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☆ Stephen King makes for unlikely antitrust hero
▼ + stars: | 2022-11-01 | by ( Jennifer Saba | ) www.reuters.com time to read: +4 min

A U.S. judge blocked Penguin Random House’s $2.2 billion acquisition of rival Simon & Schuster on Monday after the Department of Justice argued it would unfairly limit pay for top authors such as Stephen King. Adding Simon & Schuster would give it 70% of the literary nonfiction market, according to NPD Book Scan. The Department of Justice drew a line in its challenge to Penguin, distinguishing highly paid writers from the rest. Follow @jennifersaba on TwitterloadingCONTEXT NEWSA U.S. judge on Oct. 31 ruled that a planned $2.2 billion merger of Penguin Random House and rival Simon & Schuster cannot go forward. German media group Bertelsmann, the owner of Penguin, agreed to buy Simon & Schuster from Paramount Global in 2020.

☆ Blackstone strikes twice with Emerson carve-out
▼ + stars: | 2022-10-31 | by ( John Foley | ) www.reuters.com time to read: +4 min

The transaction employs an unusual structure similar to one Blackstone used successfully five years ago. It looks a lot like the deal Blackstone struck with Thomson Reuters(TRI.TO) – the parent company of Breakingviews – back in January 2018. Because debt accounted for around two-thirds of the purchase price, the quick sale roughly doubled the value of Blackstone and Thomson Reuters’ equity investments. Private equity group Blackstone will contribute $4.4 billion in cash, receiving a 55% equity stake in the business and a $2 billion convertible preferred note. Emerson, an industrial conglomerate that makes industrial instruments and software, will retain 45% of the division’s equity and a note worth $2.25 billion.

☆ Peloton Co-Founder Maxed Out Pledged Shares to Cover Margin Calls
▼ + stars: | 2022-10-28 | by ( Sharon Terlep | ) www.wsj.com time to read: 1 min

John Foley , the former CEO of Peloton Interactive Inc., nearly doubled the amount of shares that he has pledged to cover personal loans taken out against his stake in the fitness-equipment maker. Mr. Foley pledged as collateral more than 6.7 million Class A and Class B shares, or 41% of his 16.4 million holdings, as of Oct. 4, a securities filing shows. Peloton’s policy limits such pledges to 40% of an executive’s or board member’s holdings.

On Sunday, two climate activists hurled mashed potatoes at “Les Meules,” a valuable Claude Monet painting in a German museum. If climate activists focused only on symbols directly related to what is damaging the planet — like a pipeline or an oil refinery — then it may not have gotten quite the same buzz. If climate activists focused only on symbols directly related to what is damaging the planet — like a pipeline or an oil refinery — then it may not have gotten quite the same buzz. In order to shift the public’s conception of acceptable climate policies, it’s essential the media cover the issue in a big way. “Climate change is no longer just a science story,” said Max Boykoff, lead project investigator for the observatory.

☆ This 53-year-old 'fish mongress' earns $200,000 a year: 'You just do what needs to be done'
▼ + stars: | 2022-10-23 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

The 53-year-old is a fourth-generation fish mongress in Massachusetts. Her great-grandfather founded Foley Fish back in 1906, and it's been in the family since. 'You just do what needs to be done'Ramsden clocked her first hours for Foley Fish during the summer she was 15. Shawn Baldwin | CNBC Make ItAnd being a fish mongress has never meant less work for her than a man would take on. In Ramsden's role, every day can look different depending on what needs to get done, from package design to product evaluations.

☆ BreakingViews: Xi’s contract with China needs more signatures
▼ + stars: | 2022-10-23 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

HONG KONG, Oct 23 (Reuters Breakingviews) - Xi Jinping has effectively secured a third presidential term at the just-concluded Chinese Communist Party conclave. His prize: a $16 trillion economy in a vulnerable state, dependent on American technology and facing a demographic crisis. China’s so-called chairman of everything has the power to relieve his people, but it’s unclear whether he has the will. The focus on weaning China from foreign software and semiconductors entails a vast duplication of effort. Follow @petesweeneypro on TwitterloadingCONTEXT NEWSChina’s Communist Party has elected President Xi Jinping as general secretary on Oct. 23, his third five-year term, according to Chinese state media.

☆ Making $200,000 a year selling fresh fish in New England
▼ + stars: | 2022-10-23 | by ( Andrea Miller | Tasia Jensen | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMaking $200,000 a year selling fresh fish in New EnglandLaura Foley Ramsden, 53, is a fourth generation fish mongress at Foley Fish in New Bedford, Massachusetts. Foley Fish was founded in 1906 by her great-grandfather and has been in the family since. In 2021, Ramsden and her husband sold the company to The Chefs' Warehouse. Laura became vice president of sales and made $200,000 a year.

☆ 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.

☆ Goldman’s brainwaves are best left for its clients
▼ + stars: | 2022-10-18 | by ( John Foley | ) www.reuters.com time to read: +4 min

A strategic swerve is an acknowledgement that brainwaves are best pitched to clients than executed by the Wall Street firm itself. Jamie Dimon’s bank drops around $12 billion a year on technology, an entire quarter of Goldman’s revenue. It’s a U-turn, but that’s okay since Goldman is still a leader on the bread-and-butter Wall Street stuff. The Wall Street firm made an 11% return on equity. Revenue from fixed-income trading increased 41% year-on-year, and equities trading revenue slipped 14%.

☆ Peloton's top human resources executive is leaving the company
▼ + stars: | 2022-10-18 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

Peloton 's Chief People Officer Shari Eaton is leaving the company for another opportunity, she announced in a LinkedIn post Tuesday. Former CEO John Foley left his board chair position alongside fellow co-founder and Chief Legal Officer Hisao Kushi in mid-September. Previously at Amazon, Eaton was at Peloton for more than three years, joining as a vice president in the human resources division just months before the company's pandemic boom. She rose to become senior vice president of people, safety and security officer, and then global head of people. McCarthy elevated Eaton to chief people officer when he became CEO, which was a time of mass layoffs and personnel changes for the company.

☆ Peloton extends refund period for recalled Tread+ for another year
▼ + stars: | 2022-10-18 | by ( Jack Stebbins | ) www.cnbc.com time to read: +1 min

Liza Lecher works out on her Peloton Tread+ treadmill on May 24, 2021 in Williamstown, New Jersey. Peloton agreed to extend a refund period for its recalled Tread+ for another year, the company and the U.S. Consumer Product Safety Commission jointly announced Tuesday. Peloton recalled around 125,000 of its Tread+ machines and of its 1,050 Tread products. Following the recall, then CEO John Foley apologized for Peloton's inaction, and said it should have engaged with the Consumer Product Safety Commission's initial request for a recall more productively. The Tread+ was originally called the Tread, but was rebranded to prepare for the release of a less expensive version, which was then delayed by the recall.

☆ Private jet makers tout emission-fighting efforts, backlogs at air show
▼ + stars: | 2022-10-17 | by ( Allison Lampert | ) www.reuters.com time to read: +5 min

It will also test the strength of business jet demand, which surged during COVID-19 and swelled order backlogs, but could now face a softer economy. Honeywell International Inc (HON.O) has forecast up to 8,500 new business jet deliveries worth $274 billion from 2023 to 2032, up 15% from last year's outlook. BUSY QUARTERU.S. business jet traffic recovered faster in 2021 than commercial flight traffic, soaring above 2019 levels. Independent aviation analyst Brian Foley expects private jet usage in the United States to go down to more traditional levels this fall. Despite being a sellers' market, aviation attorney Stewart Lapayowker sees some early signs of softness.

☆ Private jet makers tout emissions-fighting efforts, backlogs at air show
▼ + stars: | 2022-10-17 | by ( Allison Lampert | ) www.reuters.com time to read: +4 min

It will also test the strength of business jet demand, which surged during COVID-19 and swelled order backlogs, but could now face a softer economy. BUSY QUARTERU.S. business jet traffic recovered faster in 2021 than commercial flight traffic, soaring above 2019 levels. Independent aviation analyst Brian Foley expects private jet usage in the United States to go down to more traditional levels this fall. Despite being a sellers' market, aviation attorney Stewart Lapayowker sees some early signs of softness. Some buyers in real estate and construction, sectors hit by rising rates, are reconsidering their orders, said Lapayowker, who leads Lapayowker Jet Counsel in Florida.

☆ Big U.S. banks shoulder first-world problems
▼ + stars: | 2022-10-14 | by ( John Foley | ) www.reuters.com time to read: +4 min

JPMorgan (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) have what might be thought of as first-world problems. The big banks’ shares are down roughly 40% this year, while the S&P 500 Index (.SPX) is down just over 23%. JPMorgan’s earnings fell 17% year-on-year to $9.7 billion, but revenue increased 10% driven by a 22% rise in fixed-income trading revenue. Wells Fargo’s earnings fell 31%, as it also took a $2 billion charge to litigation, customer remediation and regulatory issues. Wells Fargo and JPMorgan both reported a 3% decline in deposits for the quarter ending Sept. 30, compared with the quarter ending in June.

☆ Punishingly strong dollar is still a fair trade
▼ + stars: | 2022-10-13 | by ( John Foley | ) www.reuters.com time to read: +6 min

NEW YORK, Oct 13 (Reuters Breakingviews) - Everybody wants the dollar; everybody hates the dollar. That makes dollar assets relatively more attractive and puts pressure on other central banks to raise rates too. The strong dollar kicks other countries in the shins, with varying degrees of pain. Follow @johnsfoley on TwitterCONTEXT NEWSThe International Monetary Fund and World Bank are holding their annual meetings in Washington from Oct. 10 to Oct. 16. The dollar is up 21% since October 2020, according to the U.S. Dollar Currency Index, which measures the greenback against a basket of six currencies.

HONG KONG, Oct 13 (Reuters Breakingviews) - Leaders from the West’s biggest financial firms will land in Hong Kong next month — in most cases their first trip to the city in three years — with some tough questions for their hosts. They arrive amid the worst U.S.-Sino ties in decades, with Hong Kong unhappily stuck in the middle, bringing frustration for companies who have invested much capital and time in the country. Investment banking fees have dried up everywhere, but it’s particularly bad in mainland China and Hong Kong. Hong Kong has been a big beneficiary of their ambitions. Reuters GraphicsFollow @ywchen1 on TwitterCONTEXT NEWSThe Hong Kong Monetary Authority will host the Global Financial Leaders’ Investment Summit on Nov. 2.

☆ Peloton Co-Founder John Foley Faced Repeated Margin Calls From Goldman Sachs as Stock Slumped
▼ + stars: | 2022-10-11 | by ( Sharon Terlep | Suzanne Vranica | ) www.wsj.com time to read: 1 min

John Foley , the co-founder and former chief executive of Peloton Interactive faced repeated margin calls on money he borrowed against his Peloton holdings before he left the fitness company’s board last month, according to people familiar with the situation. As Peloton’s shares slumped over the past year, Goldman Sachs Group asked Mr. Foley several times to provide fresh funds or additional collateral for personal loans the bank had extended to him, the people said. The company’s share price has fallen nearly 95% from its $160 peak in December 2020.

☆ 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.

☆ Peloton slashing 500 more jobs as it races to return to growth
▼ + stars: | 2022-10-06 | by ( Mike Calia | ) www.nbcnews.com time to read: +2 min

Peloton is cutting another 500 jobs in a move that CEO Barry McCarthy said should position the struggling fitness equipment maker to return to growth. The cuts, which amount to about 12% of Peloton’s workforce, mark a pivot point for the company, McCarthy told CNBC Thursday. McCarthy has overseen drastic changes to Peloton’s business model this year as the company struggled with sales after a boom during the earlier days of the Covid pandemic. McCarthy talked to CNBC after The Wall Street Journal reported on remarks he made about where the company could stand in six months. “I’m feeling about as optimistic as I’ve ever felt,” he said, reflecting on the changes the company made over the past several months.

☆ Twitter’s future isn’t just Elon Musk’s problem
▼ + stars: | 2022-10-06 | by ( John Foley | ) www.reuters.com time to read: +6 min

Buying Twitter is financially onerous, too, but compared with buying a bank, it’s pretty simple stuff. Social media companies, conversely, are a place where people tweet poop emojis and exchange cat GIFs. Congress isn’t blind to the legal vacuum in which large social media companies operate. But while politicians squabble, social media continues to shape society in ways that may only become apparent years later. In a tweet later that day, the Tesla chief said that buying Twitter would accelerate the creation of X, an "everything app."

☆ Elon Musk fired Parag Agrawal as CEO after taking over Twitter. Agrawal joins a growing list of executive departures in 2022, including Meta's Sheryl Sandberg and a slew of retail CEOs.
▼ + stars: | 2022-10-01 | by ( Samantha Delouya | ) www.businessinsider.com time to read: 1 min

In February, John Foley, Peloton's co-founder, announced that he would step down as CEO. He was at the helm during the company's pandemic-fueled rise and its subsequent sharp drop in demand. Barry McCarthy, who was once CFO of both Spotify and Netflix, took over the top spot. Peloton co-founder John Foley Mark Lennihan/AP

☆ M&G names former AXA Investment Managers head as CEO
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 29 (Reuters) - M&G (MNG.L) named investment veteran Andrea Rossi as its new chief executive on Thursday, putting him at the helm of one of Britain's best known fund management companies. A former head of AXA Investment Managers, Rossi will replace John Foley, who led M&G's split from parent Prudential in 2019, and who announced in April his intention to retire. Register now for FREE unlimited access to Reuters.com RegisterMost recently, Rossi served as senior adviser to Boston Consulting Group. The appointment has been approved by the Britain's financial regulators the PRA and FCA, M&G said. ($1 = 0.9282 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Andres Gonzalez, editing by Sinead Cruise and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ M&G appoints former head of AXA Investment Managers Andrea Rossi as new CEO
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 29 (Reuters) - British investment manager M&G (MNG.L) said on Thursday that Andrea Rossi, a former head of AXA Investment Managers, will take over as Chief Executive Officer of the company. Rossi will replace John Foley, who led M&G's split from parent Prudential in 2019, and who announced in April his intention to retire. Most recently, Rossi served as senior adviser to Boston Consulting Group. The appointment has been approved by the PRA and FCA, M&G said. ($1 = 0.9282 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Andres Gonzalez, editing by Sinead CruiseOur Standards: The Thomson Reuters Trust Principles.

☆ Sterling slippery, stocks stalling as BoE boost fades
▼ + stars: | 2022-09-29 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

S&P 500 futures fell 0.2%. European futures rose 0.6% and FTSE futures lifted 0.3%. The U.S. dollar index had its worst session in 2-1/2 years on Wednesday, recoiling from record highs. The Australian dollar fell 0.8% to $0.6470. Brent crude futures fell 0.8% to $88.62 a barrel.

☆ Peloton will sell Bikes, Treads at Dick's Sporting Goods in its first brick-and-mortar partnership
▼ + stars: | 2022-09-29 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

Peloton will begin selling its bikes, treadmills and other products in Dick's Sporting Goods stores, marking the struggling fitness equipment maker's latest push to expand its customer base. The collaboration will make Dick's the first brick-and-mortar retailer outside of its namesake stores to carry Peloton equipment. The companies do not yet have a launch date, but said they are aiming to have Peloton products in more than 100 Dick's stores in time for the holiday shopping season. Dick's shoppers also will be able to order Peloton products online in stores for either delivery or pickup. Peloton and Dick's won't vary in its product pricing, although Dick's will not carry the recently announced $3,195 Peloton rowing machine, which is currently only available for preorder.

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