Connect with us

Market

Samsung Related Stocks Dips on Monday, Chairman Jay Y. Lee Sent to Prison for 30 Months

Published

on


Notably, this is not the first time that Lee has been imprisoned by the South Korean justice system.

Stocks related to Samsung Group dipped on Monday after Seoul High Court sentenced Samsung Electronics Co Ltd (KRX: 005930) vice-chairman Jay Y. Lee for 30 months.

According to media outlet CNBC, shares of industry heavyweight Samsung Electronics fell 3.41%. after dipping more than 4% earlier in the session. Also, Samsung C&T’s stock dipped approximately 6.84%. Meanwhile, Samsung Life Insurance, Samsung SDI, and Samsung Heavy Industries dropped approximately 4.96%, 4.21%, and 2.74% respectively.

Notably, this is not the first time that Lee has been imprisoned by the South Korean justice system. He was previously convicted of bribery back in 2017 and imprisoned for five years. However, he was released a year later after his lawyers appealed.

Lee’s prior bribery case was connected with the downfall of former South Korean president Park Guen-Hye. Samsung Group is one of the most successful private companies that has diversified into different emerging markets.

Samsung and South Korea Relationship that Also May Influence the Stocks

The company anticipated Lee to be appointed as the new chairman after his father’s death. However, with his two and a half years imprisonment, uncertainties have aroused on who will take up the mantle.

TechCrunch previously reported that Lee was also convicted of stock manipulation and accounting fraud. His imprisonment is however lenient in comparison to Park’s 25-year term.

Samsung has been previously ranked among the top smartphone makers in terms of global shipments. The company has released cutting-edge devices back to back during the height of the coronavirus last year. Among them include 5G network-enabled mobile devices, and also a foldable screen smartphone. Most of these have enabled the company to remain relevant in the global smartphone industry despite the increasing competition from other companies including Huawei, and Apple Inc.

Lee’s legal team have blamed the former president for abuse of power and claimed the company’s right if freedom was denied. “In this case, a company’s freedom and right to wealth were violated due to the abuse of power by the former president,” Lee’s lead attorney said in a statement given by Samsung Electronics.

Samsung has continually been focused on by the South Korean government, particularly due to its huge market presence. The company has been accused of antitrust violations, whereby it was said to have knocked out smaller businesses in the country.

Samsung was noted to contribute over a fifth of South Korea’s total exports. Mind you, Samsung’s total revenue has been equated to approximately 17% of South Korea’s $1000 billion GDP. As a result, the company has a huge influence on the country’s political shape and also the country’s cultural heritage.

next Business News, Market News, News, Stocks

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



Source link

Market

HODLCommunity: Holy Grail of FinTech

Published

on

By


Despite the substantial gains that HODLC guarantees, the project is not for gambling investors seeking the coveted “lambos on the moon” or anything else pie in the sky, it is for sensible investors who want a secure asset to preserve wealth and hedge against inflation.

The recent GameStop saga brought to the minds of many people the manipulation of markets. This standard practice, typically on the part of the exceedingly wealthy, can spell death to companies and can leave struggling retail-investors drained. The need for an alternative to preserve and grow wealth is keenly felt by many.

HODLCommunity provides a unique asset in a world where market manipulation and uncertainty are the norms. The fundamentals of HODLC not only let us predict value over time, but know the trajectory without leaving anything to chance. Predictable wealth is built within the smart contract.

The principle is simple but profound. The value increases with every transaction. Moreover, every 24 hour period also is auspicious as an upward movement in valuation is made.

HODLC grants us a holy grail in the realm of finance, as it has the best features of stablecoins and traditional cryptocurrencies, both price stability and the possibility (though in HODLC’s case, the actuality) that one’s asset will increase in value.

HODLC offers a substantial and secured return on investment, Essentially doubling in value in the first year with a 100 percent ROI, and gradually decreasing the percentage by which it increases 5% every subsequent year until reaching a 5 percent annual ROI. This will be a 30-year process that begins with a token predictably and substantially increasing in value and ending with a prime asset that maintains sensible growth.

Despite the substantial gains that HODLC guarantees, the project is not for gambling investors seeking the coveted “lambos on the moon” or anything else pie in the sky, it is for sensible investors who want a secure asset to preserve wealth and hedge against inflation.

Moreover, given its predictability, gains can be readily calculated, and at an opportune moment liquidate a portion of one’s profits without loss of capital. This is a simple but transformative principle.

As awareness of the innovation HODLCommunity has introduced to finance continues to grow, we shall see not only the success and security conferred on retail investors but an enormous benevolent impact on a multitude of industries. As HODLCommunity founder Jean-Philippe Beaudet stated, “the core feature of HODLC makes it the perfect instrument for disrupting industries such as payments, loans, financing, insurance, mutual funds, even charities.”

HODLCommunity comes as a welcome chapter in the history of finance, with all the necessary elements to transform global commerce and finance, as our world continues to move nearer to the obsolescence of fiat currencies and towards widespread adoption of digital assets.

next Cryptocurrency news, FinTech News, News

Author: John Ryan

John is an independent writer and an avid enthusiast of blockchain technology. He received his University education at Northern Michigan University, as a history major, where he was inducted into the Phi Beta Kappa Society for academic excellence. While in Michigan, he also trained as an athlete at the United States Olympic Education Center, where he achieved the status of a multiple-time University All-American in Greco-Roman wrestling. He has authored several plays and a collection of poetry. Some of his major areas of interests includes: Finance, Literature, and Religious Studies.



Source link

Continue Reading

Market

GameStop (GME) Surges by Over 50% Now amid C-suite Shake-Up

Published

on

By


GameStock (GME) stock has started its way higher again, gaining over 100% yesterday.

GameStop Corp (NYSE: GME) saw its share price surging by 103% on Wednesday as investors reacted positively to the resignation of the financial chief officer of the company. The shares also took another 83% surge in the after-hours trade of Wednesday according to the available data. The investors proceeded to push the price of the premarket trade on Thursday with a 44% surge. As the trading is going on today, GME stock is rising by 51% now.

It is said that investors and traders are hoping for a resurgence amid the expected resignation of the financial Chief Officer Jim Bell. It was disclosed that the decision was forced by the board and Ryan Cohen, a GameStop Corp investor and the co-founder of Chewy, an online pet and food retailer. This is expected to be done on March 26.

In a filing with the Securities and Exchange Commission (SEC), the company denied all allegations of forcing Bell out due to a disagreement on something related to the company’s operation. They stated emphatically that the resignation has nothing to do with contention relating to GameStop’s policies, operation, or practices which include accounting principles and practices. This is contrary to the reports that Cohen spearheaded an attack to get him out of the company to execute the transition online.

Cohen owns over 12% of the stocks of GameStop Corp through his company RC Ventures. Somewhere in November 2020, Cohen allegedly wrote a letter to the board of GameStop criticizing the executive team to force them to build a perfect e-commerce platform. In the letter, he stated that GameStop (GME) needs to evolve into a technological company that delights investors. Not just that, it should also deliver a top-notch digital experience instead of priding itself in being just a video retailer that only focuses on a brick-and-mortar footprint. Bell was the first casualty of Cohen’s leadership shakeup.

Jeffery Equity Thinks Bell Have No Issue with GameStop (GME)

Jefferies Equity analyst, Stephanie Wissink in a statement to the client’s acknowledged the effort of Bell during his tenure in the administrative setup of the company. It can be recalled that there was a sharp fall in sales during the late stages of the final hardware cycles. During that period, Mr. Bell led a series of actions that helped to protect the GME equity.

Wissink believes that the expected resignation of Bell was mutual, none Immediate, and not a product of misunderstandings or disagreement between him and the board as activist settlement mostly follows leadership changes. It was also disclosed that instead of looking for a CFO replacement with a retail background, the company will consider someone with a tech background as their primary focus is on e-commerce growth.

Bell refused to comment on the reports of his resignation. Currently, the company has consulted an executive search firm to find a Financial Chief who has the ability and the qualification to drive the company to its expected transformation.

next Business News, Market News, News, Stocks, Wall Street

Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



Source link

Continue Reading

Market

Nash: Bridging Gap between Fiat and Crypto

Published

on

By


Nash Link is a solution for merchants to accept cryptocurrency without setting up a blockchain wallet.

Nash specializes in providing the best fiat/crypto gateway services for both retail and business customers, combining the lowest prices and fees with high-security wallets. This exchange service is fully licensed to operate in Europe.

For BTC, ETH, NEO and USDC, Nash offers 0% fees. This is possible because Nash operates its own crypto-crypto exchange. Nash’s unique Layer-2 exchange provides the same performance as centralized exchanges without taking custody of funds.

For other crypto assets, tradeable on Layer 1 user wallets, Nash charges just 1% fees, with no hidden slippage fees.

What’s more, Nash provides the safest software wallet by using secure multi-party computation (MPC) technology. MPC ensures a user’s full private key is never used to sign transactions and allows for security policies like address whitelists. Nash never has control over user funds.

On the business side, Nash offers its fiat gateway services as a white-label solution for third parties. Fees remain as low as 1%, with no tricks like huge asset mark-ups. Nash is a highly competitive solution for projects seeking a licensed fiat gateway for their platform and token.

Nash Link is a solution for merchants to accept cryptocurrency without setting up a blockchain wallet. Nash pays merchants the exact fiat price they set in their preferred national currency (€, £ or $) with 0% fees, managing risk around price volatility This is also possible thanks to Nash’s Layer-2 exchange.

In 2021, Nash will expand into digital banking services. High-interest DeFi-staking products will go live in Q2. In Q3, Nash will offer national currency checking accounts (with IBANs) on its platform. These will enable an even simpler savings product where users can easily deposit cash and lock it in a DeFi-powered crypto savings account. With a debit card arriving in Q4, Nash will seamlessly integrate traditional and crypto finance by the end of the year.

next Altcoin News, Blockchain News, Cryptocurrency news, News

Please check out latest news, expert comments and industry insights from Coinspeaker’s contributors.



Source link

Continue Reading
Advertisement

Trending