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☆ Ford deal shows U.S. EVs can’t unplug from China
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

It’s evident that President Joe Biden’s Inflation Reduction Act “did what it was intended to do”, according to one executive. Ford Motor (F.N) is licensing technology and services from China’s Contemporary Amperex Technology (300750.SZ), rather than buying batteries directly or forming a joint venture. This unusual setup allows the American auto veteran to use CATL’s lithium ferro-phosphate (LFP) chemistry whilst satisfying the IRA’s demands. As automakers start mass-producing electric vehicles, they will depend on Chinese suppliers, wherever they locate their factories. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Rothschild holdouts have little chance of a bump
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 14 (Reuters Breakingviews) - The dynasty behind famed investment bank Rothschild & Co (ROTH.PA) has sided with France’s business elite to buy out minority investors on the cheap. Any potential holdouts, though, have little hope. If they miss that threshold, the Rothschild family can keep whatever shares they get. That means they could just try the whole thing again next year – but starting from a higher ownership base. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

LONDON, Feb 13 (Reuters) - This Valentine's Day is set to look different after a year of record food inflation that has sent up prices of everything from flowers to chocolates and dining in restaurants. Last year, British restaurant chain PizzaExpress offered a three-course set menu complete with "a prosecco and raspberry mimosa, heart-shaped dough balls and a main, such as our Padana, with creamy goat’s cheese and sweet caramelised onion". This year, PizzaExpress is advertising a slightly less impressive "love bundle" of a starter and a "classic" pizza for 15 pounds. Reuters GraphicsThe nation's supermarkets are seeking to cash in, keepingprices for their Valentine's Day meal-deals stable in the hope of luring customers from restaurants. Tesco (TSCO.L), whose CEO recently noted that consumers are shifting away from eating out, has reduced the price of its Valentine's Day dinner-for-two to 12 pounds - down from 15 pounds last year - for a main, side dish, dessert and drink.

☆ Hermès Wins Case Against Artist Who Sold NFTs of Birkin Bags
▼ + stars: | 2023-02-08 | by ( Erin Mulvaney | ) www.wsj.com time to read: +1 min

The Birkin bag has evolved into a coveted luxury item known for its steep price tag and exclusive wait lists. French luxury brand Hermès prevailed in a closely watched intellectual-property trial over an artist who created and sold nonfungible tokens depicting the company’s iconic Birkin handbag, a boost for companies seeking to protect their trademarks in the digital realm. After a weeklong trial, a federal jury in Manhattan on Wednesday awarded Hermès $133,000 in damages from Mason Rothschild, a self-described entrepreneur and artist. The company argued Mr. Rothschild was profiting unlawfully off the goodwill of its sought-after luxury product, with his actions pre-empting the company’s ability to offer products and services in virtual marketplaces. Mr. Rothschild in response said he was engaged in artistic expression protected by the First Amendment.

Companies Hermes International SCA FollowNEW YORK, Feb 6 (Reuters) - Hermes International SCA (HRMS.PA) urged a U.S. jury on Monday to find that a creator of non-fungible tokens violated its trademark for Birkin bags, while lawyers for the "MetaBirkins" maker countered that the images were art. "He never tried to mislead anyone into believing that the MetaBirkins came from Hermes," Millsaps said, arguing that Rothschild wanted credit for the project. Warshavsky said Hermes was working on its own Birkin NFTs at the time, and accused Rothschild of "cybersquatting" by trying to beat the company to the market. He said Hermes would not have brought the lawsuit if Rothschild had complied with a December 2021 cease-and-desist letter demanding he stop selling the NFTs. Jonathan Harris, another lawyer for Rothschild, said his client added a disclaimer stating that Hermes was not associated with the NFTs after he received the letter.

☆ Rothschild family plans to take its Paris-listed investment bank private
▼ + stars: | 2023-02-06 | by ( Mathieu Rosemain | ) www.reuters.com time to read: +2 min

SummarySummary Companies Plan to be submitted to shareholders on May 25Shares jump by 17% in early tradingPARIS, Feb 6 (Reuters) - The Rothschild family is seeking to take its Paris-listed investment bank private, Rothschild & Co (ROTH.PA) said on Monday, sending the shares up by almost 17%. Concordia, the family-owned holding and Rothschild & Co's largest shareholder, is poised to file a tender offer for the investment bank's shares at 48 euros each, Rothschild said in a statement. The price represents a premium of 19% compared to Rothschild & Co's previous closing stock price as of Friday, at 40.25 euros. The Rothschild family owns about 55% of the company's shares, according to Refinitiv. Rothschild & Co said it would further inform the market on the private ownership plan on Feb. 13, when it reports full-year results.

☆ Brokers team up on new platform to boost retail interest in UK capital markets
▼ + stars: | 2023-02-02 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Feb 2 (Reuters) - Investment firms and brokers in Britain teamed up on Thursday to back a new standalone retail platform to strengthen access for small investors to the UK capital market. "The collaboration of market participants using this service is an important step towards the more equitable inclusion of retail investors in UK capital markets," said a joint statement from brokers. One aim is to make it easier for retail investors to participate in capital markets, a step the European Union is also working on, with legislative proposals due in April. The government has said it will implement recommendations from a review of secondary capital markets to overhaul company fundraisings and give more access to retail investors. REX enables retail investors to participate in capital markets transactions such as initial public offers and follow-on equity offerings through retail brokers and wealth managers.

☆ Virtual Birkin Bags on Trial in Hermès Case Testing IP Rights
▼ + stars: | 2023-01-29 | by ( Erin Mulvaney | ) www.wsj.com time to read: 1 min

Hermès is seeking to stop an artist behind the virtual Birkin handbags, but the creator is arguing constitutional protections for freedom of expression. The Birkin handbag, made by French luxury brand Hermès , for decades has been a symbol of wealth, sold through exclusive shops and mysterious wait-lists at prices that reach tens of thousands of dollars or more. A self-described entrepreneur and artist in 2021 set out to offer another way to own a Birkin, with a digital nonfungible token. Mason Rothschild created a series of 100 digital images he called MetaBirkins, depicting fur-covered purses in the same shape and style as the Hermès luxury product, which he sold as digital tokens on virtual marketplaces. The NFTs sometimes have sold at prices similar to the real handbags.

☆ Mass Shootings in the U.S.: A Symptom of Despair - The New York Times
▼ + stars: | 2023-01-26 | by ( Jillian Peterson | James Densley | ) www.nytimes.com time to read: +23 min

Seven killed and 46 injured in Highland Park, Ill., on July 4, 2022He suffered from severe back pain. Eight killed and seven injured in Indianapolis on April 15, 2021He was known for being paranoid with a short temper. Five killed and seven injured in Aurora, Ill., on Feb. 15, 2019He had expressed violent thoughts. Nine killed and seven injured in Red Lake, Minn., on March 21, 2005He had been noticeably depressed and angry at church. Seven killed and seven injured in Fort Worth on Sept. 15, 1999He killed his daughter’s cat because he was upset.

☆ Top hedge funds earned sharply less for clients in 2022, LCH data shows
▼ + stars: | 2023-01-23 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Jan 23 (Reuters) - The 20 best performing hedge fund managers earned $22.4 billion for investors in 2022, marking their slimmest gains since 2016 as many firms, including Tiger Global Management, struggled with slumping financial markets, LCH Investments data show. The top 20 managers, led by Ken Griffin's Citadel, Bridgewater Associates and D.E. Overall, hedge funds lost $208 billion in 2022 for clients, marking the biggest single-year decline since 2008, when they lost $565 billion, LCH data showed. Hedge funds, which were jointly managing $3.3 trillion on Dec. 31, 2022, according to eVestment data, often promise to outperform, especially when markets are stumbling. Shaw, Millennium Management, Soros Fund Management, Elliott Management, and Viking Global Investors also ranked in the top 10.

☆ Trump boasts that Mar-a-Lago was a secure place to keep classified documents, despite evidence that it clearly wasn't
▼ + stars: | 2023-01-17 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

"Mar-a-Lago is a highly secured facility, with Security Cameras all over the place, and watched over by staff & our great Secret Service," wrote Trump. In the post, Trump compared Mar-a-Lago to President Joe Biden's "flimsy, unlocked, and unsecured" private residence in Wilmington, Delaware. This was recently spotlighted by the Justice Department investigation into the mishandling of classified documents and presidential records at Mar-a-Lago. The New York Times reported that of the more than 100 classified documents found at Mar-a-Lago, most were located in a non-secure storage area. During its August 2022 raid, FBI agents found classified documents in Trump's "45 Office" — located above Mar-a-Lago's main ballroom.

☆ These under-the-radar bank stocks are among Wall Street’s favorites as earnings season begins
▼ + stars: | 2023-01-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Several big banks will kick off earnings season for the sector on Friday, yet it's the smaller, under-the-radar names that are most loved by Wall Street. For instance, only 54% of analysts covering Bank of America say the stock is a buy, while 58% of those covering JPMorgan rate it a buy, according to FactSet. To find bank stocks expected to outperform this year, CNBC Pro screened for the names most loved by analysts. They also have at least 8 analysts covering them. About 80% of the analysts covering the stock give it a buy rating, including Piper Sandler's John Barnidge.

☆ Rise in yields and leveling inflation making bonds more attractive than stocks, says EDR CIO
▼ + stars: | 2023-01-11 | 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 EmailRise in yields and leveling inflation making bonds more attractive than stocks, says EDR CIOLars Kalbreier, CIO at Edmond de Rothschild, discusses a renaissance for bond markets, and how attractive fixed income markets can be identified.

☆ Olam Group targets Olam Agri dual IPO as early as first half of 2023
▼ + stars: | 2023-01-10 | by ( Yantoultra Ngui | ) www.reuters.com time to read: +1 min

SINGAPORE, Jan 10 (Reuters) - Singapore commodity trader Olam Group on Tuesday said it plans to conduct an initial public offering (IPO) for majority-owned Olam Agri Holdings as early as the first half of this year, listing the unit domestically and concurrently in Saudi Arabia. A concurrent listing on the Saudi Exchange would make Olam Agri the first company to list in both countries and the first non-Gulf Cooperation Council incorporated business to list in Saudi Arabia. The plan comes weeks after Olam Group completed the sale of 35.43% of Olam Agri to Saudi Agricultural & Livestock Investment Co for $1.24 billion, giving the unit an equity valuation of $3.5 billion. Olam Group continues to own the remainder. Olam Group said the IPO may involve a domestic and global sale of shares it holds in the unit as well as new Olam Agri shares.

Exxon has yet to set any 2030 Scope 3 target. Shell said it believed its targets are aligned with the U.N. climate targets. We remain committed to constructive engagement with our investors," a Shell spokesperson said in a statement. The group of investors co-filing the resolutions includes Edmond de Rothschild Asset Management, Degroof Petercam Asset Management and Achmea Asset Management. Exxon and Chevron have in the past successfully blocked attempts to file climate resolutions with the Securities and Exchange Commission.

☆ Brazil, a Bastion of Hydropower, Is Gaining Traction in Wind and Solar
▼ + stars: | 2022-12-06 | by ( Paulo Trevisani | ) www.wsj.com time to read: +8 min

The government, meanwhile, welcomes renewables projects as they can generate jobs and extra income for communities plagued by poverty. The wave of solar, wind and other clean-energy projects is expected to take market share from historically predominant hydroelectric generation. Wind and solar power are abundant in areas thousands of miles north of metropolitan centers where it is mostly needed, industry officials said. New solar and wind plants are generally welcomed by environmentalists and can often offer much-needed income to small farms. Of this total, 83% is expected to come from renewable sources, including hydro, solar, wind and others.

☆ Biden's climate plan strains trade ties with Europe
▼ + stars: | 2022-12-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

The European Union and United States — together responsible for one third of global trade — have been at loggerheads in recent weeks over US President Joe Biden’s landmark $370 billion climate plan. While a trade war is unlikely, the plan is testing the transatlantic alliance and pushing Europe to consider mobilizing its own package of subsidies. The IRA is now law, and there is little appetite to bring it back to Congress to make substantive changes, he told CNN Business. The European Union has a couple of options at its disposal, analysts told CNN Business. On Monday, Italian Economy Minister Giancarlo Giorgetti said that the bloc should create its own “European IRA plan,” according to a Reuters report.

☆ Brazil's Banco Safra buys Alfa financial conglomerate for $192 mln
▼ + stars: | 2022-11-24 | by ( Tatiana Bautzer | ) www.reuters.com time to read: 1 min

SAO PAULO, Nov 23 (Reuters) - Brazilian bank Banco Safra acquired control of financial conglomerate Alfa for 1.03 billion reais ($192.2 million), the bank said in a statement late on Wednesday. Alfa, founded in 1925, was controlled by banker Aloysio Faria, who died in 2020. David Safra, one of the controlling shareholders in Grupo Safra, said the acquisition was an important milestone for the bank. Alfa was advised by Rothschild & Co. Safra's investment bank advised the group. ($1 = 5.3591 reais)Reporting by Tatiana Bautzer; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ Citigroup targets more deals in Gulf region
▼ + stars: | 2022-11-22 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

The Gulf region has become a bright spot for public share sales this year, boosted by high oil prices and government-led privatisation programmes. The growth in Gulf equity capital markets is in sharp contrast to the United States and Europe, where global banks have been trimming headcount in a dealmaking drought. Citigroup moved its director for power, renewables and utilities, Omar El Duraie, to Dubai from London this year . "This year the region has been extremely active while the rest of the world has been on pause," he told Reuters. Others expanding in the Gulf include Rothschild & Co (ROTH.PA), which has opened an office in Saudi Arabia, while Goldman Sachs (GS.N) is hiring bankers for its wealth management and investment banking businesses in the region.

☆ Wall Street salaries revealed: How much Evercore, Centerview, Moelis, and other boutique banks pay from analyst to VP
▼ + stars: | 2022-11-22 | by ( Emmalyse Brownstein | Rachel Durose | ) www.businessinsider.com time to read: +9 min

Pay soared everywhere, but particularly at boutique firms, which tend to pay more than big banks. Some of the biggest beneficiaries of that trend were those at "boutique" firms — smaller banks lesser known to industry outsiders — like Moelis, Lazard, and Evercore. It has more than 3,000 employees according to LinkedIn and more than 200 open positions. Rothschild & Co.Based in Paris, but with offices in several US cities, Rothschild has 3,600 employees, according to their website. 2 in number of completed transactions for the first half of 2022, according to their August press release.

☆ Manchester United owners exploring potential sale of famed club
▼ + stars: | 2022-11-22 | by ( Matt Foster | ) edition.cnn.com time to read: +2 min

CNN —Manchester United’s owners announced their intention on Tuesday to explore the sale of the iconic club, saying a “process to explore strategic alternatives” had begun. Those alternatives could include the total sale of the club by the Glazer family, who took control of Manchester United in 2005. “As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company,” said a United statement. “We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the Club today and in the future. According to Forbes, Manchester United is the third most valuable football club in the world at $4.6 billion – behind only Spanish giants Real Madrid and Barcelona.

☆ Manchester United's American owners consider selling club
▼ + stars: | 2022-11-22 | by ( ) www.cnbc.com time to read: +3 min

A football fan chants slogans before a protest against the ownership of Manchester United. Manchester United said on Tuesday it was commencing a process to explore strategic alternatives, including a new investment or a potential sale, 17 years after the American Glazer family bought the English Premier League soccer club. "We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the club today and in the future," the statement said. The Raine Group is acting as financial adviser and Latham & Watkins LLP is the legal adviser to Manchester United. It was the first Premier League match to be postponed because of a protest.

☆ Manchester United owners consider selling club
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +4 min

The owners are under pressure with United sitting fifth in the Premier League halfway through the season, which has been suspended because of the current Qatar World Cup. Manchester United shares jumped as much as 20% after Sky News first reported on the sale process, giving the club a market capitalisation of $2.6 billion. The Raine Group is acting as financial adviser and Latham & Watkins LLP is the legal adviser to Manchester United. It was the first Premier League match to be postponed because of a protest. United finished sixth last season in their worst Premier League campaign in terms of points earned, failing to qualify for the lucrative European Champions League competition.

☆ Some QAnon believers are enraged by Trump's 2024 announcement and have started ignoring 'Q drops.' But experts say the movement is as fervent as ever.
▼ + stars: | 2022-11-20 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +9 min

Q-aligned candidates did badly at the midterms, and recent "Q drops" failed to make a stir. The QAnon movement was already on the back foot. To Q and beyondThe week of the midterm elections, three new "Q drops" appeared. While previous Q drops were met with excitement and flurries of posts from followers scrambling to decode them, the latest drops were largely met with ambivalence. Fredrick Brennan, who founded 8chan but has since dedicated himself to exposing those behind the Q movement, told Insider that the reaction to the latest Q drops was comparatively "muted" following controversial drops in the summer.

☆ Emirates REIT proposes new sukuk refinancing, ad hoc group gives nod
▼ + stars: | 2022-11-14 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

Fitch had downgraded Emirates REIT by several notches after it made the exchange offer. It is offering sukuk holders, for each $1,000 in face amount of their sukuk, $950 in face amount of new notes and $50 in cash. Emirates REIT needs 75% of its creditors to consent to the proposal to exchange the outstanding unsecured sukuk with secured ones. The group includes Arkkan Capital Management Limited, Rasmala Investment Bank Limited, GFH Financial Group, Sancta Capital, SC Lowy Primary Investments, Plenisfer Investments, Emirates NBD Asset Management, Shuaa Capital and Saray Capital. The group said it had been in talks with Emirates REIT for several months "to reach agreement on transaction terms that would provide satisfactory structural protections and economic returns for the holders of the new secured certificates".

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