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☆ EV maker Lucid to raise about $3 billion from Saudi's PIF, others
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

PIF, which owns more than 60% of the company, has agreed to buy 265.7 million shares in a private placement for about $1.8 billion, Lucid said in a statement. The rest will be raised from a public offering of 173.5 million shares of common stock. The private placement implies a price of about $6.80 per Lucid share, compared with the stock's Wednesday close of $7.76. Lucid's cash and cash equivalents had dropped to $900 million at the end of the first quarter, from $1.74 billion in the previous quarter. Bank of America Corp (BAC.N) is acting as the book-running manager for the public offering and Lucid intends to use the net proceeds from both the public offering and the private placement for general corporate purposes.

Persons: Lucid, Sherry House, Kanjyik Ghosh, Akriti Sharma, Devika Organizations: Saudi Arabia's Public Investment Fund, Bloomberg News, Bank of America Corp, Thomson Locations: Saudi, Bengaluru

☆ EV maker Lucid announces $3 billion raise from Saudi public wealth fund and stock offering
▼ + stars: | 2023-05-31 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Electric vehicle maker Lucid announced plans to lay off 1,300 workers, 18 percent of its workforce, as part of a restructuring plan. Lucid Group said on Wednesday that it is raising about $3 billion through a new equity offering, with the majority coming from the Saudi fund that controls the luxury electric-vehicle maker. Lucid said that about $1.8 billion of the total will come from a private placement of stock with Saudi Arabia's Public Investment Fund (PIF). The remainder will be raised through a public offering of new shares that commenced Wednesday, the company said. Lucid had about $3.4 billion in cash and about $700 million in available credit lines as of March 31, according to its most recent report.

Persons: Lucid Organizations: Electric, Lucid, Saudi, Saudi Arabia's Public Investment Fund Locations: Newark , California

☆ Charles Schwab to raise $2.5 bln through debt offering
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Brokerage firm Charles Schwab Corp (SCHW.N) said on Thursday it was looking to raise up to $2.5 billion through a debt offering. The company will raise the debt in two parts via notes due in 2029 and 2034. The disclosure comes a day after another filing with the U.S. Securities and Exchange Commission, in which the brokerage firm said it would use the proceeds for "general corporate purposes." Last month, Schwab reported first-quarter profit ahead of analysts' expectations, boosted by growth in interest income. BofA Securities, Citigroup, Credit Suisse, Goldman Sachs & Co LLC, J.P. Morgan and Wells Fargo Securities are the joint book-running managers for the offering.

☆ Charles Schwab to raise $2.5 bln in long-term debt - WSJ
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - Charles Schwab Corp (SCHW.N) is looking to raise $2.5 billion in long-term debt, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The financial services firm will issue $1.2 billion in debt due in 2029 and $1.3 billion due in 2034, the report added. Shares of the company, which have lost about 38% of their value so far this year, fell 1.5% in extended trading. BofA Securities, Citigroup, Credit Suisse, Goldman Sachs & Co. LLC, J.P. Morgan and Wells Fargo Securities are the joint book-running managers for the offering. Reporting by Manya Saini in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ The future of growth
▼ + stars: | 2023-05-15 | by ( Sponsor Post | Sponsor Content Ey | ) www.businessinsider.com time to read: +6 min

But even when there's an economic recession, we invariably find a way to spend ourselves back to growth. New product launches, seasonal fashion, increasing portion sizes and an endless aisle of choice have collectively supported growth in consumer spending. It's become an accepted principle that progress is measured through growth and growth is driven by consumption. These changes are weakening the links between consumption, growth, and success. Today, growth and margin are indicative factors of how well a consumer company has delivered to the needs of the market.

☆ Buffett says people would rather give up a second car than an iPhone. Here's why Apple's business is so stellar
▼ + stars: | 2023-05-08 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +9 min

"If they had to give up a second car or give up their iPhone, they'd give up their second car. AAPL .SPX mountain 2016-05-16 Apple's stock performance versus the S & P 500 since May 16, 2016, the day Berkshire's stake in the iPhone maker was first disclosed. Buffett's comments Saturday were "very bullish on Apple," Jim said Monday during the Club's "Morning Meeting." Free cash flow is generally defined as operating cash flow minus capital expenditures or cash spent on purchases of plant, property and equipment (PP & E). Berkshire currently owns about 5.66% of the 15.82 billion Apple shares outstanding, according to FactSet.

☆ Air France-KLM in talks with Apollo for $550 mln cash injection
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Air France-KLM (AIRF.PA) said on Thursday it engaged with private equity firm Apollo Global Management (APO.N) for a 500 million euro ($550.70 million) capital injection for one of its engineering and maintenance units. The new financing arrangement if complete will help strengthen Air France-KLM’s and Air France’s balance sheet, the group said in a press release. Air France-KLM and Apollo Global Management entered into a similar solution last year where the private equity firm invested 500 million euro in the company to help repay French state aid. Earlier in April, Air France KLM agreed to revolving credit facilities (RCF) worth 2.2 billion euros, adding that these are linked to environmental, social and governance (ESG) targets. Air France KLM is due to report its first quarter results on May 5.

☆ BASF Uses Integrated Reporting to Focus Stakeholders on Sustainable Innovation
▼ + stars: | 2023-05-03 | by ( Julia Hood | ) www.businessinsider.com time to read: +7 min

Integrated reporting is growing more popular as stakeholders look to understand how companies are building sustainable growth. BASF produces an integrated report and is involved in the International Integrated Reporting Council. According to the IFRS Foundation, more than 2,500 companies worldwide have adopted integrated reporting. A major shift occurred with the launch of the International Integrated Reporting Council in 2010, and the framework it rolled out in 2013. An integrated report brings with it a higher threshold of measurement and accountability than a standalone sustainability report.

☆ Future-Proofing the Board of Directors
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +29 min

Governance structures and practices should position the board to provide objective judgment and active oversight supported by board leadership, which is separate from and independent of company management. The board should design governance structures and practices that support it in determining board priorities, agendas, and information needs. The board should create governance structures and practices that ensure that directors are competent, committed, and diverse and that board and committee composition align with the company’s changing needs. Developing and supporting a positive and ethical corporate culture (see Corporate and Board Culture below). Corporate and Board CultureA strong board and corporate culture is imperative for a company’s success.

☆ Electric truck maker Nikola is planning to sell its own shares at a 20% discount to their lowest ever price
▼ + stars: | 2023-03-31 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Nikola is planning to raise $100 million by selling its stock at a huge discount. The electric truck manufacturer said Thursday that it would sell shares at $1.12, or 20% below their lowest ever price. The electric truck manufacturer said in a statement Thursday that it planned to raise the $100 million by selling 29.9 million shares to the public and another 59.4 million shares to an unnamed investor. It's pricing the shares at just $1.12 as part of the stock offering, a 20% discount to the all-time low of $1.40 they had fallen to by Thursday's closing bell. Nikola shares have cratered around 95% since Hindenburg released its first report into the company on September 10.

☆ BlackRock Communications Specialists Exit As Fink Scrutiny Mounts
▼ + stars: | 2023-03-29 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

At least nine people have left or are transitioning out of BlackRock's communications group. The corporate communications team has some 90 employees globally, up from 48 in 2019, a BlackRock spokesperson said. "We're fortunate the BlackRock communications team includes some of the most talented professionals in the industry and that we have continued to attract top talent as the team has grown in recent years," Badenhausen said in a statement to Insider. Jonathan Posen, a veteran speechwriter who worked as former Treasury Secretary Tim Geithner's chief writer on the financial crisis and other economic matters, joined BlackRock's communications group in 2013. The criticism reached new heights in 2022 as Republican state officials coordinated attacks on Fink and BlackRock and some pulled their investments.

☆ Financial shares fall as Credit Suisse becomes latest crisis for the sector
▼ + stars: | 2023-03-15 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

Shares of the Swiss bank fell more than 24% after its biggest backer said it won't provide further financial support. Credit Suisse announced on Tuesday that it had found " material weakness " in its financial reporting process from prior years. Bank stocks were under pressure on Wednesday as the sharp drop of Credit Suisse rattled a segment of the market that was already reeling from two large bank failures in the past week. Some regional bank stocks saw even bigger declines. Credit Suisse struggles come on the heels of the collapse of Silicon Valley Bank and Signature Bank in the U.S. Those failures caused steep sell-offs in regional bank stocks on Monday.

☆ Etsy warns sellers of delay in processing payments due to Silicon Valley Bank collapse
▼ + stars: | 2023-03-11 | by ( Rob Wile | ) www.cnbc.com time to read: +3 min

Etsy is warning sellers that the collapse of Silicon Valley Bank on Friday is causing delays in processing payments, according to an email from the company shared with NBC News. "We wanted to let you know that there is a delay with your deposit that was scheduled for today," the email from Etsy said. "Please know that our teams are working hard to resolve this issue and send you your funds as quickly as possible." One affected Etsy seller told NBC News the deposits delay would have a "catastrophic" effect on his business. The FDIC has formed a separate entity where all insured SVB deposits — up to $250,000 per depositor — will be available by Monday morning.

☆ Vietnamese EV maker VinFast remains optimistic despite challenging entry to U.S. auto market
▼ + stars: | 2023-03-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Yu Ruidong | China News Service | Getty Imageswatch nowShe added that VinFast is entering the market "with clear approaches" such as offering premium quality and accessibility for the mass market without cutting corners in cybersecurity and functional safety. Software problems delayed deliveries of VinFast's first batch of cars to U.S. buyers from December 2022 until March 2023. VinFast cars are also currently ineligible for the $7,500 tax credit in the U.S. because they are not made in the U.S., but are made in Vietnam — which will impact their U.S. sales. While the company filed for an initial public offering in December, it has not yet launched its roadshow. "For us, it's not about raising monies but it's a lot about making the company more international and other corporate purposes and the market has been challenging as you know," said Le.

☆ INEOS Quattro to raise 750 mln euros from loans, pay dividend
▼ + stars: | 2023-02-24 | by ( Chiara Elisei | ) www.reuters.com time to read: +1 min

LONDON, Feb 24 (Reuters) - Chemicals company INEOS Quattro is planning to raise 750 million euros ($794 million) from the sale of two loans, according to a lead manager memo seen by Reuters on Friday. The seven-year financing - which comprises a euro loan and a minimum $400 million loan - will fund a dividend payment and the rest will be used for general corporate purposes, the memo said. INEOS Quattro is owned by global chemical company INEOS, which is among the bidders for Manchester United. INEOS wants to fund an offer without external financing, but could consider bringing in a minority equity partner, Reuters reported earlier this week, citing a source. JP Morgan and Deutsche Bank are leading the new loan sale for INEOS Quattro, according to the memo.

☆ Amazon creates bazaar for U.S. banking wannabes
▼ + stars: | 2023-01-24 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +3 min

The e-commerce goliath recently added to its growing pile of debt with an $8 billion loan. After first tapping the market’s biggest bookrunners, Amazon enlisted Canada’s TD Securities to shop the lesser-traveled byways around Wall Street for the follow-up deal. It’s easy to understand why the wannabes would jump at the chance to work with Amazon. Others such as BBVA, which offloaded its American subsidiary but kept its broker-dealer business, are keen to expand in U.S. investment banking. For Amazon, spreading the wealth is a chance to trial new banking relationships before potentially hiring them for more complicated matters.

The company is the property services arm of commercial property developer Dalian Wanda Group. A presentation by Wanda Commercial Management Group seen by Reuters said the book received 3.7 times over-subscription, with $500 million orders from long-only funds, including Blackrock, Fidelity, Pictet AM, Invesco and PAG. "This deal reopened the dormant China property and high-yield bond market, and received an active and positive reaction," it added. Dalian Wanda Group did not immediately respond to a request for comment while its commercial management arm could not be immediately reached. Unlike many other Chinese developers who focus on residential projects, Dalian Wanda Group relies on rental income and has an asset-light model.

☆ Amazon secures $8 billion term loan
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Amazon.com Inc (AMZN.O) said on Tuesday it had reached an agreement with certain lenders to provide the e-commerce giant an $8 billion unsecured loan. The term loan will mature in 364 days, with an option to extend for another 364 days and the proceeds would be used for general corporate purposes. The online retailer has been bracing for likely slower growth, as soaring inflation forces businesses and consumers to cut back spending. Amazon had about $35 billion in cash and cash equivalents and long-term debt of about $59 billion at the end of the third quarter ended Sept. 30. Toronto Dominion was the administrative agent for the loan agreement in which DBS Bank and Mizuho Bank were among lenders, Amazon said.

☆ Hooters dispels rumors that it's shutting down and rebranding in response to study that claims millennials 'aren't that into boobs'
▼ + stars: | 2022-12-29 | by ( Bethany Biron | ) www.businessinsider.com time to read: +4 min

A viral tweet falsely claimed Hooters is shutting down and rebranding to appeal to millennials. "There is no validity to this story," Hooters of America said in a statement shared with Insider. The tweet — posted by Daily Loud, a website focused on hip-hop and viral news — claimed Hooters "was shutting down and 'rebranding' after a new study found that millennials 'aren't that into boobs.'" The 2017 study by Pornhub found younger people were less likely to search for breasts on pornography websites. After a series of viral TikTok videos shared by staffers, Hooters adjusted its policy to make the new uniforms optional.

☆ Stocks making the biggest moves in the premarket: Herbalife, GitLab, Textron and more
▼ + stars: | 2022-12-06 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

GitLab (GTLB) – GitLab shares surged 18.7% in the premarket following better-than-expected quarterly results for the maker of development operations software, with a smaller loss than analysts had anticipated and sales that exceeded consensus estimates. Textron (TXT) – Textron rallied 9.6% in the premarket after the company's Bell unit won a U.S. Army contract to provide next-generation helicopters. Signet Jewelers (SIG) – The jewelry retailer reported quarterly profit of 74 cents per share, well above the 31 cents a share consensus estimate. Revenue beat consensus estimates as well. The stock surged 8.1% in premarket action.

☆ With Debt Coming Due, Investment-Grade Companies Are Paying Up, Too
▼ + stars: | 2022-12-01 | by ( Nina Trentmann | ) www.wsj.com time to read: +7 min

What’s more, volatile markets have resulted in fewer opportunities for companies to sell their debt. Investment-grade U.S. companies have between $550 billion and $750 billion coming due per year from 2023 through 2027, according to Goldman Sachs Group Inc., with about $59 billion left to pay off or refinance in 2022. Of the $615.54 billion, $504.31 billion were new issuances, compared to $111.23 billion in refinancings, Dealogic said. But investor demand for bonds has been stronger in recent days, leading Amazon.com Inc. and others with near-term debt coming due to the market. Among the businesses that recently took out bond debt at a higher cost is retail giant Walmart Inc.

☆ Stocks making the biggest moves after hours: Workday, CrowdStrike, Horizon Therapeutics and more
▼ + stars: | 2022-11-29 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +2 min

Workday — Workday gained 6% postmarket Tuesday after earnings beat Wall Street estimates on both the top- and bottom lines. NetApp reported adjusted earnings per share of $1.48, beating estimates of $1.33. But its revenue of $1.66 billion fell short of the $1.68 billion Wall Street anticipated, per Refinitiv. HP Enterprise — HP Enterprise rose 2.2% after the company beat earnings estimates on the top and bottom lines. Horizon Therapeutics — The biotech shot up 36% after hours after Dow Jones reported that the $18 billion biotech is fielding takeover interest.

☆ Australia's Westpac to tap U.S. dollar bond market - term sheet
▼ + stars: | 2022-11-09 | 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: +1 min

SYDNEY, Nov 9 (Reuters) - Australia's Westpac Banking Corp (WBC.AX) has mandated banks to work on two- and five-year U.S. dollar bond issuances, according to a term sheet reviewed by Reuters. Westpac raised A$2.8 billion ($1.82 billion) in an Australian-dollar-denominated bond on Monday, domestic media said. The bank plans to issue in U.S. dollars a two-year fixed rate bond, a two-year floating rate note, and a five-year fixed rate transaction, the term sheet showed. The final pricing is due to be set later in the New York trading session on Wednesday, subject to market conditions, according to the term sheet. Westpac planned to use the U.S. dollar proceeds from the bonds for general corporate purposes, the term sheet showed.

At the COP27 climate conference in Egypt, companies and country delegates are discussing ways of enhancing the market for green bonds, or bonds that are linked to projects deemed environmentally beneficial. POPULAR DESPITE THE 'GREENIUMS'Also known as "use of proceeds bonds," green bonds involve a company or government raising money for projects considered environmentally beneficial. SUSTAINABILITY-LINKED BONDSSustainability-linked bonds, or SLBs, comprise a newer and smaller market than green bonds. SOCIAL BONDS, SDG BONDS, AND MOREBeyond bonds focused on environmental outcomes, lie pools of money for related goals around social equity or fair living standards. Social impact bonds, or impact bonds, differ from social bonds in linking financial returns to the desired outcome.

☆ KFC's Middle East and North Africa franchisee plans dual listing in UAE, Saudi
▼ + stars: | 2022-11-02 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Nov 2 (Reuters) - Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, said it planned to launch an initial public offering (IPO), followed by a dual listing in the United Arab Emirates and Saudi Arabia. Adeptio Investments, an investment vehicle jointly-held by Dubai businessman and founder of Emaar Properties (EMAR.DU) Mohammed Alabbar and Saudi Arabia's Public Investment Fund, is offering about 2.53 billion existing ordinary shares, representing 30% of the company, Americana said in a regulatory filing on Wednesday. The IPO would start from Nov. 14 to Nov. 21 for retail investors in the UAE and Saudi Arabia, and Nov. 14 to Nov. 22 for institutional investors in both the countries. Following its public share-sale, it expects to list on the Abu Dhabi Securities Exchange and the Saudi Exchange on or around Dec. 6, it said. Reporting by Hadeel Al Sayegh; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

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