1.Tencent -Tencent-backed Waterdrop said on Friday it would shut down its online healthcare mutual aid programme at the end of March amid China’s tightening of financial technology regulations.
Waterdrop’s mutual aid programme, which provides users with a basic health plan covering various types of critical illnesses and participants share the risk of becoming ill and bearing the medical cost, has served 80 million users, mostly in smaller cities in China, it said in a statement.
One of the leading providers in the mutual aid industry, besides Waterdrop, is Ant Group ‘s Xiang Hu Bao, which was launched in 2018 on Alipay and has since accumulated hundreds of millions of users. Others include ride-hailing giant Didi Chuxing.
Chinese food delivery giant Meituan shut down its online mutual aid service in January.
China’s Banking and Insurance Regulatory Commission (CBIRC) has said since late last year that all financial activities needed to be overseen by regulators and all businesses needed to be licensed to operate. Mutual aid platforms are not licensed by the CBIRC.
Waterdrop, that counts Tencent, reinsurer Swiss Re, Boyu Capital and Meituan as investors, was valued at about $2 billion in a funding round last August. It has been planning a U.S. IPO to raise about $500 million, IFR has reported.
Founded in 2016, Beijing-headquartered Waterdrop runs three core businesses – Waterdrop Insurance Mall, Waterdrop Mutual and Waterdrop Crowdfunding.
2.VOLKSWAGEN :Volkswagen will claim damages from former Chief Executive Martin Winterkorn and former Audi boss Rupert Stadler over its diesel emissions scandal, the carmaker said on Friday.
The German group said that following a far-reaching legal investigation it had concluded Winterkorn and Stadler had breached their duty of care, adding it had found no violations by other members of the management board.
Winterkorn and Stadler have both denied being responsible for the scandal.
Volkswagen admitted in 2015 to using illegal software to rig diesel engine tests in the United States, sparking the biggest crisis in its history. The scandal has cost it more than 32 billion euros ($38 billion) in fines, refits and legal costs.
“The Supervisory Board of Volkswagen AG has drawn a line under its clarification process and ended its investigation started in October 2015 into the causes of the diesel crisis and who was responsible for this,” Volkswagen said.
“As a result, the Supervisory Board decided at its meeting today to assert claims for damages against the former Chairman of the Group Board of Management, Prof. Martin Winterkorn, and the former Group Board of Management member and Chairman of the Board of Management of AUDI AG, Rupert Stadler, on account of breaches of the duty of care under stock corporation law.”
Winterkorn’s lawyers said in a statement the former CEO regretted the supervisory board’s decision and rejected the accusations against him.
3.We Work :– WeWork has agreed to go public through a merger with blank-check firm BowX Acquisition Corp that values the office-sharing startup at $9 billion including debt, the Wall Street Journal reported on Friday, citing people familiar with the matter.
The company disclosed to prospective investors it had lost about $3.2 billion last year as part of a pitch for a stock market listing by merging with a special purpose acquisition company (SPAC), sources told Reuters earlier this week.
The office-sharing startup’s plans for its high-profile initial public offering imploded in October 2019 due to investor concerns over the office-sharing startup’s business model and its founder Adam Neumann’s management style.
The company is also raising $1.3 billion in capital, including $800 million in private investment from Insight Partners, funds managed by Starwood Capital Group, Fidelity Management and others, the Journal reported.
WeWork did not immediately respond to a Reuters request for comment.
A SPAC is a shell firm that uses proceeds from an IPO to buy a private firm.
WeWork was valued at nearly $47 billion in 2019 but saw its valuation plummet to roughly $8 billion after SoftBank was forced to extend a life-saving financing lifeline to WeWork.
4.Deutsche Bank:– Deutsche Bank CEO Christian Sewing, is willing to give up his role overseeing the investment bank in the foreseeable future, a person with knowledge of the matter said on Friday, a move likely to reassure regulators.
Germany’s biggest bank is one of the few major banks in the world to assign day-to-day oversight of investment banking to its chief executive. At most banks, other board members oversee the division.
The person, speaking on condition of anonymity, said Sewing never intended to permanently keep this role that he had added to his duties in a management overhaul in 2019.
Deutsche Bank and its regulators, the European Central Bank and BaFin, declined to comment.
Reuters reported in January that Sewing was under pressure from regulators to relinquish day-to-day oversight of the investment bank. Regulators are worried that Sewing has too much on his plate, potentially leaving the investment bank open to operational hazards.
Handelsblatt reported earlier on Friday that there is movement on the topic of the Sewing’s dual role.
The investment bank is the German lender’s main profit driver, but also represents a concentration of risk for a bank that is deemed “systemically important” in terms of the functioning of the global financial system.
5.TESLA- Tesla Inc Chief Executive Officer Elon Musk’s 2018 tweet threatening employees would lose their stock options if they formed a union was illegal and should be deleted, the U.S. National Labor Relations Board said on Thursday.
The NLRB backed a ruling from a U.S. labor judge in 2019 that the electric-car maker had committed a series of violations of the National Labor Relations Act in 2017 and 2018.
“Nothing stopping Tesla team at our car plant from voting union. Could do so tmrw if they wanted. But why pay union dues & give up stock options for nothing? Our safety record is 2X better than when plant was UAW & everybody already gets healthcare”, Musk wrote in the May 2018 tweet