Archive for Private Equity
Snap CFO’s Exit Followed Request to Board for More Money
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Stone went around Spiegel to seek a raise, people say
- Executive also sought promotion to Khan’s former strategy job
Snap Inc. Chief Financial Officer Tim Stone, whose resignation after just eight months in the job roiled the social-media company’s share price, left after a dispute with management over pay.
Stone went around Chief Executive Officer Evan Spiegel to ask Snap’s board directly for a significant raise, according to people with knowledge of the matter. The incident sparked tension between the two, resulting in Stone’s departure. Stone also asked to be promoted into a chief operating officer-type role, after the departure of strategy chief Imran Khan at the end of last year, said the people, who asked not to be identified discussing internal matters. Spiegel instead hired two outsiders: Jeremi Gorman as chief business officer and Jared Grusd as chief strategy officer…
Dubai Ruler in Talks to Buy Some of Europe’s Most Famous Luxury Hotels
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The Aldrovandi Villa Borghese in Rome.
Source: Aldrovandi Villa Borghese
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Jumeirah owner looking at hotels in Capri, Rome and Istanbul
- Sahenk’s Dogus Holding restructured bank loans in December
Turkish billionaire Ferit Sahenk is in talks to sell some of Europe’s most famous luxury hotels to the investment firm owned by Dubai’s ruler as part of a debt restructuring, people with knowledge of the matter said.
The discussions involve properties including the historic Capri Palace in Italy, the Aldrovandi Villa Borghese in Rome and Istanbul’s Grand Hyatt, the people said, asking not to be identified because the talks are private…
Cuomo Assails Predatory Lending Tactic That Uses N.Y. Courts
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Andrew Cuomo Photographer: Peter Foley/Bloomberg
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Governor seeks to curb abuse of confessions of judgment
- Will propose legislation aimed at cash-advance industry
New York Governor Andrew Cuomo is seeking to end his state’s role as the nation’s collections department for predatory loans to small businesses.
Cuomo plans to submit legislation to curtail the use of confessions of judgment, he said Tuesday in his annual message to the state legislature. Confessions are legal instruments that allow lenders to seize the assets of borrowers without notice or a court hearing…
Cuomo Assails Predatory Lending Tactic That Uses N.Y. Courts
German Co-Living Firm to Expand in U.S. With $300 Million Deal
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Medici to open Quarters locations in technology-heavy cities
- Funding provided by family office of investor Ralph Winter
Medici Living Group, a provider of communal housing for millennials, is planning a $300 million U.S. expansion as it seeks to increase the global reach of its Quarters co-living brand.
Over the next three years, the Berlin-based firm intends to add 1,300 rooms across U.S. cities with large pools of technology talent, it said in a statement. The expansion will be financed by W5 Group, a family office run by European real estate investor Ralph Winter…
Morgan Stanley Names 145 Managing Directors, Its Top Rank
Posted by: | CommentsMorgan Stanley named 145 additional managing directors in an annual wave of promotions to the firm’s highest rank, according to a person with knowledge of the matter.
The latest class includes 39 women, roughly in line with their share in last year’s group, which included 153 people. Regionally, 61 percent of those promoted are in the Americas, with 26 percent in Europe, the Middle East and Africa, and 13 percent in Asia, the person said, asking not to be named because the breakdown hasn’t been publicly announced…
Morgan Stanley Names 145 Managing Directors, Its Top Rank
China Injects Record Funds to Counter Tax, Holiday Cash Demand
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PBOC pumps in net 560 billion yuan via open-market operations
- Today is peak of tax payments, Citic Securities says
China’s central bank boosted injections via open-market operations to the most on record to meet seasonal demand for cash due to tax payments and major holidays.
The People’s Bank of China pumped in a net 560 billion yuan ($83 billion) into the financial system on Wednesday, the biggest one-day addition on record. The PBOC is offering reverse repos to maintain sufficient liquidity in the banking system during the peak season for tax payments, according to a central bank statement…
Malaysia Blames Goldman Sachs for Stolen Billions
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Accused of helping to carry out an international multibillion-dollar fraud, Goldman Sachs has tried to pin the blame on a few rogue bankers.
It is an argument that the government of Malaysia, where the fraud was carried out, is not buying…
Malaysia Blames Goldman Sachs for Stolen Billions
Rare Singapore Hotel Site Gets Record $415 Million Bid
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Commercial buildings in the central business district in Singapore. Photographer: Nicky Loh/Bloomberg
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Oxley Holdings unit puts in winning offer of $415 million
- Private residential plot gets tepid response after July curbs
A rare plot of land that’s zoned for a hotel near Singapore’s central business district has attracted a record bid as developers shift focus after last year’s property cooling measures.
China’s Sovereign-Wealth Fund Interested in Buying HNA’s Deutsche Bank Stake
Posted by: | CommentsOthers expressing interest include Chinese state-owned financial institutions Citic Group, China Merchants Group and China Everbright Group
China’s Sovereign-Wealth Fund Interested in Buying HNA’s Deutsche Bank Stake
Sinking Indian Rupee Remains Hostage to Oil
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Currency is Asia’s worst performer so far in 2018, sliding 11%
- Trade deficit jumped to 5-year high in July as crude rallied
Forget Turkey and Argentina. The Indian rupee’s real bugbear is the price of oil.
India’s currency had its worst month in three years in August as crude rallied on speculation sanctions on Iran will shrink global supplies. The crude import bill for the world’s fastest-growing oil user surged 76 percent in July from a year earlier to $10.2 billion. That pushed up the trade deficit to $18 billion, the most in five years…
Sinking Indian Rupee Remains Hostage to Oil
Amazon Hits $1 Trillion Valuation
Posted by: | CommentsIt took online retailer just 165 trading days to grow from $600 billion in January to $1 trillion
Ex-Billionaire Shivinder Singh Sues Brother as Empire Unravels
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Shivinder Singh said in statement he sued brother Malvinder
- Brothers have seen dramatic fall in their fortunes this year
One of the most dramatic unravelings of an Indian business empire took an unexpected turn as Shivinder Singh, one of the founders of Fortis Healthcare Ltd., said he has sued brother Malvinder for alleged “oppression and mismanagement” of their companies.
Shivinder, in a statement dated Sept. 4, said he filed a case with India’s National Company Law Tribunal against Malvinder and Sunil Godhwani, former chairman of the Singhs’ financial services company Religare Enterprises Ltd. He alleges that the pair were to blame for “a systematic undermining of the interests of the companies and their shareholders.” Malvinder and Godhwani couldn’t be immediately reached for comment…
Climate Envoys Seek Successor to $33 Billion UN Carbon Market
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SDM would channel funds for fighting pollution to poor nations
- Push to agree on rules for market by the end of this year
After the United Nations’s first attempt to build a global carbon market fizzled from $33 billion to almost nothing, climate envoys from almost 200 countries are meeting in Bangkok this week to give it another go.
The diplomats gathered in Bangkok this week are working on a so-called Sustainable Development Mechanism that would channel investment into projects that cut pollution in some of the poorest countries of the world. Richer nations that provide much of the finance would get credits in exchange that go to help meet their commitments on reducing emissions, which may allow them to take on more ambitious goals..
U.S. Stocks Slip as Materials and Industrials Sectors Fall
Posted by: | CommentsDollar gains, while investors watch for U.S. data releases and trade talks
U.S. stocks began September with declines as investors looked ahead to a busy week of trade negotiations and economic data.
Stocks drifted lower shortly after the opening bell, then pared declines in the final hours of trading, with the Dow Jones Industrial Average erasing nearly all of its losses for the day…
A $14 Billion Mobile Stock Sell-Off in Japan Makes a U-Turn
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Abe push for cheaper services causes shares to yo-yo again
- Government still wants households to spend less on wireless
NTT Docomo Inc. shares gained seven of the past eight trading days, rebounding after a two-day plunge triggered by a government official’s comment suggesting Japan’s mobile carriers have room to slash customer bills.
Investors have seen this movie before: A Japanese government official says mobile phone bills are too high, and the three big carriers’ shares tumble, only to recover within days or weeks…
A $14 Billion Mobile Stock Sell-Off in Japan Makes a U-Turn
Asia Stocks Drift; Dollar, U.S. Treasuries Steady: Markets Wrap
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Argentina leads emerging markets lower; oil trades around $70
- U.S. markets were closed Monday for the Labor Day holiday
Asian stocks were mixed Tuesday amid continuing concerns about stability in emerging markets and prospects for escalating U.S.-China trade tensions. The dollar and Treasury yields were steady.
Equity benchmarks swung between gains and losses with little direction after American exchanges were closed Monday for a holiday. The yen fluctuated after the Bank of Japan increased purchases of shorter-term bonds in its regular operations Tuesday, compensating for a reduction in the number of days on which it plans to buy them. Emerging markets fell Monday, with Argentina slumping the most even as it took further steps to restore investor confidence…
Global Stocks Saddled as Nafta Rewrite Drags On
Posted by: | CommentsTrump’s latest comments on trade weigh on markets
After $40 Billion Exit, Morgan Stanley Says Give Europe a Chance
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‘Unloved’ European stocks looking ‘increasingly attractive’
- Underperformance, undervaluation of banks becoming ‘extreme’
No other region has suffered Europe’s massive outflows this year, and that’s exactly why Morgan Stanley says it’s time for investors to take a fresh look at these stocks.
“From a relative perspective, Europe (and European exposure) looks increasingly attractive,” Morgan Stanley strategists, led by Graham Secker, wrote in a report. “Having seen the largest outflows of any region over the last six months, Europe appears unloved and undervalued just as the growth newsflow starts to pick up.”…
U.S. Stocks Fall on Tariff Plans
Posted by: | CommentsReport suggesting President Trump wants to move ahead soon with tariffs on $200 billion in Chinese imports pulled down the stock market
U.S. Stocks Fall on Tariff Plans
SEC Chairman Wants to Let More Main Street Investors In on Private Deals
Posted by: | CommentsJay Clayton outlines overhaul plans in interview, says changes could happen ‘pretty quickly’
NASHVILLE, Tenn.—The Securities and Exchange Commission wants to make it easier for individuals to invest in private companies, including some of the world’s hottest startups, the agency’s chairman said in an interview.
SEC Chairman Jay Clayton, a Trump appointee wrestling with how to boost flagging interest in public markets, said the commission also wants to take steps to give more individual investors a shot at companies that have been out of their reach because they haven’t gone public…
SEC Chairman Wants to Let More Main Street Investors In on Private Deals
How a Quest for the Perfect Bowl of Rice Cooked Up a Billionaire
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Koo’s company dominates market even as rice consumption falls
- Cuckoo exports appliance to 25 countries, including China
Rice is a staple for Koreans, but as New York restaurateur Bobby Yoon explains it, the connection is deeper, almost spiritual.
“We need the perfect bowl of rice for each meal,” said Yoon, whose recently opened barbecue joint in Manhattan is an offshoot of Haeundae Somunnan Amso Galbijip, his grandfather’s venerable Busan institution. “It doesn’t have a flavor, but there is also a certain umami to it when cooked well.”…
How a Quest for the Perfect Bowl of Rice Cooked Up a Billionaire
Crowne Is Considering $800 Million Windshield Wiper Unit Sale
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Auto parts maker has talked to advisers about selling Trico
- Crowne bought Trico from private equity firm Kohlberg in 2014
Auto parts manufacturer Crowne Group LLC is considering an $800 million sale of windshield-wiper blade maker Trico Group, people with knowledge of the matter said.
The closely held conglomerate has held talks with investment banks about a sale of its Trico unit, said the people, who asked not to be identified because they weren’t authorized to speak publicly. A final decision hasn’t been made and Crowne could elect to keep the business…
Crowne Is Considering $800 Million Windshield Wiper Unit Sale
Elon Musk and Tesla Resolved One Issue. Now for the Rest.
Posted by: | CommentsAfter deciding not to try to remove its shares from the market, the electric carmaker must focus on some stubborn challenges while facing new ones.
So Tesla is no longer seeking to go private. Now what?
On Monday, the electric carmaker began to take stock of the residual damage from its August whirlwind — including the prospect of harsher scrutiny of its bottom line and of its chief executive, Elon Musk…
Elon Musk and Tesla Resolved One Issue. Now for the Rest.
Iran’s Oil Exports Dropping Faster Than Expected Before U.S. Sanctions
Posted by: | CommentsShipments are set to decline by a third as shippers pull back from the Islamic Republic months ahead of a Nov. 4 U.S. deadline
Iran oil shipments are declining at a faster-than-expected pace ahead of U.S. sanctions set to begin in November.
Iran expects crude exports to fall by a third in September, according to people familiar with purchasing plans, potentially posing an unforeseen supply risk to markets. Officials at the state-run National Iranian Oil Co. provisionally expect crude shipments to drop to about 1.5 million barrels a day next month, down from about 2.3 million barrels a day in June, say people familiar with the country’s ports loading…
Toyota Invests $500 Million in Uber to Get Self-Driving Cars on the Road
Posted by: | CommentsToyota Motor Corp. is expanding an alliance with Uber Technologies Inc.through a new investment and a plan to get self-driving cars on the road.
The Japanese automaker is investing $500 million in Uber, the companies said on Monday. The deal values the ride-hailing giant at $72 billion, said a person familiar with the matter…
Toyota Invests $500 Million in Uber to Get Self-Driving Cars on the Road
China Equity Traders Still Wary After Year of False Rebounds
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Shanghai Composite Index remains near post-crash low of 2016
- Northbound buying strong in August but domestic volume is low
It’ll take more than dirt-cheap valuations and a spell of supportive policies to cajole Chinese investors to go all in on equities.
The bounce in mainland stocks over the past week hasn’t assuaged concerns. Shanghai’s benchmark index is still in a bear market, trading at a paltry 10 times forward earnings. It’s only a bad day or two away from a post-crash low hit in 2016, and turnover is near the lowest in four years. Onshore traders were more hesitant Tuesday, with stocks opening little changed despite a bullish start across Asia, including Hong Kong…
The Small Firm Working on Dell’s $21.7 Billion Deal
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Discern Analytics hired to review certain Dell financials
- Work often given to big firms key to valuing take-private bid
It’s a $21.7 billion proposal to return the world’s largest privately held technology company to public markets. The deal features a who’s who of big names — Michael Dell, Goldman Sachs Group Inc., Silver Lake — alongside one that’s not so well known: Discern Analytics Inc.
Your Office Doctor Is Getting a Big Push From Private Investors
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NEA, Carlyle pour money into workplace primary-care clinics
- Cheapest doctors can have big impact on health-care spending
A group of investors is putting up $165 million to fuel an expansion of Paladina Health, bringing a recent surge of private funds flowing into companies that run primary-care clinics to more than a half-billion dollars.
The venture capital firm New Enterprise Associates is leading the investment after acquiring Paladina for a reported $100 million earlier this year from dialysis provider DaVita Inc. Paladina, which runs medical clinics for employers, plans to use the money to build new clinics and acquire other firms…
Elon Musk Hires Morgan Stanley to Help Take Tesla Private
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With Goldman, too, the CEO has locked up the top banks for M&A
- Entrepreneur hasn’t formally proposed transaction to board yet
Elon Musk has hired Morgan Stanley to assist him in his potential bid to take Tesla Inc. private, according to a person familiar with the matter.
Morgan Stanley is advising Musk, not the company, its board or a special board committee formed to to evaluate a potential take-private proposal, said the person, who asked not to be identified because the matter is private. The bank suspended coverage of the stock on Tuesday without explanation…
China Selfie App Giant Disenchants Investors as Losses Continue
Posted by: | CommentsThe slide in Meitu Inc.’s shares makes for grim viewing.
The company behind a photo-retouching app used by hundreds of millions tumbled 13 percent Wednesday, the most in five months. That came after Meitu posted a first-half loss of 127.4 million yuan ($19 million) and said it would “de-emphasize net profit generation” until it transformed into a social media platform. The shares fell 19 percent at one point following the results, the most on record…
China Selfie App Giant Disenchants Investors as Losses Continue
Artisans Spend Hundreds of Hours Working on These $100,000 Watch Dials
Posted by: | CommentsGet watch collectors riled up, and you’ll be flooded with a litany of reasons why elaborate complications, movement finishing, and the other mechanical intricacies of haute horology matter. But most watchmakers have something else they like to brag about: rare, sumptuous dials handcrafted by elite studios of artisans.
These métiers d’art workshops produce one-of-a-kind, highly ornamental faces, using centuries-old techniques to celebrate a company’s history. Elaborate enamel work—which first gained prominence in the 16th century, the early days of the pocket watch—is employed most frequently. Enamel is essentially glass melted together with a pigment, but its application can be quite complex. In the champlevé method, pools and channels are carved in the dial plate to hold the mixture; in cloisonné, visible wires “fence in” the enamel for a stained-glass-window effect; in pailloné, craftsmen insert foil sheets between the glass layers to add sparkle…
Tesla Stays on Rocky Run After Morgan Stanley Drops Coverage
Posted by: | CommentsElon Musk’s bewildering bid to take Tesla Inc. private has taken another turn that’s spurred trading tumult, with Morgan Stanley becoming the second firm to suspend coverage of the electric-car maker’s stock.
Whereas Goldman Sachs Group Inc. paired its announcement last week that it was removing its Tesla rating and price target with the disclosure of a reason why — that it would be advising Musk — Morgan Stanley hasn’t elaborated on what prompted its move. Mary Claire Delaney, a spokeswoman for the bank, and Tesla representatives declined to comment…
Tesla Stays on Rocky Run After Morgan Stanley Drops Coverage
Credit Suisse Sees Asia Wealth Race Shift From Offshore Hubs
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Seeking at least $10 billion of assets in each Asia market
- Credit Suisse APAC wealth head de Ferrari speaks in interview
After years of racing to accumulate assets in the key offshore centers of Singapore and Hong Kong, the challenge for wealth managers in Asia is shifting to cities such as Manila, Jakarta and Shanghai.
Private banks that want to tap into Asia’s growing onshore wealth need to think less about regional asset totals and more about accumulating a critical mass of wealth in the individual Asian countries, according to Francesco de Ferrari, head of Asia-Pacific private banking at Credit Suisse Group AG. For the Zurich-based bank, the target is at least $10 billion in each of its 11 key markets across Asia, de Ferrari said in an interview earlier this month…
Some Tesla Suppliers Fret About Getting Paid
Posted by: | CommentsAuto maker’s tumultuous year has concerned some of its suppliers, which are pushed to extend payment terms or asked to give cash back
Tesla Inc.’s tumultuous year has fueled concern among some of its suppliers about the auto maker’s financial strength after production of the Model 3 car drained some of its cash, according to industry executives and documents.
A recent survey sent privately by a well-regarded automotive supplier association to top executives found that 18 of 22 respondents believe that Tesla is now a financial risk to their companies, according to the document reviewed by The Wall Street Journal…
Oil Prices Are Down. Nobody Told the Gas Pumps
Posted by: | CommentsThe high prices people are paying for gasoline will eventually squeeze demand for oil.
Oil’s popularity isn’t what it used to be.
It’s not just a looming global trade war. As I’ve written, not only will tariffs and retaliatory measures stifle the activity that normally stokes consumption, they’ll squeeze economies everywhere. That’s a good way to stifle demand.
Oil Prices Are Down. Nobody Told the Gas Pumps
The Favorite to Lead WPP After Sorrell Is Already Making a Mark
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Sorrell’s former strategy chief Read tipped to get the top job
- Read’s style and approach are a shift from the previous regime
As WPP Plc closes in on appointing a successor to its long-time former CEO and founder Martin Sorrell, one man stands as the front-runner: Mark Read.
Read, Sorrell’s former strategy and digital chief, is the favored candidate internally to run the world’s largest advertising group. There’s growing confidence that he will get the role after a drawn-out process that’s already lasted four months, according to a dozen WPP executives, who asked not to be named discussing a company matter.
Turkey’s Energy Bill Soars as Its Currency Tumbles
Posted by: | CommentsLira’s plunge makes it harder for nation to pay for needed fuel imports, putting broader economy at risk
Turkey faces another big problem after it deals with the immediate impact of its currency crisis: How is it going to pay for its dependence on imported oil and natural gas?
Turkey imports the vast majority of its fuel needs. Its devalued lira makes paying for such imports more expensive. Meanwhile, the economy is rapidly running out of hard currency to pay for that imported energy and support all its other foreign-currency needs, especially among Turkish companies who have borrowed heavily in U.S. dollars…
U.S. Stocks Surge on Upbeat Earnings
Posted by: | CommentsThe Dow records biggest one-day gain in four months; Walmart soars
U.S. stocks soared Thursday, bringing the Dow Jones Industrial Average its biggest one-day gain in four months, as upbeat earnings reports and stabilizing commodities prices helped calm investors’ fears about the global economy.
Stocks around the world had slumped just…
Qatar Comes to Rescue as Turkey Moves to Avert Financial Crisis
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Gulf state’s emir pledges $15 billion of investments
- Lira rallies as regulator curbs ability to bet against it
President Recep Tayyip Erdogan has found a benefactor to help pull Turkey from the brink of a financial crisis as Qatar promised to invest $15 billion in the country.
The lira extended gains to 6 percent after Qatar’s Emir Sheikh Tamim Bin Hamad Bin Al Thani made the pledge after a 3-1/2-hour meeting with Erdogan in Ankara on Wednesday. It follows a string of urgent steps Erdogan has taken to protect its economy from an escalating feud with U.S. counterpart Donald Trump over an American pastor held in Turkey…
Investors Cash Out of HCA Healthcare as Stock Soars to Record
Posted by: | CommentsLong-term shareholders were cashing out of HCA Healthcare Inc. in the second quarter, as the stock rallied to record highs in late June — levels since eclipsed by bigger gains this quarter.
Hedge funds Glenview Capital Management, Highfields Capital Management, Wellington Management Group, Magellan Asset Management and Harris Associates cut their stakes in the hospital chain, which saw its shares rise 17 percent in the first half and an additional 27 percent so far this quarter. The investment firms sold a combined 17.3 million shares, according to their latest 13F filings…
Investors Cash Out of HCA Healthcare as Stock Soars to Record
Indian Rupee Drops as Lira Turmoil Sends Investors Rushing for the Exits
Posted by: | CommentsThe currency is down 9.5% so far this year
The collapse of the Turkish lira rippled to India Tuesday, where the rupee fell to an all-time low against the dollar, as investors sold emerging-market currencies.
The Indian currency fell to an intraday, record low of 70.08 rupees to the dollar in early trade, retaining its position as one of Asia’s worst-performing currencies this year. Analysts said the rupee could fall as low as 70.60 in the next few sessions. It later recovered some ground to 69.89…
Indian Rupee Drops as Lira Turmoil Sends Investors Rushing for the Exits
OPEC’s Output Rose in July Despite Decline in Saudi Oil Production
Posted by: | CommentsThe slight acceleration in the cartel’s crude oil output was driven mainly Kuwait, Nigeria, the United Arab Emirates and Iraq
LONDON—OPEC’s oil production ticked up slightly in July, the cartel said Monday, even as production in Saudi Arabia—the de facto leader of the group—declined.
Crude oil output in the Organization of the Petroleum Exporting Countries rose by 41,000 barrels a day last month, to average 32.32 million barrels a day, the cartel said, citing secondary sources. The increase was driven by higher production in Kuwait, Nigeria, the United Arab Emirates and Iraq…
OPEC’s Output Rose in July Despite Decline in Saudi Oil Production
BOJ’s ‘Stealth Tapering’ Expected to Spread to Equities Buying
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Central bank’s new ‘flexibility’ seen signaling slower buying
- The BOJ purchased 5.9 trillion yen of ETF shares last year
The Bank of Japan has scooped up so many shares of the nation’s exchange-traded funds that it effectively owns a controlling stake in the market. Now investors are considering a future in which it buys less.
BOJ watchers expect the central bank to slowly cut its ETF purchases, now targeted at 6 trillion yen ($54 billion) annually, in what could be viewed as an expansion of its stealth tapering. The BOJ’s bond buying has already fallen to nearly half of its targeted pace…
Saudi Fund in Talks to Invest in Tesla Buyout Deal
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Kingdom fund said to be in talks on ways to invest in buyout
- As board prepares to meet advisers, investor lawsuits begin
Saudi Arabia’s sovereign wealth fund is working to be part of any investor pool that emerges to take Tesla Inc. private, as Elon Musk enters a week where his plan will draw added scrutiny from the electric-car maker’s board, advisers and investors.
The Saudi Kingdom’s Public Investment Fund, which recently built a stake just shy of 5 percent in Tesla, is exploring how it can be involved in the potential deal, according to people with knowledge of the fund’s plans. But the potential transaction’s staggering $82 billion price tag means Tesla is still likely to need to tap other sources of cash…
The New Business Banker: A Private-Equity Firm
Posted by: | CommentsFirms are lending more where traditional banks won’t–and sometimes competing with them, too
MassMutual Is Weighing Sale of OppenheimerFunds Division
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Mutual fund giant is said to be worth at least $5 billion
- Life insurer is working with financial advisers on divestiture
Massachusetts Mutual Life Insurance Co. is weighing a sale of asset manager OppenheimerFunds Inc., which could fetch at least $5 billion, according to people familiar with the matter.
The Springfield, Massachusetts-based insurer is working with advisers to evaluate a sale, a process that is at an early, informal stage, said the people, who asked not be identified because the matter isn’t public. No decision has been made and MassMutual could opt to hold onto the firm, they said…
Saudi Investment Freeze Doesn’t Amount to Much in Canada
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The kingdom has hotels, grain, stocks in the northern nation
- Canadian markets little changed as Saudi ramps up attacks
The decision by Saudi Arabia to halt new investments and unload assets in Canada is likely to have limited impact.
Saudi assets in Canada are confined mainly to stakes in upscale hotel operators, some small stock holdings in companies like Canadian National Railway Co., and grain facilities…
What Now for Saudi Arabia’s Planned $2 Trillion Fund?
Posted by: | CommentsSaudi Arabia is now looking for Plan B to propel its sovereign wealth fund into the ranks of global giants. The initial plan was to raise at least $100 billion through an initial public offering of a small stake in Saudi Aramco, the state-owned oil company, in the second half of 2018. Though the IPO is not going ahead as originally planned, the nation’s Public Investment Fund still hopes to control more than $2 trillion by 2030.
Oil Prices Plunge as Stockpiles Jump
Posted by: | CommentsCrude slides to lowest close since June as fuel inventories reach seven-month record
Oil prices fell to their lowest level in nearly seven weeks Wednesday as total U.S. stockpiles of oil and fuel hit a seven-month high and U.S.-China trade tensions escalated.
Light, sweet crude for September delivery slid 3.2% to $66.94 a barrel on the New York Mercantile Exchange. That was its lowest close since June 21. Brent crude, the global benchmark, also fell 3.2%, to $72.28 a barrel…
AMP Wealth Clients Pull $648 Million as Scandals Take Toll
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First-half profit fell 7.1% to A$495 million after charge
- AMP appointed ex-Treasury Secretary John Fraser as a director
AMP Ltd.’s wealth customers withdrew A$873 million ($648 million) in the first half as the Australian asset manager was hit by revelations of misconduct.
The net cash outflows in the six months to June 30 compared with inflows of A$1.02 billion a year earlier, the Sydney-based company said in a statement Wednesday. Withdrawals in the second quarter were impacted by an inquiry into wrongdoing in the financial industry and “headwinds” remain for the rest of 2018…
Insurers Are Speeding Up Claims. Their Worry: More Mistakes
Posted by: | CommentsAerial technology such as drones was used widely last year to evaluate damage amid back-to-back disasters
Property insurers are relying on more drones, small aircraft and artificial intelligence to accelerate claims during 2018’s hurricane season. There are signs this push for speed could pose new headaches for the industry.
Last year marked the first widespread use of aerial technology to pinpoint damages and evaluate losses quickly as insurers scrambled to keep up with back-to-back hurricanes and wildfires…
Insurers Are Speeding Up Claims. Their Worry: More Mistakes
Abraaj Fund Investors Said to Hire Advisers for Debt Recovery
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Investors in $1.6 billion-fund working with Alvarez & Marsal
- Dubai-based Abraaj is undergoing a court-led restructuring
Investors in a $1.6 billion-Abraaj Group fund have hired advisory firm Alvarez & Marsal Holdings LLC to help recover money owed by the floundering Middle Eastern private equity firm, people with knowledge of the matter said.
The New York-based company will represent Abraaj Private Equity Fund IV’s backers in talks with liquidators as they seek to recover more than $99 million owed by the Dubai-based buyout firm, said the people, asking not to be identified because the information is confidential. The stakeholders have formed an investor committee led by Boston-based HarbourVest Partners, two of the people said…
Leslie Moonves Speaks on CBS Earnings Call but Not About Harassment Allegations
Posted by: | CommentsFor Leslie Moonves, the chief executive of the CBS Corporation, it was back to business as usual.
With characteristic verve, Mr. Moonves spoke to Wall Street analysts on Thursday about the company’s second-quarter financial results, predicting the network would end the season in first place for the 11th year in a row…
Leslie Moonves Speaks on CBS Earnings Call but Not About Harassment Allegations
Once Billed as a Financial Haven in the Middle East, Dubai Turns Investors Wary
Posted by: | CommentsDemise of private-equity firm Abraaj, concerns over corporate governance put spotlight on Dubai’s financial regulator
DUBAI—Investors are questioning whether Dubai’s young financial center can police itself as the meltdown of its marquee private-equity firm highlights broader concerns about placing money in the region.
This emirate’s top regulator, the Dubai Financial Services Authority, has been close to silent since allegations emerged that Abraaj Group misused hundreds of millions of dollars in investors’ money, including that of the Bill and Melinda Gates Foundation and the World Bank. It has issued two short statements, seized some laptops…
Trump Cap on U.S. Auto Fuel Economy May Raise Prices at the Pump
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U.S. retail gasoline prices already hovering near $3 a gallon
- New plan to lead to 2-3 percent rise in daily fuel consumption
The Trump administration’s proposal to ease U.S. fuel economy standards after 2020 may slow an expected decline in gasoline demand, resulting in higher prices at the pump.
The Environmental Protection Agency and National Highway Traffic Safety Administration jointly proposed on Thursday to cap fuel economy requirements at a fleet average of 37 miles per gallon starting in 2020. Under the Obama plan, the fleet-wide fuel economy would have risen gradually to roughly 47 mpg by 2025. The change would mean a 2 percent to 3 percent increase in daily fuel consumption…
Carl Icahn Has Sizable Stake in Cigna, Plans to Vote Against Express Scripts Deal
Posted by: | CommentsActivist investor likely to urge other shareholders to vote against $54 billion proposed takeover
Activist investor Carl Icahn has built a sizable stake in Cigna Corp. and plans to vote against the health insurer’s $54 billion purchase of Express Scripts Holding Co., the latest sign of trouble for the planned tie-up.
Mr. Icahn, whose stake amounts to less than 5% of Cigna’s shares outstanding, believes the company is paying too high a price for the pharmacy-benefit manager, which faces threats on a number of fronts, according to people familiar with the matter…
Dow Jones Industrial Average Falls on Tariff Concerns
Posted by: | CommentsS&P 500 technology sector gains on the heels of a strong earnings report from Apple
The S&P 500 and Dow Jones Industrial Average edged lower Wednesday as losses in energy and industrial shares offset a rebound in technology stocks.
Shares of industrial companies lost ground after reports said administration advisers were urging President Trump to sharply increase tariffs against China, renewing fears among investors that global trade frictions could hit the markets…
Dow Jones Industrial Average Falls on Tariff Concerns
Behind the Spectacular Collapse of a Private Equity Titan
Posted by: | CommentsArif Naqvi rode Dubai’s rise to build Abraaj Group with an unusual business model. Was it a house of cards?
Days before rubbing elbows with global business titans in Davos in January, Arif Naqvi set out to charm another circle of friends—Gulf Arab tycoons—in a last-ditch attempt to save his Dubai private equity firm.
But things were already on the cusp of spiraling out of control. Dogged by allegations Abraaj had mismanaged investors’ money, Dubai’s star financier soon couldn’t pay the rent…
Correction Worse Than February Is Building, Morgan Stanley Says
Posted by: | Comments-
Cyclical stocks fall behind despite strong earnings support
- Tech-stock pain is just the start of more losses, bank says
The market’s leaders have gone missing this earnings season. For Morgan Stanley, that’s a worrying sign that the stock rally may have exhausted itself.
Despite more than 85 percent of S&P 500 members beating analyst estimates, the type of pro-cyclical companies you’d expect to surge amid banner earnings have been falling behind. Not even the biggest winners of the year are posting reliable gains, as earnings misses from the likes of Netflix Inc. and Facebook Inc. hamper the momentum trade…
As Oil Industry Recovers From a Glut, a Supply Crunch Might Be Looming
Posted by: | CommentsDearth of investments in oil projects mean a spike in prices above $100 could be on the horizon
Crude across the globe is being used up faster than it is being replaced, raising the prospect of even higher oil prices in the coming years.
The world isn’t running out of oil. Rather, energy companies and petro-states, burned by 2014’s price collapse, are spending less on new projects, even though oil prices have more than doubled since 2016. That has sparked concerns among some industry watchers of a price spike that could hurt businesses and consumers…