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☆ Singapore's DBS eyes Malaysian bank stakes in expansion push, Reuters reports
▼ + stars: | 2024-11-11 | by ( ) www.cnbc.com time to read: +3 min

Deliberations are in very early stages, however, the sources said, and any formal negotiations for an acquisition of a stake in a Malaysian bank would need approval from the Malaysian central bank, or Bank Negara Malaysia. "We do not comment on market rumors and speculation," said a spokesperson for DBS, Southeast Asia's biggest lender by assets. Alliance Bank, the second smallest listed bank in Malaysia by total assets, and Bank Negara Malaysia did not respond to requests for comment after business hours on Friday. DBS is the only Singaporean bank without a retail banking presence in Malaysia. Local rivals Oversea-Chinese Banking Corporation and United Overseas Bank both have retail banking operations in Malaysia.

Persons: Piyush, Gupta, Tan Su Shan, Anwar Ibrahim Organizations: DBS Group Holdings, DBS, Alliance Bank Malaysia Bhd, Kuwait Finance House's, Bank Negara Malaysia, Temasek, Alliance Bank, Kuwait Finance House, Local, Oversea, Chinese Banking Corporation, United Overseas Bank, Gupta, Malaysian Locations: Malaysia, Singapore, Temasek, Kuwait, Malaysian, Bank, China, India, Indonesia, Taiwan

☆ Australia proposes ban on social media for children under 16
▼ + stars: | 2024-11-07 | by ( ) www.cnbc.com time to read: +1 min

Shoppers use their phones as they walk past the entrance to a Myer department store, owned by Australia's biggest department store chain Myer Holdings Ltd, in Sydney, Australia, November 1, 2017. Australia Prime Minister Anthony Albanese said on Thursday the government would legislate for a ban on social media for children under 16, a policy the government says is world-leading. Australia is trialing an age-verification system to assist in blocking children from accessing social media platforms, as part of a ban that could come into force as soon as the end of next year. "Social media is doing harm to our kids and I'm calling time on it," Albanese told a news conference. Albanese cited the risks to physical and mental health of children from excessive social media use, in particular the risks to girls from harmful depictions of body image, and misogynist content aimed at boys.

Persons: Anthony Albanese, Albanese Organizations: Myer, Australia's, Myer Holdings Ltd, Australia Locations: Sydney, Australia

☆ China's latest stimulus boosts emerging-market stocks to the highest level in 2 years
▼ + stars: | 2024-09-24 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

The boost comes shortly after China introduced a swath of new stimulus measures to prop up its sluggish economy and boost domestic demand. AdvertisementThe new stimulus measures also boosted China's CSI 300 of Shanghai- and Shenzhen-listed shares, with the index closing 4.3% higher on Tuesday in its best day in four years. And the Stoxx Europe 600 index climbed as much as 0.9%, led by luxury stocks amid hopes that sluggish Chinese consumer spending will rebound. Yet, some analysts remain wary that China's stimulus measures won't have drastic enough impacts to actually rescue the country from its economic woes. AdvertisementIn recent months, China's economy has struggled to escape weak consumer sentiment and continues to face a struggling property sector.

Persons: —, Yingrui Wang, Goldman Sachs Organizations: Service, Tencent Holdings, Alibaba, Holding, Business, CSI, US Federal Reserve, AXA Investment Locations: Hong Kong, China, Shanghai, Shenzhen, Europe

☆ Here are Thursday's biggest analyst calls: Nvidia, Apple, Broadcom, Micron, Goldman Sachs, Carvana, Arista & more
▼ + stars: | 2024-06-27 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Thursday's biggest calls on Wall Street: Goldman Sachs reiterates Micron as buy Goldman said investors should buy the dip in the stock following earnings on Wednesday. Jefferies reiterates Nvidia, Marvell and Broadcom as buy Jefferies said it's sticking with its buy rating on all three companies. " Morgan Stanley initiates Viking Therapeutics as overweight Morgan Stanley said the biotech company has "best-in-class potential." Morgan Stanley adds Goldman Sachs to the financials finest list Morgan Stanley added the investment banking giant to its top financials ideas list. Morgan Stanley reiterates Coca-Cola as overweight Morgan Stanley said it's sticking with its overweight rating on the beverage giant.

Persons: Goldman Sachs, Goldman, Bernstein, Apple, Mizuho, KBW, it's, Jefferies, AVGO, KeyBanc, Texas Consolidator, TD Cowen, Grindr, GRND, Morgan Stanley, JPM, Oppenheimer, Kyndryl, CVNA, Truist Organizations: Micron, Apple, Bank of America, Petrobras, of America, Mizuho, Holdings, Grab Holdings, New York Mellon, Deutsche Bank, Emerson Electric Deutsche Bank, Nvidia, Marvell, Broadcom, Energy, Crescent Energy Co, Citi, Arista Networks, Arista, Viking Therapeutics, Macquarie, TPG, Markets, JPMorgan, Bancorp, UBS, Disney, Cable Locations: MU, Brazil, Texas, North America, CA

☆ Viking is the biggest IPO of the year, capping off a huge month for IPOs
▼ + stars: | 2024-05-01 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

The Viking Holdings Ltd. IPO, which starts trading today on the New York Stock Exchange, will be the biggest IPO of 2024 so far. Viking is only the biggest in a month of standouts. Eighteen IPOs raised a combined $5.3 billion in April, according to Renaissance Capital, the busiest month for IPOs since November 2021. The stock market had a miserable April, with the S & P 500 down 4% and, unsurprisingly, many recent IPOs were down. All of the larger, most recent IPOs remain above their initial offering price.

Persons: Del Organizations: Viking Holdings, New York Stock Exchange, Renaissance Capital, IPOs, Viking, Holdings, Epic Locations: Bermuda, Del Monte

☆ 12 portfolio companies report earnings in the week ahead. What we want to hear from each
▼ + stars: | 2024-04-27 | by ( Zev Fima | ) www.cnbc.com time to read: +15 min

The action quickly and sharply reversed back to the upside Friday after blowout earnings reports from Alphabet and Microsoft . In the week ahead, earnings are likely to drive the action again, though we'll get a few important macroeconomic reports. Earnings: We've got the biggest week of the earnings season ahead of us, with 12 Club holdings set to report. Eli Lilly 's report Tuesday morning continues to be all about sales of type-2 diabetes treatment Mounjaro and weight-loss drug Zepbound. In DuPont 's report Wednesday morning, we're looking for a continued rebound in its semiconductor business following a sequential increase last quarter.

Persons: Ford, we'll, Dow Jones, We've, Buckle, Eaton, Eli Lilly, Lilly, We're, Estee Lauder, Fabrizio Freda, we've, Linde, Bausch, Royal Philips, Woodward, SIRI, Archer, Johnson, Stanley Black, Decker, BAX, Cardinal Health, Parker, Belden, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Microsoft, Meta, Google Search, Big Tech, Nvidia, Broadcom, Ford Motor, Honeywell, Danaher, Labor Department, Labor, PMI, Services PMI, GE Healthcare, Amazon Web Services, Starbucks, Deutsche Bank, DuPont, Bausch Health, U.S ., Appeals, Apple, iPhones, Vision, ON Semiconductor, Resource Partners, Franklin Resources, Paramount, Transocean Ltd, Semiconductors, Arch Capital, Logitech International, Lattice Semiconductor, F5 Networks, Sanmina Corporation, GE HealthCare, PayPal, 3M Company, McDonalds, Enterprise Products Partners, Cola Company, Melco Resorts, Entertainment, SiriusXM Holdings, Oatly, American Electric Power Company, Leidos Holdings, Marathon Petroleum, Daniels, Midland Co, Equitrans Midstream Corporation, HSBC Holdings, HSBC, Devices, Caesars Entertainment, Lumen Technologies, Mondelez, Pfizer, CVS Health, Barrick, Mastercard Inc, Cruise Line Holdings Ltd, Kraft Heinz Company, Marriott International, Ares, Generac Holdings, Johnson Controls, Cenovus Energy Inc, Qualcomm, Devon Energy, Paycom, Axcelis Technologies, Coeur D'Alene Mines, Sunnova Energy International, MGM Resorts International, MGM, Solar Inc, Oil, Allstate, Co, Tenable Holdings, Enovix Corporation, Gladstone Capital, Avis Budget Group, eBay, EBAY, LIN, Novo Nordisk, Natural Resources, PENN Entertainment, Apache, ConocoPhillips, InMode Ltd, Baxter International, Cardinal, Regeneron Pharmaceuticals, Apollo Global Management, LLC, Cinemark Inc, Dominion Energy, Coterra Energy, Coinbase, Bill.com Holdings, Booking Holdings, United States Steel, AXT Inc, Materials, Energy, Hershey Company, XPO Logistics, Cboe, American Pipeline, Amneal Pharmaceuticals, Brookfield Business Partners, Brookfield Renewable Corporation, Magna International, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Bloomberg, Getty Locations: U.S, megaprojects, China, Eaton, Corning, Coeur D'Alene, Albemarle, ALB, Novo, New York

☆ A woman who suffered a brain injury after a fall lost out on $750,000 compensation after a judge branded her 'dishonest'
▼ + stars: | 2024-04-14 | by ( Cameron Manley | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA woman who suffered a brain injury after falling from a seaside pier lost out on $750,000 in compensation after she was found to be "thoroughly dishonest" in her claim, said a judge. In the US, an estimated $308.6 billion annually is lost to insurance fraudulent insurance claims, according to Forbes. Healthcare insurance fraud (including Medicaid and Medicare insurance fraud) is the most common type, estimated at $105 billion annually. But Ritchie said that "overall" he found Williams-Henry to have been "dishonest and manipulative," so he could dismiss the case.

Persons: —, Kirsty Williams, Henry, Williams, division's, Ritchie, Christel Williams, Ms Williams Organizations: Service, Aberavon Pier, Business, British Ports Holdings, Forbes . Healthcare Locations: Cardiff

☆ Gucci owner Kering tanks 14% after Asia profit warning, dragging down Europe luxury brands
▼ + stars: | 2024-03-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

A Gucci store at Harbour City shopping mall, operated by Wharf Holdings Ltd., in Hong Kong, China, on Friday, June 2, 2023. Shares of French luxury group Kering plunged 14% on Tuesday after the company warned that Gucci sales look set to fall 20% year-on-year in the first quarter, amid declining Asia transactions. Kering plunged to the bottom of the Stoxx 600 after a delayed open, dragging other European luxury lines with it. Gucci comparable revenues in the first quarter are expected to be down by nearly 20% year on year." The slowdown is expected to derive primarily from Asia — and chiefly from China, whose economy has been struggling.

Persons: Gucci, Kering, Christian Dior, Hermes, Burberry Organizations: Wharf Holdings Ltd, Gucci, Asia — Locations: Harbour City, Hong Kong, China, Asia, London, Pacific

☆ Hong Kong shoppers are crossing the border into Shenzhen to buy croissants and rotisserie chickens at China's newest Costco
▼ + stars: | 2024-03-05 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

The store's popularity is driven by Hong Kong residents crossing the border to shop in mainland China. Xinhua News AgencyLarge bulk stores are a rarity in Hong Kong due to the city's limited space and expensive culture. AdvertisementHong Kong's economic struggles, however, have created the perfect circumstances for Shenzhen Costco to thrive. Costco has organized several shuttle buses each day that run between the Shenzhen store and Hong Kong, according to a company spokesperson. Costco is also partnering with cross-border delivery companies that pack and ship items purchased by Hong Kong residents.

Persons: — Organizations: Costco, Service, Xinhua, Agency, Hong, Shenzhen Costco, Bloomberg, Tencent Holdings, Pay Locations: Shenzhen, China, Hong Kong, Costco, Guangdong Province, Guangdong Province of China, Taiwan

☆ Tencent's Riot Games division cuts 11% of staff to 'create focus'
▼ + stars: | 2024-01-22 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Tencent's Riot Games unit said Monday it's eliminating 11% of its workforce, or about 530 jobs, and scaling back on its division that publishes games from small developers. Eric Shen will become Legends of Runeterra's executive producer, replacing Dave Guskin, accroding to a blog post from Guskin, who said he'll work on other Riot games. Tencent, based in China, invested in Riot Games in 2011 and became its outright owner four years later. In September, Tencent-backed Epic Games announced it was cutting 16% of its staff. Shares slid 12% in late December after China announced new rules designed to limit excessive gaming.

Persons: Ma, we've, Dylan Jadeja, that's, Nicolo Laurent, Eric Shen, Dave Guskin, Jadeja, Tencent's, Tencent Organizations: Tencent Holdings Ltd, Tencent's, Google, League of, Riot Games, Microsoft, Activision Blizzard, Sony, Epic Games, China Locations: Guangdong, Hong Kong, Macao, Bay, China, Guskin, Forge, Los Angeles, Tencent

☆ Saudi Arabia's PIF to buy 10% stake in Heathrow airport holding company - SPA
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Nov 29 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) has struck a share purchase agreement to buy a 10% stake in TOPCO, the holding company of Heathrow Airport Holdings Ltd, from Ferrovial (FERF.AS), state news agency (SPA) reported on Wednesday. Reporting by Clauda Tanios Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Clauda, Mark Potter Organizations: Saudi, Public Investment Fund, Heathrow Airport Holdings, Thomson Locations: RIYADH, TOPCO, Ferrovial

☆ Binance chief will admit violating US laws as part of $4 billion deal to resolve probe
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] Zhao Changpeng, founder and chief executive officer of Binance speaks during an event in Athens, Greece, November 25, 2022. REUTERS/Costas Baltas/File photo Acquire Licensing RightsCompanies Binance Holdings Ltd FollowNEW YORK, Nov 21 (Reuters) - Binance Holdings chief Changpeng Zhao will admit violating U.S. laws as part of a deal to resolve a U.S. probe into illicit finance breaches, according to a source familiar with matter. The deal between a number of U.S. agencies and the world's largest crypto exchange will also involve charges against Binance's former compliance chief Samuel Lim, the source said. The deal will include penalties on the firm of over $4 billion, including $3.4 billion from U.S. Treasury's Financial Crimes Enforcement Network and another $968 million from the Office of Foreign Assets Control, another source familiar with the matter said. Reporting by Chris Prentice; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhao Changpeng, Binance, Costas Baltas, Changpeng Zhao, Samuel Lim, Chris Prentice, Lisa Shumaker Organizations: REUTERS, Binance Holdings, Treasury's, Network, Foreign Assets Control, Thomson Locations: Athens, Greece, U.S

☆ What is Binance, why is it in so much trouble, and what does it mean for crypto?
▼ + stars: | 2023-11-21 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Not only is Binance the world’s biggest crypto exchange, it is orders of magnitude larger than its rivals. Up until recently, Binance boasted nearly 60% of the market share for crypto spot trading. The Seychelles-based OKX is second in market share at 5.44% and the US exchange Coinbase is third at 5.37%, according to crypto news site CoinDesk. Today, Binance takes responsibility for this past chapter.”It’s a common refrain among crypto firms who find themselves under scrutiny. “What this plea deal does is give Binance as a chance to live another day,” Yadav said.

Persons: Changpeng Zhao —, Binance, Zhao, “, ” Zhao, FTX, “ Binance, ”, Robert Le, Yesha Yadav, ” Yadav Organizations: New, New York CNN, Justice Department, Binance Holdings, Bloomberg, Getty, CZ, PitchBook, Investors, Vanderbilt University, Binance Locations: New York, Binance, Seychelles

"Given the fast-changing landscape, I believe those who move fast (with wage hikes) should become competitive." A demand made this year by Rengo, Japan's largest trade union confederation, for pay hikes of "around 5%" resulted in average wage hikes of 3.58% among major companies. Six out of 10 economists in a Reuters poll expect major firms' pay hikes in 2024 to exceed this year's. The key, however, would be whether wage hikes broaden to smaller firms and those in the regional areas. A report by the BOJ's regional branch managers in October warned wage hikes remained uneven among sectors with many firms undecided on next year's pay increments.

Persons: Kim Kyung, Takeshi Niinami, Fumio, Kazuo Ueda, Hisashi Yamada, Rengo, Atsushi Takeda, Kishida, Keita Kondo, Tetsushi Kajimoto, Kentaro Sugiyama, Sam Holmes, Leika Organizations: REUTERS, Rights, Suntory Holdings Ltd, Reuters, Meiji, Life Insurance, Suntory Holdings, Bank, Japan, Hosei University, OECD, UA Zensen, Itochu Economic Research Institute, Thomson Locations: Tokyo, Japan, Ukraine, Saitama

☆ China's Tencent Music beats revenue estimates on paid subscriber growth
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsNov 14 (Reuters) - China's Tencent Music Entertainment (1698.HK) beat estimates for third-quarter revenue on Tuesday, helped by steady growth in paid subscriptions on its music streaming platform. Tencent Music, which includes platforms such as QQ Music, Kugou Music, Kuwo Music and WeSing, has won listeners over by bundling everything from karaoke platforms to live concert streaming services. Total revenue of the Tencent Holdings Ltd-controlled (0700.HK) company, however, fell to 6.57 billion yuan ($900.9 million) in the third quarter. Net profit attributable to equity holders of the company rose to 1.71 billion yuan, from 1.06 billion yuan a year earlier.

Persons: Florence Lo, Harshita Mary Varghese, Akash Sriram, Pooja Desai Organizations: Entertainment, REUTERS, HK, Kugou, Tencent Holdings, Thomson Locations: Bengaluru

☆ Exclusive: Country Garden aims to have offshore debt restructuring plan by year end
▼ + stars: | 2023-11-10 | by ( Xie Yu | ) www.reuters.com time to read: +4 min

The company logo of Chinese developer Country Garden is displayed at a news conference in Hong Kong, China March 20, 2018. Country Garden, which has almost $11 billion of offshore bonds, declined to comment. The timeline for the company's debt restructuring plan has not been reported before. CreditSights said in a Nov. 2 research note that Country Garden had "formally defaulted" on its offshore bonds due to the missed payment. Sunac China Holdings Ltd (1918.HK) in October became the first to complete the debt revamp scheme for its $9 billion offshore debt after winning approval from creditors and courts.

Persons: Bobby Yip, Ping, CreditSights, CICC, Houlihan Lokey, Sidley Austin, Houlihan, China Evergrande, Hui Ka Yan, Xie Yu, Clare Jim, Sumeet Chatterjee, Edwina Gibbs Organizations: REUTERS, Reuters, Insurance Group, Ping An, Sunac China Holdings Ltd, HK, Thomson Locations: Hong Kong, China, HONG KONG, HK, Beijing

A man stands near a screen showing news footage of Chinese President Xi Jinping at the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. The China Securities Regulatory Commission (CSRC) has told brokerages to stop offering securities trading from offshore accounts such as Hong Kong to new mainland investors, according to a Sept. 28 notice issued by its Shanghai unit. Activities now considered illegal include cross-border securities broking, securities lending, fund sales and investment consulting, according to the notice. The use of offshore brokerage accounts in Hong Kong entails converting yuan to other currencies. They can also use some foreign brokerage platforms outside mainland China if they have funds parked in offshore locations.

Persons: Xi Jinping, Tingshu Wang, brokerages, Shujin Chen, Guotai Junan, Selena Li, Zhen, Julie Zhu, Sumeet Chatterjee, Edwina Gibbs Organizations: China Securities Regulatory Commission, REUTERS, Reuters, outflows, Jefferies, Citic Securities, HK, Haitong Securities, Hong Kong, Futu Holdings, Fintech Holding, May, Hong, Stock, Hwabao Securities, Thomson Locations: Beijing, China, HONG KONG, Hong Kong, Shanghai, outflows

☆ China's Big Tree Cloud in $500 mln SPAC deal for US listing
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moon Acquire Licensing RightsOct 10 (Reuters) - U.S. blank-check firm Plutonian Acquisition Corp (PLTNU.O) agreed to merge with Big Tree Cloud International Group for the Chinese personal care products company to go public in a deal that will value the combined enterprise at about $500 million. After the completion of the merger with the special purpose acquisition company, Big Tree Cloud International Group will be operated under a holding entity named Big Tree Cloud Holdings Ltd and listed on the Nasdaq Stock Market, according to the statement. Big Tree Cloud, based in the southern Chinese tech hub Shenzhen and founded in 2020, focuses on feminine hygiene products like sterilized feminine pads and menstrual pants. "The proposed business combination with Plutonian Acquisition will enable us to accelerate our effort of accomplishing our mission of offering premium personal care products to consumers and expanding our product portfolio beyond feminine care," said Big Tree Cloud founder Wenquan Zhu.

Persons: Wenquan Zhu, Rishabh, Roxanne Liu, Rashmi Aich, Subhranshu Organizations: Nasdaq, REUTERS, Plutonian, Cloud, Group, U.S . Securities, Exchange Commission, Market, Cloud Holdings, Thomson Locations: New York City, U.S, Shenzhen, Bengaluru, Beijing

Yes, according to a Ugandan company that's buying banana stems in a business that turns fiber into attractive handicrafts. TEXFAD also takes material from a third party, Tupande Holdings Ltd., whose trucks deliver banana stems from farmers in central Uganda. Such items are possible because “banana fiber can be softened to the level of cotton,” Okello said. Working with researchers, TEXFAD is now experimenting with possible fabric from banana fiber. While it is now possible to make paper towels and sanitary pads from banana fiber, the company doesn't yet have the technology to make clothing, he said.

Persons: —, mush, John Baptist Okello, David Bangirana, TEXFAD, Muganga, ” Muganga, ” Okello, Faith Kabahuma, ”, ___ Rodney Muhumuza Organizations: Agriculture Organization, Associated Press, Tupande Holdings Ltd, Uganda Bureau, Statistics Locations: MUKONO, Uganda, Ugandan, East, Food, matooke, Sheema, Kampala, TEXFAD, Europe

☆ Explainer: How Bill Ackman's SPARC differs from a SPAC
▼ + stars: | 2023-10-02 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Here's how a SPARC differs from a SPAC:DEAL VISIBILITYOne of the biggest differences is a SPARC doesn't require up-front money from investors like a SPAC does. SPAC investors are then given the option to vote down an acquisition or redeem their shares once a deal has been announced. SPARC will only ask for money from investors once it has clinched and disclosed a deal to buy a company. CAPITAL FLEXIBILITYUnlike a SPAC, the amount of money SPARC seeks from investors will vary based on the size of the deal it pursues. This means that SPARC investors will not be diluted by such warrants and will get to keep more of the company.

Persons: Bill Ackman, Richard Brian, Bill Ackman's, Ackman, Tontine, Svea Herbst, Bayliss, Lisa Shumaker Organizations: Pershing Square Capital Management, REUTERS, Pershing Square SPARC Holdings, SPARC, U.S . Securities, Exchange Commission, SEC, Pershing, Tontine Holdings, Universal Music Group, SPACs, Svea, Thomson Locations: Las Vegas , Nevada, U.S, New York, Rhode Island

☆ Ackman's SPARC is seeking new deals with private companies
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +1 min

Bill Ackman, chief executive officer and portfolio manager at Pershing Square Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 18, 2017. REUTERS/Richard Brian/File Photo Acquire Licensing RightsOct 1 (Reuters) - Pershing Square SPARC Holdings Ltd, said that it will pursue business combinations with privately-held companies after receiving regulatory approval from U.S regulators for distributing special purpose acquisition rights. The SPARC, an affiliate of billionaire investor Bill Ackman's Pershing Square Tontine Holdings Ltd, is targeting companies that seek to raise a minimum of $1.5 billion of capital, it said in a regulatory filing on Friday. Ackman's SPARC is a variation of a special purpose acquisition company (SPAC), the market for which has cooled since its peak in 2021 as investors nursed losses on many deals. Ackman added that he has no idea if X is interested and would still need to determine whether or not a deal is doable.

Persons: Bill Ackman, Richard Brian, Bill Ackman's, Elon Musk's, Ackman, Elon Musk, Jose Joseph Organizations: Pershing Square Capital Management, REUTERS, Pershing Square SPARC Holdings Ltd, SPARC, Tontine Holdings, Wall, Elon, Thomson Locations: Las Vegas , Nevada, U.S, Bengaluru

☆ Evergrande's debt revamp roadblock hits China property investors' sentiment
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. "Its debt restructuring plan is now stuck and can't go any further," said Steven Leung, sales director at UOB Kay Hian in Hong Kong. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which includes bonds, collateral and repurchase obligations, potentially making it one of the world's biggest such exercises. "Concern over the financial health (of developers) still clouds the property sector, especially those smaller property developers with high gearing but very few property projects on hand," Leung said. The latest roadblock in Evergrande's debt restructuring plan opens a new front for the developer just a week after police detained some staff at its wealth management unit, sending its shares slumping.

Persons: Aly, Group's, Hengda, Hong, Steven Leung, UOB Kay Hian, Leung, Evergrande, Donny Kwok, Anne Marie Roantree, Sumeet Chatterjee, Lincoln, Sam Holmes Organizations: REUTERS, HK, Hengda, Estate Group Co, China Oceanwide Holdings, National Bureau of Statistics, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, firming, Seng, Hong Kong, Bermuda

☆ Australia's Costa Group gets lower buyout offer from PE firm Paine Schwartz
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: +1 min

Under the proposal, Costa's shareholders would receive A$3.20 apiece for the remaining 85.16% stake PSP does not already own, lower than the A$3.50 apiece offer received in July. The latest offer still represents a 8.8% premium to Costa's last closing price. Costa, Australia's leading grower, packer and marketer of fresh fruit and vegetables, said it is considering the lower offer and is continuing to engage with PSP regarding the terms and conditions. PSP paid A$2.60 a share for a 13.78% stake in Costa in October, which it increased to 14.84% in late March. Costa had given PSP access to its books on a non-exclusive basis for eight weeks after receiving the initial offer in July.

Persons: Daniel Munoz, Paine Schwartz, packer, Costa, Himanshi, Lisa Shumaker, Stephen Coates Organizations: REUTERS, Costa Group Holdings, Monday U.S, Paine Schwartz Partners, PSP, Thomson Locations: Sydney, Costa, Bengaluru

Sept 11 (Reuters) - Klaviyo is seeking a fully-diluted valuation of up to $8.4 billion in its initial public offering (IPO) in the United States, the marketing firm said on Monday, as it becomes the latest company to tap a growing wave of stock market listings. However, the company's proposed valuation is a climb-down from the $9.15 billion pre-money valuation at which Klaviyo last raised capital in 2021, reflecting a broader gloom in the technology startup ecosystem. Founded in 2012, Klaviyo helps store and analyze data for e-commerce brands that enables them to send out personalized marketing emails and messages to potential customers. Klaviyo posted 51% growth in revenue to $164.6 million for the three months ended June 30. The company is expected to debut in September, a busy month for stock market listings that could serve as a litmus test for other companies looking to go public.

Persons: Andrew Bialecki, Klaviyo, AllianceBernstein, Goldman Sachs, Morgan Stanley, Sri Hari, Manya, Niket Nishant, Shweta Agarwal, Maju Samuel Organizations: Arm Holdings, Neumora Therapeutics, Summit Partners, BlackRock, New York Stock Exchange, Citigroup, underwriters, Sri, Manya Saini, Thomson Locations: United States, Boston, United Kingdom, Australia, Bengaluru

☆ Instacart to target valuation of up to $9.3 billion in IPO, source says
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Cheney Orr Acquire Licensing RightsSept 10 (Reuters) - Grocery delivery service Instacart is targeting a valuation between $8.6 billion and $9.3 billion in its initial public offering, according to a person familiar with the matter. The valuation range will be disclosed in an updated IPO regulatory filing on Monday, the source said on SundayInstacart declined to comment. The Wall Street Journal was the first to report on Sunday on Instacart's IPO valuation target. Unlike an IPO, no shares are sold in advance in a direct listing and investors can sell their shares directly to the public. For the six months ended June 30, Instacart last month reported revenue of $1.48 billion, up 31% from the same period last year.

Persons: Eric Cohn, Cheney Orr, Instacart, Andreessen Horowitz, Rowe Price, Anirudh Saligrama, Manya Saini, Niket, Echo Wang, Cynthia Osterman, Leslie Adler Organizations: Safeway, REUTERS, Arm Holdings Ltd, Reuters, Sequoia Capital, Fidelity Management & Research, Thomson Locations: Tucson , Arizona, U.S, Bengaluru, Echo, New York

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