Ledger Vault Secures $150 Million Crime Insurance Policy for Digital Assets By Cointelegraph


Ledger Vault Secures $150 Million Crime Insurance Policy for Digital Assets

Ledger Vault, the custody arm of hardware wallet manufacturer Ledger, has procured a crime insurance policy developed with broker and risk advisory firm Marsh and insurance company Arch Insurance Limited.

According to an announcement on Nov. 14, the Ledger Vault platform now provides its users a customized crime insurance program for cryptocurrencies for up to $150 million. The program applies to third-party theft of the master seed and private keys, secure transmissions of the master seed fragments, and insider Ledger employee theft caused by collusion.

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Exclusive: Occidental seeks up to $700 million for Anadarko assets in Wyoming, Colorado



By Jennifer Hiller and David French

HOUSTON (Reuters) – Occidental Petroleum Corp (NYSE:) is soliciting bids for oil and gas properties in Wyoming and Colorado that it acquired when it purchased Anadarko Petroleum (NYSE:), hoping the assets will fetch up to $700 million, according to people familiar with the matter.

Occidental offered about 200,000 acres in the Denver-Julesburg Basin of Wyoming and Colorado that produce $66 million a year in cash flow, mostly in mineral royalties, according to marketing documents.

RBC Capital Markets is handling the sale, with bids due next month.

Occidental separately has offered its own Midland, Texas, campus, according to a real estate listing https:// The facility was valued at $45.7 million last year, according to county tax records. The company declined to comment on the listing. Spokeswoman Melissa Schoeb said Occidental plans to move its Midland staff to offices Anadarko was building prior to the acquisition.

The two are among a string of smaller asset sales to further reduce the debt load of about $40 billion that Occidental took on with the Anadarko purchase. It has raised about $10 billion so far through sales of properties including a liquefied project in Mozambique and production in Africa.

Still, Occidental recently put on hold plans to divest its Western Midstream Partners pipeline unit after failing to attract an attractive offer. It also needs the cash the unit generates, analysts said.

“Small assets like non-O&G minerals via (Anadarko), longer dated Permian acreage, and real estate carve offs may help,” wrote analysts at Tudor Pickering Holt in a note on Monday. “But we believe additional color from management would go a long way in helping the market ascertain how the company plans to bring down absolute leverage in a meaningful way.”

The company has been slashing costs since the deal closed. Last week, it said it would cut 2020 capital spending by about 40%, reducing outlays in Colorado and Texas shale fields.

Occidental’s shares have slid more than 40% since its interest in the shale producer became public as investors turned against the high price and risk of the deal. It was $38.69 on Monday morning, down 3.5%.

The drilling acreage offered is mostly in Wyoming and includes minerals, properties Occidental operates itself and some land that is leased to other producers. People familiar with the offer valued the properties at between $500 million and $700 million.

Occidental is the largest private landowner in Wyoming, said Pete Obermueller, president of the Petroleum Association of Wyoming. It has around 400,000 acres in the state, where it is mainly focused on development in the Powder River Basin.

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Investcorp launches $500 million fund to invest in Asian food sector By Reuters


Investcorp launches $500 million fund to invest in Asian food sector

By Scott Murdoch

(Reuters) – Middle Eastern fund Investcorp is joining forces with Chinese partners to spend up to $500 million buying food brands and manufacturing sites in Asia, aiming to tap into China’s emerging middle classes and their growing taste for foreign foods.

In a deal announced on Thursday, Investcorp has teamed up with state-owned China Resources and Fung Investments, backed by Hong Kong family Victor and William Fung, to launch what the company says will be Asia’s only private equity fund dedicated to investing in food.

Investcorp has $28.2 billion worth of assets under management, including Britain’s Tyrells crisps and Australia’s Yarra Valley snackfoods in its portfolio, and has identified China as an emerging market for Western-style foods.

Soy sauce produced in Japan is also likely to be a target for the partnership to buy and export to China.

Investcorp co-chief executive Hazem Ben-Gacem played down China’s slowing economic growth which, at 6% in the third quarter of 2019, was the weakest for 27-1/2 years.

“We are investing in a defensive sector that will continue its momentum regardless of the macroeconomic trends. People might spend less on luxury brands or travel, but not on food consumption in a downturn,” Ben-Gacem told Reuters.

The transaction was finalised in Hong Kong late Wednesday, with the three parties signing an initial funding agreement of $300 million.

The partnership expects its first deal to be closed within the next four months and aims to have 12 investments made over the five year life of the fund.

Equity investments are expected to be between $40 and $70 million each into businesses with enterprise values (equity plus debt) of up to $100 million.

Bahrain-based Investcorp has an existing partnership with China Everbright, which has centred on technology investments during its one-year partnership.

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Illinois’ municipal market penalty eases in $750 million bond sale By Reuters


Illinois’ municipal market penalty eases in $750 million bond sale

CHICAGO (Reuters) – Illinois paid a smaller penalty for its financial woes on Wednesday, selling $750 million of general obligation (GO) bonds at tighter, but still hefty spreads.

The deal benefited from aggressive bidding by investment banks and yield-hungry investors, according to Daniel Berger, senior market strategist at Municipal Market Data (MMD).

The spread for Illinois bonds due in 10 years over MMD’s benchmark triple-A yield scale fell 11 basis points to 150 basis points.

“The penalty eased, but it’s still a big penalty,” Berger said, noting that Illinois spreads remain the widest among the states.

Illinois also has the lowest credit ratings compared to other states due to its $133.5 billion unfunded pension liability and chronic structural budget deficit.

Bank of America Merrill Lynch (NYSE:) won $450 million of the bonds in competitive bidding, while Barclays (LON:) Capital won the remaining $300 million.

“We were pleased to have entered the market near historic low interest rates and with solid investor demand, and the results reflect a low all-in interest cost that benefits Illinois taxpayers.” said Paul Chatalas, Illinois’ capital markets director, in a statement.

Proceeds are earmarked in part for a six-year, $45 billion Rebuild Illinois infrastructure program passed earlier this year by the legislature, which also approved new funding from higher fees and taxes and a gambling expansion that includes additional casinos and sports betting.

The bond sale is Illinois’ first since a constitutional challenge to some of its outstanding GO bonds was filed in a state court in July. The case is on appeal after it was dismissed in August.

Last month, the governor’s budget office released a five-year forecast that showed the state’s general fund deficit reaching $3.2 billion by fiscal 2025 along with an unpaid bill backlog that balloons to $19.2 billion. The forecast pointed to the state’s “unsustainable” tax structure as a culprit. Governor J.B. Pritzker hopes voters will make a major change to the structure next year by adopting a constitutional amendment for graduated income tax rates.

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Arweave Secures $5 Million in Funding Round Led By Andreessen Horowitz By Cointelegraph


Arweave Secures $5 Million in Funding Round Led By Andreessen Horowitz

Venture capital firm Andreessen Horowitz has led a $5 million funding round for Arweave, a blockchain-startup focused on permanent online data storage.

On Nov. 5, the Arweave project reported that it had attracted world-leading funds in a $5 million investment round led by Andreessen Horowitz’s a16z Crypto, with the participation of other top investors such as Union Square (NYSE:) Ventures and Multicoin Capital.

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Rakuten sees $947 million loss from Lyft investment in latest quarter


FILE PHOTO: The Lyft Driver Hub is seen in Los Angeles, California, U.S., March 20, 2019. REUTERS/Lucy Nicholson

TOKYO (Reuters) – Japan’s Rakuten Inc said on Tuesday it expects to take a 103 billion yen ($947 million) loss in the latest quarter on its investment in U.S. ride-hailing firm Lyft Inc.

The e-retailer, whose billionaire founder and Chief Executive Hiroshi Mikitani has a seat on Lyft’s board, recorded the charge because Lyft shares had “fallen significantly” over the July-September period, it said in a statement to the Tokyo Stock Exchange.

Rakuten, the biggest shareholder in Lyft with a stake of more than 11%, is scheduled to announce financial results on Thursday.

The write-down adds to a 28.4 billion yen unrealized loss on Rakuten’s Lyft stake for the April-June quarter, with the ride-hailing service locked in a money-burning price war with larger rival Uber Inc in the United States.

At its own earnings presentation last week, Lyft said a growing number of customers were now paying full price for rides, and the improved outlook showed it was on track to be profitable by the end of 2021.

Still, the stock has lost about 40% of its value since the company’s initial public offering in March.

Reporting by Kevin Buckland; Editing by Saumyadeb Chakrabarty



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Tron Network Total Accounts Pass 4 Million After Samsung Partnership By Cointelegraph


Tron Network Total Accounts Pass 4 Million After Samsung Partnership

The total number of accounts generated on blockchain network Tron has exceeded 4 million, its CEO has said.

In a tweet on Nov. 4, monitoring resource TRONSCAN announced that the network’s total account tally was now 4.015 million, a figure which Justin Sun subsequently broadcast.

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Russia’s VTB hopes Mozambique will repay $500 million loan on scandal-ridden project By Reuters


© Reuters. Russia’s VTB hopes Mozambique will repay $500 million loan on scandal-ridden project

NEW YORK (Reuters) – An arm of Russia’s state-backed lender VTB (MM:) is hoping the Mozambique government will make it whole for losses on some $500 million in loans it made to finance coastal defense and other development work there, after the projects derailed amid a corruption scandal, an executive said on Wednesday.

Cicely Leemhuis, the deputy head of the legal department at VTB Capital, told the U.S. federal court in Brooklyn, New York, that the loans “are considered to be significant exposure” for the investment bank. The loans, made to three state-owned companies in Mozambique, were guaranteed by the government of Mozambique and VTB has a contractual option of suing to recover its losses, she said.

The loans are being restructured and VTB Capital still expects to be repaid, she added.

Between 2013 and 2014, the three state-owned Mozambique companies awarded Abu Dhabi-based Privinvest Group contracts to build a coastal defense system, a tuna fishing fleet and a shipyard in the country. The projects were financed by nearly $2 billion worth of loans issued by Credit Suisse (S:) and VTB Capital.

U.S. prosecutors have alleged that executives from the two banks and Privinvest, however, got involved in a $200 million scheme to pay bribes and kickbacks to government officials and themselves to secure the contracts and loans.

Prosecutors have argued that Credit Suisse went on to sell parts of those loans to investors, including some in the United States, who were falsely told that all the money was being used for legitimate government projects.

Three former Credit Suisse bankers and Mozambique former finance minister Manuel Chang have been charged in the case.

VTB’s Leemhuis told the court that the bank would not have issued the loans had it known that Privinvest was bribing officials. “It would have been illegal for VTB to do so,” she said.

Mozambique — one of the world’s most indebted countries — admitted in 2016 to undisclosed lending, prompting the International Monetary Fund and foreign donors to cut off support, triggering a currency collapse and a default on its sovereign debt.

One of the world’s poorest countries, Mozambique’s economy was worth $14.5 billion in 2018, according to World Bank data, and has seen its debt-to-gross-domestic-product ratio hit 113%, data from the IMF shows.

Leemhuis told the court VTB had hoped in part that Mozambique’s reserves could be sold to generate income and repay its debts.

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China’s bitcoin miner Canaan Creative files for $400 million IPO on Nasdaq By Reuters


© Reuters. FILE PHOTO: Picture illustration of a small toy figurine and representations of the Bitcoin virtual currency displayed in front of an image of China’s flag

BEIJING (Reuters) – Canaan Creative, one of China’s biggest bitcoin mining hardware makers, filed to publicly list on the Nasdaq on Monday to raise $400 million, marking at least its third attempt to do so after previous failed tries in mainland China and Hong Kong.

The Hangzhou-based company, which describes itself as the world’s second largest bitcoin mining machine designer and maker in its prospectus, said it wanted to use the cash to fund research into artificial intelligence and blockchain research, as well as pay off debts.

It did not say why it had decided to try again for another initial public offering at this time. It tried to list itself in China three years ago through a reverse merger by buying a Shandong-based electric equipment maker and then again filed for a Hong Kong float last year, however both plans fell through as regulators had doubts about its business model and prospects.

Its application on Nasdaq comes shortly after Chinese President Xi Jinping made comments last week encouraging the development of blockchain technology, which sent the shares of blockchain and digital currency-linked firms, and the bitcoin price, soaring.

The fate of bitcoin and bitcoin mining in China, however, remains unclear as Beijing shut down local cryptocurrency exchanges in 2017 and in April signaled that it wants to eliminate bitcoin mining in the country. Chinese state media have also said that blockchain innovation should not be seen as a boost for virtual currency speculation.

Founded in 2013, Canaan designs and sells high-performance integrated circuits and is behind the Avalon series of bitcoin mining machines. Banks working on Canaan’s Nasdaq IPO are Credit Suisse (SIX:), Citigroup (NYSE:), China Renaissance and CMB International.

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Chinese Cryptocurrency Mining Giant Files for $400 Million IPO in US By Cointelegraph


Chinese Cryptocurrency Mining Giant Files for $400 Million IPO in US

Chinese cryptocurrency mining giant Canaan Creative has filed to be a publicly-traded company in the United States.

On Oct. 28, Canaan Creative filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) to raise $400 million, while planning to be listed on the Nasdaq under the ticker CAN.

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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