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For the third quarter, Uber expects bookings of $40.25 billion to $41.75 billion. Uber's "monthly active platform consumers" (MAPCs) reached 156 million in the second quarter with 2.77 billion trips via the Uber platform. This compares to 137 million MAPCs and 2.28 billion trips during the same period a year ago. Uber also reported $1.02 billion in net income for the quarter, which included a $333 million pre-tax benefit from "revaluations of Uber's equity investments." The companies also plan "to collaborate on future BYD autonomous-capable vehicles to be deployed on the Uber platform," Uber said on Tuesday.
Persons: Dara Khosrowshahi, Uber, Gross, Instacart, Tesla Organizations: Uber, LSEG Revenue, Bank of America Locations: Davos, Switzerland, Europe, Latin America, U.S
Sweaty startups are blue-collar businesses, often in unglamorous or laborious fields like septic services, car washes, or lawn care. It's what your grandparents would've just called a small business, but it was a tongue-in-cheek answer to the Silicon Valley-style entrepreneurship being glorified in culture at that time. Still, some small businesses look to private equity to scale their businesses in different markets, even if that means overhauling operations in some cases. "Small businesses partner with private-equity firms because they provide access to capital and organizational support to help companies grow," Drew Maloney, the council's president and CEO, told BI. Alejandro FlorezBoth of his parents were janitors, and when he was a senior in high school he started a small cleaning company that he grew by knocking on doors and cold-calling.
Persons: , Patrick Hocker, Hocker, he'd, Nick Huber, would've, Huber, he's, Drew Maloney, Stan Chen, Chen, Alejandro Florez, Florez, Chris Salisbury, BuzzFeed — Salisbury, Salisbury Organizations: Service, Business, Bluebird Pest Solutions, Pest, Alpine Investors, American Investment Council, BlackRock, America Locations: Virginia, Pest, Boston, San Francisco, America, Bradenton , Florida, Jacksonville, Orlando, nuDoors, Brooklyn , New York
Warren Buffett surprised many investors by downsizing one of his longest held and largest positions — Bank of America . Berkshire Hathaway recently unloaded 52.8 million Bank of America shares worth $2.3 billion during a six-day selling spree, the first time since late 2019 that the Omaha-based conglomerate reduced its holding. The legendary investor said then that he liked the business, valuation and management of the Charlotte-based bank "very much." BAC YTD mountain Bank of America Tax liability Taxes could also be a motivating factor in the BofA sale. Buffett, who paid over $5 billion in corporate taxes in 2023, believes the corporate tax rate could move higher to help fill the government's yawning gap between spending and revenue.
Persons: Warren Buffett, Buffett, Brian Moynihan, James Shanahan, Edward Jones, BofA, … BofA, they'd, Moynihan Organizations: — Bank of America, Oracle, Omaha . Berkshire Hathaway, of America, Berkshire, Apple, Bank of America Locations: Omaha ., Omaha, Berkshire, BofA, Charlotte
Understanding the Federal Reserve's role in mortgage ratesThe Federal Reserve's actions are a big influencer in where mortgage rates head. In the time since the Fed began raising rates, mortgage rates have climbed steadily. The Fed's impact on mortgage rates FAQsHow does the Federal Reserve affect mortgage rates? The Federal Reserve influences mortgage rates by setting the federal funds rate, which impacts borrowing costs, investor activity, and market conditions. When the Fed raises interest rates, mortgage rates often increase as well, making borrowing more expensive.
Persons: Michael Gifford, Fannie Mae's Organizations: Federal, Federal Reserve, Fed, Treasury, it's, Mortgage Bankers Association, Reserve, Chevron Locations: lockstep
Doing a sum-of-the-parts analysis of Blackrock's ETF business would be a difficult endeavor, but certainly revenue, assets under management (AUM), and growth potential are important factors. So the iShares ETF revenue was about a third of Blackrock's revenue, and Warren said that segment is still growing. By any metric, Blackrock's ETF business just keeps getting more valuable. The entire ETF business is growingBlackrock's ETF business is a gold mine, but total AUM for the entire ETF business now a bit over $9 trillion, which means Blackrock and a few rivals control a staggering amount of ETF investment dollars. The search for new revenue is endlessThe ETF business is still raking in money, but there is tremendous fee pressure across the entire ETF universe, so the search for more revenue goes on.
Persons: Larry Fink, Greggory Warren, Warren, Schwab, Fink, " Fink Organizations: BlackRock, Barclays, Morningstar, Blackrock, Investors Locations: BlackRock, Manhattan, New York City, Blackrock, United States, London, Canada, U.S
Robert Smith, founder, chair and CEO of Vista Equity Partners, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. With this debt, Vista could generate strong returns if Pluralsight's business performed well, according to the sources. They also show that Vista propped up Pluralsight by allowing it to borrow $162.5 million from its private equity fund. "The company experienced rapid deterioration of its business in the first quarter," Vista wrote in a fund document dated May 28. In a May 28 update to fund investors, Vista said Pluralsight's equity value went from $1.5 billion to zero in the first quarter of 2024.
Persons: Robert Smith, Lucy Nicholson, Vista, Pluralsight, Goldman Sachs, Golub, Gustavo Schwed, NYU Stern, It's, Steven Kaplan, Kaplan, Chris Walters, Aaron Skonnard, Walters, Skonnard, KBRA, Milana Vinn, Greg Roumeliotis, Dave Gregorio Organizations: Vista Equity Partners, Milken Institute Global Conference, REUTERS, Vista Equity, Reuters, Cloud, U.S . Securities, Exchange Commission, Vista, NYU, Chicago Booth School, Business, Thomson Locations: Beverly Hills , California, U.S, Vista, BlackRock, Oaktree, Pluralsight, New York
U.S. is closer to curbing investments in China's AI, tech sector
  + stars: | 2024-06-22 | by ( ) www.cnbc.com   time to read: +4 min
Public comments on the proposed rules will be accepted until Aug. 4. watch nowTreasury said the new rules were intended to implement "a narrow and targeted national security program" focused on certain outbound investments in countries of concern. Treasury had mapped out the contours of the proposed rules in August. Certain third-country transactions determined to be addressing national security concerns, or in which the third country adequately addressed the national security concerns, could also be exempted, Treasury said. "U.S. investors will need to engage in more extensive due diligence when making investments in China or investments involving Chinese companies that operate in the covered sectors," she said.
Persons: Joe Biden, Investment Security Paul Rosen, Laura Black, Akin Gump, Black, Treasury's Organizations: U.S . Treasury Department, Investment Security, Treasury, Treasury Department, U.S Locations: Europe, United States, Binzhou, East China's Shandong province, China, U.S, Macao, Hong Kong, Washington
30-year-old Caspar Lee was once a YouTube megastar and is now a serial entrepreneur. Caspar LeeCaspar Lee belongs to a crop of content creators who found early success on YouTube back in the 2010s, commanding millions of views on the platform. Lee said his first venture into entrepreneurship was when in 2017 he co-founded the influencer marketing company Influencer.com, alongside Ben Jeffries. Lee co-founded a venture capital firm Creator Ventures with his cousin Sasha Kaletsky in 2022. Caspar LeeThereafter, Lee co-founded Proper Living — accommodation in Cape Town for students and young professionals.
Persons: Caspar Lee, Caspar Lee Caspar Lee, Zoe Sugg, Marcus Butler, Joe Sugg, Ed Sheeran, Justin Timberlake, Anna Kendrick, Kevin Hart, Lee, Goldman Sachs, they're, Ben Jeffries, Joe Suggs, Sasha Kaletsky, Caspar Lee Thereafter, I've, Influencer.com, Sasha Kaletsky —, Kaletsky, shouldn't Organizations: YouTube, CNBC, Google, MVE, IMG, Endeavor Group, Ventures, Forbes, Bridgepoint, Labs Locations: England, Knysna, South Africa, American, Cape Town, Europe, London
Hong Kong/London CNN —Battered by Western sanctions, Russia’s largest privately owned bank is expanding its business in the world’s second-largest economy. That would make the lender the first private Russian bank to open full-service branches in the two major Chinese cities. The bank is part of Alfa Group, one of Russia’s largest financial and investment conglomerates, which was founded by Fridman. Alfa Bank made a loss of 117.1 billion rubles ($1.44 billion) in 2022, according to its annual report for that year. A year later, it seemed to bounce back, reporting profit of 120.9 billion rubles ($1.4 billion) for 2023.
Persons: Mikhail Fridman, hasn’t, Fridman Organizations: London CNN, Alfa Bank, CNN, Alfa Group, European, Moscow, Hong Kong Equity Investment Association Locations: China, Hong Kong, London, Russian, Beijing, Shanghai, Ukraine, United States, Russia, Italy, Western
French election shock hits stocks and the euro
  + stars: | 2024-06-10 | by ( Anna Cooban | ) edition.cnn.com   time to read: +4 min
London CNN —The decision by French President Emmanuel Macron to call a snap election after losing to the far right in a vote for European lawmakers roiled markets and the euro Monday. The first round of the French election is scheduled for June 30, followed by the second round on July 7. Under the French system, parliamentary elections are held to elect the 577 members of the lower house, the National Assembly. Higher yields indicate that investors want a bigger premium to buy French bonds given the political uncertainty. “A right-wing majority in the (French parliament) would hamper any reform plans.
Persons: Emmanuel Macron, Macron, Générale, , , Mike O’Sullivan, whittle, Andrew Kenningham, ” Mohit Kumar Organizations: London CNN, BNP, Credit Agricole, National, National Assembly, CNN, Capital Economics, Jefferies Locations: Paris, Europe, , France
"I think it may be leading to some rethink into the consideration of letting private equity, as an example, or institutional investors into the NFL." While U.S. pro sports leagues had prohibited private equity investors previously, they've largely softened their stances in recent years, aside from letting any firm be a controlling owner of a team. "We've got a lot of interest in the private equity space," NFL Commissioner Roger Goodell said at the league's spring meeting in May. "We are making real progress on potential private equity. Ross Sorkin asked Harris if allowing private equity investors into sports would have any negative impacts on the teams or the league's overarching strategy as those investors look toward an exit.
Persons: Harris, Andrew Ross Sorkin, Magic Johnson, Eric Schmidt, David Blitzer, Jeff Bezos, Dan Snyder, Apollo Global Management —, Josh Harris, David Tepper, Rob Walton, Mat Ishbia, Joe Tsai, Steve Cohen, We've, Roger Goodell, Goodell, Ross Sorkin, Stanley Kroenke, I've, Kroenke Organizations: NFL, CNBC, Summit, Washington , D.C, Blackstone Group, 76ers, Devils, Amazon, NBA's Philadelphia 76ers, New Jersey Devils, Premier, Apollo Global Management, Washington Commanders, Carolina Panthers, Walmart, Denver Broncos, United Wholesale Mortgage, Phoenix Suns, Brooklyn Nets, New York Mets, MLB, Guggenheim Baseball Management, Los Angeles Dodgers, U.S, PE, NBA, Los Angeles Rams Locations: Washington ,
Check out the companies making headlines in midday trading: Bath & Body Works — Shares of Bath & Body Works sank nearly 13% and headed for their worst day since 2021. Bath & Body Works expects earnings to range between 31 cents and 36 cents a share, behind a FactSet estimate of 38 cents in earnings per share. Saia — The freight company popped 6.7% after it posted higher less-than-truckload shipments per workday for April and May compared to a year earlier. Shares of BP and Exxon Mobil fell around 2.3% and 1.6%, respectively, while Diamondback Energy and Chevron shares fell nearly 1%. Stanley Black & Decker — The industrials stock fell about 3.7% after Barclays downgraded the stock to equal weight from overweight.
Persons: Keith Gill, Goldman Sachs, TZE, Goldman, Stanley Black, Decker, Julian Mitchell, Oppenheimer, Jed Kelly, , Samantha Subin, Michelle Fox, Yun Li, Pia Singh, Lisa Han Organizations: Body, O Cruises, Carnival Cruise, GameStop, Street, Trade, Dominion Freight, Technologies, Energy, BP, Exxon Mobil, Diamondback Energy, Chevron, Barclays
Berkshire Hathaway looks like an attractive investment, according to Argus. "On valuation, the stock is trading at 21-times our 2024 operating EPS forecast, below the current S & P 500 multiple of 24-times," Heal wrote. This discounted valuation comes even as Berkshire Hathaway Class A shares are up 12% for the year, outpacing the broad market index. Heal pointed out that Berkshire has consistently shown strong performance, with its stock returns doubling those of the S & P 500 since 1965. To be sure, Heal pointed to several risks Berkshire faces, including the cyclicality of many of its fully-owned businesses.
Persons: Berkshire Hathaway, Warren Buffett, Kevin Heal, Heal, Chubb Organizations: Berkshire Hathaway, Berkshire Locations: Argus, Berkshire
Read previewElon Musk's xAI just took a critical step in building up its war chest to take on Sam Altman's OpenAI. The AI startup said in a blog post on Sunday that it had raised $6 billion for their Series B funding round. Related stories"There will be more to announce in the coming weeks," Musk said in an X post on Monday morning. AdvertisementThe mercurial billionaire said in a subsequent X post that xAI's pre-money valuation was $18 billion. Pre-money valuation was $18B — Elon Musk (@elonmusk) May 27, 2024Sunday's announcement marks the first time xAI has talked about its fundraising efforts.
Persons: , Elon Musk's xAI, Sam Altman's OpenAI, Andreessen Horowitz, Musk, Elon, xAI, he'd, Altman, OpenAI Organizations: Service, Sequoia Capital, Saudi Arabia's, Business, Bloomberg, Financial Times, The New York Times, OpenAI, Microsoft, Google Locations: Saudi, Saudi Arabia's Kingdom
In today's big story, we're looking at the push for WFH Fridays and how that plays into the "quiet vacationing" phenomenon . The big storyAnti-office FridaysHector Roquet Rivero/Getty Images; Jenny Chang-Rodriguez/BIWith all due respect to summer Fridays, we've found a year-round replacement: WFH Fridays. But WFH Fridays' staying power remains to be seen. Which brings us back to WFH Fridays. The end result could be employers saying abuse of WFH Fridays means they need you back in the office… for good.
Persons: , Hector Roquet Rivero, Jenny Chang, Rodriguez, we've, Insider's Juliana Kaplan, Noah Sheidlower, It's, Taiyou Nomachi, millennials, they've, BI's Kelsey Vlamis, haven't, it's, Momo Takahashi, Goldman Sachs, SEB Research, That's, Andrew Caballero, Reynolds, Isabel Fernandez, OpenAI, Scarlett Johansson, Sam Altman, Y Combinator, Tyler Le, Mark Cuban, Vivek Ramaswamy, Burger King, Dan DeFrancesco, Hallam Bullock, George Glover, Grace Lett, Laine Napoli Organizations: Service, Business, Workers, Companies, RBC Capital, Pujol, BI, Microsoft, Google, Bloomberg, Finance Ministers, Central Bank Governors Locations: Dublin, Germany, Meta, BuzzFeed, New York, London, Chicago
AI startups are reviving the SAFE funding mechanism to secure investments without dilution. SAFE notes enable quick fundraising for nascent AI startups amid the sector's rapid growth and hype. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFinancial wizardry is nothing new in the venture world, but the rise of AI startups has prompted a return to the funding mechanism known as a SAFE.
Persons: Y, Organizations: Service, SAFE, Business
For years, Gallup has asked investors exactly that question, and since 2013 the most popular answer has been the same: real estate. It's tough to say what the best long-term investing option is without knowing the desired outcome." You can invest in real estate via real estate investment trusts, which trade like stocks, or ETFs that hold them. As you pay down your mortgage, you build equity in a piece of real estate that also appreciates in value. Among Americans making less than $40,000 per year, 33% choose real estate as their No.
Persons: Gallup, Stocks, Nick Foulks, Andrew Briggs, Briggs, Gold Organizations: cryptocurrency, Great Waters, National, Advisory, presto
HarbourVest Global Private Equity , a diversified listed private equity investment company, could see its share price rise by more than 40%, according to analysts at investment banks Peel Hunt and Jefferies. Richard Hickman, the managing director of HVPE, describes it as the "most diversified, listed private equity investment company in London." "We're a global fully diversified portfolio covering buyout funds, the more established businesses from small cap through medium to large cap." NAV represents the value of an investment fund's assets per share. They estimate that share buybacks at the current discount could result in a 1.4% uplift in net asset value per share.
Persons: Peel Hunt, Jefferies, Richard Hickman, HVPE, Hickman, Alan Brierley, Ben Newell, Warren, Buffett Organizations: HarbourVest Global, Equity, Peel, London Stock Exchange, CNBC, NAV, Jefferies, Investec Locations: London
It has been operating a postal service in England since the reign of Henry VIII. EP Group has until May 29 to convert its £3.5 billion ($4.4 billion) non-biding offer into a formal bid for IDS. The likely sale would come after a difficult few years for Royal Mail, which was privatized in 2013. ‘As British as it gets’The potential buyout of Royal Mail has stirred anxieties about the consequences of the iconic British institution coming under foreign ownership. “Royal Mail is an important national asset that would benefit from being able to take a longer-term view,” the firm said.
Persons: Henry VIII, Daniel Křetínský, Křetínský, Patrik Tkáč, Rishi Sunak, Kemi Badenoch, Dave Ward, , ” Ward, Jonathan Reynolds, ” Ivana Kottasová Organizations: London CNN — Royal Mail, Distribution Services, IDS, Royal Mail, UK Department for Business, Trade, CNN, Bloomberg, Equity Investment, Newsweek, West Ham United Football Club, Reuters, Communication Workers Union, Labour Party, Royal, Labour Locations: England, Czech, British, United States, FNAC, France, United Kingdom, West
Whether retail investors profit from their bets on GameStop and AMC Entertainment or not, one group of companies looks set to cash in from the frenzied trading: stock exchanges. So-called meme stocks, which gained popularity through social media platforms like Reddit and Twitter (or X), have attracted retail investors looking to make a quick profit. Through this new innovative offer, we will offer retail investors a true one-stop-shop experience for equity trading," he said in May 2023. "The rise of retail options trading is another secular trend we're excited to build on with more platforms coming online for index options trading later this year, giving retail investors expanded access to our products," Howson said on an earnings call to analysts this month. ICE, which owns the New York Stock Exchange and several other exchanges, offers trading in stocks, bonds, commodities, currencies and derivatives.
Persons: Eric Leupold, Deutsche Boerse, Benjamin Goy, Stéphane Boujna, FactSet, David Howson, Howson, Oppenheimer, Hannah Gooch, Peters, Marco Iachini ​, Organizations: GameStop, AMC Entertainment, Twitter, Deutsche Borse AG Deutsche Börse, Frankfurt Stock Exchange, Corona, Deutsche Börse, DB1, Deutsche Bank, Global Equity, Cboe, Wall Street, Intercontinental Exchange, Sanlam Investments, ICE, New York Stock Exchange, Vanda Locations: Germany, U.S, Switzerland, Italy, Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, Paris, France, Portugal, Europe
Warren Buffett surprised many by selling a significant portion of his gigantic Apple stake, and his reason for the sale was even more surprising. Buffett, who trimmed Berkshire Hathaway's Apple holding by 13% in the first quarter after reaping enormous gains, suggested that the sale was for tax reasons. He implied the sale could be a means of avoiding an even higher tax bill down the road if tax rates rise to help plug a ballooning U.S. fiscal deficit. There's no special tax rate for capital gains in a corporation as they become part of the entity's income. Corporate income tax rate The corporate tax rate in the U.S. averaged 32.1% from 1909 to 2024, with a peak of 52.8% in the late 1960s, according to the Internal Revenue Service.
Persons: Warren Buffett, Buffett, There's, Kelly Gillette Organizations: Apple, Treasury Department, U.S, Internal Revenue Service, Armanino LLP, Apple Berkshire, Berkshire Locations: Berkshire, Omaha, Texas
Royal Mail owner IDS set to agree $4.4 bln Kretinsky takeover bid
  + stars: | 2024-05-15 | by ( ) www.cnbc.com   time to read: +2 min
IDS owns UK's Royal Mail, which is loss making, and international parcels network GLS. Royal Mail was privatised in 2013 in one of Britain's biggest state sell-offs in decades. It is expected the commitment to offer these contractual undertakings to the British government would be reflected in the cooperation agreement between the parties if a firm offer is made, it added. EP Group now has until May 29 to make a formal offer or walk away. EP is a 100% shareholder in VESA Equity investment which owns Kretinsky's IDS stake of nearly 28%.
Persons: Daniel Kretinsky, Keith Williams Organizations: International, Services, IDS, Royal Mail, UK's, Royal, National Security and Investment, Reuters, Equity Locations: Czech, London, Britain, British
China’s largest e-commerce group by market share has had a tumultuous year since announcing the biggest shake-up in its 25-year history in March 2023, splitting into six units and refocusing on its core businesses, including domestic e-commerce. Group net income, however was 3.27 billion yuan ($452 million), compared with 23.52 billion yuan a year ago. The group reported revenue of 221.87 billion yuan in the three months ended March 31, compared with a consensus estimate of 219.66 billion yuan, according to LSEG data. The segment delivered with 45% growth, compared with an expected 39% revenue rise, according to LSEG data. It also saw losses nearly double to 4.1 billion yuan ($567 million) from 2.2 billion a year ago as it invested heavily to remain price competitive and shorten delivery times.
Persons: Joe Tsai, , , Jacob Cooke Organizations: Reuters, Consumers, Tmall, Technologies Locations: Hong Kong, New York, China
Microsoft said in a statement Monday that it's committing 4 billion euros ($4.3 billion) toward expanding its cloud and AI infrastructure in France, in addition to funding AI skilling and support for France's technology industry. The announcement was made during the "Choose France" summit, a gathering dedicated to encouraging foreign investment in France. Amazon, meanwhile, made a commitment of its own to invest 1.2 billion euros in France. Collectively, the commitments from Microsoft and Amazon to France amount to $5.6 billion of funding. In total, France reportedly bagged a record 15 billion euros of investment commitments from foreign companies at an annual "Choose France" summit on Monday.
Persons: it's, , Brad Smith, , , Frederic Duval, Duval, Emmanuel Macron, Macron, Redmond Organizations: Microsoft, Amazon, Facebook, FAIR, Mistral Locations: Athens, Greece, France, French, Mulhouse, Amazon's, Paris, Washington, Mistral
During Ben Johns' first year as a professional pickleball player, he could barely support himself financially. Now, he's making $2.5 million in pickleball salary alone this year, he tells CNBC Make It — plus more in endorsement deals and sponsorship contracts. Johns, 25, is currently the Professional Pickleball Association Tour's No. 1 ranked player in men's doubles and the top-ranked male player in mixed doubles. In 2021, Johns made $250,000, he told CNBC at the time — which would mean his salary has increased tenfold since then.
Persons: Ben Johns, Johns, He's Organizations: CNBC, Professional Pickleball Locations: pickleball
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