In a statement, Galaxy said Palo Alto, Calif.-based BitGo failed to deliver audited financial statements “that comply with the requirements of our agreement” before its deadline of July 31. (The Logic)
The Ontario Teachers’ Pension Plan Board logged a 1.2 per cent return in the first half of 2022. Its net assets increased slightly, from $241.6 billion at the end of last year to $242.5 billion as of June 30. The firm’s five- and 10-year annualized net returns were 7.9 per cent and nine per cent, respectively. (The Logic)
Outgoing Premier Jason Kenney said the new ad blitz will target people in Vancouver and the Greater Toronto Area and will focus on Alberta’s relative affordability and shorter commute times compared with Canada’s largest urban centres. (The Logic)
The Cyberspace Administration of China (CAC)—the country’s internet watchdog—said last week that over 30 Chinese apps, including ones from tech giants like Tencent Holdings and TikTok owner ByteDance, shared their algorithm details. (South China Morning Post)
The Silicon Valley venture capital giant said it has partnered with Adam Neumann’s new residential real estate company, Flow. (The Logic)
The Chinese tech giant reported a six per cent decline in revenue for the first half of the year compared to the same period last year, up from its 29 per cent drop in 2021. Enterprise sales, which includes its cloud-computing business, were up 28 per cent. (The Logic)
The New Jersey-based company, which filed for bankruptcy in July, wants to mine bitcoin to repay creditors, and recently received court approval to spend US$5.2 million on a mining facility and associated costs. But lawyers representing unsecured creditors of the crypto platform said they have “significant questions regarding how the debtors operated their businesses.” (The Logic)
Chamath Palihapitiya is asking investors for more time to find target companies to complete two blank-cheque deals. The two SPACs—Social Capital Hedosophia Holdings Corp. VI and Social Capital Hedosophia Holdings Corp IV—are set to expire in October. Palihapitiya wants until 2023. (The Logic)
The Samsung heir and top executive was one of 1,692 people to be pardoned on Liberation Day, a national holiday celebrating the end of Japanese colonial rule in 1945. The move clears him of the conviction of bribing former President Park Geun-hye. (Yonhap News Agency)
The Canadarm maker expects to earn between $630 million and $650 million in revenue, down from $750 million to $800 million, for this year, it said in its second-quarter earnings report. MDA’s shares closed down about two per cent Friday. (The Logic)