Company news in brief
Google delay on ads law creates mess
Google’s delayed entry into a consortium of advertising technology companies has spoiled the members’ push to comply with a new European privacy law, six people involved in the program told Reuters, leaving some firms exposed to fines.
Most at risk are unwitting owners of ad-funded websites and apps, which Google has said have the responsibility of getting consent to serve targeted ads to European consumers.
The experience shows how Google policy decisions cascade through the US$200 billion global online advertising industry, which is dominated in most facets by the Alphabet Inc unit.
-Nampa/Reuters
US fund claims US$175 million from South Korea
New York-based hedge fund Mason Capital Management has filed a legal claim seeking at least US$175 million from the South Korean government as compensation for damages it says it sustained from a 2015 merger of two Samsung Group affiliates.
Mason Capital’s claim follows a similar action by US activist fund Elliott Management which in May sought US$670 million in compensation from South Korea over its role in the Samsung affiliates’ merger.
An official at South Korea’s justice ministry said on Tuesday that Mason Capital filed a notice of intent seeking a resolution through the Investor-State Dispute Settlement mechanism.
-Nampa/Reuters
Qatar to buy New York's Plaza Hotel
The tiny but ultra-rich Gulf state of Qatar has agreed to buy one of New York’s most iconic buildings, the Plaza Hotel, for around US$600 million, adding a development that was once owned by US President Donald Trump to its luxury property portfolio.
Qatar’s state-owned Katara Holding is buying full ownership of the hotel, including a 75% stake from Indian business group Sahara India Pariwar, a source familiar with the deal told Reuters.
-Nampa/Reuters
Glencore gets US subpoena on money-laundering laws
US authorities have demanded the US arm of Glencore Plc hand over documents relating to its business in Nigeria, the Democratic Republic of Congo and Venezuela, sending shares in the parent company down more than 10%.
The Swiss-based commodities trader and miner received a subpoena from the US Department of Justice requesting documents and records on compliance with the Foreign Corrupt Practices Act and US money-laundering statutes.
Shares in Glencore, a major exporter of Nigerian and Venezuelan crude oil, dropped as much as 13%, their biggest one-day fall in more than two years. They recouped most of the loss to trade down 4% at 334.65 pence by 1354 GMT.
-Nampa/Reuters
Ecobank plans dollar bond
Ecobank has mandated international lenders to arrange investor meetings in Britain and the United States, after which it plans to issue a five-year dollar-denominated bond, the African bank said on Monday.
Ecobank, which has operation in 36 African countries, has hired Deutsche Bank, Standard Bank and Standard Chartered to arrange meetings from June 18, it said.
Proceeds from the offering will be used for debt refinancing among other things, Ecobank said.
-Nampa/Reuters
Google’s delayed entry into a consortium of advertising technology companies has spoiled the members’ push to comply with a new European privacy law, six people involved in the program told Reuters, leaving some firms exposed to fines.
Most at risk are unwitting owners of ad-funded websites and apps, which Google has said have the responsibility of getting consent to serve targeted ads to European consumers.
The experience shows how Google policy decisions cascade through the US$200 billion global online advertising industry, which is dominated in most facets by the Alphabet Inc unit.
-Nampa/Reuters
US fund claims US$175 million from South Korea
New York-based hedge fund Mason Capital Management has filed a legal claim seeking at least US$175 million from the South Korean government as compensation for damages it says it sustained from a 2015 merger of two Samsung Group affiliates.
Mason Capital’s claim follows a similar action by US activist fund Elliott Management which in May sought US$670 million in compensation from South Korea over its role in the Samsung affiliates’ merger.
An official at South Korea’s justice ministry said on Tuesday that Mason Capital filed a notice of intent seeking a resolution through the Investor-State Dispute Settlement mechanism.
-Nampa/Reuters
Qatar to buy New York's Plaza Hotel
The tiny but ultra-rich Gulf state of Qatar has agreed to buy one of New York’s most iconic buildings, the Plaza Hotel, for around US$600 million, adding a development that was once owned by US President Donald Trump to its luxury property portfolio.
Qatar’s state-owned Katara Holding is buying full ownership of the hotel, including a 75% stake from Indian business group Sahara India Pariwar, a source familiar with the deal told Reuters.
-Nampa/Reuters
Glencore gets US subpoena on money-laundering laws
US authorities have demanded the US arm of Glencore Plc hand over documents relating to its business in Nigeria, the Democratic Republic of Congo and Venezuela, sending shares in the parent company down more than 10%.
The Swiss-based commodities trader and miner received a subpoena from the US Department of Justice requesting documents and records on compliance with the Foreign Corrupt Practices Act and US money-laundering statutes.
Shares in Glencore, a major exporter of Nigerian and Venezuelan crude oil, dropped as much as 13%, their biggest one-day fall in more than two years. They recouped most of the loss to trade down 4% at 334.65 pence by 1354 GMT.
-Nampa/Reuters
Ecobank plans dollar bond
Ecobank has mandated international lenders to arrange investor meetings in Britain and the United States, after which it plans to issue a five-year dollar-denominated bond, the African bank said on Monday.
Ecobank, which has operation in 36 African countries, has hired Deutsche Bank, Standard Bank and Standard Chartered to arrange meetings from June 18, it said.
Proceeds from the offering will be used for debt refinancing among other things, Ecobank said.
-Nampa/Reuters
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