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Big tech’s emerging market finance push brings rewards and risk, FSB says

October 11, 2020

LONDON, Oct 12 (Reuters) – A push by big technology firms into financial services in developing countries will improve access to them, but might also make traditional lenders more vulnerable, the Financial Stability Board (FSB) said.

The expansion in emerging markets has generally been more rapid and broad-based than that in advanced economies, the FSB, which coordinates financial regulation for the Group of 20 Economies (G20), said in the report released on Monday.

Lower levels of access to traditional banking and financial services developing economies had created demand for services now offered by big tech firms, the report found, particularly among low-income populations and in rural areas.

An increasing availability of mobile phones and internet access supported this trend, the FSB said.

“However the expansion of BigTech activity also gives rise to risks and vulnerabilities,” it said, pointing to lower financial literacy and firms using other data gathered.

“Competition from

Quility Brings the Power of Choice to Insurance Marketplace

October 8, 2020

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ASHEVILLE, N.C., Oct. 7, 2020 /PRNewswire/ — Quility today announced the launch of its digital platform, designed to revolutionize the process of shopping for and purchasing life insurance. With a mission to provide choice and simplicity in an industry that is perceived to be complex, Quility provides the opportunity for its clients to get the coverage they need on their terms.

Quility is backed by more than 4,000 licensed insurance agents nationwide, a recent combination of partner companies Symmetry Financial Group and Asurea Insurance Services. With licensed agents available for virtual and in-person consultations, Quility provides its clients with convenient access to expert advice and support when shopping for and purchasing life insurance. If a client prefers to purchase a policy online, Quility provides a ten-minute digital application that generally requires no medical exam. Quility’s seamless digital platform offers support from a licensed agent throughout the process should

Porter brings back whiteboard to grill former pharma CEO on cancer drug price hike

October 2, 2020

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Rep. Katie Porter (D-Calif.) went viral this week after grilling former Celgene CEO Mark Alles over his compensation and the price of cancer drug Revlimid during a committee hearing.

Using her now-signature whiteboard board, Porter pointed out that the price of the drug, which is approved to treat the blood cancer multiple myeloma, has spiked from $412 per pill in 2005 to $763 per pill today.

“I’m curious, did the drug get substantially more effective in that time? Did cancer patients need fewer pills?” Porter asked, after writing the price increases on a white board.

The former CEO told the lawmaker that the manufacturing for the pill “would be the same” between 2005 and today.

“Did the drug start to work faster? Were there fewer side effects? How did you change the formula or production of Revlimid to justify this price increase?” Porter asked.

She also grilled Alles on his

Activist investor Carl Icahn brings son back, lays out succession plan

October 1, 2020

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Carl Icahn speaking at Delivering Alpha in New York on Sept. 13, 2016.

David A. Grogan | CNBC

Billionaire investor Carl Icahn announced the formal return of his son, Brett, to Icahn Enterprises on Thursday, laying the groundwork for a handover of control at one of the world’s most successful activist investment firms.

Brett Icahn, 41, will manage a team of portfolio managers, will buy a $10 million stake in the firm and join the board of directors of the firm his 84-year old father has been running for decades, the company said in a release.

The pair, who have worked together off and on for years, said Brett would likely become chief executive and chairman in seven years or sooner if Carl agrees. Carl Icahn is currently the chairman and Keith Cozza is the president and chief executive officer. The Icahns could not be reached for comment.

Brett Icahn

NTT Docomo Buyout Brings Japan Inc. Consolidation Back in Focus

September 29, 2020

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(Bloomberg) — Talk of what could be this year’s biggest deal and the largest tender offer in Japanese corporate history is reviving speculation that consolidation will increase for Japan Inc.

Shares of subsidiaries at Nippon Telegraph & Telephone Corp. such as NTT Data Corp. and XNET Corp. gained Tuesday after the Nikkei reported that NTT plans to buy out its mobile phone carrier unit NTT Docomo Inc. through a tender offer.

“This is a significant message to the Japanese market,” said Naoki Fujiwara, the chief fund manager at Shinkin Asset Management Co. “These are two very notable parent-subsidiary companies that everyone knows about.”

graphical user interface, chart: Buyout report spurs gains in NTT Data, XNET

© Bloomberg
Buyout report spurs gains in NTT Data, XNET

News of the deal comes as some of Japan’s “parent-child listings,” in which both the parent and its unit are listed entities, have taken steps to consolidate or divest amid criticism that the practice ignores minority shareholders’

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