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☆ McIlroy welcomes return to action but LIV still very much in mind
▼ + stars: | 2023-06-08 | by ( Frank Pingue | ) www.reuters.com time to read: +2 min

[1/3] Jun 7, 2023; Toronto, ON, CAN; Rory McIlroy speaks with the media during press conferences for the RBC Canadian Open golf tournament. Let's just focus on our golf and we'll say what we want to say when we get inside.'" McIlroy has been the PGA Tour's most outspoken golfer against LIV Golf and the last two days, which included his much-anticipated press conference on Wednesday, took a toll. While it may not have been his best performance, McIlroy was just happy to be back on the course. "So it was nice to play a round of golf and focus on something else for those five hours we were out there," said McIlroy.

Persons: Rory McIlroy, Dan Hamilton, Justin Rose, McIlroy, Rose, LIV, Rosie, LIV Golf, he's, Steve Stricker, Frank Pingue, Ed Osmond Organizations: RBC Canadian, Sports TORONTO, Canadian, Oakdale Country Club, PGA Tour, Saudi Arabia's Public Investment Fund, Saudi, John Deere, Thomson Locations: Toronto, Canada

☆ 'It does stink a little bit', DeChambeau feels for PGA Tour players after LIV merger
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +3 min

The sporting world was left stunned when the PGA Tour, DP World Tour and rival Saudi-backed LIV circuit ended their bitter two-year dispute and announced an agreement to merge and form one unified commercial entity. The most aggrieved players are likely to be those, like Tiger Woods, Rory McIlroy and Hideki Matsuyama, who turned down eye-watering sums from LIV Golf to remain loyal to the PGA Tour only to see the tours merge. "I do feel bad for the PGA Tour players because they were told one thing and something else happened, and our side, we were told one thing and it's come to fruition," DeChambeau told CNN. "It does stink a little bit from my perspective that the PGA Tour players are not necessarily winning. I think this is one of the saddest days in the history of professional golf," Chamblee said on the Golf Channel.

Persons: Bryson DeChambeau, LIV Golf, LIV, Jay Monahan, Woods, Rory McIlroy, Hideki Matsuyama, DeChambeau, it's, Yasir Al, Yasir, That's, Brandel, Chamblee, Nick Mulvenney, Peter Rutherford Organizations: U.S, PGA, Canadian, CNN, LIV, Public Investment Fund, Saudi, PIF, Thomson Locations: Saudi, Toronto

LIV had filed an antitrust lawsuit in the United States seeking punitive damages against the PGA Tour for its "tortious interference" with contracts with golfers. PGA Tour had countersued, making similar claims. PGA Tour and LIV have now signed a framework agreement that calls for investment banks M Klein & Co and Allen & Co to carry out a valuation analysis of the assets of LIV and PGA Tour, respectively. A new company will be created that will be majority-owned by the existing PGA Tour, which is a nonprofit. The U.S. Department of Justice had already been looking at the dispute between PGA Tour and LIV as part of a broad antitrust probe into professional golf.

Persons: LIV, PIF, Milana Vinn, Greg Roumeliotis, Matthew Lewis Organizations: PGA Tour, PGA, Klein, Co, Allen, WHO, Saudi Arabia's Public Investment Fund, Regulators, U.S . Department of Justice, Foreign Investment, Thomson Locations: Saudi, United States, New York

☆ PGA Tour-LIV Golf merger is a major win for the Saudis — and Americans are slamming it
▼ + stars: | 2023-06-07 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

It's lured some of the biggest golf stars away from the PGA Tour with huge paychecks, spurring antitrust lawsuits with the American organization. "This is Saudi Arabia buying the PGA tour," sports talk show host Rich Eisen said in his broadcast after hearing the news. USA Today sports columnist Christine Brennan called the move "a total wimp-out by the PGA Tour. Glyn Kirk | AFP | Getty ImagesSocial media was rife with self-described golf fans vowing to never again watch the PGA Tour. Pro golfer Phil Mickelson, another member of the LIV Tour, tweeted "Awesome day today" in response to the news.

Persons: LIV Golf, that's, —, LIV, Saudi Crown Prince Mohammed bin Salman, It's, Jay Monahan, Rich Eisen, Pat Welter, it's, Christine Brennan, Tiger Woods, Glyn Kirk, Ron Wyden, Chris Murphy, Jamal Khashoggi, Saudi LIV, Monahan, Saudi Arabian Crown Prince Mohammed bin Salman, Jim Watson, Bryson DeChambeau, DeChambeau, Phil Mickelson, Jeffries, Yasir Al, Cristiano Ronaldo, Saudi Arabia's, Al Organizations: PGA Tour, Saudi, LIV Players, PGA, Saudi Arabia's Public Investment Fund, Saudi Crown, CNBC, Twitter, 150th, St, AFP, Getty, LIV, Washington Post, Amnesty, Saudi Arabian Crown, Saudi Embassy, Washington D.C, Saudi Foreign Ministry, CNN, Royal, Anadolu Agency, Getty Images Investment, Rumayyan, Nassr Football Club, Al Nassr Football Locations: Saudi Arabia, North Carolina, Saudi, Scotland, Oregon, Connecticut, American, Washington ,, Washington, videoconference, Riyadh, PIF, Portuguese

☆ Saudi Arabia's Public Investment Fund just reshaped professional golf with the PGA Tour-LIV merger. That's just the start
▼ + stars: | 2023-06-07 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The Saudi Public Investment Fund is a government-controlled fund that has $650 billion in assets under management, according to its most recent filing. A state-owned investment fund like the PIF is not unique. Critics of LIV Golf accused the Saudis of backing the new tour as a form of “sportswashing” its reputation. For example it’s not clear exactly how much it invested to start up LIV Golf. CNN has not been able to confirm that report, but what is known is that LIV Golf tournaments have been held on Trump Organization properties.

Persons: petro, LIV Golf, LIV, Yasir Al, Rumayyan, Cristiano Ronaldo, Karim Benzema, ”, Elon Musk, Jared Kushner, Donald Trump’s, Kushner, Mohammed bin Salman, Bin Salman, Jamal Khashoggi, – CNN’s Coy Wire, Jack Bantock, Steve Almasy Organizations: New, New York CNN, Saudi, Saudi Public Investment Fund, Sovereign Wealth Fund, PGA, Soccer, Saudi Aramco, Newcastle United, Saudi Pro League, CNBC, Electronic Arts, EA, Activision Blizzard, Ticketmaster, Carnival Corp, Twitter, Washington Post, CNN, Trump Organization, US State Department, Congress Locations: New York, Europe, Saudi, English, Al, Saudi Arabia, al Qaeda

☆ Stocks making the biggest moves midday: Dollar General, Salesforce, C3.ai, Chewy and more
▼ + stars: | 2023-06-01 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Dollar General — Shares sank nearly 20% after the company reported an earnings and revenue miss for the first quarter. Its second-quarter revenue guidance also beat expectations, per StreetAccount. The company also reduced its full-year revenue guidance in the low single-digits range from the prior midsingle-digit range estimates. The drop in shares came as cost concerns and dwindling demand for consulting deals overshadowed better-than-expected results and an improved full-year earnings outlook. The company also raised its full-year earnings per share guidance.

Persons: Chewy, Hormel, Wednesday's, CrowdStrike, Salesforce, Okta, JPMorgan Chase, Veeva, Samantha Subin, Yun Li, Alex Harring, Tanaya Macheel Organizations: StreetAccount, Revenue, Refinitiv, JPMorgan, Veeva Systems, Saudi Arabia's Public Investment Fund, Barclays Locations: Vallejo , California

☆ Saudi Arabia's PIF to acquire 30% of supermarket chain Tamimi Markets
▼ + stars: | 2023-06-01 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, June 1 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) plans to acquire a 30% stake in local supermarket chain Tamimi Markets Company, the kingdom's sovereign wealth fund said on Thursday. PIF, which has more than $620 billion in assets under management, said it signed a share subscription agreement to invest in Tamimi Markets. It said the transaction, which will involve a capital increase and subscription for new shares, aligns with the fund's strategy to enable the private sector and create Saudi national champions. "This investment aims to enable Tamimi Markets to realise its full potential, transforming it from one of the leading national grocery chains to a major regional chain," PIF said in an emailed statement. Reporting by Hadeel Al Sayegh; editing by David Goodman and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: PIF, Hadeel Al Sayegh, David Goodman, Jason Neely Organizations: Saudi, Public Investment Fund, Tamimi Markets Company, Thomson Locations: DUBAI

Macy's also slashed its full-year earnings and sales guidance, after "demand trends weakened" for discretionary items in March. Dollar General — Shares tumbled 9% after the company reported an earnings and revenue miss for the first quarter. The lingerie retailer reduced its full-year revenue guidance in the low-single digits range from the prior mid-single digit range estimates. Veeva also raised its full-year earnings per share guidance by 26 cents. The company's full-year revenue guidance also topped analysts' estimates.

Persons: Nordstrom, Nordstrom's, Salesforce, Okta, Okta's, Macy's, CrowdStrike's, Refinitiv, Veeva, Macheel, Samantha Subin, Jesse Pound, Michelle Fox Organizations: BMO Capital, Saudi Arabia's Public Investment Fund, Chewy, —, JPMorgan, CSX, UBS, Systems Locations: New York City, Canada

☆ EV maker Lucid announces $3 billion raise from Saudi public wealth fund and stock offering
▼ + stars: | 2023-05-31 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Electric vehicle maker Lucid announced plans to lay off 1,300 workers, 18 percent of its workforce, as part of a restructuring plan. Lucid Group said on Wednesday that it is raising about $3 billion through a new equity offering, with the majority coming from the Saudi fund that controls the luxury electric-vehicle maker. Lucid said that about $1.8 billion of the total will come from a private placement of stock with Saudi Arabia's Public Investment Fund (PIF). The remainder will be raised through a public offering of new shares that commenced Wednesday, the company said. Lucid had about $3.4 billion in cash and about $700 million in available credit lines as of March 31, according to its most recent report.

Persons: Lucid Organizations: Electric, Lucid, Saudi, Saudi Arabia's Public Investment Fund Locations: Newark , California

☆ EV maker Lucid to raise about $3 billion from Saudi's PIF, others
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

PIF, which owns more than 60% of the company, has agreed to buy 265.7 million shares in a private placement for about $1.8 billion, Lucid said in a statement. The rest will be raised from a public offering of 173.5 million shares of common stock. The private placement implies a price of about $6.80 per Lucid share, compared with the stock's Wednesday close of $7.76. Lucid's cash and cash equivalents had dropped to $900 million at the end of the first quarter, from $1.74 billion in the previous quarter. Bank of America Corp (BAC.N) is acting as the book-running manager for the public offering and Lucid intends to use the net proceeds from both the public offering and the private placement for general corporate purposes.

Persons: Lucid, Sherry House, Kanjyik Ghosh, Akriti Sharma, Devika Organizations: Saudi Arabia's Public Investment Fund, Bloomberg News, Bank of America Corp, Thomson Locations: Saudi, Bengaluru

☆ Boeing looks to sell at least 150 737 Max jets to Riyadh Air - Bloomberg News
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +1 min

May 28 (Reuters) - Boeing Co (BA.N) is working on a deal to sell at least 150 737 Max jetliners to Saudi Arabian startup Riyadh Air, Bloomberg News reported on Sunday. Airbus SE (AIR.PA) could also claim a part of the order, the report added. Boeing, Riyadh Air and PIF did not immediately respond to a Reuters request for comment. Boeing previously won another order by state-owned airline Saudia and Riyadh Air for a combined 78 Boeing 787 Dreamliners, the fifth-largest commercial order by value in the plane maker's history. (This story has been corrected to change the type of Boeing jetliner model from '747 Max' to '737 Max' in the headline and paragraph 1)Reporting by Jyoti Narayan in Bengaluru; Editing by Mark Porter and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ Aston Martin stock soars after $295 million Geely investment
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

May 18 (Reuters) - Aston Martin's (AML.L) stock popped nearly 22% on Thursday, after the luxury carmaker announced a 234 million pound investment by China's Geely (0715.HK), that will see the automotive firm become its third-largest shareholder. Geely will acquire about 42 million ordinary shares from Chairman Lawrence Stroll's Yew Tree, which is currently the Aston Martin's largest stakeholder, at 335 pence apiece and subscribe for another 28 million shares at the same price. Aston Martin shares, which closed at 231.2 pence on Wednesday, were trading up to 279.4 pence at 0727 GMT. "Our decision to increase our shareholding in Aston Martin reflects our confidence in the company's growth prospects, its technologies and its management team," said Geely Chairman Eric Li. The investment gives Geely a 17% stake in the company and entitles it to one board seat, behind number two shareholder Saudi Arabia's Public Investment Fund (PIF).

For PIF, the Lucid (LCID.O) bet is proving challenging. "The EV manufacturing plan is still one of the boldest parts of the Saudi plan," said Justin Alexander, director at Khalij Economics and Gulf analyst at GlobalSource Partners. Its investment was worth about $17.4 billion in mid-2022, the wealth fund's bond prospectus showed, and around $26 billion when Lucid was listed in 2021. The Saudi government has agreed with Lucid to buy up to 100,00 of its vehicles over the next decade. "Rather than fixing on short term results, the future of PIF's stake in Lucid will be dependent on the plans to build a Lucid factory in Saudi, on taking Lucid private again and/or on the potential integration with Ceer," said Global SWF Managing Director Diego Lopez of plans for a new Saudi EV maker.

☆ 'We love competition': Qatar Airways CEO welcomes new Saudi carrier
▼ + stars: | 2023-05-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Qatar Airways says it welcomes the competition from the new Saudi Arabian flag carrier Riyadh Air, although acknowledging a range of challenges and headwinds that the wider industry is currently facing. "We love competition," Qatar Airways CEO Akbar Al Baker told CNBC's Hadley Gamble at the Arabian Travel Market conference in Dubai Monday. Launched in March, Riyadh Air will be the second flag carrier of Saudi Arabia, with a main operational base in Riyadh and wholly owned by Saudi Arabia's Public Investment Fund. But the new competition in the region might not mean cheaper air fares. "If you want cheap fares, then you have to go and fly airlines that also have a cheap product," he added.

☆ Savvy Games to acquire gaming company Scopely for $4.9 bln
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5 (Reuters) - Savvy Games Group, wholly owned by Saudi Arabia's Public Investment Fund (PIF), has agreed to acquire Scopely, a maker of mobile games based in Culver City, California, for $4.9 billion, the companies said on Wednesday. Scopely, founded in 2011, will become an autonomous operation under the Savvy umbrella, they said in a statement, noting the deal will "strengthen Savvy's global position" and enable Scopely to accelerate growth. Last year, state news agency SPA said Savvy would invest 142 billion riyals ($37.85 billion) in initiatives aimed at making the kingdom a global hub for gaming. In February, Savvy bought a $265 million stake in the Chinese E-sports company VSPO backed by Tencent Holdings Ltd (0700.HK). ($1 = 3.7513 riyals)Reporting by Rishabh Jaiswal in Bengaluru; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Couples tells LIV members stop bashing PGA and play golf
▼ + stars: | 2023-04-03 | by ( Steve Keating | ) www.reuters.com time to read: +2 min

After signing up with the Saudi backed LIV circuit, some members delighted in taking shots at the PGA Tour as they left their old work place. "If one wants to stop and ask why I'm picking on them, then I'm all for it," said Couples after his Monday practice round. "I just don't think they should bash the PGA Tour or anybody, just go play golf." Three-times Masters champion Phil Mickelson and 2017 Green Jacket winner Sergio Garcia have both been critical of the PGA Tour and the target of Couples' barbs. Speaking at a Champions Tour breakfast, Couples took a shot at Mickelson and Saudi Arabia's Public Investment Fund that is bankrolling the LIV Tour.

☆ Saudi money is flowing to US media and entertainment, from Live Nation to LIV Golf, 5 years after Jamal Khashoggi's murder: 'The ice has thawed'
▼ + stars: | 2023-04-03 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +20 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Insider identified some key people connecting Middle East investors with American companies. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Vince McMahon's WWE has a long-term partnership with the Kingdom of Saudi Arabia, with a major live WWE event there slated for May. Vince McMahon's WWE was one of the first US companies to create unique events in Saudi Arabia.

☆ Saudi money is pouring into Hollywood and media, 5 years after the murder of Jamal Khashoggi. Here's who's cashing in and how.
▼ + stars: | 2023-03-15 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +13 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Even those media players that are comfortable with invetment from the Middle East may not find funds flowing, one Hollywood veteran said. A major live WWE event in Saudi Arabia is slated for May. Of the growing ties between US entertainment and media and Middle East investors, this person added, "Presumably media organizations got into this to help society make better decisions."

☆ Explainer: How Kakao won a takeover battle against HYBE for K-pop pioneer SM Entertainment
▼ + stars: | 2023-03-12 | by ( Hyunsu Yim | ) www.reuters.com time to read: +4 min

For more than two decades, the K-pop industry was dominated by the trio until BTS rose to global fame in recent years, making its agency HYBE the largest music label in the country. It is the second-largest entertainment group in South Korea by market value at $2.8 billion, trailing HYBE, which is worth $5.5 billion. Lee filed an injunction request to block the deal that was approved by a court, and sold a 15% stake in SM to rival agency HYBE, setting up a takeover battle. Kakao, the most popular social media platform in South Korea, is expanding aggressively into the entertainment industry where it already owns a smaller K-pop agency, Starship Entertainment. In January, Kakao Entertainment announced a 1.2 trillion won ($966.27 million) investment from Singapore's GIC and Saudi Arabia's Public Investment Fund, giving it more firepower for the SM bid.

☆ Saudi sovereign wealth fund close to deal for Boeing jets, WSJ reports
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

March 11 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) is close to a deal for Boeing Co. (BA.N) commercial jets for the fleet of a new national airline, the Wall Street Journal reported on Saturday, citing people familiar with the matter. The deal includes wide body jets which are often used for long international flights, the report added. Boeing declined to comment while the Saudi PIF did not immediately respond to a request from Reuters for comment on the report. The deal is part of a rapid expansion by the country under a strategy to transform the kingdom into a transport hub and promote tourism. Reporting by Akanksha Khushi in Bengaluru; editing by Grant McCool and Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi sovereign wealth fund reportedly near $35 billion deal for Boeing jets
▼ + stars: | 2023-03-11 | by ( ) www.cnbc.com time to read: +1 min

Saudi Arabia's Public Investment Fund (PIF) is close to a deal to order Boeing commercial jets for the fleet of a new national airline, The Wall Street Journal reported on Saturday, citing people familiar with the matter. The aircraft order is valued at $35 billion, the report said, adding that the deal could be announced as soon as Sunday during an official launch of the national airline. The deal includes wide-body jets which are often used for long international flights, the report added. Boeing declined to comment and the Saudi PIF did not immediately respond to a request from Reuters for comment on the report. The deal is part of a rapid expansion by the country under a strategy to transform the kingdom into a transport hub and promote tourism.

☆ Kakao can end K-pop saga with near-$1 bln mic drop
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

Kakao and its entertainment arm are eyeing a 35% stake in SM via a tender offer worth $962 million. If Kakao succeeds, the company, which has the backing of SM's management, would become the label's top shareholder. Kakao Entertainment in January raised $930 million from investors including GIC in Singapore and Saudi Arabia's Public Investment Fund. The envisioned partnership between Kakao, Kakao Entertainment and SM would cover global distribution, production and more for music and other content. Following Kakao's offer, SM Shares rallied 14% to 148,400 won ($114); they have nearly doubled since the start of the year.

☆ Luxury EV maker Lucid appears to have a demand problem
▼ + stars: | 2023-02-24 | by ( John Rosevear | ) www.cnbc.com time to read: +3 min

Luxury electric vehicle maker Lucid appears to have a demand problem. But clearly demand for Lucid's vehicles isn't materializing as quickly as the company expected, which raises some tough questions for investors. Running an auto factory well below capacity isn't exactly a route to profitability, as CFO Sherry House conceded during Lucid's earnings call. That leads to a second, related question: How long will Lucid have to run its factory at a loss? As long as it has the Saudi fund's backing, Lucid should be able to keep going.

☆ Lucid shares stumble on dour EV production target as price war weighs
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Shares of Lucid Group Inc (LCID.O) slumped 10% in premarket trading on Thursday after the electric vehicle maker's 2023 production targets fell short of expectations amid waning demand and a price war unleashed by market leader Tesla Inc (TSLA.O). Lucid expects to produce 10,000 to 14,000 luxury electric vehicles this year, below analysts' estimates of 21,815 cars, according to Visible Alpha. Tesla shares rose 1.3%. About a quarter of Lucid's free float shares are in short position, according to analytics firm Ortex. Meanwhile, Nikola Corp's shares (NKLA.O) rose 4.7% on receiving an order for 20 hydrogen electric trucks from German logistics company Richter Group.

☆ Tesla rival Lucid's stock slides 10% after it says it'll make fewer electric cars than expected this year
▼ + stars: | 2023-02-23 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Lucid Group shares fell as much as 10% in Thursday's premarket after a disappointing earnings update. The EV maker missed on revenue and said it will make fewer cars this year than Wall Street expected. Demand for its luxury electric cars has taken a hit as rival Tesla's grows thanks to aggressive price cuts. The EV maker reported a loss of 28 cents per share, narrower than the loss of 40 cents a share forecast. Read more: Tesla's stock is getting trounced by EV challenger Lucid, which is leading techs' 2023 rally thanks to Saudi takeover rumors

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