Investments on the rise: BOI | Daily FT
Says agreements worth $ 1.5 b signed in the first nine months; 2020 target is $ 2-2.5 b The Board of Investment (BOI) says agreements to the value of $ 1.5 billion have been approved in the first nine months of this year from the 2020 targeted figure of $ 2-2.5 billion.BOI Director General Sanjaya Mohottala said of the value approved include new investments and expansions of the ongoing projects.He said with the unprecedented COVID-19 pandemic has severely dented the world economy, the achievement of $ 1.5 billion in new investments was noteworthy.“It’s impressive to see the local Investors ex...
Daily Financial Times
North Dakota oil production on the upswing again but may plateau this fall
North Dakota’s oil and gas production soared 16% in July as operators reopened wells that had been shut-in earlier this year due to the economic downfall caused by the coronavirus pandemic.The increase was expected, and another jump is anticipated for the remainder through this month as more shut-in wells are retapped.But unless oil prices improve significantly — and that doesn’t seem likely — oil production is then likely to plateau and possibly fall, Lynn Helms, director of the North Dakota’s Mineral Resources Department, told reporters.“We don’t see pre-COVID demand coming back until proba...
Star Tribune (Minneapolis)
SEC requires Seattle e-sports platform Unikrn to repay funds raised in crypto deal
Seattle e-sports platform Unikrn has agreed to pay more than $6 million to settle a complaint by the Securities and Exchange Commission alleging that the gambling site, initially backed by celebrities including Ashton Kutcher and Mark Cuban, raised $31 million by selling unregistered securities.The $6.1 million, substantially all of the company’s current assets, will go to investors who purchased the cryptocurrency UnikoinGold, issued by Unikrn in June 2017.The company promised investors UnikoinGold would become more valuable as Unikrn developed cryptocurrency-enabled gambling features for its...
The Seattle Times
Mets announce they are selling team to Steve Cohen, hedge-fund billionaire to own 95% of franchise
NEW YORK — Steve Cohen’s decade-long pursuit of the Mets is over. He’s liberated the team from the Wilpons.“I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets,” Cohen said in a statement.The hedge fund billionaire, soon to be MLB’s richest owner, will reportedly own 95% of the team, with the Wilpon and Katz families owning the remaining 5%.The deal values the Mets at $2.475 billion. Cohen still needs to get approval from 23 of the 30 MLB owners in order to take over the team; that could happen as soon as November. He’s expected to get thos...
New York Daily News
Investments and influence: Sisi grants absolute powers to National Security Agency
Egyptian President Abdel Fattah Al-Sisi enacted the new amendments to the law on police authority, which came into force immediately after their publication in the official gazette, giving absolute powers to the National Security Agency (NSA).The law also strengthens the grip of the country’s president and the interior minister on important security bodies.As with the army’s investments, the Ministry of Interior is entitled to invest in accordance with the new amendments, which considers the funds of the ministry and its affiliated bodies as public funds.To collect the funds, administrative se...
The Middle East Monitor
PIF investment in Lucid: Endorsing a sustainable economy
I recently received a WhatsApp message that showed a 10-year comparison of the market value of two auto companies: Ford and Tesla. In June 2010, Ford’s market value was $38 billion, and Tesla’s was calculated at $1.3 billion. Statistics released last month showed Ford at $28 billion, with Tesla at a whopping $256 billion. That is remarkable.With the rapid emergence of the digital economy, renewable energy and artificial intelligence, electric cars will soon replace their petrol-run counterparts. Investments in renewable and clean energy, as well as electric cars, form an integral part of the S...
Records of billionaire hedge fund manager, wife subpoenaed in ongoing Jeffrey Epstein probe
MIAMI — The attorney general of the U.S. Virgin Islands has issued subpoenas for testimony from several former financial and business associates of disgraced financier Jeffrey Epstein, court documents made public Tuesday show.The subpoenas were actually filed Sept. 3 but made public Tuesday in a civil racketeering investigation led by Attorney General Denise George. The targets include billionaire hedge fund manager Glenn Dubin, his former company Highbridge Capital Corporation and his wife Eva Andersson-Dubin, a physician who is a former Miss Sweden and former Epstein girlfriend.Epstein and D...
Electrostatic spray guns and germ zappers may be coming to a hotel near you
Measures to contain the spread of the coronavirus continue to shift — and so do responses by investors, developers, builders, banks and buyers. To track the impact, we spoke to Ezra Katz, CEO and founder of the Coconut Grove, Fla.-based investment firm Aztec.In 1994, Katz established Mayan Properties, a real estate investment merchant bank and asset management team that invests in existing projects nationwide, including Berkowitz Development Group’s Aventura Commons Shopping Center and TPG’s Marriott Fort Lauderdale North. Mayan has invested in over 60 hotels and continues to hold ownership in...
Quicken Loans' parent Rocket Companies shows $3.4B profit in first earnings report
Detroit-based Rocket Companies, the new publicly traded firm that includes Dan Gilbert’s Quicken Loans, announced a massive profit Wednesday in its first earnings report since its IPO last month.Rocket reported net income of $3.4 billion in the second quarter that ended June 30, compared to a net loss of $54 million during the same three-month period last year.The company also did a record $72.3 billion in closed loans, which was 126% more than the same period in 2019.Rocket closed Wednesday at $31.30, up about 2%.“Record low interest rates are driving demand for home loans,” Rocket Companies ...
Detroit Free Press
Vanguard, other financial websites go down Monday, as Apple shares split
Vanguard and multiple Wall Street brokerage firms reported online outages and technical problems on Monday after both Apple and Tesla split their stocks.“Earlier today, Vanguard experienced intermittent connectivity issues impacting our websites, mobile apps, and phones,” said spokeswoman Dana Grosser. “The issue has been resolved and we encourage clients to clear their internet cache and cookies, and recycle their web browser, before logging back on to our system. We apologize for the inconvenience and thank clients for their patience.”Also, she said, “we have no reason to believe the issue w...
The Philadelphia Inquirer