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Reuters

Trump pushes military response as U.S. girds for more protests

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NEW YORK/MINNEAPOLIS (Reuters) – President Donald Trump on Tuesday said U.S. troops should take to the streets of New York City to quell unrest, as authorities across the country prepared for another night of protests over the death of an unarmed black man in police custody.

Dozens of cities are under curfews. The head of the U.S. National Guard said on Tuesday that 18,000 Guard members were assisting local law enforcement in 29 states.

Lawmakers and law enforcement officials seemed taken aback by the extent of mayhem overnight in some major U.S. cities where police were shot at and pelted with rocks and projectiles as they faced hostile crowds.

Demonstrators smashed windows and looted stores in New York, including luxury retailers on Fifth Avenue, and set fire to a Los Angeles strip mall. Four officers were shot in St. Louis and one in Las Vegas who was critically wounded, authorities said.

Trump has threatened to use the military to battle violence that has erupted nightly, often after a day of peaceful protests. He has derided local authorities, including state governors, for their response to the disturbances.

“NYC, CALL UP THE NATIONAL GUARD. The lowlifes and losers are ripping you apart. Act fast!” Trump tweeted on Tuesday. He deploying thousands of armed soldiers and law enforcement in the U.S. capital and vowed to do the same wherever authorities fail to regain control.

New York Governor Andrew Cuomo voiced outrage at the chaos in America’s largest city, saying its mayor and police force “did not do their job last night.” He said he believed Mayor Bill de Blasio underestimated the scope of the problem.

The governor said he had offered the state’s mayors support from state police or 13,000 National Guard who are on standby and said that with a 38,000-strong police force, New York City should be able to address its unrest on its own.

He added that Trump sought to blur the line between protesters representing a cross-section of Americans with a legitimate cause and looters. Authorities blame the looting and vandalism on a relatively small number of people protesting against police brutality.

De Blasio poured cold water on the idea of deploying the National Guard in his city.

Demonstrators have taken to the streets over the death of George Floyd, a 46-year-old African American who died after a white policeman pinned his neck under a knee for nearly nine minutes in Minneapolis on May 25.

Derek Chauvin, the 44-year-old Minneapolis police officer who planted his knee on Floyd’s neck, has been charged with third-degree murder and second-degree manslaughter. Three other officers involved have not been charged.

MARTIN LUTHER KING REMEMBERED

Floyd’s death has reignited the explosive issue of police brutality against African Americans and led to a painful reexamination of race relations five months before a divided America votes in a presidential election.

Protesters rally against the death in Minneapolis police custody of George Floyd, at Foley Square in the Manhattan borough of New York City, U.S., June 2, 2020. REUTERS/Mike Segar

Some of those who have gathered at the site of Floyd’s killing have invoked the non-violent message of the late U.S. civil rights leader Martin Luther King Jr., assassinated in 1968, as the only way forward.

“He would be truly appalled by the violence because he gave his life for this stuff,” said Al Clark, 62, a black man who drove to the Minneapolis memorial with one of King’s speeches blaring from his truck.

“But I can understand the frustration and anger.”

In Atlanta, six officers will face charges for an incident in which two college students were removed from their car and tased, Fulton County District Attorney Paul Howard told a briefing. Two of the six officers were terminated on Sunday.

A police officer in Sarasota, Florida, was placed on leave on Tuesday after video surfaced showing the officer kneeling on a man’s back and neck during an arrest in May.

Officers were injured in clashes elsewhere, including one who was in critical condition after being hit by a car in the Bronx, police said.

The protests have escalated racial tensions in a country hit hard by the coronavirus pandemic, with African Americans making up a disproportionately high number of cases and being hard hit by job losses from lockdowns to stop the spread of the virus.

Critics accuse Trump, who is seeking re-election in a Nov. 3 election, of further stoking conflict and racial tension rather than seeking to bring the country together and address the underlying issues.

Slideshow (34 Images)

“President Trump is right to be focused on law and order. He wasn’t hired to be the consoler-in-chief,” said Jason Miller, who advised the Republican Trump’s 2016 presidential campaign.

Democratic presidential candidate Joe Biden pledged in a speech on Tuesday to try to heal the racial divide in America and blasted Trump’s response to the protests.

Reporting by Barbara Goldberg, Lisa Lambert, Maria Caspani, Peter Szekely, Zachary Fagenson, Brendan O’Brien, Nathan Layne, Susan Heavey and Brad Brooks; Writing by Paul Simao; Editing by Howard Goller

Source: http://feeds.reuters.com/~r/reuters/topNews/~3/SiBbkc9OyoU/trump-pushes-military-response-as-u-s-girds-for-more-protests-idUSKBN23916N

Blockchain

India to have a ‘window’ for Bitcoin, says minister amid crypto ban FUD

The Ministry of Finance of India continues to form a careful position on private cryptocurrencies.

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The minister of finance of India, Nirmala Sitharaman, has given a ray of hope for the Indian cryptocurrency community as more fear, uncertainty and doubt circulate regarding a supposedly impending ban on digital assets. 

In a Saturday interview with India Today, Sitharaman emphasized that the ministry does not plan to shut off Indian innovations associated with Bitcoin (BTC) and its underlying blockchain technology.

“From our side, we are very clear that we are not shutting all options off. We will allow certain windows for people use, so that experiments on the blockchain, Bitcoins or cryptocurrency […] and fintech, which depend on such experiments, will have that window available for them. We are not going to shut it off,” she said.

Sitharaman said that the ministry is finalizing a cabinet note on crypto as India continues formulating its official stance on the asset class. “It is nearing completion, and then it will be taken to the cabinet. The Supreme Court had commented on cryptocurrency. We are very clear that the Reserve Bank of India will take a call on an official cryptocurrency,” she said.

After India’s supreme court lifted a crypto banking ban one year ago, reports of a new ban started circulating in early 2021. In February, another anonymous Indian official claimed that the government was about to introduce a complete ban on crypto, giving investors up to six months to liquidate their holdings.

On Sunday, Reuters published a report citing an anonymous senior government official who claimed that India is preparing to enforce a blanket ban on crypto and impose major penalties on rule-breakers. As part of an alleged bill, India is planning to criminalize “possession, issuance, mining, trading and transferring crypto-assets,” the source claimed.

Despite reports of a ban from anonymous sources continuing to surface, Sitharaman said in early March that the ministry wants to form a “calibrated” stance on digital assets. 

Nischal Shetty, founder of local crypto exchange WazirX, seemed optimistic about Sitharaman’s comments in a tweet, stating that it is time for the Indian crypto community to build. 

The RBI and the Ministry of Finance did not immediately respond to Cointelegraph’s request for comment.

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Source: https://cointelegraph.com/news/india-to-have-a-window-for-bitcoin-says-minister-amid-crypto-ban-fud

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Reuters

Fintech banker McLaughlin hunts bigger deal after upsized SPAC IPO

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NEW YORK (Reuters) – The blank check firm co-founded by one of the most prominent U.S. financial technology investment bankers will broaden its search for merger partners to companies worth up to $10 billion after pricing a larger initial public offering (IPO).

Steve McLaughlin started FT Partners in 2001 and since then, the fintech-focused investment bank has worked on mergers and acquisitions and public and private fundraising for the likes of BlackRock Inc, StoneCo Ltd and GreenSky Inc.

An alumnus of Goldman Sachs, McLaughlin and FT Partners have also been involved in advising a half-dozen firms in mergers with so-called special purpose acquisition companies (SPACs), most recently mobile bank MoneyLion’s $2.9 billion combination with Fusion Acquisition Corp.

Alongside Gene Yoon, founder of technology-focused investment firm Bregal Sagemount, McLaughlin is now sponsoring his own SPAC. Independence Holdings Corp. priced a $435 million IPO on Monday, having increased the number of units sold due to investor demand.

SPACs are shell companies that raise funds from investors to take a private company public.

Pulling in extra cash and fully exercising the greenshoe, a share allotment potentially sold in the days after an IPO prices, McLaughlin told Reuters on Tuesday, will allow Independence to target larger fintech companies, beyond the $5 billion maximum size previously considered.

He added a deal involving a company that processes payments between businesses, or one providing financial management services, would be likely for Independence.

“We provide an incredibly attractive option for a company as we’ve successfully taken many companies through this complex process, so we can give comfort to founders and investors along the way,” McLaughlin said.

Despite heightened investor interest in cryptocurrencies, McLaughlin said Independence wouldn’t be investing in a firm in that industry because most businesses are still too early in their development.

He added it was highly unlikely that Independence would end up merging with a client of his investment bank.

Source: Reuters – Fintech banker McLaughlin hunts bigger deal after upsized SPAC IPO

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Reuters

Former Disney executives Mayer and Staggs plan new SPAC – source

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(Reuters) – Former Walt Disney Co executives Kevin Mayer and Thomas Staggs plan to raise $300 million in an initial public offering for a new special purpose acquisition company (SPAC), a person familiar with the matter said on Thursday.

The duo’s first SPAC, Forest Road Acquisition Corp, agreed a three-way merger last week with fitness companies Beachbody LLC and Myx Fitness LLC that was valued at around $2.9 billion.

Former basketball star Shaquille O’Neal, who is also on the board of directors at pizza chain Papa John’s International Inc, and Martin Luther King III, the oldest son of civil rights leader Martin Luther King Jr, are working for Forest Road II as a strategic advisor and a director, respectively, the source said.

Mayer and Staggs will serve as co-chief executives and co-chairmen of the new SPAC, the source said. They had worked with the first Forest Road SPAC as a strategic advisor and director, respectively.

The source requested anonymity ahead of a regulatory disclosure on the SPAC IPO.

Mayer was Disney’s top streaming executive before he left the media giant last year to become the chief executive of popular video app TikTok. He departed the company three months after joining. Staggs worked at Disney for 26 years and held various roles including chief operating officer.

SPACs are shell companies that raise funds to take a private company public. They have gained immense popularity since last year, as they allow companies to go public by eschewing traditional IPOs.

A string of high-profile SPACs have been raised in the last 12 months, including by financial investors William Ackman and Barry Sternlicht, former U.S. House Speaker Paul Ryan and ex-NFL quarterback Colin Kaepernick.

Source: Reuters – Former Disney executives Mayer and Staggs plan new SPAC-source

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Reuters

Global firms raise $546 billion in January as SPAC frenzy continues

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(Reuters) – Companies raised $546 billion from new bond and share issues in January, as a flood of central bank money-printing and recovering stock markets brought record numbers of new listings, SPAC deals and share sales, Refinitiv data showed on Wednesday.

The numbers included $106.15 billion in initial public offerings (IPOs), SPACs and secondary offerings, with the amount of money raised by SPACs alone soaring 20 times to $24.26 billion from a year earlier, the data showed.

Companies also raised nearly $439.9 billion in corporate debt in January, a 5% fall since the same period last year, but still the second largest January in 25 years.

A SPAC, a shell company that raises money in an IPO before later merging with a privately held company to take the latter public, has become many investors structure of choice over the past year.

January’s haul was already 30% of a total $79 billion raised by SPACs in the whole of 2020.

Traditional IPO volumes in the United States, however, remained higher than SPACs in January, hitting a 25-year high of $33.9 billion.

Some 47% new bond and share issues were U.S. offerings in January this year, with China second with $23.96 billion.

Nasdaq was the clear winner among exchanges, with 167 issues raising $41.12 billion, followed by the New York Stock Exchange and the Hong Kong Exchange a close third, with both raking in a little more than $18 billion respectively.

That was in stark contrast to European financial hubs London and Frankfurt, which raised $4.29 billion and $1.72 billion respectively.

Chinese online video company Kuaishou Technology is the biggest IPO globally so far this year, raising $5.42 billion in Hong Kong, followed by Polish parcel locker business InPost SA which raised $3.40 billion in Amsterdam.

Source: Reuters – Global firms raise $546 billion in January as SPAC frenzy continues

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