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☆ How Bombardier is cashing in on business elite's love affair with private jet travel
▼ + stars: | 2024-04-12 | by ( Bob Woods | ) www.cnbc.com time to read: +5 min

They immediately established an ambitious, five-year strategic plan to reposition Bombardier, with a focus squarely on its sturdiest leg: the high-flying business jet and ancillary services industry. Deliveries of business and general aviation aircraft last year topped 4,000 for the first time in more than a decade, the General Aviation Manufacturers Association reported in February. Historically, the business jet market has been cyclical, said Noah Poponak, an analyst for Goldman Sachs, "but it's been hyper-cyclical in the past 20 years." Sales of all business jets were healthy leading into 2020 — and then the Covid pandemic hit. Everyone wanted a business jet and was willing to buy whatever was out there, new or used."

Persons: headwinds, Bombardier's, Alain Bellemare, divesting, Éric Martel, Bart Demosky, Demosky, Warren Buffett's Berkshire Hathaway, CFOs, Noah Poponak, Goldman Sachs, Walter Spracklin, Spracklin Organizations: Bombardier, Boeing, Airbus, General Aviation Manufacturers Association, Challenger, Global, Companies, Honeywell, RBC Capital Markets Locations: Montreal, Warren, Covid

☆ Investor Tribeca presents Glencore with ideas to raise shareholder value – How it may unfold
▼ + stars: | 2024-03-30 | by ( Kenneth Squire | ) www.cnbc.com time to read: +10 min

Tribeca has been a shareholder of Glencore for seven years and has been engaging with management for a year. The company has excellent core asset quality in copper, zinc and coal, as well as a world-leading commodity trading business. Notably, Bluebell Capital Partners agitated for a demerger of Glencore's thermal coal business in 2021. However, in 2023, after acquiring a 77% interest in Teck's steelmaking coal business, Glencore stated its intention to demerge its combined coal and carbon steel businesses. The same can be said for the divestment of the trading business.

Persons: Glencore, David Aylward, Gary Nagle, astutely, Berkshire Hathaway, Ivan Glasenberg, Ken Squire Organizations: Glencore, Tribeca Investment Partners, Tribeca, Financial Times, Australian Securities Exchange, London Stock Exchange, BHP, Rio Tinto, Bluebell Capital Partners, LSE, Rio, NYSE, 13D Locations: Switzerland, Australia, Africa, South America, Sydney, Melbourne, Singapore, London, Tribeca, Glencore, Swiss, Rio, Europe, cyclicality, Berkshire

☆ Opinion: Why it was time for Oprah to move on from Weight Watchers
▼ + stars: | 2024-03-01 | by ( Opinion Kellie Carter Jackson | ) edition.cnn.com time to read: +6 min

For decades, America has followed Oprah through every major weight loss trend, and this was no exception. She later deeply regretted such a stunt, calling it a “Big, big, big, big, big, big, big mistake!”In 1994, Oprah ran her first marathon to celebrate her 40th birthday. It raised questions about Oprah taking medical weight loss drugs such as Ozempic or Wegovy. She later deeply regretted such a stunt, calling it a “Big, big, big, big, big, big, big mistake!” Charles Bennet/APWith Oprah stepping down, many people will lose their measure or point of reference for what is ahead or behind the curve as it relates to their weight and health. One might also ask what it means for the nation’s preeminent Black history museum to be economically tethered to a weight loss company.

Persons: Kellie Carter Jackson, Michael, Denise Kellen ’, “, Read, Oprah Winfrey, Oprah, ”, Stedman Graham, Mark Wilson, Oprah’s, Winfrey, Charles Bennet, it’s Organizations: of Africana Studies, Wellesley College, CNN, WW, Marine Corp, Harpo Studios, US Marine Corps, 19th Marine Corps, AP, Hollywood, canaries, National Museum of Locations: America

☆ NY Comptroller on Exxon divestment: We are taking the position that climate change is a risk
▼ + stars: | 2024-02-27 | 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 EmailNY Comptroller on Exxon divestment: We are taking the position that climate change is a riskNew York Comptroller Tom DiNapoli joins 'Squawk Box' to discuss the state's pension fund cutting some of its investments in energy companies, why he's divesting from companies including Exxon that aren't ready for the transition to a low-carbon economy, and more.

Persons: Tom DiNapoli Organizations: Exxon

☆ First US Air Force wing to get operational A-10 attack aircraft nearly 50 years ago starts sending its Warthogs to the boneyard
▼ + stars: | 2024-02-14 | by ( Chris Panella | ) www.businessinsider.com time to read: +6 min

The 355th Wing at Davis-Monthan Air Force Base has started retiring its A-10s. The base was the first to receive the A-10 Thunderbolt II aircraft nearly 50 years ago. AdvertisementThe first US Air Force wing to receive operational A-10 attack aircraft nearly 50 years ago has officially begun retiring its fleet and sending them to the Boneyard. AdvertisementThe Air Force has been moving toward retiring the plane since 2015 to free up funds for other projects, preferably platforms that, in the words of Air Force Secretary Frank Kendall, "scare China." Coleen Berryhill, 74th Fighter Squadron A-10C Thunderbolt II pilot, flies near a formation of B1-B Lancer and A-10 Thunderbolt II above the Philippine Sea, Nov. 9, 2022.

Persons: —, BRENDAN SMIALOWSKI, Davis, Scott Mills, Clarence McRae ,, Tristan Truesdell, Razvan Radoescu, Frank Kendall, Coleen Berryhill, Mills Organizations: Davis, Monthan Air Force Base, Thunderbolt, Service, US Air Force, Air Force, 355th Wing, 354th Fighter Squadron, 309th Aerospace, Regeneration, Monthan, Fairchild, Aerospace, Getty, . Air Force, 25th Fighter Squadron, Osan Air Base, Staff, 355th Operations Group, Force, Nevada, 74th Fighter Squadron, Army Locations: Arizona, Tucson , Arizona, AFP, South Korea, China, Philippine

FRANKFURT, Germany (AP) — The Dutch parent of pioneering Russian tech company Yandex is selling its operations in the country at a steeply discounted price of just over $5 billion to its Russia-based managers and oil company Lukoil, one of the biggest deals for Western-held companies to exit Russia since the invasion of Ukraine. He subsequently condemned Russia's invasion as “barbaric.” The Nasdaq exchange suspended trading in Yandex shares days after the invasion. After the sale, Yandex NV would be left with its international businesses — employing 1,300 people — including self-driving technology and generative artificial intelligence as well as a data center in Finland. Yandex NV Chairman John Boynton said the company had faced “exceptional challenges” since the start of the war. None of the purchasers have been sanctioned, Yandex NV said, and the cash part of the transaction would be conducted in Chinese yuan outside of Russia.

Persons: Vladimir Putin's, Arkady Volozh, Dmitry Peskov, ”, —, Alexander Chachava, Pavel Prass, Alexander Ryazanov, John Boynton, Boynton, McDonald’s, France’s Renault, Baltika Organizations: Western, Nasdaq, Yandex, Google, Yahoo, European Union, Companies, Baltika Breweries, Danone Locations: FRANKFURT, Germany, Russian, Russia, Ukraine, Moscow, Netherlands, Israel, Finland, Avtovaz, Western

☆ Activist Rubric nominates two directors at Xperi. Here’s how the firm may help enhance shareholder value
▼ + stars: | 2024-01-27 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

Business: Xperi is a technology company that develops software solutions and has the following four main business segments. Rubric is a deep value, long/short investor that will become active in situations that require it. The problem is a culture that is not focused on shareholder value. Accordingly, Rubric Capital nominated Conrad and Lacey for election as directors to the company's board at Xperi's 2024 annual meeting. There is a big difference between settling for two additional directors on a seven-person board and replacing two incumbent directors on a five-person board.

Persons: Xperi, David Rosen, Rosen, Tobii, Conrad, Lacey, Ken Squire Organizations: Smart, TiVo, SAC Capital, Tobii, 13D Locations: New York, Swedish

☆ Will 2024 bring good tidings to media and telecom companies? That's unlikely
▼ + stars: | 2023-12-19 | by ( Alex Sherman | ) www.cnbc.com time to read: +10 min

Still, legacy media companies including Disney, Paramount Global, Warner Bros. Since the "Great Netflix Correction" of 2022, there isn't a unifying growth narrative for media and entertainment companies. Disney, Paramount Global and NBCUniversal have all pegged 2025 as their flagship streaming services' first full year of profitability. Beyond financial metrics, several executives privately acknowledged morale has become an increasing concern at legacy media companies. One executive noted he's increasingly hearing from peers that running media and entertainment companies just isn't as fun as it was five or 10 years ago.

Persons: Corey Martin, Granderson Des Rochers, Martin, Jerome Powell, Liu Jie, Shari Redstone, David A, CNBC Shari Redstone, Biden, Sinclair, Lina Khan, Joe Biden, Khan, There's, John Harrison, Brian Roberts, Drew Angerer, Donald Trump, Trump, David Zaslav, Michael M, Disney, Nelson Peltz, Jay Rasulo, Bob Iger, he's, LightShed's Rich Greenfield Organizations: Universal Studios, Warner Bros . Discovery, Disney, Paramount Global, Comcast, Granderson, U.S, Federal, Washington , D.C, Xinhua News Agency, Getty, Treasury, Federal Reserve, Allen, Co . Media, Technology Conference, Grogan, CNBC, Trump, Nexstar, Gray Television, Federal Trade, Verizon, Mobile, NBCUniversal, CBS, NBC, EY, Allen & Company Sun Valley Conference, Trump's Department, Justice, Time Warner, Republican, Democratic, Netflix, Cable, Warner Bros, New York Times, Santiago, Getty Images Media, Management, Paramount Locations: Washington ,, United States, Sun Valley , Idaho, Tegna, Europe, U.S, EY Americas, New York City

☆ Occidental Petroleum to buy Permian producer CrownRock for $12 billion, raise dividend
▼ + stars: | 2023-12-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Occidental will issue $9.1 billion in debt and about $1.7 billion in common stock to finance the transaction. Occidental Petroleum on Monday agreed to buy CrownRock , a major privately held energy producer that operates in the Permian Basin, for $12 billion. Occidental CEO Vicki Hollub said the company is purchasing CrownRock to increase its scale in the Midland Basin. Occidental is the ninth-largest energy company in the U.S. with a market capitalization of $49.7 billion. Occidental's purchase of CrownRock is the third major deal in the energy sector in less than two months.

Persons: Vicki Hollub, Hollub, CNBC's, CrownRock, Timothy Dunn, Warren Buffett's, Warren Buffett's Berkshire Hathaway, Berkshire Hathaway, Buffett, Carl Icahn, Enverus, Weeks, Hess Organizations: Midland Basin, U.S . Energy Information Administration, U.S, Occidental Petroleum, Occidental, Endeavor Resources, Houston, Lime Rock Partners, Warren Buffett's Berkshire, Anadarko Petroleum, Exxon Mobil, Natural Resources, Chevron, Pioneer, Texas Intermediate, CNBC, Energy Information Administration Locations: Occidental, Midland, Texas, U.S, Warren, Berkshire, CrownRock

☆ Greece's National Bank stake sale oversubscribed -source
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The logo of National Bank is seen outside a branch in Athens March 23, 2015. REUTERS/Alkis Konstantinidis/File Photo Acquire Licensing RightsATHENS, Nov 16 (Reuters) - Greece on Thursday sold a 22% stake in National Bank (NBG), its second-biggest lender by market value, with the sale oversubscribed by more than eight times, a source close to the process told Reuters. On Monday, HFSF concluded the sale of a 9% stake in Alpha Bank to UniCredit and announced plans to sell a 20% stake in NBG. A book-building process and a public offering for the sale of the NBG stake which started on Nov. 14 concluded on Thursday, with the final offer price set at 5.30 euros a share, the source said. HFSF, which owns 40% in NBG, sold a total of 201,237,334 shares, raising more than 1 billion euros, according to Reuters calculations.

Persons: Alkis, HFSF, Lefteris Papadimas, Toby Chopra Organizations: National Bank, REUTERS, Rights, Reuters, P Global, Alpha Bank, Fidelity, Norges, Lazard, RWC, Allianz, Thomson Locations: Athens, Greece, UniCredit, NBG, Blackrock

☆ Tencent logs robust revenue growth as games, advertising sales shine
▼ + stars: | 2023-11-15 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

A Tencent sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Nov 15 (Reuters) - China's Tencent Holdings (0700.HK) said third-quarter revenue climbed 10%, as its games business staged a robust recovery from a regulatory crackdown on the country's tech sector and online advertising sales surged. In August, the video games sector raked in combined revenue of 29.2 billion yuan, the highest level in at least 20 months, according to CNG, a government-backed industry data firm. Tencent's online advertising business reported a 20% jump in revenue thanks to strong demand for advertising in its video content. Net profit declined 9% to 36.1 billion yuan from a year ago when the company had a strong quarter after divesting stakes in portfolio companies such as Sea.

Persons: Aly, Tencent, Josh Ye, Miyoung Kim, Edwina Gibbs Organizations: World Internet Conference, REUTERS, Tencent Holdings, HK, Riot Games, Thomson Locations: Wuzhen, Zhejiang province, China, HONG KONG

☆ Greece's National Bank attracts strong demand in 20% stake sale - source
▼ + stars: | 2023-11-15 | by ( Lefteris Papadimas | ) www.reuters.com time to read: +2 min

"Demand covered 6.2 times the shares offered," the source involved in the process said on condition of anonymity. On Monday, HFSF concluded the sale of a 9% stake in Alpha Bank to UniCredit and announced plans to sell a 20% stake in NBG. The value of the 20% stake is estimated at about 1 billion euros ($1.09 billion). HFSF currently holds a 40.4% stake in NBG and a 27% holding in Piraeus Bank, (BOPr.AT), Greece's third-largest lender. A source told Reuters on Monday that out of the 20% stake in NBG, 17% would be offered to funds and 3% to retail investors.

Persons: Alkis, HFSF, Greece's, JP Morgan, Goldman Sachs, Morgan Stanley, Lefteris Papadimas, Louise Heavens, Sharon Singleton Organizations: National Bank, REUTERS, Rights, Greece's National Bank, Reuters, P Global, Alpha Bank, Piraeus Bank, UBS, Thomson Locations: Athens, Greece, UniCredit, NBG

In business, that meant building a fortune by hyping a drug that ultimately failed. In politics, it means arguing he can return Trump's “America First” vision to the White House without the baggage. Ramaswamy majored in biology and participated in the campus Republican club, standing out even there as a libertarian. “I believe Donald Trump was an excellent president,” Ramaswamy said while campaigning in Atlanta. While many conservatives dislike foreign aid, Republican voters align heavily with Israel.

Persons: Vivek Ramaswamy, ”, “, Ramaswamy, Ramaswamy skewered Nikki Haley, Ron DeSantis, Dick Cheney, Haley, Donald Trump, Ann Trimble Ray, Ramaswamy “, he’s, you’ve, Ray, “ Da, ” Ramaswamy, Goldman Sachs, Dan Gold, —, Intepirdine, Axovant, divesting, Jeffrey Sonnenfeld, Ramaswamy sidesteps, Trump’s, He's, Israel’s, ” Ramaswamy jousted, Tucker Carlson, Sean Hannity, Carlson, Hannity, denigrating, Trump, Putin, Xi, ” Haley, Linley Sanders, Thomas Beaumont Organizations: ATLANTA, Republican, Florida Gov, DeSantis, Harvard, Crimson, Goldman, Wall Street, QVT, GlaxoSmithKline, New York Times, Forbes, Yale School of Management, Disney, Republicans, Israel, Associated Press, NORC, for Public Research, Fox News, GOP Locations: United States, Israel, Ukraine, Ohio, , Iowa, Atlanta, American, U.S, Gaza, Iraq, Afghanistan, Washington, Des Moines , Iowa

☆ Japan has become a gold mine for value investors
▼ + stars: | 2023-11-10 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

Having experienced a multi-decade decline after 1990, Japanese stocks have escaped the doldrums. Reuters GraphicsAnother shadow that has long lingered over corporate Japan is management teams which tended to neglect shareholders and prioritise the interests of other stakeholders. METI is also redefining the aim of Japanese companies, says Stephen Codrington, founder of the independent research firm Codrington Japan. Japan, whose regime was formerly unfriendly to equity investors, is moving in the opposite direction, says Drew Edwards, head of GMO Usonian Japan. Japan, as Codrington says, has become a gold mine for value investors.

Persons: Jeremy Siegel, “ Stocks, It's, Alex Kinmont, James Montier, METI, Stephen Codrington, Codrington, Toby Rodes, Edward McQuarrie, McQuarrie, Drew Edwards, there’s, Warren Buffett, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Investors, Credit Suisse Global Investment, Nikkei, U.S ., Local, Credit Suisse, Ministry, Economy, Trade, Industry, Electronics, Hitachi, Fujitsu, Investment, Toyota, Investment Fund, Tokyo Stock Exchange, Kaname, Takisawa Machine Tool, managements, Toyota Industries, Santa Clara University, U.S, Thomson Locations: Japan, U.S, Europe, Codrington Japan, United States

Analysts said, however, that Asiana's greenlighting of the cargo unit sale did not necessarily ensure smooth sailing ahead for the deal. They noted the desired valuation for the air cargo unit of some 700 billion won ($520 million) including debt, as reported by local media, was probably too high. Approving the sale was a contentious issue at Asiana amid concerns that a takeover by Korean Air would lead to the loss of many Asiana jobs. Korean Air also said it will buy 300 billion won of convertible bonds issued by Asiana, part of fresh financial support to the smaller airline. The company accounts for about a fifth of South Korea's market for overseas air cargo.

Persons: Bae, Asiana, IAG, 1,342.9900, Joyce Lee, Heekyong Yang, Hyunsu Yim, Edwina Gibbs Organizations: Asiana Airlines, Korean Air Lines, Korean Air, country's, European, Analysts, Hi Investment, Securities, European Union, European Commission, Air, Lufthansa, ITA Airways, British Airways, Spanish, Korea Development Bank, Asiana, Thomson Locations: SEOUL, KS, Korean, Union, United States, Japan, Asiana, Iberia, Germany, Russia

☆ Yandex takes step towards Russian approval for restructuring
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. REUTERS/Evgenia Novozhenina/File photo Acquire Licensing RightsMOSCOW, Oct 27 (Reuters) - Nasdaq-listed Russian tech company Yandex (YNDX.O) said on Friday it had obtained one of the approvals needed from the Russian government for its planned restructuring, which it hopes to complete by the end of 2023. Yandex, while reporting a 33% drop in third-quarter adjusted net income, said its board remained committed to completing the restructuring and divesting all Russia-based businesses. It said class A shareholders had now given consent for the merger of certain intermediate Dutch holding companies into Yandex NV. Yandex said it planned to take a restructuring proposal to shareholders for approval by the end of 2023.

Persons: Evgenia, Yandex, Alexander Marrow, Jason Neely, Mark Potter Organizations: REUTERS, Rights, Nasdaq, Yandex, Moscow, Reuters, Yandex NV, Thomson Locations: Moscow, Russia, Ukraine, nationalising, Washington

The court said the legislature's action on the assignment of court cases encroached on judicial authority. It required the clerk of the state Supreme Court to choose another court through a random selection. Such constitutional cases typically are heard in Franklin County Circuit Court in the capital city of Frankfort. Republican Attorney General Daniel Cameron's office defended the venue law, which passed as Senate Bill 126. The intent, he said, was to “control Kentucky courts and block any civil action alleging a law is unconstitutional from being heard in one circuit court: the Franklin Circuit Court.”

Persons: —, Andy Beshear, Daniel Cameron's, Cameron, Beshear, Laurance, VanMeter, ” VanMeter, ”, Robert Conley, “ Organizations: Franklin County Circuit Court, Democratic Gov, GOP, Lawmakers, Republican, Franklin Circuit Locations: FRANKFORT, Ky, Franklin County, Frankfort, Kentucky

☆ Why Exxon and Chevron are doubling down on fossil fuel energy with big acquisitions
▼ + stars: | 2023-10-25 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +6 min

The largest oil and gas producers in the United States see a long pathway for oil demand," Cahill told CNBC. "There's a major difference between what the big oil companies believe the future of oil is and the governments around the world." "The large companies — nongovernment companies — do not see an end to oil demand any time in the near future. Oil and gas are relatively cheap and easy to move around, particularly in comparison with building new clean energy infrastructure. "By the way, that means the large financial oil companies will be able to weather that environment better than the smaller companies."

Persons: Cahill, Ben Cahill, Goldstein, Larry J, Birol, Fatih Birol, Shon Hiatt, Hiatt, Marianne Kah, Kah, Amy Myers Jaffe, Jaffe Organizations: CNBC, Center for Strategic, International Studies, Petroleum Industry Research Foundation, Energy, Research Foundation, Chevron, Exxon, International Energy Agency, IEA, USC Marshall School of Business ., Columbia University's Center, Global Energy, ConocoPhillips, New York University, Climate Justice, Sustainability, NYU's School, Professional Studies, Exxon Mobil Locations: United States, Africa, Asia, America, U.S, Russia, Venezuela, Iran

☆ 92NY Halts Literary Series After Pulling Author Critical of Israel
▼ + stars: | 2023-10-23 | by ( Jennifer Schuessler | More About Jennifer Schuessler | ) www.nytimes.com time to read: +6 min

The reading, organized by 92NY’s Unterberg Poetry Center, instead moved to a bookstore in downtown Manhattan, without any sponsorship from the Y. 92NY confirmed afterward that the decision not to go ahead with the event stemmed from Nguyen’s public statements about Israel. On Saturday, as news of the cancellation of Nguyen’s event spread, writers began announcing they would withdraw from upcoming appearances. The poet Paisley Rekdal and the critic Andrea Long Chu also wrote on X that they were pulling out of their events. The turmoil at the Y is part of continuing cultural repercussions over the war between Israel and Hamas.

Persons: Viet Thanh Nguyen, 92NY’s, 92NY, ”, Israel, “, Dylan Thomas, Robert Frost, Langston Hughes, Philip Roth, Salman Rushdie, Toni Morrison, Richard Ford, John Edgar Wideman, Roxane Gay, Christina Sharpe, Saidiya Hartman, Dionne Brand, Paisley Rekdal, Andrea Long Chu, ” Rekdal, ” Chu, Chu, Sarah Chihaya, Sophie Herron, Nguyen, Min Jin Lee, Bernard Schwartz, Schwartz Organizations: Young, Hebrew, Jewish, Yorkers, Academy of American, London, divesting, McNally Jackson Locations: Israel, Manhattan, States, Gaza, Lower Manhattan

☆ Paramount's Shari Redstone is open for business, but business may not be open for her
▼ + stars: | 2023-10-22 | by ( Alex Sherman | ) www.cnbc.com time to read: +11 min

Paramount Global 's controlling shareholder is open to a merger or selling the company at the right price, according to people familiar with her thinking. Spokespeople for Redstone and Paramount Global declined to comment. Paramount Global's market value was below $8 billion as of Friday. Discovery could merge with Paramount Global, though putting together Warner Bros. and Paramount Pictures may hold up deal approval with U.S. regulators. Paramount Global isn't actively working with an investment bank on a sale, according to people familiar with the matter.

Persons: Shari Redstone, David A, CNBC Shari, Jon Miller, SpongeBob, Guggenheim, Michael Morris, Morris, Warren Buffett, Berkshire Hathaway, Bob Bakish, Bakish, Wells, Steven Cahall, Cahall, CNBC's David Faber, Lina Khan, Laura Martin, haven't, Simon, Simon & Schuster, Sumner Redstone, NAI, Jim Cramer Organizations: National Amusements, Paramount Global, Allen & Company Sun Valley, Grogan, CNBC, Paramount, Redstone, Integrated Media, Advancit, Paramount Pictures, CBS, MTV, Nickelodeon, Comedy Central, BET, Showtime, NFL, Champions League, Viacom, Berkshire, Paramount Global's, Tech, Apple, YouTube, National Football, Federal Trade, Big Tech, Comcast, NBC, Fox, Disney, Needham & Co, Netflix, Bain, Co, Warner Bros, Sky, Scripps, Discovery, Simon &, MSD Partners Locations: Sun Valley , Idaho, Los Angeles , California, U.S

☆ Microsoft's $69 billion Activision Blizzard takeover approved by UK, clearing way for deal to close
▼ + stars: | 2023-10-13 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

The Competition and Markets Authority said it had cleared the deal for Microsoft to buy Activision but without cloud gaming rights. Microsoft offered a spate of concessions, which centered around divesting the cloud rights of Activision games to French game publisher Ubisoft Entertainment. The U.K.'s regulatory U-turnRegulators globally were concerned that the takeover would reduce competition in the gaming market, in particular around cloud gaming. Meanwhile, in the U.S., the Federal Trade Commission was fighting a legal battle with Microsoft in an effort to get the Activision takeover scrapped. "As cloud gaming grows, this intervention will ensure people get more competitive prices, better services and more choice.

Persons: Dado Ruvic, we've, Sarah Cardell, Cardell Organizations: Activision, Markets Authority, Microsoft, CMA, Ubisoft Entertainment, Ubisoft, Netflix, Reuters, Authorities, European Union, EU, Federal Trade Commission, Activision PC Locations: U.S, Europe, U.K

☆ Analysis: Canada may struggle to recoup $26 billion cost of Trans Mountain pipeline
▼ + stars: | 2023-10-12 | by ( Nia Williams | ) www.reuters.com time to read: +5 min

Prime Minister Justin Trudeau's Liberal government bought Trans Mountain in 2018 for C$4.5 billion to rescue the expansion project, which has struggled with years of regulatory delay and massive cost overruns. A Reuters survey of five analysts and investors valued Trans Mountain between C$15 billion and C$25 billion, based on factors including projected earnings and oil shipping tolls. Trans Mountain Corp (TMC) CEO Dawn Farrell told local media last week the sale could wrap up by early 2025, just as Canada heads into a federal election. Trans Mountain offers strategic value as it is the only pipeline taking crude from Canada's oil patch to the Pacific, and on to Asian refining markets. "It's hard to imagine...that a pipeline like Trans Mountain would ever be built again," Poscente said.

Persons: Justin Trudeau's, Ryan Bushell, Dawn Farrell, Michael Dunn, Paul Poscente, Poscente, Pembina, Scott Burrows, Enbridge, Marc Weil, Dave Szybunka, Szybunka, Rod Nickel, Steve Scherer, Denny Thomas, Marguerita Choy Organizations: Ottawa, Justin Trudeau's Liberal, Reuters, Newhaven Asset Management, Trans Mountain Corp, Mountain, Cenovus Energy, Nations, Axxcelus, Chinook, Pembina Pipeline Corp, Indigenous Pipeline, TC Energy, Keystone, TC, Canoe Financial, Thomson Locations: Canada, Alberta, Trans, Newhaven, Pembina, U.S, Gulf, Calgary, Winnipeg, Ottawa

Citigroup also convened a meeting of its managing directors on Wednesday, according to two sources familiar with the matter. Citigroup declined to comment on the memo, town hall and meeting with managing directors. Citi had 240,000 employees at the end of the second quarter. CONSULTATIONS IN THE UKThe bank is also beginning the consultations required in the UK after earlier warning employees about possible redundancies. In the second quarter, net income tumbled 36% to $2.92 billion, beating analyst expectations.

Persons: Sara Wechter, Jane Fraser, Fraser, Lananh Nguyen, Tatiana Bautzer, Saeed Azhar, Megan Davies, David Gregorio, Kirsten Donovan, Sonali Paul Organizations: Citigroup, Reuters, Bankers, Citi, Bank of America, Milana, Svea Herbst, Thomson Locations: Wells Fargo, London, New York, Svea

"Some roles will change, new roles may be created, and new roles that do not fit our new structure will be eliminated," Sara Wechter, the bank's chief human resources officer, wrote in the memo. Fraser's memo to staff did not announce an expected number of job cuts but said the departures would enable staff who generate revenue and dealmakers to focus their time on clients. "We'll be saying goodbye to some very talented and hard-working colleagues," Fraser wrote at the time. CONSULTATIONS IN THE UKThe bank said in a separate memo it is also beginning the specific consultation required in the UK. Some of these roles may change, while others will remain largely the same."

Persons: Sara Wechter, Jane Fraser, Fraser, Jane, Lananh Nguyen, Tatiana Bautzer, Saeed Azhar, Megan Davies, David Gregorio Our Organizations: Citigroup, Reuters, Citi, Bank of America, Thomson Locations: Wells Fargo, London, New York

☆ Epic Games is laying off about 830 employees, divesting Bandcamp
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

The Epic Games logo, maker of the popular video game "Fortnite", is pictured on a screen in this picture illustration August 14, 2020. REUTERS/Brendan McDermid/Illustration Acquire Licensing RightsSept 28 (Reuters) - "Fortnite" maker Epic Games is laying off about 830 employees, or 16% of its staff, and divesting online music platform Bandcamp, the company said on Thursday. The videogame company will also spin-off most of SuperAwesome, which Epic Games acquired in 2020. SuperAwesome is a platform for developers to include kid-safety tools in their products. The videogame industry is struggling with a slowdown in spending as inflation-weary gamers become more selective in picking popular titles.

Persons: Brendan McDermid, Tim Sweeney, Sweeney, Harry Potter, Chavi Mehta, Samrhitha, Jaspreet Singh, Arun Koyyur, Maju Samuel Organizations: REUTERS, Epic Games, Warner Bros Discovery, Apple, U.S, Supreme, Thomson Locations: SuperAwesome, Bengaluru

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