Faraday Future Completes Bridge Financing to Push Forward Production of Its All-electric FF 91 Luxury Vehicle

  • Amended Bridge Financing Includes up to $45 Million in New Senior Secured Financing

  • Birch Lake Fund Management LP, Which Led Senior Bridge Financing Facility in 2019, Returns to Support Faraday Future

 

Faraday Future (FF), a California-based global shared intelligent mobility ecosystem company, today announced that it has completed the expansion and extension of the senior bridge financing facility put in place in 2019 to support the completion and launch of its flagship FF 91 EV and continue development of the mass-market FF 81. The amended bridge facility includes new senior secured financing of up to $45 million, which matures in October 2021.

As part of the expanded and extended financing agreement, Birch Lake, a Chicago-based merchant bank, has returned to support FF as the majority purchaser of the new senior secured financing. The principals of Birch Lake and co-investor, ATW Partners, a New York-based private equity firm, bring extensive experience

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Amid legislative push to eliminate them, Palatine seeks new red-light camera contract

Despite attempts by some lawmakers to ban red-light cameras, the village of Palatine — like others across the suburbs — plans to continue using them, although it has solicited proposals from vendors rather than automatically extending its latest contract.

The cameras have worked well for the village, lowering traffic crashes and increasing safety, Palatine Village Manager Reid Ottesen said. They’ve also brought in millions of dollars in revenues earmarked for the police department, particularly its traffic unit.

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        

 

The village has no complaints about its vendor since 2008, RedSpeed Illinois, but it’s doing due diligence by seeking other proposals, Ottesen said. The latest contract ended in July and is continuing on a month-to-month basis.

“The industry has evolved …” he said. “I really felt we should look far and wide to see what’s out there. Are we getting the best value? Are we getting the best equipment? Those are the things

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Big tech’s emerging market finance push brings rewards and risk

LONDON: A push by big technology firms into financial services in developing countries will improve access to them, but might also make traditional lenders more vulnerable, the Financial Stability Board (FSB) said.

The expansion in emerging markets has generally been more rapid and broad-based than that in advanced economies, the FSB, which coordinates financial regulation for the Group of 20 Economies (G20), said in the report released on Monday.

Lower levels of access to traditional banking and financial services developing economies had created demand for services now offered by big tech firms, the report found, particularly among low-income populations and in rural areas.

An increasing availability of mobile phones and internet access supported this trend, the FSB said.

“However the expansion of BigTech activity also gives rise to risks and vulnerabilities,” it said, pointing to lower financial literacy and firms using other data gathered.

“Competition from BigTech firms may, in

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Big tech’s emerging market finance push brings rewards and risk, FSB says

LONDON, Oct 12 (Reuters) – A push by big technology firms into financial services in developing countries will improve access to them, but might also make traditional lenders more vulnerable, the Financial Stability Board (FSB) said.

The expansion in emerging markets has generally been more rapid and broad-based than that in advanced economies, the FSB, which coordinates financial regulation for the Group of 20 Economies (G20), said in the report released on Monday.

Lower levels of access to traditional banking and financial services developing economies had created demand for services now offered by big tech firms, the report found, particularly among low-income populations and in rural areas.

An increasing availability of mobile phones and internet access supported this trend, the FSB said.

“However the expansion of BigTech activity also gives rise to risks and vulnerabilities,” it said, pointing to lower financial literacy and firms using other data gathered.

“Competition from

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Argentina Expands Tech Companies’ Incentives Amid Recovery Push

Argentina Bonds Fall With Tighter Foreign-Exchange Controls

Photographer: Erica Canepa/Bloomberg

Argentina is expanding benefits to its burgeoning tech sector in an effort to boost much-needed foreign investment and exports, supporting a resilient industry that’s grown amid a severe, three-year recession.

Both chambers of congress recently approved a technology bill that provides tax incentives for the next decade to start-ups and industry giants that train and hire workers. It’s one of very few bills with long-term economic scope to make it through Argentina’s deeply divided congress this year.

“There’s absolute agreement among all political parties about the relevance of this sector,” Production Minister Matias Kulfas told journalists Friday, estimating the bill over 10 years would nearly double employment and increase tech service exports by an additional $4 billion. “The pandemic is speeding up digital priorities, and we have to see it as an opportunity to strengthen foreign investment.”

Tough Tech

Argentina’s tech sector has

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GOP’s ‘Inappropriate’ Supreme Court Push May Open Way To Reform, Says Andrew Yang

Public unhappiness over the “inappropriate” Republican push to fill a vacant Supreme Court seat weeks before the elections may actually build broad support for significant reform of the institution, said former tech executive and presidential candidate Andrew Yang.

Speaking at an opening session of the NYC Media Lab Summit’s second day, Yang ranged widely over familiar policy issues such as the need for a “data dividend” for people whose personal information is used without compensation by tech firms, and how a California ballot measure this fall could encourage other states to impose similar laws on tech giants. He also said the pandemic lockdown built support for the concept of universal basic income.

Those are familiar topics for those who followed Yang’s unsuccessful but idea-filled run for the Democratic nomination, in which he proposed a string of reforms to government institutions and to rebalance

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Coronavirus has failed to dent Hong Kong’s fintech push, future role as fundraising hub for bay area, say experts



a flag on the side of a building: Hong Kong’s finance sector has remained ‘vibrant’ despite the health crisis, as unemployment in the sector remained below 3 per cent. Photo: EPA


Hong Kong’s finance sector has remained ‘vibrant’ despite the health crisis, as unemployment in the sector remained below 3 per cent. Photo: EPA

Hong Kong’s financial sector, its use of financial technology and role as a fundraising centre for the cities of southern China have weathered the coronavirus outbreak and even thrived in some areas, according to a panel of industry players.

The city’s finance sector has remained “vibrant” despite the health crisis, as unemployment in the sector remained below 3 per cent, much better than the overall figure of 6.1 per cent , said Rocky Tung, head of policy research on the Financial Services Development Council, a government advisory body.

“The development of the (Greater Bay Area) has been continuous. The financial sector is relatively less affected by Covid. In terms of trading (and) IPOs, we are also very vibrant,” said Tung.

Get the latest insights and analysis from

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Okta plots new SDK, API to enable biometric, push notifications on mobile

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Okta is launching a new software developer kit and application programming interface that will enable developers to build biometric and push notification sign-ins. 

The move is part of a broader effort for password-less sign-ins to reduce friction and boost security. With the Okta SDK and API, developers can build mobile apps with branded push notifications and biometrics like FaceID to authenticate users.

According to Okta, security and authentication services need to acknowledge mobile-first workflows and technologies.

Also:

Okta is leveraging its Okta Devices Platform Service to do the following:

  • Embed Okta Verify technology with push and biometrics in mobile applications.
  • Develop branded omnichannel multi-factor authentication with custom push messaging and action buttons.
  • Deploy more layers of protection in high-risk access attempts.
  • Allow end users to view and manage their Okta registered devices including self-service options if a device is lost or stolen.

The Okta Devices SDK will be available for

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EMERGING MARKETS-Thai shares gain for fourth day on stimulus push; Philippines steadies

    * Thai benchmark index hits highest since Sept. 21
    * Most currencies edge up as U.S. dollar nurses losses
    * Chinese markets reopen after a week-long holiday on Friday

    By Shruti Sonal
    Oct 8 (Reuters) - Thai stocks climbed 1% on Thursday as the
government outlined measures to boost consumption in its
coronavirus-battered economy, while a late recovery helped
Philippine shares edge up in tandem with gains in most of Asia's
emerging markets.
    The safe-haven U.S. dollar nursed losses after the revival
of hopes for some stimulus spending in the world's biggest
economy improved investor sentiment, supporting local currencies
in Asia, which edged higher. The Taiwan dollar was
again the main standout, rising almost 1%.
    Thailand's benchmark index hit its highest in more
than two weeks after officials on Wednesday added a tax
deduction on purchases of goods and services to previously
announced cash handouts and subsidies.
    The tourism-reliant economy 
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EMERGING MARKETS-Thailand gains after govt adds tax deduction to stimulus push

By Shruti Sonal

Oct 8 (Reuters)Thai stocks climbed nearly 1% on Thursday as the government took measures to boost consumption in its coronavirus-battered economy, leading gains across a handful of Asia’s big emerging markets.

With markets globally eyeing a tumultuous U.S. election campaign and roadblocks in passing stimulus in the world’s biggest economy, currencies across the region were subdued, with the Taiwan dollar again the main standout, rising almost 1%.

Thailand’s benchmark index .SETI hit its highest in over two weeks after officials added a tax deduction on purchases of goods and services to cash handouts and subsidies announced last month.

Deputy Prime Minister Supattanapong Punmeechaow said altogether the measures would push about 200 billion baht ($6.4 billion) into the economy in the last three months of this year.

The tourist-heavy economy has started receiving its first visitors this week after months of travel curbs and its

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