DIRS.INFO The most relevant business & tech news

☆ Regulators fine Wall Street firms $549 million for using WhatsApp and other channels to discuss business
▼ + stars: | 2023-08-08 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —Wells Fargo and a slew of other Wall Street firms admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million. The SEC said the firms violated federal securities laws by failing to maintain or preserve the “substantial majority” of these communications. Another regulator, the Commodity Futures Trading Commission, also fined four of the same Wall Street firms for failing to maintain records and failing to supervise matters related to their businesses. The CFTC hit Bank of Montreal with a $35 million fine and a $75 million fine each for BNP Paribas, Societe Generale and Wells Fargo.

Persons: Wells, Houlihan Lokey, ” Sanjay Wadhwa Organizations: New, New York CNN, Securities, Exchange Commission, Wall Street, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Futures Trading Commission, CFTC, Bank of Montreal, BNP Paribas, Societe Generale Locations: New York, Wells Fargo, SMBC Nikko Securities America, WhatsApp

☆ A group of Wall Street banks have been fined $549 million for using WhatsApp and other messaging apps to discuss business
▼ + stars: | 2023-08-08 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

The SEC and CFTC have fined a group of Wall Street firms a combined $549 million. The firms admitted to employees using WhatsApp and other messaging services for business purposes. A pair of regulatory agencies on Tuesday announced large fines for a group of Wall Street banks that admitted to using WhatsApp and other messaging services for business purposes. The Securities and Exchange Commission is fining nine firms a total of $289 million, while the Commodity Futures Trading Commission issued $260 million in fines, for a combined sum of $549 million. The Wednesday announcements bring the SEC's total fines related to the matter to $1.5 billion, while the CFTC's statement said it's imposed more than $1 billion in penalties to date.

Persons: Grewal, SEC Wells, Houlihan Lokey Organizations: SEC, CFTC, Wall Street, BNP, BMO Capital Markets, Morning, Securities, Exchange, Futures Trading, Americas Securities, Capital Markets, Mizuho Securities USA, Company, Wedbush Securities, Nikko Securities America Locations: Wells Fargo, Wall

☆ Tupperware shares soar on agreement with lenders to restructure debt
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

Various Tupperware containers are seen in this undated still image obtained from a video. Reuters TV via REUTERSAug 3 (Reuters) - Tupperware Brands (TUP.N) said on Thursday it has finalized an agreement with its lenders to restructure its debt obligations in an effort to turnaround its business, sending its shares soaring 57% after the bell. The agreement will help the company to reduce or reallocate about $150 million of cash interest and fees, and would give it immediate access to a revolving borrowing capacity of about $21 million. Known for its plastic airtight storage containers and bowls, Tupperware has seen a sharp drop in demand recently as consumers limit discretionary purchases amid higher prices and fears of recession. The agreement also paves the way for the extension of the maturity of about $348 million of principal and reallocated interest and fees to 2027 with payment-in-kind interest.

Persons: Tupperware, Ananya Mariam Rajesh, Granth Vanaik, Deborah Sophia, Arun Koyyur Organizations: Reuters, REUTERS, Tupperware, Moelis, Bed, Thomson Locations: Bengaluru

☆ Tupperware's stock extends recent rally, up 300% in 5 trading days
▼ + stars: | 2023-07-27 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

The stock gains have come despite signs earlier this year of problems for Florida-based Tupperware Brands Corp. Tupperware's stock on Thursday was also among the most watched tickers on retail-investor-focused Stocktwits.com, with an "extremely bullish" sentiment score. The sharp, unexplained gains echo those seen in Bed Bath & Beyond (BBBYQ.PK) before it filed for bankruptcy and other "meme" stocks known for their sudden popularity with retail investors. Also like other "meme" shares, Tupperware's stock is highly shorted. Even with the recent gains, Tupperware's stock is down about 30% for the year to date.

Persons: Caroline Valetkevitch, Susan Heavey Organizations: YORK, Tupperware Brands Corp, Moelis, Investors, Thomson Locations: Florida, Bath

NEW YORK, July 12 (Reuters) - Morgan Stanley (MS.N) has hired veteran investment banker Daniel Cohen from Truist Financial Corp (TFC.N), where he was the head of the firm's healthcare services advisory business, a person familiar with the matter said on Wednesday. In his new role, Cohen will continue to focus on dealmaking in the pharmaceutical services sector, the person said, requesting anonymity because the move is not yet public. Morgan Stanley declined to comment. Cohen's hire comes after veteran pharmaceutical industry bankers Arek Kurkciyan and Dennis Crandall left Morgan Stanley last year to join Moelis & Co (MC.N). Cohen spent just over one year at Truist, where he served as the head of pharmaceutical services investment banking and healthcare sponsor coverage, before being elevated as the head of the healthcare services unit, according to his LinkedIn profile.

Persons: Morgan Stanley, Daniel Cohen, Cohen, Arek Kurkciyan, Dennis Crandall, Morgan Stanley's, John Collins, Tom Miles, Brian Healy, Healy, David Carnevali, Svea, Bayliss, Emma Rumney Organizations: YORK, Truist Financial Corp, LinkedIn, Moelis, RBC Capital Markets, Oppenheimer Holdings Inc, JPMorgan Chase &, Catalent Inc, Svea Herbst, Thomson Locations: Truist, Americas, New York

☆ Tens of thousands of Credit Suisse staffers are about to find out if they still have a job
▼ + stars: | 2023-06-27 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +3 min

UBS is set to begin slashing jobs at Credit Suisse. Credit Suisse bankers, traders, and support staff in New York will be among those bearing the brunt of the cuts, Bloomberg says, in addition to those in London and some Asian locations. "The investment banking business at Credit Suisse is in a lot of trouble," Oliver Rolfe, the founder of London-based recruiting firm Spartan International, said at the time. "There is so much overlap" between Credit Suisse and UBS. Credit Suisse had already been trimming its headcount before its troubles forced Swiss regulators to take action.

Persons: Goldman Sachs, Morgan Stanley, Lazard, Oliver Rolfe Organizations: UBS, Credit Suisse, JPMorgan, Morning, Bloomberg, Jefferies, London, Spartan International, JPMorgan Chase, Citigroup Locations: York, Blackstone, New York, London, Swiss

But the plunge in the deal pipeline prompted soul-searching and job-hopping among investment bankers accustomed to a feast. Barclays, which has struggled to retain bankers following a shake-up in the management of its investment banking division, has lost at least nine top technology bankers in recent weeks. Traditionally, smaller firms have been reluctant to offer investment bankers guaranteed compensation, in order to have more of their pay tied to performance. Alan Johnson, managing director of compensation consultancy Johnson Associates, said that first-year guarantees were common practice in the hiring of investment bankers, but second-year guarantee used to be rare. "You get paid a higher percentage of revenue than in a big bank, but you have to generate the revenue with perhaps less help," Johnson said.

Persons: Goldman Sachs, Sam Britton, Britton, Anthony Keizner, Goldman, Nick Pomponi, Rob Chisholm, Troy Broderick, Goldman's, Perella Weinberg, Laurence Braham, Richard Hardegree, Steve Markovich, Ron Eliasek, Jason Auerbach, Alan Johnson, Johnson, Milana Vinn, Anirban Sen, Greg Roumeliotis, Jamie Freed Organizations: YORK, Goldman, Bank of America, Barclays, Qatalyst Partners, Jefferies Financial, Technology, LSEG, Intelligence, Search, Evercore, UBS, Centerview, Jefferies, SVB Securities, Bank, Reuters, Johnson Associates, Thomson Locations: Qatalyst, New York

☆ Abu Dhabi's ADNOC, AI firm G42 plan IPO of technology joint venture AIQ -sources
▼ + stars: | 2023-06-22 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, June 22 (Reuters) - Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi artificial intelligence company G42 are having early discussions about a possible flotation of their joint venture technology firm AIQ, two sources with knowledge of the matter told Reuters. AIQ, which is 60% owned by ADNOC and 40% by G42, uses artificial intelligence and machine learning to optimise processes, improve planning and increase profitability for ADNOC and the wider oil and gas industry. AIQ recently hired veteran investment banker Youssef Salem as chief financial officer, the sources said. G42, which is backed by Abu Dhabi state fund Mubadala Investment Co, AIQ and Salem did not immediately respond to a request for comment. It listed its gas business in March after raising $2.5 billion from the IPO, which was the world's biggest in the first quarter.

Persons: AIQ, Youssef Salem, Salem, Abu, OpenAI, Sheikh Tahnoon bin Zayed, Nahyan, Sheikh Mohammed bin Zayed, ADNOC, Hadeel Al Sayegh, Stephen Coates Organizations: Abu Dhabi National Oil Company, Reuters, ADNOC, Moelis, Mubadala Investment, U.S, Microsoft Corp, Thomson Locations: DUBAI, Abu Dhabi, U.S, Salem

☆ Bahrain's Investcorp seeks to raise up to $600 mln from investment vehicle IPO
▼ + stars: | 2023-06-20 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, June 20 (Reuters) - Middle East alternative asset manager Investcorp Holding is seeking to raise up to $600 million from the listing of an investment vehicle in Abu Dhabi this year, two sources with knowledge of the matter told Reuters. Bahrain-based Investcorp is making preparations for a potential public share sale of Investcorp Capital, registered in the Abu Dhabi Global Market, the international financial centre in the capital of the United Arab Emirates. Investcorp is working with Goldman Sachs (GS.N), First Abu Dhabi Bank (FAB) (FAB.AD), Emirates NBD (ENBD.DU) and HSBC (HSBA.L) on the plan, the people said. Bloomberg in March reported Investcorp was putting together a plan to list the vehicle. Abu Dhabi state fund Mubadala Investment Company acquired 20% of the firm in 2017.

Persons: Investcorp Holding, Goldman Sachs, Investcorp, Emirates NBD, Gucci, Mohammed Al Ardhi, Hadeel Al Sayegh, Jason Neely Organizations: Reuters, Investcorp, Abu Dhabi Global Market, United, United Arab Emirates, Abu Dhabi Bank, Emirates, HSBC, Moelis, Bloomberg, FAB, Tiffany, Nasdaq, Mubadala Investment Company, Thomson Locations: DUBAI, Abu Dhabi, Bahrain, United Arab, Abu, Emirates, U.S, Europe, India, Singapore, Beijing, Mumbai, Delhi

☆ Eric Cantor on debt ceiling deal: It's all about how your constituents view your vote
▼ + stars: | 2023-05-31 | 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 EmailEric Cantor on debt ceiling deal: It's all about how your constituents view your voteEric Cantor, former House Majority Leader and Moelis and Company vice chairman, joins 'Squawk Box' to discuss the latest on debt ceiling negotiations and more.

Persons: Eric Cantor Organizations: Company

☆ UAE's ADNOC to offer 15% stake in logistics unit IPO
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

DUBAI, May 10 (Reuters) - Abu Dhabi oil giant ADNOC intends to offer 15% of its shares in unit ADNOC Logistics & Services (ADNOC L&S) through an initial public offering (IPO) on the Abu Dhabi stock exchange, the company said on Wednesday. ADNOC will offer about 1.1 million shares in its maritime logistics services unit, which is expected to list on June 1, subject to market conditions, the statement said. Reuters had reported in March that ADNOC was gearing up to list ADNOC L&S in June. This will be the Abu Dhabi oil giant's second IPO this year after it raised $2.5 billion from its gas business in March. It was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.

Regional bank shares stretched gains from a rebound on Friday, with PacWest Bancorp (PACW.O) jumping 33% premarket after the company announced quarterly dividend. Shares of such banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. ET, Dow e-minis were up 67 points, or 0.2%, S&P 500 e-minis were up 6 points, or 0.14%, and Nasdaq 100 e-minis were down 4.25 points, or 0.03%. Data on producer prices, weekly jobless claims and on consumer sentiment are all lined up through the week. On earnings, Warren Buffett's Berkshire Hathaway Inc's Class B shares rose 1.5% after the company posting a $35.5 billion first-quarter profit, reflecting gains from stocks such as Apple.

Credit Suisse's investment bankers are not waiting around to find out if UBS will give them jobs. UBS executives have pulled no punches when discussing the future of Credit Suisse's investment banking teams and trading desks. Jeff CohenA two-decade Credit Suisse veteran, Cohen heads up Credit Suisse's leveraged and acquisition finance business from New York. Previously, Cohen was Credit Suisse's head of global credit products and global head of leveraged finance capital markets. Marco SuperinaA Credit Suisse veteran since 1997, Superina heads Credit Suisse's M&A efforts in the firm's native Switzerland.

☆ Debt ceiling negotiations could be different this time around, says former House Majority leader
▼ + stars: | 2023-04-05 | 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 EmailDebt ceiling negotiations could be different this time around, says former House Majority leaderEric Cantor, Moelis & Co. vice chairman and former House Majority leader, joins 'Squawk Box' to discuss the real challenges for the economy, why the debt limit debate could be different than years prior and more.

☆ The UFC-WWE deal could be the boost the M&A market needs to get back into gear
▼ + stars: | 2023-04-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Citigroup, JPMorgan, Wells Fargo, and Bank of America were among the banks advising on the deal. Earlier this year, some pegged the merger market getting back into the swing of things by mid-year. When you think about it, the WWE-UFC deal might be the best way to get the market going again. Fight for media rights: Both UFC and WWE have streaming deals with ESPN and NBCUniversal's Peacock, respectively. The crypto community is now pitching itself as playing a key role in AI development thanks to its decentralized nature.

HONG KONG, March 22 (Reuters) - China Evergrande Group (3333.HK) on Wednesday announced plans for the restructuring of its $22.7 billion in offshore debt, which could set a template for distressed rivals and shape investor sentiment on the country's embattled property sector. The world's most indebted property developer gave creditors a basket of options to swap their debt into new bonds and equity-linked instruments tied to two Hong Kong-listed companies, Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (0708.HK). With more than $300 billion in total liabilities including offshore debt, Evergrande has been at the centre of a property debt crisis in which multiple Chinese developers defaulted over the past year, forcing many to enter debt restructuring talks. "The proposed restructuring will alleviate the company's pressure of offshore indebtedness and facilitate the company's efforts to resume operations and resolve issues on shore," Evergrande said in the filing. Evergrande, which began one of China's biggest debt restructuring processes early last year, said on Monday that a key bondholder group had agreed to its proposed terms.

☆ China Evergrande set to unveil offshore debt restructuring proposal
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 22 (Reuters) - China Evergrande Group (3333.HK) is set to unveil on Wednesday a restructuring proposal for its $22.7 billion offshore debt that could set the template for distressed peers and shape investor sentiment towards the country's embattled property sector. Two people with knowledge of the proposal said it would give creditors a basket of options to swap their debt into new bonds with extended maturity and equity in Evergrande's two Hong Kong-listed units - Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (0708.HK). Evergrande, once China's top-selling developer but now the world's most indebted property developer, declined to comment. With more than $300 billion in total liabilities including offshore debt, Evergrande has been at the centre of a property debt crisis in which multiple Chinese developers defaulted over the past year, forcing many to enter debt restructuring talks. Evergrande, which began one of China's biggest debt restructuring processes early last year, said on Monday that a key bondholder group had agreed to its proposed terms and that it plans to publish the details on Wednesday.

☆ M&A bankers trip over their cracked crystal balls
▼ + stars: | 2023-03-08 | by ( Liam Proud | ) www.reuters.com time to read: +7 min

The M&A pipeline generally has three components: announced deals that are almost certain to happen; announced deals that may not get over the line; and deals that have neither been announced or perhaps even conceived. Reuters GraphicsThere’s a much tighter relationship between equity markets and M&A, implying that CEOs pursue corporate marriages when their share prices are high. One common way to get around this problem is to look at the value of announced deals as a percentage of total worldwide market capitalisation. WEAKNESS IN NUMBERSUnsurprisingly, given all the uncertainty, some bankers take their pipeline estimates with an appropriately large pinch of salt. Reuters GraphicsFollow @liamwardproud on TwitterCONTEXT NEWSCompanies announced $3.6 trillion of mergers and acquisitions in 2022, according to Refinitiv, compared with $5.7 trillion in 2021.

☆ 9 deals that could shape US sports betting this year, as pent-up demand for M&A could bring operators like Fanatics back to the negotiating table
▼ + stars: | 2023-03-02 | by ( Ashley Rodriguez | Lucia Moses | ) www.businessinsider.com time to read: +5 min

Sports-betting insiders say there's pent-up demand for M&A in the industry after dealmaking slowed to crawl last year. That may mean fewer media and other deals that don't offer a clear return on investment or cost efficiencies.. That may mean fewer media and other deals that don't offer a clear return on investment or cost efficiencies. One thing we may see less of this year is operators looking to bring their entire tech stacks in-house, like when Bally's acquired Bet.Works and PointsBet bought Banach Technologies. Here are nine potential deals industry insiders are watching in 2023, and how they could shake up the industry:

☆ Goldman doubles down on the wealthy, as it should
▼ + stars: | 2023-02-28 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +7 min

Instead, he indicated that the wealth business would be a “key driver for growth." One key pillar of that plan is Goldman’s alternative assets business, which includes running buyout, private credit and real-estate investing funds. For example, Goldman plans to take $2 billion in management and other fees from the alternative business next year. Last year, of the $72 billion Goldman raised for alternative, a third of that came from its wealth business. Goldman has dabbled in this now-dubbed “One Goldman” concept before, and gave it significant airtime on Tuesday.

☆ CD&R to take Focus Financial private in over $7 bln deal
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

Feb 27 (Reuters) - Focus Financial Partners Inc (FOCS.O) has agreed to be taken private by affiliates of buyout firm Clayton, Dubilier & Rice (CD&R) in an all-cash transaction valued at more than $7 billion including debt, the companies said on Monday. The buyout firm's offer highlights how private equity firms are pouncing on the plunge in valuations to snap up companies. CD&R and Stone Point will fund the deal, which is expected to close in the third quarter of this year, with fully-committed equity financing. Stone Point and fellow private equity firm KKR & Co (KKR.N) owned New York-based company Focus prior to its listing in 2018. Jefferies LLC and Goldman Sachs are financial advisers to Focus, while Moelis & Co, Truist Securities Inc and BofA Securities are among advisers to CD&R.

☆ Financial markets will get better ahead of the economy, says Ken Moelis
▼ + stars: | 2023-01-19 | 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 EmailFinancial markets will get better ahead of the economy, says Ken MoelisKen Moelis, Moelis and Co. Founder and CEO, joins 'Closing Bell' to offer his impressions from Davos, discussing capital misallocation, geopolitical tensions and energy markets.

☆ Watch CNBC's full interview with Ken Moelis, Moelis and Co. Founder and CEO
▼ + stars: | 2023-01-19 | 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 EmailWatch CNBC's full interview with Ken Moelis, Moelis and Co. Founder and CEOKen Moelis, Moelis and Co. founder and CEO, joins 'Closing Bell' to offer his impressions from Davos, discussing capital misallocation, geopolitical tensions and energy markets.

Silbert is the founder of Digital Currency Group (DCG), a crypto conglomerate that includes the Grayscale Bitcoin Trust and trading platform Genesis. Winklevoss, along with his brother Tyler, co-founded Gemini, a popular crypto exchange that, unlike many of its peers, is subject to New York banking regulation. Winklevoss and Silbert were linked through an offering called Earn, a nearly two-year-old product from Gemini that promoted returns of up to 8% on customer deposits. With Earn, Gemini loaned client money to Genesis for placement across various crypto trading desks and borrowers. Silbert has avoided responding directly to Winklevoss' latest accusation, though the company has taken up his defense.

☆ Crypto firms off to rocky start in 2023 with outflows, layoffs and a lawsuit
▼ + stars: | 2023-01-05 | by ( Hannah Lang | ) www.reuters.com time to read: +4 min

The fallout from the collapse of crypto exchange FTX and criminal charges leveled against its founder Sam Bankman-Fried weighed heavily on the sector this week. Among those hit were Genesis Global Capital, which laid off staff, and crypto-focused Silvergate Bank, which reported a large fall in deposits. Another crypto entrepreneur, Alex Mashinsky, the founder and former CEO of Celsius Network, also encountered a legal battle on Thursday. The accounts at Silvergate Bank and Farmington State Bank, which does business as Moonstone Bank, held about $143 million, court records showed. Crypto exchange Gemini, which had a crypto lending product in partnership with Genesis, and other Genesis creditors have been agitating for a solution to avoid a situation similar to FTX’s rapid descent into bankruptcy.

Search resuls for: "Moelis"

25 mentions found