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☆ 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

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

☆ 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

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

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

☆ 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

☆ 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

☆ Bank of England drags Bagehot into the shadows
▼ + stars: | 2023-12-01 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

That is no longer tenable, in part because of reforms to bank regulation that shifted activity from traditional lenders to financial market players. These days, the institutions in need of urgent liquidity are just as likely to be pension funds, insurers or hedge funds. The British central bank’s initial ideas make sense, but only solve part of the problem. The central bank can short-circuit the panic by opening the credit taps. Central banks are only just starting to grapple with what it means to be a lender of last resort in that context.

Persons: Walter Bagehot’s, Andrew Hauser, BoE, WALTER, Gurney, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, Bank of England, Reuters Graphics Reuters, U.S, Treasury, Federal Reserve, Pensions, . Treasury, Citadel, Millennium Management, City of, U.S . Federal, Gurney & Company, Victorian, Thomson Locations: British, City, City of London, Basel, Overend, Lombard

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

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. But the extent of the political and economic jitters merely mirrors other signs of a long-term China exit well beyond portfolio flows. Earlier this month, China recorded its first-ever quarterly deficit in "bricks and mortar" foreign direct investment (FDI). What's more, a multi-year aversion to China investments then risks colliding with deteriorating long-term economic growth dynamics - heightened by rising youth unemployment and dire demographics. Despite some recent upgrades of China growth forecasts, yet another business survey this week raised red flags.

Persons: Aly, Gina Raimondo, Nicholas Lardy, Xi, Lardy, What's, Morgan Stanley, Morgan Stanley's, Mike Dolan, Paul Simao Organizations: REUTERS, Official Monetary, Financial, Reuters, . Commerce, Peterson Institute for International Economics, Thomson Locations: Shanghai, Shenzhen, China, OMFIF, Europe, North America, India, Brazil, Beijing, U.S, Washington, San Francisco

OMFIF outlined a dark mood among the funds, with more than half expecting a global economic recession in the next 12 months. None reported a positive outlook for China's economy, citing the regulatory environment and geopolitics among primary factors dissuading them from investing. "(Investors) are now focused on how to deal with a macroeconomic environment that is stuck in a higher-for-longer interest rate cycle," the report said. Overall, sovereign funds fared better than their public pension peers, OMFIF added. The UAE's Abu Dhabi Investment Authority and Saudi Public Investment Corporation grew by 13.8% and 12.9% respectively, gaining over $200 billion between them.

Persons: David Morley, OMFIF, Libby George, Sharon Singleton Organizations: Investors, Official Monetary, Financial, OMFIF, Caisse, outsized, Abu Dhabi Investment Authority, Saudi Public Investment Corporation, Thomson Locations: China, India, Middle East, Abu Dhabi

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 28, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - The EU is falling behind Britain in tapping into savers' money to boost the stock market, despite reforms in continental Europe being a step in the right direction, an official with Germany's bourse told Reuters. For Maassen there is an opportunity in Europe to rival US capital markets. Maassen urged policymakers to speed up the implementation of the Capital Markets Union, a longstanding project to create a single market for capital beyond national borders. Earlier this month, European Central Bank President Christine Lagarde called for a capital markets union, with a single supervisor and trading infrastructure, to finance its digitalisation and green transition.

Persons: Stefan Maassen, Jeremy Hunt, Hunt, ThyssenKrupp, Maassen, Germany's, Christine Lagarde, Lagarde, Pablo Mayo Cerqueiro, Anousha Sakoui, Christina Fincher Organizations: REUTERS, Staff, Germany's bourse, Reuters, Capital Markets, Deutsche, Frankfurt Stock Exchange, Schott Pharma, OLB Bank, DKV, New York Stock Exchange, EU, Capital Markets Union, European Union, European Central Bank, ., Thomson Locations: Frankfurt, Germany, EU, Europe, we're, U.S

☆ How much the typical first-time home buyer puts toward a down payment and where they get the money
▼ + stars: | 2023-11-28 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

The typical first-time home buyer made a down payment of 8% and relied on their savings to do so. Why has the typical down payment for first-time buyers reached an over two-decade high when the housing market is so expensive? In part, it's because wealthier first-time buyers — who can more easily afford a higher down payment — have been particularly active in the housing market. In 2023, the typical first-time homebuyer had a household income of $96,000, up from $71,000 in 2022. Last year, the share of first-time homebuyers reached 26% , the lowest level since the survey began in 1981.

Persons: —, homebuyer, Jessica Lautz, it's, homebuyers Organizations: Service, National Association of, NAR

Blended finance see providers of public money - typically government aid departments, development finance institutions or charitable donors - agree to accept more risk in a fund to encourage private sector investors to join. The money raised through blended finance funds is a fraction of what's needed. The new 25-year SDG Loan Fund is structured so that FMO takes the first loss should the loans turn sour. Private investors, which include Allianz and Skandia, will be the last to lose money. But this loan fund structure ensured "everyone's interest is aligned," she said, noting that private investors can start getting their money back when loans begin amortising in a few years.

Persons: Tilman Blasshofer, FMO, That's, Nadia Nikolova, Nikolova, Nic Wessemius, FMO's, Wessemius, Tommy Reggiori Wilkes, Simon Jessop, Mark Potter Organizations: Allianz Global Investors, REUTERS, MacArthur Foundation, LONDON, Private, Allianz, Skandia, FMO, Reuters, concessional, Investment, Thomson Locations: Frankfurt, Germany, Dubai

☆ More Americans can buy investments earmarked for the rich. Why doing so may be risky, say experts
▼ + stars: | 2023-11-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

Anyone can generally buy the stock of public companies on a stock exchange, or buy pools of stocks or bonds via publicly available mutual funds and exchange-traded funds. By comparison, private investments let people invest in companies that aren't listed on a public exchange. Julio Estela, 41, who lives in Wantagh, New York, made his largest private investment in 2021, in Green Coffee Company. Why private markets are 'two-tiered'Hxyume | E+ | Getty ImagesSome of the largest U.S. investors, such as pension funds, often have some exposure to private investments, proponents say. As with public stock, betting on one private investment instead of pooling risk in a fund of many private companies is an even riskier strategy, experts said.

Persons: Micah Hauptman, Charles Failla, Cassandra Borchers, Thompson Hine, Borchers, it's, Michael Cembalest, Mike Curtis, Shaka Tea, Julio Estela, he's, Curtis, Estela, Hauptman, Failla Organizations: SEC, Consumer Federation of America, Sovereign Financial Group, Sovereign Financial, Morgan, Wealth Management, Shaka, Green Coffee Company, rehabbing, American Investment Council, Pensions, Cambridge Associates Locations: Honolulu , Hawaii, Wantagh , New York, Hawaii

☆ Signa unit files for insolvency as crisis at Benko's empire deepens -Spiegel
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 24 (Reuters) - Signa Real Estate Management Germany filed an official application for bankruptcy at the Berlin Charlottenburg district court, German magazine Spiegel reported on Friday, as the crisis at Rene Benko's property group deepens. Separately, Austrian newspaper Der Standard said a bankruptcy filing for Signa Group could come next Tuesday, citing a source. Meetings of Signa employees are planned for the same day, when employees will be given information about the insolvency and further steps, the paper reported. Signa Group declined to comment when contacted by Reuters. The Signa group has holdings of 27 billion euros ($28.8 billion) and 25 billion euros in development.

Persons: Spiegel, Rene Benko's, Benko, Signa, Emma, Victoria Farr, Matthias Inverardi, John O'Donnell, Elisa Martinuzzi, Louise Heavens Organizations: Estate Management, Signa, Reuters, Thomson Locations: FRANKFURT, Estate Management Germany, Berlin Charlottenburg, Austria, Germany, Europe's

Under the new terms offered by Brookfield, the A$9.43 per share bid remains but some investors can stay invested in the energy markets business that would be owned by Brookfield. Brookfield's consortium partner EIG Partners would take on Origin's integrated gas business which includes the 27.5% stake in Australia Pacific LNG (APLNG). If that bid fails to achieve 75% shareholder support, an alternative proposal has been lodged that would see Origin sell the energy markets business to Brookfield for A$12.3 billion. When asked during a press conference if he had reservations about the revised deal, Chairman Scott Perkins said: "absolutely". DONE TALKINGFollowing the announcement of the revised offer, EIG CEO Blair Thomas told Reuters that he was done talking to AustralianSuper.

Persons: Dado Ruvic, Australia's, EIG, Scott Perkins, Blair Thomas, Allan Gray, Simon Mawhinney, Mawhinney, Chris Bowen, Scott Murdoch, Lewis Jackson, Praveen Menon, Lincoln, Sonali Paul, Jamie Freed Organizations: Brookfield, REUTERS, SYDNEY, Brookfield ., EIG Partners, Australia Pacific LNG, Reuters, Brookfield consortium's, Energy, Thomson Locations: Brookfield, Sydney, Australia

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