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☆ Jensen Huang's 6 a.m. starts and 14-hour workday helped him turn Nvidia into a $2 trillion company
▼ + stars: | 2024-05-02 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +6 min

The Nvidia CEO has an engaged leadership style with 60 direct reports, which he says empowers others. AdvertisementRunning a $2 trillion company comes with early morning starts — just ask Jensen Huang. Huang works holidays but finds it relaxingNvidia CEO Jensen Huang. When I'm not working, I'm thinking about working, and when I'm working, I'm working. Got insights into what it's like working for Jensen Huang?

Persons: Jensen, Huang, —, Jensen Huang, Mohd Rasfan, Huang doesn't, workshy, Nicolai Tangen, Tangen, Nicolai, Huang's, Patrick Collison, I'm, Michael M, That's Organizations: Nvidia, Service, Financial Times, New York Times DealBook, Microsoft, Apple, Getty, Norges Bank Investment Management, Stripe Sessions, Big Tech, CNN, Forbes, Stanford School of Business, Stanford University Locations: AFP

☆ World’s largest sovereign wealth fund says green backlash is a chance for it to 'phase in' — not out
▼ + stars: | 2024-04-29 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Norway's $1.6 trillion wealth fund added to its bets in the biggest technology companies last year after interest in artificial intelligence drove a surge in the sector. Norway's $1.6 trillion sovereign wealth fund says it will continue to advocate for investments based on environmental, social and governance (ESG) factors, brushing off the impact of a green political backlash. Analysts expect the outcome of this year's U.S. presidential election to determine whether the pushback against ESG investment strategies will have a deep and lasting effect. Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), told CNBC that the country's wealth fund continued to advocate for the ESG agenda. So that's important," Tangen told CNBC's "Squawk Box Europe" on April 23.

Persons: Nicolai Tangen, Tangen, CNBC's Organizations: Norges Bank Investment Management, Republican, Democratic, CNBC Locations: Oslo, Norway, United States, U.S

☆ ‘A real wildcard’: World’s largest wealth fund issues inflation warning on hot commodity markets
▼ + stars: | 2024-04-24 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

The chief executive of the world's largest wealth fund says there are many wild cards in financial markets right now, but the "big worry" for investors is what a commodities rally could mean for the inflation outlook. Oil and copper prices have climbed around 13%, respectively, year-to-date, while gold has repeatedly notched fresh record highs in recent months. Asked whether he had any concerns about hot commodity markets, NBIM's Tangen replied, "Yes, the big worry is just what that could mean for inflation right?" He added, "So, if energy and raw material prices continue to move up, that is going to feed through to end-product prices, which are going to be higher. And that could be the real wildcard when it comes to inflation expectation."

Persons: Nicolai Tangen, CNBC's, NBIM's Tangen Organizations: Norges Bank Investment Management

☆ World’s largest wealth fund says there’s ‘clearly a lot of froth’ in the tech sector right now
▼ + stars: | 2024-04-23 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

The chief executive of Norway's gigantic sovereign wealth fund on Tuesday said there is "clearly a lot of froth" in the tech sector, suggesting that whether there is too much of it could depend on this week's tech earnings bonanza. U.S. tech behemoths including Tesla , Meta , Microsoft and Google parent Alphabet are all scheduled to release results in the coming days. "If I look at what we can read out of the current market, I would say that there is clearly a lot of froth within the technology sector. The world's largest sovereign wealth fund, which was valued at 17.7 trillion kroner ($1.6 trillion) at the end of March, was established in the 1990s to invest the surplus revenues of Norway's oil and gas sector. To date, the fund has put money in more than 8,800 companies in over 70 countries around the world, making it one of the largest investors across the globe.

Persons: Nicolai Tangen, CNBC's, NBIM Organizations: Meta, Microsoft, Google, Elon Musk's EV, Tesla, Nasdaq, Nvidia, Norges Bank Investment Management, Government Pension Fund Locations: U.S

☆ 'Clearly a lot of froth' in the tech sector right now, says the CEO of the world’s largest wealth fund
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Clearly a lot of froth' in the tech sector right now, says the CEO of the world’s largest wealth fundNicolai Tangen, CEO of Norges Bank Investment Management, reviews the outlook for Big Tech ahead of upcoming earnings.

Persons: Nicolai Tangen Organizations: Norges Bank Investment Management, Big Tech

☆ Baidu says its ChatGPT-like Ernie bot exceeds 200 million users
▼ + stars: | 2024-04-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Men interact with a Baidu AI robot near the company logo at its headquarters in Beijing, China April 23, 2021. Florence Lo | ReutersSHENZHEN — Baidu CEO Robin Li said Tuesday the company's ChatGPT-like Ernie bot has exceeded 200 million users. Li, who is also co-founder and chairman of Baidu, was delivering an opening speech titled "Everyone is a Developer" at Baidu's AI Create conference. Smartphone companies Samsung and Honor have integrated Ernie's AI capabilities with certain mobile devices. Li said in February that Baidu's AI chip reserve "enables us to continue enhancing Ernie for the next one or two years."

Persons: Florence Lo, Robin Li, Ernie, Li, Joe Tsai Organizations: Baidu, Reuters SHENZHEN, Samsung, Norges Bank Investment Management Locations: Beijing, China

☆ Jack Ma is praising Alibaba. Wall Street is more cautious
▼ + stars: | 2024-04-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Alibaba shares got a boost last week from news founder Jack Ma is pleased with the company's turnaround so far. They cut their price target to $100 a share, down from $105 previously, while maintaining an overweight rating. Eddie Wu became CEO of Alibaba in September, and is also acting head of the cloud business. They cut their price target by $1 to $105 a share and maintained their buy rating. They have a price target of $85, and, in contrast to the many buy ratings, rate the stock equal weight.

Persons: Jack Ma, Joe Tsai, Ma, Alex Yao, Tsai, Nicolai Tangen, We've, Eddie Wu, Trudy Dai, Daniel Zhang, Kenneth Fong, Douyin, Nomura, Doubao, Ernie, Qianwen, monetization, Morgan Stanley, Gary Yu, — CNBC's Michael Bloom, Arjun Kharpal Organizations: CNBC, Wall Street, JPMorgan, Norges Bank Investment, Alibaba, Commerce, UBS, PDD Holdings, Norges Bank Investment Management Locations: China, U.S, Taobao, BABA

☆ Ousted Tesla cofounder says a canceled $25,000 car could give China 'a chance to really spread'
▼ + stars: | 2024-04-11 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Tesla cofounder Martin Eberhard expressed disappointment over a report of Tesla canceling its $25,000 EV plans. AdvertisementTesla cofounder Martin Eberhard said a report that the electric-car maker has canceled a $25,000 EV could give China a boost. The billionaire also said Tesla plans to unveil its first robotaxi later this year. The carmaker has been facing pressure from EV companies in China, including BYD, which has been vying with Tesla for the title of top EV seller . Earlier this week, the Tesla CEO said "Chinese car companies are by far the most competitive."

Persons: Tesla, Martin Eberhard, Elon Musk, Eberhard's, —, Eberhard, Musk, Nicolai Tangen, Eberhard butted Organizations: Service, HSBC Global Investment, Reuters, Elon, Norges Bank Investment Locations: China, Hong Kong

☆ Satya Nadella says Google should've been the 'default winner' of the AI race
▼ + stars: | 2024-03-13 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +1 min

Satya Nadella said Google should've been the "default winner" of the Big Tech AI race. He said Google can "bring some competition" to Microsoft in the AI race. Microsoft — not Google — is the AI frontrunner, tech analyst Dan Ives said last year. AdvertisementSatya Nadella said Google "should have been the default winner" of Big Tech's AI race. The Microsoft CEO said the resources available to Google should've made it a frontrunner.

Persons: Satya Nadella, Google should've, Dan Ives, —, Nadella Organizations: Google, Big Tech, Microsoft, Service, Norges Bank Investment, Business

☆ Premarket stocks: Revolution or market bubble? Investors weigh the AI boom
▼ + stars: | 2024-02-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —What’s the difference between a revolution and a market bubble? Thanks to strong performances in stocks and bonds in 2023, coupled with steady savings rates and employer-provided matching contributions, 401(k) investors ended 2023 very much in the black, reports my colleague Jeanne Sahadi. That’s according to new fourth-quarter data from Fidelity Investments, one of the largest providers of workplace retirement plans that cover 23 million 401(k) participants. The troubled plant-based meat company, which has partnerships with McDonald’s and KFC owner Yum! On a Tuesday call with Beyond Meat’s investors, Brown outlined a set of initiatives intended to rightsize the struggling company.

Persons: New York CNN —, ’, Jamie Dimon, Dimon, ”, Torsten Slok, Yung, Yu Ma, “, Jeanne Sahadi, Gen Xers, Fidelity, Samantha Delouya, Ethan Brown, Brown Organizations: CNN Business, Bell, New York CNN, Nvidia, AMD, Taiwan Semiconductor Manufacturing, Apple, Microsoft, Amazon, Google, JPMorgan, CNBC, Apollo Global Management, Federal Reserve, BMO Wealth Management, Big, Norges Bank Investment Management, Legal, General, AFL, US Securities and Exchange Commission, Lawyers, SEC, Fidelity, Fidelity Investments, McDonald’s, KFC, Brands Locations: New York, California, “

☆ Spotify CEO Daniel Ek is worth billions — but says he still feels 'inadequate every day'
▼ + stars: | 2024-02-13 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Spotify founder and CEO Daniel Ek admitted to feeling not good enough every day despite his success. He told Norges Bank Investment Management’s podcast “In Good Company” he often feels "inadequate." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDaniel Ek is a billionaire and CEO of one of the world’s best-known companies — but says he still feels “inadequate every day.”The Spotify chief made the comment on Norges Bank Investment Management’s podcast “In Good Company” last month. The stock has had a rollercoaster ride but is up 58% over the past five years, and 91% up over the past 12 months, leaving Spotify worth $46 billion.

Persons: Daniel Ek, ”, Ek, —, he's, That’s, ” Ek, Forbes, George Barnard Shaw Organizations: Spotify, Norges Bank Investment, Service, New York Stock Exchange, Business Locations: Swedish

☆ Norway's giant wealth fund touts possibility of Novo Nordisk, Eli Lilly joining the trillion-dollar club
▼ + stars: | 2024-01-31 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

A pharmacist displays boxes of Ozempic, a semaglutide injection drug used for treating type 2 diabetes made by Novo Nordisk, at Rock Canyon Pharmacy in Provo, Utah, U.S. March 29, 2023. Norway's giant wealth fund, the world's largest, touted the possibility that Danish drugmaker Novo Nordisk and U.S. rival Eli Lilly could be on course to become the first healthcare members of the trillion-dollar club. Novo Nordisk, Europe's largest firm by market capitalization, on Wednesday reported stronger-than-anticipated 2023 earnings, as sales of its hugely popular drug Wegovy continued to soar. The largest pharmaceutical company in the world by market value, Eli Lilly currently stands at roughly $612 billion. NBIM, the world's biggest single stock market investor, holds a 2.5% stake in Novo Nordisk and a 0.98% stake in Eli Lilly, according to LSEG data.

Persons: Eli Lilly, Wegovy, Gemma Game, Eli Lilly's Zepbound Organizations: Novo Nordisk, Pharmacy, Norges Bank Investment Management, Nordisk's Ozempic Locations: Provo , Utah, U.S, Danish, Europe's

☆ World's largest sovereign wealth fund posts record $213 billion profit, boosted by tech stocks
▼ + stars: | 2024-01-30 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Norway's giant sovereign wealth fund on Tuesday reported record profit of 2.22 trillion kroner ($213 billion) in 2023, supported by robust returns on its investments in technology stocks. "Despite high inflation and geopolitical turmoil, the equity market in 2023 was very strong, compared to a weak year in 2022," Nicolai Tangen, chief executive of Norges Bank Investment Management, said in a statement. Norway's sovereign wealth fund, the world's largest, was established in the 1990s to invest the surplus revenues of the country's oil and gas sector. Last year, Norges Bank Investment Management said its return on equity investments was 21.3%, its return on fixed income investments came in at 6.1%, while investments in unlisted real estate returned -12.4%. The fund said a negative year for its unlisted real estate investments was due to rising interest rates and subdued demand.

Persons: Nicolai Tangen, Norges Bank Investment Management's Tangen Organizations: Fund, Norges Bank Investment Management, Technology, Norges Bank Investment Locations: America, China

☆ World’s largest sovereign wealth fund loses $34 billion as all asset classes fall in third quarter
▼ + stars: | 2023-10-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Norway's $1.4 trillion sovereign wealth fund, the world's largest, on Tuesday reported losses of 2.1% in the third quarter, as all asset classes fell in value. The fund last reported a quarterly loss one year ago. "The stock market saw a weaker quarter compared to the two previous quarters," Trond Grande, deputy chief executive of Norges Bank Investment Management, said in a statement. Norway's gigantic sovereign wealth fund was established in the 1990s to invest the surplus revenues of the country's oil and gas sector. The fund reported a quarterly loss of 3.3% on its investments in unlisted real estate, while the third-quarter loss on its renewable energy infrastructure investments came in at 2.4%.

Persons: Trond Grande Organizations: Fund Global, Norges Bank Investment Management

Birkenstock would end up raising $1.58 billion at the top of the range. While shares of Arm and Klaviyo still trade above their IPO price, Instacart's stock is now worth less than its IPO value. This helps explain why Birkenstock is not inclined to raise its IPO price range despite the strong initial investor demand. To leave less to chance, Birkenstock launched the roadshow for its IPO last week with some investors lined up. Birkenstock was founded in 1774 in the German village of Langen-Bergheim by Johannes Birkenstock and his younger brother Johann Adam Birkenstock, who were both shoemakers.

Persons: Birkenstock, Financière Agache, Johannes Birkenstock, Johann Adam Birkenstock, Barbie, Margot Robbie, Bernard Arnault, Louis Vuitton Moet Hennessy, Anirban Sen, Chris Reese Organizations: Birkenstock Holding, U.S, Arm Holdings, Nike Inc, Partners, Norges Bank Investment Management, Thomson Locations: New York, Langen, French, Birkenstock

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. Birkenstock is the latest high-profile listing to put investor focus on the initial public offering (IPO) market, which is gradually reopening after two relatively quiet years and a burst of activity in September. Due to recent price hikes, worldwide footwear sales are expected to rise just 2.9% over 2022, according to market research firm Euromonitor International. AllBirds (BIRD.O), Dr Martens (DOCS.L), and On Running (ONON.N) have all seen their market value fall since their IPOs in 2021. "When you look at the trend of other shoe companies that have IPO-ed, it doesn't give a great outlook for Birkenstock," Valechha said.

Persons: Fabrizio Bensch, Birkenstock, Kellogg, Mamta, Cheviot, Valechha, Johann Adam Birkenstock, Barbie, Margot Robbie, Jessica Ramirez, Jane Hali, Siobhan Gehin, Roland Berger, Thomas Hayes, sneaker, Dr Martens, Allbirds, Alexandre Arnault, LVMH, Bernard Arnault, Matt Oguz, Iris, L, Ananya Mariam Rajesh, Helen Reid, Emma, Victoria Farr, Echo Wang, Abigail Summerville, Deepa Babington Organizations: REUTERS, LVMH, New York Stock Exchange, Euromonitor, Associates, Dick's Sporting, Reuters, Partners, Norges Bank Investment Management, Thomson Locations: Berlin, Germany, New York, London, Neustadt, United States, U.S, Cannes, Silicon Valley

Sept 18 (Reuters) - Maplebear Inc , the parent of grocery delivery app Instacart, disclosed on Monday it fetched a $9.9 billion fully diluted valuation after pricing its initial public offering (IPO) at the top of its indicated range. The IPO was priced at $30 per share after the company marketed it with a range of $28 to $30 per share. The IPO raised $660 million based on 22 million shares sold. Arm's fully diluted valuation has risen to $62 billion following three days of its shares trading. These investors include Norges Bank Investment Management, a division of Norges Bank, and entities affiliated with venture capital firms TCV, Sequoia Capital, D1 Capital Partners and Valiant Capital Management.

Persons: Instacart, Echo Wang, Rosalba O'Brien, Jamie Freed Organizations: Inc, Nasdaq, U.S, Klaviyo Inc, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Sequoia, D1, PepsiCo, CVS, Thomson Locations: TCV, Sequoia, New York

☆ Online grocery firm Instacart seeks up to $7.7 billion valuation in IPO
▼ + stars: | 2023-09-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

In the filing, Instacart said it is setting an offer price of between $26 and $28 for its IPO. Instacart said it would issue 22 million shares in total, comprising 14.1 million of newly issued shares from the company and 7.9 million shares from selling stockholders. Instacart said its total common stock outstanding will be 276 million shares or 279.3 million if underwriters exercise an option to purchase additional shares. At 276 million shares total, Instacart will likely secure a valuation of about $7.7 billion. Alongside TCV, Sequoia Capital, D1 Capital Partners, and Valiant Capital Management, the fund would purchase up to roughly $400 million in the offering.

Persons: Instacart, Goldman Sachs Organizations: underwriters, PepsiCo, Norges Bank Investment Management, Sequoia Capital, D1 Capital Partners, Valiant Capital Management Locations: Sequoia

☆ Grocery delivery app Instacart aims for up to $7.7 bln valuation in US IPO
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

As the Federal Reserve raised borrowing costs to tame inflation, several high-flying startups have had to raise funds at lower valuations. Instacart too has had to cut its internal valuation to as low as $10 billion in December in its long walk toward a Nasdaq debut. Instacart would join SoftBank's (9984.T) chip designer Arm and marketing automation firm Klaviyo, which are also gearing up for market debuts in September. Instacart and its selling shareholders are looking to raise up to $616 million by offering 22 million shares priced between $26 and $28 each, it said in a regulatory filing. Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Niket Nishant, Manya, Arun Koyyur Organizations: Federal Reserve, Nasdaq, Reuters, Instacart, Fed, Cornerstone, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Manya Saini, Thomson Locations: United States, San Francisco, U.S, Ukraine, TCV, Sequoia, Bengaluru

☆ Norges Bank: Norway's $1.4 trillion investment fund is shutting its China office
▼ + stars: | 2023-09-08 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The firm, which manages Norway’s $1.4 trillion government pension fund, is the world’s biggest single investor in the stock market. The decision to close its Shanghai office was driven by “operational considerations” and doesn’t affect the fund’s investments or its investment strategy in China, NBIM said in a statement on Thursday. There are currently eight people in the Shanghai office, the firm said. Norges Bank is the central bank of Norway. Ontario Teachers’ Pension Plan, one of the world’s largest pension funds, closed its Hong Kong-based China equity investment team earlier this year.

Persons: NBIM, Odin Jaeger Organizations: Hong Kong CNN — Norges Bank Investment Management, Norges Bank, Bloomberg, Getty, Ontario, CNN, Forrester Research, Consulting Locations: China, Hong Kong, Shanghai, Asia, Singapore, Oslo, Norway, Norwegian

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. Barclays (BARC.L), Goldman Sachs (GS.N), JPMorgan Chase (JPM.N), and Mizuho Financial Group (8411.T) are the lead underwriters for the offering. Goldman Sachs, Morgan Stanley and Citigroup are lead underwriters on the offering, the company said in its filing. Its shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "KVYO". Citigroup, Morgan Stanley, UBS, and Bank of America are underwriters of the IPO, according to the filing.

Persons: Carlo Allegri, T Rowe Price, Goldman Sachs, JPMorgan Chase, Instacart, Fidji Simo, confidentially, Klaviyo, Morgan Stanley, Chibuike Oguh, Lance Tupper, Michelle Price, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Arm Holdings, Japan's Softbank, U.S . Securities, Exchange Commission, SEC, Apple, Nvidia, Devices, Intel, Samsung Electronics, AMD, Samsung, Taiwan Semiconductor Manufacturing Company, Barclays, JPMorgan, Mizuho Financial Group, underwriters, Nasdaq, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Facebook, Reuters, Summit Partners, Citigroup, VNG Corp, HK, Temasek, UBS, Bank of America, Thomson Locations: New York, U.S, Russia, Ukraine, Baltimore, TCV, Sequoia, Canadian, United States, Chi Minh City, Singapore

☆ Instacart files to go public on Nasdaq to try and unfreeze tech IPO market
▼ + stars: | 2023-08-25 | by ( Hayden Field | ) www.cnbc.com time to read: +6 min

Instacart, the grocery delivery company that slashed its valuation during last year's market slide, filed its paperwork to go public on Friday in what's poised to be the first significant venture-backed tech IPO since December 2021. In May, Instacart said it was leaning into the generative AI boom with Ask Instacart, a search tool that aims to answer customers' grocery shopping questions. Instacart will try and crack open the IPO market, which has been mostly closed since late 2021. In March of last year, Instacart slashed its valuation to $24 billion from $39 billion as public stocks sank. Apoorva Mehta, Instacart's founder and executive chairman, plans to transition off the board after the company's public market debut, according to a 2022 release.

Persons: Instacart, Fidji Simo, haven't, Japan's SoftBank, Uber, They've, Simo, Mark Zuckerberg, Apoorva Mehta, Barry McCarthy, Snowflake, Frank Slootman, Andreessen Horowitz's Jeff Jordan, Shipt, Goldman Sachs, Nick Giovanni Organizations: Nasdaq, PepsiCo, Maplebear Inc, Target, Walmart, Meta, Walmart Grocery, Google, Sequoia Capital, DJ Capital Partners, Norges Bank Investment Management, TCV, D1 Capital Partners, Valiant Capital Management Locations: what's

Consumer goods makers say the price hikes are necessary, and that they have taken a hit to margins over the past two years. Some companies such as Clorox (CLX.N) have even begun to ease off the hikes to protect sales volumes as input costs fall. "In the U.S. in particular, these pressures are more acute than in Europe," Janus Henderson portfolio manager Luke Newman told Reuters. U.S. consumer strength has begun weakening, "and that's bad news for the consumer companies," Barclays analyst Iain Simpson said. Still, cost inflation has chipped away at margins, which have broadly fallen 2-4 percentage points over the past two years for the consumer goods industry.

Persons: Janus Henderson, Luke Newman, Newman, Richard Marwood, Robert Klaber, Parnassus, Iain Simpson, Alvarez, Marsal, David Chavern, Stephanie Niven, Niven, Irene Jensen, Jensen, Thomas Joekel, Richa Naidu, Jessica DiNapoli, Matt Scuffham, Deepa Babington Organizations: U.S, Consumer, Reuters, Royal London Asset Management, Investments, Biden, Barclays, Procter, Gamble, Consumer Brands Association, Sustainable Equity Fund, Norges Bank Investment Management, Unilever, Reckitt, Investment, Thomson Locations: Ukraine, U.S, Europe, San Francisco, United States

☆ Iberdrola, Masdar to develop $1.5 billion Baltic wind farm, Expansion reports
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

MADRID, July 5 (Reuters) - Spanish utility Iberdrola (IBE.MC) has signed an exclusive deal with Abu Dhabi's Masdar to develop a 476 megawatt (MW) offshore wind farm in German waters in the Baltic Sea, Expansion newspaper reported on Wednesday, citing unidentified market sources. The Baltic Eagle wind farm being built off Germany's northeastern coast will have 50 wind turbines and is part of Iberdrola's strategy to sell advanced renewable projects to raise cash to help finance its 47 billion euro investment plan. Masdar, a renewable energy company owned by the United Arab Emirates' sovereign wealth fund Mubadala, could buy a stake of up to 49% in the project, Expansion said. The newspaper had previously reported that the top candidates jostling for the stake were Masdar, Swiss fund EIP and Australian asset manager Macquarie's green investment arm GIG. This would be the third agreement this year between Iberdrola and a large sovereign wealth fund, having previously agreed deals with Norway's Norges Bank Investment Management (NBIM) and Singapore's GIC.

Persons: Abu Dhabi's Masdar, Iberdrola, GIC, David Latona, David Goodman Organizations: United Arab Emirates, Baltic Eagle, Norway's Norges Bank Investment Management, Thomson Locations: MADRID, Baltic, Iberdrola

[1/3] Mark Walsh, CEO of Savers Value Village, celebrates his company's IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 29, 2023. REUTERS/Brendan McDermidJune 29 (Reuters) - Thrift store operator Savers Value Village (SVV.N) fetched a market capitalization of nearly $4 billion in a strong debut on the New York Stock Exchange on Thursday, underscoring a resurgence in the IPO market as investors lap up new listings. Savers Value, owned by private equity firm Ares Management (ARES.N), joins a host of companies that have enjoyed a warm reception in recent months, reviving hopes the frosty IPO market has begun to thaw. So really this (an IPO) was the right smart option for us to move forward," said Savers Value CEO Mark Walsh. Savers Value and Ares raised over $401 million in the share sale on Wednesday.

Persons: Mark Walsh, Brendan McDermid, Avery Spear, Johnson, Ares, Niket Nishant, Sri Hari, Echo Wang, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Ares Management, U.S, U.S . Federal, Renaissance, Rivian, Kodiak Gas Services, Fidelis Insurance Holdings, Canada's Healthcare, Ontario, Norway's Norges Bank Investment Management, Thomson Locations: New York City, U.S, U.S ., Sri, Bengaluru, Echo, New York

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