Cameron and Tyler Winklevoss, deceived investors about significant risks associated with a lending ser...

13Oct

By adminNo Comments

Technology

How the tech sector in Israel is navigating the war

London CNN — Israel’s vast tech sector has seen its fair share of crises, from financial downturns and the Covid-19 pandemic to periodic flare-ups in the Israeli-Palestinian conflict. Each time, the industry has bounced back, demonstrating why the country of just 9 million people is known as the world’s “startup nation.” But the war sparked by the Hamas assault last weekend that killed more than 1,300 people in Israel has upended daily life in a way that presents a unique challenge to the country’s most important industry. Schools have been ordered to close, once-bustling streets in Tel Aviv, the center of business, have virtually emptied and many businesses remain shut. Some are closed for securit...

US SEC seeks court order to compel Elon Musk to testify about his Twitter acquisition

5Oct

By adminNo Comments

Technology

US SEC seeks court order to compel Elon Musk to testify about his Twitter acquisition

New York CNN — The US Securities and Exchange Commission on Thursday applied for a court order to force Elon Musk to testify in an ongoing probe related to his acquisition of Twitter and public disclosures he made in connection with the deal, according to court filings. The filing Thursday in San Francisco federal court seeks a judge’s order requiring Musk to testify, alleging “blatant refusal to comply” with an earlier SEC subpoena. X, the company formerly known as Twitter, did not immediately respond to a request for comment. The SEC action is the latest turn in a long-running inquiry into whether Musk fully complied with his disclosure obligations when he began acquiring large amount...

GGV Capital, a top Silicon Valley investor, is splitting off its China business as pressure mounts

23Sep

By adminNo Comments

Technology

GGV Capital, a top Silicon Valley investor, is splitting off its China business as pressure mounts

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world. Hong Kong CNN — GGV Capital, a prominent Silicon Valley venture capital firm, has become the latest big investor to break up its US and China operations into separate companies as tensions between the two countries over tech and geopolitics continue to rise. The firm announced Thursday that it would divide its business into two “completely independent” firms with separate new brands, which have not been revealed. According to the company, one side will concentrate on North America, Latin America, Europe, Israel and cross-border US-India de...

Cisco working with M&A firm Tidal to acquire cybersecurity firm Splunk in $28 billion deal

22Sep

By adminNo Comments

Technology

Cisco working with M&A firm Tidal to acquire cybersecurity firm Splunk in $28 billion deal

A new mergers and acquisitions advisory firm launched last year by former Centerview Partners dealmakers has scored a big win by advising Cisco Systems on its $28 billion acquisition of cybersecurity firm Splunk. Based in Palo Alto, California, Tidal Partners was started by technology bankers David Handler and David Neequaye. Their firm, which employs just two dozen people, according to its website, was the sole financial adviser to Cisco, while larger investment banking peers Qatalyst Partners and Morgan Stanley advised Splunk. While at Centerview, Handler worked closely with Cisco for several years and advised on numerous deals, including Cisco’s $5 billion acquisition of NDS Group in 2012 and Cisco’s $3.7 billion purchase of AppDyna...

Fortnite players can claim funds in Epic Games settlement

19Sep

By adminNo Comments

Technology

Fortnite players can claim funds in Epic Games settlement

New York CNN — Millions of Fortnite users can now claim their small part of the $245 million that the game’s parent company agreed to pay as part of a settlement with the US Federal Trade Commission. Epic Games in December settled allegations with the FTC that it used deceptive tactics that drove users to make unwanted purchases in the multiplayer shooter game that became wildly popular with younger generations a few years ago. The FTC said Tuesday it has now opened the claims process for the more than 37 million potentially affected users who could qualify for compensation. Epic Games agreed in December to pay a total of $520 million to settle US government allegations that it misled millions of...

Arm IPO: China is huge for the SoftBank-owned company. That’s a risk for its new investors

14Sep

By adminNo Comments

Technology

Arm IPO: China is huge for the SoftBank-owned company. That’s a risk for its new investors

Hong Kong CNN — As British chip designer Arm prepares to raise about $5 billion in an initial public offering (IPO) on Thursday, its China business has become a serious point of concern. The SoftBank-owned firm used many pages of its IPO prospectus to warn investors of risks related to its exposure to China at a time of rising tension between Washington and Beijing over chip technology. Its regulatory filing last month revealed that a quarter of its sales come from China, through an unusual relationship with an entity it does not control and with which it has a complex history. Arm China is “an entity that operates independently of us and is our single largest customer,” the company s...

Softbank’s Arm: Mega IPO could be just around the corner, a year after the biggest chip deal in history fell apart

28Aug

By adminNo Comments

Technology

Softbank’s Arm: Mega IPO could be just around the corner, a year after the biggest chip deal in history fell apart

New York CNN — A hotly anticipated IPO for a company that designs chips for 99% of the world’s smartphones is just around the corner, after it filed paperwork Monday to go public. Arm is a British tech company that architects power-sipping microchips for phones and tablets and licenses them to CPU makers, including Apple and Samsung. The company was public until 2016, when Japan’s Softbank bought it for $32 billion. Softbank tried to offload Arm to Nvidia for $40 billion, in what would have been the biggest chip deal of all time. But global antitrust regulators put a stop to it, and the deal fell apart in February 2022. Arm had been a hot commodity for decades, when the smartphone busin...

Microsoft gives ground on streaming in bid to remove UK block on Activision deal

25Aug

By adminNo Comments

Technology

Microsoft gives ground on streaming in bid to remove UK block on Activision deal

London CNN — Microsoft has made a major concession to UK authorities in a bid to remove the last remaining regulatory obstacle to its huge takeover of Activision Blizzard. The companies have submitted a new proposal to the UK antitrust watchdog — the only regulator worldwide standing in the way of the $69 billion deal — that would see Activision’s (ATVI) cloud streaming rights outside the European Union and three other European countries sold to a rival, Ubisoft Entertainment. Microsoft President Brad Smith said in a blog post Tuesday that the companies believe the new proposal “presents a substantially different transaction” for the CMA to consider than its previous merger agreement. “We believe t...

15Aug

By adminNo Comments

Technology

US watchdog teases crackdown on data brokers that sell Americans’ personal information

Washington CNN — The US government plans to rein in the vast data broker industry with new, privacy-focused regulations that aim to safeguard millions of Americans’ personal information from data breaches, violent criminals and even artificial intelligence chatbots. The coming proposal by the Consumer Financial Protection Bureau would extend existing regulations that govern credit reports, arrest records and other data to what the agency describes as the “surveillance industry,” or the sprawling economy of businesses that traffic in increasingly digitized personal information. The potential rules, which are not yet public or final, could bar data brokers from selling certain types of consumer inf...