DIRS.INFO The most relevant business & tech news

☆ Apollo in Talks to Acquire Arconic
▼ + stars: | 2023-02-28 | by ( Lauren Thomas | Laura Cooper | ) www.wsj.com time to read: 1 min

An aluminum coil at an Arconic manufacturing facility in Alcoa, Tenn., last year. Private-equity firm Apollo Global Management Inc. is in talks to acquire aerospace-parts maker Arconic Corp., according to people familiar with the matter. Apollo submitted a bid in February and has debt financing in place, the people said.

The move against Sun Ship and other offshore entities is the start of a broader campaign to keep Russia from finding offshore workarounds to sanctions. The European Union sanctioned a Dubai-based subsidiary of Russia’s state-owned shipping giant, the manager of dozens of oil tankers that ferry Russian oil and natural gas around the world. The sanctions targeting Sun Ship Management include an EU asset freeze and ban on financing the company, which the EU said is part of government-controlled shipping company Sovcomflot. EU officials discussed listing the company under a new power to go after companies or people that are knowingly helping Russia circumvent Western sanctions. In the end, however, it targeted the company as a subsidiary of Sovcomflot, which is generating revenue for Moscow.

This would help its investment bankers in their pitches to clients, especially for IPOs, one of the sources added. Klein is selling his business to Credit Suisse for $175 million, the two said earlier this month. Credit Suisse will focus on managing money for the wealthy after the carve-out. A spokesman for Credit Suisse declined to comment, as did a representative for Klein. Credit Suisse reported its biggest annual loss last year since the financial crisis and cut its bonus pool by 50% for 2022.

☆ Toronto stocks seen up 6.2% by year-end, despite 'wall of worry'
▼ + stars: | 2023-02-22 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

"Equity markets have exhibited remarkable resilience, climbing a wall of worry toward higher common stock prices," said Brandon Michael, senior investment analyst at ABC Funds. "The main drivers toward higher stock prices include decelerating inflation, central banks easing up on their monetary policy tightening efforts, and improving investor risk appetite." Canada's annual rate of inflation cooled to 5.9% in January after peaking at 8.1% in June, data on Tuesday showed. The energy and materials sectors combined account for about 30% of the Toronto market's weighting. (Other stories from the Reuters Q1 global stock markets poll package:)Reporting by Fergal Smith; additional polling by Aditi Verma, Milounee Purohit and Mumal Rathore; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Apollo Global appoints former U.S. Senator Patrick Toomey to board
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Apollo Global Management Inc (APO.N) said on Wednesday former U.S. Senator Patrick Toomey has been appointed to its board, effective March 15. In a political career spanning decades, Toomey represented Pennsylvania in the Senate from 2011 to 2023, serving on the Senate banking, housing, and urban affairs, budget, and finance committees. Toomey, a member of the Republican Party, previously served in the U.S. House of Representatives from 1999 to 2005, where he was a member of the house budget committee. Earlier in February, New York-based Apollo said its fourth-quarter adjusted net income rose 77% owing to strong earnings from its retirement services business, even as gains were partly offset by a steep decline in its PE portfolio.

☆ Keith Meister's Corvex Management bets on media companies, cuts big tech and biotech holdings
▼ + stars: | 2023-02-15 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Corvex Management increased its stakes in media-related companies while slashing technology and biotech investments, according to its latest quarterly 13F filing with the SEC. Crown Holdings was Meister's second-largest acquisition in the fourth quarter, when Corvex bought $74 million of shares. In November, billionaire Carl Icahn disclosed an 8.5% stake in the packaging company once known as Crown Cork & Seal. Corvex in the fourth quarter increased its position in Fomento Economico Mexicano , a Mexican multi-national retail and beverage company, by 9.5%, bringing the holding to almost $200 million. Corvex exited its positions in Amazon , JP Morgan Chase & Co . and Uber in the fourth quarter.

☆ Private equity firm TPG's Q4 earnings drop 26% on lower asset sales
▼ + stars: | 2023-02-15 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Feb 15 (Reuters) - TPG Inc (TPG.O) said on Wednesday that its fourth-quarter distributable earnings fell 26% year-on-year as it cashed out fewer investments in its private equity, growth, impact and real estate portfolios. TPG said its net profit from asset sales fell to $95 million in the fourth quarter, down 62% from the $251 million posted a year ago. TPG said its private equity funds appreciated 2.2% in the fourth quarter, its growth funds and impact funds were flat and its real estate funds fell 1.5%. The private equity funds of Blackstone, Carlyle and Apollo appreciated by 3.8%, 1% and 5.4%, respectively, while KKR's private equity funds were flat. TPG ended the fourth quarter with $135 billion in assets under management.

☆ Apollo launches new credit firm with bulk of Credit Suisse' assets
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - Apollo Global Management Inc (APO.N) said on Wednesday it is creating a new credit unit that now oversees majority of assets it purchased from Credit Suisse Group (CSGN.S) as a part of the sale of Securitized Products Group (SPG). Apollo bought most of the SPG assets held by Credit Suisse in November last year as a part of a sweeping revamp for the Swiss bank, without disclosing the sale price at that time. The newly created unit, Atlas SP Partners, will focus on asset-backed financing and capital markets solutions under the leadership Credit Suisse's Jay Kim, with Apollo owning the majority of the unit. "At Apollo, we are excited to partner with ATLAS SP and accelerate our strategy to invest in more long-term, investment grade quality assets for our clients and strategic partners," Apollo's co-President Jim Zelter said in a statement. Reporting by Lavanya Ahire and Shankar Ramakrishnan; Editing by Lincoln Feast.

☆ Meet the family of billionaire Nelson Peltz: From Brooklyn Peltz Beckham's wife to a former pro-hockey player, here's everything we know about his 10 kids
▼ + stars: | 2023-02-09 | by ( Jordan Hart | Britney Nguyen | Aaron Mok | ) www.businessinsider.com time to read: +2 min

Nelson PeltzNelson Peltz's eight children have gone on to star in films, pursue careers in business, and play ice hockey. Heidi Gutman/CNBC via Getty ImagesBefore 80-year-old Nelson Peltz amassed his $1.4 billion net worth or family of 10 children, he was a college dropout working for his family business. Peltz is now married to the former model Claudia Heffner Peltz, who has mostly kept out of the limelight during marriage. Recently, Peltz made headlines for suing the planners of his daughter Nicola's 2022 wedding to Brooklyn Beckham, Insider's Claire Atkinson reported. Insider did not receive responses to requests for comment from Nelson Peltz's company, Trian Fund Management, Brad Peltz, and a representative for Will Peltz and Nicola Peltz Beckham.

☆ Apollo assessing possible CS First Boston investment -source
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - Apollo Global Management Inc (APO.N) is among a group of financial firms considering investing in Credit Suisse's (CSGN.S) revamped investment bank CS First Boston, a source with knowledge of the matter told Reuters. U.S. asset manager and private equity firm Apollo has been contacted by the Swiss bank about investing in CS First Boston (CSFB) but has yet to make a decision, the source added. It will now focus on managing money for the wealthy and create CSFB to run its investment banking activities. Apollo has already committed to buying the bulk of Credit Suisse's securitized products group, which will be outside CSFB. Credit Suisse, which reports fourth-quarter earnings on Feb. 9, said in November that it expects to complete the transaction by mid-2023.

☆ Apollo Global in talks to buy stake in Credit Suisse unit -WSJ
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: 1 min

Feb 7 (Reuters) - Apollo Global Management Inc (APO.N) is among a group of financial firms in talks to buy a stake in Credit Suisse Group's (CSGN.S) revamped investment bank, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The talks with Apollo are continuing and could still fall apart, the report said, without mentioning the size of the potential stake or the potential deal value. Both Apollo Global and Credit Suisse declined to comment on the report. The entity advises on mergers and acquisitions, raises capital for clients through equity and debt markets, and provides leveraged finance as part of its core offerings. Reporting by Shivani Tanna in Bengaluru; Editing by Sohini Goswami and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Cramer's lightning round: Parker-Hannifin is a buy
▼ + stars: | 2023-02-07 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

I would buy it here." Waste Management Inc : "Everyone thought that quarter was not that great and was telling me to buy Republic Services . Loading chart...Illumina Inc : "If you're going to be in that business, there's only two. Loading chart...TG Therapeutics Inc : "This is [run by CEO] Mike Weiss. I think that you've got a winner, and I need to hear it from you."

PARIS, Feb 6 (Reuters) - French investment firm Eurazeo (EURA.PA) ousted Chief Executive Virginie Morgon on Monday and named a new executive board following a row with the group's number one shareholder, the Decaux family, a source close to the matter said. Jean-Charles Decaux, Eurazeo's chairman, pushed for the decision after a number of matters caused friction between Morgon and the Decaux family, which owns 18% of Eurazeo, the source said. A spokesperson for Jean-Charles Decaux, who is also co-CEO of JCDecaux (JCDX.PA), the world's biggest outdoor advertising firm, declined to comment. In a statement Jean-Charles Decaux, Eurazeo's supervisory board president, called the newly appointed executive board "collegial" and "focused". ($1 = 0.9298 euros)Reporting by Mathieu Rosemain and Sudip Kar-Gupta; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's CBA simplifies financial reporting after sale of wealth management unit
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Commonwealth Bank of Australia (CBA.AX) said on Monday it will simplify its financial reporting in upcoming half-year fiscal results to reflect the sale of its wealth management business last year. The country's top lender will now consolidate its other banking income, funds management income and insurance income into other operating income within its financial statements to reflect the divestment. The change has been applied retrospectively, resulting in a reduction of A$109 million ($75.12 million) in operating expenses for half-year ended June 2022, and reduction of A$98 million in other operating income for half-year ended December 2021. CBA will announce its first-half results for fiscal 2023 on February 15, 2023. ($1 = 1.4510 Australian dollars)Reporting by Sameer Manekar in Bengaluru; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Disney, Pepsi, Uber Set to Report During Lackluster Earnings Season
▼ + stars: | 2023-02-04 | by ( Dia Gill | ) www.wsj.com time to read: 1 min

PepsiCo Inc., Uber Technologies Inc. and Walt Disney Co. are among the companies slated to report earnings in the coming week, during an earnings season marked by cooling demand and throttled profits. Investors will also hear from the food makers Kellogg Co. and Tyson Foods Inc., the healthcare companies CVS Health Corp. and AbbVie Inc., as well as the private-equity firms KKR & Co. and Apollo Global Management Inc. Other companies reporting earnings include PayPal Holdings Inc., S&P Global Inc. and Chipotle Mexican Grill Inc.

On Tuesday, Western Digital CEO David Goeckeler said the partnership with Apollo and Elliott would help "facilitate the next stages of Western Digital's strategic review." The latest investment is a precursor to a potential merger between Silicon Valley-based Western Digital and Japan's Kioxia Holdings Corp, according to people familiar with the matter. The sources, who requested anonymity as these discussions are confidential, said the talks between Western Digital and Kioxia are still active. Western Digital and Kioxia jointly produce NAND chips, which are widely used in smartphones, TVs, data center servers and public announcement display panels. Qatalyst Partners, Lazard and J.P. Morgan are serving as Western Digital's financial advisers and Skadden, Arps, Slate, Meagher & Flom LLP is serving as Western Digital's legal adviser.

☆ Op-ed: Salesforce appoints ValueAct’s Morfit to its board and a proxy fight may loom ahead
▼ + stars: | 2023-01-27 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

The firm's principals are generally on the boards of half of ValueAct's core portfolio positions and have had 55 public company board seats over 22 years. Adding Morfit to the board of Salesforce makes a ton of sense regardless of the activist environment. Morfit has experience helping management increase both growth and margins from a board level, and both can be improved at Salesforce. The looming question is whether he will initially be doing this with an activist cloud hanging over the company's head in the form of a proxy fight by one of the other activists involved. It likely had been engaging with Salesforce management for several months, and this appointment may have happened just as a threatened proxy fight was reported.

☆ Cramer's lightning round: I like ABM Industries
▼ + stars: | 2023-01-19 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

Loading chart...ABM Industries Inc : "Talk about a boring facilities management company that I like so much. Loading chart...Sun Country Airlines Holdings Inc : "Why do we have to fool around in that when we've got United Airlines ?" Loading chart...Lockheed Martin Corp : "People are worried about the Republicans and defense budget. I'm worried about the Ukrainians and defending them, and I think Lockheed Martin plays a key role." Loading chart...Enphase Energy Inc : "I think Enphase Energy is the perfect way to be able to play the Inflation Reduction Act."

☆ Private equity acquires a taste for drug development
▼ + stars: | 2023-01-09 | by ( David Carnevali | ) www.reuters.com time to read: +6 min

Jan 9 (Reuters) - Private equity firms that deemed drug development too risky for their liking in the past are increasingly investing in the sector, raising dedicated funds and coming up with deals that compensate them for the uncertainty involved. These deals are not structured as the leveraged buyouts that private equity firms are mostly known for. In most cases, the drug makers start paying the money back to the private equity firms when the drug is being developed, either by issuing equity, tapping cash on hand or borrowing. They also share a slice of the newly developed drug's revenue with the private equity firms once it's approved. Private equity firms also provide capital to spin out drugs into new companies.

☆ Direct ChassisLink changes hands in $3.6 billion deal-sources
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

The deal marks a win for Apollo, which acquired a majority stake in Charlotte, North Carolina-based Direct ChassisLink and logistics and digital supply chain solutions company Blume Global from EQT in 2019 for around $2.5 billion, including debt. Excluding Blume's remaining value, Apollo made two times the money it invested, according to a person familiar with the matter. Blume separately raised money from outside investors in 2021 at a valuation of $500 million. Direct ChassisLink controls a fleet of over 151,000 marine and 100,000 domestic chassis. Reporting by David Carnevali in New York; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Venture Firm Fifth Wall Raises Record Real-Estate Startup Fund
▼ + stars: | 2022-12-14 | by ( Konrad Putzier | ) www.wsj.com time to read: 1 min

Fifth Wall partners Brendan Wallace and Sarah Liu with others on the roof terrace of the Fifth Wall headquarters in New York City. Fifth Wall Ventures Management LLC raised the largest-ever venture fund focused on real-estate technology companies, the company said, a sign that some major investors are still bullish on property startups despite this year’s surge in interest rates. The $866 million fund, which closed on Friday, will invest in both early- and late-stage startups. Annaly Capital Management Inc., Arbor Realty Trust Inc., CBRE Group Inc., Equity Residential and a number of other major real-estate companies invested in the fund.

☆ Used-car retailer Carvana slumps after Wedbush says bankruptcy risk rising
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

Brokerage Wedbush also downgraded its rating on the stock to 'underperform' from 'neutral,' sending Carvana's shares to a record low. "Many (Carvana) bonds have been trading at about 50 cents on the dollar, indicating investors see a high probability of default," said analyst Seth Basham, in a note titled 'Bankruptcy risk rising.' Carvana has suffered from waning used-car demand and high costs, forcing it to undertake job cuts to rein in expenses. As a result, its stock has fallen nearly 100% this year, hitting record lows in the process. Reporting by Priyamvada C, Medha Singh, Sruthi Shankar in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ An activewear startup backed by Michael Jordan's son hit its first fundraising goal. Here's how Äktiiv plans to take on Lululemon and Nike.
▼ + stars: | 2022-12-05 | by ( Matthew Kish | ) www.businessinsider.com time to read: +5 min

Äktiiv products are biodegradable and made from plants. The Portland, Oregon, startup Äktiiv, which rhymes with black sleeve, launched its first products on Kickstarter in November and recently hit its fundraising goal. Cash from the campaign will be used to scale the company, including its marketing. But there's a twist: Äktiiv products are biodegradable and made from plants, not materials derived from oil or plastics. Similarly, Äktiiv products are designed to be worn in the gym, not while running errands.

☆ Rail union bosses warn of election consequences as Senate moves closer to vote on labor deal to prevent strike
▼ + stars: | 2022-12-01 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

watch nowLeaders of the rail labor unions that have voted not to ratify the tentative labor deal tell CNBC that as the Senate moves closer to a vote on Thursday afternoon on legislation to prevent a rail strike, senators need to realize this is a humanitarian issue and their members will not forget who supported them. On Wednesday, the House passed the tentative rail labor agreement and additional legislation to add seven paid sick days, which has been one of the most important issues to rail workers in the breakdown of negotiations with freight rail companies. All three union presidents say they understand why President Biden had to push Congress to pass the tentative agreement. Biden's PEB deal 'missed the mark'Ferguson said the Presidential Emergency Board rail labor deal "missed a few marks and sidestepped a few, mainly our attendance policy issues." Supply chain congestion and rail embargoesThe unions argue that precision railroading and the lack of labor are the reasons behind congestion in the supply chain.

☆ Leon Black Is Accused in Lawsuit of Rape at Home of Jeffrey Epstein
▼ + stars: | 2022-11-28 | by ( Miriam Gottfried | Mark Maremont | ) www.wsj.com time to read: 1 min

Leon Black, at a 2015 conference in California, stepped down as Apollo’s chief executive and chairman last year. A woman sued Leon Black , alleging the billionaire co-founder of Apollo Global Management Inc. attacked and raped her in 2002 at the home of disgraced financier Jeffrey Epstein . In the suit, filed Monday in New York State Supreme Court, the woman, Cheri Pierson, alleges that Mr. Black raped her in a private suite in Epstein’s Manhattan mansion. Ms. Pierson says she entered the room believing she was going to give Mr. Black a massage in a meeting prearranged by Epstein.

Search resuls for: "Management Inc"

25 mentions found