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Adenza

Nasdaq to buy fintech firm Adenza for $10.5 billion

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The financial marketplace, which runs the stock exchanges in Boston, New York, as well as Philadelphia, reached an agreement to pay a total of 10.5 billion USD on Monday for the software firm Adenza.

In addition to being possibly the most pricey trade in the 52-year history of Nasdaq, it also represents the most recent effort by stock exchanges to go outside transaction-related services to include data and risk management.

Adenza
Image Source: businesstoday.in

Treasury management software systems are produced by Adenza, which was formed by the combination of Calypso Technology and AxiomSL. The acquisition of Adenza by Nasdaq from the private equity firm Thoma Bravo was not one of its kind.

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Nasdaq purchased the owner of the Nordic markets which is OMX, for a price of 3.7 billion USD, invested $1.1 billion in the ISE (International Securities Exchange) in 2016, and paid $2.75 billion for the anti-financial offense software provider Verafin in 2020.

Banks as well as brokerages are the main users of Adenza’s applications, and experts predicted that Nasdaq’s acquisition of the business would enable it to broaden even further from its core business of running stock exchanges.

Thoma Bravo will receive a 14.9 percent share in Nasdaq in fulfillment of the agreement, establishing the private equity firm as one of the stock market operator’s largest shareholders. It is anticipated that Holden Spaht who is a managing partner of Thoma Bravo, will join the Nasdaq board.

“The whole here as part of Nasdaq is worth more than the sum of its parts – there are revenue synergies with Nasdaq, there are expense synergies and Nasdaq is a great global brand that I think will accelerate sales in Adenza,” said Spaht in an interview.

Source: cnbc.com

Investors perceived the agreement as a risky wager, and Nasdaq stocks dropped almost ten percent to $52.39 on Monday. To fund the merger, Nasdaq plans to issue around 5.9 billion USD in debt, which is roughly thirty-one times the business’s EBITDA for this fiscal year. Adenza was appraised at this price by Nasdaq.

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The transaction involves 5.75 billion USD in cash plus the common stock’s 85.6 million shares of Nasdaq. By the moment the agreement is finished, Nasdaq’s leverage will be 4.7 times greater thanks to the debt it’s going to issue. Within 18 months from now, Nasdaq wants to reduce leverage amounts to 4 times. In a period of six to nine months, the transaction is anticipated to finalize.

The medium-term organic growth in revenue expectation for Nasdaq’s Services Organisations, which manufacture and create software to manage finances for investors, is anticipated to go up following the acquisition of Adenza from 7 to 10 percent to 8-11 percent.

Cyberpunk 2077

CD Projekt to launch Cyberpunk 2077 expansion on Sept. 26

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The most well-known video game developer in Poland, CD Projekt revealed on Sunday at the Xbox Games Showcase that the much-awaited “Phantom Liberty” expansion for its flagship title Cyberpunk 2077 will arrive on September 26.

Phantom Liberty’s upcoming release on September 26th is announced in a new teaser for Cyberpunk 2077. A preview of what V will encounter when she travels to the brand-new neighborhood of Dogtown to save the president is also provided.

Cyberpunk 2077
Image Source: sportskeeda.com

The new character portrayed by Idris Elba, who previously portrayed Stringer Bell in The Wire, Luther in Luther, and Knuckles in Sonic the Hedgehog 2, is also introduced in the teaser.

Also Read: Final Fantasy VII Rebirth launches in early 2024

The release will be CD Projekt’s first significant debut following the buggy release of Cyberpunk 2077 in 2020. Keanu Reeves, who will once again play Johnny Silverhand, revealed the trailer for the next expansion. Idris Elba, another well-known actor, will appear in “Phantom Liberty” and play the entirely new role of Agent Solomon Reed.

The expansion is the final project to be created using CD Projekt’s proprietary RED Engine; moving forward, the firm will use the third-party Unreal Engine. PCs and next-generation consoles will both receive “Phantom Liberty” upon release.

Phantom Liberty shows V yearning for the chance to be able to preserve her life in return for accepting a mission to save the president of the New United States. In addition to teaming up with Idris Elba’s outstanding NUSA agent Solomon Reed, Keanu Reeves’s best nemesis Johnny Silverhand is back as well.

In addition to the main plot, CD Projekt Red notes that “the expansion also comes with a slew of new content, including new quests, gigs, and gig types; new vehicles, tech, cyberwar, and weapons; a brand new Relic skill tree for even more freedom in crafting one’s own unique playstyle, and more.”

Cyberpunk 2077 is an action role-playing video game developed and published by CD Projekt. Set in a dystopian future in the year 2077, the game takes place in Night City, a sprawling metropolis in the Free State of California. Players assume the role of V, a mercenary outlaw who can be customized in terms of appearance, skills, and backstory.

The game offers a vast open world with a mix of exploration, combat, and story-driven quests. Players can engage in various activities such as hacking, driving vehicles, and engaging in gunfights. The gameplay incorporates both first-person and third-person perspectives, providing an immersive experience.

Cyberpunk 2077 garnered significant attention prior to its release, but it also faced controversy due to technical issues and performance problems on certain platforms upon launch in December 2020. CD Projekt has since released several patches and updates to address these issues.

Twitter

Why Music Publishers are suing Twitter?

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On Wednesday, 17 music publishers filed a lawsuit against Twitter in federal court in Nashville, Tennessee. They claimed that by allowing users to upload music without a license, the company was complicit in thousands of copyright violations.

The lawsuit claimed that “numerous infringing copies of musical compositions” are used on Twitter to increase user engagement.

Twitter
Image Source: engadget.com

For claimed violations of nearly 1,700 copyrights, members of the National Music Publishers’ Association, including Sony Music Publishing, BMG Rights Management, and Universal Music Publishing Group, are suing for more than $250 million in damages.

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Since Elon Musk acquired Twitter in October, the long-standing violation, according to the lawsuit, has gotten worse, since other significant platforms like TikTok, Facebook, and YouTube have legitimate music licenses from the publishers.

According to the NMPA President David Israelite, Twitter “stands alone as the largest social media platform that has completely refused to license the millions of songs on its service.” The lawsuit includes Taylor Swift, Beyoncé, The Weeknd, Ed Sheeran, the Rolling Stones, Lady Gaga, Miranda Lambert, and Rihanna among the artists it represents.

The lawsuit claimed that Twitter “routinely ignores” repeat infringers who send out messages containing illegal music. The publishers claimed that Twitter encourages user infringement, giving it an “unfair advantage” over platforms that purchase music licenses by raising engagement and ad revenues.

He slammed Twitter for consistently failing to take action against individuals who repeatedly violate the terms of service by tweeting lyrics from unlicensed songs.

The claim made by the music publishers is that Twitter actively promotes user infringement, using it to raise user engagement, boost advertising revenue, and obtain an unfair competitive advantage over other platforms that pay for music licenses.

The publishers said that, since Musk took over, “Twitter’s internal affairs regarding matters pertaining to this case are in disarray,” pointing out significant staff reductions to the company’s legal and trust and safety departments.

In general, music publishers and copyright holders can take legal action against various platforms, including social media platforms like Twitter, if they believe that their copyrighted music is being used without proper authorization or licensing.

This could involve users on the platform sharing copyrighted music without permission or platforms allowing the unauthorized distribution of copyrighted material.

Music publishers typically hold the rights to the songs and compositions created by songwriters and composers. They rely on licensing agreements and copyright protection to ensure that they are compensated for the use of their copyrighted material.

If they believe that Twitter or its users are infringing on these rights, they may choose to take legal action to protect their interests and seek damages.

Gigacasting

Why are other automakers chasing Tesla’s ‘Gigacasting’?

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Toyota Motor announced this week that it is going to employ a technology powered by Tesla called “Gigacasting” as an element of a plan to increase the efficiency and reduce the price of potential electric vehicles (EVs).

Toyota is not the only company imitating Tesla’s innovation.

Gigacasting
Image Source: reuters.com

Here’s an overview of Gigacasting along with how the invention is pushing car companies to compete with Tesla:

Tesla has implemented the Giga Press which is an aluminium die-casting device, in its facilities in the United States, China along with Germany. The home-sized machines can create aluminium components that are much larger than anything previously used in the auto industry.

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An average vehicle body is made up of over one hundred separately pressed metal pieces that have been soldered together.

According to experts, Tesla’s industry-leading economic viability has been attributed to fewer components, cheaper costs, and a streamlined manufacturing facility.

Tesla claims that by using just one part in the back of the Model Y, its most popular model, it was able to reduce associated costs by 40 per cent.

Tesla purchases its presses from IDRA in Italy which is a division of LK Industries since 2008 in China.

According to an AlixPartners estimate, the overall market for aluminium die-casting was over 73 billion USD last year and is expected to reach a value of $126 billion by 2032.

Along with Toyota, other automakers employing the technology include Hyundai Motor, General Motors, and also, Volvo Cars, Polestar along with Zeekr, all of which are subsidiaries of China’s Geely.

For the multifunctional van that it sells in China, Zeekr has begun using enormous aluminium die casts, while the company has stated that it would also use the approach for other kinds of vehicles.

Volvo stated last year that it will spend over 900 million dollars to renovate its facility close to Gothenburg in Sweden so that it would feature mega press technology.

Only the Model 3 as well as the Model Y represent the majority of Tesla’s revenues. It is simpler to justifiably invest in innovative manufacturing methods when there are high sales volumes on just two platforms. That benefit also applies to other Electric vehicle startups.

Experts have stated that it can be difficult for traditional automobile manufacturers to decide whether they should invest hundreds of millions of bucks in new casting technologies because they have more complex product lines and production machinery that has previously been amortised.

Google

Google launches AI-powered advertiser features

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Google announced on Wednesday the debut of two new features for advertisers powered by artificial intelligence. These features will help advertisers identify the most effective ad placements for their brands across all of Google’s services.

The tech industry has been dominated by AI in recent months as a result of Google and other companies creating inventive chatbots that can engage people in open-ended conversations. In order to better serve advertisers, who provide companies with money, AI is also being used more and more.

Google
Image Source: hindustantimes.com

Google’s launch of AI-powered advertiser features represents its ongoing commitment to automation and harnessing the power of artificial intelligence to enhance advertising capabilities. By leveraging AI, Google aims to provide advertisers with advanced tools and features that streamline campaign management and optimize ad performance.

Also Read: Google AI to power virtual travel agent from Priceline

Google has already provided AI advertising tools, but it is now utilizing the technology to assist brands in achieving more focused objectives for their advertisements. Google’s AI algorithms can analyze various factors, such as historical campaign data, user behavior, and contextual signals, to optimize bidding strategies automatically.

This helps advertisers achieve their campaign goals more efficiently while reducing the time and effort required for manual bid adjustments.

Demand Gen, one of the new capabilities, uses AI to distribute an advertiser’s video and photo advertising across a number of platforms, including Gmail, the YouTube feed, and Shorts, YouTube’s answer to the well-known short-form video app TikTok.

According to Vidhya Srinivasan, vice president and general manager of advertising at Google, AI will make it unnecessary for advertisers to consider where to place their ads and would instead concentrate on identifying spots that are “shiny, visual, and immersive.”

According to Google, the second new feature will employ AI to identify the ideal ad placements in order to maximize the number of views for a brand’s video advertisements.

According to preliminary testing, brands used the new tool to get 40% more video views overall, Srinivasan added. Brands will be able to concentrate more on their advertising plan and storytelling by employing AI to take some of the “grunt work” away from advertisers, she continued.

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AI can assist advertisers in creating effective ad campaigns. By analyzing past performance data, user behavior patterns, and industry trends, Google’s AI can generate campaign structures, ad copies, and targeting options that are likely to yield better results.

Google’s launch of AI-powered advertiser features represents its ongoing commitment to automation and harnessing the power of artificial intelligence to enhance advertising capabilities. By leveraging AI, Google aims to provide advertisers with advanced tools and features that streamline campaign management and optimize ad performance.

GameStop

GameStop ousts CEO, elevates Cohen as sales fall again

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GameStop stated on Wednesday that it dismissed the chief executive officer Matt Furlong and appointed Ryan Cohen as the chief executive officer.

Furlong’s dismissal was not explained by the corporation, which also declined CNN’s appeal for more details. Even so, Furlong will be eligible to earn wages along with benefits connected with a dismissal without reason, per a business filing along with the Securities and Exchange Commission, or SEC. Since 2021, Furlong had served as CEO of GameStop.

GameStop
Image Source: theedgemalaysia.com

Furlong was dismissed as the chief executive officer on Monday, the very same day he withdrew from the board, according to the business’s regulatory statement.

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GameStop added that his board resignation “did not result from any disagreement with the company on any matter relating to the company’s operations, policies, or practices.”

CEO Matt Furlong was fired precisely two years after GameStop recruited a previous Amazon.com employee back from Australia to the US where he had previously been working,

On Wednesday, the business also announced its first-quarter earnings, referring to sales of 1.24 billion USD, a decrease from 1.38 billion USD in the corresponding period the previous year.

A total loss of 50.5 million USD was also announced by GameStop (GME), which is lower than a loss of 157.9 million USD in the first quarter of the year 2022. The loss happened just a few months after GameStop (GME) declared its first quarterly earnings in two years.

It canceled the quarterly telephone conference it usually holds to go over its financial results.

Post-hours trading saw a roughly 20 percent decline in GameStop’s stock following the release of the business’s earnings report and the restructuring of its C-suite.

Ryan Cohen, a co-founder of Chewy, became part of the GameStop executive board in 2021 upon obtaining a stake of over 13 percent in the game business. Investors’ faith that Cohen’s online sales expertise might assist GameStop overhaul its finances led to GameStop becoming the face of that year’s “meme stock rally,” which was also supported by GameStop.

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Bed Bath & Beyond (BBBY), AMC Entertainment (AMC), and other stocks, including GameStop, also witnessed high levels of volatility as they became more well-liked by ordinary traders on online platforms, especially Reddit’s WallStreetBets forum, towards the beginning of 2021.

GameStop’s shares rose at this time to an overnight record-breaking high of 483 USD before dropping. The stock’s Wednesday closing price was roughly 26 USD.