Skechers is set to leave the stock market after agreeing to a $9.4 billion buyout by 3G Capital. Shareholders get $63 per share, and the leadership team stays put. The deal should close by late 2025, signaling a major move for both 3G Capital and the footwear industry.
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The South African Reserve Bank (SARB) is expected to cut interest rates following positive inflation data and the US Federal Reserve's recent aggressive rate reduction. Economists predict a cautious 25 basis point cut. Recent data shows inflation cooled to 4.4% in August, the lowest since April 2021, making it the first SARB rate cut in four years, easing consumer burdens.
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The Securities and Exchange Board of India (SEBI) has penalized Anil Ambani and 24 other entities with a hefty ₹624 crore fine for diverting funds from Reliance Home Finance Ltd (RHFL). Ambani is banned from the securities market for five years. This scandal, which involved disguising loans to related parties, resulted in RHFL's share price plummeting and substantial losses for its shareholders.
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Pennsylvania Governor Josh Shapiro recently toured FNB Corporation's new headquarters in Pittsburgh's Hill District. Set to open later in 2024, the 26-story building is anticipated to spur economic growth, create jobs, and generate significant tax revenue. FNB's commitment includes investments in local community initiatives and job training programs.
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Apple recently introduced the developer beta for iOS 18, showcasing a plethora of new features including support for Apple Intelligence, ChatGPT, and an AI-enhanced Siri. Compatible with devices from iPhone XR to iPhone 15 Pro Max, the update promises to revolutionize the user experience. Preliminary AI features, however, are exclusive to the iPhone 15 Pro and Pro Max models for now.
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Renowned Afrobeat musician Davido has launched his own meme coin, $DAVIDO on Solana’s blockchain, creating a buzz among his global fan base. The coin's value swiftly rose to the top of DEX Screener, leading to both excitement and skepticism among investors. His venture into the crypto world marks a significant entrepreneurial move, especially amidst mixed reactions regarding its legitimacy.
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