News related to
Years

South Korea’s Financial Intelligence Unit has authorised a change in GOPAX’s executive leadership, clearing the way for Binance’s acquisition of 67 per cent of the local exchange and formally restoring its presence in the country. The decision comes after over two years of regulatory review and internal scrutiny.

The executive registration approval by the FIU establishes Binance as the controlling shareholder of GOPAX, resolving a key hurdle that had delayed the deal since its initiation in early 2023. By acquiescing to the change, South Korean authorities have allowed Binance’s re-entry into one of Asia’s most active cryptocurrency ecosystems.

When Binance first acquired the majority stake in GOPAX in February 2023, it sought to stabilise the exchange following a liquidity crisis tied to frozen customer deposits connected to the GoFi yield product. That crisis was traced to exposure to Genesis Global Capital, whose own collapse triggered withdrawals being halted. Binance undertook a capital injection to support GOPAX’s recovery while awaiting formal regulatory sign-off on executive changes.

The FIU’s prior hesitancy centred on concerns that Binance’s international compliance record could clash with South Korea’s anti-money laundering oversight. Legal pressure from U. S. authorities, including enforcement actions and substantial fines, had raised red flags among domestic regulators. But the FIU’s acceptance now signals that uncertainties over Binance’s compliance credentials have been sufficiently addressed.

Under South Korean law, exchanges must report changes in executive or representative roles to the FIU, which effectively acts as a gatekeeper in approving foreign capital in the local crypto sector. No separate screening mechanism exists for major shareholders, making the executive registration process a de facto test of suitability. Delays in this case were reportedly driven by repeated demands for supplemental documentation by regulators.

GOPAX is one of only five exchanges in South Korea authorised to conduct cash-crypto transactions under strict regulatory norms. With Binance now in control, GOPAX could compete more aggressively against dominant local players such as Upbit and Bithumb. Yet entrenched banking relationships and compliance frameworks will still pose barriers to market share gains.

The approval reflects a shift in Korea’s regulatory posture toward greater openness—especially for exchanges that have resolved international legal disputes. Binance’s own settlements regarding AML and market conduct issues appear to have alleviated domestic regulatory apprehension. The acceptance also underscores the FIU’s judgment that Binance’s structural changes and compliance assurances now align with South Korea’s regulatory expectations.

MAF Sukuk Ltd is launching a US$500 million, 10-year sukuk under Regulation S, with initial price thoughts set around US Treasuries plus 125 basis points. The securities will be backed by Majid Al Futtaim Properties as the obligor, while parent Majid Al Futtaim Holding offers a guarantee.

The offering adopts a wakala/murabaha structure and is expected to carry credit ratings of “BBB/BBB”, aligned with those of the guarantor. HSBC is acting as lead structuring bank, with the purpose of the funding geared towards expansion and refinancing of property development activities.

Majid Al Futtaim Holding, in its most recent credit review, retains its BBB rating and stable outlook, reflecting its scale of operations and diversified asset base. Fitch affirmed the rating in November 2024, citing growth across revenue and EBITDA. Majid Al Futtaim’s internal guidance confirms that capital allocation remains within the thresholds consistent with its BBB leverage metrics.

Investors familiar with corporate sukuk in the Gulf region view the 125 basis point spread as moderately tight for a 10-year tenor, particularly for a non-sovereign issuer in the real estate sector. The parent guarantee is crucial to bolster credit comfort, given that the issuer is a property development arm.

In recent years, Majid Al Futtaim has deployed Islamic capital markets for its financing needs. Its 2023 green bond issuance of US$500 million was aimed at refinancing an AED 800 million bond commitment, underlining a strategy to blend sustainability credentials with its capital structure. The group similarly has historically issued hybrid capital securities and sukuk in its debt portfolio.

The latest sukuk will be listed via MAF Sukuk Ltd, which already carries a BBB long-term rating. The listing via a special purpose issuer isolates the structure from direct group operations, while the parent guarantee transfers credit risk back to the overarching entity.

Major risks for the deal rest on cyclical pressures in real estate markets, tenant defaults, and development cost inflation. Majid Al Futtaim Properties has disclosed in its base prospectus the possibility of cost overruns, land title constraints, and tenant concentration as material risks. The group also faces competitive dynamics in its markets where some rivals are state-backed.

Mohamed Futtah, a regional fixed-income strategist, commented that “a 10-year sukuk at T+125bp for a BBB group guarantee is ambitious, but could succeed under strong demand, especially from Gulf and Asia Islamic investors seeking yield in a rate environment that is otherwise compressed.”

OwlTing, a Taiwan-based fintech focussed on stablecoin infrastructure, is set to begin trading its Class A common shares on the Nasdaq via direct listing on 16 October under the ticker “OWLS”. The move marks what the company calls a milestone in its evolution from hospitality and e-commerce into a compliance–led blockchain payments firm.

In its public filings, OwlTing reported revenue of US 7.6 million in 2024 and a payment volume across its platforms of approximately US 218 million. Though still unprofitable, the listing underscores growing confidence in the fragmented stablecoin infrastructure space.

The listing comes at a moment when several high-profile developments are shaping the stablecoin and payments ecosystem. Stripe’s Bridge unit is reportedly preparing to apply for a federal banking charter, aiming to navigate evolving U. S. stablecoin regulation. Meanwhile, major financial and technology firms are said to be in advanced talks to acquire BVNK, a London-based stablecoin platform.

OwlTing’s pivot from hospitality and blockchain traceability to payments and stablecoin services has been underway for some years. Its OwlPay platform enables businesses to accept stablecoins or fiat and settle globally. The company has obtained money transmitter licences in multiple U. S. states and holds themselves out as a “compliance-first” operator in a space that often struggles with regulatory uncertainty.

By listing via direct listing rather than a traditional IPO, OwlTing seeks to avoid dilution of existing shares and allow market-based price discovery. The company will ring the Nasdaq opening bell on 16 October to commemorate the debut. Analysts view the listing as Asia’s first fintech with a pure direct listing on Nasdaq, positioning OwlTing as a regional trailblazer in blockchain payments.

In parallel, Stripe’s ambitions in stablecoin continue to intensify. Its Bridge arm, acquired earlier this year, is now seeking a national trust charter to get ahead of U. S. regulation on digital assets and stablecoins. The charter would permit holding deposits and issuing stablecoins more directly under U. S. oversight.

Davidson Kempner Capital Management has inaugurated an office at the Abu Dhabi Global Market, marking its first physical presence in the Gulf and becoming the latest global hedge fund to deepen its footprint in the United Arab Emirates. The new office will be led by partner Chris Krishanthan together with managing director Naveen Sabharwal.

The firm, which manages approximately $37 billion in assets, aims to tap deeper into regional capital flows and align more closely with sovereign and institutional investors across the Gulf Cooperation Council. Tony Yoseloff, managing partner and chief investment officer, described the move as a step to “further expand our investable universe” and strengthen “local relationships in a highly dynamic market.”

For years, Abu Dhabi has steadily worked to position itself as a rival to Dubai in financial services. Its strategy has included tailoring tax incentives, loosening regulatory constraints, and courting global asset managers to relocate or open branches there. As part of this wave, major hedge funds such as Brevan Howard and Marshall Wace have already established bases in ADGM; Davidson Kempner joins their ranks in what is being viewed as a consolidation of the emirate’s appeal to global capital.

The timing dovetails with a broader uptick in cross-regional trading. The CME Group recently reported a 16 percent rise in average daily trading volumes from the Middle East, with hedge fund activity surging nearly 30 percent this year. The firm’s commercial officers noted the region has become its fastest-growing market. Many attributers point to favourable time zones, regulatory allure, and close proximity to sovereign wealth capital as key drivers.

Internally, the ADGM office is intended both as a regional sourcing hub and a local relationship engine. Krishanthan and Sabharwal have previously overseen Davidson Kempner’s Middle Eastern investment activity, so the new base is meant to formalise and deepen ongoing operations. The firm describes its core strategy as rooted in credit and event-driven investing, spanning public and private markets globally.

This expansion comes amid headwinds in certain corners of the firm. In 2024, Davidson Kempner moved to shutter its Distressed Opportunities fund — once managing around $2 billion — as evolving market conditions rendered that strategy less compelling in a constrained restructuring environment. The firm indicated it would reorient distressed allocations into closed-end and multi-strategy vehicles.

Observers see the firm’s Abu Dhabi entry as both adaptive and opportunistic. By embedding itself in ADGM, Davidson Kempner seeks proximity to capital allocators, deal flow, and regional intelligence — all of which matters in markets where local networks and relationships often play outsized roles.

Competition in the region is intensifying. Abu Dhabi’s Lunate recently acquired a minority stake in Brevan Howard, launching a joint investment platform with an initial commitment of $2 billion. Regional investors have also targeted global fund firms for partnerships or co-investment models. That push underscores Abu Dhabi’s ambition to evolve into a globally competitive asset management hub, alongside regulatory hubs like London, Singapore, and Hong Kong.

Abidjan — The World Food Programme has secured a US$9.3 million grant from the Korea International Cooperation Agency to support a five-year school meals and resilience programme across northern Côte d’Ivoire. The initiative will target 200 primary schools and 50,000 pupils from 2025 to 2029, backed by support for local farmers and community health efforts.

Under the partnership, WFP will channel the Korean funding into locally sourced, nutritious meals intended to enhance students’ concentration, health and retention. Alongside direct school feeding, 100 farmer groups will receive training and technical assistance to improve crop quality and yield, while forging supply links with school kitchens — aiming to stimulate rural markets and buttress food systems. The programme also includes capacity-building in hygiene and nutrition education, investment in hand-washing stations, and multisectoral coordination with national ministries of education, health and agriculture.

Olivia Hantz, WFP’s Representative and Country Director in Côte d’Ivoire, described the cooperation as “an investment in the country’s future”, noting that bolstering national systems and empowering local producers helps advance both nutrition and resilience. Kim Sangjun, the KOICA Country Director in Côte d’Ivoire, emphasized that linking schools with nearby farmers ensures the programme’s sustainability and reflects Korea’s own experience in leveraging school meals to support development.

Government agencies in Côte d’Ivoire will play a leading role in implementation. The Ministries of National Education and Literacy, Agriculture and Food Production, and Health and Public Hygiene will work through departmental directorates such as the Directorate of School Canteens to integrate this project with national plans. WFP already operates school feeding across 733 schools nationwide, reaching over 166,000 pupils, and this new injection will focus on underserved northern regions.

The strategy centres on what is often called a “home-grown school feeding” model: meals are locally procured, thereby linking educational support with rural livelihoods. This approach is intended not only to support children, but to stimulate smallholder agriculture, strengthen supply chains and reduce dependency on external imports.

Côte d’Ivoire faces persistent inequalities in food access. In rural and northern areas, food insecurity and chronic malnutrition remain major challenges. According to WFP’s internal data, more than 30% of children in those regions suffer from stunting, and households face high post-harvest losses, limited access to credit or inputs, and exposure to climate stresses. WFP’s country briefing from mid-2025 highlights programmes aiming to strengthen climate resilience among women and youth in zones such as Poro by promoting sustainable agricultural practices.

WFP’s school feeding and resilience operations in Côte d’Ivoire are embedded in a broader strategy. The agency seeks to scale national social protection systems, enhance disaster preparedness, and support agriculture-led recovery. The KOICA-funded project aligns with both Côte d’Ivoire’s national development plan, which emphasises human capital and inclusive growth, and with global objectives on nutrition, education and resilience.

Analysts view the agreement as part of a broader trend of South–South development cooperation. Korea has expanded its development financing across Africa in recent years, often emphasising education, agriculture and infrastructure. The model adopted here reflects that emphasis: combining direct welfare support with investment in domestic capacity. For WFP, the strategy offers a way to reduce long-term dependency on donor aid by anchoring programmes in national institutions and markets.

Tether has agreed to pay $299.5 million to the Celsius Network bankruptcy estate, resolving long-standing disputes over Bitcoin collateral transfers tied to Celsius’s collapse in 2022. The deal was announced by the Blockchain Recovery Investment Consortium, a joint venture between GXD Labs and VanEck, acting as litigation administrator and asset recovery manager for Celsius’s creditors.

The settlement brings closure to adversary claims filed in August 2024 in the U. S. Bankruptcy Court for the Southern District of New York. Celsius had contended that Tether improperly liquidated Bitcoin collateral backing loans denominated in USDT, executing sales when Bitcoin’s market value closely matched Celsius’s debt — thereby undermining the lender’s position. Under the agreement, those claims will be dismissed, though the broader wind-down of Celsius remains ongoing.

BRIC was appointed by Celsius’s debtors and the unsecured creditors committee in January 2024 to steer recovery efforts of illiquid assets and litigation claims. According to BRIC’s announcement, the payment reflects a negotiated resolution consistent with maximizing returns for creditors. David Proman of GXD Labs remarked on the “timeliness” of the settlement and the objective of concluding contentious matters against Tether.

While $299.5 million is a substantial sum, it accounts for a relatively small fraction of the total claims Celsius had pursued—estimated at approximately $4 billion. Tether’s side had resisted full liability, positioning its role as merely transactional rather than one bearing responsibility for downstream collateral use, a stance it has maintained in past legal challenges. Some observers interpret the settlement as signalling heightened legal risks for stablecoin issuers in future insolvency contexts, where courts may scrutinize the proximity of collateral actions to debtor collapse.

The settlement does not necessarily foreclose other claims linked to the Celsius wind-down. BRIC remains responsible for managing a portfolio of residual litigation and illiquid digital assets, with the aim of continuing creditor recovery. The deal, in effect, removes one major legal obstacle in a broader restructuring process that has spanned years.

Market reaction has been muted. Crypto stakeholders and legal analysts are now closely watching whether regulators or courts will treat this settlement as a template—potentially influencing how stablecoin issuers are held to account in distressed scenarios. Some argue that issuers will face increased pressure to adopt stronger governance and compliance frameworks to mitigate similar exposures. Others caution against overinterpreting the settlement as an admission of liability.

By Nitya Chakraborty On October 10, the Nobel Prize Committee awarded the Peace prize for the year 2025 to the Venezuelan right wing politician Maria Corina Machado who has been working for the last few years for the removal of the President Nicholas Maduro from his office. The White House initially reacted that the Nobel […]

The article Trump Has Not Got Nobel Peace Prize But The Winner Machado Is His Acolyte In Latin America appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Alphabet’s Google will commit $10 billion to develop a 1-gigawatt data centre and artificial intelligence infrastructure in Visakhapatnam, Andhra Pradesh, marking its largest investment in India to date, state officials have confirmed. A formal MoU is to be signed today to solidify the partnership.

The data centre campus across three sites — Tarluvada, Adavivaram and Rambilli — will form a hyperscale cluster integrated with AI computing capacity, robust fibre-optic links and dedicated power supply, including renewable energy sources. The initiative is central to Andhra Pradesh’s ambition to scale its data centre capacity to 6 GW over the coming years.

Ahead of the MoU signing, Chief Minister N. Chandrababu Naidu and Union ministers are expected to attend, reinforcing confidence in the project’s strategic significance. IT minister Nara Lokesh described data as “the new oil” underscoring the state’s drive to anchor itself in the global AI infrastructure map.

The Google investment taps into intensifying competition among global cloud and tech firms racing to establish AI infrastructure in India. Over the past months, tech majors have escalated commitments toward data centres, seeking to capitalise on surging demand for cloud and generative AI services.

Development of supportive infrastructure is underway in tandem. The state plans to enhance grid capacity, ensure uninterrupted power, and establish multiple cable landing stations to facilitate connectivity across Asia. The Hyderabad–Vizag corridor is poised to evolve as a subsea cable and data junction.

However, land acquisition hurdles pose a risk. Authorities have earmarked about 200 acres in Tarluvada, but litigation filed by claimants — some reportedly on behalf of proxy or deceased farmers — has slowed progress. The government has increased compensation to approximately ₹50 lakh per acre, and pledged jobs, shop spaces and housing plots to mitigate resistance. Chief Minister Naidu has directed efforts to fast-track resolution and suppress obstruction by alleged benami interests.

Political friction is surfacing. Local legislators from opposition parties accuse rivals of stalling the project to protect illicit land holdings. The TDP’s Palla Srinivasa Rao claimed that the ruling party is attempting to block acquisitions under the guise of safeguarding farmers’ rights, citing instances of forged or ghost claims. The government rejects these accusations and says it will uphold legitimate legal processes while pushing ahead.

Economic projections for the project are ambitious: estimates suggest the cluster could generate over 180,000 direct and indirect jobs between 2028 and 2032 and significantly boost Andhra Pradesh’s gross state domestic product. Analysts see the facility acting as a catalyst for ancillary sectors such as data-fabric supply chains, clean energy, construction and telecom.

This deal follows prior reports that Google had earlier signalled a $6 billion investment in Andhra Pradesh’s data infrastructure; that figure is now superseded by the $10 billion commitment, reflecting the expanded scale and inclusion of AI ambitions. The project’s success will depend on timely approvals, legal clearances, and seamless coordination between state, union and private stakeholders.

Visakhapatnam’s emerging status as a data centre hub is further supported by parallel developments: Sify is launching an AI edge data centre and submarine cable landing station; Meta is participating in undersea cable projects. With Google anchoring a flagship investment, Andhra Pradesh expects to draw further technology firms to its eastern corridor.

By Nantoo Banerjee There is little to be excited about the recent inauguration of predominantly mountainous Arunachal Pradesh’s first commercial coal mine at Namchik-Namphuk in the Changlang district jointly by Union Coal & Mines Minister G Kishan Reddy and Arunachal Chief Minister Pema Khandu, marking the state’s first coal mine project. With an officially estimated […]

The article India Must Cut Down Coal Consumption appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).