{"id":558811,"date":"2021-08-26T04:35:01","date_gmt":"2021-08-26T04:35:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/spacs-get-their-day-in-court\/"},"modified":"2021-08-26T04:35:01","modified_gmt":"2021-08-26T04:35:01","slug":"spacs-get-their-day-in-court","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/spacs-get-their-day-in-court\/","title":{"rendered":"SPACs get their day in court"},"content":{"rendered":"

<\/a> SPACs are under legal attack<\/strong>: SPACs are facing several class-action lawsuits in federal courts, the Wall Street Journal<\/a> reports. There have been 19 lawsuits filed against SPACs so far this year, compared to five filed in all of 2020, according to an ins. brokerage. These include suits questioning legality of some high-profile SPACs including bn\u2019aire Bill Ackman\u2019s USD 4 bn Pershing Square Tontine Holdings, Go Acquisition Corp and E.Merge Technology Acquisition Corp. Other cases were brought against SPACs with shares suffering heavy losses, such as electric truck maker Nikola Corp.<\/p>\n

Want to know more about SPACs?<\/strong> Check out our explainer<\/a> on the topic.<\/p>\n

Samsung is about to do some serious spending:<\/strong> The South Korean conglomerate will invest USD 205 bn in its semiconductor, biopharma and telecoms units over the next three years, media outlets<\/a> quoted a Samsung statement saying. The investment will be led by Samsung Electronics and Samsung Biologics and is expected to create 40k new jobs by 2023.<\/p>\n

The company is also going to be doing some serious explaining after a passenger\u2019s <\/strong>Galaxy A21 burst into flames <\/strong>as a cross-country US flight ended. The device was apparently burned beyond recognition. Daring Fireball<\/a> has more.<\/p>\n

Distressed debt funds are seeing their strongest run in over a decade<\/strong> on the back of wide ranging economic stimulus that has buoyed markets and accelerated the recovery, the Financial Times<\/a> reports. The funds \u2014 which typically buy the stock of companies that are about to go bust or take on their debt at a steep discount with the aim of riding and profiting off a recovery \u2014 had made returns of 11.45% for the year at the end of July, their tenth consecutive month of gains.<\/p>\n

The UK\u2019s financial regulator says it can\u2019t keep a watchful eye on Binance\u2019s <\/strong>operations<\/strong> in the UK despite the \u201csignificant risk\u201d inherent in the crypto exchange\u2019s products, the Financial Times<\/a> reports, citing an 11-page memo (pdf)<\/a> by the Financial Conduct Authority (FCA). Binance has allegedly not responded to the FCA\u2019s queries in order to enable it to oversee the HQ-less group. The crypto exchange had faced a barrage of scrutiny this summer as regulators in the UK<\/a>, Canada<\/a>, Cayman Islands<\/a> and Thailand<\/a> all took action or undertook investigations into the crypto exchange\u2019s products, which allow consumers to take supercharged bets. Binance said it remains in conversation with the FCA about its regulatory standing.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11064.43<\/p>\n<\/td>\n

\n

+1.04% (YTD: +2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,156.63<\/p>\n<\/td>\n

\n

+0.1% (YTD: +28.39%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

7,665.15<\/p>\n<\/td>\n

\n

-0.21% (YTD: +51.93%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,902.65<\/p>\n<\/td>\n

\n

-0.05% (YTD: +16.48%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,497.81<\/p>\n<\/td>\n

\n

+0.3% (YTD: +19.75%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,150.12<\/p>\n<\/td>\n

\n

+0.34% (YTD: +10.67%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 72.34<\/p>\n<\/td>\n

\n

+1.82%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.91<\/p>\n<\/td>\n

\n

+0.46%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,793.40<\/p>\n<\/td>\n

\n

-0.83%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 48,914.54<\/p>\n<\/td>\n

\n

+1.62% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 1.04% at yesterday\u2019s close<\/strong> on turnover of EGP 2.3 bn (38.2% above the 90-day average). Regional investors were net buyers. The index is up 2% YTD.<\/p>\n

In the green: <\/strong>Pioneers Holding (+8%), AMOC (+8%) and Egyptian for Tourism Resorts (+6.7%).<\/p>\n

In the red: <\/strong>Egypt Kuwait Holding (-1.1%), Cleopatra Hospitals (-0.7%), and Raya Holding (-0.4%).<\/p>\n

It\u2019s looking kind of grim out there this morning, boys and girls: <\/strong>It\u2019s red as far as the eye can see in Asia (though not Apocalyptically so). Shares in Wall Street and much of Europe also look set to come under pressure at the opening bell later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

SPACs are under legal attack: SPACs are facing several class-action lawsuits in federal courts, the Wall Street Journal reports. There have been 19 lawsuits filed against SPACs so far this year, compared to five filed in all of 2020, according to an ins. brokerage. These include suits questioning legality of some high-profile SPACs including bn\u2019aire […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1373,214,3580,344,72,119,122,577,645,414,439],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558811","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-binance","tag-cit","tag-crypto-exchange","tag-cryptocurrency","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-samsung","tag-semiconductors","tag-south-korea","tag-spacs","wpautop","entry"],"acf":{"mongo_id":"f0c04ec4-ff8d-482e-a6c9-626305abd403","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[558793],"teaser":"","voice_url":""},"yoast_head":"\nSPACs get their day in court - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/spacs-get-their-day-in-court\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SPACs get their day in court\" \/>\n<meta property=\"og:description\" content=\"SPACs are under legal attack: SPACs are facing several class-action lawsuits in federal courts, the Wall Street Journal reports. 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Over\u2026","rel":"","context":"In "GREEN FINANCE"","block_context":{"text":"GREEN FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/category\/green-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/549.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562361,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/junk-spacs-are-becoming-an-issue-of-concern\/","url_meta":{"origin":558811,"position":4},"title":"Junk SPACs are becoming an issue of concern","author":"enterpriseam admin","date":"20 May 2021","format":false,"excerpt":"Silicon Valley veteran is worried about the proliferation of \u201cjunk\u201d SPACs: The meteoric growth in the number of blank check companies going public over the past year has drawn concern that acquired companies and SPAC investors will be harmed as the period of manic speculation comes to an end. The\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565806,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/reeling-in-spacs\/","url_meta":{"origin":558811,"position":5},"title":"Reeling in SPACs","author":"enterpriseam admin","date":"5 May 2021","format":false,"excerpt":"US regulators could soon begin sinking their teeth into SPACs after Gary Gensler was appointed by the Biden administration to head the Securities and Exchange Commission, the Financial Times reports. Special purpose acquisition companies (SPACs), which have over the past year generated a USD 142 bn pool of capital and\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/312.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=558811"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558811\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558793"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558811"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558811"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}