Vietnam's Richest Man Shifts Strategy After $14 Billion Bet on EVs
Now, Vietnam's richest man is changing tack — betting his path to halting deep losses at VinFast Auto Ltd. runs instead through Asian markets like India, Indonesia and the Philippines.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
Palace claim sporting merit 'meaningless' after Europa League demotion
Premier League side Crystal Palace said on Tuesday that sporting merit had been "rendered meaningless" by UEFA's decision to demote them from the Europa League. The FA Cup winners have been forced to play in this season's Conference League after European football's governing body UEFA ruled in July that American businessman John Textor had control or influence at both Palace and French club Lyon. Palace tried to have the punishment overturned, but on Monday the Lausanne-based Court of Arbitration for Sport announced the Premier League club had lost their appeal. Nottingham Forest are set to take Palace's spot in the Europa League. Palace chairman Steve Parish had already been vocal in his criticism after the initial demotion and, with their fate sealed, the south London club again blasted the decision. "At a time when we should be celebrating our victory in the Community Shield at Wembley, the decision by UEFA and followed by the Court of Arbitration for Sport shows that sporting merit is rendered meaningless," Palace said in a statement. "When we won the FA Cup against Manchester City on that momentous day in May, our manager and players earned the right to play Europa League football. "We have been denied that opportunity. It appears that certain clubs, organisations and individuals have a unique privilege and power. "This growing and unhealthy influence has shattered the hopes and dreams of Crystal Palace supporters, and does not bode well for aspirational teams all over Europe competing to progress when rules and sanctions are unevenly applied in the most flagrant way." UEFA regulations state that where one or more clubs are found to have shared ownership, they cannot play in the same competition, and Lyon held on to the Europa League spot by virtue of their higher league position. Palace missed a March 1 UEFA deadline for team in multi-club groups to change their ownership structure. Textor has since sold his shares to New York Jets owner Woody Johnson, a takeover completed in late July. "Multi-club structures hide behind the charade of a 'blind trust' while clubs such as ours, who have no connection to another club whatsoever, are prevented from playing in the same competition," the Palace statement added. "To compound the injustice, clubs that appear to have huge informal arrangements with each other are also allowed to participate and even possibly play against each other. Palace added that the process was "designed to severely restrict and, in our case, make it almost impossible to receive a fair hearing". Palace beat Premier League champions Liverpool in the Community Shield at the weekend, winning a penalty shootout after the match finished 2-2 in 90 minutes. smg/gj
Yahoo
24 minutes ago
- Yahoo
Diebold Nixdorf and ECB join hands on digital euro project
Diebold Nixdorf has joined forces with the European Central Bank's (ECB) initiative to assess the use cases and functionalities of a digital euro. The project aims to create a digital currency that would be accepted across the European Union as a complement to traditional payment methods. The company's role in this project includes integrating its Vynamic Transaction Middleware with the digital euro's interfaces. It is designed to facilitate the adoption of a range of payment services by financial institutions, including instant payments and standard card transactions, without the need for modifications to existing backend systems. The middleware offers a single, cloud-based platform that supports both traditional card payments and digital wallets, streamlining operations across ATMs, point of sale, and e-commerce channels. Diebold Nixdorf global banking head Joe Myers said: "We are honoured to support the ECB as an official partner, aiding them in shaping the future of digital payments in Europe. Our goal is to help our banking customers easily offer the digital euro as a new means of payment in the future. 'The digital euro represents a significant step forward in the region, and we are proud to contribute resources and technology that will enable banks to deliver modern, flexible payment experiences." The ECB's digital euro initiative has attracted participation from a diverse group of nearly 70 stakeholders, including merchants, fintech companies, start-ups, banks, and payment service providers. These contributors are tasked with evaluating how a digital euro could function and be utilised within the EU's financial ecosystem. Later in the year, the ECB plans to publish a report detailing the outcomes of the research conducted by the participants. "Diebold Nixdorf and ECB join hands on digital euro project " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24 minutes ago
- Yahoo
Paxos seeks national trust bank charter in US
Paxos Trust Company, known for its role in supporting PayPal's stablecoin, has revealed plans to apply for a national trust bank charter in the US. This initiative reflects a broader movement among cryptocurrency companies seeking to integrate more closely with established financial systems. If the US Office of the Comptroller of the Currency (OCC) grants the charter, Paxos would be authorised to manage and hold customer assets, enabling quicker payment settlements. However, this licence would not permit Paxos to accept cash deposits or issue loans, setting it apart from traditional banking institutions. The proposed change would involve Paxos converting its existing limited purpose trust charter from the New York Department of Financial Services (NYDFS) to a federal charter under the OCC. Since its inception in 2015, Paxos has operated under the supervision of the NYDFS, becoming the first blockchain and tokenisation firm to receive a limited purpose trust charter and launching the first regulated stablecoin in 2018. Paxos CEO and co-founder Charles Cascarilla said: 'By applying for a national trust bank charter, we are continuing to offer enterprise partners and consumers the safest, most trusted infrastructure available. 'This is rooted in our belief in the transformative power of blockchain as a force for financial freedom. OCC oversight will help build on our historic commitment to maintaining the highest standards of safety and transparency.' Paxos noted that all assets issued by the company will continue to be fully backed by reserves that are bankruptcy-remote, held in US dollars, US Treasuries, and cash equivalents, thereby guaranteeing a 1:1 redemption rate. The company has also indicated that customers can anticipate a smooth transition and uninterrupted service as it embarks on this new phase of federal oversight. "Paxos seeks national trust bank charter in US" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
