Connect with us

Top Stories

HyperBlock Completes Acquisition of CryptoGlobal and Will List on the Canadian Securities Exchange

Published

on

HyperBlock Completes Acquisition of CryptoGlobal and Will List on the Canadian Securities Exchange

HyperBlock Inc. (“HyperBlock”) announced today it has completed its acquisition of CryptoGlobal Corp. (“CryptoGlobal”) and will begin trading on the Canadian Securities Exchange (“CSE”) on July 11, 2018 under the ticker symbol: HYPR.

“Today’s news transforms HyperBlock into one of North America’s largest and most diversified crypto-asset enterprises. The new HyperBlock operates high-performance cryptocurrency datacenters across Canada and the USA, with more than 21,500 servers on 28.5MW, five complimentary product offerings — and an expanding R&D lab focused on Bitcoin adoption and usage,” explains HyperBlock CEO Sean Walsh.

According to Walsh, the successful acquisition of CryptoGlobal and conditional listing on the CSE “positions HyperBlock for both strategic acquisitions and accelerated organic growth — which will help the company thrive within the global cryptocurrency ecosystem — far beyond North American shores.”

Acquisition Arrangement Closing Details

HyperBlock has successfully completed its previously announced acquisition of CryptoGlobal Corp. whereby pursuant to a court-approved plan of arrangement which was completed today, HyperBlock Technologies Corp. (the predecessor corporation to HyperBlock Inc. (“HTC”) acquired all of the common shares of CryptoGlobal (“CryptoGlobal Shares”) and amalgamated to form HyperBlock Inc. (the “Arrangement”).

Under the terms of the Arrangement, holders of CryptoGlobal Shares received 0.4229 of a common share of HyperBlock in exchange for each CryptoGlobal Share held and holders of common shares of HTC (“HTC Shares”) received one HyperBlock Share in exchange for each HTC Share held.

In connection with the Arrangement, CryptoGlobal Shares were delisted from the TSX Venture Exchange at the close of trading on Monday, July 9, 2018.

HyperBlock Directors Announced

The newly appointed directors of HyperBlock are Eric So, Sean Walsh, Rob Segal, Hon. Ronald Spoehel, Dayna Gibbs and Tony Gaffney. The officers of HyperBlock are Sean Walsh (Chief Executive Officer), Rob Segal (President), Tim Smart (Interim Chief Financial Officer) and Chris McGarrigle (Chief Information Officer).

According to Walsh, the successful acquisition of CryptoGlobal and conditional listing on the CSE “positions HyperBlock for both strategic acquisitions and accelerated organic growth — which will help the company thrive within the global cryptocurrency ecosystem — far beyond North American shores.”

Acquisition Arrangement Closing Details

HyperBlock has successfully completed its previously announced acquisition of CryptoGlobal Corp. whereby pursuant to a court-approved plan of arrangement which was completed today, HyperBlock Technologies Corp. (the predecessor corporation to HyperBlock Inc. (“HTC”) acquired all of the common shares of CryptoGlobal  (“CryptoGlobal Shares”) and amalgamated to form HyperBlock Inc. (the “Arrangement”).
Under the terms of the Arrangement, holders of CryptoGlobal Shares received 0.4229 of a common share of HyperBlock in exchange for each CryptoGlobal Share held and holders of common shares of HTC (“HTC Shares”) received one HyperBlock Share in exchange for each HTC Share held.
In connection with the Arrangement, CryptoGlobal Shares were delisted from the TSX Venture Exchange at the close of trading on Monday, July 9, 2018.
HyperBlock Directors Announced
The newly appointed directors of HyperBlock are Eric So, Sean Walsh, Rob Segal, Hon. Ronald Spoehel, Dayna Gibbs and Tony Gaffney. The officers of HyperBlock are Sean Walsh (Chief Executive Officer), Rob Segal (President), Tim Smart (Interim Chief Financial Officer) and Chris McGarrigle (Chief Information Officer).

Cautionary Note Regarding Forward Looking Information

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend”or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to statements with respect to internal expectations, accretive earnings, anticipated revenues, cost synergies, the timing and receipt of the final stock exchange approval for the commencement of trading of HyperBlock Shares on the CSE, statements with respect to accretive earnings, statements with respect to internal expectations, expectations for future capacity, costs and opportunities, the effect of the transaction on HyperBlock and its strategy going forward.

While HyperBlock considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking statements also necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments involving cryptocurrency; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cryptocurrency industry in Canada generally, income tax and regulatory matters; the ability of HyperBlock to implement its business strategies; competition; currency and interest rate fluctuations and other risks.

Readers are cautioned that the foregoing list is not exhaustive. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter.

HyperBlock disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Top Stories

IMF lifts global growth forecast for 2021, still sees ‘exceptional uncertainty’

Published

on

IMF lifts global growth forecast for 2021, still sees 'exceptional uncertainty' 1

By Andrea Shalal

WASHINGTON (Reuters) – The International Monetary Fund on Tuesday raised its forecast for global economic growth in 2021 and said the coronavirus-triggered downturn in 2020 would be nearly a full percentage point less severe than expected.

It said multiple vaccine approvals and the launch of vaccinations in some countries in December had boosted hopes of an eventual end to the pandemic that has now infected nearly 100 million people and claimed the lives of over 2.1 million globally.

But it warned that the world economy continued to face “exceptional uncertainty” and new waves of COVID-19 infections and variants posed risks, and global activity would remain well below pre-COVID projections made one year ago.

Close to 90 million people are likely to fall below the extreme poverty threshold during 2020-2021, with the pandemic wiping out progress made in reducing poverty over the past two decades. Large numbers of people remained unemployed and underemployed in many countries, including the United States.

In its latest World Economic Outlook, the IMF forecast a 2020 global contraction of 3.5%, an improvement of 0.9 percentage points from the 4.4% slump predicted in October, reflecting stronger-than-expected momentum in the second half of 2020.

It predicted global growth of 5.5% in 2021, an increase of 0.3 percentage points from the October forecast, citing expectations of a vaccine-powered uptick later in the year and added policy support in the United States, Japan and a few other large economies.

It said the U.S. economy – the largest in the world – was expected to grow by 5.1% in 2021, an upward revision of 2 percentage points attributed to carryover from strong momentum in the second half of 2020 and the benefit accruing from $900 billion in additional fiscal support approved in December.

The forecast would likely rise further if the U.S. Congress passes a $1.9 trillion relief package proposed by newly inaugurated President Joe Biden, economists say.

China’s economy is expected to expand by 8.1% in 2021 and 5.6% in 2022, compared with its October forecasts of 8.2% and 5.8%, respectively, while India’s economy is seen growing 11.5% in 2021, up 2.7 percentage points from the October forecast after a stronger-than-expected recovering in 2020.

The Fund said countries should continue to support their economies until activity normalized to limit persistent damage from the deep recession of the past year.

Low-income countries would need continued support through grants, low-interest loans and debt relief, and some countries may require debt restructuring, the IMF said.

(Reporting by Andrea Shalal; Editing by Shri Navaratnam)

Continue Reading

Top Stories

Leon Black step downs as Apollo CEO after review of Epstein ties

Published

on

Leon Black step downs as Apollo CEO after review of Epstein ties 2

By Mike Spector and Chibuike Oguh

NEW YORK (Reuters) – Leon Black said on Monday he would step down as chief executive at Apollo Global Management Inc, following an independent review of his ties to the late financier and convicted sex offender Jeffrey Epstein.

While Black, whose net worth is pegged by Forbes at $8.2 billion, will remain Apollo’s chairman, his decision to step down illustrates how doing business with Epstein weighed on the reputation of one of Wall Street’s most prominent investment firms. Black co-founded Apollo 31 years ago.

Apollo said it plans to change its corporate governance structure, doing away with shares with special voting rights that currently give Black and other co-founders effective control of the firm.

The independent review, conducted by law firm Dechert LLP, found Black was not involved in any way with Epstein’s criminal activities. Black paid Epstein $158 million for advice on tax and estate planning and related services between 2012 and 2017, according to the review.

Black, 69, said that although the review confirmed he did not engage in any wrongdoing, he “deeply” regretted his involvement with Epstein.

“I hope that the results of the review, and related enhancements … will reaffirm to you that Apollo is dedicated to the highest levels of transparency and governance,” Black wrote in a note to Apollo fund investors. He will step down as CEO no later than July 31.

Apollo co-founder Marc Rowan, 58, will take over as CEO.

Rowan has often kept a low-key profile compared with Apollo’s other co-founder, Joshua Harris, 56, and spearheaded many initiatives that turned Apollo into a credit investment giant, including the permanent capital base the firm enjoys through its ties to reinsurer Athene Holding Ltd.

The revelations of Black’s ties to Epstein took a toll on Apollo, which Black turned into one of the world’s largest private equity groups. Apollo executives had warned in October that some investors had paused their commitments to the buyout firm’s funds as they awaited the review’s findings.

Apollo shares are down 1% since the New York Times reported on Oct. 12 that Black paid at least $50 million to Epstein for advice and services, when most of his clients had deserted him.

Over the same period, shares of peers Blackstone Group Inc, KKR & Co Inc and Carlyle Group Inc are up 19%, 10% and 23%, respectively.

“We think a large number of (Apollo fund investors) took a ‘pause’, and we believe the outcome (of the review) and changes today will cause most of them to return to allocating to future Apollo funds,” Credit Suisse analysts wrote in a research note.

Apollo shares jumped 4% to $47.65 in after-hours trading on Monday.

“We continue to follow these events closely and will evaluate how Apollo addresses its issues,” the California State Teachers’ Retirement System, one of the largest U.S. public pension funds and an Apollo investor, said in a statement.

Epstein was found dead at age 66 in August 2019 in a Manhattan jail, while awaiting trial on sex trafficking charges for allegedly abusing dozens of underage girls in Manhattan and Florida from 2002 to 2005. New York City’s chief medical examiner ruled that the cause of death was suicide by hanging.

FALLING OUT

Black previously said he had paid millions of dollars to Epstein, but the exact size of his payments was revealed for the first time on Monday. Beyond the $158 million in payments, Black made two loans to Epstein totaling $30.5 million in early 2017.

Dechert said in its report that Black’s social ties with Epstein, who built his fortune by endearing himself to powerful figures in high society, went back to the mid-1990s.

Epstein won Black’s trust by resolving an estate tax issue for him in 2012 potentially worth at least $500 million, the report said. He ended up advising Black on various aspects of his personal financial affairs, from his family office and airplane to his yacht and artwork.

Black believed that Epstein provided advice over the years that conferred between $1 billion and $2 billion in value to him, according to the Dechert report. Black said in his note to investors that he had paid Epstein a fee equivalent to 5% of the value he generated on an after-tax basis, and not tied to hourly rates.

Black and Epstein’s relationship deteriorated after Epstein failed to repay $20 million of the loans and Black refused to pay tens of millions of dollars in fees that Epstein demanded, according to the Dechert report.

They severed ties in October 2018, according to the report. Black knew Epstein had been convicted in Florida a decade earlier for soliciting prostitution from a minor, the Dechert report said, but there was no evidence suggesting Black had knowledge of the other alleged crimes before they were publicly reported in late 2018, culminating in Epstein’s July 2019 arrest.

On Monday, Black pledged $200 million toward “initiatives that seek to achieve gender equality and protect and empower women,” as well as helping survivors of domestic violence, sexual assault and human trafficking.

Apollo said it would pursue a “one share, one vote” corporate governance structure that would do away with shares with special voting rights. It said the move could qualify it for listing on the S&P Global indices.

Apollo also said it would seek to give its board more authority to oversee its business, eroding the power of its executive committee led by Black.

The board will be expanded to include four new independent directors, including Avid Partners founder Pamela Joyner and physician and scientist Siddhartha Mukherjee, Apollo said. Apollo co-Presidents Scott Kleinman and James Zelter will join the board and take on increased responsibility running day-to-day operations.

Apollo had about $433 billion in assets under management as of the end of September.

(Reporting by Mike Spector and Chibuike Oguh; Additional reporting by Lawrence Delevigne and Jessica DiNapoli in New York; Editing by Sonya Hepinstall, Leslie Adler and Kim Coghill)

Continue Reading

Top Stories

EU sees no cliff-edge ending for COVID fiscal stimulus

Published

on

EU sees no cliff-edge ending for COVID fiscal stimulus 3

BRUSSELS (Reuters) – European governments will not need to abruptly end fiscal support for their economies after the pandemic, top officials said on Monday, noting that any withdrawal of stimulus would be carried out gradually and only once the economy has recovered.

Euro zone public debt rose sharply during 2020 and is likely to exceed 100% of GDP this year as governments borrow to help individuals and businesses survive lockdowns.

The higher debt raises concern about how to deal with it down the road and when to start cutting it again, since the EU last year suspended its rules limiting budget deficits and debt, known as the Stability and Growth Pact (SGP).

EU finance ministers are to discuss when to reintroduce any borrowing limits in the second quarter of this year.

“I believe it important that finance ministers debate and reach a common understanding on the appropriate fiscal stance by the summer. This can then serve as guidance for the preparation of their draft budgetary plans for 2022,” the chairman of the euro zone’s group of finance ministers, Paschal Donohoe, said on Monday.

“To avoid any misunderstanding, let me stress that this is not about an imminent withdrawal of fiscal stimulus,” he told the economic committee of the European Parliament.

“We all agree that our immediate priority is to shield our citizens, in particular younger cohorts and those most exposed to the crisis. There must be no cliff-edges,” he said.

Joao Leao, the finance minister of Portugal which holds the rotating presidency of the EU and therefore sets the agenda for EU finance ministers’ work until June, was equally cautious.

“We should not withdraw stimulus too early. We need to make sure the suspension clause for the SGP remains in force at least until we return to pre-crisis economic figures,” he told the committee. “We need to make sure jobs are maintained as well as the production capacity of companies.”

He said first cash from the EU’s 750 billion euro post-COVID economic recovery programme should reach the economy in the first half of the year.

“Real funding should be getting to the economy before the summer or in early part of the summer,” he said.

(Reporting by Jan Strupczewski; Editing by Giles Elgood)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

Global Plant-based Butter Market to exhibit CAGR exceeding 7.5% through 2030 4 Global Plant-based Butter Market to exhibit CAGR exceeding 7.5% through 2030 5
Research Reports9 hours ago

Global Plant-based Butter Market to exhibit CAGR exceeding 7.5% through 2030

FMI in its recent study of the Plant-Based Butter Market states that the market is set to surpass US$ 2.4 Bn within...

Shrink Sleeve Label Applicator Market is expected to grow at a CAGR of 4.4% from 2020-2030 6 Shrink Sleeve Label Applicator Market is expected to grow at a CAGR of 4.4% from 2020-2030 7
Research Reports9 hours ago

Shrink Sleeve Label Applicator Market is expected to grow at a CAGR of 4.4% from 2020-2030

FMI Shrink sleeve label market report projects this industry to reach a high valuation during the forecast period of 2021-2031, which will...

Power Generator for Military Market to progress at 3.4% CAGR between 2020 and 2030 – Future Market Insights 8 Power Generator for Military Market to progress at 3.4% CAGR between 2020 and 2030 – Future Market Insights 9
Research Reports9 hours ago

Power Generator for Military Market to progress at 3.4% CAGR between 2020 and 2030 – Future Market Insights

Future Market Insights (FMI) anticipates the global power generator for military market to surge at a moderate CAGR of 3.4% during the...

Impact of COVID-19 on Micro Perforated Films Market 10 Impact of COVID-19 on Micro Perforated Films Market 11
Research Reports10 hours ago

Impact of COVID-19 on Micro Perforated Films Market

The micro perforated films packaging market is expected to grow steadily with a CAGR of around 5% through the end of 2031....

FMI Presents Positive Outlook for Disposable Cutleries Market After Reporting Negative Growth Amid COVID-19 12 FMI Presents Positive Outlook for Disposable Cutleries Market After Reporting Negative Growth Amid COVID-19 13
Research Reports10 hours ago

FMI Presents Positive Outlook for Disposable Cutleries Market After Reporting Negative Growth Amid COVID-19

Higher degree of awareness which is strongly influenced by the pandemic combined with change in lifestyle pattern in consumers will fuel the...

Can a leader’s level of enthusiasm and optimism really impact the bottom line? 14 Can a leader’s level of enthusiasm and optimism really impact the bottom line? 15
Business10 hours ago

Can a leader’s level of enthusiasm and optimism really impact the bottom line?

By Mark E. Brouker, Captain, United States Navy, founder of Brouker Leadership Solutions Can a leader’s level of enthusiasm and...

JPMorgan to launch UK consumer bank within months 16 JPMorgan to launch UK consumer bank within months 17
Business13 hours ago

JPMorgan to launch UK consumer bank within months

LONDON (Reuters) – JPMorgan Chase & Co will launch a digital consumer bank in Britain under its Chase brand within...

European regulator clears Boeing 737 MAX airliner for return to service 18 European regulator clears Boeing 737 MAX airliner for return to service 19
Business14 hours ago

European regulator clears Boeing 737 MAX airliner for return to service

(Reuters) – Boeing Co’s modified 737 MAX airliner is safe to return to service in Europe, the European Union Aviation...

Wall Street expects near-record iPhone sales despite delay, shut Apple stores 20 Wall Street expects near-record iPhone sales despite delay, shut Apple stores 21
Business14 hours ago

Wall Street expects near-record iPhone sales despite delay, shut Apple stores

By Stephen Nellis (Reuters) – During the last three months of 2020, Apple Inc delivered its flagship iPhone 12 model...

ECB comments suppress euro, dollar perks up ahead of Fed 22 ECB comments suppress euro, dollar perks up ahead of Fed 23
Business14 hours ago

ECB comments suppress euro, dollar perks up ahead of Fed

By Ritvik Carvalho LONDON (Reuters) – The euro fell on Wednesday, under pressure after a European Central Bank official said...

Newsletters with Secrets & Analysis. Subscribe Now