Archive for Private Equity

  • 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…

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Auto 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…

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The 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

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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.

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Lira’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…

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The 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…

U.S. Stocks Surge on Upbeat Earnings

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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…

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Long-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

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The 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

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The 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

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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…

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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…

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Firms are lending more where traditional banks won’t–and sometimes competing with them, too

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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…

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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…

Saudi Investment Freeze Doesn’t Amount to Much in Canada

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Saudi 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.

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Crude 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…

Oil Prices Plunge as Stockpiles Jump

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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…

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Aerial 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

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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…

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For 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

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Demise 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…

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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…

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Activist 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…

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S&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

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Arif 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

Behind the Spectacular Collapse of a Private Equity Titan

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  • 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…

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Dearth 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…

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Ant Financial is transforming how Chinese run their daily finances, drawing flak from big banks and warning shots from the government

It handled more payments last year than Mastercard, controls the world’s largest money-market fund and has made loans to tens of millions of people. Its online payments platform completed more than $8 trillion of transactions last year—the equivalent of more than twice Germany’s gross domestic product.

Ant Financial Services Group, founded by Chinese billionaire Jack Ma, has become the world’s biggest financial-technology firm, driving innovations that let people use their phones for buying insurance as easily as groceries,…

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  • Mnuchin says U.S. will keep growing at 3%, despite Fed’s view
  •  Theresa May’s team is terrified that EU talks will fail
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Something interesting happened in Swedish finance last quarter. The only big bank that managed to cut costs also happens to be behind one of the industry’s boldest plans to replace humans with automation.

Nordea Bank AB, whose Chief Executive Officer Casper von Koskull says his industry might only have half its current human workforce a decade from now, is cutting 6,000 of those jobs. Von Koskull says the adjustment is the only way to stay competitive in the future, with automation and robots taking over from people in everything from asset management to answering calls from retail clients…

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The oil giant is planning to tap banks and global investors so it can buy a stake in a state petrochemical firm, a $70 billion deal engineered by Crown Prince Mohammed bin Salman

RIYADH, Saudi Arabia—Saudi Arabia is pushing Aramco to raise tens of billions of dollars in debt now that the state oil giant’s initial public offering has stalled, as the kingdom pursues other ways to fund an economic transformation.

Crown Prince Mohammed bin Salman’s advisers are prodding Saudi Arabian Oil Co., as the oil company is officially known, to raise debt to buy a controlling stake in a petrochemical company from the country’s sovereign-wealth fund, said Saudi officials and executives familiar with the talks…

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  • Oil giant to pay $10.5 billion to add acreage, enter Permian
  •  World’s top miner to complete exit from shale with second deal

BP Plc agreed to pay $10.5 billion, its biggest acquisition in almost two decades, for most of BHP Billiton Ltd.’s onshore U.S. oil and natural gas assets, including in the prized Permian Basin.

The deal gives the London-based energy giant a key position in the Permian, the world’s fastest-growing major oil region that’s upended global markets, and a possible signal that Big Oil has mostly rebounded from the 2014-2016 price crash. BP will also add positions in the Eagle Ford and Haynesville basins in Texas and Louisiana…

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A U.S. judge denied a request from a former mayor of Kazakhstan’s capital, Almaty, to throw out a lawsuit accusing him of “looting” $300 million from the city and laundering some of the money through investments, including real-estate projects in Manhattan.

The City of Almaty and Kazakh lender BTA Bank JSC sued Viktor Khrapunov in federal court in New York in 2015. BTA’s former chairman, Mukhtar Ablyazov, is also accused of being in on the scheme…

Ex-Mayor of Kazakh Capital Loses Bid to Toss BTA Lawsuit in U.S.

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Company failed to get approval of Chinese regulators to buy Dutch chip maker, barring a last-minute reversal

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  • She says Washington is her focus for ‘foreseeable future’
  •  Some department stores have dropped the brand since 2017

Ivanka Trump, the president’s daughter, is pulling the plug on Ivanka Trump, the purveyor of womens’ fashion.

After a year and a half of sporadic controversy over potential conflicts of interest, Trump, a White House adviser, said Tuesday that she would wind down the company. She made the decision after some big-name department stores dropped her brand, but said in an emailed statement that she did it as a mercy to her employees…

Ivanka Trump’s Clothing Line to Shut Down

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  • State-owned China Tower wants to raise funds in Hong Kong IPO
  •  Worries about worsening U.S.-China ties make markets jittery

A company that’s a key part of China’s ambitions to be a leader in cutting-edge wireless technology is preparing to go public to fund its expansion, but President Donald Trump’s trade war threatens to put a damper on what could be the world’s biggest initial public offering in almost four years.

State-controlled China Tower Corp., which operates almost 99 percent of the country’s wireless towers and charges its three carriers leasing fees, is preparing to raise as much as $8.7 billion in a Hong Kong IPO expected to start trading next month. That would be the biggest IPO since Alibaba Group Holding Ltd.’s 2014 offering…

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  • GOP lawmakers’ responses range from ambivalent to outraged
  •  Crop prices rise in anticipation of agricultural aid program

The Trump administration’s decision to deliver $12 billion in aid to farmers hit by a burgeoning trade war was panned Tuesday by Republicans in Congress as not fixing the underlying problem — the White House’s own trade policies.

The planned mix of direct payments to farmers, commodity purchases for food-aid programs, and stepped up promotion of new export markets buoyed markets looking for new sources of demand for U.S. products. The announcement raised futures of soybeans, a crop heavily dependent on trade with China, to their highest price in two weeks, but it didn’t win over skeptics on Capitol Hill, including Republicans from politically important agricultural states…

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Government bond prices tumbled Monday after reports that central banks could be close to policy changes

Government bond prices world-wide tumbled Monday, roiled by reports that central banks could be on the verge of taking another step back from the easy-money policies that have characterized the postcrisis period.

News reports that the Bank of Japan might consider changing its interest-rate targets helped push the yield on the 10-year Japanese government bond as high as 0.09% in Monday trading in Tokyo from 0.03% late Friday…

Global Central Bank Chatter Rattles Bond Market

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The three largest U.S. private equity firms by market value are starting to break out after years of languishing stock price returns.

Apollo Global Management LLC’s stock sits about a dollar shy of its all-time high closing price of $36.78. KKR & Co. blasted past its prior high on July 3 following news that it had completed a conversion to a C-Corp. KKR currently trades at $27.45 a share as of 2:38 pm in New York.

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  • Fund will be over $1 billion and may close by December
  •  Berlin-based Rocket Internet is expanding outside of Europe

Rocket Internet SE, the European public company that creates and invests in tech startups, is working to raise a new billion-dollar fund, a significant amount of which will eventually be invested in the U.S., according to a person familiar with the situation.

The Berlin-based firm will be the lead investor in the fund, but is looking for other licensed partners to join. The fund will be between $1 billion and $2 billion and Rocket could close it as soon as December, the person said, who asked not to be identified because the discussions are private…

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  • Investors demand better protection when M&A bonds get called
  •  Bondholder group wants to set limits on how notes get redeemed

The headache U.S. bond investors get from financing failed takeovers is getting worse, and they are calling for change.

Since 2015, at least eight proposed M&A transactions that were funded in the bond market had to be called off, according to the Credit Roundtable, a New York-based organization advocating on behalf of bondholders. All eight allowed the borrower to repay the notes at 101 cents, even if the securities were trading at levels far higher than that…

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  • Bank will focus on syndicating borrowings of up to $1 billion
  •  Alternative lenders have taken market share from biggest banks

Count Houlihan Lokey Inc. into one of the hottest corners of the debt markets.

The U.S. investment bank said Monday that it’s forming a unit to arrange and sell leveraged loan deals of as much as $1 billion as the market for the risky debt has surged. It’s following firms such as Credit Suisse Group AG and Royal Bank of Canada in the business as looser regulations make it easier for banks to make these loans, and investors have been piling into the debt…

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Anyone following clean energy knew this could be a tough year for solar. Goldman Sachs Group Inc. just put a grim number on how bad.

The pace of global installations will contract by 24 percent in 2018, Goldman analysts led by Brian Lee said in a research note late Wednesday. That’s far more dire than the 3 percent decline forecast by Bloomberg NEF in the bleakest of three scenarios outlined in a report earlier this month. Credit Suisse Group AG is forecasting a 17 percent contraction…

Goldman Sachs Puts a Grim Number on Solar Slump for This Year

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The European Union on Wednesday continued its attempts to rein in Silicon Valley’s tech giants — but history suggests that investors have little to fret.

The European Commission, the bloc’s executive arm, hit Google with a record $5.1 billion fine on Wednesday. Antitrust officials argued that the technology company had broken the law by striking deals with smartphone manufacturers that favored Google services, like its Chrome browser, over those offered by rivals. The commission claimed that the arrangement had shut out competition and helped Google remain dominant in the industry…

A Brief History of the Impact of E.U. Antitrust Fines on Tech Stocks

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  • Wintime Energy’s debt quadrupled in less than five years
  •  Company’s flop likely to be echoed as deleveraging rolls on

China this month recorded one of its biggest corporate-debt defaults yet, with the downfall of a coal miner that had ridden the country’s wave of credit until policy makers changed the game with their deleveraging campaign.

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  • Shanghai Composite is one of world’s worst performers in 2018
  •  More than 100 companies plan to or have repurchased shares

More Chinese companies are pledging to buy back their shares as authorities seek to stem a $2 trillion rout in the equity market.

At least 109 firms have announced repurchase plans or bought back shares this year, according to data compiled by Bloomberg. Home appliances maker Midea Group Co. is one of the latest, with plans to spend up to 4 billion yuan ($600 million) buying its shares after they slid 19 percent from January to early July…

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Goldman Sachs on Tuesday named David M. Solomon as its next chief executive, putting a veteran investment banker in charge of a Wall Street giant that faces mounting challenges.

Mr. Solomon’s appointment will end the tenure of Lloyd C. Blankfein, the 63-year-old former gold salesman who has run the firm since 2006 and steered it through the financial crisis. Mr. Blankfein will hand over the chief executive role on Oct. 1 and remain chairman until the end of the year. Mr. Solomon, 56 and currently the bank’s president, will add the chairman title at the beginning of 2019…

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  • Jeff Bezos holds largest individual fortune since at least ’82
  •  Gates trails Bezos by $55 billion Bloomberg wealth ranking

Jeff Bezos is the richest person in modern history.

The Amazon.com Inc. founder’s net worth cracked $150 billion in New York on Monday, according to the Bloomberg Billionaires Index. That’s about $55 billion more than Microsoft Corp. co-founder Bill Gates, the world’s second-richest person…

Jeff Bezos Becomes the Richest Man in Modern History, Topping $150 Billion

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  • Tesla chief says he donates to both parties to keep ‘dialogue’
  •  Prior donations mostly split between Democrats and Republicans

Self-proclaimed socialist Elon Musk gave $38,900 to a political committee that supports House Republicans.

The contribution is Musk’s second-largest of this election cycle, according to disclosures filed with the U.S. Federal Election Commission, after a $50,000 contribution last year to a different group benefiting House Republicans…

Elon Musk Just Gave Almost $40,000 to Republican-Allied Group

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  • Top OPEC producer offers Arab Extra Light to 2 Asian customers
  •  WTI slides as much as 0.8%, after 3.8% decrease last week

Oil retreated below $71 a barrel as Saudi Arabia was said to offer extra crude supplies to some customers following a plan to boost output, while the U.S. considers tapping into its emergency stockpiles to rein in prices.

Futures in New York slid as much as 0.8 percent, after falling 3.8 percent last week. Saudi Arabia offered additional cargoes of its Arab Extra Light crude to at least two buyers in Asia for August, people with knowledge of the matter said, after supplying full contractual volumes to customers in the region. Meanwhile, the U.S. government is said to be mulling the release of oil from the nation’s 660-million-barrel Strategic Petroleum Reserve…

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Twitter’s week has been about as smooth as vomit-inducing roller coaster ride for shareholders. On Monday, Twitter announced they scrubbed the site of over 70 million bot accounts, sending the stock lowerthan.. most Twitter user’s self-esteem. On Tuesday, they enjoyed a small rally in the early hours but came into contact with some dreadful news from Nomura on Wednesday morning…

Nomura Downgrades Target Price, Goldman Promptly Does The Exact Opposite

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  • Commerce secretary says he will sell remaining equity holdings
  •  Ethics chief says failure ‘undermined public confidence’

Commerce Secretary Wilbur Ross said Thursday that he will divest all his remaining equity holdings after the government’s top ethics watchdog said his failure to sell off assets that could pose a conflict of interest “created the potential for a serious criminal violation.”

In his ethics agreement, Ross, a New York businessman, had pledged to divest numerous assets, including all his holdings in Invesco Ltd., within 90 days of his confirmation, and more complex assets within 180 days…

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  • Passive income held offshore may benefit from arcane provision
  •  Investors save now, but would face hit if they collect in U.S.

An obscure tax provision from the 1960s that was left untouched by President Donald Trump’s overhaul could let wealthy individual investors seize for themselves the largest corporate tax cut in U.S. history.

The measure — signed into law by President John F. Kennedy — was designed to prevent Americans from indefinitely shielding themselves from taxes by keeping investments offshore. It forced them to pay taxes annually on these investments, but gave them the option to have that income taxed at the corporate rate instead of at individual rates…

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Prices fell despite a larger-than-expected drop in U.S. inventories

U.S. crude had its worst day in a year Wednesday despite a larger-than-expected weekly drop in inventories after Libya indicated it would resume export activities at its eastern ports, potentially easing fears of a global supply shortage.

Light, sweet crude for August delivery fell $3.73, or 5%, to $70.38 a barrel on the New York Mercantile Exchange—its largest one-day percentage drop since June 2017 after it rose in eight of the 10 sessions entering Wednesday. Brent crude, the global benchmark, dropped $5.46, or 6.9%, to…

Oil Tumbles on Libya’s Returning Supply

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Billionaire Elon Musk pledged to pay to secure clean water for homes in Flint, Michigan, the city that fell into economic depression amid the decades-long decline of Detroit’s auto industry and is still recovering from a major public health emergency.

“Please consider this a commitment that I will fund fixing the water in any house in Flint that has water contamination,” the chief executive officer of electric-car maker Tesla Inc. said in a tweet Wednesday. “No kidding.”…

Elon Musk Pledges to Pay for Clean Water to Homes in Flint, Michigan

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  • Deal would give chipmaker a foothold in business software
  •  CEO Hock Tan returns to M&A following block of Qualcomm bid

Broadcom Inc., a semiconductor maker whose acquisitions have reshaped the chip industry, agreed to acquire CA Technologies for $18.9 billion in cash, branching out into corporate software to diversify its business.

Broadcom will pay $44.50 per share, a 20 percent premium to the CA’s closing price on Wednesday, the companies said in a statement after markets closed for the day. The deal will immediately add to Broadcom’s earnings once completed, which is expected in the fourth quarter…

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Drivers across the U.S. in May paid as much as $2.96 a gallon on average, the most since 2014

The highest retail gasoline prices in years are the latest development to raise concerns about one of the longest-running U.S. economic expansions on record.

Drivers across the U.S. in May paid as much as $2.96 a gallon on average, the most since 2014. Prices have climbed to $3.63 in California and $3.39 in Washington, states where prices tend to be higher because of factors such as higher taxes, environmental regulations and a lack of pipelines that transport oil west. As of Monday, the national average was $2.86 a gallon….

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Martin Sorrell, the former chief executive of the advertising giant WPP who is now trying to build a new ad company, beat out his former employer for the purchase of a Dutch marketing firm on Tuesday, a move that WPP claimed could endanger millions of dollars in his stock awards.

Mr. Sorrell’s new firm, S4 Capital, said in a statement that it had bought MediaMonks, which has 11 offices and more than 750 employees. The marketing firm brings in about 110 million euros ($129 million) of annual revenue, and buying it is S4 Capital’s first move in creating “a new era, new media solution embracing data, content and technology,” the statement said…

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Strikes by oil-and-gas workers in Norway and Gabon compound outages in Libya and Canada

Oil prices climbed toward a 3½ -year high Tuesday, supported by supply issues across several major producing countries.

Light, sweet crude for August delivery rose 0.4% to $74.11 a barrel on the New York Mercantile Exchange, near its highest close since November 2014. Brent, the global benchmark, rose 1% to $78.86…

Supply Crunch Lifts Oil to 3½-Year High

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