Small Business Receives Million Dollar NSF Grant

Lapovations LLC, a small business formed at the University of Arkansas, received a $999,429 Small Business Innovation Research Phase II grant from the National Science Foundation. The grant builds on the success of its $225,000 Phase I grant and will be used to develop and commercialize its products.

Lapovations is a medical device company that focuses on improving laparoscopy, or minimally invasive abdominal surgery. The company was formed in the New Venture Development program presented by the U of A’s Office of Entrepreneurship and Innovation. In 2018, Lapovations became the most successful startup competition team in U of A history, winning seven state, regional and national business plan competitions, placing second in two others, and earning more than $305,000 in cash and investment prizes.

In 2019 Lapovations was awarded a $50,000 grant by Arkansas Economic Development Commission as part of the Arkansas Small Business Innovation Research Matching Grant Program.  Lapovations

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Apollo Global Management’s SPAC Spartan Acquisition II files for a $400 million IPO

Spartan Acquisition II, the second blank check company formed by Apollo Global Management targeting the North American energy industry, filed on Friday with the SEC to raise up to $400 million in an initial public offering.

The New York-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Spartan Acquisition II would command a market value of $500 million.

The company is led by CEO and Director Geoffrey Strong, who is a Senior Partner at Apollo, and CFO and CAO James Crossen, who serves as the CFO for Private Equity and Real Assets at Apollo. Apollo’s previous SPAC, Spartan Energy Acquisition (SPAQ; +46% from $10 offer price) is currently pending a business combination with Fisker. Spartan Acquisition II plans to focus

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$500+ Million Key Management as a Service Markets, 2030

DUBLIN, Oct. 9, 2020 /PRNewswire/ — The “Key Management as a Service Market Research Report: By Component, Enterprise, Application, Industry – Global Industry Analysis and Growth Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.

In the wake of the rising cyber attacks, adoption of cloud technologies, and focus on digital transformation, the need to meet the associated regulatory compliance is increasing around the world. Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard (PCI DSS), General Data Protection Regulation (GDPR), and Federal Information Security Management Act (FISMA) are the various acts and standards which govern cyber security.

As a result of key management being an important aspect covered in these regulations, the global key management as a service market is projected to grow at a CAGR of 25.9% between 2020 and 2030 (forecast period), after having generated $511.9 million, in revenue, in

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Citigroup fined $400 million for risk management deficiencies

Meghann Showers



a person standing in front of a bicycle: A cyclist wearing a protective mask rides past a Citigroup Inc. Citibank bank branch in New York, U.S., on Thursday, July 9, 2020. Citigroup is scheduled to release earnings figures on July 14. Photographer: Peter Foley/Bloomberg via Getty Images


© Peter Foley/Bloomberg via Getty Images
A cyclist wearing a protective mask rides past a Citigroup Inc. Citibank bank branch in New York, U.S., on Thursday, July 9, 2020. Citigroup is scheduled to release earnings figures on July 14. Photographer: Peter Foley/Bloomberg via Getty Images

Federal banking regulators will fine Citibank $400 million for shortcomings in its risk management and other internal controls processes.

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The Office of the Comptroller of the Currency, an agency within the Treasury Department, cited “serious and longstanding deficiencies and unsafe or unsound practices” in Citibank’s risk management and data governance.

“The OCC took these actions based on the bank’s longstanding failure to establish effective risk management and data governance programs and internal controls,” the agency said in a release Wednesday.

The penalty comes in conjunction with a separate but related enforcement action by the Federal Reserve Board against Citibank’s parent company, Citigroup. The

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Molina adds Affinity Health Plan to Medicaid business for $380 million

Meghann Showers

Molina acquires Affinity Health Plan for $380 million.Molina acquires Affinity Health Plan for $380 million.

Molina Healthcare has announced it has entered into a definitive agreement to acquire managed Medicaid organization Affinity Health Plan for $380 million.

Molina intends to fund the purchase with cash on hand. 

The transaction is expected to close in the second quarter of 2021.

WHY THIS MATTERS

The deal is another in Molina’s plan for strategic growth and to fend off competition from other insurers in the business of state Medicaid and federal government contracts.

Molina is also in the Affordable Care Act market. 

Molina CEO and President Joe Zubretsky said Affinity has the perfect product line and geographic fit. Affinity serves members in New York City, Westchester, Orange, Nassau, Suffolk, and Rockland counties in New York. 

THE LARGER TREND

Affinity is the latest acquisition for Molina. 

In July, Molina entered into a definitive agreement to acquire certain assets related to the

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Regulator fines Citigroup $400 million for management failures

Meghann Showers

Banking regulators on Wednesday fined Citigroup $400 million for “its long-standing failure” to improve its risk-management systems, according to statement from the Office of Comptroller of the Currency (OCC).

Where it stands: A consent decree issued simultaneously from the Federal Reserve said the bank did not adequately address previous problems the Fed had identified related to “various areas of risk management and internal controls.”

  • The order cited “deficiencies in Citigroup’s antimoney laundering compliance program” and its “control infrastructure relating to its foreign exchange program and designated market activities.” The Fed ordered Citi to correct the issues in 2013 and 2015, respectively.
  • The fine comes less than a month after Citi’s CEO Michael Corbat announced that he would retire from the the company in February 2021.

What they’re saying: “The agency also issued a cease and desist order requiring the bank to take broad and comprehensive corrective actions to improve risk

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ATIF Holdings Limited Awarded Additional Film Ads Contracts with an Aggregate Value of $1 Million for Domestic and International Brands

Meghann Showers

SHENZHEN, China, Oct. 8, 2020 /PRNewswire/ — ATIF Holdings Limited (Nasdaq: ATIF, the “Company”), a company providing business consulting and multimedia services in Asia, today announced that its majority-owned subsidiary, Leaping Group Co., Ltd. (“LGC”), a leading multimedia, advertising and theatre operating firm in Northeast China, recently has been awarded additional film advertisement contracts with multiple well-known brands such as Audi, Honda, Construction Bank of China, IKEA, etc. for cinema screen advertising during the prime time of National Day’s Golden week holiday. The contracts with the domestic and international companies including Hongqi, Bank of Communications, Country Garden, Poly, Audi, Honda, Construction Bank of China and IKEA are valued at an aggregate amount of $1 million.

Based on the contracts, LGC will provide advertisement services for the brands in its four theaters in Shenyang City and multiple theaters of Wanda Film in North East China. Wanda Film

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Manta nabs $13 million to simplify data lineage management

Meghann Showers

Data lineage automation platform Manta today closed a $13 million series A1 round led by Bessemer Venture Partners. Manta says it will put the funds toward workforce growth and product development as it looks to expand into new territories.

Data lineage, which includes the data’s origin, what happens to it, and where it moves over time, offers improved visibility and makes it easier to trace errors back to the root cause. But practices commonly vary from company to company, with just 20% of organizations publishing data provenance and data lineage, according to O’Reilly.

One explanation for this inconsistent adoption might be the challenge of successfully capturing data lineage. A best practice is to incorporate mechanisms for generating and managing metadata into front- and back-end tools, which takes substantial time and effort. To address this, Manta’s suite offers actionable intelligence to support development, ostensibly shortening time to market while boosting governance

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Citigroup to pay $400 million fine over risk management, compliance lapses

Meghann Showers

Citibank has agreed to pay a $400 million fine and overhaul its internal risk management, data protection and compliance controls to settle enforcement actions by the Federal Reserve Board and Office of the Comptroller of the Currency (OCC), the two regulators announced Wednesday.



a sign above a store: the Citibank logo is seen inside a branch in Washington, DC


© The Hill
the Citibank logo is seen inside a branch in Washington, DC

The Fed and OCC took action against Citigroup for failing to address oversight gaps at the massive bank despite several violations of federal laws and bank regulations, the agencies said in separate consent orders.

Citigroup has agreed to pay $400 million to the U.S. Treasury to settle charges brought by the OCC and will seek the regulators’ approval before making major acquisitions. The bank also agreed to take “broad and comprehensive corrective actions to improve risk management, data governance, and internal controls.”

The Fed also imposed a cease and desist order

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Citigroup is fined $400 million over ‘longstanding’ internal problems.

Meghann Showers

Two months after one of its bankers accidentally sent nearly $1 billion to the wrong people, Citigroup agreed to pay $400 million to federal regulators over long-running problems keeping its daily operations under control.

The regulators — the Federal Reserve and the Office of the Comptroller of the Currency — said Wednesday that Citi had been engaging in “unsafe and unsound banking practices,” including in its programs to catch money launderers.

Citi had failed to fix problems that had been identified over a period of years, the regulators said. The O.C.C. called the bank’s deficiencies a “longstanding failure to establish effective risk management.”

Citibank is in the midst of a major transition — its chief executive, Michael Corbat, will step down early next year and be replaced by Jane Fraser, Citigroup’s president — and must now make improvements to satisfy both regulators. Among the necessary steps: making its executives’ roles

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