Tencent says reports of its interest in Nexon, Kakao's mobility unit are untrue
The Korea Economic Daily reported on Wednesday that Tencent was interested in buying a 40% stake in Kakao's mobility unit from financial investors.
Bloomberg reported last week that Tencent was studying a deal for $15 billion South Korean game developer Nexon.
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Reuters
an hour ago
- Reuters
Nippon Steel to raise $5.6 billion in subordinated loans to fund U.S. Steel deal
TOKYO, July 3 (Reuters) - Japan's Nippon Steel (5401.T), opens new tab said on Wednesday it would raise 800 billion yen ($5.6 billion) through two subordinated loans to partially fund its recent $14.9 billion acquisition of U.S. Steel and refinance previous loans. Japan's biggest steelmaker will use a 500 billion yen subordinated loan to partially repay a 2 trillion yen bridge loan secured in June for the deal. A separate 300 billion yen loan will refinance a previous 450 billion yen subordinated loan. The 500 billion yen loan will be covered by Japan's three megabanks - Mitsubishi UFJ Financial Group (8306.T), opens new tab, Sumitomo Mitsui Financial Group (8316.T), opens new tab and Mizuho Financial Group (8411.T), opens new tab - as well as by Sumitomo Mitsui Trust Group (8309.T), opens new tab and Development Bank of Japan by September 18, a Nippon Steel spokesperson said. The 300 billion yen portion will come from four banks - the three megabanks and Sumitomo Mitsui Trust - on July 22. The remaining 1.5 trillion yen of the bridge loan will be financed through a combination of methods, based on an assessment of interest rates, market conditions and other factors, the spokesperson said. "While additional capital-based financing is among the options under consideration, any such move would be based on the principle of avoiding earnings-per-share (EPS) dilution," the spokesperson said. Following the acquisition, Nippon Steel's debt-to-equity ratio rose to about 0.8 from 0.35 as of March 31 due to the bridge loans and a loss on the sale of its stake in a U.S. joint venture with ArcelorMittal ( opens new tab. Nippon Steel decided to sell its joint venture stake to help get approval for the U.S. Steel acquisition. The company aims to bring the ratio down to the 0.7 range by the end of March 2026 through measures such as cash flow from earnings and asset sales. ($1 = 143.9000 yen)
Reuters
an hour ago
- Reuters
BlackRock mulls selling stake in Saudi Aramco gas pipelines, Bloomberg News reports
July 3 (Reuters) - Asset manager BlackRock Inc (BLK.N), opens new tab is in talks with Saudi Aramco ( opens new tab to divest its stake in the leasing rights of a natural gas pipeline network back to the state oil major, Bloomberg News reported on Thursday, citing people familiar with the matter. The stake, which BlackRock acquired in 2021, is likely to be worth billions of dollars, according to the report. Reuters could not immediately confirm the report.
Finextra
an hour ago
- Finextra
HitPay deploys Flagright security and compliance tech
Flagright has partnered with HitPay to improve payment security and compliance in Southeast Asia. 0 The Flagright HitPay partnership helps SMEs meet evolving regulatory needs. HitPay, a pioneering all-in-one payment platform for SMEs, is integrating Flagright's advanced security technologies to ensure its innovative payment solutions remain secure and compliant as they expand their services across Southeast Asia and beyond. HitPay, trusted by over 15,000 businesses, unifies online, point-of-sale, and B2B payments into a single, integrated payment processing system. HitPay earned a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing them to broaden their services to include merchant acquisition and money transfers. This significant milestone underscores HitPay's commitment to providing secure and efficient payment solutions for SMEs. Aditya Haripurkar, Co-Founder and CEO of HitPay, expressed his enthusiasm about the collaboration: 'Partnering with Flagright is a crucial step in reinforcing our commitment to security and compliance. Flagright's cutting-edge transaction monitoring and AML compliance solution will enhance our ability to protect our customers' transactions and ensure compliance with stringent regulatory standards. As a fellow Y Combinator company, we share a common vision of leveraging technology to drive innovation and security in the financial sector. This collaboration ensures that HitPay continues to set the benchmark for secure and efficient payment processing.' Baran Ozkan, co-founder and CEO of Flagright, commented: 'We are thrilled to support HitPay, a leader in the payment processing industry and a fellow Y Combinator company. Our collaboration reflects our shared commitment to enhancing security and compliance in financial services. We look forward to supporting HitPay's mission to provide secure and seamless payment solutions for SMEs across Southeast Asia and the globe.' The Flagright HitPay partnership reflects a shared mission to strengthen trust in Southeast Asia's growing digital payment ecosystem.
