DIRS.INFO The most relevant business & tech news

☆ Gap to sell Greater China units to e-commerce firm Baozun
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 8 (Reuters) - U.S. apparel retailer Gap Inc (GPS.N) has agreed to sell its Greater China businesses to Baozun Inc (9991.HK), the e-commerce service provider said on Tuesday, as headwinds persists for global consumer brands in the world's second-largest economy. China's Baozun said its unit would acquire Gap Shanghai Commercial and Gap Taiwan Ltd, which operate the whole business of Gap Greater China, with a primary deal size of $40 million and no more than $50 million for adjustment. The Shanghai entity reported a net loss after tax of 256 million yuan ($35.34 million) for 2021, compared with 456.3 million yuan a year earlier, Baozun said in a filing. The Taiwan entity reported a post-tax net loss of T$199.8 million ($6.24 million) for the year ended January 29, 2022. Separately, Baozun said Gap has granted it an exclusive right to manufacture and sell its products in Greater China area.

☆ China's Fosun to raise $561 million from mining sale stake as part of asset selldown
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - China's Fosun International Ltd (0656.HK) said on Monday it would raise $561 million by selling part of its shares in Zhaojin Mining Industry Co (1818.HK) as part of its ongoing string of asset sell-downs. The company, through one of its units, is offloading 654.1 million Zhaojin Mining shares for HK$6.72 each, a 1.8% discount from the closing price on Nov. 4. Fosun had owned about 22.85% of Zhaojin Mining's shares and will retain a 2.85% stake in the Hong Kong listed company. The transaction announced on Monday is the second time Fosun has sold Zhaojin stock and has raised $663.73 million from both deals. Fosun, controlled by billionaire entrepreneur Guo Guangchang, was once one of China's most aggressive dealmakers overseas, buying high-profile assets including resort brand Club Med.

☆ After months of a slumping economy, layoffs are finally starting to hit finance firms
▼ + stars: | 2022-11-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

The economy has been trending downward for months, but it seems the shoe we've all been waiting to drop — layoffs — is starting to come down. Over on the tech side, Insider is covering the mass layoffs at Twitter, which started last night. Bloomberg reports that Twitter has been hit with a class action lawsuit, alleging staffers were not given enough notice before the cuts. Click here to see all the companies across industries that have already conducted layoffs. Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief.

☆ 25 up-and-coming investors, traders, and dealmakers at firms like Apollo, Bridgewater, and JPMorgan
▼ + stars: | 2022-11-01 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +2 min

Each year, Insider highlights Wall Street rising stars. Insider has pinpointed the young professionals on the runway to success even as banks and money managers brace for cutbacks. We scoured our contacts for ideas about individuals to include and received recommendations from bosses, colleagues, recruiters, and financial-industry peers. Insider talked to these rising stars, from leading firms like Goldman Sachs, BlackRock, and Bridgewater, to reflect on their successes, challenges, and best career advice. Also, check out their biggest career mistakes and what they learned from them as well as what they've been reading and listening to.

Goldman on Monday elevated Avinash Mehrotra and Brian Haufrect as the new co-heads of Americas M&A, according to an internal memo seen by Reuters. Both Mehrotra, who currently is the head of global activism and takeover defense, and Haufrect, who is global head of natural resources M&A, will continue to hold their existing roles on top of their new responsibilities. Russ Hutchinson will rejoin Goldman's investment banking unit as chief operating officer of its global M&A business, according to the memo sent to employees by Goldman's global co-heads of Global Banking & Markets, Dan Dees and Jim Esposito. Haufrect, who heads Goldman's natural resources deals franchise, was made partner at Goldman in 2016, according to his LinkedIn profile. Goldman's top six dealmakers - global co-heads of M&A, Stephan Feldgoise and Mark Sorrell, and M&A chairmen, Tim Ingrassia, Dusty Philip, Gilberto Pozzi and Gene Sykes - will continue running the franchise, according to the memo.

☆ Michael Klein’s fourth act may be his toughest
▼ + stars: | 2022-10-28 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

Yet his toughest task yet will be making a success of Credit Suisse’s (CSGN.S) carved-out advisory unit, CS First Boston. Credit Suisse will be reluctant to provide that, having already slashed exposures to $3.6 billion from $10.2 billion in early 2021. Credit Suisse has struggled for years to encourage the two divisions to team up on deals involving billionaire business owners. Klein’s fourth investment banking act will be his toughest. Klein, a former Citigroup banker who has been on the Credit Suisse board since 2018, will act as an adviser to Chief Executive Ulrich Körner.

LONDON, Oct 27 (Reuters) - Seeking to restore vigour to a business that's been languishing, Credit Suisse (CSGN.S) says it will reshape its investment bank by resurrecting the First Boston brand. Still, Credit Suisse says it expects CS First Boston to generate 14% of total group revenue by 2025, starting with annual sales of about $2.5 billion. Credit Suisse has been plagued by an exodus of senior bankers over the past 18 months. Yet most trading activities will remain within Credit Suisse, raising questions on CSFB's ability to compete with the likes of Goldman Sachs and JPMorgan (JPM.N). Credit Suisse is hoping to eventually pursue an initial public offering of CSFB, Körner told analysts.

☆ How Gregg Lemkau went from Goldman CEO contender to building a hybrid investment bank catering to billionaires
▼ + stars: | 2022-10-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

Gregg Lemkau was in the running for CEO before he left Goldman Sachs in 2020. Now he runs Michael Dell's investment firm, which is merging with billionaire advisory BDT. When Gregg Lemkau left Goldman Sachs in late 2020 to run Michael Dell's investment firm, many within and outside the bank were surprised. Cardinale, who had left Goldman a decade ago to start his own investment firm, knew it had to be a massive opportunity to pull away Lemkau. Oldest sibling Kristin runs JPMorgan's US wealth management business and Lemkau's younger brother Chip is a managing director at Goldman Sachs in private wealth management.

BEIJING/HONG KONG, Oct 25 (Reuters) - Global credit rating agency Moody's downgraded Fosun International Ltd (0656.HK) by one notch on Tuesday and revised its outlook to "negative" from "ratings under review" amid concerns over the firm's accelerated asset sales. Fosun and its units had earlier cut stakes in firms such as New China Life Insurance (601336.SS) and Shanghai Yuyuan Tourist Mart Group (600655.SS). Fosun, controlled by billionaire entrepreneur Guo Guangchang, was once one of China's most aggressive dealmakers overseas, buying high-profile assets including resort brand Club Med. Fosun's cash on hand at the holding company level is insufficient to cover its short-term debt maturing over the next 12 months, Moody's added. Fosun also expects to gradually repay the outstanding senior notes and increase borrowings from banks, the report said.

☆ Credit Suisse's possible First Boston revival may face hurdles
▼ + stars: | 2022-10-26 | by ( Megan Davies | ) www.reuters.com time to read: +4 min

The source said Credit Suisse has been making efforts to reclaim the First Boston brand since retiring it years ago. It was unclear whether Credit Suisse would be happy to co-exist with the other First Boston brands. When contacted by Reuters, FirstBoston.net said via email that it was not affiliated with Credit Suisse and declined comment on whether Credit Suisse had contacted it. Another company with First Boston branding is First Boston Advisors, an investment banking advisory business previously branded as Methuselah Advisors. McShane said that reviving First Boston would probably see Credit Suisse "try and brush over that the brand was abandoned."

☆ 25 up-and-coming investors, traders, and dealmakers at firms like Blackstone, JPMorgan, and Citadel
▼ + stars: | 2022-10-26 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +2 min

☆ Abu Dhabi fund ADQ invests $125 mln in female-led Aliph Capital
▼ + stars: | 2022-10-24 | by ( Yousef Saba | ) www.reuters.com time to read: +1 min

DUBAI, Oct 24 (Reuters) - Abu Dhabi sovereign wealth fund ADQ has invested $125 million in the debut fund launched by Aliph Capital, the Middle East's first female-led private equity firm. The investment announced by ADQ and Aliph's founder accounts for half of the $250 million Aliph Fund I (LP), which will focus on medium-sized companies in the region. "Aliph Capital will seek to acquire sizeable, active positions in privately owned mid-market companies across the GCC that possess robust business fundamentals," the ADQ statement said. Register now for FREE unlimited access to Reuters.com RegisterThe smallest of Abu Dhabi's three main sovereign wealth funds, ADQ has emerged as one of the region's most active dealmakers. The hold period for portfolio companies is five to seven years, Lawati said, adding that ADQ's interest in Aliph Capital was because of its focus on small and medium companies.

☆ JPMorgan picks Deutsche Bank's Sheppard for UK investment banking
▼ + stars: | 2022-10-21 | by ( Pamela Barbaglia | ) www.reuters.com time to read: 1 min

LONDON, Oct 21 (Reuters) - JPMorgan has hired one of Deutsche Bank's (DBKGn.DE) most senior dealmakers, Richard Sheppard, to strengthen its UK investment banking business and help British companies navigate the challenges caused by market turmoil and rising energy costs. Sheppard will join the Wall Street bank in November as co-head of its UK investment banking business sharing responsibilities with Charlie Jacobs, according to a memo seen by Reuters. A Deutsche Bank veteran, Sheppard led the German bank's European M&A team and was most recently named co-head of its global industrials group. Register now for FREE unlimited access to Reuters.com RegisterReporting by Pamela Barbaglia Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ If Credit Suisse loves its bankers, set them free
▼ + stars: | 2022-10-21 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

LONDON, Oct 21 (Reuters Breakingviews) - Credit Suisse (CSGN.S) is a weak bank with some strong bankers. SECOND COMINGImagine, then, that Credit Suisse spins out its advisory and capital-markets business. But Credit Suisse has never quantified the business it wins from intragroup referrals, which suggests it is low. In this case, it will be higher if those people are no longer at Credit Suisse. First Boston was a U.S. investment bank in which Credit Suisse first bought a stake in 1978.

☆ Blackstone is betting big on lending out money in the private markets, and the PE giant has $182 billion to do it
▼ + stars: | 2022-10-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Blackstone has some money to lendBlackstone, the world's largest private-equity firm and a big fan of warehouses, reported earnings on Thursday. By comparison, back in the good ole days (see: Q3 2021), Blackstone reported a profit of $1.4 billion. Blackstone reported its private credit unit was up 3% in the third quarter and 9.3% over the past 12 months. To read more about Blackstone's push into private credit, click here. A Fed president spoke somewhere that a Fed president shouldn't really be speaking, The New York Times reported.

☆ Abu Dhabi transfers Etihad Aviation Group to wealth fund ADQ
▼ + stars: | 2022-10-18 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, Oct 18 (Reuters) - Abu Dhabi sovereign wealth fund ADQ said on Tuesday the government had transferred full ownership of Etihad Aviation Group to the fund. "The transfer of EAG complements ADQ's efforts to transform Abu Dhabi into a global aviation hub anchored in end-to-end airport service excellence," ADQ said in a statement. The smallest of Abu Dhabi's three main sovereign wealth funds, ADQ has emerged as one of the region's most active dealmakers. Register now for FREE unlimited access to Reuters.com RegisterOn Monday, it said it had made an offer to take a controlling stake in Abu Dhabi Aviation (ADAVIATION.AD) and merge the helicopter operator with ADQ stakes in Etihad Engineering, AMMROC and GAL to create a "globally competitive aviation business". Etihad Airways scaled back its ambitions after it spent billions of dollars to ultimately unsuccessfully compete in building a major airport hub in United Arab Emirates capital Abu Dhabi.

A helicopter flies over the downtown skyline, amid the coronavirus disease (COVID-19) outbreak, as seen from the Cleveland Clinic hospital in Abu Dhabi, United Arab Emirates, April 20, 2020. ADQ, the smallest of Abu Dhabi's three main sovereign wealth funds, began in 2018 as a vehicle for holding state assets. ADQ and the UAE foreign ministry did not respond to emailed requests for comment. Among recent deals, ADQ launched a $300 million technology fund in March with Turkey's sovereign wealth fund to invest in venture capital funds and opportunities inside Turkey. "They are the ones that promote UAE economic diplomacy, its regional and global influence," he said.

☆ Hong Kong hopes China Congress could revive economy, reverse IPO slump
▼ + stars: | 2022-10-13 | 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: +3 min

HONG KONG, Oct 13 (Reuters) - Hong Kong dealmakers expect China's 20th Party Congress next week to herald a shift in focus in Beijing back towards business and economic issues that could help revive the city's IPO issuance from nine-year lows. Hong Kong only recently began its own reopening, relaxing its tough virus policies which have tarnished its credentials as a global financial centre. There has been just $9.28 billion worth of IPOs in Hong Kong this year, down from $37.1 billion in the same period in 2021, according to Refinitiv figures. Moreover, more than 80% of the IPOs in Hong Kong this year are trading under water since their debut, according to Dealogic data. Mainland Chinese IPOs have raised $54.12 billion, down 33% from $80.89 billion in the first three quarters of 2022, according to Refinitiv data.

☆ How Cowen’s golden parachutes landed with a thud
▼ + stars: | 2022-10-07 | by ( John Foley | ) www.reuters.com time to read: +7 min

It's not unusual for executives to have so-called golden parachutes that trigger when their company is sold. Compared with the $400 million TD might have had to pay, that sounds like a bargain. But as a proportion of the overall deal value, Cowen’s executives punch above their weight. So even if Cowen’s top brass have agreed not to open their golden parachutes, they’ll still land at TD with considerable impact. The deal included a renegotiation of the severance packages held by Cowen’s top six executives, including Chief Executive Jeffrey Solomon.

☆ Wall Street titans to join Nov 2 summit in Hong Kong as COVID rules relaxed
▼ + stars: | 2022-09-29 | by ( Scott Murdoch | Donny Kwok | ) www.reuters.com time to read: +2 min

HONG KONG (Reuters) -The heads of some of the world’s top banks and asset managers will attend an investment summit in Hong Kong on Nov. 2, the city’s financial regulator said on Thursday, signalling a re-opening of the financial hub after strict pandemic-linked curbs. Goldman Sachs Group Inc CEO David Solomon, Citigroup Inc head Jane Fraser, Morgan Stanley boss James Gorman and BlackRock Inc President Rob Kapito will be among the speakers at the Global Financial Leaders’ Investment Summit, the Hong Kong Monetary Authority (HKMA) said. Hong Kong’s unrelenting COVID curbs have battered its economy and standing as a financial centre. Some banks had warned top bosses would not attend if any restrictions remained in place. HKMA Chief Executive Eddie Yue said on Thursday the final guidelines for those attending the summit were still being finalised.

☆ Meet the brightest investors and dealmakers under 35 from firms like Blackstone and Bridgewater navigating today's choppy markets.
▼ + stars: | 2022-09-29 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

After months of interviews and countless rounds of fact checking, meet 25 best-in-class investors, traders, and dealmakers under the age of 35, from firms like JPMorgan, BlackRock, and Apollo, among others. Here is the latest crop of rising stars — Wall Streeters under the age of 35 who are pushing their teams to the top. The end result celebrates people from all walks of life who are infusing new ideas at the biggest firms. He works across the firm's funds TPG Capital and TPG Growth, and also covers TPG's impact-oriented initiative called The Rise Fund. HBCUvc's operating chief reviews hundreds of applications for the program that offers paid internships at VC firms.

Leapmotor raised $800 million, while Onewo raised $733 million from their initial public offerings(IPOs). Lithium battery maker CALB is finalising its $1.28 billion Hong Kong IPO and has priced its shares at HK$38 each, according to two sources with direct knowledge of the matter. Leapmotor and Onewo IPOs received a lukewarm response from the city's retail investors who did not take up the full amount of shares offered to them, according to the firms' filings. Leapmotor shares were priced at the low end of its marketed range, while Onewo shares were priced at the mid point of its indicated price range. read more($1 = 7.8498 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Scott Murdoch; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ The rising stars of Wall Street: Meet 25 outstanding young investors, traders, and dealmakers at firms like Blackstone, JPMorgan, and Bridgewater
▼ + stars: | 2022-09-28 | by ( Alex Morrell | Alyson Velati | Asia Martin | ) www.businessinsider.com time to read: +2 min

Akash Pradhan, 33, TPGTPGWhen Akash Pradhan needs to clear his head, the 6'1" principal at TPG heads to the basketball court. The San Francisco Warriors fan's love of sports led him to his first job with The Raine Group. As an analyst at Raine, the company exposed Pradhan to M&A advisory and private-equity investing. Over the past five years, Pradhan has been involved in or helped lead deals that total roughly $3 billion in invested capital. "I'm proud to have changed people's thought processes and perspectives on a particular industry we ended up investing in."

As market volatility persists amid Europe's energy crisis and worsening economic forecasts, companies are holding off on their plans to go public. Register now for FREE unlimited access to Reuters.com Register"One transaction alone cannot re-open the floodgates of IPO executions. This requires more predictable macro and reduced equity market volatility," said Antoine de Guillenchmidt, co-head of EMEA Equity Capital Markets at Goldman Sachs. Going forward, as interest rates continue to rise and companies look for financially efficient ways of refinancing their balance sheets, equity capital markets are likely to see a surge in convertible bond activity. "We will see many more convertibles and mandatory convertible instruments because some issuers don't have many alternatives, and investors are still very keen," said Andreas Bernstorff, head of equity capital markets at BNP Paribas.

☆ Goldman Sachs' bankers get their marching orders as Wall Street starts to purge under-performers
▼ + stars: | 2022-09-26 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

The cuts come after Goldman's investment bank logged a 41% dip in year-over-year revenues in July. Goldman Sachs has started wielding the axe at its investment bank. The job cuts are likely to echo across Wall Street, particularly within investment-banking divisions like capital markets and M&A advisory, bankers told me. US lawmakers pressed bank chief executives on reports of fraud on the Zelle payments network. Wall Street is completely delusional about the pain that is coming for the stock market.

Search resuls for: "Dealmakers"

25 mentions found