Faraday Future Completes Bridge Financing to Push Forward Production of Its All-electric FF 91 Luxury Vehicle

  • Amended Bridge Financing Includes up to $45 Million in New Senior Secured Financing

  • Birch Lake Fund Management LP, Which Led Senior Bridge Financing Facility in 2019, Returns to Support Faraday Future

 

Faraday Future (FF), a California-based global shared intelligent mobility ecosystem company, today announced that it has completed the expansion and extension of the senior bridge financing facility put in place in 2019 to support the completion and launch of its flagship FF 91 EV and continue development of the mass-market FF 81. The amended bridge facility includes new senior secured financing of up to $45 million, which matures in October 2021.

As part of the expanded and extended financing agreement, Birch Lake, a Chicago-based merchant bank, has returned to support FF as the majority purchaser of the new senior secured financing. The principals of Birch Lake and co-investor, ATW Partners, a New York-based private equity firm, bring extensive experience

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Amid legislative push to eliminate them, Palatine seeks new red-light camera contract

Despite attempts by some lawmakers to ban red-light cameras, the village of Palatine — like others across the suburbs — plans to continue using them, although it has solicited proposals from vendors rather than automatically extending its latest contract.

The cameras have worked well for the village, lowering traffic crashes and increasing safety, Palatine Village Manager Reid Ottesen said. They’ve also brought in millions of dollars in revenues earmarked for the police department, particularly its traffic unit.

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        

 

The village has no complaints about its vendor since 2008, RedSpeed Illinois, but it’s doing due diligence by seeking other proposals, Ottesen said. The latest contract ended in July and is continuing on a month-to-month basis.

“The industry has evolved …” he said. “I really felt we should look far and wide to see what’s out there. Are we getting the best value? Are we getting the best equipment? Those are the things

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

LONDON: 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 BigTech firms may, in

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

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

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Argentina Expands Tech Companies’ Incentives Amid Recovery Push

Argentina Bonds Fall With Tighter Foreign-Exchange Controls

Photographer: Erica Canepa/Bloomberg

Argentina is expanding benefits to its burgeoning tech sector in an effort to boost much-needed foreign investment and exports, supporting a resilient industry that’s grown amid a severe, three-year recession.

Both chambers of congress recently approved a technology bill that provides tax incentives for the next decade to start-ups and industry giants that train and hire workers. It’s one of very few bills with long-term economic scope to make it through Argentina’s deeply divided congress this year.

“There’s absolute agreement among all political parties about the relevance of this sector,” Production Minister Matias Kulfas told journalists Friday, estimating the bill over 10 years would nearly double employment and increase tech service exports by an additional $4 billion. “The pandemic is speeding up digital priorities, and we have to see it as an opportunity to strengthen foreign investment.”

Tough Tech

Argentina’s tech sector has

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EMERGING MARKETS-Thai shares gain for fourth day on stimulus push; Philippines steadies

By Shruti Sonal

Oct 8 (Reuters)Thai stocks climbed 1% on Thursday as the government outlined measures to boost consumption in its coronavirus-battered economy, while a late recovery helped Philippine shares edge up in tandem with gains in most of Asia’s emerging markets.

The safe-haven U.S. dollar nursed losses after the revival of hopes for some stimulus spending in the world’s biggest economy improved investor sentiment, supporting local currencies in Asia, which edged higher. The Taiwan dollar TWD=TP was again the main standout, rising almost 1%.

Thailand’s benchmark index .SETI hit its highest in more than two weeks after officials on Wednesday added a tax deduction on purchases of goods and services to previously announced cash handouts and subsidies.

The tourism-reliant economy has also started receiving its first visitors after months of travel curbs and its markets have proven relatively immune to growing protests against the army-backed government.

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EMERGING MARKETS-Thailand gains after govt adds tax deduction to stimulus push

By Shruti Sonal

Oct 8 (Reuters)Thai stocks climbed nearly 1% on Thursday as the government took measures to boost consumption in its coronavirus-battered economy, leading gains across a handful of Asia’s big emerging markets.

With markets globally eyeing a tumultuous U.S. election campaign and roadblocks in passing stimulus in the world’s biggest economy, currencies across the region were subdued, with the Taiwan dollar again the main standout, rising almost 1%.

Thailand’s benchmark index .SETI hit its highest in over two weeks after officials added a tax deduction on purchases of goods and services to cash handouts and subsidies announced last month.

Deputy Prime Minister Supattanapong Punmeechaow said altogether the measures would push about 200 billion baht ($6.4 billion) into the economy in the last three months of this year.

The tourist-heavy economy has started receiving its first visitors this week after months of travel curbs and its

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McDonald’s adds bakery items to menu in push for breakfast customers

  • McDonald’s is introducing the apple fritter, blueberry muffin and cinnamon roll to its permanent menu later this month.
  • The chain’s breakfast sales have lagged during the pandemic because of the disruption to consumers’ normal routines.
  • McDonald’s is also facing more competition for breakfast customers from rival Wendy’s.



a close up of a doughnut and a cup of coffee: McDonald's new cinnamon roll, apple fritter and blueberry muffin


© Provided by CNBC
McDonald’s new cinnamon roll, apple fritter and blueberry muffin

McDonald’s is adding baked goods to its permanent menu for the first time in more than eight years as the fast-food giant tries to revive its breakfast sales.

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Starting Oct. 28, customers will be able to buy an apple fritter, blueberry muffin or cinnamon roll at participating locations in the United States. The McCafe Bakery items will be available all day.  

Throughout the coronavirus pandemic, McDonald’s breakfast sales have been under pressure as many consumers work from home, disrupting their usual commutes and breakfast habits. The NPD Group

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Next Apple TV could use A12Z or “A14X” in big Apple Arcade push

Apple’s next version of the Apple TV set-top box could use an 12 or A14 chip, a leaker claims, with Apple said to be making a major push to improve the quality of content offered in Apple Arcade.

A report from September pointed to a possible upgrade of the Apple TV with a new processor, as well as a gaming controller to support Apple Arcade sometime in 2021. In a Saturday weet from leaker “choco_bit,” it seems that Apple’s ambitions require some serious hardware choices.

In the tweet, the leaker suggests Apple is working on an A12X or A12Z-based Apple TV, using upgraded SoC versions previously used by the iPad Pro range. In the same tweet, Apple is also thought to be making an “A14X-like” Apple TV, which by the name alone would suggest the use of an enhanced form of the incoming A14 chip.

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Hyundai reels in top AI scholars for future mobility solutions push

At this year’s CES 2020 event, Hyundai Motor Corporation unveiled a magnanimous vision for future mobility where land and aerial modes of transportation are inextricably linked together. The three-tiered project, collectively known as Urban Air Mobility, Purpose Built Vehicle and Hub (UAM-PBV-Hub), is “a key future innovation business that can help overcome urban challenges like traffic congestion and transform the paradigm of mobility.”

 

Despite the project’s enormous size and scope, it’s not the only sizeable investment that Hyundai plans to make as far as smart mobility solutions go. And so to ensure these projects and more proceed according to plan and schedule, the South Korean carmaker has tapped into the expertise of the best AI minds in the business.

The company has announced the recruitment of top scholars in artificial intelligence (AI), Tomaso A. Poggio and Daniela L. Rus, as part of its AI Technology Advisory Group to

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