DIRS.INFO The most relevant business & tech news

☆ Inside ex-Goldman Sachs banker Gregg Lemkau's big bet on himself
▼ + stars: | 2022-10-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Gregg Lemkau (center) led MSD Partners, the investment firm financed by Michael Dell (right) to a merger with merchant bank BDT & Company, founded by Byron Trott (left). Gregg Lemkau seemingly had it all, which is why many were surprised at his decision to end his 28-year tenure at Goldman Sachs to run MSD Partners, Michael Dell's investment firm, in late 2020. Nearly two years later, Lemkau has silenced any doubters by orchestrating a merger between MSD and merchant bank BDT & Company. Lemkau will serve as co-CEO with BDT founder and CEO Byron Trott of the new firm, which will target rich families and founders. Click here to read more about Gregg Lemkau's ascension at Goldman Sachs and his decision to leave.

☆ Michael Klein’s fourth act may be his toughest
▼ + stars: | 2022-10-28 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

Yet his toughest task yet will be making a success of Credit Suisse’s (CSGN.S) carved-out advisory unit, CS First Boston. Credit Suisse will be reluctant to provide that, having already slashed exposures to $3.6 billion from $10.2 billion in early 2021. Credit Suisse has struggled for years to encourage the two divisions to team up on deals involving billionaire business owners. Klein’s fourth investment banking act will be his toughest. Klein, a former Citigroup banker who has been on the Credit Suisse board since 2018, will act as an adviser to Chief Executive Ulrich Körner.

☆ Germany's Solar Valley could shine again as Europe strives to close energy gap
▼ + stars: | 2022-10-28 | by ( Riham Alkousaa | ) www.reuters.com time to read: +6 min

It is also reacting to a new U.S. law that has raised concern the remains of Germany's formerly-dominant solar industry could relocate to the United States. China's production is also around 10%-20% cheaper that in Europe, separate data from European Solar Manufacturing Council ESMC shows. Dries Acke, the Policy Director at industry body SolarPower Europe, said the body had written to the European Commission urging action. Berlin-based residential solar energy supplier Zolar said orders have risen by 500% year-on-year since the Ukraine war began in February, but clients might have to wait for six-to-nine months to get a solar system installed. "The signs for the solar industry in Germany are much, much better now," he said.

☆ Credit Suisse mulls IPO for CS First Boston - source
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 27 (Reuters) - Credit Suisse (CSGN.S) is exploring the possibility of an initial public offering for its CS First Boston spinoff, a source familiar with the matter told Reuters on Thursday. The Swiss bank is starting out as the majority shareholder for the newly created investment bank entity, but sees an IPO as a future option, the source said. An unnamed investment company has already committed to inject $500 million into CS First Boston, focused on advisory and capital markets, Chief Executive Ulrich Koerner said. Saudi National Bank, which is taking a stake of up to 9.9% in Credit Suisse Group, has also said it was ready to put money into the investment bank spinoff. Credit Suisse board member Michael Klein will step down and become chief executive of the new CS First Boston entity, which will be headquartered in New York.

☆ Credit Suisse begins perilous ride to right place
▼ + stars: | 2022-10-27 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Oct 27 (Reuters Breakingviews) - After years of botched strategies, Credit Suisse (CSGN.S) has finally hit the nail on the head. He’s also in exclusive talks with Apollo Global Management (APO.N) and PIMCO about selling the securitisation business, which bundles and slices mortgages for credit investors. It could fall even further if Credit Suisse eventually hives off the carved-out dealmaking business it is rebranding as CS First Boston, under former Citigroup (C.N) rainmaker Michael Klein. Those moves solve the central problem that has plagued Credit Suisse for years, and which former CEOs Thomas Gottstein and Tidjane Thiam failed to answer. The deposit outflow saw Credit Suisse breach liquidity requirements set by regulators of its legal subsidiaries.

LONDON, Oct 27 (Reuters) - Seeking to restore vigour to a business that's been languishing, Credit Suisse (CSGN.S) says it will reshape its investment bank by resurrecting the First Boston brand. Still, Credit Suisse says it expects CS First Boston to generate 14% of total group revenue by 2025, starting with annual sales of about $2.5 billion. Credit Suisse has been plagued by an exodus of senior bankers over the past 18 months. Yet most trading activities will remain within Credit Suisse, raising questions on CSFB's ability to compete with the likes of Goldman Sachs and JPMorgan (JPM.N). Credit Suisse is hoping to eventually pursue an initial public offering of CSFB, Körner told analysts.

☆ Why this could be the best opportunity in years to buy investment grade corporate bonds
▼ + stars: | 2022-10-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +7 min

The Bloomberg Corporate Index , which measures the investment grade corporate bond market, has lost 19.97% year to date, as of Tuesday's close, while the S & P 500 is down 19.03%. Many believe that's created an opportunity to move into investment-grade corporate bonds. Investors can buy corporate bonds in $1,000 increments or through a diversified exchange traded fund. Investing in a fund One way to get exposure to the corporate bond market is through an ETF, such as the iShares iBoxx $ Investment Grade Corporate Bond ETF . Corporate investment grade debt funds have seen $139.7 billion in outflows so far this year, according Refinitiv Lipper.

☆ Factbox: Who's in and out in Credit Suisse's day of reckoning
▼ + stars: | 2022-10-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Oct 27 (Reuters) - Credit Suisse's (CSGN.S) latest shake-up has led to the promotion of some senior executives to more powerful roles while others are leaving. IN:MICHAEL KLEINA former Citigroup Inc (C.N) dealmaker, Klein has been named adviser to Credit Suisse CEO Ulrich Körner. He was hired by former Credit Suisse boss Tidjane Thiam in 2017 to run equity derivatives globally. A Spanish national, Lopez Lorenzo joined Credit Suisse in 2015 from JPMorgan (JPM.N) where he was a managing director in New York. The 47-year-old banker was part of a new crop of executives who had been tasked to restore Credit Suisse's reputation after a series of scandals.

☆ 4 things to know about Wall Street veteran Michael Klein, the incoming CEO of CS First Boston, Credit Suisse's spin-off of its investment bank
▼ + stars: | 2022-10-27 | by ( Carter Johnson | ) www.businessinsider.com time to read: +2 min

Michael Klein was named CEO of CS First Boston, Credit Suisse's spin-off of its investment bank. Klein is a Wall Street veteran, having spent more than two decades at Citigroup. Michael Klein, a Credit Suisse board member that helped the bank conduct its strategic review, has been tapped to take the helm at CS First Boston starting in 2023. Klein is no stranger to dealmaking on Wall Street, having spent more than two decades at Citigroup before eventually setting up his own advisory shop in 2010. Here's everything you need to know about the man tasked with reinvigorating the Swiss bank's advisory arm.

☆ Michael Kopsa, ‘X-Files’ and ‘Fringe’ actor, dead at 66
▼ + stars: | 2022-10-26 | by ( Dan Heching | ) edition.cnn.com time to read: +1 min

CNN —Michael Kopsa, the actor who appeared on FOX’s “X-Files” and “Fringe” among many other titles, has died, according to his talent agent Jamie Levitt. Kopsa, who had been battling a brain tumor, died on Sunday morning, Levitt said. Levitt said after he was diagnosed with his brain tumor, he had to walk away from a project and “his concern for me struck me.”Michael Kopsa in a 2008 episode of "Fringe." 20th Century Fox/Everett Collection“‘Sorry,’ he said, ‘to not be able to show up for us,’” Levitt wrote in her statement, recounting their conversation. Lucia Frangione, an actress and Kopsa’s ex-wife, also shared the news of his passing, writing on Instagram, that he was “a present and loving father” to their daughter, Nora.

☆ Surge of viruses leaves children’s hospitals scrambling to free up beds and find room for patients
▼ + stars: | 2022-10-25 | by ( Aria Bendix | Aria Bendix Is The Breaking Health Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +6 min

Every inpatient bed at Comer Children’s Hospital in Chicago has been full for more than six weeks. Many of the patients at Comer Children’s have RSV, or respiratory syncytial virus, which can cause lung infections. Some hospitals are sending ICU patients directly home once their cases are no longer acute, rather than to another floor. Dr. Kevin Messacar, an infectious disease specialist at Children’s Hospital Colorado, said his hospital is accepting patients from five nearby states. But suctioning can be tricky for parents, according to Dr. Elizabeth Schlaudecker, an infectious disease specialist at Cincinnati Children’s Hospital.

☆ Tapestry deepens push into China, undeterred by luxury market slump
▼ + stars: | 2022-10-25 | by ( Casey Hall | ) www.reuters.com time to read: +6 min

It also follows some 60 Tapestry store openings in China over the last two years. Research from real estate firm Savills also shows 55% of the world's luxury store openings last year took place in China. It saw China sales slide 32% for the quarter ended July 2 from the same period a year earlier. China sales generally account for around a fifth of its overall sales. Coach's luxury market share in China is also more than double that of Michael Kors and more than triple that of Ralph Lauren and Tory Burch, according to Euromonitor data.

☆ Welcome to the dangerous Swiss golf-baseball hybrid you've never heard of
▼ + stars: | 2022-10-25 | by ( Sean Coppack | Jack Bantock | ) edition.cnn.com time to read: +4 min

(CNN) To most people, the words Swiss sport and Emmental might trigger thoughts of Roger Federer eating cheese. Sending projectiles hurtling through the air at 200 miles per hour, all rise -- and then duck -- for Hornussen. Scoring starts if they reach the 100-meter line, with an additional point awarded for every 10 meters past the marker. "It's really dangerous if you don't see the Nouss or if one hits the bat and, two meters before the face, the Nouss changes direction," Kummer explained. Around 260 teams are active across a multi-league pyramid in Switzerland, with the top teams fighting it out for the Swiss Championship.

☆ Warehouses and employers like Amazon bring new jobs and higher wages for some blue-collar workers, but they can be hard on cities — and on the human body
▼ + stars: | 2022-10-23 | by ( Matt Turner | Jordan Parker Erb | Hallam Bullock | ) www.businessinsider.com time to read: +4 min

Hi, I'm Matt Turner, the editor in chief of business at Insider. On the agenda today:But first: This week, Insider launched an ambitious new package, Warehouse Nation, which investigates how the warehousing boom has shaped the US. Deputy editor Jake Swearingen is here to take us inside the project. Kathy Willens/AP PhotoThe US economy's post-pandemic party is over, so get ready to endure the mother of all hangovers. We outlined the winners and losers in Solomon's latest reorg, and what that might mean for the bank's future performance.

The FBI found documents containing classified intelligence regarding Iran and China at former President Donald Trump’s Mar-a-Lago home, say two people familiar with the matter. The Washington Post was first to report that the intelligence on Iran and China was found at Trump’s Florida residence and club during the FBI’s recent search of the property. The Post reported, but NBC News has not confirmed, that “at least one of the documents seized by the FBI describes Iran’s missile program.”A Justice Department spokesperson declined to comment to NBC News. During its August search of Mar-a-Lago, FBI agents took about 13,000 documents, more than 100 of them classified. Trump has denied wrongdoing in having the documents at Mar-a-Lago, and has said he declassified any documents he has, and can declassify documents by thinking about them.

☆ If Credit Suisse loves its bankers, set them free
▼ + stars: | 2022-10-21 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

LONDON, Oct 21 (Reuters Breakingviews) - Credit Suisse (CSGN.S) is a weak bank with some strong bankers. SECOND COMINGImagine, then, that Credit Suisse spins out its advisory and capital-markets business. But Credit Suisse has never quantified the business it wins from intragroup referrals, which suggests it is low. In this case, it will be higher if those people are no longer at Credit Suisse. First Boston was a U.S. investment bank in which Credit Suisse first bought a stake in 1978.

☆ Truck maker AB Volvo posts third-quarter earnings slightly below forecasts
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

Volvo trucks are seen for sale in Linden, New Jersey, U.S., May 23, 2022. REUTERS/Andrew KellyOct 20 (Reuters) - Swedish truck maker AB Volvo (VOLVb.ST) posted third-quarter core earnings slightly below market forecasts on Thursday and warned rising costs related to energy, materials and supply chain disruptions would continue to pose a challenge. The operating profit of the Gothenburg-based manufacturer rose to 11.87 billion Swedish crowns from 9.40 billion a year ago, missing the mean forecast of 11.96 billion seen by analysts polled by Refinitiv. Volvo also kept its forecasts for truck registrations in the company's European and North American markets unchanged at 300,000 in each region for 2022. Register now for FREE unlimited access to Reuters.com RegisterReporting by Marie Mannes, Editing by Michael KahnOur Standards: The Thomson Reuters Trust Principles.

ISLAMABAD, Oct 20 (Reuters) - The Financial Action Task Force (FATF), a global money laundering and terrorism financing watchdog, starts a two-day meeting in Paris on Thursday and is expected to take up removal of Pakistan from a list of countries under "increased monitoring". In a meeting in June, the FATF said it was keeping Pakistan on the list - also known as the "grey list" - but said it might be removed after an on-site visit to verify progress. Register now for FREE unlimited access to Reuters.com RegisterHere are some key points:WHAT WOULD IT MEAN FOR PAKISTAN? If removed from the list, Pakistan would essentially receive a reputational boost and get a clean bill of health from the international community on terrorist financing. Removal from the FATF list would provide Pakistan a boost after the country's sovereign credit rating was downgraded by Moody's.

☆ Goldman Sachs' humbling U-turn on its consumer banking ambitions
▼ + stars: | 2022-10-19 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +5 min

Third-quarter results from the big Wall Street banks are now behind us, and they were … pretty good, all things considered? Goldman Sachs reported yesterday, and while it may not be the biggest nor the best bank (OK, No. Trading and dealmaking made the reputation of the 153-year-old Wall Street firm, but the spotlight lately has been on its struggling consumer banking unit, Marcus. The consumer business "doesn't make money at the moment," Solomon acknowledged, but he added: "The deposits are hugely valuable. From Wall Street darlings to prey.

☆ Analyst who provided Trump-Russia dossier information acquitted of lying to FBI
▼ + stars: | 2022-10-18 | by ( Julia Jester | Julia Jester Is A Producer For Nbc News Based In Washington | ) www.nbcnews.com time to read: +5 min

Prosecutors alleged Danchenko provided false information to the FBI in 2017 when the agency was trying to verify information in a dossier detailing Trump’s alleged ties to Russia that was compiled by former British spy Christopher Steele. The largely unsubstantiated dossier was used by the FBI to support its surveillance of former Trump campaign aide Carter Page. Millian has denied being a source of information for the dossier. When asked by the FBI whether he had talked to Dolan for the information, Danchenko said he had not. Trump had called the dossier fake news and evidence of a political witch hunt against him.

☆ Inflation drives global firms eastward in Europe in search of cost savings
▼ + stars: | 2022-10-18 | by ( Michael Kahn | Anna Koper | ) www.reuters.com time to read: +5 min

PRAGUE/WARSAW (Reuters) - Central European companies that provide remote, lower-cost business services for multinationals are ramping up their expansion plans as high inflation drives global firms to push more work to the region to cut costs and bolster margins. “If we started out here as an experiment, the experiment is working.”INFLATION ATTRACTS NEW INVESTORSThe business services sector has grown from almost nothing 25 years ago to an industry employing nearly 800,000 workers across Central and Eastern Europe, an increasingly important engine for local economies. At Comdata, whose 1,500 workers in the Czech Republic and Hungary operate telephone service lines, rising inflation and costs from Western companies have kept business humming. “As more and more companies try to cut and to lower the labour costs they will be moving the services from western Europe,” Nedelnik told Reuters. “I see during the last two or three months the tenders are rapidly growing for German, French, Spanish and English-speaking roles.

☆ Bargain retailer TJX strategically placed to navigate a recession, JPMorgan says
▼ + stars: | 2022-10-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

TJX Companies (TJX) is competitively positioned to weather an economic slowdown, JPMorgan said Monday, underscoring the Club case for owning the off-price retailer. JPMorgan analysts added TJX — whose brands include T.J Maxx, Marshalls and HomeGoods — to their "Analyst Focus List," while reiterating an overweight rating and a Dec. 2023 price target of $80 a share. TJX stock, which is down about 13% year-to-date, was trading up more than 4% in midday trading Monday, at roughly $66.23 a share. That's helped to insulate the retail operator from a recession, JPMorgan analysts argued, and should allow management to make good on its promise to expand merchandise margins within the next three years. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Surge in cases of RSV, a virus that can severely sicken infants, is filling hospital beds
▼ + stars: | 2022-10-15 | by ( Aria Bendix | ) www.cnbc.com time to read: +9 min

He tested positive for respiratory syncytial virus, or RSV, a common virus that causes lung infections. Aesop was moved to a pediatric ICU on Tuesday after his heart and breathing rates soared. Many RSV patients in Massachusetts are being transferred to nearby states, she added. At Comer Children's Hospital in Chicago, hospital and ICU beds have been full for over a month. He said the volume of RSV patients is "two to three times what we've ever experienced."

☆ Surge in RSV, virus that can severely sicken infants, fills hospital beds
▼ + stars: | 2022-10-14 | by ( Aria Bendix | Aria Bendix Is The Breaking Health Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +9 min

He tested positive for respiratory syncytial virus, or RSV, a common virus that causes lung infections. Aesop was moved to a pediatric ICU on Tuesday after his heart and breathing rates soared. Many RSV patients in Massachusetts are being transferred to nearby states, she added. At Comer Children’s Hospital in Chicago, hospital and ICU beds have been full for over a month. He said the volume of RSV patients is "two to three times what we’ve ever experienced."

☆ Halloween movies to get you into the spooky spirit
▼ + stars: | 2022-10-14 | by ( Chloe Melas | ) edition.cnn.com time to read: +3 min

CNN —Halloween entertainment is serving major nostalgia this year, with some of our favorite spooky classics being remade, or better yet, getting a sequel. “Hocus Pocus 2” brings back Bette Midler, Sarah Jessica Parker and Kathy Najimy as your favorite witches to get you ready for Halloween. “Halloween Ends”Jamie Lee Curtis in "Halloween Ends" Ryan Green/Universal PicturesForty-four years and 13 movies later, “Halloween Ends” is back to give you a fright. The movie tells the story of a man named Michael Myers who escapes an insane asylum. “Beetlejuice”1988 Warner BrothersBeetlejuice, Beetlejuice, Beetlejuice!!!

Search resuls for: "MICHAEL K"

25 mentions found