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☆ From hotpot to bubble tea, BOFA says China may be seeing signs of consumption recovery
▼ + stars: | 2023-04-12 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Signs of recovery may be emerging in China's luxury and consumer discretionary goods sectors, said an analyst from Bank of America, even as China released data showing consumer inflation at an 18-month low. "In terms of luxury high-end [consumption] — we're seeing quite strong recovery," said the bank's chief China equity strategist Winnie Wu. "On the lower end, the bubble tea, the Shabu Shabu, those hotpots — we're seeing good recovery." China's luxury market fell 10% in 2022, declining for the first time in five years, according to Bain & Company. Wu, however, maintained that a good overall recovery across China's consumer sector has yet to be seen.

NEW YORK, April 11 (Reuters) - Bain Capital Tech Opportunities, the tech-focused investment arm of Bain Capital, has agreed to buy a stake in iManage, the enterprise software firm said on Tuesday. The terms of the deal, including the purchase price and size of the stake, were not disclosed. Founded in 1995, Chicago, Illinois-based iManage provides document management software and tools primarily to law firms, accounting firms, and companies in the financial services industry. In 2003, iManage merged with rival content management firm Interwoven. Since the onset of the COVID-19 pandemic, demand for software tools built by companies such as iManage has boomed as companies have accelerated the shift to remote working and increased spending on content management software.

☆ Investing in Space: Deloitte formalizes its space consulting business, with an eye on growth
▼ + stars: | 2023-04-06 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. The space industry keeps growing, and global consulting groups aren't ones to be left behind. This week saw Big 4 firm Deloitte formalize its space consulting services, even as other consulting giants like McKinsey, BCG and Bain compete for pieces of the space pie. Loubert breaks the space consulting opportunity into two areas: Space as a mission or business, and space as a growth opportunity. For more on consulting and space, I'll be sitting down on April 18 with McKinsey Senior Partner Ryan Brukardt at Space Symposium in Colorado.

With large language models like OpenAI's GPT-4 and Google's Bard quickly increasing their power and reach, vLex and Fastcase are betting their combined document library will be a rich training data set for legal AI products. "It will always make sense to train legal LLMs on legal data instead of the World Wide Web," Walters said. The merger creates a law library that is "the biggest legal data corpus ever assembled," the companies said. Other large law firms are using new products from companies like Casetext, a legal research company that last month released a new generative AI legal assistant product. Casey Flaherty of legal innovation collective LexFusion predicted the new vLex would be a "serious player" among legal information companies as AI progresses.

☆ Premarket stocks: CEOs are tired of being held responsible for gun regulation
▼ + stars: | 2023-04-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Dick’s Sporting Goods stopped selling semi-automatic, assault-style rifles at stores and Citigroup put new restrictions on gun sales by business customers after the mass shooting at a high school in Parkland, Florida, in 2018. But Yale professor Jeffrey Sonnenfeld, a vocal advocate of corporate social responsibility who has a direct line to major CEOs around the globe, said that top executives are forlorn. Before the Bell: CEOs have been quiet about gun reform since the latest mass school shooting in Nashville, have you heard anything about plans to speak out? Enough already on saying ‘what are the CEOs doing?’ Social capital is as valuable as financial capital. But don’t these CEOs hold the purse strings in terms of donating to powerful politicians?

Vahia is one among India’s young and aspirational 1.4 billion population, whose propensity for online spending has attracted global companies and digital platforms. And as private consumption underpins economic growth in India, financial investors are targetting new ways to tap into it. India's per capita consumption of food was at $314 in 2020 compared to $884 for China, while that of clothing stood at $53.9 versus $212.9 for China, data from CLSA showed. FOREIGN INVESTORS JUMP INWith private consumption accounting for 60% of India's $3.5 trillion GDP, foreign portfolio investors have been quick to latch on. To be sure, it has not been all smooth sailing for investors as they chased India's consumption boom.

☆ It's becoming increasingly clear that fintech has a fraud problem
▼ + stars: | 2023-03-29 | by ( Bianca Chan | Paige Hagy | ) www.businessinsider.com time to read: +8 min

"With fast growth comes fast fraud," Frank McKenna, a longtime fraud expert who works with banks, lenders, and fintechs, told Insider. Cash App only requires a zip code, debit-card number, and either an email or phone number to create an account. Cash App's alleged fraud problem could also be the result of its large, active customer base, which numbers some 44 million, according to the company's 2022 annual report. The fact that Cash App offers peer-to-peer payments exacerbates the fraud issue, according to McKenna, the chief fraud strategist at Point Predictive, an anti-fraud software company. Digital-only bank Chime has had its own issues with fraud, Jason Mikula, a fintech analyst and consultant, told Insider.

☆ First Citizens-SVB deal will 'definitely help' restore confidence in private equity industry: Bain & Company
▼ + stars: | 2023-03-28 | 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 EmailFirst Citizens-SVB deal will 'definitely help' restore confidence in private equity industry: Bain & CompanyKiki Yang of the consulting firm discusses how the private equity industry differs from what is being seen in the public market. While the First Citizens-SVB deal will help restore confidence in the sector, she says fundamentals will still be key.

☆ Private equity deals in Asia plunged 44% in 2022. More uncertainty may be ahead
▼ + stars: | 2023-03-28 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

watch nowAsia-Pacific's private equity market plummeted last year — as investors' appetite for risk fell in the face of inflation and geopolitical tensions, according to Bain & Company. The total deal value for the region plunged by 44% to $198 billion in 2022, the global management and consulting firm said in a Tuesday report. Lingering macroeconomic uncertainties alongside rising costs and worsening company performance that dampened investor sentiment, Bain said in its Asia Pacific Private Equity Report 2023. "For more than a decade, the Internet and tech sector has attracted the largest share of private equity capital in the Asia-Pacific region. ESG-related investmentsWhile macroeconomic conditions dampened investors' sentiment in private equity deals region-wide, Bain saw a rise in the number of deals related to environmental, social, and corporate governance (ESG).

☆ Private equity finds silver lining in Asia Pacific
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, March 28 (Reuters Breakingviews) - It’s hard working in Asia-Pacific private equity these days. On Monday Brookfield Asset Management (BAM.TO) and MidOcean Energy agreed to take Australia’s Origin Energy (ORG.AX) private for A$18.7 billion ($12.5 billion). A few days earlier Toshiba’s (6502.T) board tentatively backed Japan Industrial Partners’ $15.3 billion offer. Origin’s buyers, which plan to split the business in two, had already made three offers before Origin accepted. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Other investors who have held Toshiba longer may not be so lucky: the offer price represents a 15% discount from a December 2014 high. Some were introduced to JIP by Toshiba's management, some of the people said, declining to be identified because the information is not public. Toshiba's management, including CEO Taro Shimada, will stay on, while the government keeps Toshiba's sensitive defence and nuclear technologies in Japanese hands. Toshiba felt stable shareholders were desirable to end the tumult, unlike current shareholders "with many differing views", it said. JIP does not see the need for big strategy adjustments, Toshiba said.

☆ Salesforce COO warns there may be even more job cuts coming to 'change and reshape' the company
▼ + stars: | 2023-03-25 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Salesforce COO Brian Millham said it could "change and reshape" the company, per Bloomberg. Brian Millham said Friday that a "change and reshape" of the company may be needed to drive efficiencies. "The structure of the organization — if we feel like it needs to change and reshape — we're going to make those moves to drive the efficiencies," he said. He also said consultants Bain & Co were reviewing operations, but were yet to make any final recommendations. Most of the cuts affected workers in sales and marketing in locations including New York and Atlanta, Insider's Ashley Stewart and Ellen Thomas previously reported.

☆ Toshiba board accepts Japan Industrial Partners' $15 bln buyout proposal
▼ + stars: | 2023-03-23 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +3 min

TOKYO, March 23 (Reuters) - Toshiba Corp's (6502.T) board has accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, valuing the company at 2 trillion yen ($15.2 billion), the company said on Thursday. [1/2] The logo of Toshiba Corp is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File Photo 1 2The fallout from that debacle eventually led to the strategic review and the buyout proposal. Toshiba started an auction process about a year ago, receiving eight initial buyout proposals as well as two offers for capital alliances. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks.

☆ The long-running crisis at Japan's Toshiba
▼ + stars: | 2023-03-23 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +5 min

Faced with more than $6 billion in liabilities linked to Westinghouse, Toshiba decides to put prized chip unit Toshiba Memory up for sale. Nov. 2021 - Toshiba says it will split into three companies, one for energy, one for infrastructure and the third to manage its Kioxia stake. Feb. 2022 - Toshiba announces a new plan to split into two, spinning off only its devices unit. April 2022 - Toshiba sets up a special committee to resume a strategic review that could see it taken private. Under pressure from shareholders, Toshiba announces a special dividend of some $545 million.

☆ Toshiba board accepts Japan Industrial Partners' $15 billion buyout proposal
▼ + stars: | 2023-03-23 | by ( ) www.cnbc.com time to read: +3 min

Toshiba Corp's board has accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, valuing the company at 2 trillion yen ($15.2 billion), the company said on Thursday. A successful deal would see the scandal-ridden industrial conglomerate taken private and firmly in domestic hands after much tension with overseas activist shareholders. Some 20 Japanese companies including financial services firm Orix Corp, chipmaker Rohm Co <6963.T> and Chubu Electric Power plan to take part in the deal, sources have said. Toshiba started an auction process about a year ago, receiving eight initial buyout proposals as well as two offers for capital alliances. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks.

☆ Premarket stocks: Silicon Valley Bank left a void that won't easily be filled
▼ + stars: | 2023-03-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

There’s no doubt that the failure of Silicon Valley Bank left a large void in tech. To find out, Before the Bell spoke with Ahmad Thomas, president and CEO of the Silicon Valley Leadership Group. Before the Bell: What’s the feeling on the ground with tech and VC leadership in Silicon Valley? Ahmad Thomas: Silicon Valley Bank has been a key part of our fabric here for four decades. FDIC sells most of failed Signature Bank to FlagstarFrom CNN’s David GoldmanA week after Signature Bank failed, the Federal Deposit Insurance Corporation said it has sold most of its deposits to Flagstar Bank, a subsidiary of New York Community Bank.

☆ How shadow bankers are already emerging as winners in the SVB collapse
▼ + stars: | 2023-03-14 | by ( Rebecca Ungarino | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

But the momentum already behind the secretive private credit space has picked up — fast. He was witnessing a new willingness from borrowers to turn first to private credit, a market that has grown yet generally remains more opaque than its public-market counterparts. "Borrowers used to look at these banks and say, 'Look, the banks, they've been around forever. The private lenders say that privacy is all part of the pitch. Money managers smell opportunityThe momentum already behind the secretive private credit space has gained steam as the SVB collapse pushes companies to consider alternate sources of debt and, on the other side, private credit managers seek out new targets.

☆ Advent International joins list of suitors for sandwich chain Subway - Sky News
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Buyout firm Advent International is among a list of firms that remain in contention to buy sandwich chain Subway, Sky News reported on Monday. The firm joins rival bidders including Goldman Sachs' asset management arm, Bain Capital, TDR Capital - the joint owner of Asda - and TPG, according to the report. Advent had previously invested in entertainment retailer HMV and currently has investments in companies such as Laird International and McAfee Corp, among others. Advent International and Subway did not immediately respond to Reuters' requests for comment. The Wall Street Journal in January reported that a potential sale could value Subway at more than $10 billion.

Australia's second largest airline is in talks with banks including Goldman Sachs (GS.N) and UBS (UBSG.S) about the loan, said the sources, although no decision has been made yet and the size of the debt has not been finalised. The sources did not wish to be identified as the discussions were private. The airline's owner Bain Capital and Goldman Sachs declined to comment. Bain said in January it would explore re-listing Virgin, which it bought for A$3.5 billion ($2.45 billion) including liabilities in 2020 after it was placed in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy. It hired Goldman, UBS and Barrenjoey last month as lead managers for the potential initial public offering (IPO).

☆ Less than a fifth of China's executive positions are filled by women, says Bain & Company
▼ + stars: | 2023-03-09 | 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 EmailLess than a fifth of China's executive positions are filled by women, says Bain & CompanyKiki Yang of the consulting firm says the "drop-off … happens when you go from the mid-levels to the executive levels."

☆ Premarket stocks: The return of the Reddit investor
▼ + stars: | 2023-03-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

What’s happening: Retail investors are pouring a record $1.5 billion per day into the stock market, according to data from Vanda Research. Brunswick has conducted its annual survey on the digital habits of institutional investors for over a decade. This year, it polled 257 institutional investors across North America, the United Kingdom, and the European Union. Retail investors amass funds, and power: Retail investors now account for half of all wealth globally, according to a recent report by Bain & Company. Fed officials have expressed concern that a tight labor market could keep upward pressure on wages and, in turn, inflation.

☆ OpenAI to enable more customizations for enterprise and individual users
▼ + stars: | 2023-03-09 | by ( Krystal Hu | ) www.reuters.com time to read: +2 min

OpenAI has launched a subscription tier of ChatGPT where users can pay $20 per month for more reliable services. Management consultancy Bain & Company, has struck a global services partnership with OpenAI, enabling Bain to embed AI in its client operations. Individual users should also have more control over how the AI works, Altman added. "We'll launch more things soon that give users additional control on the system to behave this way or that way." Altman acknowledges the AI system cannot achieve 100% accuracy, and he said he expects applications including AI doctors and AI lawyers to emerge on people's phones soon.

☆ Solenis to take disinfectant maker Diversey private in $4.6 bln deal
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

March 8 (Reuters) - Specialty chemicals maker Solenis will buy disinfectant maker Diversey Holdings Ltd (DSEY.O) in an all-cash deal valued at $4.6 billion including debt, the companies said on Wednesday. It will contribute about 56% of its existing equity into Solenis and sell the remaining to the company for cash. Headquartered in Wilmington, Delaware, Solenis manufactures specialty chemicals used in water-intensive industries and was acquired by Platinum Equity in 2021. In 2021, Diversey became Solenis' distribution partner for its complete portfolio of water and process treatment chemicals to the food and beverage industry. The company plans to finance the deal with a combination of committed debt and equity financing, including contribution from Bain.

☆ Recession worries used to be bad for bank stocks. Not anymore
▼ + stars: | 2023-03-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

London CNN —Investors are bucking tradition this year by piling into big bank stocks just as major economies are expected to either slow down or fall into recession. Fed Chair Jerome Powell said Tuesday that interest rates would rise more than people anticipated. European bank stocks have risen particularly sharply in the past six months. “As those worries have unwound, European banks have done particularly well.”No ‘hidden skeletons’But European economies are still fragile. When economic activity slows down, bank stocks are typically among those hit hardest.

"Most luxury retailers don't think Hong Kong will return to the dizzy levels of 2014 when the market here peaked," said Simon Smith, Savills' senior director of research and consultancy in Hong Kong. Morgan Stanley (MS.N) forecast Hong Kong visitor numbers this year will reach just 70% of 2018 arrivals. It estimates retail sales will grow 15%, holding at around 80% of retail trade from the pre-COVID year. That outstripped total Hong Kong retail sales from a peak hit in 2013 at HK$494.5 billion ($63.0 billion), according to the city's statistics department. ($1 = 6.8510 yuan)($1 = 7.8498 Hong Kong dollars)Reporting by Farah Master, Jessie Pang, Anne Marie Roantree, Angel Woo and Donny Kwok in Hong Kong, Sophie Yu in Beijing, and Mimosa Spencer in Paris; Writing by Miyoung Kim; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

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