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Blackstone to Buy U.K. Software Developer Civica
  + stars: | 2023-11-22 | by ( Ben Dummett | ) www.wsj.com   time to read: 1 min
Blackstone’s tie-up with Civica, if completed, could be announced as soon as Wednesday. Photo: jeenah moon/ReutersBlackstone agreed to buy U.K.-based software developer Civica, placing its second multibillion-dollar bet in Europe in as many days, in a sign that private-equity deal making in the region is picking up. The value of the transaction wasn’t disclosed. The Wall Street Journal earlier reported it valued Civica at close to $2.5 billion including debt.
Persons: Blackstone Organizations: Street Locations: Europe
Blackstone’s tie-up with Civica, if completed, could be announced as soon as Wednesday. Photo: jeenah moon/ReutersBlackstone is in advanced talks to buy Civica in a deal valuing the U.K.-based software developer at close to $2.5 billion including debt, according to people familiar with the matter. The tie-up, if completed, could be announced as soon as Wednesday. It would mark Blackstone’s latest bet in the U.K. following its recent purchases of two hotels—one in Birmingham and another outside of Edinburgh—and a project to build affordable housing across the U.K.
Persons: Blackstone, Edinburgh — Locations: Birmingham, Edinburgh
Signage is seen outside the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon Acquire Licensing RightsNov 21 (Reuters) - Blackstone (BX.N) plans to close a fund that exposes investors to a variety of hedge funds and trading strategies after assets fell almost 90% in four years, the Financial Times reported on Tuesday. The US.-based asset manager told investors that Blackstone Diversified Multi-Strategy fund will close at the end of the year, the newspaper reported, citing Blackstone. The fund reported a 2% decline in returns from the beginning of 2020 until the end of last month, the report said, quoting investor documents. We are in talks with clients to move their capital to newer strategies that offer greater flexibility than the current structure allows," FT quoted Blackstone as saying.
Persons: Blackstone, Anirudh, Dhanya Ann Thoppil Organizations: Blackstone Group, REUTERS, Blackstone, Financial Times, Thomson Locations: New York City, U.S, Bengaluru
New economic data last week showed the resilient U.S. consumer may finally be beginning to crack. Photo: Jeenah Moon/Bloomberg NewsCompanies are looking for new ways to entice holiday shoppers while consumers are spending less at stores and the economy is cooling. “It’s our Super Bowl,” said Tapestry finance chief Scott Roe , referring to the holiday season. This means the owner of Coach, Kate Spade and Stuart Weitzman is looking to attract shoppers, but Roe, who also serves as the company’s chief operating officer, said the company plans to be disciplined with any promotions.
Persons: , Scott Roe, Kate Spade, Stuart Weitzman, Roe Organizations: Bloomberg News Companies
Blackstone, Macquarie deny ASPI sale report, pledge commitment
  + stars: | 2023-11-17 | by ( ) www.reuters.com   time to read: +2 min
Signage is seen outside the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon/File Photo/File Photo Acquire Licensing RightsMILAN, Nov 17 (Reuters) - Blackstone and Macquarie on Friday dismissed as "completely false" an Italian newspaper report about possible ownership changes at Autostrade per l'Italia (ASPI), pledging their commitment as investors in the motorway operator. Following the 2022 deal, ASPI is controlled by state-lender CDP with funds Blackstone (BX.N) and Australia's Macquarie (MQG.AX). Under JPMorgan's plan ASTM would transfer its assets to ASPI whose shareholders would be CDP, Gavio group and Blackstone. In denying the report, Macquarie said it was committed to the "ongoing delivery of ASPI's multi-billion euro investment programme".
Persons: JP Morgan, Italy's, ASPI, Australia's Macquarie, Macquarie, Blackstone, Matteo Salvini, Elisa Anzolin, Giuseppe Fonte, Valentina Za Organizations: Blackstone Group, REUTERS, Blackstone, La Stampa, ASTM, Benetton, Shareholders, Reuters, Thomson Locations: New York City, U.S, Macquarie, Ardian, Milan, Rome
FILE PHOTO: Signage is seen outside the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon/File Photo/File Photo Acquire Licensing RightsNov 16 (Reuters) - Blackstone (BX.N) is in the final stages of raising about $400 million for its Blackstone Private Credit Fund (BCRED) to secure additional investment advantage, the Financial Times reported on Thursday. The private equity firm will sell loans that BCRED owns to the CLO to enhance competitiveness, FT said. Blackstone, which also manages multiple other funds, faced a significant decline in withdrawal requests from Blackstone Real Estate Income Trust (BREIT) in September, Kathleen MacCarthy, its global co-head of real estate, said then. Financial Times had in August reported that Blackstone, , plans to launch a private equity fund for wealthy individuals early next year.
Persons: CLOs, Blackstone, Kathleen MacCarthy, Mrinmay Dey, Dhanya Ann Thoppil Organizations: Blackstone Group, REUTERS, Blackstone, Blackstone Private Credit Fund, Financial Times, The, Reuters, Unified Women’s Healthcare, Blackstone Real, Income, Thomson Locations: New York City, U.S, The New York, Bengaluru
High risk, High reward: Life Lessons with Lindsey Vonn
  + stars: | 2023-11-15 | by ( Chris Taylor | ) www.reuters.com   time to read: +4 min
[1/2] Olympic gold medalist skier Lindsey Vonn speaks during an interview with Reuters in New York City, New York, U.S., May 17, 2022. After doing that for years – and being the best in the world at it – nothing much fazes Lindsey Vonn. For the latest in Reuters' "Life Lessons" series, she talked with us about how to attack your career with speed, skill and courage. One thing he made sure I understood was that ski racing didn't make any money. Q: Was it difficult to plan a financial life, when you are only paid when you win?
Persons: Lindsey Vonn, Chris Taylor, Lauren Young, Richard Chang Organizations: Reuters, REUTERS, Angel City FC, SAG, Salt Lake, Saks Fifth, Thomson Locations: New York City , New York, U.S, Salt,
Economists polled by Reuters had forecast retail sales would fall 0.3%. Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.2% in October. Data for September was revised up to show these so-called core retail sales rising 0.7% instead of the previously reported 0.6%. Core retail sales correspond most closely with the consumer spending component of GDP. Goods prices rose 0.8% in September.
Persons: Bill Adams, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: Saks Fifth, REUTERS, WASHINGTON, Federal, Comerica Bank, Commerce, Data, Reuters, United Auto Workers, Treasury, Consumer, Labor Department's Bureau of Labor Statistics, Wednesday, PPI, Reuters Graphics, Fed, Thomson Locations: New York City, U.S, Dallas, Commerce Department's
Private Equity, Now Featuring Less Equity
  + stars: | 2023-11-10 | by ( Telis Demos | ) www.wsj.com   time to read: 1 min
Blackstone is among the companies seeing increased demand for private credit. Photo: Jeenah Moon/ReutersGiants like Apollo , Blackstone and KKR made their names in the business of private equity. But today, the thing that investors seem most excited about is growth in their private credit businesses. Buyout fundraising has been slowed in part by the difficulty of exiting old deals. Real-estate funds have also been hit by worries about things like commercial property values.
Persons: Blackstone Organizations: Reuters Giants, Apollo, Blackstone, KKR
On the steps of the New York Public Library, demonstrators waved flags and called for a cease-fire in the Israel-Hamas war. The march in Midtown closed sections of Fifth Avenue before protesters turned onto 34th Street, snarling evening commute traffic. Tensions have risen on college campuses in recent weeks as the debate over the Israel-Hamas war has divided student groups and roiled campus life. Fadi Shuman, a computer science undergraduate who is Palestinian, said he was upset Columbia wasn’t doing more to combat Islamophobia on campus. Credit... Jeenah Moon for The New York TimesLuis Cruz, 19, who traveled to Bryant Park from Staten Island, said he was glad to see students in the crowd.
Persons: , Sam Cribben, they’re, Fadi, Mr, Shuman, , Sandor John, John, The New York Times Luis Cruz, ” Troy Closson, Nate Schweber, Liset Cruz, Erin Nolan Organizations: New York Public Library, Israel, Eighth, The New York Times, Columbia University, Low, Columbia, Bryant, City University of New, Fifth, CUNY, Times, New York Times Locations: Israel, Midtown Manhattan, New York City, Midtown, Bryant Park, Gaza, Palestine, City University of New York, Vietnam, Bryant, Staten Island
The judge has fined Trump $15,000 for twice violating that gag order. A three-judge panel, all appointed by Democratic presidents, scheduled oral arguments on Trump's appeal of the gag order for Nov. 20. Trump's lawyers have argued the order violates his free speech rights under the U.S. Constitution's First Amendment. In the New York case, Engoron said on Friday he has an "unfettered right" to consult with his staff members throughout the trial, and that the gag order was intended to protect their safety. Failure to honor the gag order, the judge said, "shall result in serious sanctions."
Persons: Arthur Engoron, Donald Trump’s, Jeenah, Donald Trump, Justice Arthur Engoron, Trump, Engoron, Chuck Schumer, Christopher Kise, Tanya Chutkan's, Jack Smith, Smith, Donald Trump Jr, Eric Trump, Jonathan Stempel, Susan Heavey, Will Dunham, Caitlin Webber Organizations: REUTERS Acquire, U.S, Democrat, Trump, U.S ., Appeals, District, Columbia Circuit, Democratic, Thomson Locations: New York, U.S, Washington, Manhattan, York
Musk says Tesla aims to make 200,000 Cybertrucks a year
  + stars: | 2023-10-31 | by ( ) www.reuters.com   time to read: +1 min
Tesla's Cybertruck is displayed at Manhattan's Meatpacking District in New York City, U.S., May 8, 2021. REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsOct 31 (Reuters) - Tesla (TSLA.O) is aiming to make 200,000 units of its electric pickup truck, Cybertruck, per year, Chief Executive Officer Elon Musk said on Tuesday. The company had earlier said that Tesla had the capacity to make more than 125,000 Cybertrucks annually, with Musk adding there was potential to lift it to 250,000 in 2025. On the "Joe Rogan Experience" podcast released Tuesday, Musk reiterated how hard it was to produce the Cybertruck. "We're aiming to make about 200,000 a year at point production ... maybe a little more, but I just can't emphasize enough that manufacturing is much much harder than the initial design," Musk said about the futuristic-looking Cybertruck.
Persons: Elon Musk, Tesla, Musk, Joe Rogan, Chavi Mehta, Anil D'Silva Organizations: Meatpacking, REUTERS, Thomson Locations: New York City, U.S, Los Angeles, Bengaluru
The deal represents a bet on energy transition, as power utilities, grid operators and renewable energy developers turn to simulation software to fine-tune use of production capacity and maximize efficiencies. Vista, Blackstone, Riverside and Energy Exemplar declined to comment. Energy Exemplar has grown at an annual compound rate of 30% since 2018 under Riverside's ownership, the sources said. Blackstone is investing in Energy Exemplar through its energy transition arm, which is in the process of raising a new fund. Its previous investments include Transmission Developers, solar mounting firm Esdec, environmental engineering firm Geosyntec, environmental commodity exchange Xpansiv, and renewable energy firm Invenergy.
Persons: Blackstone, Anirban Sen, Edwina Gibbs Organizations: Blackstone Group, REUTERS, Blackstone, Vista Equity Partners, Australia's, . Energy, Riverside Company, Blackstone Energy, Partners, U.S . Securities, Exchange Commission, The, Developers, Foundation, Thomson Locations: New York City, U.S, Vista, Blackstone, Riverside, North Adelaide, The New York, New York
Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., October 25, 2023. Trump faces similar lawsuits brought by advocacy groups in Michigan and Minnesota, but the Colorado case is the first to go to trial. His opponents hope to deny Trump a path to victory by disqualifying him in enough hotly-contested states, but many legal experts call the strategy a long shot. Trump faces several legal cases as he campaigns for the presidency. A civil fraud trial in a lawsuit by New York state against Trump and his family company is in its fourth week.
Persons: Donald Trump, Trump, Joe Biden's, Biden, disqualifying, Sarah Wallace, Jack Queen, Amy Stevens, Grant McCool Organizations: U.S, Trump Organization, Court, REUTERS, Capitol, Trump, Republican, Supreme, Constitution, Colorado, Thomson Locations: New York, Manhattan, New York City, U.S, Colorado, Denver, U.S ., Michigan, Minnesota, Washington
Tensions between pro-Israel and pro-Palestinian groups have sprung up on some U.S. campuses, including several in New York, prompting university officials to tighten security. "There is no place for hate in America, and we condemn any antisemitic threat or incident in the strongest terms," White House spokesperson Karine Jean-Pierre told a regular briefing. The Jewish leaders included representatives of the campus Jewish organization Hillel, the Anti-Defamation League and the National Council of Jewish Women, the White House official said. Cardona and White House domestic policy adviser Neera Tanden will visit a university and meet with Jewish students later this week, the official said. Over the weekend, threats were posted online to Jewish students and the Center of Jewish Living at Cornell, according to the student newspaper and the campus Hillel group.
Persons: Karine Jean, Pierre, Biden, Kamala Harris's, Douglas Emhoff, Education Secretary Miguel Cardona, Deborah Lipstadt, Israel, Hillel, Cardona, Neera Tanden, Kathy Hochul, Hochul, Doina Chiacu, Andrea Shalal, Trevor Hunnicutt, Howard Goller Organizations: Columbia University, REUTERS, Rights, Biden, White, Israel, Cornell University, Defamation, Education Secretary, Department of Education's, Civil Rights, Defamation League, National Council of Jewish Women, White House, Islamic Relations, Center of Jewish, Cornell, Hillel, FBI, New, Jewish, Twitter, Thomson Locations: Gaza, New York City, U.S, New York, America, Israel
Two Sigma, co-founded by David Siegel, is attracting fresh regulatory scrutiny. Photo: Jeenah Moon/Bloomberg NewsA researcher at Two Sigma Investments adjusted the hedge fund’s investing models without authorization, the firm has told clients, leading to losses in some funds, big gains in others and fresh regulatory scrutiny. The researcher, Jian Wu, a senior vice president at New York-based Two Sigma, was trying to boost his compensation, Two Sigma has told clients, without identifying Wu. He made changes over the past year that resulted in a total of $620 million in unexpected gains and losses, according to people close to the matter and investor letters. Two Sigma has placed Wu on administrative leave.
Persons: David Siegel, Jian Wu, Wu Organizations: Sigma, Bloomberg, Sigma Investments Locations: New York
Morgan Stanley gave Ted Pick, Andy Saperstein and Dan Simkowitz awards valued at $20 million each. Photo: Jeenah Moon/Bloomberg NewsMorgan Stanley awarded stock-based awards to its next chief executive officer and other leaders who were in the running for the top job. The bank gave Ted Pick , who succeeds longtime CEO James Gorman , Andy Saperstein and Dan Simkowitz awards valued at $20 million each, according to a regulatory filing. Each award consists of 60% performance stock units, while the rest are restricted-stock units that vest and convert into shares in 2027.
Persons: Morgan Stanley, Ted Pick, Andy Saperstein, Dan Simkowitz, Bloomberg News Morgan Stanley, James Gorman Organizations: Bloomberg News
Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., October 25, 2023. REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsWASHINGTON, Oct 27 (Reuters) - A U.S. judge on Friday asked former President Donald Trump whether he wants to appear on television when he stands trial in federal court on charges of attempting to overturn his 2020 election defeat. Trump has made extensive comments to TV cameras staked outside a New York state courtroom, where he is currently standing trial on civil business-fraud charges. Federal courts, unlike many state courts, bar TV cameras and photography in courtrooms. Proceedings in a separate criminal election-subversion case in Georgia involving Trump and more than a dozen other defendants have been televised.
Persons: Donald Trump, Tanya Chutkan, Trump’s, John Lauro, Lauro, Trump, Andrew Goudsward, Andy Sullivan, Jonathan Oatis Organizations: U.S, Trump Organization, Court, REUTERS, Rights, NBC, Prosecutors, CNN, Reuters, Republican, Federal, Trump, Thomson Locations: New York, Manhattan, New York City, U.S, Washington, Georgia
Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., October 25, 2023. REUTERS/Jeenah Moon Acquire Licensing RightsOct 26 (Reuters) - A New York judge on Thursday reconsidered but ultimately stood by his decision to fine Donald Trump $10,000 for violating a gag order barring the former U.S. president from speaking publicly about court staff during his civil fraud trial. Engoron had agreed to reconsider on Thursday after a lawyer for Trump argued that the offending statement was not directed at his clerk. It is standard practice in New York state court for clerks to sit next to judges, with the witness box on the other side. He had fined Trump $5,000 on Oct. 20 after a screenshot of the since-deleted post remained visible on Trump’s campaign site for weeks.
Persons: Donald Trump, Arthur Engoron, Engoron, Trump, Joe Biden, Letitia James, Michael Cohen, Cohen, Jack Queen, Nick Zieminski Organizations: U.S, Trump Organization, Court, REUTERS, Trump, Republican, Democratic, Democratic New York, Thomson Locations: New York, Manhattan, New York City, U.S, York
Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., October 25, 2023. In that case, Trump is prohibited from publicly targeting Smith or potential witnesses, both of whom he has frequently referenced online and on the campaign trail. "He is a judge that found me GUILTY before the trial even started," Trump said of Engoron in his social media screed Thursday. Engoron fined Trump $5,000 in that instance and warned him that future violations would yield more severe sanctions, potentially including imprisonment. Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, October 25, 2023.
Persons: Donald Trump, Trump's, Arthur Engoron, Trump, Jack Smith's, Joe Biden, Smith, Mark Meadows, Engoron, Judge Arthur F, Jane Rosenberg, Letitia James, Michael Cohen, James, Allison Greenfield Organizations: U.S, Trump Organization, Court, Reuters, Trump, White House, New, Former U.S, TRUMP, New York, New York Times, Democrat Locations: New York, Manhattan, New York City, U.S, York
Companies Trump Organization Inc FollowNEW YORK, Oct 24 (Reuters) - Donald Trump's former lawyer and fixer Michael Cohen testified on Tuesday that he manipulated the values of the former U.S. president's real estate properties to match "whatever number Mr. Trump told us." Testifying as a key witness in New York Attorney General Letitia James' civil fraud case against Trump, Cohen said Trump tasked him and other former Trump Organization executives with doctoring financial statements to boost the value of the company's holdings and secure better real estate premiums. Speaking to reporters outside the courtroom when the trial ended for the day, Trump called Cohen a "disgraceful fellow." During about a half hour of cross-examination on Tuesday, Cohen - a disbarred lawyer - rattled off case law to support an objection by the attorney general to a question by Trump lawyer Alina Habba. James is seeking at least $250 million in fines, a permanent ban against Trump and his sons Donald Jr and Eric from running businesses in New York and a five-year commercial real estate ban against Trump and the Trump Organization.
Persons: Donald Trump's, Michael Cohen, Trump, Letitia James, Cohen, I'm, intently, Allen Weisselberg, James, Donald, COHEN, Colleen Faherty, Alina Habba, Nixon, Richard Nixon, Arthur Engoron, Engoron, Donald Jr, Eric, Jack Queen, Luc Cohen, Noeleen Walder, Nick Zieminski, Lisa Shumaker, Rod Nickel Organizations: Companies Trump Organization, Trump, Trump Organization, Democrat, Court, REUTERS, Supreme, Thomson Locations: U.S, New, New York, Manhattan, New York City, Russia, United States
Vista Equity Partners Chief Executive Robert F. Smith. Photo: JEENAH MOON/REUTERSVista Equity Partners is close to a $4 billion deal to acquire business-software company EngageSmart , a sizable buyout at a time when many private-equity firms are sitting on the sidelines. Under the terms of the deal, shareholders in the customer engagement and payments software specialist would receive $23 per share in cash, according to people familiar with the situation. The deal could be announced as soon as Monday, barring any last-minute snags.
Persons: Robert F, Smith Organizations: Vista Equity Partners, REUTERS Vista Equity Partners
Tesla's Cybertruck is displayed at Manhattan's Meatpacking District in New York City, U.S., May 8, 2021. REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsOct 18 (Reuters) - Tesla (TSLA.O) CEO Elon Musk on Wednesday warned of difficulties in ramping up production of the automaker's much-awaited Cybertruck electric pickup truck and announced that deliveries would begin on Nov. 30. The Cybertruck is expected to challenge Rivian's (RIVN.O) R1T, Ford's (F.N) F-150 Lightning and General Motors' (GM.N) Chevrolet Silverado EV in the hot market for electric pickup trucks. Musk said he wanted "temper expectations" for the truck, adding the company could face "enormous challenges" in ramping up production and making it cash-flow positive. "But I think that they're giving us an indication of the capacity they're going to make available for the Cybertruck as production ramps up."
Persons: Elon Musk, Rivian's, Musk, Tesla, Seth Goldstein, Akash Sriram, Jamie Freed Organizations: Meatpacking, REUTERS, General Motors, Silverado EV, Morningstar, EV, Thomson Locations: New York City, U.S, United States, Texas, Bengaluru
Pro-Israel demonstrators protest in Times Square on the second day of the ongoing conflict between Israel and the Palestinian militant group Hamas, in Manhattan in New York City, U.S., October 8, 2023. Thursday's protest in Times Square, organized by the nonprofit Israeli American Council, was expected to draw hundreds of demonstrators and many officials, including New York City Mayor Eric Adams. Plans call for 15 billboards in Times Square to show the faces of people believed to be held hostages and Israeli flags. Ceasefire is the only way to bring hostages home," organizers of Friday's New York rally said on their event page. His administration, facing mounting pressure to secure the release of the hostages, must walk a fine line.
Persons: Joe Biden, Jim Risch, Risch, Eric Adams, Biden, Rachel Goldberg, Hersh Goldberg, Goldberg, Adrienne Neta, Chen, Itay Chen, Jonathan Allen, Gabriella Borter, Patricia Zengerle, Frank McGurty, Jonathan Oatis Organizations: Israel, Palestinian, Hamas, REUTERS, Protesters, Republican, Senate Foreign Relations, Israeli American Council, New York City, Public, Cannon, U.S . Capitol, Friday's, Israel Defense Force, Thomson Locations: Israel, Manhattan, New York City, U.S, New, New York, York, Gaza, Qatar, Jerusalem . U.S, Washington
The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. The SEC acted within its authority in approving the rule, and was allowed to consider the opinions of investors who said board diversity information was important to their investment decisions, the court said. "This evidence is sufficient to support the SEC's determination that regardless of whether investors think that board diversity is good or bad for companies, disclosure of information about board diversity would inform how investors behave in the market," the panel wrote. They said the rule is not a quota but a disclosure requirement that provides standardized information on board diversity. Circuit Court of Appeals, No.
Persons: Edward Blum, Blum, Biden, Jody Godoy, Mark Porter, Jonathan Oatis Organizations: Nasdaq, REUTERS, Circuit, National Center for Public Policy Research, Alliance for Fair, SEC, Harvard University, University of North, U.S . Securities, Exchange Commission, Companies, Republican, Democratic, Fair, U.S, Thomson Locations: New York City, U.S, New Orleans, University of North Carolina, New York
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