Today the Commission adopted a Cohesion Policy project worth more than 573 million of EU funds to support the deployment of fast broadband in Italy.
The EU funding, covering 60% of the project’s eligible costs, will help bring fast internet access to areas where it is currently not available.More than Italian 7000 municipalities will be covered, totalling 12.5 million inhabitants and almost 1 million companies.
Corina Creţu, Commissioner for Regional Policy said: “This EU-funded broadband project, which covers 20% of the Italian population, means unprecedented business opportunities, better public services and better quality of life for the Italian people. It shows what the EU is really about: working to improve everyday life for citizens, very concretely.”
Mariya Gabriel, Commissioner for Digital Economy and Society, said: “A high quality broadband infrastructure is essential in today’s economy and society. Citizens will benefit fully from the Digital Single Market once they have unrestricted access to the best performing networks, which enable the widespread access to new products, services and applications. Such projects lay the foundations for an inclusive and competitive digital Europe.”
The project is part of the “Italian Digital Plan – Ultra-broadband”, the national strategy for Next Generation Access network. It aims to ensure connection speeds of at least 100 megabits per second (Mbps) for 85% of Italian households and all public buildings – in particular schools and hospitals – and of at least 30 Mbps for all by 2020.
The project will in particular cover so-called “white areas”, where market forces cannot deliver the necessary infrastructure upgrade, in all 20 Italian regions. The project should be completed end of 2020.
Italy is the second largest recipient of the European Structural Investment Funds, including Cohesion Policy funds, with €44.7 billion earmarked for 2014-2020. €1.9 billion is dedicated to investments in broadband and digital services.
The country is also the second largest beneficiary of the Investment Plan for Europe – the Juncker Plan – in absolute terms, with already €63.3 billion mobilised in additional investment and over 286,000 small and medium businesses set to benefit from improved access to finance.
For the next long-term EU budget, the Commission is proposing €43.5 billion for Italy in Cohesion Policy funds, an envelope increased by €8.5 billion euros, in the context of an overall reduction of the Cohesion budget, in order to support a lasting economic recovery in the country.
Suning Finance Receives AAA Rating for Domestic Credit
On February 14th, Suning Finance entered the ranks of the highest domestic credit rating for the first time. Its long-term credit rating was determined as AAA, and its rating outlook was “stable”. Currently, only 52 private enterprises nationwide have received AAA ratings. It means that Suning Finance has obtained the same credit rating as large state-owned commercial banks and national joint-stock commercial banks.
Regarding the above decision, United Credit believes that Suning Finance has a strong shareholder background and capital strength. After years of development, it has now established a diversified financial main business structure, relying on the resource advantages of the Suning ecosystem and the omni-channel layout of O2O integration. The financial business scale and income continued to grow rapidly.
As a pioneer of online-to-offline (O2O) finance in China, Suning Finance is positioned as a fintech company featuring O2O integration and development. It has always adhered to and practiced the development model of “scenario finance + fintech = inclusive finance”, focusing on supply chain finance, commercial finance, consumer finance, payments, wealth management, and fintech export “5 + 1” core businesses.
In 2019, Suning Finance successfully completed the C round of tens of billions of financing, the post-investment valuation reached 56 billion, the transaction volume exceeded the trillion marks for three consecutive years, and the number of active customers exceeded 70 million. Suning Pay daily offline scan code breakthrough 100,000 transactions, the supply chain financial investment exceeded 100 billion. And has successfully obtained 2 international syndicated loans, and successively issued 6 phases of supply chain finance ABS and 1 phase of consumer finance ABS, which fully demonstrates that Suning Finance’s business capabilities, asset quality, and market reputation have been highly recognized by domestic and foreign financial institutions.
Based on the root ‘innovative financial technology leads the development’, Suning Finance keeps enhancing its technological capabilities, especially the block chain techs to apply in many scenarios, such as data sharing, payment, mortgage and BaaS. In the future, Suning Finance will continue to provide premium financial services and operate under the concept of integrity, stable and discretion to become a reliable and widely influential comprehensive financial service company.
SOURCE Suning Holdings Group
SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Opera Limited of Class Action Lawsuit and Upcoming Deadline – OPRA
Pomerantz LLP announces that a class action lawsuit has been filed against Opera Limited (“Opera” or the “Company”) (NASDAQ: OPRA) and certain of its officers. The class action, filed in United States District Court for the Southern District of New York, and indexed under 20-cv-00674, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired: (a) Opera American depositary shares (“ADSs”) pursuant and/or traceable to the Company’s initial public offering commenced on or about July 27, 2018 (the “IPO” or “Offering”); and/or (b) Opera securities between July 27, 2018 and January 15, 2020, both dates inclusive (the “Class Period”). Plaintiff pursues claims against the Defendants under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Opera securities pursuant and/or traceable to the IPO and/or during the Class Period, you have until March 24, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Opera was founded in 1996 and is headquartered in Oslo, Norway. The Company, through its subsidiaries, provides mobile and Personal Computer web browser applications in Ireland, Russia, and internationally, under the Opera Mini, Opera for Android, Opera Touch, and Opera for Computers brand names.
Opera has also increasingly invested in its fintech businesses, providing mobile loan and financing applications marketed to Kenya, Nigeria, and India, under the OKash, OPesa, CashBean, and OPay brand names, which are offered on Google LLC’s (“Google”) Play Store marketplace, as downloadable applications.
On August 9, 2018, Opera completed its IPO, issuing 9,600,000 ADSs priced at $12.00 per share, raising approximately $115.2 million in proceeds before underwriting discounts and commissions, and other expenses.
The Complaint alleges that the offering documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Opera’s sustainable growth and market opportunity for its browser applications was significantly overstated; (ii) Defendants’ funded, owned, or otherwise controlled loan services applications and/or businesses relied on predatory lending practices; (iii) all the foregoing, once revealed, were reasonably likely to have a material negative impact on Opera’s financial prospects, especially with respect to its lending applications’ continued availability on the Google Play Store; and (iv) as a result, the Offering Documents and Defendants’ statements were materially false and/or misleading and failed to state information required to be stated therein.
On January 16, 2020, Hindenburg Research (“Hindenburg”) published a report asserting that Hindenburg had “a 12-month price target of $2.60 on Opera, representing a 70% downside.” Among other issues, Hindenburg reported that Opera’s “browser market share is declining rapidly, down ~30% since its IPO”; that Opera was involved in “predatory short-term loans in Africa and India, deploying deceptive ‘bait and switch’ tactics to lure in borrowers and charging egregious interest rates ranging from ~365-876%”; that Opera’s lending business applications, many of which are offered on Google’s Play Store—particularly, OKash, OPesa, CashBean, and Opay—were “in black and white violation of numerous Google rules” aimed at “curtail[ing] predatory lending”; and that consequently, Opera’s entire lending business was “at risk of disappearing or being severely curtailed when Google notices” Opera’s alleged violation of its rules.
On this news, Opera’s ADS price fell $1.69 per share, or 18.74%, to close at $7.33 per share on January 16, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
SOURCE Pomerantz LLP
Addepar Broadens Reach with Expanded Offerings for RIAs
Addepar, Inc., a leading technology platform for wealth management, announced a number of releases aimed at helping RIAs that serve a variety of client types excel in an increasingly competitive market. The new capabilities and features make it easier than ever for firms to adopt Addepar’s modern technology stack, streamline their operations and offer a truly differentiated client experience powered by best in class data, analytics and reporting.
“As the wealth management industry continues to undergo a dramatic transformation, we’re making good on our goal to meet wealth advisors where they are. We’re delivering new functionality in our platform that empowers RIAs to navigate these changes with purpose-built, intuitive solutions so that they can deliver lasting value to clients and grow their business for years to come,” said Addepar CEO Eric Poirier.
Making it easier for RIAs to modernize their tech stack
For established RIAs who want to modernize their reporting technology but find it daunting to make the switch, Addepar is introducing a broader and more flexible set of data migration options to efficiently and precisely fulfill each client’s data onboarding needs. This includes a newly introduced “Advent Converter,” which streamlines migrating data from Advent’s APX and Axys systems into Addepar. Addepar will continue investing in additional data management and conversion solutions to make it easy for any firm to upgrade to Addepar’s technology.
Addressing emerging demand and delivering more client value
Addepar’s strong traction with large RIA firms, banks and broker-dealers has exposed a previously unmet need in the market: the power to use Addepar’s platform for all advisor teams, from those with ultra-high net worth clients to those who serve the mass affluent. Today, the company is introducing AddeparGoSM, an offering that tailors Addepar’s software to the specific needs of these larger firms. AddeparGo is designed with a set of features, capabilities and custodial data feeds that optimize for speedy implementation and make it easy for larger firms who have a range of advisor teams to adopt. The company is making AddeparGo available to key partners and clients now, and will continue shaping this offering based on feedback.
Helping the back-office streamline operations and scale productivity
Many well-established firms have turned to Addepar for its ability to support sizable and complex implementations and provide data aggregation, analytics and reporting at scale. To offer even greater support, the company is pleased to announce the release of Addepar Teams. Teams is a set of advanced controls and permissions to serve firms that need to grant varying access by team, branch, role and functional responsibility. This set of digital capabilities dramatically simplifies the previously time-intensive and error-prone operational process of managing reporting controls, while achieving legal, risk and compliance goals.
Latest News7 months ago
Galaxy Digital Announces Approval of License to Underwrite Registered Public Offerings of Securities
11 months ago
The Green Organic Dutchman Receives Global Awards for New Website
Fintech10 months ago
Ally Financial Partners with Better.com to Create End-to-End Digital Mortgage Experience
Latest News8 months ago
Chinsay’s Intelligent Contract Platform Enables Rio Tinto & Cargill to Complete the First Fully Digitalised Iron Ore Trade
Latest News7 months ago
Core Scientific launches the first AIRI-Ready Datacenter
Fintech8 months ago
PremFina Makes Final Shortlist for Hottest FinTech Startup in Europe in The Europas Awards
Fintech6 months ago
Experian A/NZ acquires Australian fintech Look Who’s Charging to bolster open data offering
Fintech7 months ago
Apex Clearing Releases ‘Millennial 100’ Stock Pulse Report