Introduction 1 shovel: Commodity trader Trafigura Warned Swiss credit Last year, the bank’s supply chain finance fund appeared to contain suspicious bills from businessmen. Sanjeve GuptaBusiness empire. Get full history.
And a reminder: Don’t miss the Greensill event next Tuesday. Register for a free online event here.
Metal industry Simon Dawson / Bloomberg © Simon Dawson / Bloomberg
Welcome to due diligence. Briefings on dealmaking, private equity and corporate finance. This article is an on-site version of the newsletter. Subscribe Here Send your newsletter to your inbox every Tuesday through Friday. Please contact us at any time: [email protected]
The movement of virtual currencies is becoming mainstream
Veteran banker packing his suitcase In the pioneering days of the West, the crypto boom invites previously unattainable executives to enter the industry.
Some North Korean defectors Goldman Sachs lobbyist Faya shield Zard, Who will start Coin base Next month and Citadel Securities veteran Brett Harrison Those who participated in the crypto exchange FTX..
John Dalby, FINANCIAL BOARD Bridge waterWe’re also jumping over ships from the world’s largest hedge fund to join the crypto financial services group. Nidig..
But the influx of talented people on Wall Street isn’t the only force making Silicon Valley a more serious competitor to traditional finance. DD Miles Kruppa report.
Goldman Sachs lobbyist Fariya Shieldzard is one of the prominent Wall Street executives who has played a new role in cryptocurrency companies © EPA / Armando Babani
Cryptocurrency movements and a deluge of venture capital funding are fueling the growth of decentralized finance (“DeFi”) projects. These companies aim to eliminate traditional intermediaries by replicating basic financial services like lending and transactions using software programs called blockchains.
What started as a niche corner cryptocurrencies has grown into the multi-billion dollar sector as venture capitalists recognize the huge dividends in investor incentives offered by emerging platforms.
to take Uniswap, For example. Last year, the trading platform started giving out 1 billion free digital tokens to users over a four-year period as a reward for joining the network.
This initiative aims to expand governance rights to a broader group and weaken its founders over time.
About a fifth of these tokens were given to VC investors as a reward for the first $ 1,280 million invested in seed funding. At Uniswap’s transaction price of $ 28, investors will own approximately $ 5 billion of shares worth of all tokens issued. Even if it takes four years for an investor to receive the full amount, they are not too poor.
Defeating Wall Street at your own game can be beneficial for early investors, but a hindrance.
Some lawyers and venture capitalists speaking to Miles compared DeFi to the initial coin offering boom four years ago that collapsed due to regulatory interference.
Mint Condition: Etsy is addicted to Depop’s huge vintage collection
Scroll through specific corners of fashion Ticktaku Feel like you’re in a time capsule with a 70s paisley dress, an early spaghetti strap, and a 90s grunge Gen-Z.
But the year is 2021. The younger generation’s social media platform narrowly escaped the ban by the previous US government (not perfect), and it’s style renaissance.As young entrepreneurs show collectors what recycling designers are finding Depop And other used fashion apps.
Last year, with an active network of 4 million buyers and 2 million sellers trading approximately $ 650 million worth of goods, Depop became a popular price, not a way to win it. ..
Etsy I’m buying London-based startups that are costing $ 1.6 billion, and the two companies announced on Wednesday in a majority cash transaction that is set to close in the third quarter of this year.
Etsy CEO Josh Silberman © Bloomberg
The bond makes sense. The two companies have created a business model that aims to help home entrepreneurs rather than the following major tech rivals: Amazon..
Depop, 90% of active users are under 26 years old EtsyTypically targeted at Millennials and above, giving them access to each other’s demographics.
The app has raised approximately $ 100 million from early supporters since its launch 10 years ago. HV capital, And Members Founder and CEO Sebastian Simiatokowski..
Raised $ 40 million in the final round of 2019, General Atlantic, The aim was to expand Depop’s presence in the USA. It makes just as much money in the United States today as it does in its native UK, but dealing with Californian rivals makes Depop much more likely to keep growing. Poshmark And Threading..
Game of Thrones actress Maisie Williams (left) and Depop founder Simon Beckerman (right), one of many celebrities who sell used clothing and accessories in the app © Getty Images
Rex Colleagues I think Etsy paid too much. The price is 23 times sales in 2020, and Depop is a cool young man now with a block of used clothes, but young people can be moody when it comes to shopping habits.
Etsy, whose shares have soared more than 450% since last March’s pandemic, is clearly seizing the opportunity before the other luxury world falls.
A heated international court battle is going to heaven
If you are based in Edinburgh Cairn energy There is a way, however Air IndiaThe New York-based fleet doesn’t go nowhere right away. Latest Dramatic Twist In A Saga That Has Lasted For 7 Years.
Allows DD to speed you up.
-
In 2006 Cairn reorganized its business in India Cairn India As an independent subsidiary that was continued Bombay Stock Exchange next year.
-
The Scottish energy group acquired the majority of the shares in Cairn India in 2011 Vedanta Limited Natural resource company has $ 6.7 billion under management Anil Agarwal – One of the richest men in India.
Billionaire and owner of Vedanta Resources, Anil Agarwal © Bloomberg
-
Cairn’s plan appeared to be on the right track. But a year later, New Delhi introduced a new law allowing Indian authorities to retrospectively levy taxes on cross-border transactions if the underlying asset is in India.
-
In 2014, when Cairn wanted to sell the remaining 10% stake in Cairn India, New Delhi authorities blocked the transaction and initiated a tax audit. A year later, Cairn set a $ 1.6 billion tax bill, and the two have said it ever since.
Cairn has filed a dispute settlement under the UK-India bilateral investment treaty to repeal the tax law and recoup its losses. International Court of Justice The Netherlands appeared to agree with this position in December and India sentenced a Scottish company to pay $ 1.2 billion and interest. It’s worth $ 1.7 billion today.
The only problem is the Prime Minister of India. Narendra ModiThe government has shown no sign of planning payments.
Cairn does not forgive either. The company employs a highly respected international arbitration attorney Dennis Flanitsky If Air India can act as the “alter ego” of the Indian government and convince the judge to shoulder the same debt, it will seek $ 1.7 billion in compensation.
Robert Cohen (left) and Dennis Flanitsky (right) © Annie Tritt
Flanitsky should lead Quinn EmmanuelSovereignty proceedings, known for the seizure of Argentine naval ships in Ghana as part of a lengthy legal process involving US hedge funds. Elliott Capital Management And Buenos Aires, the work cuts for him.
Job change
-
Tyson Foods managing Director Dean banks Eight months after joining the company, he left the company for personal reasons Donnie King Becomes the fifth CEO in five years.
-
City group Poached Goldman Sachs veteran Chuck Adams Start a new M&A advisory firm in New York. Reuters Other Articles ..
-
Tulgol chair Dorothy Thompson She said she would leave a few weeks after refinancing $ 1.8 billion to secure the future, he was an Africa-focused oil and gas explorer.
Intelligent leadership
Canadian bacon Harvard, Yale and other US donation fund portfolios are reduced through traditional asset allocation. Diving into a high risk asset class and raising in-house talent, such as your northern neighbors, could be the answer. (FT)
Manufactured megastar K-POP phenomenon Hybe, the giant entertainment empire behind BTS, turned a fandom into a win by perfecting a pandemic-resistant model. The next big action must trigger the same level of global hysteria. (Nikkei Asia)
House work The glorious Bond is more than just a fictional spy. The franchise has been carefully maintained for generations by its historic owners, the Broccoli / Wilson family. In the hands of Amazon, 007 faces new challenges. (New York Times)
News summary
Trials accuse former Apollo CEO Leon Black of sexually assaulting a Russian (FT) model
Dropbox catches the attention of Elliott activists amid sluggish market share (FT)
Activists Are Likely To Take Third Place On Exxon’s Board Of Directors (Wall Street Journal)
Germany tells US bankers they must return to their offices by September 6 (FT)
UK regulators have cleared a deal with Adevanta for eBay’s $ 9.2 billion ad. (FT)
Altria and Jules contract brought to justice (WSJ)
SEC Avoid Enforcing Proxy Advisory Rules In Trump Era (FT)
AMC / Jason Mudrick: A $ 230 million quick flip was based on a return to the meme (Rex)
Recommended newsletter for you
Scoreboard – Important news and analysis on business decisions in sports. Sign up here
The best of Rex – A look back at the best comment of the week and a midweek letter. Sign up here
Silicon Valley paves the way for a new kind of Wall Street Source link Silicon Valley paves the way for a new kind of Wall Street