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☆ CalPERS to double climate investments, consider asset sales
▼ + stars: | 2023-11-03 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

Staff for the California Public Employees' Retirement System (CalPERS) said the plan will boost returns for the $444 billion system, the largest in the U.S., plus cut in half its portfolio's "emissions intensity," a measure of emissions relative to output. Cashion said the new investments will be spread among companies that do things like mitigate emissions or make infrastructure more resilient to climate change, selected across different asset classes. Additional proposed legislation would require state funds to sell fossil fuel stocks, following systems in other states such as Maine. CalPERS has opposed the idea, saying it would do little to limit emissions and could compromise returns. But he said CalPERS will develop a process to evaluate whether a company is prepared for stronger climate regulations or shifts in consumer demand.

Persons: Peter Cashion, Cashion, CalPERS, Ross Kerber, David Gregorio Our Organizations: Staff, California Public Employees, Democratic, United Nations, Thomson Locations: U.S, California, Maine

"AustralianSuper believes Origin has a highly strategic portfolio of assets to participate in, and benefit from, the energy transition," a spokesperson said. Origin shares plunged as much as 5.6% to A$8.565 in high-volume trading following the news, as AustralianSuper's 13.68% holding could scupper a deal that requires approval from 75% of the register if not all investors vote. Should the deal fail at the shareholder vote scheduled for Nov. 23, a revised agreement allows the consortium to make a subsequent off-market bid if it buys 5% or more of Origin shares. "If it gets voted down, Brookfield aren't obligated to come back with an off-market takeover offer, but they may be inclined to," he said. Should the deal close, Brookfield and its partners GIC and Temasek will own Origin's Energy Markets business, which includes power generation and retailing.

Persons: Dado Ruvic, AustralianSuper, Canada's Brookfield, Brookfield, Jamie Hannah, Simon Mawhinney, Allan Gray, Stewart Upson, Scott Murdoch, Lewis Jackson, Sameer Manekar, Jamie Freed Organizations: Brookfield, REUTERS, SYDNEY, bourse, Brookfield Asia, Energy Markets, Saudi Arabia's Aramco, Australia Pacific LNG, Thomson Locations: VanEck, Brookfield, Temasek, Saudi, Australia, Sydney, Bengaluru

☆ UK household wealth has tanked and it's a sign of what could happen in the US
▼ + stars: | 2023-11-01 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

UK's household wealth dropped due to rising interest rates, with regions like Scotland hit hardest. The US faces a similar risk with many Americans' wealth tied up in home equity and retirement accounts. Decline in UK household wealth since the start of 2022. Scotland, Wales, and the North of England had the biggest drops of 24% to 26% in total household wealth. Similar factors are seen in the USThe factors leading to declining household wealth in the UK cast a long shadow over the US.

Persons: —, Jeremy Grantham, Grantham, Daniel Bustamante, boomers Organizations: Service, Bank of England, Foundation, Federal Reserve's Survey, Consumer Finances, Treasury, Brigade, Bustamante, Co Locations: Scotland, Wales, England, East, North

☆ Brookfield’s climate deal may run out of energy
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

The logo of Australian energy company Origin is pictured in Melbourne, Australia, July 3, 2016. REUTERS/Jason Reed/File Photo Acquire Licensing RightsMELBOURNE, Oct 31 (Reuters Breakingviews) - Australia’s top pension fund has aptly chosen Halloween to try to scare Brookfield Asset Management (BAM.TO) and co-bidder MidOcean Energy to dig deeper in their pursuit of Origin Energy (ORG.AX). AustralianSuper said on Tuesday it intends to vote its near-14% stake against the current A$18.7 billion ($12 billion) offer next month. On that score, the pension fund’s intervention may frighten the deal to death. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jason Reed, AustralianSuper, Antony Currie, Peter Thal Larsen, Thomas Shum Organizations: REUTERS, Rights, Reuters, Asset Management, MidOcean Energy, Origin Energy, X, Vodafone, Thomson Locations: Melbourne, Australia, –, Brookfield, MidOcean, Spain

☆ BOJ chooses slow path out of zero-rate limbo
▼ + stars: | 2023-10-31 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +4 min

REUTERS/Susana Vera Acquire Licensing RightsHONG KONG, Oct 31 (Reuters Breakingviews) - The Bank of Japan (8301.T) is taking the long road out of zero-interest rate limbo. On the face of it, BOJ Governor Kazuo Ueda and his colleagues made few policy changes at their latest meeting. The short-term interest rate remains negative, while the official yield target for 10-year Japanese government bonds is unchanged at 0%. However, the real challenge for Ueda is when to end the era of negative short-term interest rates. The BOJ’s nine-member board maintained its target for short-term interest rates of -0.1%.

Persons: Kazuo Ueda, Susana Vera, Haruhiko Kuroda, Ueda, “, Antony Currie, Thomas Shum Organizations: Japan, International Monetary Fund, World Bank, REUTERS, Reuters, Bank of Japan, U.S, Thomson Locations: Marrakech, Morocco, HONG KONG, Japan

☆ Cryptoverse: As good as gold? Spot bitcoin ETFs aim to whip up US demand
▼ + stars: | 2023-10-31 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +5 min

Mainstream investment giants such as BlackRock (BLK.N) and Fidelity, as well as crypto-focused firms like Grayscale, have filed applications for spot bitcoin ETFs. U.S. crypto firm NYDIG estimates demand for a spot bitcoin ETF at around $30 billion. Their calculation compares the sizes of the gold and bitcoin ETFs - $210 billion versus $28.8 billion, respectively - and adjusts them for their relative volatility. BlackRock declined to comment on its pending spot bitcoin ETF, other than to confirm that it is still awaiting final SEC approval. His forecast is based on how demand evolved in smaller markets where spot bitcoin ETFs already exist, such as Canada.

Persons: Dado, Dave Mazza, George Gagliardi, cryptocurrencies, bitcoin, Todd Sohn, Steven McClurg, Crypto, Matthew Sigel, Matthew Hougan, Steve Sosnick, Suzanne McGee, Ira Iosebashvili, Michelle Price Organizations: REUTERS, Roundhill Investments, Fidelity, U.S . Securities, Exchange, Coromandel Wealth Management, Strategas Securities, Boston Consulting, BlackRock, SEC, Bitwise Investments, Interactive, Thomson, Reuters Locations: U.S, BlackRock, Lexington , Massachusetts, Canada

Telefonica and Liberty Global have been working with advisers on the sale of up to half of their combined 50% stake in Cornerstone. Vodafone (VOD.L) owns the rest of the business through its Frankfurt-based subsidiary Vantage Towers (VTWRn.H). Spokespeople for Telefonica, Liberty Global, Virgin Media O2 and GLIL declined to comment. Cornerstone, established in 2012, is Britain's largest tower company, managing more than 20,000 sites, according to the company's website. In recent years infrastructure and private equity investors have competed for slices in some of the largest tower deals, including Deutsche Telekom's sale of a majority stake in GD Towers, because of their stable cash yield and long-term contracts.

Persons: Phil Noble, Amy, Jo Crowley, Andres Gonzalez, Paul Sandle, Helen Popper Our Organizations: REUTERS, Virgin Media O2, Liberty Global, Telefonica, Cornerstone, Vodafone, Deutsche, GD, Thomson Locations: Blackpool, Britain, Frankfurt

Reuters could not establish whether Canaccord's interest in the business, known as Close Brothers Asset Management, is still live. Shares in Close Brothers closed 2.2% up on Thursday after initially jumping as much as 5% on the news. Royal Bank of Canada (RY.TO) acquired London-listed Brewin Dolphin last year in an effort to bulk up its international wealth management footprint. Bloomberg first reported Close Brothers' plans to offload its wealth management division in July. Canaccord has sought to grow its UK wealth management arm via acquisitions.

Persons: Goldman Sachs, David Esfandi, OTPP, 7IM, Canaccord, Pablo Mayo Cerqueiro, Amy, Jo Crowley, Anousha Sakoui, Jane Merriman, Jonathan Oatis Organizations: Reuters, Asset Management, Royal Bank of Canada, Bloomberg, HPS Investment Partners, Thomson Locations: Toronto, London

☆ What’s next for the auto strikes
▼ + stars: | 2023-10-26 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +8 min

But the strike at the company isn’t quite over, and there’s no immediate end in sight for the strikes at General Motors and Stellantis. And pay increases will be even greater for some workers who were being paid at a lower pay tier. Generally union members do not return to work when a tentative agreement is reached until after a ratification vote is concluded. The Mack Trucks deal also had double-digit pay hikes of 10% immediately and 20% over the four-year life of that contract. But it didn’t have the COLA or some of the other gains the union achieved in the deal at Ford.

Persons: “, Ford, Isaiah Goddard, He’s, ”, Chuck Browning, Shawn Fain, “ We’re, John Deere, Mack Trucks, Fain, John Lawler Organizations: New, New York CNN, Ford, General Motors, United Auto Workers, Chrysler, CNN, UAW, Stellantis, GM, Management, Fortune, EV Locations: New York, Ypsilanti , Michigan, Ford

☆ Brazil's Lula names new CEO of state-run lender Caixa
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Companies Caixa Economica Federal FollowBRASILIA, Oct 25 (Reuters) - Brazilian President Luiz Inacio Lula da Silva on Wednesday picked Carlos Antonio Vieira Fernandes to replace Rita Serrano as CEO of state-run lender Caixa Economica Federal. Her replacement, Fernandes, is a former worker at the bank and former director of the Caixa employees' pension fund, Funcef. The CEO appointment comes after months of negotiations with a powerful bloc of lawmakers called "centrao." Fernandes was recommended to Lula by Lower House Speaker Arthur Lira on behalf of the bloc, in exchange for more support in Congress. Reporting by Lisandra Paraguassu; Writing by Peter Frontini; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Luiz Inacio Lula da Silva, Carlos Antonio Vieira Fernandes, Rita Serrano, Serrano, Lula, Fernandes, Arthur Lira, Lisandra Paraguassu, Peter Frontini, Leslie Adler Organizations: Caixa Economica, Caixa Economica Federal, Caixa, Lower, Thomson Locations: BRASILIA, Caixa, Lula

☆ Britain tells pension funds change needed to improve returns
▼ + stars: | 2023-10-25 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The government wants to persuade pension schemes to invest some of their funds in infrastructure as well as startups and green technology. Ten companies have now voluntarily committed to invest 5% of their pension funds, or about 50 billion pounds in total, in unlisted companies by 2030. "I think we have got too many pension funds in this country, and I do want to see an industry where we end up with fewer, larger funds," Hunt told an event to take stock of the initiative. He said he wanted to see larger funds with the confidence to invest in growth companies. Delfas said fewer, larger and well run schemes were needed, and it was time to consolidate pension funds that lack expertise, scale and appetite to deliver better returns to savers into funds that do.

Persons: Jeremy Hunt, Hunt, Aon, Delfas, Huw Jones, Sachin Ravikumar, Jane Merriman Organizations: Insurance, British Private Equity, Venture Capital Association, British Business Bank, Pensions, Thomson Locations: Britain

☆ World’s largest sovereign wealth fund loses $34 billion as all asset classes fall in third quarter
▼ + stars: | 2023-10-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Norway's $1.4 trillion sovereign wealth fund, the world's largest, on Tuesday reported losses of 2.1% in the third quarter, as all asset classes fell in value. The fund last reported a quarterly loss one year ago. "The stock market saw a weaker quarter compared to the two previous quarters," Trond Grande, deputy chief executive of Norges Bank Investment Management, said in a statement. Norway's gigantic sovereign wealth fund was established in the 1990s to invest the surplus revenues of the country's oil and gas sector. The fund reported a quarterly loss of 3.3% on its investments in unlisted real estate, while the third-quarter loss on its renewable energy infrastructure investments came in at 2.4%.

Persons: Trond Grande Organizations: Fund Global, Norges Bank Investment Management

☆ Apple iPhone maker Foxconn being investigated in China as founder runs for Taiwan presidency
▼ + stars: | 2023-10-23 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Taiwan’s Foxconn, one of Apple’s largest suppliers, is being investigated by authorities in China, according to state media. Foxconn, also known as Hon Hai Precision Industry, has iPhone factories in Guangdong and Henan, including the world’s largest in the city of Zhengzhou. The company’s listed unit in Shanghai, Foxconn Industrial Internet, plummeted by its daily limit of 10% on Monday. Terry Gou, Foxconn founder, announces bid for Taiwan presidency during a press event in Taipei on August 28. The crackdown came despite repeated calls from Chinese leaders to welcome more foreign investment to boost the country’s slowing economy.

Persons: Taiwan’s, Terry Gou, won’t, Foxconn, “, ”, Brock Silvers, Gou, Hai, ” Gou, Ann Wang, Lai Ching, — Hou Yu, Ko Wen, Zhang Wensheng, ” Zhang, Silvers Organizations: Hong Kong CNN, Global Times, CNN, Hai Precision Industry, Foxconn Technology, WPP, drugmaker Astellas Pharma, Kaiyuan, “, Apple, Communist, Taiwan, Democratic People’s Party, ih, Kuomintang, Taiwan People’s Party, Beijing, China’s Xiamen University, Financial Times, Shanghai, Economic Observer Locations: China, Hong Kong, Beijing, Guangdong, Jiangsu, Henan, Hubei, Zhengzhou, Shanghai, Taipei, Taiwan

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. REUTERS/Victoria Klesty/Illustration/File Photo Acquire Licensing RightsLONDON/NEW YORK, Oct 23 (Reuters) - The growth in demand for appetite suppressing anti-obesity drugs like Novo Nordisk's (NOVOb.CO) Wegovy presents opportunities for food manufacturers and the market's initially downbeat reaction may be overdone, investors say. Still, the stock market impact left some food manufacturers "trembling," said John Plassard, senior investment specialist at Nestle investor Mirabaud Group. The uptake in appetite suppressing drugs seems to be a U.S.-led dynamic, said My Nguyen, research analyst at Legal & General Investment Management America. "Elsewhere, trends such as wealthier, more mobile middle classes in emerging countries can support shifts towards snacking and convenience foods."

Persons: Victoria Klesty, Richard Saldanha, Wegovy, Kiran Aziz, Mark Schneider, John Plassard, Brian Frank, Frank, Nguyen, Richa Naidu, Matt Scuffham, Kirsten Donovan Organizations: REUTERS, Walmart, Nestle, Aviva, Novo Nordisk, EY, Industry, Health Sciences, Wellness, Mirabaud, Tyson Foods, Arcos Dorados, Legal, General Investment Management America, Germany's, Investments, Unilever, Coca Cola, Thomson Locations: Oslo, Norway, Victoria, United States, Denmark, Germany, Arda, Ural, U.S

☆ CBC Healthcare secures $875 mln for life science investment in China
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Oct 23 (Reuters) - CBC Healthcare Infrastructure Platform (CBC HIP), an independent life science real assets investor in China, said on Saturday it had secured $875 million for its first life science real assets venture called CLSRA Venture I.Abu Dhabi-based sovereign investor Mubadala Investment Company will join existing investors Dutch pension fund APG Asset Management and Asian healthcare asset management firm CBC Group in CBC HIP, according to a company statement. The inclusion of Mubadala as an investor allows CLSRA Venture I to secure further opportunities in the life science real assets sector in China, CBC HIP said. "We will continue to tap the immense potential of life science real assets as a critical component of China's growing healthcare and life science industry," said Hans Kang, Chief Executive Officer of CBC HIP. CLSRA Venture I has so far deployed $450 million across four real estate projects, according to the statement. Since its establishment in November 2021, CLSRA Venture I has acquired some 520,000 square meters of life science real assets in Shanghai, Beijing and Suzhou in China, it added.

Persons: Hans Kang, Yantoultra Ngui, Subhranshu Sahu Organizations: CBC Healthcare, CBC, CLSRA Venture, Mubadala Investment Company, Asset Management, CBC Group, CBC HIP, Thomson Locations: SINGAPORE, China, Abu Dhabi, Shanghai, Beijing, Suzhou

☆ The Netherlands named the best place to retire — here's how other countries compare
▼ + stars: | 2023-10-23 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Retirement income systems vary in different countries, and the U.S. does not come out on top. The additional concerns make one thing even more important: retirement income systems. They have some of the strongest retirement systems, according to the Mercer CFA Institute Global Pension Index for 2023, which was published Tuesday. A total of 47 different retirement systems were assessed in the report. Retirement systems in the latter have "major weaknesses," the report said.

Organizations: Mercer CFA, Global, U.S Locations: U.S, Netherlands, Iceland, Denmark, Israel, Kazakhstan, Colombia, France, Spain, Canada , New Zealand, Germany, Mexico, Indonesia, South Africa, Thailand, Turkey, India, Philippines, Argentina

☆ China weighs options to blunt U.S. sanctions in a Taiwan conflict
▼ + stars: | 2023-10-20 | by ( Eduardo Baptista | ) www.reuters.com time to read: +10 min

"In the context of intensified Sino-U.S. strategic competition and the Taiwan Strait conflict, we should be wary of the U.S. replicating this financial sanction model against China," wrote Chen Hongxiang, a researcher at a branch of the People's Bank of China (PBOC) in eastern Jiangsu province. Wang and several PBOC researchers wrote in articles that if the U.S. implemented Russia-style sanctions on China, Beijing should freeze U.S. investment and pension funds and seize the assets of U.S. companies. ENERGY AND ALLIANCESBesides financial sanctions, Russia's response to Western pressure on its oil, gas, metals, and chips industry has given food for thought to Chinese researchers. Chinese researchers also suggested Beijing exploit cracks within the European Union and between the U.S. and its allies. "The mutual penetration of the Chinese and American economies will inevitably weaken the willingness to impose financial sanctions," he wrote.

Persons: Thomas Peter, Chen Hongxiang, Xi Jinping, Yu Yongding, Yu, PBOC, Wang Yongli, Wang, Sun, Mou Lingzhi, Xia Fan, Ye Yan, Martin Chorzempa, Chorzempa, Chen, Eduardo Baptista, David Crawshaw Organizations: REUTERS, Rights, U.S, Moscow, China, People's Bank of China, Reuters, Senior U.S, People's Liberation Army, China National Knowledge Infrastructure, China International Futures, U.S ., China Center for International Economic, Shanghai Academy of Social Sciences, China Minmetals Corporation, London Metals Exchange, Oil and Gas Exploration, Development Company, European Union, Peterson Institute for International Economics, EU, Thomson Locations: Fuzhou, Taiwan, Matsu, China, Rights BEIJING, Russia, Ukraine, Jiangsu, Beijing, Russian, U.S, Hainan, Washington, United States

But the actors' talks were tepid, with days off between sessions and no reports of progress. WHAT HAPPENS NEXT IN THE ACTORS STRIKE? Their 42-day work stoppage began and ended all within the span of the much longer writers strike. Other segments of the actors union have gone on strike too, including several long standoffs over the TV commercials contract. That segment of the union could strike again soon if a new contract deal isn't reached.

Persons: —, Fran Drescher, I’ve, Ted Sarandos, ” Sarandos, ” Duncan Crabtree, Crabtree, “, ” Drescher, that’s, AFTRA, Ronald Reagan, Tony Curtis, Janet Leigh, Jamie Lee Curtis, Bob Hope, ”, Powers Boothe, isn't, Martin Scorsese, Leonardo DiCaprio hasn't Organizations: ANGELES, Screen, American Federation of Television, Radio Artists, SAG, Associated Press, Netflix, Actors, U.S, Union, The Television Academy Locations: Ireland, Crabtree, hollywood

The individuals' accounts varied but were consistent in describing heightened scrutiny of overseas travel even after China reopened borders in January. Reuters is reporting these measures and the scope of some post-COVID travel curbs for the first time. NEW LIMITSRestrictions on personal foreign travel have long applied to senior government officials and state executives with access to confidential information. MAPPING CONNECTIONSChinese authorities are also scrutinising personal foreign ties, according to a document seen by Reuters, one of the 10 people who discussed travel curbs and three other state-enterprise workers with knowledge of the matter. Thomas said the travel curbs in particular would have implications for China's interactions with the world.

Persons: Carlos Garcia Rawlins, Xi, Neil Thomas, Thomas, Wang Zhi'an, Engen Tham, Julie Zhu, Kane Wu, Xie Yu, Martin Quin Pollard, David Crawshaw, Vidya Ranganathan Organizations: REUTERS, Rights, Reuters, Asia Society, Center for, State, Information Office, Communist Party, China Construction Bank, China Development Bank, National Council for Social Security Fund, Municipal Eco, Communist, Communist Youth League, Ministry of State Security, U.S . Central Intelligence Agency, CIA, Beijing, Thomson Locations: China, Beijing, Rights SHANGHAI, HONG KONG, Center for China, Washington, Shanghai, Zhejiang, Hong Kong, Singapore, Ningbo, Wenzhou, Japan, Italy

☆ The UK Labour Party has a Biden-esque economic plan — but it's very different to Bidenomics
▼ + stars: | 2023-10-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

LIVERPOOL, U.K. - Oct. 11, 2023: Britain's main opposition Labour Party leader Keir Starmer applauds a speaker the final day of the annual Labour Party conference in Liverpool, northwest England, on October 11, 2023. Paul Ellis | Afp | Getty ImagesLONDON — The U.K.'s main opposition Labour Party last week set out the economic platform it hopes will propel it to power at next year's general election, and the transatlantic parallels were clear. Reeves promised last week to "rebuild Britain" as the party seeks to de-risk business investment in emerging technologies with a new national wealth fund, maintaining an active state while harnessing private investment to drive economic growth. Labour's desired parallels to "Bidenomics" were discussed at a host of fringe events throughout the conference in Liverpool, particularly with regards to the "crowding in" of private investment — a Keynesian economic theory that suggests increased government spending can spur increased private investment. Just because the policies may be oriented towards boosting infrastructure and investment, unless they have that debt finance component, it's not Bidenomics."

Persons: Keir Starmer applauds, Paul Ellis, Keir Starmer, Starmer, they're, Rachel Reeves, Joe Biden's, Reeves, Britain —, Biden, Kallum Pickering, Liz Truss, Truss, Rishi Sunak, Pickering, it's Organizations: LIVERPOOL, Labour Party, Afp, Getty, Labour, U.S, Biden administration's, U.S . Treasury, CNBC, Bank of England, Conservative Party, U.S ., University of Pennsylvania Locations: Liverpool, England, America, Britain, Germany, France

☆ Twenty arrested in Hong Kong over false document pension withdrawals amid row over UK passport
▼ + stars: | 2023-10-13 | by ( Jessie Pang | Thomson Reuters | Jessie Pang Joined Reuters In After An Internship. She Covers Hong Kong With A Focus On Politics | ) www.reuters.com time to read: +2 min

An evening view of the financial central district of Hong Kong, China October 3, 2023. Hong Kong pension funds have been in the spotlight since the emigration of more than 140,000 Hong Kong people to Britain after 2020 when China imposed a national security law on the former British colony, cracking down on dissent. The authority running the pension scheme then said it would not accept the passport as a valid document for the withdrawal of funds. The agent had allegedly accepted bribes of up to tens of thousands of Hong Kong dollars per applicant, the ICAC said. Hong Kong returned to Chinese rule in 1997.

Persons: Tyrone Siu, Hong Kongers, Hong Kong, Jessie Pang, Nick Macfie Organizations: REUTERS, Britain, British National, Overseas, Provident Fund, Hong Kong Watch, Residents, HK, Thomson Locations: Hong Kong, China, HONG KONG, Britain . Hong Kong, Britain, British, Hong

☆ Analysis: Canada may struggle to recoup $26 billion cost of Trans Mountain pipeline
▼ + stars: | 2023-10-12 | by ( Nia Williams | ) www.reuters.com time to read: +5 min

Prime Minister Justin Trudeau's Liberal government bought Trans Mountain in 2018 for C$4.5 billion to rescue the expansion project, which has struggled with years of regulatory delay and massive cost overruns. A Reuters survey of five analysts and investors valued Trans Mountain between C$15 billion and C$25 billion, based on factors including projected earnings and oil shipping tolls. Trans Mountain Corp (TMC) CEO Dawn Farrell told local media last week the sale could wrap up by early 2025, just as Canada heads into a federal election. Trans Mountain offers strategic value as it is the only pipeline taking crude from Canada's oil patch to the Pacific, and on to Asian refining markets. "It's hard to imagine...that a pipeline like Trans Mountain would ever be built again," Poscente said.

Persons: Justin Trudeau's, Ryan Bushell, Dawn Farrell, Michael Dunn, Paul Poscente, Poscente, Pembina, Scott Burrows, Enbridge, Marc Weil, Dave Szybunka, Szybunka, Rod Nickel, Steve Scherer, Denny Thomas, Marguerita Choy Organizations: Ottawa, Justin Trudeau's Liberal, Reuters, Newhaven Asset Management, Trans Mountain Corp, Mountain, Cenovus Energy, Nations, Axxcelus, Chinook, Pembina Pipeline Corp, Indigenous Pipeline, TC Energy, Keystone, TC, Canoe Financial, Thomson Locations: Canada, Alberta, Trans, Newhaven, Pembina, U.S, Gulf, Calgary, Winnipeg, Ottawa

LONDON/FRANKFURT, Oct 12(Reuters) - Brooks Macdonald (BRK.L) is working with a defence adviser on its strategy amid takeover interest, three people familiar with the matter told Reuters. Raymond James has had a longer-term mandate for financial advice which recently developed into defence strategy, one of the people said. Brooks Macdonald and Raymond James declined to comment. Shares in Brooks Macdonald have dipped since peaking in late 2021 as market conditions soured. Britain's fragmented wealth management industry has seen increased consolidation in recent years driven by both private equity and strategic players.

Persons: Brooks Macdonald, Raymond James, Charles Stanley, Brewin, Andrew Shepherd, Pablo Mayo Cerqueiro, Victoria Farr, Amy, Jo Crowley, Anousha Sakoui, Kirsten Donovan Organizations: Reuters, Thomson Locations: FRANKFURT, British, London, Emma

☆ Warren Buffett's deputy isn't in 'The Big Short' like Michael Burry - but he also bet against the housing bubble and spoke to Michael Lewis
▼ + stars: | 2023-10-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

"The Big Short" starred Michael Burry and others who bet the mid-2000s housing bubble would burst. Author Michael Lewis phoned Combs to talk about his housing wager while researching "The Big Short." AdvertisementAdvertisementMichael Burry and the other stars of "The Big Short" weren't the only investors to uncover the toxic assets underpinning the mid-2000s housing bubble, and place bets on its spectacular collapse. Lewis said he was working on a book about the whole situation that would become "The Big Short." AdvertisementAdvertisementCombs finished the story by saying he enjoys being "one small little piece" of the fascinating backstory behind "The Big Short."

Persons: Michael Burry, Todd Combs, Warren Buffett's, Michael Lewis, Combs, —, Warren, Ted Weschler, Baupost Group's Seth Klarman, Klarman, Bear Stearns, Lewis, Steve Eisman, Danny Moses, Greg Lippmann, Buffett, it's Organizations: Service, Berkshire Hathaway's, Countrywide, Washington, Long, Mortgage, Street, Securities and Exchange Commission Locations: Berkshire, Bear Stearns

☆ US SEC shortens deadline to disclose 5% stock ownership to 5 days
▼ + stars: | 2023-10-10 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

[1/2] The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. As adopted, the rule also shortens the disclosure deadline for certain institutional investors to 45 days from the end of the quarter in which their ownership stake surpasses 5%. Previously, the deadline was 45 days from the end of the calendar year. In advance of the announcement, SEC officials told reporters the final rule had been softened in important ways from the original proposal. The SEC announced the new rule changes after they had already been adopted rather than through a public meeting.

Persons: Andrew Kelly, Gary Gensler, Elon Musk, Hester Peirce, Peirce, Douglas Gillison, David Gregorio, Nick Zieminski, Mark Porter Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, SEC, Republican, Thomson Locations: Washington ,

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