News 

‘I’m not buying anything,’ says Tron CEO Amid Reports of Poloniex Acquisition

“Tron (TRX) founder and CEO Justin Sun has possibly refuted recent reports suggesting that he is leading an investment group behind the acquisition of cryptocurrency exchange Poloniex” writes Adrian Zmudzinski for cointelegraph.com. On Oct. 18, industry news outlet The Block has also reported that Sun is allegedly involved with the aforementioned Asian investment group, according to anonymous sources at Circle.Per the article, Sun is leading the investment consortium and made a personal appearance at Circle’s headquarters. Source: cointelegraph.com

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Markets News Stocks 

Why Pot Stock Giant Canopy Growth Will Continue to Struggle

“Until more retail outlets are operational and the black market influence is reduced, Canopy Growth will continue to struggle in regard to recreational pot” writes Gary Bourgeault for nasdaq.com. The growth prospects for Canopy Growth look anemic in the short term, and even further out it has significant headwinds it must overcome in order to return to sustainable growth.For now, the risk connected to Canopy Growth doesn’t offer enough reward to justify taking a position in the company.As for the weakness related directly to the Canadian recreational market, the low…

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News Oil 

No Choice But to Invest in Oil, Shell CEO Says

“Shell plans to greenlight more than 35 new oil and gas projects by 2025, according to an investor presentation from June” writes Min Read for reuters.com. Many oil and gas projects such as gas-processing plants, deepwater platforms or chemical plants take billions of dollars to develop and operate for decades.Shell, like many rivals, has become more selective in its investments as the outlook for oil prices and demand remains unclear. Source: reuters.com

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News Platforms 

The founder of SoftBank-backed hotel startup Oyo is buying back shares in his company in a $1.5 billion deal

“Just like WeWork, OYO is a REIT [real estate investment trust] with too much SoftBank capital,” he wrote last week” writes Shona Ghosh for businessinsider.com. Ritesh Agarwal, chief executive and cofounder of budget hotel platform Oyo, is to raise his stake in the SoftBank-backed firm in a $2 billion funding deal.It has also attracted growing scrutiny from critics and the press, partly thanks to its apparent similarity to another SoftBank backed property business, WeWork.Along with the buyback, Agarwal and Oyo’s backers will inject $1.5 billion of fresh capital into the…

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Futures News 

CoinFlex to Offer ‘Prediction Futures’ on Whether Libra Launches in 2020

“As Cointelegraph reported on Aug. 26, Hong Kong-based cryptocurrency futures exchange CoinFlex has received $10 million through a funding round” writes Marie Huillet for cointelegraph.com. A crypto derivatives exchange is launching physically-delivered futures contracts that will be settled based on whether Facebook’s Libra does or does not launch in 2020.CoinFlex’s IFO will set the price of a futures contract at 30 cents — reflecting a roughly 30% likelihood that Libra will launch by December 2020.According to Bloomberg’s report on Oct. 7, the new offering is slated for launch by the…

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News 

HSBC is reportedly planning to axe 10,000 jobs amid a brutal year for global bank workers

“HSBC is joining the list of banks this year cutting thousands of jobs as it has plans to axe 10,000 people from the bank, according to the Financial Times” writes Yusuf Khan for businessinsider.com. So far this year, Deutsche Bank, Barclays, and Citigroup are among banks that have reportedly shed a total of over 60,000 roles.Flint was let go in part because he shied away from cutting jobs, as the bank faced mounting Brexit and trade war woes, the FT wrote.The bank faces “an increasingly complex and challenging global environment” amid…

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News 

SoftBank CEO Masayoshi Son says ’embarrassed and flustered’ by track record: Nikkei Business

“SoftBank founder Son is spending most of his time on the group’s investing activities – centered on the $100 billion Vision Fund – leaving day-to-day running of core businesses such as telecoms operator SoftBank Corp to key lieutenants” writes Midwest Communications Inc for 95kqds.com. With portfolio company WeWork pulling its IPO and valuations at other key investments falling, SoftBank is struggling to attract investment to a second mammoth fund, Reuters reported last week. Source: 95kqds.com

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News 

Apple supplier Japan Display aims to seal $468 million bailout deal by end-October – CEO

“TOKYO (Reuters) – Apple Inc supplier Japan Display Inc aims to seal a revised bailout deal by the end of this month for at least 50 billion yen ($468 million) in vital funding, its new chief executive said on Monday” writes Midwest Communications Inc for 95kqds.com. “We are close to (raising) 50 billion and I believe we can cement the deal this month,” Kikuoka, who took the helm of the cash-strapped display maker in September, said. Source: 95kqds.com

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