India's digital boom is a magnet for global private equity, says investment manager
Patrick Kennedy, Founding Partner at All Source Investment Management, says India's rapid digitalization is attracting global private equity investors. Initiatives like Digital India, UPI, and cloud growth have fueled opportunities, with mobile payments surging last year. He highlights India's growing appeal as an alternative to China, drawing interest from major players as economic stability and pro-digital policies create a favorable investment environment.
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Yahoo
4 hours ago
- Yahoo
Shaquille O'Neal agrees to pay $1.8M to settle FTX crypto endorsement
June 13 (UPI) -- Shaquille O'Neal, the retired basketball star and NBA analyst, has agreed to pay $1.8 million to settle claims that he misled investors by promoting the now-bankrupt crypto exchange FTX. O'Neal, who urged fans to trust the platform in a commercial, won't admit wrongdoing. He reportedly earned much less to make the commercial that aired in June 2022: around $750,000, Front Office Sports reported. The settlement Monday marks one of the first high-profile settlements over FTX's collapse, CNBC reported. The civil case in Miami federal court. O'Neal must pay the amount within 30 days. An initial settlement was reached in November. In the class-action suit, O'Neal is accused of presenting FTX as a trustworthy and legitimate investment tool while allegedly helping drive the adoption of unregistered securities. Eligible are users who deposited money into FTX or held its proprietary token, FTT, between May 2019 and late 2022. O'Neal's $1.8 million payout will cover all legal fees, notice and administration costs, and payouts to those eligible. Also, he is released from future liability and is barred from seeking reimbursement from the FTX bankruptcy estate. "We are pleased to have this matter behind us," O'Neal's attorney said in a statement. In 2022, O'Neal told CNBC he "was just a paid spokesperson for a commercial." At the time he said he didn't know much about crypto currency. "I don't understand it, so I will probably stay away from it until I get a full understanding of what it is," he told CNBS. "From my experience, it is too good to be true." Other FTX endorsers, including Tom Brady, Gisele Bündchen and Steph Curry, had claims against them largely dismissed. FTX, a company in the Bahamas, was the third-largest cryptocurrency exchange three years ago but it racked up billions of dollars or losses and filed for bankruptcy on Nov. 11, 2022. Founder Sam Bankman-Fried isserving a 25-year prison sentence for seven counts of fraud and conspiracy related to the FTX collapse. O'Neal, Charles Barkley, Kenny Smith and Ernie Johnson are moving from TNT next season when "Inside the NBA" appears on ESPN. 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
UPI
4 hours ago
- UPI
Shaquille O'Neal agrees to pay $1.8M to settle FTX crypto endorsement
Shaquille O'Neal (R) sits with his son Shareef O'Neal before the start of the Eastern Conference Final Game 3 between the Indiana Pacers and the New York Knicks in Indianapolis in May. File Photo by Aaron Josefczyk/UPI | License Photo June 13 (UPI) -- Shaquille O'Neal, the retired basketball star and NBA analyst, has agreed to pay $1.8 million to settle claims that he misled investors by promoting the now-bankrupt crypto exchange FTX. O'Neal, who urged fans to trust the platform in a commercial, won't admit wrongdoing. He reportedly earned much less to make the commercial that aired in June 2022: around $750,000, Front Office Sports reported. The settlement Monday marks one of the first high-profile settlements over FTX's collapse, CNBC reported. The civil case in Miami federal court. O'Neal must pay the amount within 30 days. An initial settlement was reached in November. In the class-action suit, O'Neal is accused of presenting FTX as a trustworthy and legitimate investment tool while allegedly helping drive the adoption of unregistered securities. Eligible are users who deposited money into FTX or held its proprietary token, FTT, between May 2019 and late 2022. O'Neal's $1.8 million payout will cover all legal fees, notice and administration costs, and payouts to those eligible. Also, he is released from future liability and is barred from seeking reimbursement from the FTX bankruptcy estate. "We are pleased to have this matter behind us," O'Neal's attorney said in a statement. In 2022, O'Neal told CNBC he "was just a paid spokesperson for a commercial." At the time he said he didn't know much about crypto currency. "I don't understand it, so I will probably stay away from it until I get a full understanding of what it is," he told CNBS. "From my experience, it is too good to be true." Other FTX endorsers, including Tom Brady, Gisele Bündchen and Steph Curry, had claims against them largely dismissed. FTX, a company in the Bahamas, was the third-largest cryptocurrency exchange three years ago but it racked up billions of dollars or losses and filed for bankruptcy on Nov. 11, 2022. Founder Sam Bankman-Fried isserving a 25-year prison sentence for seven counts of fraud and conspiracy related to the FTX collapse. O'Neal, Charles Barkley, Kenny Smith and Ernie Johnson are moving from TNT next season when "Inside the NBA" appears on ESPN.
Miami Herald
7 hours ago
- Miami Herald
Chile's defense policy shift carries high costs
SANTIAGO, Chile, June 13 (UPI) -- President Gabriel Boric's plan to replace Israel as Chile's primary arms supplier presents logistical and strategic challenges for the country's armed forces. Chile's president has sharply criticized Israel's military actions in Gaza. In his recent state of the nation address, he supported Spain's proposal for an arms embargo on Israel "to prevent more children from being killed." "I have instructed the defense minister to quickly present a plan to diversify our defense trade relationships so we can stop relying on Israeli industry in all areas," Boric said. Since 1977, Chile has purchased more than $850 million worth of Israeli weapons, according to the Stockholm International Peace Research Institute. By 1989, Israel supplied 42.5% of Chile's total weapon imports. During Sebastián Piñera's administration, Chile signed new agreements with Israel covering weapons, security technology and cybersecurity. The path toward supplier diversification is complex. Chile's armed forces maintain a significant inventory of Israeli-made equipment. Changing suppliers requires a transition process that could affect existing system interoperability. Integrating new platforms and technologies from multiple sources takes time, training and often costly modifications to ensure systems from different countries can operate together efficiently. This is especially critical in joint operations, where compatibility between communications gear, navigation systems and weapons is essential. Experts say replacing deeply integrated Israeli systems could weaken Chile's overall operational capability. "The relationship with an arms supplier goes far beyond the initial purchase. It involves agreements for logistical support, spare parts, long-term maintenance and technological upgrades," said César Cereceda, a defense expert and president of the Association of Retired Armed Forces Personnel. Severing or weakening ties with an established supplier like Israel could disrupt the supply chain for critical parts, affecting the operation and availability of existing equipment. Trust and a strong support track record are crucial in military technology procurement, Cereceda added. Military equipment also requires highly trained personnel for operation and maintenance. Changing suppliers means training troops on new systems, requiring investments in time and resources. Chile may consider Brazil, Turkey and India as new suppliers, but it must first evaluate whether their products meet the country's specific defense needs. Brazil has a developing defense industry focused on land systems, aircraft and some naval platforms. While it has made progress, its technology may not match Israel's level of sophistication, particularly in high-tech sectors. Turkey's defense industry has expanded rapidly in recent years, making notable advances in drones, armored vehicles and naval systems. Its development has been impressive, but it has yet to fully consolidate as a comprehensive supplier. India's large industrial base and its ambitious "Made in India" policy are key strengths in its bid to become a defense supplier. However, it still relies heavily on foreign technology for complex systems, and its ability to export advanced weapons at scale remains limited. "Chile's defense policy has long focused on diversifying strategic acquisitions," said Gabriel Gaspar, an international analyst and former deputy defense secretary. He noted that the armed forces operate German armored vehicles, ships from the U.K., Australia and the Netherlands and U.S.-made F-16 fighter jets. "All of these supply lines rely on NATO-standard technology, offering broad compatibility -- from calibers to communication systems," Gaspar said. "Switching to a different line of weaponry is always possible, but it requires long-term policy and funding." The cost of replacing existing technology could range from $15 billion to $20 billion, according to estimates by Fernando Wilson, an analyst at Chile's Adolfo Ibáñez University. Reducing dependence on a single supplier would strengthen Chile's strategic autonomy and reduce its vulnerability to potential embargoes or shifts in bilateral relations. Exploring new markets would allow Chile to access different technologies and approaches in the defense industry, potentially strengthening its long-term military capabilities. However, experts say a complete switch in suppliers and the replacement of all Israeli technology and systems currently in use could come at a very high cost. Copyright 2025 UPI News Corporation. All Rights Reserved.
