(RTTNews) - European stocks look set to open on a buoyant note Thursday after U.S. President Donald Trump dropped plans to impose tariffs on several European countries over Greenland, adding a "framework" for a potential agreement with respect to the entire Arctic Region has been
(RTTNews) - European stocks look set to open on a buoyant note Thursday after U.S. President Donald Trump dropped plans to impose tariffs on several European countries over Greenland, adding a "framework" for a potential agreement with respect to the entire Arctic Region has been
Rescuers in New Zealand searched on Thursday for several people missing, including children, following a landslide at a campsite as heavy rains caused widespread damage and left thousands without power. Homes were evacuated and roads closed as the heavy rain hit almost the entire eastern seaboard of the North Island. The landslide happened at 9.30am local time, sending rubble barrelling down on t...
Rescuers in New Zealand searched on Thursday for several people missing, including children, following a landslide at a campsite as heavy rains caused widespread damage and left thousands without power. Homes were evacuated and roads closed as the heavy rain hit almost the entire eastern seaboard of the North Island. The landslide happened at 9.30am local time, sending rubble barrelling down on the campsite in Mount Maunganui, a popular tourist spot on the northern coast of New Zealand. One...
Gen2 Partners Ltd. , a Hong Kong-based hedge fund, is seeking more than $137 million in damages from three Samsung financial companies. Gen2 Funds filed a claim this week in Hong Kong’s High Court against Samsung Securities Co. , Samsung Hedge Asset Management Co. and Samsung Securities (Asia) Ltd. , according to a copy of the writ seen by Bloomberg News. The filing relates to events from a contra...
Gen2 Partners Ltd. , a Hong Kong-based hedge fund, is seeking more than $137 million in damages from three Samsung financial companies. Gen2 Funds filed a claim this week in Hong Kong’s High Court against Samsung Securities Co. , Samsung Hedge Asset Management Co. and Samsung Securities (Asia) Ltd. , according to a copy of the writ seen by Bloomberg News. The filing relates to events from a contractual dispute as markets turned volatile during the Covid-19 pandemic. At that time, a Gen2 fund implemented a suspension on redemptions to protect investors and the fund itself. The hedge fund is seeking damages and injunctive relief for losses it alleges were caused by the actions of the Samsung entities and their staff. Gen2 alleges that they disrupted fund operations, adversely affected financing arrangements with prime brokers, forced asset liquidations, led to losses for investors and harmed its reputation. On the prime broking arrangements, the total reduction in credit facilities to all Gen2 funds, including unwinding of repurchase agreements, amounted to more than $1 billion, according to the writ. Founded in 2008 by Kyle Shin , Gen2 is a pan-Asian multi-asset strategy fund with a focus on South Korean corporates and investment-grade credit, particularly Asian bank capital, according to its website . Shin previously worked as Korea head of Kingdon Capital Management LLC . In 2020, South Korean financial regulators looked into Gen2 after it halted withdrawals from some of its funds by investors, people familiar with the matter said at the time. To date, no enforcement action has been taken against Gen2 by any regulator in Korea, Hong Kong or elsewhere, according to the writ. Samsung Securities notified the start of the litigation in Hong Kong in a regulatory filing Wednesday. A spokesperson for the plaintiffs confirmed that lawyers representing the Gen2 funds had filed a writ of summons in the High Court of Hong Kong on Jan. 20 against three Samsung entities, declin...
Australia's financial crime watchdog said on Thursday it had ordered an audit of payment platform Airwallex Pty for suspected anti-money laundering and counter-terrorism financing compliance failures. The Australian Transaction Reports and Analysis Centre (AUSTRAC) said in a statement it is concerned that Airwallex's transaction monitoring program has not been attuned to the full range of risks...
Australia's financial crime watchdog said on Thursday it had ordered an audit of payment platform Airwallex Pty for suspected anti-money laundering and counter-terrorism financing compliance failures. The Australian Transaction Reports and Analysis Centre (AUSTRAC) said in a statement it is concerned that Airwallex's transaction monitoring program has not been attuned to the full range of risks it faces, given the fintech facilitates the transfer of funds to multiple jurisdictions. "Our concerns also extend to how well Airwallex identifies and reports on suspicious matters and the effective oversight of these important obligations," said AUSTRAC Chief Executive Officer Brendan Thomas.