29 June

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EU extends investigation into Samsung’s EV battery plant in Hungary By Reuters

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BRUSSELS (Reuters) - EU competition enforcers have extended a near two-year investigation into Hungarian state aid for South Korean manufacturer Samsung SDI Co Ltd's electric vehicle (EV) battery factory after Hungary submitted new data to back its case. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics (LON:0593xq) Co Ltd, began production at the Hungarian plant in 2018, making batteries for 50,000 EVs a year. The European Commission opened an investigation in October 2019 to assess whether Hungary's plans to grant 108 million euros ($128.5 million) in state aid complied with the bloc's competition...

29 June

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Exclusive-SoftBank leads new funding round in Gympass, valuing startup at $2.2 billion By Reuters

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By Noor Zainab Hussain (Reuters) - Gympass, which makes gym memberships more accessible for corporate employees, has raised $220 million in a funding round led by existing investor SoftBank Group Corp, more than doubling the startup's valuation to $2.2 billion. Other investors participating in the round included General Atlantic, Moore Strategic Ventures, Kaszek and Valor Capital Group, the New York-headquartered company will announce later on Tuesday. Founded in Brazil, Gympass allows companies to offer gym access to employees through a network of over 50,000 gyms and studios around the world. The company, valued at...

29 June

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UK consumers get back to borrowing as lockdown lifts By Reuters

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LONDON (Reuters) -British consumer borrowing rose in May for the first time since August last year, according to Bank of England data which showed the economy gathering speed as coronavirus restrictions were lifted last month. Unsecured lending rose by a net 280 million pounds ($387.66 million) from April as consumers bought cars with dealership finance deals and took out more personal loans. A Reuters poll of economists had pointed to a rise of just under 250 million pounds in May, having fallen in each of the previous eight months as households were largely stuck at home...

29 June

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EU watchdog takes deep dive into banks’ use of tech By Reuters

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By Huw Jones LONDON (Reuters) - Banks' increasing dependence on 'RegTech' technology to automate fraud checks and send data to regulators may need common rules to encourage wider use, the European Union's banking watchdog said on Tuesday. Part of a wider trend of digitalising finance, RegTech is used by banks to comply with anti-money laundering checks on customers, monitor transactions for fraud, send data to regulators about levels of capital, and assess if customers can afford a loan. It speeds up routine tasks and reduces human error, the European Banking Authority (EBA) said in a report...

29 June

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Tencent-backed Linklogis, Sunway to jointly seek Malaysia digital bank licence-sources By Reuters

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By Anshuman Daga and Pei Li SINGAPORE (Reuters) - Malaysian conglomerate Sunway Bhd has teamed up with Tencent-backed Chinese fintech firm Linklogis Inc and Bangkok Bank PCL to apply for a Malaysian digital bank licence, two sources with knowledge of the matter said. Sunway will hold a majority stake in the venture, said the sources, who requested anonymity as names of the consortium members haven't been reported. The group joins a crowded field of hopefuls vying for up to just five licences on offer in the Southeast Asian country. Malaysia is the latest to embrace online-only...

29 June

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More changes from Orcel’s shake-up of UniCredit due in coming weeks -sources By Reuters

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MILAN (Reuters) - UniCredit is set for further senior management changes in the coming weeks as part of new CEO Andrea Orcel's reorganisation of Italy's second biggest bank, two people close to the matter said. In May, less than a month after taking the job, Orcel announced an overhaul of top management, streamlining a structure designed by his predecessor Jean Pierre Mustier. Orcel axed co-heads for the main functions, slashed the number of internal committees to 15-20 from 44 and replaced an executive management committee of 27 top managers with a 15-member committee. The sources said...

29 June

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Supply@ME Capital considers investment into Italian fintech By Investing.com

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By Samuel Indyk Investing.com – Supply@ME Capital has today provided an update on its funding strategy and progress towards first monetisation of its Italian portfolio, which includes the possibility of direct investment into a fintech bank owned by an Italian banking company. The UK-listed fintech company said it has entered into an agreement with the unnamed Italian banking company and fintech bank which envisages the signing of a commercial agreement to manage both the origination of new client companies and a multi-annual inventory funding plan. The agreement also sees the execution of a first inventory monetisation...

29 June

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Britain’s LR to focus on shipping with sale of division to Goldman Sachs arm By Reuters

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By Jonathan Saul LONDON (Reuters) - British professional services provider Lloyd's Register (LR) has agreed to sell its business assurance and cyber security division to Goldman Sachs (NYSE:GS) Asset Management as the company focuses on maritime activities, executives said on Tuesday. The deal is expected to be completed during the second half of 2021 subject to regulatory approval, the companies said. When asked about the value of the transaction, an LR spokeswoman said it "exceeds $100 million". LR's business assurance & inspection services division - which will be called LRQA - provides auditing and certification...

29 June

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Private equity firm Bridgepoint plans London IPO By Reuters

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By Simon Jessop LONDON (Reuters) -Private equity firm Bridgepoint plans to list on the London Stock Exchange, raising at least 300 million pounds ($416 million) from new shares to help fund its growth plans and pay down debt, it said on Tuesday. The decision to list follows a buoyant few years for private markets as more investors turn to them for yield in a world of central bank-suppressed interest rates. Private equity deals have risen in Britain this year, prompting questions from some public shareholders and newspapers about whether buyout firms are taking advantage of...

29 June

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Japan shares lower at close of trade; Nikkei 225 down 0.81% By Investing.com

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Investing.com – Japan equities were lower at the close on Tuesday, as losses in the Paper & Pulp, Railway & Bus and Real Estate sectors propelled shares lower. At the close in Tokyo, the Nikkei 225 lost 0.81%. The biggest gainers of the session on the Nikkei 225 were NEC Corp. (T:6701), which rose 3.51% or 190.0 points to trade at 5610.0 at the close. Mitsui O.S.K. Lines, Ltd. (T:9104) added 1.71% or 90.0 points to end at 5360.0 and Ajinomoto Co., Inc. (T:2802) was up 1.63% or 47.0 points...

Меню

EU extends investigation into Samsung’s EV battery plant in Hungary By Reuters

Exclusive-SoftBank leads new funding round in Gympass, valuing startup at $2.2 billion By Reuters

UK consumers get back to borrowing as lockdown lifts By Reuters

EU watchdog takes deep dive into banks’ use of tech By Reuters

Tencent-backed Linklogis, Sunway to jointly seek Malaysia digital bank licence-sources By Reuters

More changes from Orcel’s shake-up of UniCredit due in coming weeks -sources By Reuters

Supply@ME Capital considers investment into Italian fintech By Investing.com

Britain’s LR to focus on shipping with sale of division to Goldman Sachs arm By Reuters

Private equity firm Bridgepoint plans London IPO By Reuters

Japan shares lower at close of trade; Nikkei 225 down 0.81% By Investing.com

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