China’s Dahua Technology to Exit Projects in Xinjiang

/in /tarafından

Zhejiang Dahua Technology (002236.SZ), a major Chinese video surveillance equipment maker, announced on Monday that it and its subsidiaries will terminate or exit five projects in China’s Xinjiang region. The projects, which were awarded between 2016 and 2017, include both terminated contracts and those still in operation, according to a filing with the Shenzhen stock exchange. Dahua confirmed it would cease operating the projects and initiate asset disposal and debt resolution procedures, but did not provide a specific reason for the withdrawal.

This move follows a similar decision by Hikvision (002415.SZ), another Chinese surveillance camera manufacturer, which also exited contracts with five Xinjiang local governments earlier this month, without disclosing the reasons.

Dahua’s exit comes amid heightened international scrutiny. The U.S. government added Dahua to its trade blacklist in 2019, accusing the company of involvement in “repression and high-tech surveillance” against Uyghur Muslims and other minority groups in Xinjiang. Dahua has consistently denied these allegations, arguing that the U.S. decision was not based on factual evidence. The Chinese government has also rejected claims of human rights abuses in the region and criticized companies that sever ties with firms operating there.

 

Talen Energy to Appeal FERC’s Rejection of Amazon Data Center Deal

/in /tarafından

Talen Energy (TLN.O) announced plans to appeal the Federal Energy Regulatory Commission’s (FERC) rejection of an amended interconnection agreement for an Amazon data center at its Susquehanna nuclear plant in Pennsylvania. Earlier this year, Talen Energy sold a data center connected to the plant to Amazon (AMZN.O), aiming to increase its capacity from 300 megawatts to 480 megawatts.

However, the deal faced opposition from major utilities American Electric Power (AEP.O) and Exelon (EXC.O). FERC sided with these companies in a November 1 ruling, blocking the interconnection agreement. Talen Energy requested a rehearing in December, but FERC’s failure to issue a decision within 30 days has made the ruling eligible for appeal to a U.S. Circuit Court of Appeals.

The company stated it will pursue an appeal to challenge the rejection. Despite the regulatory setback, Talen’s shares have surged over 200% this year, and were up 0.6% in afternoon trading.

 

Fiserv Expands Gig-Economy Financing with $140 Million Acquisition of Payfare

/in /tarafından

U.S. fintech giant Fiserv (FI.N) has announced the acquisition of Canada’s Payfare (PAY.TO) in a deal valued at C$201.5 million ($140 million). This move is part of Fiserv’s strategy to broaden its payment services for gig-economy workers. The acquisition follows Payfare’s strategic review, which was triggered by the announcement that its partnership with DoorDash (DASH.O) for the DasherDirect card program would not be renewed beyond early 2025, causing a significant drop in Payfare’s stock value.

Fiserv’s offer to purchase Payfare’s shares at C$4 each represents a 90% premium over the company’s last closing price but is significantly lower than its stock price before the DoorDash news. This acquisition is expected to give Fiserv a stronger foothold in the rapidly growing gig economy, where workers often rely on digital banking platforms for urgent financial needs.

Payfare’s partnerships with major gig-economy platforms such as Uber (UBER.N) and Lyft (LYFT.O) will be a valuable asset to Fiserv as it expands its embedded finance services. The deal is expected to close in the first half of next year and may mark one of the final initiatives of Fiserv CEO Frank Bisignano, who is set to head the Social Security Administration under President-elect Donald Trump.

The growing demand for fintech services, especially for early wage access, has been highlighted by a 90% year-over-year increase in transactions processed by fintech providers. The deal aligns with Fiserv’s strategic focus on expanding its technology offerings and presence in the embedded finance space.

Payfare’s shares surged by 78% following the announcement, although they have fallen nearly 66% over the course of this year. Meanwhile, Fiserv’s stock has seen a 55% increase.