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☆ Blackstone's earnings fall 16% on sharp drop in asset sales
▼ + stars: | 2022-10-20 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Oct 20 (Reuters) - Blackstone Inc (BX.N), the world's largest alternative asset manager, said on Thursday its third-quarter distributable earnings fell 16% year-on-year, owing to a sharp drop in asset sales amid a downturn in the market. Distributable earnings — the cash used to pay dividends to shareholders — fell to $1.4 billion from $1.6 billion a year earlier. Financial markets have been rocked by geopolitical unrest from the Russia-Ukraine conflict and rising interest rates by central banks, which have prevented private equity firms like Blackstone from cashing out their investments for top dollar. During the quarter, Blackstone said its opportunistic real estate funds fell 0.6%, corporate private equity funds depreciated by 0.3%, and hedge funds gained 1%. Register now for FREE unlimited access to Reuters.com RegisterReporting by Chibuike Oguh in New YorkOur Standards: The Thomson Reuters Trust Principles.

☆ Faurecia may be 'last of the Mohicans' in pollution control - CEO
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

The new group, whose activity portfolio now includes hydrogen storage, seats, cockpit, lighting, and pollution control, will present its medium-term strategy on Nov. 4. Koller also confirmed the group's objective of reaching 250 million euros ($244 million) in synergies and one billion euros in asset disposals, which he announced shortly after the Hella acquisition. "As for synergies, we are perfectly in line with our business plan. As for asset disposals, we are perfectly confident in our ability to deliver on this billion," he said. ($1 = 1.0227 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Gilles Guillaume, writing by Louise Rasmussen; editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

☆ Blackstone's president, Jonathan Gray, says rental properties are still a smart investment as developers slash supply, keeping rents high
▼ + stars: | 2022-10-20 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

Gray said this is good news for Blackstone, which has invested heavily in multifamily real estate. But as real estate isn't immune from the rising interest rates rocking most financial markets, multifamily investments that grew significantly last year are still facing headwinds. Jonathan Gray, Blackstone's president and chief operating officer, says there's no need to panic, though, given other economic factors now in play. He argued that demand for rental housing isn't going anywhere and that with supply further constrained, rents can continue to rise. Gray described rental properties as "beneficial" because it doesn't cost much to invest in them after they're built.

London-based PRI's network of more than 5,000 signatories including Nuveen agree to take steps like urging portfolio companies to disclose more about carbon emissions or workforce diversity. She noted Princeton University recently moved to dissociate its $38 billion endowment from fossil fuel companies. https://bit.ly/3TwDttEA spokesperson for TIAA of New York said it has taken steps including asking portfolio companies to cut emissions. "Large-scale divestments by simply selling fossil-fuel-generating investments to other companies won’t necessarily reduce carbon output," said the spokesperson. Other PRI signatories have also declined to sell off energy stocks.

☆ FASB Tweaks Upcoming Rule on Insurance Contracts to Ease Transition
▼ + stars: | 2022-09-21 | by ( Mark Maurer | ) www.wsj.com time to read: +3 min

The U.S. accounting standard setter allowed insurers that recently sold their long-term insurance business to exclude those from their balance sheets when they comply with a new accounting rule on valuing certain contracts. The FASB in 2019 and 2020 delayed implementing the rule by a year to give companies more time to prepare. Long-term contracts include agreements on annuities, endowments and title insurance, whereas short-duration contracts usually cover property and liability protection. PREVIEWOriginally, insurers that sold or disposed of their long-term policies would have needed to apply the new accounting rule on valuing certain contracts when they presented prior periods. Insurance companies supported the relief and said that disposed contracts were no longer relevant to their current operations or future cash flows.

☆ Tencent Considers More Stake Sales to Fund Share Buybacks, Future Growth
▼ + stars: | 2022-09-20 | by ( Jing Yang | Raffaele Huang | ) www.wsj.com time to read: 1 min

Tencent Holdings Ltd. is looking into shedding more of its huge investment portfolio as the Chinese social-media and videogame company tries to fund a series of share buybacks and refocus its growth strategy, people familiar with the matter said. The technology giant, which owns stakes in some of China’s largest internet companies, has recently completed a regular review of its sprawling portfolio and identified its priorities for possible stake sales based on the returns these investments have generated, the people said. Potential disposals could include online real-estate brokerage KE Holdings food-delivery company Meituan and ride-hailing giant Didi Global they added. Tencent is in no rush to execute the divestments, the people said, and it is unclear when they will happen.

☆ Unilever violating merger deal over Israel sale - Ben & Jerry's founders on MSNBC
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

Ice creams of Ben & Jerry's, a Unilever brand, are seen at their shop in London, Britain, October 5, 2020. REUTERS/Hannah McKay/File PhotoSept 18 (Reuters) - The founders of ice cream maker Ben & Jerry's said on MSNBC on Sunday that parent Unilever PLC (ULVR.L) is in violation of the 2000 merger deal over its sale of Ben & Jerry's business in Israel to a local licensee who could sell their products in the West Bank. "That agreement gave authority over the social mission to the independent board of Ben & Jerry's. Ben & Jerry's said earlier this month that it plans to amend its lawsuit challenging Unilever's sale of the Israeli business in Federal court in Manhattan. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Alden Bentley; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

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