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☆ China Renaissance chairman's detention extended by 3 months -report
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

BEIJING, May 31 (Reuters) - The detention of Bao Fan, chairman of investment bank China Renaissance Holdings (1911.HK), has been extended for another three months beginning May 7, Chinese financial publication Economic Observer reported on Wednesday, citing sources. Bao was taken away by disciplinary and supervision officials on February 7 and detained, the report said. China Renaissance did not immediately respond to a Reuters request for comment. Late in February, the bank said in an exchange filing that Bao, its star dealmaker, was co-operating with authorities in their investigation. Bao's disappearance in February saw shares in the investment bank plunge as much as 50%.

Persons: Bao Fan, Bao, Didi, Kuaidi, Andrew Heavens, Jason Neely Organizations: China Renaissance Holdings, HK, Central Commission, Beijing, Thomson Locations: BEIJING, Beijing, China

☆ WE Soda to sell shares in rare London IPO
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 31 (Reuters) - WE Soda, the world's largest producer of natural soda ash, said on Wednesday it planned to list shares on the London stock exchange, in a boost for Britain's flagging initial public offering (IPO) market. The UK-based company, which produces soda ash for a variety of uses including glass manufacturing, is considering applying for admission to trade on the premium segment of the London Stock Exchange (LSE). Though proceeds raised in London IPOs fell 90% last year, according to research by consultancy EY, the British capital has seen some activity in recent months. Earlier in May, Admiral Acquisition (ADMR.L), a special purpose acquisition company (SPAC) founded by veteran dealmaker Martin E. Franklin, raised $550 million in a London flotation. In April, Melrose Industries (MRON.L) listed the former automotive division of British engineer GKN under the name Dowlais (DWL.L) on the LSE.

Persons: Goldman Sachs, Morgan Stanley, London IPOs, EY, dealmaker Martin E, Franklin, GKN, Pablo Mayo, Jason Neely, Mark Potter Organizations: London Stock Exchange, LSE, Ciner, Press, JPMorgan, BNP, Deutsche Bank, Liberum, European Union, Melrose Industries, Thomson Locations: London, Cambridge

☆ Gen Zers are skipping New York and LA and flocking to smaller cities with cheaper homes, great jobs, and lots to do
▼ + stars: | 2023-05-30 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +8 min

Alex Akmal and her partner, Alex, along Memorial Union Terrace on Lake Mendota. In the case of Gen Z, one move often begets another, according to one demographer. Gen Z bonds have been cemented even more because many young people are delaying marriage and having children, the center found. After her studies, she said she might move to Washington, D.C., an even larger Gen Z hangout with those offerings and more. Cities must evolve for the futureFor whatever reason they are coming to these cities, these Gen Zers are here to stay.

☆ Analysis: Investment banking faultlines trigger European job shake-up
▼ + stars: | 2023-05-19 | by ( Sinead Cruise | ) www.reuters.com time to read: +5 min

Applications for financial services roles globally rose by 67% in the first quarter of 2023 against the same period last year, according to eFinancialCareers. Britain has already said it will scrap a cap on bank bonuses under plans to attract global financial sector talent. Worries about possible contagion triggered by the frailty of the U.S. regional banking system have also put some bank staff on a quest for more secure employment, sources say. Duncan Finlayson, managing director of the FinTech & Financial Services practice at Raines International, said some wanted meetings with chief financial officers to better understand the financial health of prospective employers. "Without a doubt some of the more established financial services platforms are under more heavy scrutiny," he said.

☆ Microsoft's venture capital arm, M12, has faced months of turmoil over a change in strategy and pay, insiders say
▼ + stars: | 2023-05-19 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +11 min

Microsoft's M12 changed its strategy to become less like a VC and more like a business development team. "As with any leadership and strategy change, we aligned our team in a way that helps us meet our future direction. The problem with that shift, sources said, is that a corporate fund needs people who have very different career goals than an independent venture fund does. "Over the last year and half, we brought on new leadership at M12 and intentionally changed our corporate VC strategy. Employees who went along with the strategy change are generally happy at the fund, two of the people said.

☆ Disney rocks DeSantis ahead of expected White House bid announcement
▼ + stars: | 2023-05-19 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

Disney did not specifically blame DeSantis for the move, partly citing “changing business conditions.” But the message was clear. In keeping with his bruising political persona, DeSantis reacted defiantly to Disney’s announcement that it would halt the office project. “Ron DeSantis’ failed war on Disney has done little for his limping shadow campaign and now is doing even less for Florida’s economy,” the Trump campaign said in a statement. Another possible GOP primary candidate, former Vice President Mike Pence, also leveraged the Disney announcement to jab DeSantis. Given his political exposure on Disney and the combative political image that is central to his White House hopes, DeSantis probably has no option but to further escalate the showdown.

The moves add to a trio of Barclays U.S. investment bankers that UBS announced it hired last month. Many Credit Suisse bankers are based in the United States. Sources told Reuters last month that UBS plans to retain only a small number of Credit Suisse senior bankers with strong client relationships. At Barclays, Braham was global chair of investment banking for technology, while Hardegree served as vice chair and head of technology M&A. Williams, Meyer and Tittle were managing directors in the investment banking group.

Reuters spoke to political tacticians and advisers inside and outside the White House and Congress about tell-tale signals that could come from the meeting. The meeting is set to include Biden, McCarthy, Senate Democratic Majority Leader Chuck Schumer, Senate Minority Leader Mitch McConnell and House Democratic minority leader Hakeem Jeffries. As invitees to the White House, they're not expected to bring any other lawmakers. MCCARTHY, BIDEN'S TONE BEFORE AND AFTERHeading into Tuesday's meeting, Biden and McCarthy have cast one another as stubborn, misguided and, at times, dangerous. White House officials say they want this to be a productive meeting, not just Washington theater.

☆ Meet Kim Posnett, the powerful Goldman Sachs dealmaker who was just named head of the investment bank's TMT unit
▼ + stars: | 2023-05-03 | by ( Reed Alexander | ) www.businessinsider.com time to read: +10 min

Kim Posnett was just named head of Goldman's all-important TMT investment banking group. Posnett, 43, has long been one of the most senior figures at Goldman's investment bank. Posnett was previously the head of Goldman's investment-banking services unit, which acts as a salesforce for the global IB division. The former co-head of Goldman's TMT franchise will become co-chairman of the unit. The former would result in the IB services group, which functions, in effect, as a sales force.

☆ UniCredit’s M&A hunt has more glitter than gold
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

The resulting improved valuations should in theory put the veteran dealmaker in a strong position to pounce on a rival. As Orcel pushed up earnings, UniCredit shares have recovered and their ratio with BPM is now back to where it was before the conflict. Still, the two lenders have diverged operationally: after a better-than-expected quarter UniCredit is now forecasting net earnings of over 6.5 billion euros in 2023, almost double the 3.9 billion euros it delivered in 2021. At 3 euros, its projected earnings per share this year are more than four times the 0.7 euros seen in 2021, Refinitiv data shows. (By Lisa Jucca)(Corrects to change “5.5 billion euros” to “over 6.5 billion euros” in paragraph three.)

☆ Gen Zers are taking over college cities — after they graduate
▼ + stars: | 2023-04-26 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +7 min

Gen Z is moving in droves to college towns after they get their degree. Alex Akmal and her partner, Alex, along Memorial Union Terrace on Lake Mendota. Gen Z bonds have been cemented even more because many young people are delaying marriage and having children, the center found. After her studies, she said she might move to Washington, D.C., an even larger Gen Z hangout with those offerings and more. For whatever reason they are coming to these cities, these Gen Zers are here to stay.

☆ What Goldman's top dealmaker is saying behind the scenes about M&A and its spot on the league tables after a tough first quarter
▼ + stars: | 2023-04-25 | by ( Carter Johnson | ) www.businessinsider.com time to read: +6 min

Goldman was forced to share its M&A crown with JPMorgan last quarter. It's been a tough road in 2023 for the Wall Street banks that specialize in advising on mergers and acquisitions. In a note sent to Goldman's alumni network last Tuesday, Feldgoise acknowledged that things have been tough. The importance of Goldman's M&A franchise was underscored by the bank's first-quarter earnings released Tuesday. "The Goldman M&A franchise has been #1 for 20+ years," Feldgoise said in his letter.

☆ Where is Goldman Sachs' David Solomon going on those private jets?
▼ + stars: | 2023-04-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Insider's Dakin Campbell compiled flight data on Goldman Sachs' two private planes from the beginning of 2022 through March of this year. Much of the focus on Goldman's jets, as Insider has previously reported, has been Solomon's personal use of them. If Goldman and Solomon are playing by the rules, why does it matter? And while I've written before about corporate jets being the scapegoat for excessive spending, that was moreso regarding business travel. Click here for all the details on where Goldman's two private planes have flown since 2022.

NEW YORK, April 20 (Reuters) - The co-head of the private equity firm that owns Dominion Voting Systems said the company's $787.5 million settlement with Fox Corp (FOXA.O) held Fox accountable for spreading lies even if it did not apologize or admit wrongdoing. The settlement came with no apology or admission of wrongdoing on behalf of Fox, just an acknowledgement of the court's rulings finding some claims about Dominion to be false. Dominion and Staple Street achieved their goals by exposing the truth and Fox News' "offensive" actions and getting the media company to pay for them, Yaghoobzadeh said. In a statement following Tuesday's settlement, Fox said it was committed to the highest journalistic standards. Dominion funded the litigation through its own resources, without Staple Street or a third party providing financial backing, Yaghoobzadeh said.

Even before Tuesday's settlement, Staple Street's investment in Dominion had paid off handsomely. Yaghoobzadeh told reporters on Tuesday that Staple Street backed Dominion in its mission to shoot down lies against it. Staple Street investor Mark Hauser, managing partner of Hauser Private Equity, also welcomed the settlement news. "We are very pleased with the outcome and think that Staple Street has handled the situation very well on behalf of their investors. We’ve had a relationship with Staple Street since 2014 and think highly of their management team," he said.

☆ Macquarie Group hires Credit Suisse's top Australian dealmaker - memo
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, April 12 (Reuters) - Macquarie Group (MQG.AX) has hired Credit Suisse's top Australian dealmaker Dragi Ristevski, according to a memo from the bank. Ristevski has been Credit Suisse's head of investment banking and capital markets. He will join Macquarie as the investment bank's head of financial sponsors for Asia Pacific, the memo said. A Macquarie spokesman confirmed the contents of the memo. Reporting by Scott Murdoch in Sydney; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Two of Ken Griffin's biggest donations sit on opposite sides of the spectrum
▼ + stars: | 2023-04-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Griffin, who founded Wall Street giants Citadel and Citadel Securities, donated $300 million to Harvard's Faculty of Arts and Sciences (FAS). However, it's interesting to see how two of his biggest contributions — DeSantis and Harvard — seem to operate on opposite ends of the spectrum. Click her to read our profile on Ken Griffin's rise to the top of Wall Street. Wall Street is drying out wells to drive up returns in California. Click here for more on the water woes created by Wall Street.

☆ Breakingviews: EV double-SPAC provides only weak recharge
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

Electric-van developer Arrival just unveiled a merger with a special-purpose acquisition company, valuing it at $524 million. The twist: It already went public via a blank-check deal in 2021, at a valuation some 10 times higher. Arrival’s fall mirrors other EV hopefuls like Canoo (GOEV.O), Faraday Future Intelligent Electric (FFIE.O) and Lordstown Motors (RIDE.O). Arrival’s latest merger promises $283 million of it from Kensington Capital Acquisition Corp. V’s (KCGI.N) trust account. British startup Wejo (WEJO.O)tried a similar second-SPAC gambit, though it anticipates backing its transaction with private investment.

☆ China investment drowns out decoupling rhetoric
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, April 10 (Reuters Breakingviews) - International companies are reinforcing President Xi Jinping’s message that China is open for business. Japan Display’s (6740.T) shares soared 21% on Monday after the Apple (AAPL.O) supplier said it would provide its OLED technology to China’s HKC. And Europe’s Airbus (AIR.PA) just moved to double capacity in China, agreeing to push ahead with a second China assembly line despite failing to win any new orders during French President Emmanuel Macron’s recent state visit. The new commitments provide a reminder that multinational companies are making – and want to make more – money in the People’s Republic. At least some of the decoupling rhetoric is being drowned out.

☆ Tupperware Brands boxes itself into a corner
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

TORONTO, April 10 (Reuters Breakingviews) - Tupperware Brands’ (TUP.N) options are looking less airtight. As with other direct selling companies, it casts doubt over its business model, as well as how speedily it can remake itself as consumer habits shift. An earnings misstatement, which has left it late in filing its annual report, could cause creditors to declare Tupperware has violated its debt covenants. Even if Tupperware can appease its creditors or find new investors, the rise of e-commerce has dented the fortunes of companies that lean on direct selling. Compared with the company’s heyday, customers have more options for food storage, more places to buy from, and less time for Tupperware parties.

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

☆ Reader mailbag: From M&A and MBAs to Elon Musk and bitcoin, all your questions answered
▼ + stars: | 2023-04-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

It's easier to leverage misinformation for personal gain within the world of finance than perhaps any other industry. I'm not the type to suggest the only real information you can get on the markets is from established news outlets. Do you think the legacy media is fearful of Elon Musk's new Twitter? I just think the discourse on Twitter is very different from what you'd find on a media website. My position on bitcoin, and the wider digital-currency ecosystem, is that it's too often a solution looking for a problem.

Some senior dealmakers at China's third-largest brokerage by market value will see an even steeper cut of two-thirds to their 2022 bonuses, said one of the people. The trend has accelerated as employers cut pay and perks in response to the government's "common prosperity" rhetoric. MILDER CUTSA senior investment banker in China could earn three million to 10 million yuan ($445,000 to $1.48 million) a year in total remuneration, excluding stock incentives, industry sources have said. By way of comparison, Wall Street bonuses fell 26% last year to average $176,700, versus a record 2021, showed a report last month from New York State Comptroller Thomas DiNapoli. Besides remuneration cuts, some investment banks have asked staff to avoid displays of wealth such as by uploading photographs to social media of expensive meals or overseas trips, industry sources said.

☆ Saudi $5 bln gaming play only works on some levels
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 6 (Reuters Breakingviews) - Saudi Arabia is defriending read more Uncle Sam on oil, while deploying its video-game war chest in his backyard. Savvy Games, owned by the country’s Public Investment Fund, announced on Wednesday that it was buying U.S. mobile games specialist Scopely for $4.9 billion. Though privately held Scopely doesn’t disclose its financials, Savvy looks to be getting a good price. Less clear is how Scopely contributes to Saudi’s aims of becoming the “ultimate global hub” for gaming and pivoting its economy away from fossil fuels. If Saudi wants to create jobs from the rapid growth of domestic game consumption, it needs to turn its games M&A into gaming boots on the ground.

☆ Dealmaker Raine Group bucks the M&A blues
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, April 5 (Reuters Breakingviews) - Amid a dealmaking drought, The Raine Group’s rainmakers are creating some flow themselves. And now it has unveiled an acquisition of its own, buying Code Advisors, a technology-focused boutique M&A firm co-founded by former CBS executives Quincy Smith and Michael Marquez. It is the first purchase for Raine since it was co-founded by a group including Joe Ravitch and Brandon Gardner in 2009 in the aftermath of the last big downturn. Since then, Raine has ballooned to 170 people with about 20 partners advising on transactions such as last year’s 4.25 billion pound ($5.3 billion) sale of Chelsea Football Club. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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