Intel to separate networking unit
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Interactive Brokers considers launching new stablecoin for customers
NEW YORK :Interactive Brokers Group is considering launching a stablecoin for customers, joining a number of large financial firms that are betting big on the digital token boom as the U.S. eases regulations around the crypto industry. The deliberations come at a time when the underlying infrastructure of global financial markets is undergoing a once-in-a-generation transformation due to the proliferation of blockchain-based assets like stablecoins. In an interview with Reuters, Interactive Brokers' billionaire founder Thomas Peterffy said the company is working on potentially issuing stablecoins, but has yet to make a final decision on how that will be offered to customers. Interactive Brokers, which is one of the world's leading discount brokers with a market value of about $110 billion, currently has a partnership with crypto platform Paxos and is also an investor in crypto exchange Zero Hash. Through these tie-ups, Interactive Brokers offers trading in various cryptocurrencies to customers. The popular trading platform is now working on enabling instant, 24/7 stablecoin funding for brokerage accounts, as well as supporting asset transfers for commonly traded cryptocurrencies, said Peterffy, who also sounded a note of caution on the risks of rapid widespread adoption of crypto. "It's basically hard to grasp its fundamental value. If we see people adopting it and ascribing a value to it, I'm okay with that, but I'm still not convinced," said Peterffy. Among the options being considered, the Greenwich, Connecticut-based firm could allow customers to use stablecoins issued by other financial institutions to fund their accounts, depending upon the credibility of the issuer. Stablecoins are blockchain-based tokens acting as a proxy for an asset that allow people to move money across borders without interacting with the banking system. Critics have warned that this makes them useful for criminals who want to avoid banks' anti-money laundering checks. Online brokerage firm Robinhood recently launched a stablecoin pegged to the U.S. dollar called the Global Dollar Network through a consortium that included other crypto platforms like Kraken and Galaxy Digital. The Global Dollar Network is based around a stablecoin called USDG, which is issued by Paxos. Interactive Brokers, which last year launched a predictions market called ForecastEx that allows investors to buy "yes" or "no" contracts in response to questions, is one of the largest U.S. trading platforms with about 3.87 million customer accounts at the end of June, a jump of 32 per cent from last year. Like other brokerages, Interactive Brokers has benefited from elevated levels of trading due to market volatility this year that was triggered by U.S. tariff policy. Its shares have surged about 47 per cent since the start of the year, outperforming the S&P 500 Investment Banking & Brokerage index, which has risen roughly 20 per cent during the same period.
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WiseTech Global taps insider Zubin Appoo as new CEO, succeeding founder Richard White
Australian logistics software maker WiseTech Global on Monday said its chief of staff, Zubin Appoo, will take on the role of CEO effective immediately, succeeding billionaire founder Richard White. White, the company's long-serving chief executive, put down his papers last October, following a flurry of controversies, including media reports of allegations about his personal life. White's exit comes amid a broader crisis marked by boardroom exodus, corporate governance concerns, and share volatility that led to Australia's largest pension fund, AustralianSuper, selling its stake in WiseTech Global. Appoo previously spent 14 years at WiseTech from 2004 to 2018 as head of innovation and technology, and was part of the team that developed WiseTech's flagship CargoWise platform. He returned to the company earlier this year as the deputy chief innovation officer, reporting directly to White. "Zubin Appoo's appointment is a much-needed stabilising force" for WiseTech, said Josh Gilbert, market analyst with eToro. "His elevation to CEO allows the business to draw a line under recent boardroom drama and provides a clearer leadership structure moving forward." Shares of the company ended 0.3 per cent higher at A$120.5. Andrew Cartledge, who served as the logistics tech firm's finance chief for nearly a decade, took over the interim CEO duties in October 2024. The company reiterated that Cartledge will retire at the end of the year as previously stated, but did not specify what role he will take on till his retirement. Last year in October, the Australian Financial Review and other media outlets reported that a woman who had had a sexual relationship with White made numerous allegations against him in late 2020, including claims of inappropriate behaviour. Initial findings of an external governance review started by the company largely cleared White of wrongdoing, though it acknowledged that his management style might be perceived by some employees as intimidating.
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CK Hutchison eyes 'major' Chinese investor for Panama ports deal
HONG KONG: Hong Kong conglomerate CK Hutchison said Monday (Jul 28) it was considering inviting a Chinese "major strategic investor" to join a United States-led consortium negotiating the sale of its global ports business outside China, including operations at the Panama Canal. The firm said in March it was offloading the ports - including operations in the vital Central American waterway - to a group led by asset manager BlackRock for US$19 billion in cash. The consortium was to include BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, a subsidiary of the Mediterranean Shipping Company. A Hutchison subsidiary has operated ports at both ends of the Panama Canal since 1997. The sale was seen as a political victory for US President Donald Trump, who had vowed to "take back" the Panama Canal from alleged Chinese control, prompting Beijing's ire. China's market regulator said in March it was reviewing the deal. In May, Hutchison co-managing director, Dominic Lai told shareholders that Terminal Investment was the main investor. Its parent company is led by Italian shipping scion Diego Aponte. Aponte's family reportedly has a longstanding relationship with the owner of CK Hutchison Li Ka-shing, who is also Hong Kong's richest man. "(CK Hutchison) remains in discussions with members of the consortium with a view to inviting (a) major strategic investor from (China) to join as a significant member of the consortium," CK Hutchison said in a stock exchange filing Monday. The firm added that changes to the consortium's membership and deal structure will be needed for the deal "to be capable of being approved by all relevant authorities". It said the "period for exclusive negotiations" mentioned in the March announcement had expired, but discussions will continue. It did not name the major investor. The deadline for their exclusive negotiation period ended on Jul 27. China's biggest shipping company Cosco was set to join the consortium and was requesting veto rights or equivalent powers, Bloomberg News reported. Bloomberg Intelligence analyst Denise Wong told the outlet that "ongoing negotiations and the reported inclusion of Cosco Shipping in the consortium have likely eased concerns over Chinese regulatory hurdles, strengthening investor confidence in the deal's viability". Gary Ng, senior economist for Asia Pacific at Natixis, said Monday's developments show that "business deals can be increasingly subject to politics in the new economic and geopolitical reality" as the Hong Kong conglomerate seeks to "keep everyone happy". CK Hutchison said it "intends to allow such time as is required for such discussions to achieve" a workable arrangement. It said it had stated on several occasions that it "will not proceed with any transaction that does not have the approval of all relevant authorities". The initial deal, valued at nearly US$23 billion including US$5 billion in debt, would have given the consortium control over 43 ports in 23 countries, including the ports of Balboa and Cristobal, located at either end of the canal. That agreement also required approval from Panama's government. Its Hong Kong-listed shares fell 0.6 per cent Monday, while Cosco dropped 2.2 per cent.
