Asian benchmarks are trading mostly higher after the United States House approved a debt ceiling and budget cuts package, avoiding a default crisis

IRVING, Texas--(BUSINESS WIRE)--Jul 17, 2023--

Against Shanghai's glittering river skyline, Kenzo-clad models strutted down a breezy open-air runway on Friday for the French fashion brand's...

The Securities and Exchange Commission announced that it had settled fraud charges with the financial firm tied to former president Donald Trump’s Truth Social platform, Street Insider reported. The SEC had accused Digital World Acquisition Corporation (DWAC), a special purpose acquisition company, of making material misrepresentations in forms it filed with the SEC as part of its initial public offering and its proposed merger with Trump Media & Technology Group Corp (TMTG), which Mr Trump founded. DWAC had misled both the SEC and investors when it failed to disclose that it had formulated a plan to acquire and was pursuing the acquisition of TMTG. Special purpose acquisition companies are meant to identify and acquire operating businesses. But the SEC said in the forms DWAC filed to support its IPO in September 2021, neither it nor its officers had said it had discussions with any target companies before its IPO. But the SEC’s order found that the person who would become DWAC’s chief executive and board chairman, along with other people, had extensive special purpose acquisition company meetings with Mr Trump’s company, and that the executive had pursued talks with TMTG for another special purpose acquisition company he created. In turn, the SEC called DWAC’s Form S-1 false and misleading. “DWAC failed to disclose its discussions with TMTG and failed to disclose a material conflict of interest of its CEO and Chairman,” Gurbir S Grewal, the director of the SEC’s enforcement division. “In the context of a SPAC – a ‘blank-check’ entity without business operations – these disclosure failures are particularly problematic because investors focus on factors such as the SPAC’s management team and potential merger targets when making financial decisions.” The SEC said that DWAC violated antifraud provisons of security laws. It had previously announced that it would pay an $18m settlement in the event it closes a merger transaction and it would sign a cease and desist order. Last month, federal authorities arrested Michael Shvartsman, Gerald Shvartsman and Bruce Garelick and the three were named in an unsealed federal indictment. The all pleaded not guilty to insider dealing at a court in New York City this month. Read More Truth Social’s merger partner reaches $18m settlement with SEC

By Orathai Sriring and Kitiphong Thaichareon BANGKOK Thailand's factory output shrank more than expected in June as sluggish

A month after exiting an ambitious project to help build one of India's first chip factories, Taiwan's Foxconn says it remains bullish about the world's most populous nation and is planning "billions" of dollars in investments there, as multinationals seek to diversify their supply chains beyond China.

By David Milliken LONDON The Bank of England is set to raise interest rates for a 13th time

HIGH POINT, N.C.--(BUSINESS WIRE)--Oct 18, 2023--

By Joanna Plucinska and Angelo Amante LONDON/ROME Lufthansa's purchase of a minority stake in Italy's loss-making ITA Airways

Frontier Communications Parent Inc. is sounding out investors regarding a roughly $1 billion bond deal that will repackage

As UBS prepares to post earnings this week, investors and employees are eagerly awaiting clues as to how Switzerland's largest bank is faring after swallowing...

Israel’s Prime Minister Benjamin Netanyahu said he won’t pursue the entire judicial overhaul originally planned by his government,