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Chainlink Labs is expanding its presence in the MENA region by establishing an office in Abu Dhabi under the ADGM Registration Authority. This move aims to enhance partnerships with financial institutions and meet the rising demand for tokenized assets, positioning Abu Dhabi as a hub for onchain finance innovation.
AllianceBernstein plans to seek $225 million in compensation from the U.S. government following the write-off of over 16 billion francs of Credit Suisse's debt during its takeover by UBS. The firm will join a lawsuit led by Quinn Emanuel Urquhart & Sullivan on behalf of bondholders, challenging the financial supervisory authority Finma's decision to set the value of AT1 bonds at zero. This legal action, which claims government interference violated investors' property rights, raises the total value at stake to $375 million.
AE Coin, a stablecoin pegged to the Dirham, has received final approval from the UAE Central Bank, marking a significant regulatory milestone in the region. This approval is expected to enhance AE Coin's credibility and adoption, providing a stable digital currency option and aligning with the UAE's strategy to embrace digital innovation in finance. The move may encourage other stablecoins to seek similar endorsements, fostering a more robust digital currency landscape in the UAE.
Flowbank's liquidation has left many clients waiting for the return of their money and securities, with only 91.3% of privileged deposits repaid by the end of November. The process has been complicated by inadequate IT infrastructure, leading to delays in transferring over 10,000 custody account positions. Despite the challenges, the liquidator continues to work on resolving the situation while managing CHF 360 million in assets.
Canary Wharf Group has secured a £610 million ($778 million) loan from Apollo Global Management to refinance upcoming bond maturities due in 2025 and 2026. The five-year loan is backed by the group's portfolio of interconnected underground malls, which are nearly fully occupied, catering to the affluent local population.
France is urged to continue its efforts to reduce debt and deficit, as emphasized by European Economics Commissioner Valdis Dombrovskis. With the formation of a new government underway, discussions will focus on the country's medium-term fiscal structural plan, which has received a positive assessment from the Commission. Dombrovskis highlighted the importance of maintaining a credible downward trajectory for the budget deficit and public debt.
United Bank shares surged on their debut on the Egyptian stock exchange, following a 30% stake sale as part of an IMF-backed initiative to enhance the economy through state asset offerings. The shares initially rose by 10%, reaching 15.23 Egyptian pounds, before settling at a 6.5% increase by 10:07 a.m. in Cairo.
El Salvador is close to finalizing a $1.3 billion loan agreement with the IMF, prompting a shift in its Bitcoin policy to make acceptance optional for businesses. The government, which holds 5,960 BTC and continues to buy one daily, aims to balance its Bitcoin ambitions with economic stability amid ongoing social challenges and international scrutiny.
AllianceBernstein plans to sue Switzerland for $225 million over the $17 billion wipeout of Credit Suisse's AT1 bonds, arguing that the Swiss government unfairly prioritized shareholders over debt holders. This lawsuit, filed in New York, raises concerns about potential financial repercussions for Swiss taxpayers, reminiscent of past bailouts where UBS benefited while the public bore the costs. The outcome could significantly impact the credibility of Swiss financial authorities and their handling of the crisis.
Regina Bachmann, daughter of the late building contractor Leopold Bachmann, is facing backlash for evicting 200 tenants from the affordable "Sugus" houses in Zurich to maximize profits. The city government is considering purchasing the properties to support housing policy, raising concerns about taxpayer funds being used to benefit a wealthy heiress. Critics argue that the city's spending, including a budget of 500 million for land purchases, disproportionately impacts hardworking taxpayers while benefiting those who do not contribute equally.
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Chainlink Labs expands operations in Abu Dhabi to enhance onchain finance solutions
12:30 10.12.2024
AllianceBernstein Seeks 225 Million from US Government Over Credit Suisse Debt Write-Off
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alliancebernstein sues switzerland over credit suisse bond wipeout
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07:26 10.12.2024
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