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☆ How one nonprofit is turning to AI to help boost women's financial literacy
▼ + stars: | 2024-04-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

One women-focused nonprofit has launched a new way to help them get faster answers to their queries through the use of an online AI chatbot. The organization, Savvy Ladies, was founded more than 20 years ago by Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York City. After seeing her grandmother stay in an abusive situation because she lacked financial resources, Francis created the nonprofit with the goal of helping other women avoid similar situations. watch nowThe new chatbot — provided through Microsoft Copilot — allows visitors to the Savvy Ladies website to type in their financial questions and receive immediate answers curated from the website's content written by CFPs and other financial professionals. Investors are more likely to trust advice from generative AI tools than from social media, according to a survey released last year from the CFP Board, a professional organization representing professional financial planners.

Persons: Stacy Francis, Francis, CFPs, Judy Herbst, Michael Roberts, William H, Lawrence, Roberts Organizations: Francis Financial, Microsoft, CNBC's FA, Wharton School, University of Pennsylvania, CFP Locations: New York City, CNBC's

☆ NATO’s next challenge: How to reverse years of underfunding defense
▼ + stars: | 2024-04-03 | by ( Luke Mcgee | ) edition.cnn.com time to read: +8 min

For over a decade, allies have chronically underspent on defense while the West’s adversaries modernized and bolstered their own military capabilities. Defense spending stayed low across the West not just because of budget pressures, but also because everyone – including the US – was frightened to provoke Russia. However, the nature of NATO allies’ support for Ukraine – much of it direct military support – has exposed the vulnerability that years of underfunding has caused the alliance. Fabian Bimmer/Pool/ReutersThis means that the challenge in front of NATO allies now is not just how can they meet the demand for weapons coming from Ukraine, but how do they reverse years of underfunding their own defenses? Some allies don’t trust that others will be quite so generous with defense spending if the Russia-Ukraine war were to end.

Persons: Vladimir Putin’s, Putin, Volodymyr Zelensky, Murat Kula, ”, ” John Herbst, Antony Blinken, Ulf Kristersson, Andrew Caballero, Reynolds, underfunding, It’s, Herbst, NATO’s, –, Jens Stoltenberg, Olaf Scholz, Fabian Bimmer, Stoltenberg, ” Stoltenberg, Peter Ricketts, Douglas Lute, “ Organizations: CNN, NATO, Turkish, Anadolu Agency, Pentagon, “, Swedish, US State Department, Getty, Ukraine, Rheinmetall, Trump Locations: Soviet, Bosnia, Kosovo, Afghanistan, Iraq, Ukraine, United States, British, Vilnius, Russia, Kyiv, Europe, Germany, AFP, North Korea, Iran, Washington, Unterluess, Baltic, Brussels, Finland, Sweden, NATO

☆ The US mocked Russia for its motley cast of allies in Ukraine. It's not laughing any more.
▼ + stars: | 2024-03-01 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +8 min

They didn't have the defensive positions prepared," RAND defense researcher Bruce W. Bennett told Business Insider. To work with North Korea, Putin has contravened UN Security Council resolutions he himself signed onto. "If Russia failed to achieve success in Ukraine, meaning it got pushed out of Ukraine, is Putin going to survive physically?" Operating like this "really emboldens North Korea, Iran, and any other autocratic state," said Sanner. AdvertisementIn supplying weapons, Kim Jong Un's regime is unlikely to be driven by a dislike of Ukraine, Bennett said.

Persons: —, Vladimir Putin, Bruce W, Bennett, Putin, State Anthony Blinken, Mark Milley, Grant Shapps, Beth Sanner, that's, Joseph Byrne, Kim Jong Un, John Herbst, Byrne, ALEXANDER KAZAKOV, Kim, Sergei Lavrov, Kim Jong, would've, Russia's, it's, we're Organizations: Service, RAND, Business, State, Joint Chiefs of Staff, UK Defence, Trump, Biden, Atlantic, Royal United Services Institute, REUTERS, Atlantic Council, Putin, Ukraine —, US, UN, New York Times, North Locations: Ukraine, Iran, North Korea, Pyongyang, Russia, Komsomolsk, Khabarovsk Region, South Korea, Korea, Moscow, KCNA

☆ The GOP could be about to cost Ukraine the war
▼ + stars: | 2024-02-14 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +8 min

But House Republicans under Speaker Mike Johnson have no plans to take up the deal, effectively blocking the $60 billion in Ukraine aid it includes. AdvertisementThe war has reached a stalemate even with this support, and a sudden shortage as could come this year drastically weakens Ukraine’s war effort against Russia, analysts told Business Insider. Without US arms support, Ukraine will simply be outgunned and more of its troops will die, experts warn. Other aid will save Ukraine just for monthsA Ukrainian defeat would not be immediate, as Europe could step up its military aid, Herbst said. Losing Ukraine would come at a devastating cost for NATO and the USThese dynamics are perilous for Ukraine and its backers.

Persons: —, Mike Johnson, John Herbst, Herbst, Ukraine’s, Gustav Gressel, Stringer Mark Cancian, they'd, Cancian, Vladimir Putin, Johnson, Hakeem Jeffries Organizations: Service, Business, Patriot, Council’s Eurasia Center, Archer Artillery, Roman, Getty, American Enterprise Institute, Martens, European Council, Foreign Relations, REUTERS, US Marine Corps, Center for Strategic, International Studies, NATO, Russia, Democrats, House Republicans Locations: Ukraine, Israel, Taiwan, Russia, Ukrainian, Iran, North Korea, Donetsk Oblast, Europe, Zaporizhzhia region, Russian, Soviet Union, Belarus, Africa, Balkans, America

LAS VEGAS (AP) — A Nevada jury has awarded about $130 million in damages in a lawsuit filed by five people who suffered liver damage after drinking bottled water marketed by a Las Vegas-based company before the product was recalled from store shelves in 2021. Real Water attorney Joel Odou argued that the company was unintentionally negligent, not reckless, the Las Vegas Review-Journal reported. The Southern Nevada Water Authority, the region's main public supplier, monitors and tests for 166 different possible contaminants, spokesman Bronson Mack said Thursday. Mack noted that the water authority was not a defendant in the lawsuits and said the area's municipal water supply meets or surpasses all federal Safe Drinking Water Act standards. Real Water was sold for at least eight years, primarily in Central and Southern California, Las Vegas, Phoenix and Utah.

Persons: Myles Hunwardsen, Henderson, ” Will Kemp, Kemp, Affinitylifestyles.com, Brent Jones, Jones, Herbst, Joel Odou, Bronson Mack, Mack Organizations: LAS VEGAS, AffinityLifestyles.com Inc, Republican, Telephone, Foods, Costco Wholesale, Hanna Instruments, Milwaukee Instruments, Water, Las Vegas, Las, The Southern, The Southern Nevada Water Authority, U.S . Food, Drug Administration, Clark County Health District Locations: Nevada, Las Vegas, Clark County, Lake, Hoover, Colorado, The, The Southern Nevada, Central, Southern California, Phoenix and Utah, U.S

☆ Jana Partners calls for strategic review, possible sale at Frontier Communications -letter
▼ + stars: | 2023-12-04 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Small toy figures with laptops and smartphones are seen in front of displayed Frontier Communications logo, in this illustration taken December 5, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsDec 4 (Reuters) - Activist investment firm Jana Partners is urging Frontier Communications (FYBR.O) to begin a strategic review, including a possible sale of the telecommunications company, arguing that its shares will continue to lag unless corrective action is taken. In the letter, the partners said they have spoken with potential strategic and financial buyers who have "indicated interest in participating in a company-initiated review process." A Jana spokesman declined to comment and a representative for Frontier did not immediately respond to a request for comment. In the letter Jana said Frontier's lagging stock price is linked to the fact the company hasn't been able to attract new investors since exiting bankruptcy in 2021.

Persons: Dado Ruvic, Jana Partners, Jana, Barry Rosenstein, Scott Ostfeld, Goldman Sachs, hasn't, Frontier's, Svea Herbst, Bayliss, Nick Zieminski Organizations: REUTERS, Frontier Communications, Reuters, Board, Frontier, Wall, Svea, Thomson

☆ Exclusive: Activist investor Blackwells plans Wendy's board challenge -sources
▼ + stars: | 2023-12-01 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Blackwells, run by Jason Aintabi, plans to nominate several directors to Wendy's 12-member board, said the sources, who asked not to be identified discussing confidential deliberations. It made no mention of any plans to challenge the Wendy's board. Wendy's reported adjusted third-quarter earnings per share of 27 cents last month, beating analysts' average estimate of 25 cents. Yet it posted same-restaurant sales growth of 2.8% globally and 2.2% for the United States that were lower than a year ago. In third quarter of 2022, Wendy's had reported global same-restaurant sales growth of 6.9% and U.S. same-restaurant sales growth of 6.4%.

Persons: Burger, Mario Anzuoni, Wendy's, Jason Aintabi, Nelson Peltz, Peter May, Matthew Peltz, Blackwells, Trian, Bob Iger, Peltz, Matthew H, McDonald's, Aintabi, John Foley, Foley, Svea Herbst, Bayliss, Chizu Nomiyama, Kirsten Donovan Organizations: Trian Fund Management, Walt Disney Co, Disney, Restaurant, International Inc, Burger, Interactive, Svea, Thomson Locations: Monrovia , California, North America, Wendy's, Dublin , Ohio, New York, United States, Rhode Island

Nov 30 (Reuters) - Activist investor Nelson Peltz is pushing ahead with plans to seek at least three board seats at Disney (DIS.N) as the firm is not satisfied with Disney CEO Bob Iger's changes, several people familiar with the matter said. During a conversation on Thursday morning with Iger, Disney extended an offer for Trian to meet with the company's board but rejected the activist shareholder's request for seats on a board that will soon have 12 members, Trian said in a statement. He wanted the company to come up with a better succession plan, overhaul the streaming business and cut costs. Early this year, Peltz aborted a board challenge to give Iger time to "right the ship." "If they’ve made significant progress," Gadson said of Disney, proxy advisers "are more likely to allow for time to complete the transformation."

Persons: Nelson Peltz, Bob Iger's, Trian, Iger, Peltz, Disney, Morgan Stanley, James Gorman, Jeremy Darroch, Francis deSouza, Patrick Gadson, Vinson, they’ve, Gadson, Samrhitha, Dawn Chmielewski, Bayliss, Mark Porter, Lisa Shumaker Organizations: Disney, Trian, ESPN, Sky, Companies, Exxon, Svea Herbst, Thomson Locations: Bengaluru, Dawn, New York, Providence

☆ Activist investor Ubben shutting down Inclusive Capital-sources
▼ + stars: | 2023-11-29 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +4 min

Jeffrey Ubben, Founder & CEO at ValueAct Capital, speaks on the Reuters Newsmaker event "The Future of Shareholder Activism" in Manhattan, New York, U.S., February 22, 2017. Ubben told investors in a memo he was winding down some funds and returning capital, two people familiar with the matter said on Wednesday. Ubben and Inclusive Capital, known as InCap, did not respond to calls and emails for comment. Last year more hedge funds closed their doors than launched, data from Hedge Fund Research show. More than two decades ago, Ubben, 61, who started his career at mutual fund giant Fidelity, founded ValueAct Capital in San Francisco.

Persons: Jeffrey Ubben, Andrew Kelly, Jeff Ubben, Ubben, InCap, Martha Stewart, John Paulson, Louis Bacon, Svea Herbst, Bayliss, Sabrina Valle, Josie Kao Organizations: ValueAct, Reuters, REUTERS, Capital Partners, Inclusive, Hedge Fund Research, Fidelity, Microsoft, Street Journal, Exxon, Rad Laboratories, Unifi Inc, Bayer, Svea, Thomson Locations: Manhattan , New York, U.S, San Francisco, Houston

A general view of the Phillips 66 Company's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan/File Photo Acquire Licensing RightsNov 29 (Reuters) - Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is urging the U.S. oil refiner and pipeline operator to revamp its board to boost lagging performance. Phillips 66 has lagged its U.S. refining rivals at a time when fuel demand and margins have soared for the industry. Phillips 66 Chief Executive Mark Lashier acknowledged discussions with Elliott but did not say whether the company was open to adding two Elliott-recommended directors to its board. Phillips 66 currently has 13 board members.

Persons: Bing Guan, Phillips, Mark Lashier, Elliott, Lashier, John Pike, Mike Tomkins, Garfield Miller, Miller, Svea Herbst, Bayliss, Laura Sanicola, Gary McWilliams, Anil D'Silva, Bernadette Baum, Mark Porter Organizations: Phillips, Los, Los Angeles Refinery, Elliott Investment Management, Marathon Petroleum, Energy, Exxon Mobil, Aegis Energy Advisors, Elliott, Svea, Thomson Locations: Los Angeles, Carson , California, U.S, Houston, Providence, New York, Bengaluru

☆ Charlie Munger, who was Warren Buffett's right-hand man at Berkshire, dies at 99
▼ + stars: | 2023-11-28 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

[1/3] Berkshire Hathaway Inc Vice Chairman Charles Munger speaks at the Daily Journal annual meeting in Los Angeles, U.S., February 15, 2017. The death of Munger, a Berkshire vice chairman since 1978, marks an end of an era in corporate America and investing. "It's a shock," said Thomas Russo, a partner at Gardner Russo & Quinn in Lancaster, Pennsylvania, and longtime Berkshire shareholder. PHILOSOPHICALLY ALIKESince becoming a Berkshire vice chairman, Munger worked closely with Buffett on allocating Berkshire's capital and not mincing words when he thought his business partner was making a mistake. Money manager Whitney Tilson, who knew Munger personally, said a "generation of investment managers" learned some of their craft from Munger and Buffett.

Persons: Charles Munger, Lucy Nicholson, Warren Buffett's, Charlie Munger, Munger, Berkshire Hathaway, Buffett, Thomas Russo, Gardner Russo, Quinn, Rick Meckler, Charlie, Warren, Paul Lountzis, Whitney Tilson, Tilson, Greg Abel, Ajit Jain, Abel, Buffett's, Howard, CHARLIE, Jain, Lountzis, Russo, Jonathan Stempel, Lewis Krauskopf Svea, Bayliss, Chibuike, Megan Davies, Rosalba O'Brien, Lisa Shumaker Organizations: Berkshire Hathaway, Daily, REUTERS, Cherry Lane Investments, Lountzis, Management, BNSF, Apple, Thomson Locations: Los Angeles , U.S, Berkshire, California, America, Omaha , Nebraska, Lancaster , Pennsylvania, Munger, New Jersey, Wyomissing , Pennsylvania, Omaha, Warren, New York

Nov 27 (Reuters) - Activist investor Elliott Investment Management on Monday said it was ready to nominate directors at Crown Castle International and push for the ouster of the wireless tower owner's executives and board members, whom it blames for years of underperformance. The hedge fund in a letter released on Monday said the company needs "comprehensive leadership change." It said it was ready to appeal to other shareholders to make changes to the 12-member board, signaling a possible proxy fight next year. Elliott sharply criticized management and the board saying a "lack of oversight ... contributed to its irresponsible stewardship and flawed financial policy." The hedge fund said the company "disregarded our data-driven analysis" and added that "our recommended changes were neither made nor taken seriously."

Persons: Elliott, Jesse Cohn, Jason Genrich, Jay Brown, Svea Herbst, Bayliss, Pooja Desai, Mark Porter Organizations: Investment Management, Crown Castle International, SBA Communications, Intelligence, Svea, Thomson Locations: Houston, Providence, Bengaluru

Ten-year Treasury yields hit a 16-year high of 5.021% in late October, but have fallen back to 4.414%. Some big investors and advisers believe, however, that reasons to cheer are short-lived and growing concerns over the economy will start weighting on asset prices early next year. His focus now is more on earnings, credit markets and broader economic data for signs of a potential slowdown. The U.S. presidential race next year is also a concern because it could be a source of more market instability. For a new boost in market performance, tech stocks will depend more on showing how AI can lift results, investors said.

Persons: We've, Ryan Israel, Bill Ackman's, Mohamed El, Peter van Dooijeweert, Max Gokhman, Franklin Templeton, Bill Gross, van Dooijeweert, Carolina Mandl, David Randall, Svea, Bayliss, Megan Davies, Leslie Adler Organizations: Nasdaq, Bill Ackman's Pershing, Capital Management, Allianz, Group's Solutions, U.S, Reuters, Microsoft, Wall, Svea Herbst, Thomson Locations: extrapolating, U.S, China

Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. Citigroup declined to comment on all the personnel moves, and none of the leaders named responded to requests for comment. The full reorganization could involve thousands of layoffs, according to a source familiar with the situation who was not authorized to speak publicly. Preparations for Monday's announcements were communicated verbally in meetings last week, according to another source familiar with the situation. Final announcements related to the overhaul will be made early next year, Fraser said in a memo to employees.

Persons: Jane Fraser, Eduardo Martinez Campos, Andy Sieg, Andrew Kelly, Valentin Valderrabano, Patricia Dorosz, Nacho Gutiérrez, Carmen Haddad, Fahad Aldeweesh, Haddad, Jose Miguel Salvador Nasur, Peter Babej, Ernesto Torres Cantú, Brad Wayman, Chris McCullough, Wayman, Patrick Gallagher, Lucy Baldwin, Sandeep Arora, Fraser, Mark Mason, Tatiana Bautzer, Lananh Nguyen, Andres Gonzalez, Saeed Azhar, Bayliss, Echo Wang, Isla Binnie, Nick Zieminski, Stephen Coates, Marguerita Choy Organizations: Citigroup, Citi, Citi Wealth Services, Citibank, New York Stock Exchange, REUTERS, Svea Herbst, Thomson Locations: Manhattan , New York City, U.S, Europe, Saudi Arabia, Chile, New York, London, Svea

☆ Labor group seeks three board seats at Starbucks - sources
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

Members of the Starbucks Workers Union and other labor organization picket and hold a rally outside a company owned Starbucks store, during the coffee chain's Red Cup Day event in New York City, U.S., November 16, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsCompanies Starbucks Corp FollowNov 21 (Reuters) - The Strategic Organizing Center, a coalition of North American labor unions, is seeking three board seats at Starbucks (SBUX.O), people familiar with the matter told Reuters on Tuesday. Workers at several Starbucks stores had walked off their jobs last week in a strike organized by the Workers United union during a key promotional event demanding improved staffing and schedules. It is affiliated to Service Employees International Union, which owns a small Starbucks stake and is part of the Strategic Organizing Center, the Wall Street Journal reported. The WSJ first reported about the Strategic Organizing Center's push for board seats.

Persons: Brendan McDermid, Ananya Mariam Rajesh, Bayliss, Arun Koyyur Organizations: Starbucks Workers Union, REUTERS, Companies Starbucks Corp, Organizing, North, Reuters, Tuesday . Workers, Workers United, Service Employees International Union, Strategic Organizing, Wall Street Journal, Starbucks, ., U.S . Bureau of Labor Statistics, WSJ, Svea Herbst, Thomson Locations: New York City, U.S, North American, Bengaluru, Svea, New York

REUTERS/Andrew Kelly Acquire Licensing RightsNEW YORK, Nov 20 (Reuters) - Citigroup (C.N) employees expect the bank to announce layoffs and senior management changes on Monday as part of its biggest reorganization in decades, according to five sources with knowledge of the matter. The job cuts could affect thousands of staff, according to a source familiar with the situation who was not authorized to speak publicly. Executives are also likely to announce senior management changes by email, the source said. Last month, Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. Support staff in compliance and risk management, and technology staff working on overlapping functions are at risk of being laid off, Reuters reported in September.

Persons: Andrew Kelly, Saeed Azhar, Isla Binnie, Tatiana Bautzer, Svea Herbst, Bayliss, Echo Wang, Lananh Nguyen, Lisa Shumaker Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup, Citi, Reuters, Svea, Thomson Locations: Manhattan , New York City, U.S, New York

☆ Read the pitch deck that helped AI adtech company Qortex raise $6 million, led by Nvidia and Samsung alumni
▼ + stars: | 2023-11-20 | by ( Ryan Joe | ) www.businessinsider.com time to read: +3 min

Qortex, which uses AI to target ads in streaming TV, online video, and video games, said Monday it had raised a $6 million Series A round, led by GFT Ventures. Because Qortex's technology analyzes what's happening in the video frame-by-frame, it understands what's happening at a very granular level, said Rosenberg. For instance, Rosenberg said Qortex could help publishers identify strobing lights in video to remain ADA compliant, or quickly scan video archives to find specific content. While GFT has invested in about 10 companies so far Herbst said, Qortex is "one of the first and honestly one of my favorites." Check out select slides from the pitch deck that helped Qortex raise its $6 million Series A round.

Persons: Zack Rosenberg, Qortex, Rosenberg, Jeff Herbst, Herbst, Mark Pedowitz, Sid Mookerji, GFT Organizations: GFT Ventures, Silicon Road Ventures, Business, GFT, Nvidia, CW Network, Silicon, Ventures, NHL, Allstate

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Nov 17 (Reuters) - Citigroup (C.N) employees expect announcements about management changes and layoffs on Monday in the next phase of the bank’s sweeping reorganization, according to four people familiar with the situation. Employees are awaiting more details about the scale of layoffs at the bank, which employs 240,000 people worldwide. Last month, Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. The third-largest U.S. lender will also eliminate co-heads of divisions and regional roles, cut 50% of internal financial management reporting and centralize decision making, it said in October. Support staff in compliance and risk management, and technology staff working on overlapping functions are at risk of being laid off, Reuters reported in September.

Persons: Andrew Kelly, Saeed Azhar, Bayliss, Tatiana Bautzer, Lananh Nguyen, Echo Wang, Isla Binnie, Chizu Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup, Financial Times, Citi, U.S, Reuters, Svea Herbst, Thomson Locations: Manhattan , New York City, U.S, New York

☆ ValueAct builds stake in Disney, adds drama at home of Mickey Mouse -sources
▼ + stars: | 2023-11-15 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. ValueAct and Disney declined to comment. Disney's stock price could trade between $120 and $190 a share, far above its current $94.19 price, ValueAct has suggested, the people said. Unlike other activist investors who noisily push for change through public presentations, ValueAct prefers to work quietly behind the scenes. In January, ValueAct CEO Mason Morfit was invited onto Salesforce's (CRM.N) board at a time the company had at least five activist shareholders.

Persons: Brendan McDermid, ValueAct, Mickey, Nelson Peltz's, Peltz, Shaw, Trian, Mason Morfit, Svea Herbst, Bayliss, Dawn Chmielewski, Arsheeya, Arun Koyyur, David Gregorio Our Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, ValueAct, Walt Disney, Disney, 13D Monitor, Pixar, Star Wars, Marvel, Fund Management, Management, Capital Partners, Microsoft, Svea, Thomson Locations: New York, U.S, San Francisco, Los Angeles, Bengaluru

☆ Salesforce's strong stock price wooed some investors during third quarter-filings
▼ + stars: | 2023-11-15 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

The two hedge funds had each cut their investments in Salesforce during the second quarter. Still Starboard Value the first activist to speak publicly in October 2022 about needed changes at Salesforce cut its stake again, the filings show. On Sept. 30, the hedge fund owned 1.7 million shares, marking a 14% drop from what it owned at the end of the second quarter. Light Street Capital Management cut its stake by 44%, while Polen Capital Management trimmed it by 3.2%, the filings show. While Salesforce's stock price lost some ground during the third quarter, it has continued to move higher and closed trading at $221.18 on Tuesday.

Persons: Porte, Benoit Tessier, Salesforce, Mason Morfit, Svea Herbst, Bayliss, Aurora Ellis Organizations: Viva Technology, Porte de, REUTERS, Capital Management, Farallon Capital Management, Elliott Investment Management, ValueAct, Investment, Securities and Exchange, Street Capital Management, Polen Capital Management, Svea, Thomson Locations: Paris, France, Salesforce, Polen

☆ ValueAct Capital builds stake in Disney - 13D Monitor
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid Acquire Licensing RightsNov 15 (Reuters) - Activist investor ValueAct Capital has taken a stake in Walt Disney (DIS.N), sources familiar with the matter said on Wednesday. ValueAct is the second activist investor to arrive at Disney after Nelson Peltz's Trian Fund Management last month signaled it would be pushing for multiple board seats after having abandoned a proxy fight earlier this year. The new position was first reported by 13D Monitor. Reporting by Svea Herbst-Bayliss in New York and Arsheeya Bajwa in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, ValueAct, Nelson Peltz's, Svea Herbst, Bayliss, Arun Koyyur Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Walt Disney, Disney, Management, 13D, Svea, Thomson Locations: New York, U.S, Bengaluru

☆ Exclusive: ValueAct takes stakes in Recruit and Expedia, says they are poised for strong growth
▼ + stars: | 2023-11-15 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

The Recruit logo is displayed at its headquarters in Tokyo, Japan May 10, 2022. REUTERS/Mayu Sakoda/ Acquire Licensing RightsNEW YORK, Nov 15 (Reuters) - ValueAct Capital Management has bought stakes in job search site Indeed's parent Recruit Holdings (6098.T) and in online travel services provider Expedia Group (EXPE.O) and believes both are poised for strong growth. Recruit is valued at roughly $49 billion while Expedia has a market value of about $17 billion. ValueAct CEO Mason Morfit was invited onto Salesforce's board this year and the stock price has surged 64% since January. There was no mention of Recruit or Expedia.

Persons: Mayu, Expedia, ValueAct, Mason Morfit, Svea Herbst, Bayliss, Edwina Gibbs Organizations: REUTERS, ValueAct Capital Management, Recruit Holdings, Expedia, Reuters, Recruit, Microsoft, Danaher Corp, Roblox, Alarm.com Holdings, Svea, Thomson Locations: Tokyo, Japan, Austin , Texas, Expedia, Illumina

☆ Exclusive: Activist investor Elliott targets drugmaker BioMarin -sources
▼ + stars: | 2023-11-07 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 7 (Reuters) - Activist investor Elliott Investment Management has built a stake in BioMarin Pharmaceutical (BMRN.O) and has been in discussions with the biotechnology company for months about its future, according to two people familiar with the matter. Elliott declined to comment, while a representative for BioMarin did not immediately respond to a request for comment. BioMarin shares rose 12% to $85.36 on the news in morning trading in New York on Tuesday. Prior to news of Elliott's engagement, BioMarin shares were down 24% year-to-date, significantly underperforming the iShares Biotechnology ETF (IBB.O), which is down 8.6%. Elliott also successfully pushed for drug makers Alexion Pharma (AZN.L) and Allergan (ABBV.N) to be sold.

Persons: Elliott, BioMarin, hemophilia, Jean, Jacques Bienaime, Alexander Hardy, Jefferies, Bienaime, Harvey, Richard Meier, Svea Herbst, Bayliss, Jamie Freed Organizations: Investment Management, BioMarin Pharmaceutical, Biotechnology, Alexion Pharma, Svea, Thomson Locations: BioMarin, San Rafael , California, West Palm Beach , Florida, New York

[1/2] The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. At issue are proposed rules that would, among other things, require greater disclosures of large security-based swap positions. "The SEC is unlawfully withholding ... information to which Elliott is entitled and for which no valid disclosure exemption applies or has been properly asserted," Elliott said. In June, the regulator strengthened rules intended to prevent anyone in the security-based swaps market from manipulating prices. The case is Elliott Investment Management LP v SEC, U.S. District Court, District of Columbia, No.

Persons: Andrew Kelly, Elliott, Paul Singer, Svea Herbst, Bayliss, Bill Berkrot Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Elliott Investment Management, SEC, Bloomberg News, Forbes, Elliott Investment, U.S, District of Columbia, Svea, Thomson Locations: Washington ,, Washington, West Palm Beach , Florida

☆ Exclusive: Hedge fund Caxton wins on bond rout to claw back performance losses - sources
▼ + stars: | 2023-11-03 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

They added that the fund had about a negative 2% performance for the year to the end of October. The CGI fund, at the end of June had been down about 8%, added one of the sources. The CGI fund did well from a view that the Bank of Japan would ease its ultra-loose monetary policy, said two of the sources. They also said short bets that bond prices would fall, as well as bets the U.S. Treasury yield curve would steepen were some of the top earners for the fund. Caxton's CGI fund also profited from the difference between Japanese and U.S. stock prices, the sources said, adding that losses on commodities bets in gold and a yen hedge detracted from performance.

Persons: Dado Ruvic, Andrew Law's, Caxton, Jerome Powell, Bruce Kovner, Nell Mackenzie, Carolina Mandl, Svea Herbst Bayliss, Maiya, Dhara Ranasinghe, Kirsten Donovan, David Evans Organizations: REUTERS, Caxton Associates, Caxton Global Investments, Bank of Japan, Treasury, Federal Reserve, Thomson

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