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On August 28th, according to foreign media reports, sources familiar with the matter revealed that SoftBank Group is seeking a $10 billion loan to obtain more funds to refinance the debt it incurred for its investment in US tech giant OpenAI. The two-year loan will have an interest rate spread approximately 275 basis points higher than the benchmark Secured Overnight Financing Rate (SOFR), with Mizuho Bank acting as the designated lead arranger and bookrunner. This loan will be one of a series of recent debt financing activities related to SoftBanks bet on OpenAI. Sources indicated that part of the loan funds may be used to repay a $40 billion bridge loan SoftBank obtained earlier this year for its OpenAI investment. The deadline for loan commitments is August 31st, and several banks have already begun discussions to participate in the loan. SoftBank is also considering raising more funds through the bond market, considering issuing $10 billion to $20 billion in bonds to help refinance the bridge loan, while also planning a record 1 trillion yen retail bond issuance in the Japanese domestic market.Sources say SoftBank is seeking a $10 billion loan to refinance debt for its investment in OpenAI.On August 28th, Moodys analysts stated that large-scale investments in artificial intelligence could weaken the credit metrics of US hyperscale cloud service providers, but strong capital buffers can mitigate the pressure. With capital expenditures growing faster than operating cash flow, the free cash flow of US hyperscale cloud service providers is expected to decline in 2026-2027. Leverage pressures are expected to intensify further as companies like Meta, Alphabet, and Oracle increase bond issuance. However, hyperscale cloud service providers possess large cash reserves, and coupled with revenue and EBITDA growth, they can withstand 12 to 24 months of high capital expenditures without significantly impairing credit quality.French Finance Minister: The first batch of economic data released after the summer heatwave was "poor".On August 28th, as the trade dispute between the United States and Canada escalated, US President Trump signed an executive order on the 27th renaming Lake Ontario, located on the US-Canada border, as "Lake of the United States," stating that the order was "effective immediately." Many Canadians expressed dissatisfaction with the US governments renaming of Lake Ontario to "Lake of the United States," believing that the US action would only exacerbate tensions between the two countries.

UK Government: Cryptoassets Could Be Seized to Stop Crime

Cameron Murphy

Apr 28, 2022 09:42


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The British government suggested on Thursday that crypto assets might be confiscated to help battle economic crime, but the plan fell short of the drastic change demanded by legislators, who want an unified crime-fighting agency.


Scams involving banking and the internet have increased dramatically in the United Kingdom, especially after the COVID-19 outbreak.


In response to a parliamentary investigation into economic crime, the administration said that it would introduce laws to allow cryptoassets to be confiscated and recovered more rapidly as soon as legislative time permits.


"In particular, (we propose) the development of a civil forfeiture authority to limit the danger presented by people who cannot be punished but use their wealth to continue crime," the government told the Treasury Select Committee in parliament.


The panel proposed creating a single organization to combat economic crime to replace a "bewildering" multitude of institutions, but the administration insisted that its multi-agency system was the best.


"It allows us to discriminate between various sorts of criminality," the government stated, adding that public-sector fraud required a different reaction than schemes perpetrated by individuals or corporations.


In a statement, TSC Chair Mel Stride stated, "This might be a big squandered opportunity."


The government has already endorsed a suggestion that requires internet platforms like as Google and Facebook to take aggressive steps to combat fraudulent financial product advertising, but the law will take time to adopt and execute.


"Now is the time for online platforms to step up and take down these fake ads," Stride added.


Google has already pledged to only accept financial advertisements from organizations that are authorized by the Financial Conduct Authority, and Facebook owner Meta is expected to follow suit later this year.


The investigation advised that internet platforms be required to assist clients who have been scammed, a measure that the government is considering.


"We're working together with technology firms, law enforcement, and civil society partners to investigate all options for assisting victims of online fraud and mitigating the damage they've suffered," the government stated.

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