Metrofinanciera Faces Credit Downgrade and Default Risk
Metrofinanciera, a multiple-purpose financial society (Sofom), received a downgrade in its local credit ratings by Fitch Ratings due to the inability to maintain normal operations because of unpaid significant contractual obligations and institutional commitments resulting from the freezing of all its accounts.
Fitch reduced Metrofinanciera’s long-term and short-term risk ratings from ‘CC(mex)’ and ‘C(mex)’, respectively, to ‘D(mex)’, indicating a default or failure level from the eighth and ninth rungs of speculative-grade assets.
Metrofinanciera focuses on real estate financing, primarily for residential construction across various segments through bridge loans.
Fitch considers that the unpaid obligations and failure to meet minimum regulatory capital put Metrofinanciera’s operational continuity in doubt, even though some unrelated debt remains valid.
Incode Technologies Strengthens Market Position through Acquisition
Incode Technologies, a firm specializing in identity authentication, completed the acquisition of its competitor AuthenticID to bolster its market position. The transaction amount remains undisclosed.
Founded in Silicon Valley, California, Incode stated that this acquisition will grant them experience in regulated and high-volume environments.
The company aims to increase its relevance in the digital identity market, estimated to reach $116 billion by 2027.
Together, the companies serve eight of the ten largest U.S. banks, four out of the five largest Latin American banks, and eight major telecommunications companies in North America.
Fresnillo Announces Semi-Annual Dividend Payment
Minera Fresnillo, the world’s largest primary silver producer, announced that its shareholders approved a semi-annual dividend equivalent to 20.8 cents per share.
The company stated that the dividend will be paid on September 17, 2023, at an exchange rate of 1.35169 dollars per British pound. In British pounds, the payment will be 15.3881 cents per share.
NVIDIA Prepares Product Launch for Chinese Market
NVIDIA Corporation, the U.S.-based electronics components manufacturer, is evaluating the launch of several products, including a new AI chip for the Chinese market, according to CNBC.
The tentatively named B30A product is likely based on the Blackwell chip architecture, with sample unit deliveries to Chinese clients for testing possibly taking place next month.
Earlier this month, NVIDIA and Advanced Micro Devices agreed to give the U.S. government 15% of their Chinese market sales.
Key Questions and Answers
- What is Metrofinanciera and why is it in the news? Metrofinanciera, a multiple-purpose financial society, received a credit downgrade from Fitch Ratings due to its inability to meet significant contractual obligations and institutional commitments, putting its operational continuity in doubt.
- What is Incode Technologies’ recent development? Incode Technologies, a firm specializing in identity authentication, acquired its competitor AuthenticID to gain experience in regulated and high-volume environments, aiming to increase its relevance in the digital identity market.
- Why is Fresnillo’s dividend payment newsworthy? Fresnillo, the world’s largest primary silver producer, announced a semi-annual dividend of 20.8 cents per share, to be paid on September 17, 2023.
- What is NVIDIA’s strategy in the Chinese market? NVIDIA is preparing to launch new products, including a new AI chip, for the Chinese market. The company recently agreed to give the U.S. government 15% of their Chinese market sales.
