Company Briefs: Binance
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Binance
The price of Bitcoin rapidly plunged by about 87 per cent on Binance's United States exchange on Thursday morning, sinking to as low as US$8,200 from around US$65,000. The price did nothing like that on other venues and on Binance, the level almost immediately snapped back to where it had been.
"One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off," Binance.US said in an e-mailed statement. The plunge occurred at 7.34am New York time, said the Binance.US website.
BLOOMBERG
ARA Dunedin
ARA Dunedin, the European arm of ARA Asset Management, has entered into a joint venture (JV) with global private markets firm Partners Group to invest in logistics and industrial assets in the United Kingdom. This targets a portfolio gross asset value of £250 million (S$465 million), and will focus on assets near major regions that need upgrading, extending or reletting, the firms said in a joint statement on Thursday.
ARA Dunedin earlier said it would acquire a portfolio of seven industrial properties in the UK that will form the initial investment for the JV.
THE BUSINESS TIMES
Renault
Renault will lose out on far more car production this year than previously anticipated due to the crippling global chip shortage, another obstacle to its turnaround plans. The French carmaker will make close to 500,000 fewer vehicles this year owing to lack of components, said a statement yesterday. Renault predicted a shortfall of roughly 200,000 in July. Despite the disruptions, the manufacturer kept its margin target for the year and expects positive automotive operational free cash flow, excluding change in working capital requirements.
BLOOMBERG
