Finance Knuggets

May 31, 2024

I recently heard that Thailand is making moves to become a member of BRICS, which currently consists of Brazil, Russia, India, China, and South Africa. This decision sheds light on Thailand’s broader foreign policy challenges and opportunities, as the country aims to engage with major global institutions. Thailand has expressed its desire to join BRICS and has been actively pursuing membership as part of its wider proactive diplomacy approach to advance its economic interests and cultivate ties with both developed and developing countries.

In other news, there have been significant funding rounds and acquisitions in the financial world. Several companies, including, Juicy Button Games, and Pro League Network, have raised substantial amounts of funding. Additionally, there have been notable acquisitions in the private equity space, with companies such as ACA Group, Angeles Equity Partners, and GTCR making strategic acquisitions. Moreover, there have been developments in public offerings, with Flix postponing its planned IPO and Gauzy setting IPO terms.

In the financial world, companies are revisiting their insider trading policies in light of a recent SEC victory in an insider trading case and the implementation of the new T+1 settlement system in the US stock market. The shift from T+2 to T+1 settlement may lead to an increase in the fail rate, presenting challenges for traders. However, there are potential explanations for the lower fail rate for T+1 settlements, such as a greater focus on settlements and upgrades in systems and processes.

Furthermore, PricewaterhouseCoopers (PwC) has announced a partnership with OpenAI, with PwC becoming the largest customer and first reseller of OpenAI’s enterprise product. This partnership will involve the use of ChatGPT Enterprise, a generative AI model, to test and apply the technology internally before providing it to clients. Additionally, there have been developments at WeWork, with real estate software entrepreneur Anant Yardi set to take over the co-working business, signaling a new direction for the company. Lastly, American Airlines Group Inc. dismissed its commercial chief in response to a critical review from Bain & Co., highlighting the influence of management consulting firms on corporate decision-making. The ECB has also announced the imposition of fines on banks for climate failures, marking a significant step in holding financial institutions accountable for their environmental impact.

Stay Well!