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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

☆ Central banks across Europe pause for breath after mammoth rate hike run, but face 'triple dilemma'
▼ + stars: | 2023-09-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +7 min

U.K. pauseThe Bank of England opted to pause interest rate moves after 14 straight hikes, keeping its main policy rate at 5.25%. The decline came despite interest rate hikes generally boosting the value of a currency. Scandinavian inflationIn northern Europe, Norway and Sweden opted for rate hikes on Thursday and suggested that further tightening could be ahead. Norway's headline inflation rate was 4.8% in August, with core inflation at 6.3%. The Norges Bank forecast now indicates a policy rate of 4.5% through 2024, up from the current 4.25%.

Persons: Bank of England Andrew Bailey, BoE, Alastair Grant, ALASTAIR GRANT, Carsten Brzeski, BOE, Andrew Bailey, Paul Dales, Simon French, Panmure Gordon, Thomas Jordan, Jordan, Ida Wolden Bache, Bache Organizations: Bank of England, The Bank of England, Getty, Afp, ING, CNBC, of England, Capital Economics, U.S . Federal, HSBC, Panmure, Swiss National Bank, European Central Bank, ECB, U.S, Norway's Norges Bank, Norges Bank Locations: London, U.K, Paul, Switzerland, Swiss, Europe, Norway, Sweden, Norway's

STOCKHOLM (AP) — Sweden’s central bank raised its key interest rate Thursday, saying that “inflationary pressures in the Swedish economy are still too high,” although there were signs that inflation had begun to fall. Sweden has been struggling with high inflation — it was 7.5% in August, down from 9.3% in July, but far from the 2% target set by Sweden’s central bank. Thursday's interest rate increase meant that the policy rate is at the highest level since October 2008, the Swedish news agency TT wrote. Norway's central bank also raised its policy rate by a quarter-point on Thursday, to 4.25%. “Persistently high inflation imposes substantial costs on society,” Norges Bank said, adding that ”a somewhat higher interest rate is needed to bring inflation down to target within a reasonable horizon.”The moves came on a busy day of central bank action.

Persons: Ida Wolden Bache, — Organizations: STOCKHOLM, U.S ., TT, Norges Bank Gov, ”, ” Norges Bank, Bank of England, Swiss National Bank, U.S . Federal Reserve Locations: Swedish, Sweden, Ukraine, Norway

☆ Morning Bid: Fed fireworks set nervy stage for BoE
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Reuters GraphicsU.S. yields pushed even higher in the Asian time zone, while U.S. stock futures pointed lower. Asian shares slumped region-wide (.MIAP00000PUS) - including a 1% slide for Japan's Nikkei - while crude oil extended its retreat from a 10-month peak. But the BoE is actually the last of the European central banks to set policy on Thursday, with the SNB and Riksbank kicking things off, followed shortly by Norges Bank. This week's central bank bonanza doesn't end in Europe either. Japan's currency, though, is at the mercy of the dollar, sinking to the weakest since the start of November to 148.465 yen , increasing the risk of central bank intervention.

Persons: Kevin Buckland, Jay Powell, BoE, Kazuo Ueda, Jacqueline Wong Organizations: Federal Reserve, Bank of England, Reuters Graphics, Japan's Nikkei, Norges Bank, of, Yomiuri, Swiss National Bank, Thomson Locations: Europe

☆ European shares slide on hawkish Fed; more c.bank decisions on tap
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

Summary STOXX 600 down 0.6%Sept 21 (Reuters) - European shares fell on Thursday, tracking overnight losses on Wall Street after the U.S. Federal Reserve signalled higher-for-longer interest rates and ahead of rate decisions from the Swiss National Bank, Riksbank, Norges Bank and Bank of England. The pan-European STOXX 600 index (.STOXX) shed 0.6% by 0709 GMT, with rate-sensitive tech stocks (.SX8P) easing 0.8%. The Fed held key interest rates steady on Wednesday, as widely expected, and revised economic projections higher with warnings that the battle against inflation was far from over. The focus is now also on the monetary policy decisions in Switzerland, Sweden, Norway and the UK later in the day after the European Central Bank (ECB) raised its key interest rate last week to a record high of 4%. Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bansari Mayur, Savio D'Souza Organizations: U.S . Federal Reserve, Swiss National Bank, Norges Bank and Bank of England, Fed, Nasdaq, European Central Bank, FTSE, Thomson Locations: Riksbank, Switzerland, Sweden, Norway, Bengaluru

☆ Morning Bid: No calm before the central bank storm
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Kevin BucklandEurope yet again wakes up to a swathe of red in Asian markets on Tuesday. Japanese markets were closed on Monday for a national holiday, so are only now catching up on the TSMC news. Trading was volatile, with Hong Kong's property share subindex (.HSMPI), for example, swinging from an early 1.7% loss to be slightly up by lunchtime. Reuters Graphics Reuters GraphicsThursday is packed, with the Bank of England, Swiss National Bank, Riksbank, and Norges Bank. Certainly FX and rates markets are taking notice of the calendar, with the dollar and Treasury yields content to trade in tight ranges just below recent highs.

Persons: Kevin Buckland, Hong, Sunac, Kazuo Ueda's, Shri Navaratnam Organizations: Nikkei, HK, Sunac China Holdings, Reuters Graphics Reuters, Bank of England, Swiss National Bank, Riksbank, Norges Bank, of Japan, Yomiuri, Treasury, Thomson Locations: Kevin Buckland Europe

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

☆ Norway wealth fund tells companies to plan for climate transition
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

A general view of the Norwegian central bank, where Norway's sovereign wealth fund is situated, in Oslo, Norway, March 6, 2018. The fund also published a policy concerning the use of voluntary carbon credits, which it said companies could use in certain cases. "We believe companies should prioritise reducing own emissions but can use additional and verified credits as a supplement to signal high climate ambitions," it said. Carbon credits should not be counted towards science-based interim emission reduction targets, and companies must be transparent about the details of credits they use, it added. "Ultimately, carbon removals will be needed by many companies seeking to achieve net zero emissions by 2050," the fund said.

Persons: Gwladys, Carine Smith Ihenacho, Terje Solsvik, Essi Organizations: REUTERS, Companies Norges Bank, Thomson Locations: Norwegian, Oslo, Norway, OSLO

☆ Crunch time after string of aggressive central bank rate hikes
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +5 min

Major central banks have confounded economists with a string of interest rate rises that, so far, have moderated inflation without causing global recession. So far, nine developed economies have raised rates by a combined 3,915 bps in this cycle. Reuters Graphics2) NEW ZEALANDThe Reserve Bank of New Zealand lifted its cash rate to a 14-year high of 5.5% in May and has kept it there since. Reuters Graphics7) AUSTRALIAThe Reserve Bank of Australia kept rates steady at 4.1% for a third consecutive meeting in September, the last under former Governor Philip Lowe. Reuters Graphics10) JAPANThe Bank of Japan, the world's most dovish major central bank, meets next week.

Persons: BoE, Macklem, Philip Lowe, Lowe's, Michele Bullock, Naomi Rovnick, Harry Robertson, Samuel Indyk, Nell Mackenzie, Alun John, Yoruk Bahceli, Chiara Elisei, Vincent Flasseur, Sumanta Sen, Pasit, Dhara Ranasinghe, Sharon Singleton Organizations: European Central Bank, U.S . Federal Reserve, UNITED, Reuters, Federal Reserve, Reserve Bank of, BRITAIN, of England, CANADA Bank of Canada, Bank of Canada, ECB, Norges Bank, SWEDEN Traders, Swiss, Bank of Japan, Thomson Locations: U.S, Japan, Reserve Bank of New Zealand, NORWAY, Reserve Bank of Australia, SWEDEN, Swedish, SWITZERLAND Swiss, JAPAN

☆ 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

☆ 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

☆ 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

☆ Sam Altman thinks Silicon Valley has lost its culture of innovation
▼ + stars: | 2023-09-07 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

OpenAI's Sam Altman thinks Silicon Valley no longer has an innovation culture. "Before OpenAI, what was the last really great scientific breakthrough that came out of a Silicon Valley company?" Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. "There used to be great research that happened in companies in Silicon Valley, Xerox PARC being the obvious example. To this, Altman responded by saying Silicon Valley did have a product innovation culture, but he felt it missed the mark on groundbreaking research.

Persons: OpenAI's Sam Altman, Sam Altman, Altman, Nicolai Tangen, I'm, Marc Andreessen, Andreessen, Horowitz, Matt Miller, Altman's OpenAI, ChatGPT, OpenAI Organizations: Service, Xerox PARC, Norges Bank Investment, Sequoia Capital, Biosciences Locations: Wall, Silicon, Silicon Valley, China, California, OpenAI

☆ 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

The U.S. dollar index was 0.097% higher on the day at 103.56, after hitting a two-month high of 103.59. The greenback has drawn support from a recent run of U.S. economic data reinforcing the view that interest rates will remain high for some time. The Australian dollar was last 0.44% lower at $0.64, having tumbled more than 0.9% to a trough of $0.6365 following the employment data release. The Norwegian crown rose from six-week lows against the dollar and the euro on Thursday after Norges Bank raised interest rates, as expected, and said it was likely to hike again in September. Against the dollar , the Norwegian crown was last up 0.22% to 10.60, having hit 10.66 earlier in the session.

Persons: Dado Ruvic, Adam Button, it's, Kathy Lien, Sterling, BoE, Hannah Lang, Joice Alves, Rae Wee, Angus MacSwan, Kirsten Donovan, Alexandra Hudson, Sandra Maler Organizations: REUTERS, Rights, Federal Reserve, Investors, U.S, Fed, Bank of Japan, Zealand, Norges Bank, Bank of England, Thomson Locations: Norwegian, Washington, London, Singapore

☆ Norway seen lifting policy rate to 4.0% this week
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

"The risk of another double rate hike is clearly reduced," Handelsbanken said in an Aug. 11 note to clients. Norges Bank's monetary policy committee has said it will likely hike the policy rate to 4.25% in the course of this year to prevent a continued rapid rise in prices and wages that could see inflation become entrenched. The European Central Bank last month raised its key policy rate to 3.75%, but a narrow majority of economists polled by Reuters expect the ECB to temporarily pause its rate-hiking campaign at its September meeting. All 31 economists polled in the Aug. 10-15 period said Norges Bank would announce on Thursday that it will increase its policy rate by 25 bps to 4.00%. The poll's median prediction showed that the policy rate is expected to hit a peak of 4.25% later in the third quarter, although some predicted it could rise to 4.50% by the end of the year.

Persons: Handelsbanken, Terje Solsvik, Vijayalakshmi Srinivasan, Pai Sujith, Susan Fenton Organizations: Reuters, Norges, bps, Norges Bank, European Central Bank, ECB, Thomson Locations: OSLO, Norwegian, Bengaluru

☆ Big central banks hike again with end of tightening in sight
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +5 min

LONDON, Aug 3 (Reuters) - Major central banks are tentatively eyeing the end of aggressive interest rate hikes as price pressures finally show signs of abating. So far, nine developed economies have raised rates by a combined 3,865 basis points (bps) in this cycle. This may have marked the end of a 20-month hiking cycle, with economists polled by Reuters expecting the central bank to stay put for the rest of 2023. Canada's inflation rate fell to 2.8% in June. Reuters Graphics10) JAPANThe Bank of Japan, the world's most dovish major central bank, kept its interest rate target at -0.1% in July, but shook markets by making its yield curve control policy more flexible.

Persons: Jerome Powell, BoE, Riksbank, Nell Mackenzie, Alun John, Naomi Rovnick, Harry Robertson, Chiara Elisei, Vincent Flasseur, Sumanta Sen, Pasit, Tomasz Janowski, Toby Chopra Organizations: UNITED, Federal Reserve, ZEALAND, Reserve Bank of New, Reuters, BRITAIN, Bank of England, bps, Bank of Canada, BoC, European Central Bank, ECB, Reserve Bank of Australia, Norges Bank, Swiss, Bank of Japan, Thomson Locations: Japan, Reserve Bank of New Zealand, NORWAY, SWEDEN, SWITZERLAND Swiss, JAPAN

☆ Big central banks hike again with end in sight
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +5 min

To date, nine developed economies have raised rates by a combined 3,840 basis points (bps) in this cycle. Expectations for a big rate increase have eased after latest data showed inflation fell to a softer-than-expected 7.9% in June. Markets think there's a 50% chance of a 25 bps increase in September, and an equal chance of a hold. Reuters Graphics10) JAPANThe Bank of Japan, the world's most dovish major central bank, concludes a two-day meeting on Friday. The central bank is leaning towards keeping the dial set to dovish, Reuters reported last week.

Persons: Jerome Powell, BoE, Philip Lowe's, Michele Bullock, Riksbank, Kazuo Ueda, Nell Mackenzie, Alun John, Naomi Rovnick, Harry Robertson, Chiara Elisei, Vincent Flasseur, Sumanta Sen, Pasit, Sharon Singleton Organizations: UNITED, Federal Reserve, ZEALAND, Reserve Bank of New, Reuters, BRITAIN, Bank of England, Bank of Canada, BoC, European Central Bank, Norges Bank, bps, Swiss National Bank, Markets, Bank of Japan, Thomson Locations: Japan, Reserve Bank of New Zealand, AUSTRALIA, NORWAY, Norway, SWEDEN, SWITZERLAND, JAPAN

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

☆ Inside JPMorgan's handling of Jeffrey Epstein
▼ + stars: | 2023-06-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

This is the last week of 10 Things on Wall Street. But there remains a very large blight on JPMorgan's record that has come back into the spotlight this year: Jeffrey Epstein. Insider's Kaja Whitehouse and Emmalyse Brownstein have a breakdown of JPMorgan's long, drawn-out breakup with Epstein. Read more on JPMorgan's handling of Jeffrey Epstein. The Treasury secretary isn't particularly worried about the potential for more bank mergers this year, per The Wall Street Journal.

Persons: Dan DeFrancesco, I've, I'm, we've, Goldman Sachs, Jeffrey Epstein, Rick Friedman, hasn't, Kaja Whitehouse, Emmalyse, Epstein, Kaja, Read, Janet Yellen, isn't, Moody's, Francis Bacon, We've, Jeffrey Cane, Jack Sommers Organizations: Getty, JPMorgan, Dow, Norges Bank Investment Management, CNBC, Goldman, Street, Financial Times, Sequoia Capital, FDIC, Bloomberg, Dassault Falcon, LinkedIn Locations: NYC, Cambridge, Republic, dealmaking ., New York, London

The STOXX 600 (.STOXX) index closed 0.3% lower after data showed euro zone business growth stalled this month as the downturn in manufacturing deepened. "A hike was fully expected, but the magnitude of the rise surprised most," said RBC Brewin Dolphin’s head of asset allocation, Paul Danis. Germany's DAX index (.GDAXI) shed 1.0%, leading losses among regional peers as shares of Siemens Energy (ENR1n.DE) sank 37.3%. DATA DIGESTWhile euro zone business growth stalled in June, a separate reading showed German business activity slowed notably this month. French business activity contracted this month for the first time in five months, data showed.

Persons: Germany's DAX, Paul Danis, DAX, Clemente De Lucia, Shreyashi Sanyal, Bansari, Eileen Soreng, Jonathan Oatis Organizations: Siemens Energy, GSK, Bank of England, Norges Bank, Swiss National Bank, Investors, RBC, Bank, Siemens, Deutsche Bank Research, Thomson Locations: U.S, Stockholm, Helsinki, Bengaluru

☆ How one of the biggest investors in the world uses AI to move slower, trade less, and make more money
▼ + stars: | 2023-06-23 | by ( Matt Turner | ) www.businessinsider.com time to read: +3 min

A top portfolio manager there just revealed how it's using AI to generate superior returns. The fund is using AI to move more slowly and trade less, rather than the reverse. Wall Street firms are racing to use AI, hoping the technology can help it move quicker, save costs, and gain an edge. On the other side of the Atlantic, the investment giant Norges Bank Investment Management is using AI to slow down. But Strand's team is able to use the AI tool to decide on the timing of each buy, prioritizing buying the stocks in green, and buying the stocks in red a little bit later.

Persons: Jon Egil Strand, we're, NBIM Organizations: Norges Bank Investment Management, Wall, Equity Locations: Norwegian

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