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☆ Premarket stocks: Small stocks are sinking, showing Wall Street is still anxious about the US economy
▼ + stars: | 2023-11-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

But declines in small-cap stocks suggest that worries about the US economy’s health still linger on Wall Street. The Russell 2000 index, which tracks the performance of US small-cap stocks, last Friday touched its lowest level since November 2020 after turning negative for the year earlier in October. Small-cap stocks tend to be an indicator of economic strength, because they generate most of their revenue domestically. Still, Mahajan says that small-cap stocks could be set up for a rally, especially if the economy sees renewed growth next year. Turkey prices drop as Thanksgiving planning ramps upSomething wild has happened with turkey prices that’s going to make the cost of cooking the Thanksgiving meal more palatable to families on a tight budget, reports my colleague Parija Kavilanz.

Persons: Russell, Jim Polk, ”, Mona Mahajan, Edward Jones, Jerome Powell, Mahajan, Polk, Bryan Mena, Parija Kavilanz, “ There’s, Michael Swanson, Swanson, Wells Fargo’s, Read Organizations: CNN Business, Bell, New York CNN, Federal, Big Tech, Homestead Funds, Fed, Penn Capital Management, Federal Reserve, Wells, Food Institute Locations: New York, small, Israel, Turkey

☆ Wall Street can breathe easy. ChatGPT isn't smart enough to be a financial analyst yet.
▼ + stars: | 2023-11-02 | by ( Aruni Soni | ) www.businessinsider.com time to read: +4 min

ChatGPT wouldn't be able to pass all levels of the exam required to get become a CFA. GPT-4 did better than ChatGPT and could pass the first two levels of the exam with enough prompting. According to a study, ChatGPT couldn't pass the chartered financial analyst exam—a benchmark qualification for many finance professionals across Wall Street. According to the CFA institute, only 38% of test-takers who took the level one exam in February 2023 passed. "GPT-4 would have a decent chance of passing the CFA Level I and Level II if prompted with [few shot] and/or [chain of thought scenarios]," the researchers wrote.

Persons: wouldn't, ChatGPT, —, couldn't, OpenAI —, it's Organizations: CFA, JPMorgan, Service, Wall

☆ AstraZeneca to invest $245 mln in Cellectis to boost gene therapy prospects
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

The logo for AstraZeneca is seen outside its North America headquarters in Wilmington, Delaware, U.S., March 22, 2021. Cellectis' gene-editing technology and manufacturing capabilities to design novel cell and gene therapy products will help strengthen AstraZeneca's growing offering in the space, it said. AstraZeneca said that as part of the deal, it will pay Cellectis $105 million by the end of this year. That includes an $80 million equity investment, which will be followed by another $140 million in early 2024, which will give AstraZeneca a stake of about 44% in the French company. The Anglo-Swedish pharma company said it had exclusive rights to 25 genetic targets, of which up to 10 candidate products could be explored for development.

Persons: Rachel Wisniewski, Aby Jose Koilparambil, Savio D'Souza Organizations: AstraZeneca, REUTERS, Swedish pharma, Thomson Locations: North America, Wilmington , Delaware, U.S, Swedish, Bengaluru

☆ Indonesia, Vietnam energy transition financing under G7-funded plans
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +5 min

South Africa was the first country to reach a deal under the JETP, securing a $8.5 billion financing pledge in 2021. Indonesia secured a pledge of $20 billion and Vietnam $15.5 billion in deals struck in late 2022. Without the plan, Indonesia's greenhouse gas emissions are expected to reach more than 350 million tons in 2030. How would the JETP financing be arranged? G7 donors as well as Norway and Denmark have pledged a total $10 billion public financing for Indonesia while the remaining $10 billion will come from public financing.

Persons: they'll, Quoc Khanh, Fransiska Nangoy, Khanh Vu, Francesco Guarascio, Robert Birsel Organizations: REUTERS, Rights, Climate, Asian Development Bank, Natural Resources, Reuters, European Union, Thomson Locations: Hanoi, Rights JAKARTA, HANOI, Indonesia, Vietnam, Africa, Senegal, INDONESIA Indonesia, Norway, Denmark, VIETNAM, EU

☆ Investor group to infuse $35 million in troubled Republic First Bancorp
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

Companies Republic First Bancorp Inc FollowOct 27 (Reuters) - Investor group Norcross Braca has agreed to pump $35 million into troubled lender Republic First Bancorp (FRBK.PK), the companies said on Friday. The deal comes after the bank's disclosure in August that it was in talks with the group led by activist investor George Norcross regarding an equity investment and a broader capital raise. Philip Norcross has been appointed chair as part of the terms, while Gregory Braca and two new independent directors are also set to join the bank's board. The troubled lender has also postponed its 2022 annual shareholders meeting until December. Reporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Norcross Braca, George Norcross, Philip Norcross, Gregory Braca, Manya Saini, Anil D'Silva Organizations: Bancorp, Investor, First Bancorp, Nasdaq, Thomson Locations: Bengaluru

☆ The stock market is riskier and more volatile than it was in past decades. Here's why.
▼ + stars: | 2023-10-26 | by ( Aruni Soni | ) www.businessinsider.com time to read: +4 min

The S&P 500 has become more volatile in recent years, according to research firm DataTrek. The bigger factor is the massive growth of big tech stocks that make up more and more of the S&P 500. "The S&P 500 has become noticeably more volatile over the last +60 years, but returns have not increased commensurately," DataTrek said in a note published Thursday. AdvertisementAdvertisementHere's why the research firm sees higher risk in the stock market today than in past eras. Unexpected developments hit harderAnother explanation is that the market in recent years has had an outsized reaction to unanticipated developments relative to past eras.

Persons: —, DataTrek, Apollo, Torsten Sløk Organizations: Service, Apple, Microsoft, Nvidia, Tesla, Big Tech, Data, GameStop

☆ China issues new bonds to prop up economy as global investors flee at 'unprecedented' pace
▼ + stars: | 2023-10-25 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Foreign fund outflows from China’s so-called A-share market have entered “an unprecedented stage,” Morgan Stanley strategists wrote in a recent note. A-shares are yuan-denominated shares of mainland China firms that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. This seems highly unlikely under Xi.”Even Chinese investors seem to be plagued by a growing lack of faith in the future of the country’s economy. It will hit the economy in an all-around and indiscriminate way,” the fund said in a letter to its investors, which went viral. “Xi might wield vast control in China, but he can’t compel global investors to buy into his vision or risk their capital,” he said.

Persons: ” Morgan Stanley, ”, Alex Capri, Xu jingbai, ICHPL, Brock Silvers, Beijing’s “, Apple’s iPhones, George Magnus, Joe Biden, Goldman Sachs, Derek Scissors, Xi, Craig Singleton, Xi Jinping, “ Organizations: Hong Kong CNN — Investors, Shanghai Stock Exchange, Shenzhen Stock Exchange, Connect, CSI, Foundation, National University of Singapore Business School, Chinese Communist Party, Kaiyuan, “, China’s Taiwan Affairs Office, China Centre of Oxford University, Global, People’s Bank of China, National People’s, Central Huijin Investment, American Enterprise Institute, Dingtai, Foundation for Defense of Democracies Locations: China, Hong Kong, Beijing, China’s, Shanghai, Shenzhen, Hai'an, China's Jiangsu, Capri, United States, ”

☆ India and Japan will be Asia's next power couple
▼ + stars: | 2023-10-19 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

Indian Prime Minister Narendra Modi welcomes Japan Prime Minister Fumio Kishida upon his arrival at Bharat Mandapam convention center for the G20 Summit, in New Delhi, India, Saturday, Sept. 9, 2023. Evan Vucci/Pool via REUTERS Acquire Licensing RightsBENGALURU, Oct 19 (Reuters Breakingviews) - India and Japan are edging closer. Prime Minister Narendra Modi and Prime Minister Fumio Kishida's governments form part of the so-called Quad security grouping with the United States and Australia to counter Chinese expansionism in Asia. Now the two countries are setting up an investment fund together. That’s delivering on a pledge by Kishida to invest 5 trillion yen, or some $42 billion, into India over the next five years.

Persons: Narendra Modi, Fumio Kishida, Evan Vucci, Fumio, Kishida, Wood Mackenzie, Sajjan Jindal, India’s, Lakshmi Mittal, JBIC, Una Galani, Thomas Shum Organizations: Indian, Japan, Bharat, REUTERS Acquire, Rights, Reuters, National Investment, Infrastructure Fund, Japan Bank, International Cooperation, Japan External Trade Organization, Nippon Telegraph, Telephone, Reuters Graphics, Teck Resources, Nippon Steel, ArcelorMittal, Japan Fund, Thomson Locations: New Delhi, India, Japan, United States, Australia, Asia, Reuters Graphics India, China, Russia, South, Teck, Indian

☆ From Russia to the Middle East: Why China can’t afford another big conflict
▼ + stars: | 2023-10-19 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Now, as Israel’s war against Palestinian militant group Hamas threatens to spiral into a broader conflict that could shatter stability in the Middle East, China has called for a ceasefire while criticizing Israel’s actions. It also highlights China’s deep economic interests in both Russia and the Middle East, which it wants to safeguard at all cost. The world’s second largest economy depends on Russia and the Middle East for much of its energy needs. The Middle East is also a cornerstone in the Belt and Road Initiative. “Regional conflagration means long instability and long instability means no business for China in the Middle East,” he added.

Persons: ”, Eswar Prasad, refiners, Vladimir Putin, Xi, Sergei Guneyev, Russia’s, Putin, Russia —, Wang Yi, Jean, Loup Samaan, Joe Biden, QatarEnergy, Ahmed Aboudouh, Antony Blinken, Blinken, “ Organizations: Hong Kong CNN —, Moscow, Palestinian, Cornell University, Getty, Initiative, Shanghai’s Fudan University, United, China’s, Middle East Institute of, National University of Singapore, Wednesday, Jihad, Energy, China Petroleum & Chemical Co, Sinopec, Fudan University, Chatham House, US Department of State Locations: China, Hong Kong, Hong Kong CNN — Beijing, Ukraine, East, Palestine, Israel, United States, Russia, Beijing, Moscow, Saudi Arabia, Russian, AFP, Pakistan, Iran, Hamas, Tehran, Gaza, Qatar, China’s, Qatari, London, “, Persian, ”

☆ Climate tech startups get growing share of muted global venture capital -PwC
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 17 (Reuters) - Investment and grants in climate tech startups have fallen just over 40% over the last 12 months, but that plunge is less precipitous than the broader venture capital industry globally, analysts at PwC said in a report released on Tuesday. The report on the state of climate tech described investors as narrowing their focus to areas that need it most, such as heavy industries; climate tech has a "growing share of a muted market" hobbled by global economic and political conditions. "The need for climate technology continues to rise, but equity investment in start-ups has declined for a second year amid tough conditions in private markets," the report said. Investment in climate tech is about 10% of that total. The world is far behind the level of decarbonization needed to hold the rise in global temperatures to 1.5 degrees Celsius, PwC said.

Persons: PwC, Simon Jessop, Peter Henderson, David Gregorio Our Organizations: Investment, Thomson Locations: London, San Francisco

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsWASHINGTON, Oct 13 (Reuters) - Big bank executives warned a number of products and services could become uneconomical if new proposed bank capital hikes are adopted as written, but said they were hopeful they could win some changes. Citi Chief Financial Officer Mark Mason said the proposal would lead to a 16% to 20% increase in the bank's capital. The bank is reviewing products and operations, he said, highlighting equity investments, which will also be deemed much riskier under the rules. Citi is also reviewing credit products and where they may need to reprice those, and whether they need to restructure any of their markets positions.

Persons: Brendan McDermid, Jeremy Barnum, Barnum, Michael Barr, Banks, Mark Mason, Mason, Wells, Michael Santomassimo, Santomassimo, Tatiana Bautzer Organizations: Citi, Citigroup, New York Stock Exchange, REUTERS, Rights, Big, JPMorgan, . Federal, Basel III, Thomson Locations: Wells Fargo, Basel

☆ The bad math behind Harvard's refusal to do away with legacy admissions
▼ + stars: | 2023-10-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +14 min

By clinging to legacy admissions, colleges are not only undermining claims of advancing equality but may be shooting themselves in the financial foot. 'A weak and sad excuse'The legacy preference has always been a dance of public intentions and private subtext. While the rationales for preserving legacy admissions have evolved, the propensity to obfuscate them hasn't. Harvard's massive $50 billion endowment makes it pretty clear: the school doesn't need to keep legacy admissions anymore. When Wesleyan announced it was dropping legacy admissions Roth was adamant that it was the right move.

Persons: James Murphy, —, Richard Kahlenberg, Christopher Eisgruber, Ethan Poskanzer, Radcliffe, gosh, James Hankins, Murphy, Brooks Kraft, Amherst, Biddy Martin, Gabrielle Starr, Michael Roth, Wesleyan alums, Brown, MIT's Emilio Castilla, Kahlenberg, Harvard, Roth Organizations: US Supreme, Harvard, Department of Education, Georgetown University, Princeton University's, Washington Post, University of Colorado, Wall, Princeton, Getty, MIT, University of Texas, The Century Foundation, Pomona College, CNN, Research, Council, Advancement, Wesleyan College, Wesleyan, Ivy League, Stanford, Duke, University of Chicago, Poskanzer, University of North, Carnegie Mellon, Occidental College Locations: Boulder, University of North Carolina, America

☆ Watch CNBC's interview with Summit Global Investments' David Harden and Janney Montgomery Scott's Guy Lebas
▼ + stars: | 2023-10-03 | 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 EmailWatch CNBC's interview with Summit Global Investments' David Harden and Janney Montgomery Scott's Guy LebasDavid Harden, Summit Global Investments CEO, Guy Lebas, chief fixed income strategist with Janney Montgomery Scott, and CNBC's Steve Liesman join 'The Exchange' to discuss climbing ten-year yields, U.S. interest rate risk brought on by central banks around the world, and defensive equity investments in consumer staples and pharma technology.

Persons: David Harden, Janney Montgomery, Guy Lebas David Harden, Guy Lebas, Janney Montgomery Scott, Steve Liesman Organizations: Summit Global Investments, pharma

☆ Summit Global Investments CEO: Position equities defensively and pick up yield in bonds
▼ + stars: | 2023-10-03 | 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 EmailSummit Global Investments CEO: Position equities defensively and pick up yield in bondsDavid Harden, Summit Global Investments CEO, Guy Lebas, chief fixed income strategist with Janney Montgomery Scott, and CNBC's Steve Liesman join 'The Exchange' to discuss climbing ten-year yields, U.S. interest rate risk brought on by central banks around the world, and defensive equity investments in consumer staples and pharma technology.

Persons: David Harden, Guy Lebas, Janney Montgomery Scott, Steve Liesman Organizations: Summit Global Investments, pharma

☆ The $8 billion Sam Bankman-Fried criminal trial starts today — here's what's at stake and how we got here
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering. Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware. FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it. And from FTX's inception, there was a lot of customer money. Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."

Persons: Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami Organizations: Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron Locations: Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried

☆ Wells Fargo sells $2 billion of private equity investments
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsSept 29 (Reuters) - Wells Fargo (WFC.N) said on Friday it had sold about $2 billion of its private equity investments as the bank aims to sharpen focus on its core businesses. "With this transaction, we are continuing with our strategic efforts to focus on Wells Fargo's core businesses and customers," Wells Fargo CFO Mike Santomassimo said. The investments were in certain funds managed by Norwest Equity Partners and Norwest Mezzanine Partners. They were sold to a group of buyers that included private equity firm Carlyle Group's (CG.O) unit AlpInvest Partners, Atalaya Capital Management, Lexington Partners and Pantheon, according to Wells Fargo.

Persons: Stephanie Keith, Wells, Mike Santomassimo, Carlyle Group's, Lazard, Niket, Shounak Dasgupta Organizations: REUTERS, Federal Reserve, Norwest Equity Partners, Partners, AlpInvest Partners, Atalaya Capital Management, Lexington Partners, Thomson Locations: New York City, U.S, Wells Fargo, Bengaluru

☆ $1 bln metals SPAC deal backed by Glencore, automakers collapses
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +3 min

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. In June, global miner Glencore (GLEN.L), Chrysler parent Stellantis (STLAM.MI) and Volkswagen's (VOWG_p.DE) battery unit PowerCo agreed to back the deal through an equity investment. Weak economic data from the world's largest metals consumer China, which it has reported since August, affected the investors' appetite for the deal, a source, directly familiar with the situation, told Reuters. "The deal fell apart over price," said another source familiar with the situation, adding the price was higher than the buyers considered realistic after the nickel price declined. Reporting by Polina Devitt and Clara Denina; editing by Timothy Gardner and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, ACG, Glencore, Appian, Sibanye, Polina Devitt, Clara Denina, Timothy Gardner, David Gregorio Our Organizations: REUTERS, Appian Capital, Chrysler, Reuters, South Africa's, Thomson Locations: Baar, Switzerland, London, Appian, China, Stillwater

These include power plants built by industrial firms such as nickel smelters for their own consumption. Under JETP, Indonesia is committed to cap and peak power sector's carbon emissions at 290 million metric tons by 2030. How does Indonesia plan to deploy JETP funds? Indonesia also wants JETP to finance the early retirement of some of its coal power plants, however some banks are reluctant to finance these early retirement for fear of being seen as financing coal projects. Indonesia is also considering expanding the green label to loans for coal power plants used by industries that make products considered sustainable, such as batteries for electric vehicles (EV).

Persons: JETP, Quoc Khanh, Tran Hong Ha, Fransiska Nangoy, Khanh Vu, Florence Tan Organizations: Association of Southeast Asian Nations, Natural Resources, Deputy, EV, Marine Spatial, Thomson Locations: JAKARTA, HANOI, Indonesia, South Africa, Vietnam, INDONESIA Indonesia, JETP, VIETNAM

☆ SoftBank-backed Neumora valued at $2.51 billion in lukewarm debut
▼ + stars: | 2023-09-15 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +2 min

Sept 15 (Reuters) - Shares of Neumora Therapeutics (NMRA.O), which is backed by Amgen (AMGN.O) and Japan's SoftBank (9984.T), fell in their market debut on Friday, giving the company a market capitalization of $2.51 billion. The ongoing surge in listings points to a nascent recovery in the U.S. IPO market amid growing expectations of a pause in interest rate hikes by the Federal Reserve. Neumora, which is developing drugs for brain diseases, raised $250 million by selling 14.7 million shares priced at the mid-point of its previously disclosed range. Neumora's debut comes a day after Arm Holdings' strong debut valued the chip designer at more than $60 billion. "Neumora opened up trading slightly below the IPO price, but taken in context with RayzeBio ... market sentiment for established, later-stage biotech IPOs appears strong," Mullin added.

Persons: Japan's SoftBank, Neumora, Riley Mullin, Mullin, Jaiveer Shekhawat, Pritam Biswas, Shounak Dasgupta Organizations: Neumora Therapeutics, Nasdaq, Federal Reserve, Arm Holdings, Renaissance Capital, Arch Venture Partners, Thomson Locations: Watertown , Massachusetts, U.S, Bengaluru

☆ HyperJar, a British fintech that offers digital wallets to users, just raised $24 million in funding with this 15-slide pitch deck
▼ + stars: | 2023-09-14 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +1 min

HyperJar, a fintech startup that offers digital wallets and B2B spending tech, has raised $24 million in funding. Founded in 2016, HyperJar is best known for its digital wallets and spending tech via its app, where users can track their finances, put money into savings pots, and earn rewards. "For the first time, we can really proactively market and grow our B2C offering which is HyperJar but also we have a very successful platform which can be made much more successful," Rob Rooney, HyperJar CEO, told Insider in an interview. "The critical part is building out that and our operating system which is an enterprise version for B2B purposes." The startup's funding comes from Susquehanna Private Equity Investments and the Healthcare of Ontario Pension Plan.

Persons: HyperJar, Rob Rooney, Rooney Organizations: North America, Susquehanna Private Equity Investments, Healthcare, Ontario Locations: Europe, North

☆ Real-estate crowdfunding is a house of cards. PeerStreet's bankruptcy reveals why.
▼ + stars: | 2023-09-14 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +21 min

Like many PeerStreet investors who spoke with Insider, Mincher has a strong résumé. Another form of crowdfunding, equity crowdfunding, works a bit like the stock market without the onerous and expensive process of initial public offerings. The PeerStreet investors who spoke with Insider said the outcome of this case could determine whether they stick with real-estate crowdfunding. Others, such as Fundrise, have moved away from crowdfunding in favor of a model for private real-estate investment trusts, similar to the BREIT later offered by Blackstone. Fritton, the former Patch of Land CEO, said Fundrise's fund model was the wave of the future for real-estate crowdfunding.

Persons: Michael Burry, Christian Bale, Burry's, Crowdfunding, Burry, Andreessen Horowitz, they're, Braun Mincher, PeerStreet, who've, Judge Laurie Selber Silverstein, Brew Johnson, he's, Braun, Mincher, —, it's, Michael Burry Astrid Stawiarz, Ian Ippolito, Ippolito, John McNellis, PeerStreet Ippolito, McNellis, El, Marc Andreessen, Phil McCarten, Silverstein, wouldn't, Sean Quinn, Doug Lyon, Lyon, that's, Jason Fritton, Kirk Brett, there's, Brett, iFunding, CrowdStreet, Nightingale's Elie Schwartz, Nightingale, Schwartz, Yieldstreet, Fritton Organizations: CNBC, Main, PeerStreet, Facebook, McNellis Partners, Funding Trust, Fairfield University, Magnetar, Adler, Securities and Exchange Commission, Department of Justice, Securities, Exchange Commission, SEC, Investors, Blackstone Locations: Delaware, El Segundo , California, crowdfunding, There's

REUTERS/Willy Kurniawan/File Photo/File Photo Acquire Licensing RightsCompanies PT Suralaya Indotenaga FollowSINGAPORE/JAKARTA, Sept 14 (Reuters) - Environmental groups have submitted a formal complaint to the World Bank for providing financial support for two coal-fired power plants in Indonesia, violating a pledge to stop backing fossil fuels. Plans to build two more would emit 250 million tons of climate-warming carbon dioxide into the atmosphere, the groups said a letter to World Bank compliance ombudsman Janine Ferretti. The IFC, the World Bank and Hana Bank Indonesia did not immediately respond to requests to comment. According to the Global Energy Monitor think tank, Indonesia was one of 11 countries to commission new coal plants last year. The JETP compels Indonesia to impose a moratorium on new coal-fired power plants, though there are exemptions for "captive" plants that serve other industrial facilities.

Persons: Willy Kurniawan, Janine Ferretti, CREA, David Stanway, Miral Organizations: Indonesia Power, Plant, REUTERS, World Bank, International Financial Corporation, IFC, Hana, Hana Bank Indonesia, Bank, Inclusive Development, Hana Bank, Research, Energy, Clean, PT, Raya, Global Energy Monitor, Thomson Locations: Suralaya, Banten province, Indonesia, SINGAPORE, JAKARTA, Hana Bank, Asia, U.S, Hana Bank Indonesia, Helsinki, Jakarta, China, India

☆ Wealthy families pile into bonds, private equity while shedding stocks - Citi
▼ + stars: | 2023-09-12 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

REUTERS/Chris Helgren/File Photo/File Photo Acquire Licensing RightsNEW YORK, Sept 12 (Reuters) - Wealthy families loaded up on bonds and private equity investments in the first half of the year while slashing their stock exposure, according to a survey by Citigroup's (C.N) private bank. More than half of the 268 family offices polled, accounting for a combined net worth of $565 billion, increased their allocations in fixed income, while 38% boosted their private equity holdings. Investors sought out private equity investments in the first half while the market for initial public offerings (IPOs) stayed sluggish. But the private equity investments are more conservative now than in previous years. The family offices surveyed had an average portfolio allocations that included 22% in both public and private equities respectively, 16% fixed income and 12% cash.

Persons: Chris Helgren, Hannes Hofmann, Ida Liu, Tatiana Bautzer, Lananh Nguyen, Stephen Coates Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Treasury, Citi Private Bank, Citi's Private Bank, Thomson Locations: Toronto , Ontario, Canada, U.S, China

☆ Battery startup Lyten raises $200 mln in new funding round
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Sept 12 (Reuters) - Silicon Valley battery startup Lyten said on Tuesday that it raised $200 million in new funding as it looks to scale up manufacturing of lithium-sulfur EV batteries, lightweight composites and sensors. The latest funding, led by venture capital firm Prime Movers Lab, takes the total equity investment in Lyten to more than $410 million. The company in May received an investment from Stellantis (STLAM.MI) to help the carmaker simplify its supply chain and pursue greener technology for EVs. Lyten targets to deliver its first commercial composites application by year-end. Reporting by Nathan Gomes in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Nathan Gomes, Dhanya Ann Thoppil Organizations: Prime, Lab, Stellantis, FedEx, U.S ., Thomson Locations: Lyten, Stellantis, U.S, Bengaluru

☆ KKR to invest more than $1 bln in USI Insurance to become largest shareholder
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid//File Photo Acquire Licensing RightsSept 11 (Reuters) - USI Insurance Services said on Monday that existing shareholder KKR (KKR.N) plans to make a new equity investment of more than $1 billion to become the largest stakeholder. Private equity firm KKR and USI will purchase shares of USI held by pension fund Caisse de dépôt et placement du Québec (CDPQ) and certain other investors, as part of the agreement. More than 50% of the USI shares held by CDPQ will be purchased as part of the transaction. CDPQ and KKR bought USI in 2017 from investment manager Onex (ONEX.TO) for $4.3 billion, including debt. USI provides insurance and employee benefit-related products to U.S. companies.

Persons: Brendan McDermid, CDPQ, Onex, Jaiveer Singh, Shounak Dasgupta Organizations: KKR, New York Stock Exchange, REUTERS, USI Insurance, USI, Thomson Locations: New York, U.S, Bengaluru

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