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download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Since then, private-equity firms have poured $54.6 billion into sports, according to PitchBook data. And the field of potential investors is growing with Goldman Sachs helping rich clients invest in teams, which can drive up prices. AdvertisementLeagues also restrict PE investments, with some caps on the number of teams a firm can own stakes in or the ownership share a fund can hold. Scroll down to read about the private equity firms, listed alphabetically, that have been making the biggest moves in sports in recent years.
Persons: , Josh Harris, Rob Walton, Carlyle, Ben, Blackstone, Goldman Sachs, Harris, Blackstone Group's David Blitzer, Lauren Leichtman, Arthur Levine, Sportico, RedBird, Gerry Cardinale, There's Organizations: Service, MLB, NBA, Business, Washington, Denver Broncos, Amazon, Sports, Ben Fund, Bluestone Equity Partners, GMF, Apollo Global Management, Blackstone Group's, Levine, Capital Partners, San Diego Wave, NFL Locations: downturns
China – which has not condemned Russia’s invasion and claims impartiality in the conflict – has also emerged as a key lifeline for the sanctions-hit Russian economy. In Europe, this has galvanized concerns about China’s own global ambitions and played a role in the European Union’s ongoing push to recalibrate its policy toward China. EU foreign policy chief Josep Borrell reiterated the EU’s “expectation that China refrains from supporting Russia,” in a meeting with Wang Friday. “As long as war in Ukraine continues, EU policies toward China will move into closer alignment with the US. As president, Trump not only voiced skepticism of the system of US alliances in Europe, but leveraged tariffs on European steel and aluminum, sparking retaliatory measures on US goods from Europe.
Persons: Hong Kong CNN —, Wang Yi, Wang, Donald Trump, Trump, ” Wang, Alexey Navalny, Vladimir Putin’s, , , Noah Barkin, Maxym Marusenko, Putin, Xi Jinping, , Jens Stoltenberg, Josep Borrell, Christoph Heusgen, Dmytro Kuleba, Xi, hasn’t, It’s, Kuleba, Vladimir Putin, Xie Huanchi, Yu Jie, , Liu Dongshu, “ Wang Yi, China …, ” Liu, Emmanuel Macron, GMF Organizations: Hong Kong CNN, Munich, Washington, NATO, German Marshall Fund of, Communist Party, Wang Friday, Bloomberg, CNN, China’s, Ministry, , Ukrainian, Security, Beijing, Peace, Getty, ’ Observers, US, Chatham House, City University of Hong, , White Locations: China, Hong Kong, States, Europe, Ukraine, Beijing, Munich, Moscow, Russia, United States, Russian, Ukraine's Kharkiv, West . China, Taiwan, EU, , China’s, Asia, Pacific, ” Beijing, Switzerland, Xinhua, London, Spain, France, City University of Hong Kong’s, Washington, York
REUTERS/Rula Rouhana Acquire Licensing RightsMUMBAI, Nov 28 (Reuters) - Advocates for the energy transition are concerned ahead of the COP28 summit in Dubai about the high cost of capital available to make change happen, as policymakers ratchet up their rhetoric on the need for tight monetary policy. COP28 is widely expected to focus on climate finance, specifically to build on the G20 nations' commitment to triple renewables deployment to about 11,000 gigawatts by 2030, which will need funds of around $4.5 trillion. Climate finance is going to be the "Achilles' heel" of COP28, said Vaibhav Chaturvedi, fellow at the Council on Energy, Environment and Water (CEEW). Linda-Eling Lee, head of the MSCI Sustainability Institute, said companies and investors cannot be expected to commit long-term capital to the energy transition if policymakers change track suddenly. Agreements on greater transparency in disclosures, along with innovations in finance, will help mobilise more private sector funds, Lee said.
Persons: Rula, Gauri Singh, IRENA, Vaibhav Chaturvedi, Chaturvedi, Linda, Eling Lee, Lee, Divya Chowdhury, Jan Harvey Organizations: Abu Dhabi Sustainability, REUTERS, Rights, International Renewable Energy Agency, Reuters Global Markets, Council, Energy, Bridgetown Initiative, World Bank, Bank, MSCI Sustainability Institute, Finance, Thomson Locations: UAE, Abu Dhabi, Rights MUMBAI, Dubai, Barbados, Bridgetown, Mumbai
The Leader of Civic Coalition Party, Donald Tusk delivers a speech during the Women for Elections Campaign rally on October 10, 2023 in Lodz, Poland. EU tiesLaw and Justice's leadership has seen Poland's relationship with the EU and its various institutions become increasingly strained. It resulted in Morawiecki saying last month that his country would no longer supply weapons to Ukraine as it was "now arming Poland." Poland's vote follows elections in neighbor Slovakia which saw populist former Prime Minister Robert Fico return to power. Hungary's firebrand rightwing Prime Minister Viktor Orbán has persistently used inflammatory language regarding the EU, attacking it repeatedly on social media.
Persons: Donald Tusk, Omar Marques, Tusk, , Jaroslaw Kaczynski, Mateusz Morawiecki, Morawiecki, Robert Fico, Fico, Viktor Orbán Organizations: Civic Coalition Party, Women, Elections, Getty, European Union —, rightwing Law, Justice, Civic Coalition, European, Law, EU, Nurphoto, Consultancy Eurasia Group, Eurasia Group, Confederation, Ukraine, ING, U.S, NATO, rightwing, European Union Locations: Lodz, Poland, Ukraine, Krakow, Berlin, Brussels, Slovakia, Russia, rightwing, Hungary, Germany
Strained France-Germany ties slow EU decision making
  + stars: | 2023-10-09 | by ( Michel Rose | ) www.reuters.com   time to read: +6 min
From joint defence programmes to nuclear energy or relations with China, Paris and Berlin are at odds over a growing number of issues. In an August speech Macron made his frustration public, calling Germany's position on nuclear energy "a historic mistake". Germany decided to phase out nuclear energy after Japan's Fukushima disaster in 2011, closing its last reactors in April. It is unclear if France and Germany can hash out a deal in Hamburg ahead of a crucial EU energy meeting on Oct. 17, but analysts are doubtful. Although the concept was criticised for having failed with Russia, German officials believe trade ties with a country like China could prevent conflict.
Persons: Emmanuel Macron, Olaf Scholz, Sarah Meyssonnier, Macron, Detlef Seif, Marc, Antoine Eyl, Wolfgang Munchau, hasn't, Wandel, Handel, Noah Barkin, Sarah Marsh, Kate Abnett, Michel Rose, Rachel Armstrong, Elaine Hardcastle Organizations: Weimar, REUTERS, German Christian Democratic Union, BASF, Reuters, EDF, Franco, GMF, Thomson Locations: Paris, France, Hamburg, Berlin, China, German, Germany, Ukraine, Europe, EU, Franco, Italian, Russia, Brussels, Beijing
REUTERS/Thomas White/Illustration Acquire Licensing RightsMUMBAI, Sept 22 (Reuters) - Indian bond markets won't see a jump in volatility in the near-term after JPMorgan (JPM.N) announced India's inclusion in its widely tracked emerging market debt index, BlackRock's head of Asia Pacific fixed income said on Friday. JPMorgan said 23 Indian Government Bonds (IGBs) with a combined notional value of $330 billion were eligible for inclusion in its Government Bond Index-Emerging Markets (GBI-EM) index and index suite, benchmarked by about $236 billion in global funds. Given the size of the $2 trillion global government bond market, it may add only a little bit to the volatility in Indian bond markets, Seth told the Reuters Global Markets Forum. Foreign investor buying in Indian bonds has remained tepid with net purchases of $3.4 billion so far in 2023. He also pointed to investment-grade credit in Asia and higher quality emerging market bonds, in a "tilt towards quality" as macro uncertainties persist.
Persons: Thomas White, Neeraj Seth, Seth, Divya Chowdhury, Savio Shetty, Alex Richardson Organizations: REUTERS, Rights, JPMorgan, Asia Pacific, Government, BlackRock, Reuters Global Markets, Thomson Locations: India, Rights MUMBAI, Asia, Mumbai
No strong case for jacking up bank charges: ECB's Wunsch
  + stars: | 2023-09-21 | by ( ) www.reuters.com   time to read: +2 min
Sept 21 (Reuters) - There are no strong arguments for the European Central Bank to increase mandatory reserves for banks, Belgian central bank chief Pierre Wunsch said on Thursday, weighing in on a key debate about a potential move to tighten policy further. The ECB cut to zero the rate it pays to banks on mandatory reserves earlier this year. Some policymakers are now pushing for an increase in the reserve requirement, in part to reduce losses associated with the multi-trillion-euro pool of excess liquidity sloshing around banks. "I don't see any strong argument for using movements in the reserve requirements when we still have this huge portfolio (of bonds) that we can reduce," Wunsch told the Reuters Global Markets Forum. But Wunsch said that reducing central bank losses should not be the objective of monetary policy and changing the rules now could make commercial banks wary of taking part in future stimulus schemes.
Persons: Pierre Wunsch, Wunsch, Banks, Divya Chowdhury, Balazs Koranyi, Jane Merriman, Chizu Organizations: European Central Bank, ECB, Reuters Global Markets, Thomson Locations: Belgian, Mumbai
MUMBAI, Sept 6 (Reuters) - Policymakers expect persistently slower growth in China, perhaps even more sluggish than current consensus estimates, seeing its transition from an infrastructure- and investment-led economy to becoming consumption-driven as "difficult". "The inflation rate in China is around 0% - that means distortion of domestic demand and domestic supply," he said. This follows economic growth in 2022 recorded at one of its worst levels in nearly half a century. The Croatian central bank chief sees narrowing room for expansionary policies in China, adding, "We have to be careful." The RBNZ has already factored in "a pretty subdued period" for commodity prices within their projections, before they see them beginning to rise again, Hawkesby said.
Persons: Takahide Kiuchi, Goushi Kataoka, Boris Vujcic, Robert Holzmann, Christian Hawkesby, Hawkesby, Divya Chowdhury, Savio Shetty, Lisa Mattackal, Mehnaz Yasmin, Mark Heinrich Our Organizations: Former Bank of Japan, Reuters Global Markets, European Central Bank, ECB, Reserve Bank of New Zealand, Thomson Locations: MUMBAI, China, Europe, Croatian, Austrian, United States, Mumbai, Bengaluru
MUMBAI, Sept 4 (Reuters) - The Bank of Japan (BOJ) will be able to gradually shift away from its easy monetary policy only after ensuring its 2% inflation goal has been sustainably achieved, former board member Goushi Kataoka said on Monday. Kataoka expected the Spring 2024 wage negotiations to be key for the BOJ's inflation mission, Kataoka, currently chief economist at PwC Japan, told the Reuters Global Markets Forum. Once it begins exiting policy, Kataoka expects the BOJ to first remove the peg on the 10-year Japanese government bond (JGB) yield, then exit its negative interest rate policy, and finally scrap the YCC policy. "Allowing the guide rate to effectively go as low as 1% would not be possible until the 2% (inflation) target is achieved," Kataoka said. "I'm worried about the stance of Kishida cabinet," he said, describing the previous administrations' tax hikes in 2014 and 2019 as undermining the Kuroda's bold monetary policy experiment.
Persons: Goushi Kataoka, Kataoka, Haruhiko Kuroda, BOJ, I'm, Divya Chowdhury, Savio Shetty, Anisha, Christina Fincher Organizations: Bank of Japan, Reuters Global Markets, Thomson Locations: MUMBAI, Mumbai, Bengaluru
The Fed has cumulatively raised its target rate by 525 basis points to 5.25%-5.50% over the last 17 months. "I think there's a lot more to be seen," Alan Blinder, Fed vice chairman between 1994 and 1996, told the Reuters Global Markets Forum (GMF). So against that, if it's three months or four months faster, that's not a big deal, and suggests there's still plenty to come," Blinder added. Blinder also said core inflation tends to react to monetary policy action at a slower pace than headline inflation, and that coupled with the transmission lags means the Fed should consider pausing rates for some time from here. Reuters Graphics Reuters GraphicsThe 'last mile' of bringing inflation down may prove difficult for the Fed, Blinder said, adding that the central bank won't be "stubborn" if inflation settles somewhat above its stated 2% goal.
Persons: Alan Blinder, there's, Blinder, Lisa Mattackal, Divya Chowdhury, Savio Shetty, Andrea Ricci Organizations: U.S, Reuters Global Markets, Reuters Graphics Reuters, Fed, Thomson Locations: U.S . Federal, Bangalore, Mumbai
The ECB is debating whether to raise rates again in September to combat stubborn underlying price growth or pause given the weakening outlook that is now raising recession fears. "We need to be very cautious about our decisions, because a lot has been done," Centeno told the Reuters Global Markets Forum. "The labour market in Europe is performing in a novel way... I see a degree of flexibility in the European labour market that we were not used to see in the past," Centeno said. "This will ease wage pressures in our labour market, contrary to what we have [been used to] in the past."
Persons: Mario Centeno, Pedro Nunes, Centeno, Mehnaz Yasmin, Balazs Koranyi, Alison Williams, Mike Harrison Organizations: Bank of Portugal, European Central Bank, Bank of, REUTERS, Rights, ECB, Reuters Global Markets, Thomson Locations: Bank of Portugal, Carregado, Alenquer, Portugal, Europe
Investors now expect China markets to stage a recovery in the second half of 2023. "(China) markets have baked in a lot of the doom and gloom in the economy given the declines since January's peak," said macroeconomist Aidan Yao. If it is the case, spreads will start to tighten across the board," said Monchau, adding that China is under-represented in portfolios. Franklin Templeton expects the recovery in Chinese markets to happen in stages, with opportunities in the industrial equipment and banking sectors. "China (is) at the nadir of its business and profits cycle, but also offering what we consider compelling valuations."
Persons: Aidan Yao, Yao, Goldman Sachs, Charles, Henry Monchau, Mark Haefele, Franklin Templeton, Anisha, Divya Chowdhury, Hugh Lawson Organizations: Investors, Reuters Global Markets, Syz, UBS, Thomson Locations: COVID, U.S, Japan, Germany, China, Asia, Bengaluru
MUMBAI, May 19 (Reuters) - Investors are looking beyond the U.S. technology sector's bounceback this year for longer-term returns, as higher interest rates and an uncertain macroeconomic picture could present further headwinds, fund managers and strategists said. "The tendency is that ... the sector that leads in one cycle doesn't tend to lead in the following cycle," Yoder told the Reuters Global Markets Forum. "We are staying away from the more interest rate-sensitive sectors such as tech," said Jonathan Mondillo, head of North American fixed income at abrdn. Anticipating an economic slowdown in the second half, more cautious and selective positioning across fixed income portfolios is a better bet, said Jonathan Duensing, head of U.S. fixed income at Amundi. "We've always felt that the tech sector in general is one where you need to be very selective," Duensing said.
May 18 (Reuters) - Equity markets in North Asia will outperform the broader region this year, buoyed by China's reopening and a post-pandemic recovery-led earnings rebound, investors and strategists said. Liquidity from easing monetary and fiscal policy, along with Asian central banks' early victory on inflation, is expected to defend against an incoming downtrend, keeping North Asian equities resilient. Grace Tam, chief investment officer-Asia at BNP Paribas Wealth Management, expects North Asia to outperform this year following a strong 2022 from South Asian equities. Goldman Sachs sees the north versus south disparity in Asia as a top investment theme in 2023. "China's growth recovery and North Asia's earnings rebound in 2024 remain our key investment themes and overweight areas," it said in its second-quarter outlook.
Russian President Vladimir Putin and Chinese President Xi Jinping at a signing ceremony after their talks at the Kremlin in Moscow on March 21, 2023. "Russia is an increasingly important partner for [Chinese President] Xi Jinping. Russian President Vladimir Putin and China's President Xi Jinping leave after a reception following their talks at the Kremlin in Moscow on March 21, 2023. Ukraine's President Volodymyr Zelenskyy speaks with Chinese President Xi Jinping via phone line, in Kyiv on April 26, 2023. As such, China's move to broker peace between Russia and Ukraine is not seen as an altruistic one but motivated by self-interest.
May 10 (Reuters) - Private-credit firms are eyeing fresh opportunities from a potential borrowing squeeze in the United States as battered regional banks tighten lending after the turmoil in the sector, according to fund managers and investment strategists. Such lenders see commercial and residential real estate as particularly attractive, given the prominence of regional banks in these sectors. Regional U.S. banks accounted for about 70% of outstanding loans to the commercial real estate (CRE) sector alone, according to Capital Economics. "Signature was one of the biggest providers of real estate lending in the New York area, commercial real estate is very vulnerable ... as a lender you want to be on the other side of that," Handa said. Many private credit funds have plenty of excess funds, or "dry powder" to invest, said Matt Malone, head of investment management at private investment management firm Opto Investments.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe priority for Beijing is to deepen its relationship with Russia, analyst saysAndrew Small, senior fellow at the GMF Indo-Pacific Program, says that the priority for Beijing is to deepen its relationship with Russia, ahead of Chinese president Xi Jinping's meeting with his Russian counterpart Vladimir Putin.
As the Biden administration pushes for a TikTok sale or ban, it's clear the idea has bipartisan support. We've been here before, when the Trump administration pushed TikTok to sell its US operations in much the same way. While the Biden administration's approach to TikTok has been slightly different, it's clear that lawmakers on both sides of the aisle support a TikTok ban. A bill to ban TikTok on federal devices passed in December with bipartisan support in Congress, and was then signed by President Biden. That's likely to happen on a wider scale if the Biden Administration pushed for an immediate ban, experts said.
The Biden administration and CFIUS are pushing for a sale of TikTok in the US. The Chinese government could also block a TikTok sale outright before bidding kicks off. But the list of companies that would actually consider buying TikTok is small, experts told Insider. "I think Microsoft would be one of the only big money, big company possibilities." Ultimately, separating TikTok's US operations, whether in a sale to a big tech firm or a spin off, is complicated.
DAVOS, Switzerland, Jan 20 (Reuters) - Kenya's central bank expects inflation to fall within its target range during the first quarter of 2023 and is comfortable with its trajectory, Governor Patrick Njoroge said at the World Economic Forum in Davos, Switzerland. Kenya's inflation in December dipped to 9.1%, still above the bank's target range of 2.5% to 7.5%. With that in mind, the bank expects the Kenyan economy to grow 6.2% this year, Njoroge said, and does not expect a potential global recession to be "unmanageable". The bank is also not worried about depreciation of the Kenyan shilling, and expects more external financing to support the government budget, Njoroge said. The Kenyan shilling has slipped 0.54% against the U.S. dollar this year after falling over 9% in 2022.
DAVOS, Switzerland, Jan 19 (Reuters) - International Energy Agency (IEA) head Fatih Birol said on Thursday that energy markets could be tighter in 2023, adding he hoped prices would not rise further in order to ease the pressure on energy-importing developing countries. "I wouldn't be too relaxed about the markets and 2023 may well be a year where we see tighter markets than some colleagues may think," IEA Executive Director Birol said in an interview with the Reuters Global Markets Forum in Davos. Two Gulf OPEC+ producers, UAE energy minister Suhail al-Mazrouei and Saudi Aramco chief Amin Nasser, have said this week they see oil markets as balanced. Birol said Russian oil exports seemed to be more "resilient" than predicted at the beginning of last year, but that they were correct in terms of "the direction of travel". On Russian product price caps which may come into effect next month, Birol said he was concerned about diesel supply.
DAVOS, Switzerland, Jan 18 (Reuters) - The London Metal Exchange (LME) will implement recommendations on accountability and position limits "relatively quickly" from an independent review of last year's nickel crisis to prevent market distortions and improve risk monitoring, its chief executive officer said on Wednesday. "The recommendations around accountability levels and position limits are particularly important, are broadly rules-based, so could be brought about quite quickly," LME CEO Matthew Chamberlain said on the sidelines of the World Economic Forum's annual meeting in Davos, Switzerland. The LME, the world's largest and oldest metals forum, annulled all nickel trades on that day, for which it is facing legal action, and suspended the market for the first time since 1988. Independent consultancy Oliver Wyman was appointed by the LME to carry out a review of the debacle. He said the LME plans to make its platform more attractive to traders by not increasing fees in 2023 "even with inflation".
DAVOS, Switzerland, Jan 18 (Reuters) - The European Bank for Reconstruction and Development expects a record loss in 2022, primarily due to losses from its portfolio holdings in Russia and Belarus, EBRD President Odile Renaud-Basso said on Wednesday. The bank earlier reported record investments in 2022 of about 13.1 billion euros ($14.1 billion), and expects to continue investments targeted around food and energy security, Renaud-Basso said. It may make record investments in Tunisia. Renaud-Basso reiterated the bank's commitment to send 3 billion euros to Ukraine by the end of this year, particularly to help rebuild infrastructure. That would mean an expected deployment of around 1.3 billion euros in 2023, following last year's disbursement of 1.7 billion euros.
DAVOS, Switzerland, Jan 18 (Reuters) - Heavy electrical company ABB Ltd (ABBN.S) Chairman Peter Voser sees his firm acquiring between five to 10 small-to-medium enterprises a year to add to the company's organic business, he said on Monday. "Each division of ABB should be active in organic and inorganic strategies, which would see ABB acquiring between five to 10 small-to-medium business every year," Voser told the Reuters Global Markets Forum on the sidelines of the World Economic Forum's annual meeting at Davos. Zurich-based ABB raised around 200 million Swiss francs in November, which at the time was around $209 million, from selling an 8% stake in its EV charging business. "We are constantly looking at both opportunities of further private placements and/or floating, but we are under no pressure," Voser said. That's fair to say, given the population and the economies there, but I wouldn't underestimate the growth potential in the U.S.," Voser said.
"The idea that somehow cryptos are going to maintain value, while the fiat currencies collapse. That's nonsense," Rajan said on the sidelines of the World Economic Forum's annual meeting in Davos, Switzerland. The wider crypto market shrank by $1.4 trillion in 2022 with bitcoin losing 60% of its value. One cause for worry, however, could be that labor markets were tight as nobody wanted to fire people, given how hard it was to hire them to begin with, he said. For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here(Join GMF, a chat room hosted on Refinitiv Messenger: https://refini.tv/33uoFoQ)Reporting by Divya Chowdhury in Davos and Savio Shetty in Mumbai; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
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