DIRS.INFO The most relevant business & tech news

The biggest upcoming football event for many of the N.F.L. owners and business executives who will populate luxury boxes at the Super Bowl this weekend is not, perhaps surprisingly, the game. It actually won’t take place until six weeks later, in Orlando, Fla., when football executives gather for the National Football League’s annual meeting — an event that has particular significance this year. Major League Baseball, the National Basketball Association and the National Hockey League have already relaxed their ownership rules. But the N.F.L.

Persons: Arthur Blank, Greg Penner Organizations: National Football, Major League Baseball, National Basketball Association, National Hockey League, Atlanta Falcons, Home Depot, Walmart, Denver Broncos Locations: Orlando, Fla, Florida

BANGKOK (AP) — A Nasdaq-listed Chinese technology company that makes parts for self-driving vehicles is threatening to sue the U.S. government after it was included in a list of companies the Pentagon says have links to the Chinese military. It was among 17 companies the U.S. Department of Defense recently added to its list of companies it considers “Chinese military companies.”The revised list also includes Megvii, a Beijing-based artificial intelligence company and IDG Capital, a major private equity investment company with holdings in many Chinese technology companies, and major Chinese energy, telecoms and aviation companies. In a statement issued last week, the company said its LiDARs were not designed to conform to military specifications. Under Biden, the U.S. has further limited China’s access to advanced U.S. technology, limited U.S. investments in strategically sensitive Chinese industries and expanded sanctions on leading Chinese companies like Huawei Technologies. The Defense Department periodically updates its list of now nearly four dozen Chinese military companies to counter links between Chinese military and companies and other entities that it says appear to be civilian.

Persons: Yifan “ David ” Li, Li, Joe Biden’s, Donald Trump, Biden, China’s Organizations: Pentagon, U.S . Department of Defense, IDG Capital, U.S . Department of Commerce, Beijing, Huawei Technologies, The Defense Department, Xiaomi Corp, Apple Inc, U.S ., China’s People’s Liberation Army Locations: BANGKOK, Beijing, U.S

☆ Big insurance companies want more private credit. Here's how Blackstone is using AI to win them over.
▼ + stars: | 2024-02-08 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Insurance companies represent a big opportunity for private equity firms, who invest with the accumulated premiums paid by millions of everyday Americans. It's not just insurance clients that benefit from AI to bring more transparency to the cloudy private credit market. With private credit, insurance firms can invest in a more diversified set of assets with greater yield (and, albeit risk) than public credit markets, like vanilla corporate bonds. And because insurance companies often have long-term horizons with their financial obligations to policyholders, they can invest in less-liquid asset classes, like private credit. But to win more insurance clients, Blackstone must compete with the likes of Apollo Global Management, Carlyle, and KKR, which have also been keen on insurance.

Persons: Blackstone, John Stecher, it's, Stecher, Gilles Dellaert, Carlyle, that's, Jon Gray, Gray Organizations: Blackstone, —, Business, Insurance, Blackstone Insurance, Apollo Global Management, KKR Locations: BXCI

☆ China’s VC playbook is undergoing a sea change as U.S. IPO exits get tougher
▼ + stars: | 2024-02-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

That's far less than in the previous years — the share of U.S. dollars in total VC funds raised was around 15% for the years 2018 to 2021, the data showed. China investments, China exitsWashington and Beijing in 2022 resolved a long-standing audit dispute that reduced the risk of Chinese companies having to delist from U.S. stock exchanges. "With U.S. IPOs no longer being a viable exit strategy for China assets, investors should target local exits in their respective capital markets—in other words, China exits for China assets, and U.S. exits for overseas assets," Liao said. The 20 largest VC deals for China-headquartered companies in 2013 were predominantly in e-commerce and software services, according to PitchBook data. ... the venture capital scene has become even more state-concentrated and focused on government priorities.

Persons: China’s renminbi, Athit Perawongmetha, Kyle Stanford, China —, Liao Ming, Stocks, Liao, Didi, Beijing's, Camille Boullenois Organizations: Reuters, Reuters BEIJING — Venture, Liao Ming, U.S, Sequoia, Prospect, Capital, New York Stock Exchange Locations: U.S, Bangkok, Thailand, Reuters BEIJING, China, Sequoia, Washington, India, Japan, Greater China, Beijing, New York, Hong Kong, U.S . Washington

☆ Premarket stocks: Wall Street is worried about another regional banking crisis
▼ + stars: | 2024-02-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. What’s happening: After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. The increase was driven partly by expected losses on commercial real estate loans, it said. “As losses from a [commercial real estate] loan portfolio accumulate, they can spill over into the broader financial system,” they wrote. “There’s some smaller and regional banks that have concentrated exposures in these areas that are challenged and we’re working with them,” he said.

Persons: It’s, Goldman Sachs, Anna Cooban, Janet Yellen, Jerome Powell, Gary Gensler, ”, Chip Somodevilla, She’s, Powell, “, ” McDonald’s, McDonald’s, Jordan Valinsky, Samantha Murphy Kelly, “ We’ve Organizations: CNN Business, Bell, New York CNN, New York Community Bancorp, US Regional Bank, Japan’s Aozora Bank, Deutsche Bank, Canadian Public Pension Investment Board, Boston Properties, US Securities and Exchange, Financial, Biden, Senate, CBS, Verizon, Old Telephone Service, landlines, UK, Consumers, CNN, California Public Utilities Commission Locations: New York, Manhattan, Boston, Washington ,, East, United States, California, France, California ”

☆ China is pumping money into stocks and markets are loving it
▼ + stars: | 2024-02-06 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The Shanghai Composite, mainland China’s benchmark index for large state-owned companies and blue-chip stocks, ended up 3.2% on Tuesday, ending a six-day losing streak. By Monday, about $6.1 trillion in market value had been wiped from the Chinese and Hong Kong stock markets since their recent peaks in February 2021. Central Huijin Investment, the equity arm of state-owned China Investment Corp, announced Tuesday that it had recently expanded its holdings of exchange-traded funds (ETFs) on mainland stock markets. The intensified efforts came after Chinese markets resumed their slide on Monday, when more than 1,800 stocks fell by more than 10% in Shanghai and Shenzhen. Tuesday’s rally in China was in contrast to other markets in the region.

Persons: “, Australia’s, Evergrande, Anna Cooban Organizations: Hong Kong CNN, Alibaba, Huijin Investment, China Investment Corp, China Securities Regulatory Commission, Central Huijin Investment, Embassy, Nikkei, Kospi Locations: China, Hong Kong, Shanghai, Shenzhen, Europe, Beijing, United States

SEOUL, South Korea (AP) — A South Korean court on Monday acquitted Samsung Electronics Chairman Lee Jae-yong of financial crimes involving a contentious merger between Samsung affiliates in 2015 that tightened his grip over South Korea’s biggest company. The court said the prosecution failed to sufficiently prove the merger between Samsung C&T and Cheil Industries was unlawfully conducted with an aim to strengthen Lee’s control over Samsung Electronics. Lee had denied wrongdoing in the current case, describing the 2015 merger as “normal business activity.”Lee, 56, did not answer questions from reporters as left the court. Lee Jae-yong served 18 months in prison after being convicted in 2017 over separate bribery charges related to the 2015 deal. Some shareholders had opposed the 2015 merger, saying that it unfairly benefited the Lee family while hurting minority shareholders.

Persons: Lee Jae, Lee, ” Lee, Jin Kim, Lee Kun, Park, Yoon Suk, tycoons, Kim Tong, hyung Organizations: Samsung, Korea’s, Seoul Central, Cheil Industries, Samsung Electronics, Prosecutors, South, National Pension Service Locations: SEOUL, South Korea, Seoul, Ukraine

☆ Bankrupt trucker Yellow repays $700 million Covid loan, as unsecured creditors press for billions more
▼ + stars: | 2024-02-05 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Trucks and trailers sit in a Yellow Corp. facility lot, closed after the freight trucking company ceased all operations, in Las Vegas, Nevada, on July 31, 2023. The bankrupt trucking company Yellow has fully repaid a controversial $700 million Covid loan to the U.S. Treasury Department, plus more than $151 million in interest, the company said Monday. Meanwhile, unsecured creditors in the bankruptcy case, including employee pension funds, are seeking billions of dollars in payouts from what remains of the company. By mid-2023, as it headed toward bankruptcy, Yellow had made only one payment on the loan: $230, in July 2021. In a statement Monday announcing the loan repayment, Yellow's chief restructuring officer Matthew Doheny said, "repayment demonstrates Yellow's absolute commitment to fulfilling its promise to the American taxpayers that its CARES Act loan would be repaid in full with interest."

Persons: Matthew Doheny, Doheny, Yellow's, Donald, Trump, Steven, Mnuchin Organizations: Corp, U.S . Treasury Department, Treasury Department, Trump, Defense Department, Treasury Locations: Las Vegas , Nevada, Delaware

It may be just electioneering: López Obrador leaves office in September, and he really wants his party’s candidate, former Mexico City mayor Claudia Sheinbaum, to win the presidential elections. López Obrador has made other unfulfilled promises in the past, like pledging Mexico would have a health care system “better than in Denmark." But the cost of what López Obrador is proposing for pensions is striking. The other half of Mexicans, who work under the table in the ‘informal’ economy, have no pension program at all. It seems unlikely to be achieved, so why would López Obrador propose it?

Persons: —, Andrés Manuel López Obrador, López Obrador, Claudia Sheinbaum, “ It's, Morena, ”, Gabriela Siller, It's, he'll, “ López Obrador, Claudia, Sheinbaum, Viri Ríos Organizations: MEXICO CITY, Mexico City, Morena, Nuevo Leon, Banco Base, López Obrador doesn’t, National Guard Locations: MEXICO, Mexico, Denmark, Morena

☆ A year after bankruptcy concerns, Carvana is leaner and ready for its Wall Street redemption
▼ + stars: | 2024-02-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

Carvana over the last 18 months aggressively restructured its operations and debt amid bankruptcy concerns to pivot from growth to cost-cutting. Carvana puts each vehicle it intends to sell through a lengthy inspection, repair and sale preparation process. A Ford F-150 is prepped for a painting booth at Carvana's vehicle reconditing center outside Phoenix. The Wall Street Journal in December 2021 detailed a network of Garcia companies that do business with DriveTime, Carvana or both. Carvana sells such warranties or other service-related protections to customers, and DriveTime takes them over, giving Carvana a commission.

Persons: Michael Wayland, Ernie Garcia III, Ernie Garcia II, Garcia, Carli, Carvana, There's, Richard, Dick, Nixon, there's, Ernie Garcia, pathing, Rajat Gupta, Doug Guan, we've, CNBC Guan, Coldplay, Neil Diamond, Teresa Aragon, DriveTime, Duckling, Garcia II, Charles Keating's Lincoln, hasn't, – Organizations: CNBC PHOENIX, CNBC, Ford, Ford Motor, Nissan, State, Charles Keating's Lincoln Savings & Loan, Street Journal, DriveTime Locations: Tempe, Ariz, Tempe , Arizona, Phoenix, Carvana, Florida, reconditioning, Silicon Valley, Aragon, DriveTime, Drivetime

☆ NYC Comptroller: We have to make the energy transition from fossil fuels to cleaner renewable energy
▼ + stars: | 2024-01-31 | 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 EmailNYC Comptroller: We have to make the energy transition from fossil fuels to cleaner renewable energyNew York City Comptroller Brad Lander joins "Squawk Box' to discuss the push by three of the city's pension funds to get some of the largest U.S. banks to disclose their financing ratios of clean energy to fossil fuel, the transition to renewable energy, and more.

Persons: Brad Lander Locations: York City

☆ World's largest sovereign wealth fund posts record $213 billion profit, boosted by tech stocks
▼ + stars: | 2024-01-30 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Norway's giant sovereign wealth fund on Tuesday reported record profit of 2.22 trillion kroner ($213 billion) in 2023, supported by robust returns on its investments in technology stocks. "Despite high inflation and geopolitical turmoil, the equity market in 2023 was very strong, compared to a weak year in 2022," Nicolai Tangen, chief executive of Norges Bank Investment Management, said in a statement. Norway's sovereign wealth fund, the world's largest, was established in the 1990s to invest the surplus revenues of the country's oil and gas sector. Last year, Norges Bank Investment Management said its return on equity investments was 21.3%, its return on fixed income investments came in at 6.1%, while investments in unlisted real estate returned -12.4%. The fund said a negative year for its unlisted real estate investments was due to rising interest rates and subdued demand.

Persons: Nicolai Tangen, Norges Bank Investment Management's Tangen Organizations: Fund, Norges Bank Investment Management, Technology, Norges Bank Investment Locations: America, China

STAVANGER (AP) — Norway’s oil fund reported the largest annual return in its history Tuesday, a performance led by U.S. technology companies and Danish pharmaceutical company Novo Nordisk, which makes the diabetes-turned-weight loss drug Ozempic. Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, said it also benefited in 2023 from market excitement over the rapid adoption of artificial intelligence technology such as ChatGPT. The six largest contributors to the fund’s growth were the U.S technology companies Microsoft, Apple, NVIDIA, Meta, Amazon and Alphabet. Nova Nordisk also makes a higher dose version of the same medication that is sold as a weight loss drug under the brand name Wegovy. Political Cartoons View All 253 ImagesThe Government Pension Fund Global, known commonly as the Oil Fund, invests Norway's profits from oil and gas, and owns around 1.5% of all the companies listed globally.

Persons: Nicolai Tangen, Tesla, Ozempic Organizations: STAVANGER, Novo Nordisk, Fund, Oil, Microsoft, Apple, NVIDIA, Meta, Nova Nordisk, Nordisk, Government Pension Fund, Oil Fund Locations: U.S, Danish, Norway’s, Norway, Denmark

☆ Australia Appoints Former Minister to Head Sovereign Wealth Fund
▼ + stars: | 2024-01-28 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

By Lewis JacksonSYDNEY (Reuters) - Australia's centre-left Labor government on Monday said it would appoint a former climate change minister to chair the A$212 billion ($139 billion) sovereign wealth fund, the second successive ex-minister to hold the position. Until then, Combet will continue as chair of the Net Zero Economy Agency, which oversees Australia's net zero transition plans, Chalmers said. Future Fund board member Mary Reemst has been appointed acting chair until he begins the role. Started in 2006 by then Treasurer Peter Costello with proceeds from the privatisation of state telco Telstra, the Future Fund today rivals the country's largest pension funds in size. In one of his final speeches last November, he urged government to resist using the fund to support political projects.

Persons: Lewis Jackson SYDNEY, Greg Combet, Jim Chalmers, Combet, Chalmers, Mary Reemst, Mr Combet, Peter Costello, telco, Costello, Lewis Jackson, Stephen Coates Organizations: Labor, IFM, Future Fund, Economy Agency, telco Telstra, Fund, Liberal Party

☆ How private credit became one of the hottest investments on Wall Street
▼ + stars: | 2024-01-22 | by ( Christian Nunley | ) www.cnbc.com time to read: +1 min

Private credit has quickly become one of Wall Street's most popular investment classes in 2023. It also has roots in the Federal Reserve's monetary policy of holding interest rates near 0% for a decade. You won't find private credit funds on Robinhood. "It comes from pension funds, endowments and foundations, insurance companies, retail investors, sovereign wealth investors," Dwin said. Watch the video above to learn more about what private credit is, how it has changed debt markets and the risks involved.

Persons: Damien Dwin, Dwin Organizations: Apollo, Ares Management, Federal, Fed, Lafayette Capital Locations: Robinhood

☆ What Is the Basel III Endgame, and Why Are Banks So Upset About It?
▼ + stars: | 2024-01-18 | by ( Emily Flitter | ) www.nytimes.com time to read: +1 min

An unlikely coalition of banks, community groups and racial justice advocates is urging federal regulators to rethink the plan they proposed in July to update rules governing how U.S. banks protect themselves against potential losses. Financial regulators around the world, including in the Europe Union and Britain, are adopting similar standards. Banks have long complained that holding too much capital forces them to be less competitive and restrict lending, which could hurt economic growth. What’s interesting about the latest proposal is that groups that don’t traditionally align themselves with banks are joining in the criticism. “This is the biblical dynamic: Capital goes up, banks yell,” said Isaac Boltansky, an analyst at the brokerage firm BTIG.

Persons: Banks, ”, Isaac Boltansky Organizations: Europe Union Locations: Europe, Britain

☆ Premarket stocks: The rich and powerful are meeting in Davos. Here’s what they’re talking about
▼ + stars: | 2024-01-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Climate catastrophes: Climate change is a hot topic as leaders meet to discuss balancing economic growth with sustainability. Davos comes just days after scientists around the globe reported that the average temperatures last year reached a new record high. The report also said that cooperation among global leaders on the issue is scarce. So while leaders will likely discuss the use of fossil fuels and green development, there may not be much agreement. Leaders gathered in Davos Sunday to discuss Ukrainian President Zelensky’s 10-point peace plan to end Russia’s war with his country.

Persons: Isaac Herzog, Volodymyr Zelensky, Emmanuel Macron, Li Qiang, Antony Blinken, Jake Sullivan, John Kerry, Satya Nadella, Sam Altman, Jamie Dimon, Brian Moynihan, Larry Fink, Donald Trump, ”, Philipp Hildebrand, CNN’s Richard Quest, ” “, ” Nicolai Tangen, CNN’s, “, Kristalina Georgieva, OpenAI’s Altman, Microsoft’s, Zelensky’s, JPMorgan’s Dimon, Herzog, Klaus Schwab, Tami Luhby, Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, Warren Buffett, Nabil Ahmed, ” Ahmed, Jordan Valinsky, Comité Organizations: New, New York CNN, World Economic, National, Business, Microsoft, JPMorgan, Bank of America, BlackRock, Republican, GOP, ” BlackRock, Bank, Norges Bank, International Monetary Fund, IMF, State, Amazon, Oracle, Berkshire Hathaway, Oxfam, Workers Locations: New York, Davos, United States, Iowa, Europe, Taiwan, India, Mexico, China, Covid, Champagne, France

☆ Central bank blunders undermine tough rate talk
▼ + stars: | 2023-12-05 | by ( Francesco Guerrera | ) www.reuters.com time to read: +8 min

Comments by central bankers underline their desire to keep interest rates high until price growth quiesces. Policymakers’ recent mistakes mean they will struggle to convince investors their tough talk is real. U.S. Federal Reserve Chair Jay Powell says his fellow policymakers are “not thinking about rate cuts at all”. In May, after another U.S. regional bank failure, markets concluded that the Fed’s rate hike at the beginning of that month would be its last. Respected central bankers might be able to convince markets that these numbers don’t portend imminent rate cuts.

Persons: Jay Powell, Christine Lagarde, Andrew Bailey, Powell, backtrack, –, Lagarde, Treasuries, BoE, Bailey, Ben Bernanke, Jacob Frenkel, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, Traders, U.S . Federal, European Central Bank, Bank of England, titans, Deutsche Bank, Treasury, Reuters Graphics Reuters, LSEG, Silicon Valley Bank, Fed, ECB, Bank of Israel, Federal Reserve, European, Thomson Locations: Silicon, Bailey, United States, Ukraine, Central

For its biggest banks, however, there's a hitch: a generation of professional front-line staff have little experience with rising interest rates. The 38 members, which include credit dealers and data scientists, work to improve coordination between retail and wholesale divisions, as higher rates are expected to fuel trading activities. Still, if higher rates are new to most bankers, so they are for their clients, who have for years enjoyed rock bottom rates in Japan. "Almost no front-line bankers have experienced short-term rates above 0.5% as Japan last saw such rates in the 1990s," he said. "I think there are a lot of scepticism among front-line bankers over whether they can really increase their lending rates."

Persons: Masahiro Minami, they've, Izuru Kato, Kato, Satoru Yamamoto, Atsushi Kikuchi, Tokyo Tanshi's Kato, Makiko Yamazaki, Ritsuko Shimizu, David Dolan Organizations: MUFG Bank, TOKYO, Resona Holdings, Reuters, Bank, Mitsubishi, Daiwa Securities, Mizuho Financial, Mizuho, Thomson Locations: Japan, Tokyo

The deal was expected to fail after Origin's largest shareholder, A$300 billion ($198 billion) pension fund AustralianSuper, said it would reject the A$9.39 per share offer. AustralianSuper owns about 17% of Origin, which was enough to block the bid. Origin already has plans to develop 4 gigawatts by 2030, and Chairman Scott Perkins reaffirmed that strategy, adding that the company was open to working with other investors. "The way we've seen the energy transition is there's been plenty of scope for third party capital to invest alongside Origin," Perkins told reporters after the vote. In its statement, AustralianSuper said it would be a willing capital partner for Origin as it "prepares to transition over the coming decades".

Persons: Dado Ruvic, AustralianSuper, Brookfield, Scott Perkins, Perkins, Scott Murdoch, Lewis Jackson, Alasdair Pal, Miral Organizations: Brookfield, REUTERS, SYDNEY, Origin Energy, EIG Partners, Thomson Locations: Brookfield, Australia's, Sydney

☆ Brookfield's $10.6 billion bid for Origin Energy expected to fail on Monday
▼ + stars: | 2023-12-03 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSYDNEY, Dec 4 (Reuters) - The outcome of a Brookfield consortium's $10.6 billion bid for Australia's Origin Energy (ORG.AX) will be officially known on Monday, with investors expected to vote down its year-long attempt to buy the country's largest power retailer. Origin’s largest shareholder, A$300 billion ($198.36 billion) pension fund AustralianSuper, has said it would reject the A$9.39 per share offer. "If the Brookfield consortium comes back with a hostile off-market offer, there could be upside to the share price." "We will do this work before considering whether to continue pursuing a proposal to acquire Origin Energy or the Origin Energy Markets business," he said. The company's board last week rejected a revised back-up bid from the Brookfield consortium that the energy firm said was too complex and highly conditional.

Persons: Dado Ruvic, AustralianSuper, Adrian Atkins, Luke Edwards, Scott Murdoch, Jamie Freed Organizations: Brookfield, REUTERS, Rights, Origin Energy, Origin Energy Markets, Thomson Locations: Sydney, Brookfield, Brookfield Australia

☆ Amazon taps SpaceX for satellite launch even though Jeff Bezos has his own rocket company
▼ + stars: | 2023-12-01 | by ( Jackie Wattles | ) edition.cnn.com time to read: +3 min

CNN —Amazon just inked a deal with chief competitor and Elon Musk-helmed SpaceX to launch internet-beaming satellites — a move that comes even as Amazon founder Jeff Bezos pursues his own space dreams with his own rocket company, Blue Origin, and as SpaceX builds its own internet constellation. Some Amazon satellites will still ride on a large rocket made by Blue Origin, dubbed the New Glenn. Amazon is working to build a constellation of thousands of internet satellites, called Project Kuiper, that is planned to beam connectivity across the planet. The Jeff Bezos-founded company made headlines in April 2022 when it signed a contract worth billions of dollars to launch Kuiper satellites on 77 rockets built by Blue Origin — another Bezos-founded venture — as well as ULA and European launch provider Arianespace. In an interview last month, Rajeev Badyal, vice president of technology for Project Kuiper, told CNN the prototypes were wholly successful.

Persons: Elon Musk, Jeff Bezos, Musk, Glenn, it’s, SpaceX’s, Lockheed Martin, “, ”, Amazon, Rajeev Badyal, Kuiper, ” Badyal, Badyal Organizations: CNN, SpaceX, Amazon, SpaceX Falcon, United Launch Alliance, Boeing, Lockheed, —, Cleveland Bakers, Teamsters, Fund Locations: ULA, European

Even including the sale of Heathrow, this year is the slowest for airport transactions in the past decade, totalling $5.9 billion globally to date, according to Dealogic data. They have hired Mediobanca (MDBI.MI) and Credit Agricole (CAGR.PA) to find a buyer for a sale of their 49% stake in the company, the people said. Heathrow's sale valued the airport at 14.3 times EBITDA, according to JP Morgan analysis published on Wednesday. UK's Esken (ESKN.L), owner of regional Southend Airport, said in June it had started a process for the sale of the airport. On Thursday, Hungary's state-owned Corvinus and Vinci Airports notified the European Commission of a proposed joint takeover of Budapest's airport, according to a document posted on the EU website.

Persons: Andras Kranicz, GIP, Australia's Macquarie, Spain's, Ferrovial, Agata Lyznik, Mediobanca, Gianni, Origoni, Nico Torrisi, Morgan, UK's, France's Vinci, Vinci, Corvinus, Emma, Victoria Farr, Andres Gonzalez, Elisa Anzolin, Joanna Plucinska, Mathieu Rosemain, Anousha Sakoui, Elaine Hardcastle Organizations: LONDON, Heathrow, BNP, Global Infrastructure Partners, AGS Airports, Southampton, Australia's, International, ACI, Airports, Macquarie, Credit Agricole Assurance, 2i, Credit, SAC, Gatwick, Southend Airport, Global Infrastructure Fund, Vinci Airports, European Commission, EU, Thomson Locations: Edinburgh, Italy, FRANKFURT, Spanish, Europe, Aberdeen, Glasgow, Heathrow, France, Hungary's, Budapest's

A fence is seen in front of wind turbines that are part of the Infigen Energy Capital Wind Farm located on the hills surrounding Lake George, near the Australian capital city of Canberra, Australia February 21, 2018. Australia's electricity transmission network, batteries and sustainable aviation fuel are three areas where simplified planning, subsidised finance and other regulatory changes could catalyse investment, according to a report released by eight major pension funds. Changes could quickly unlock A$4 billion ($2.7 billion) worth of investment in batteries, the report said. Once passive managers who predominantly invested at home, Australian pension funds have become international heavyweights, managing A$2.4 trillion - the fourth largest pool of retirement savings by country globally. Australian pension fund Aware Super committed A$10 billion.

Persons: David Gray, Paul Schroder, David Neal, Lewis Jackson, Edwina Gibbs Organizations: Infigen, REUTERS, Rights, Labor, Thomson Locations: Lake George, Canberra, Australia, U.S, EU, Korea, Canada

☆ Norway sovereign wealth fund to co-lead class action in SVB bankruptcy
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

Silicon Valley Bank (SVB) logo is seen through broken glass in this picture illustration taken March 16, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOSLO, Dec 1 (Reuters) - Norway's $1.5 trillion sovereign wealth fund, the world's largest, said on Friday it has been appointed by a U.S. court to co-lead an ongoing U.S. securities class action relating to the now-bankrupt Silicon Valley Bank (SVB). The Norwegian fund said the SVB case raised significant concerns regarding the integrity of the public markets, the governance of large financial institutions and the interests of the investor community more broadly. It held a 1% stake in SVB at the end of 2022, valued at $137.9 million, according to data on the fund's website. The other co-lead plaintiff in the class action is Swedish pension fund Sjunde AP-fonden (AP7), the Norwegian fund said.

Persons: Dado Ruvic, Nicolai Tangen, Nerijus Adomaitis, Jane Merriman, Kirsten Donovan Organizations: Bank, REUTERS, Rights, fund's, Thomson Locations: Rights OSLO, U.S, SVB, Swedish

Search resuls for: "Pension Fund"

25 mentions found