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Reuters

U.S. crowds defy curfew to protest Floyd’s death, but violence subsides

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WASHINGTON/MINNEAPOLIS (Reuters) – U.S. protesters ignored curfews overnight as they vented their anger over the death of an unarmed black man at the hands of police, but there was a marked drop in the violence that led President Donald Trump to threaten to deploy the military.

George Floyd died after a white policeman pinned his neck under the officer’s knee for nearly nine minutes in Minneapolis on May 25, reigniting the explosive issue of police brutality against African Americans five months before the November presidential election.

Tens of thousands of people took to the streets of cities coast to coast for an eighth night as National Guard troops lined the steps of the Lincoln Memorial in Washington.

There was sporadic violence in Washington and Portland, Oregon, with protesters tossing fireworks and bottles answered by police flash grenades and tear gas.

Clashes between protesters and police and looting of some stores in New York City gave way to relative quiet in the early hours of Wednesday. Police told media they made 200 arrests, largely for curfew violations.

In Los Angeles, many demonstrators who defied the curfew were arrested, but calm had been restored by mid-evening to the extent that television stations switched from wall-to-wall coverage back to regular programming.

Large marches and rallies also took place in Philadelphia, Atlanta, Denver and Seattle.

The officer who knelt on Floyd, Derek Chauvin, 44, has been charged with third-degree murder and second-degree manslaughter. Three other officers involved in the incident were fired but have not been charged.

‘SILENCE IS VIOLENCE’

Although rallies on behalf of Floyd and other victims of police brutality in recent days have been largely peaceful, many have turned to vandalism, arson and looting after dark. On Monday night, five police officers were hit by gunfire in two cities.

Outside the U.S. Capitol building on Tuesday afternoon a throng took to one knee, chanting “silence is violence” and “no justice, no peace,” as officers faced them just before the government-imposed curfew.

Many of the protesters used the slogan “take a knee”, referring both to how Floyd died and a long-standing protest against racism in America that started in 2016 with a football player taking a knee instead of standing during the National Anthem.

The crowd remained after dark, despite the curfew and vows by Trump to crack down on what he has called lawlessness by “hoodlums” and “thugs,” using National Guard troops or even the U.S. military if necessary.

The Republican president, who is seeking re-election in November, continued his hard-line rhetoric, urging police to “get tough” in a series of tweets on Wednesday, a day after his likely challenger former Democratic Vice President Joe Biden vowed to heal the nation’s racial divide.

A protester holds up a gloved hand as Seattle Police guard the department’s East Precinct location against protesters using umbrellas as a shield as they rally against police brutality and the death in Minneapolis police custody of George Floyd, in Seattle, Washington, U.S. June 2, 2020. REUTERS/Lindsey Wasson

In Atlanta, four police officers and two former officers were charged with using excessive force while arresting two students. Minneapolis launched an investigation into possible discriminatory practices in the police department over the last 10 years.

In New York, thousands of chanting protesters ignored the curfew to march from the Barclays Center in Flatbush toward the Brooklyn Bridge as police helicopters whirred overheard.

The crowd halted at an entrance to the Manhattan Bridge roadway, chanted at riot police: “Walk with us! Walk with us.”

New York state police arrested a 30-year-old woman Tuesday after she drove a car striking three police officers at a demonstration in Buffalo on Monday.

On Hollywood Boulevard in Los Angeles, hundreds of people filled the street, marching past famous landmarks of the film industry. Others gathered outside Los Angeles Police Department headquarters downtown, in some cases hugging and shaking hands with a line of officers outside.

Los Angeles was the scene of violent riots in 1992, following the acquittal of four policemen charged in the beating of black motorist Rodney King, that saw more than 60 people killed and an estimated $1 billion in damage.

The past week’s demonstrations have reverberated outside America, and a growing chorus of companies, celebrities and athletes have also denounced Floyd’s death and urged change.

In Rome, Pope Francis called for national reconciliation in the United States, saying that while racism is intolerable, the street violence that has broken out is “self-destructive and self-defeating”.

Slideshow (11 Images)

A Reuters/Ipsos poll released on Tuesday found a majority of Americans sympathize with the protesters.

The survey conducted on Monday and Tuesday found 64% of American adults were “sympathetic to people who are out protesting right now,” while 27% said they were not and 9% were unsure.

In Minneapolis, Roxie Washington, mother of Floyd’s six-year-old daughter, Gianna, told a news conference he was a good man.

“I want everybody to know that this is what those officers took from me …,” she said, sobbing. “Gianna does not have a father. He will never see her grow up, graduate.”

Reporting by Reporting by Daphne Psaledakis, Anne Saphir, Brendan O’Brien, Nathan Layne, Brad Brooks, Diane Craft, Jonathan Allen, Sharon Bernstein, Dan Whitcomb, Aakriti Bhalla, Rich McKay and Philip Pullella; Editing by Nick Macfie and Paul Simao

Source: http://feeds.reuters.com/~r/reuters/topNews/~3/BTdMH2SOPzU/u-s-crowds-defy-curfew-to-protest-floyds-death-but-violence-subsides-idUSKBN23A1FY

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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