Hyperloop Technologies Inc. has been implementing an innovative idea of Tesla CEO Elon Musk through developing a new concept of transportation platform. The Los Angeles tech giant considers for spending $121 million to develop the full track at Apex Industrial Park. To allure the investment, Nevada state officials have waved $9.2 million sales tax applicable on the capital expenditure.
Legal & Regulatory
United Guaranty, Mortgage Insurer of AIG Files For IPO With NYSE
AIG has announced in January planning for spinning off its mortgage insurer unit United Guaranty, following pressure from the shareholders. Following the announcement, Standard & Poor’s, a credit rating agency has downgraded its rating with specific reasoning. The mortgage insurer of AIG has disclosed through a regulatory filing that it intends to go for an initial public offering.
MetLife Approaches With Breakup Plan Since Washington Court Declares SIFI Label Unlawful
MetLife has announced in January planning for selling large portion of its US insurance unit. But the move has been suspended following imposition of designation as SIFI by FSOC. However, the FSOC move has been declared unlawful by a Washington court which paves the way for MetLife to go with its breakup planning.
Knesset Affixes Maximum Ceiling of Exec Pay In FIs Aiming To Reduce Wage Disparity
Knesset has passed a bill that fixes maximum ceiling of executives in the financial institutions with no opposition. The bill turned law aims to reduce wage gap. However, a similar attempt in the US has backfired since the revised law allows exemptions for extraordinary performances.
BoE Increases Capital Buffer Ceiling To Facilitate Probable Post Brexit Lending Market
The Financial Policy Committee (FPC) of Bank of England (BoE) has warned on Tuesday about possible financial outlook after Brexit. To tackle the possible lending market debacle, the committee has raised bank’s capital buffer requirement. However, the move has been criticized by the Brexit supporters whenever the referendum poll gets nearer.
Latest News
In the wake of Brussels attack, more European countries are considering making new policies that would legally require tech companies to hand over encrypted information when needed. That will affect tech companies around the world as Apple is pushing forward to fight back in the U.S. as well as in Europe.
Hawaii lawmakers are seeking to pass the bill on ivory trade ban. Thousands of African elephants and rhinoceros are being slaughtered because of their tusks and horns. Smugglers see Hawaii as their gateway to Asia to market illegal ivory and if left unregulated, the state would become the largest illegal ivory market.
Volkswagen and Porsche identified a potential problem in their Cayenne and Touareg model from 2011 to 2016 and are calling back 800,000 SUVs to undergo a service to address the issue. The companies said this is a precautionary move, as a U.S. judge demanded that the companies come up with a plan immediately.
Coal mines in Colorado are shutting down one by one. Most of the folks no longer have jobs and are now looking at the marijuana economic growth that could provide them income. Officials however, are worried about the peacefulness of the place and how the chaos if ever, could be handled by such few authorities.
France’s data protection authority CNIL fined U.S. tech giant Google for failing to comply with the European top court’s ruling for the “right to be forgotten”. Google has implemented the ruling in Europe, however, the authority demanded that the ruling applied worldwide.
Canadian students can now receive more grants as the government’s first budget revealed more financial aids for post-secondary students. In addition, graduates will not be demanded to pay students loan back until they make $25,000 a year.
State-run media broadcasts indicated that the Chinese government is turning against the country’s most successful e-commerce company Alibaba. However, the company didn’t seem to take much damage from the reports in terms of sales and shares.
United States gave a three-month reprieve for ZTE on export curbs imposed earlier this month. U.S. Commerce Department announced the decision on Tuesday.
Fantasy sport games FanDuel and Draft Kings will stop their paid contests in New York. The companies will wait for regulation to legalize their operation.
