DIRS.INFO The most relevant business & tech news

The A$300 billion ($195.24 billion) pension fund was against the original offer, which it also said substantially undervalued the company's ability to profit from Australia's shift to renewable energy. Under the new terms offered by Brookfield, the A$9.43 per share bid remains but some investors can stay invested in the energy markets business that would be owned by Brookfield. Brookfield's consortium partner EIG Partners would take on Origin's integrated gas business which includes the 27.5% stake in Australia Pacific LNG (APLNG). If that bid fails to achieve 75% shareholder support, an alternative proposal has been lodged that would see Origin sell the energy markets business to Brookfield for A$12.3 billion. DONE TALKINGFollowing the announcement of the revised offer, EIG CEO Blair Thomas told Reuters that he was done talking to AustralianSuper.

Persons: Dado Ruvic, Australia's, EIG, Scott Perkins, Blair Thomas, Allan Gray, Simon Mawhinney, Mawhinney, Chris Bowen, Scott Murdoch, Lewis Jackson, Praveen Menon, Lincoln, Sonali Paul, Jamie Freed Organizations: Brookfield, REUTERS, SYDNEY, Brookfield ., EIG Partners, Australia Pacific LNG, Reuters, Brookfield consortium's, Energy, Thomson Locations: Brookfield, Sydney, Australia

SYDNEY, Nov 22 (Reuters) - Australasian pharmaceutical distributor EBOS Group (EBO.NZ) has shelved a A$3.75 billion ($2.4 billion) deal to buy Australian vet chain Greencross, sending its shares down 7% during early trade on Wednesday. EBOS was due to pay A$3.75 billion to acquire Greencross, and was set to raise about A$2 billion as early as Wednesday, said one of the sources who could not be named discussing confidential information. The capital raising and associated buyout was put on hold because of weaker than expected demand from EBOS investors, the second source said. TPG and Greencross did not immediately respond to a request for comment. U.S. private equity TPG bought Greencross in 2019 and delisted it from the ASX in a deal worth A$669 million.

Persons: EBOS, Greencross, Scott Murdoch, Marguerita Choy, Stephen Coates Organizations: SYDNEY, EBOS, TPG Capital, TPG, Greencross, City Farmers, Liontown Resources, Thomson Locations: Australia, New Zealand, Albemarle, Sydney, Bengaluru

☆ Fox CEO Lachlan Murdoch meets Zelenskiy in Kyiv in 'very important signal' -Ukraine
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +3 min

Ukraine's President Volodymyr Zelenskiy meets with Executive Chair and Chief Executive Officer of Fox Corporation Lachlan Murdoch, amid Russia's attack on Ukraine, in Kyiv, Ukraine, in this handout picture released November 20, 2023. Ukrainian Presidential Press Service/Handout via REUTERS Acquire Licensing RightsKYIV, Nov 20 (Reuters) - President Volodymyr Zelenskiy met Fox Corp (FOXA.O) CEO Lachlan Murdoch in the Ukrainian capital in what Kyiv said on Monday was a "very important signal" of support at a time when global media attention has shifted from the war in Ukraine. A U.S. presidential election next November could bring the return of Republican Donald Trump, who has been sharply critical of support for Ukraine. Zelenskiy said it was vital to keep the world's attention focused on the war in Ukraine. Zelenskiy said Fox News journalist Benjamin Hall, who was badly wounded covering the war in Ukraine last year, and The Sun journalist Jerome Starkey were also invited to the meeting with Murdoch.

Persons: Volodymyr Zelenskiy, Fox Corporation Lachlan Murdoch, Lachlan Murdoch, Rupert Murdoch's, Republican Donald Trump, Zelenskiy, Benjamin Hall, Jerome Starkey, Murdoch, Hall, Pierre Zakrzewski, Oleksandra Kuvshynova, Tom Balmforth, Jonathan Oatis Organizations: Fox Corporation, Presidential Press Service, REUTERS Acquire, Rights, Fox Corp, Kyiv, Media, U.S, Republican, U.S . Congress, State, Fox News, Sun, News Corp, Thomson Locations: Ukraine, Kyiv, Russia, Gaza

A pedestrian looks at his phone as he walks past a logo for Australia's Westpac Banking Corp located outside a branch in central Sydney, Australia, November 5, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Nov 20 (Reuters) - Westpac Banking Corp (WBC.AX), Australia's third largest bank by market capitalisation, said on Monday it would raise A$750 million ($488.1 million) in an Additional Tier 1 (AT1) capital transaction. The AT1 bonds are used by banks to stabilise cashflow in periods of stress, according to APRA. Under that deal, holders of Credit Suisse AT1 bonds received nothing, while shareholders, who usually rank below bondholders in terms of who gets paid when a bank or company collapses, received $3.23 billion. ($1 = 1.5366 Australian dollars)Reporting by Scott Murdoch in Sydney; Editing by Muralikumar Anantharaman and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Stephen Jones, Scott Murdoch, Muralikumar Anantharaman, Stephen Coates Organizations: Australia's Westpac Banking Corp, REUTERS, Rights, Westpac Banking Corp, Westpac, prudential, Credit Suisse, APRA, Credit Suisse AT1s, Commonwealth Bank, Credit, Thomson Locations: Sydney, Australia

SYDNEY, Nov 15 (Reuters) - Chinese self-driving firm iMotion Automotive Technology is aiming to raise $100 million in its Hong Kong initial public offering (IPO) due to launch in the last week of November, according to two sources with direct knowledge of the matter. iMotion, which was established in 2016, did not immediately respond to a request for comment from Reuters. The Suzhou-based firm is planning to open the books for its IPO the week after next ahead of starting trade on the Hong Kong Stock Exchange (HKEX) in the first week of December, according to the sources. iMotion had planned to raise $300 million, Bloomberg News reported in March, but has cut the size of its new fund raising target. Reporting by Scott Murdoch in Sydney and Yantoultra Ngui in Singapore; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: iMotion, Hong Kong's, Scott Murdoch, Yantoultra, Lincoln Organizations: SYDNEY, iMotion Automotive Technology, Reuters, Hong Kong Stock Exchange, Bloomberg News, Thomson Locations: Hong Kong, iMotion, Suzhou, China, Hong, Sydney, Singapore

☆ Rupert Murdoch officially steps down from his media empire, handing over the reins to his son Lachlan
▼ + stars: | 2023-11-15 | by ( Oliver Darcy | ) edition.cnn.com time to read: +6 min

CNN —Lachlan Murdoch is stepping onto center stage. On Wednesday, his father, Rupert Murdoch, officially stepped down as chairman of News Corporation, the print publishing arm of the billionaire mogul’s powerful media empire, marking the end of an era. In his final remarks on Wednesday to the News Corporation board as chairman, Murdoch hit on a number of topics. His profile rose when he took on the role of executive chairman in 2015 at what was then 21st Century Fox. But Lachlan, whose Fox News has refrained from openly skewering the GOP frontrunner, has never made such comments in public.

Persons: Lachlan Murdoch, Rupert Murdoch, Rupert, Murdoch, Evan Gershkovich, ”, Lachlan, ” Rupert, James Murdoch, Fox, Donald Trump, Trump, hasn’t, Jim Rutenberg, “, “ Will Lachlan, ” Rutenberg, “ Murdoch, Will Lachlan Organizations: CNN, News Corporation, Fox Corporation, Fox News, Century Fox, Disney, Fox, GOP, Australian, Voting, The New York Times Locations: Russia, Lachlan, Australia, Americas

☆ Social and influencer-marketing agency The Fifth, part of Murdoch's News Corp, is shutting down its UK talent division
▼ + stars: | 2023-11-14 | by ( Marta Biino | ) www.businessinsider.com time to read: +3 min

The Fifth, a social-creative agency originating in the UK, is shutting down its talent-management arm in the country, the company confirmed to Business Insider. The company is part of News UK, a media conglomerate that operates news outlets like The Times, The Sunday Times, and The Sun. The Fifth was founded in 2019 by Oliver Lewis, formerly News UK's director of digital strategy and partnerships, and The Fifth's talent division was launched a year later. Citing changes in the UK market, the company said it had decided to focus its efforts on the social-creative and influencer-marketing side of the business. Do you work at The Fifth or other talent management firms in the UK or have insight to share?

Persons: Oliver Lewis, It's, Dan Wang Organizations: Business, News UK, Times, Sunday Times, Sun . News, Rupert Murdoch's News Corp, Eurostar, BareMinerals, Columbia Business School

The logo of Australian energy company Origin is pictured in Melbourne, Australia, July 3, 2016. REUTERS/Jason Reed/File Photo Acquire Licensing RightsSYDNEY, Nov 13 (Reuters) - Australian pension fund AustralianSuper said on Monday it had rejected an "eleventh hour" offer from a Brookfield-led consortium and its partner EIG to drop its opposition to their $10.5 billion bid for Origin Energy and join the takeover. AustralianSuper said it was Origin Energy's largest shareholder, but did not specify the size of its stake as it has done in previous releases. Brookfield argues its bid, which comes with the commitment of A$20 to A$30 billion worth of investment, will decarbonise Origin Energy faster than if the company remains in public hands. However, AustralianSuper said on Monday it was also open to stumping up cash to fund Origin's transition.

Persons: Jason Reed, AustralianSuper, EIG, Luke Edwards, Lewis Jackson, Alasdair Pal, Stephen Coates Organizations: REUTERS, Rights, Origin Energy, Financial, Brookfield, Renewable, Thomson Locations: Melbourne, Australia, Brookfield, Sydney

Livent CEO Paul Graves will take the top job at the newly minted Arcadium Lithium, if Allkem shareholders vote for the deal on Dec. 19. Merging the two companies would create the world's third-largest lithium producer by volume with assets spanning Australia, Canada and Argentina. Graves has said that one of his first priorities would be expanding Arcadium's footprint in Western Australia's world-class lithium districts. Under the deal, Allkem shareholders will get one share in the combined entity for each of their shares and the company will ultimately own 56% of the new firm. Livent shareholders will get 2.406 shares in the new firm, which will be called Arcadium Lithium, for each existing share.

Persons: Arcadium, Paul Graves, Kroll, Chile's, Graves, Albemarle, Livent Corp, Livent, Allkem, Scott Murdoch, Melanie Burton, Robert Birsel Organizations: JV, SYDNEY, Albemarle Corp, Liontown Resources, Hancock, Livent, FMC Corp, Galaxy Resources, Thomson Locations: Australia, U.S, Canada, Argentina, Western Australia, Sydney, Melbourne

☆ Disney will soon own all of Hulu. Here's how the company got here and what's next.
▼ + stars: | 2023-11-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +10 min

Disney has offered to pay Comcast $8.6 billion to take full control of Hulu. Disney is already in the process of rolling out a unified app that'll make Hulu's general entertainment content available in Disney+ . "With Hulu firmly in the Disney fold, they can create their own mini-bundle with kids and family (Disney +), general entertainment (Hulu), and sports (ESPN). The valuation also has to take into account that Hulu contains an entire Disney basic cable network, FX on Hulu. Netflix is set to spend $17 billion on entertainment content in 2024, while Disney is poised to spend $15 billion.

Persons: Bob Iger's, —, Bob Iger, Hulu —, what's, Comcast's NBCUniversal, pare, he's, Jonathan Miller, Brian Roberts, there's, Bernstein, Laurent Yoon, Read, Jordan Helman, Max, Puck, Disney, Bernstein's Yoon Organizations: Disney, Comcast, Hulu, Service, YouTube, News, Century Fox, Marvel, Netflix, Integrated Media, ESPN, ABC, LightShed Partners, Warner Bros, Wall, Paramount Global, Paramount, Showtime, HBO Max, Macquarie Equity Research, Media, Disney Disney, Hollywood Locations: Disney, Hulu, Canada, India, Hollywood

☆ Stock Market Today: Dow Opens Higher Ahead of Veteran's Day; Gloom Stalks European Luxury
▼ + stars: | 2023-11-10 | by ( ) www.wsj.com time to read: +1 min

The S&P 500 snapped a winning streak after a lackluster Treasury auction and a warning from Federal Reserve Chair Jerome Powell that victory over inflation wasn’t assured. U.S. stocks rose. The S&P 500, Dow industrials and Nasdaq Composite all traded in positive territory. Oil prices edged higher. Energy stocks rose, too.

Persons: Jerome Powell, Dow Organizations: Federal, Treasury, Dow industrials, Nasdaq, Unity Software, News Corp, Brent Locations: U.S, ICBC

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSYDNEY, Nov 9 (Reuters) - Proxy advisor CGI Glass Lewis on Thursday recommended Origin Energy (ORG.AX) shareholders vote in favour of a $10.5 billion bid from a consortium led by Canada's Brookfield (BN.TO), despite opposition from the target's largest shareholder. Brookfield and EIG Partners last week offered a "best and final" A$9.53 per share for Origin after raising a previous bid. Australia's largest pension fund AustralianSuper opposes the offer and intends to use its 15% stake to vote against the deal at a Nov. 23 shareholder meeting. Origin Energy shares traded 1.9% higher at A$8.905 at 2 p.m. AEDT (0300 GMT) and are up 5.1% since the close of trade on Nov. 2, when AustralianSuper rejected the improved offer. Reporting by Scott Murdoch and Lewis Jackson; Editing by Leslie Adler and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Glass, Canada's Brookfield, AustralianSuper, Glass Lewis, Scott Murdoch, Lewis Jackson, Leslie Adler, Jamie Freed Organizations: Brookfield, REUTERS, Rights, Energy, EIG Partners, Services, Origin Energy, Australia Pacific LNG, Thomson Locations: Brookfield, Australia

☆ Asian shares rise as S&P 500 records longest win streak in two years
▼ + stars: | 2023-11-09 | 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: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was flat, although up 4.6% so far this month. The dollar index , which tracks the greenback against a basket of currencies of other major trading partners, was down slightly at 105.52. On Wall Street, the S&P 500 (.SPX) rose 0.10% and the Nasdaq Composite (.IXIC) added 0.08%. The S&P 500 rose for the eighth consecutive day, extending its longest win streak in two years. In Asia on Thursday, U.S. crude and Brent crude both rose 0.8% following the weak performance in the U.S. session.

Persons: Kim Kyung, Ping, Brent, Gold, Scott Murdoch, Tom Hogue Organizations: Nikkei, REUTERS, Rights, CPI, ANZ, Reuters, Ping An Insurance Group, Garden Holdings, HK, Ping An, U.S, U.S . Federal, Nasdaq, Dow Jones, Federal Reserve, Thomson Locations: Tokyo, Japan, Asia, Pacific, U.S, U.S ., China

☆ Morning Bid: Oil and bond yields try to find toehold
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +4 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. The supply picture for U.S. crude, which is now down more than 20% from late September's peaks, has also weighed on energy prices. Crude inventories increased by 11.9 million barrels over the week to Nov. 3, sources said, citing American Petroleum Institute figures. With senior Fed officials on Wednesday side-stepping guidance on the central bank's next policy steps, attention focuses squarely on Powell's latest speech. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Carlo Allegri, Mike Dolan, Jerome Powell's, Powell, Jerome Powell, Thomas Barkin, Raphael Bostic, Kathleen O'Neill Paese, Christine Lagarde, Janet Yellen, Becton Dickinson, Emelia Sithole Organizations: New York Stock, REUTERS, Federal, American Petroleum Institute, Walt Disney, ABC, Warner Bros Discovery, Richmond Fed, Atlanta Fed, Louis Interim, European Central Bank, . Treasury, News Corp, Wynn Resorts, U.S, Treasury, Thomson, Reuters Locations: Manhattan, New York City , New York, U.S, Europe, Shanghai, Hong Kong, Washington, St, Brussels, Mettler, Toledo, TransDigm

☆ Everyone is going bankrupt
▼ + stars: | 2023-11-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . WeWork, the real-estate company that cosplayed as a tech startup, filed for Chapter 11 bankruptcy this week. AdvertisementAdvertisementBut one Wall Street veteran believes WeWork will be the first of many companies to succumb to a similar fate. 3 things in marketsANGELA WEISS / Getty ContributorCan the stock market keep this momentum going?

Persons: —, AFTRA, Tesla, Brooks Kraft, It's, WeWork, David Trainer, Jennifer Sor, Insider's Vishal Persaud, Katie Notopoulos, Adam Neumann, we've, ANGELA WEISS, Jeff Gundlach, OpenAI's, Google's Bard, Min, Uber, Travis Kalanick's, Matthew Tortoriello, Sherrod Brown, Malte Mueller, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, SAG, Hollywood, Tech, Google, Brooks Kraft LLC, Getty, Wall, P, Bank of America, Wall Street, Nasdaq, ExxonMobil, Tesla, Apple, Brooks, Amazon, YouTube, NFL, News Corp, Sony Locations: French Montana, New York City, San Diego, London, New York

☆ Proxy firm ISS recommends vote in favour of Brookfield-led consortium's Origin Energy bid
▼ + stars: | 2023-11-06 | 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: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSYDNEY, Nov 7 (Reuters) - Proxy advisory firm Institutional Shareholder Services (ISS) has recommended investors vote in favour of a Brookfield-led consortium's $10.5 billion bid for Australia's Origin Energy (ORG.AX). Brookfield and EIG Partners has offered A$9.53 per share for Origin Energy. AustralianSuper, which holds a 15.03% stake, has said it believes the consortium's bid substantially "undervalues" Origin and will vote against the offer. Brookfield will take ownership of Origin's energy markets business if the vote is in favour of the bid, while EIG's MidOcean Energy will gain a 27.5% stake in Australia Pacific LNG (APLNG). In that scenario, EIG will own Origin and sell the energy markets business to Brookfield, meaning remaining shareholders, including AustralianSuper, will own only APLNG.

Persons: Dado Ruvic, Scott Murdoch, Paul Simao Organizations: Brookfield, REUTERS, Rights, Services, Origin Energy, EIG Partners, Shareholders, Energy, Australia Pacific LNG, Thomson Locations: Brookfield, Australia, Sydney

☆ These stocks are leading the market's comeback and analysts think they have more to go
▼ + stars: | 2023-11-06 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

The names we found also have a consensus price target that calls for further appreciation of 20% or more from here on out. Discovery has the biggest potential upside — 55% — on the screen, looking at its consensus price target among analysts. Not only has the dominant e-commerce platform gained more than 66% this year—it also stands to rise anogther 24.4% based on the Street's consensus price target. Another Wall Street favorite is NextEra Energy , which has potential upside of more than 26%. Other companies leading the market's comeback are packaging company Sealed Air , discount retailer Dollar Tree and newspaper publisher News Corp .

Persons: Stocks, Wells Fargo, Wells, Steven Cahall, Brent Thill, —, Terrell Kirk Crews Organizations: Nasdaq, Dow Jones, CNBC, Warner Bros, Discovery, Jefferies, UBS, Amazon Web Services, American, International, NextEra Energy, News Corp Locations: Florida

☆ Three-Stock Lunch: Amazon, News Corp and Dollar Tree
▼ + stars: | 2023-11-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThree-Stock Lunch: Amazon, News Corp and Dollar TreeDavid Trainer, New Constructs CEO, joins 'Power Lunch' to discuss three stocks: Amazon, News Corp and Dollar Tree.

Persons: David Organizations: News Corp

Nov 6 (Reuters) - EIG Partners Chief Executive Blair Thomas said on Monday he is confident a Brookfield-EIG consortium can win support for its $10.5 billion bid for Origin Energy (ORG.AX) despite opposition from the Australian electricity and gas firm's top shareholder. Pension fund AustralianSuper said on Monday it had increased its stake in Origin to 15.03% from 13.67% and the A$9.53 per share bid remained "substantially" below its estimate of long-term value. Origin will hold a shareholder meeting on Nov. 23, where it will urge investors to vote in favour of the deal. If the deal is successful, Brookfield will take ownership of Origin's energy markets business, while EIG's MidOcean Energy will gain a 27.5% stake in Australia Pacific LNG (APLNG). Thomas confirmed both Brookfield and EIG had discussed with AustralianSuper the possibility of it participating in the deal earlier this year.

Persons: Blair Thomas, AustralianSuper, Thomas, EIG, Scott Murdoch, Lewis Jackson, Archishma Iyer, Edwina Gibbs Organizations: EIG Partners, EIG, Origin Energy, Brookfield, Energy, Australia Pacific LNG, Reuters, Thomson Locations: Brookfield, Australia, Bengaluru

WASHINGTON (AP) — The Washington Post has named veteran media executive Will Lewis to serve as its new CEO and publisher. In July, The New York Times reported that The Post is on track to lose about $100 million this year. Lewis is currently the founder, CEO and publisher of The News Movement, a social-first media business targeting a Gen Z audience. Political Cartoons View All 1234 Images"The Washington Post is a premier global media publisher of record, known for its 145-year-old history of unflinching journalism, and I am thrilled and humbled to be at its helm as both a media executive and former reporter,” Lewis said in a statement. Stonesifer was formerly chief executive of the Gates Foundation and a member of the Amazon board.

Persons: Will Lewis, Lewis, Lewis ’, Dow Jones, Patty Stonesifer, Fred Ryan, ” Lewis, Jeff Bezos, Will, ” Ryan, Donald Trump's, Stonesifer Organizations: WASHINGTON, Washington Post, Post, New York Times, The News, News Corp, London’s Daily Telegraph, Washington, Amazon, Politico, Gates Foundation Locations: United Kingdom

☆ Stocks week ahead: Here’s how America’s economy could begin to weaken
▼ + stars: | 2023-11-05 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

The job market or spending? The spending argument: But there have been instances in which spending weakened before the job market. “I think it starts with the perception of the labor market,” Drew Matus, chief market strategist at MetLife Investment Management, told CNN. The ticket-industry giant said it has sold a record 140 million tickets so far this year, up 17% year-over-year and has already surpassed the 121 million tickets sold in all of 2022. In the third quarter, Ticketmaster sales surged 57% to $833 million and 90 million fee-bearing tickets were sold in the period.

Persons: can’t, ” Shannon Seery, “ It’s, ” Seery, Luke Tilley, ” Tilley, Jerome Powell, ” Drew Matus, ”, Taylor Swift, Parija Kavilanz, Swifties, Taylor, Michael Rapino, Beyoncé, Harry Styles, Bunny, Jonas Brothers, Bruce Springsteen, Lisa Cook, Michael Barr, Jeffrey Schmid, Christopher Waller, John Williams, Lorie Logan, Ralph Lauren, Steve Madden, Phillip Jefferson, Raphael Bostic, Tom Barkin, Christine Lagarde Organizations: CNN Business, Bell, DC CNN, CNN, Employers, Investment Advisors, Companies, National Bureau of Economic Research, CNN Wednesday, Federal, MetLife Investment Management, Ticketmaster, Ryanair, Goodyear, Fed, Reserve Bank of Australia, Uber, Occidental Petroleum, KKR, The Carlyle Group, US Commerce Department, Biogen, Warner Bros, Teva Pharma, The New York Times Company, Armour, SeaWorld, MGM Resorts, China’s National Bureau of Statistics, Sony Group, Astrazeneca, Tapestry, News Corp, US Labor Department, Soho House, National Statistics, European Central Bank, University of Michigan Locations: Washington, Wells, Wilmington, Lyft, Brookfield, Soho

☆ Firms like Meta and A16z admit having to pay billions for training data would ruin their generative-AI plans as they fight new copyright rules
▼ + stars: | 2023-11-03 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

"Generative AI models need not only a massive quantity of content, but also a large diversity of content," Meta wrote in its comment. But those kinds of deals would provide AI developers with the rights to only a minuscule fraction of the data they need to train their models. And it would be impossible for AI developers to license the rights to other critical categories of works." None of the companies denied using copyrighted material without authorization from rights holders. Instead, they generally argued that putting copyrighted material on the internet makes it "publicly available" and therefore fair game for use.

Persons: Andreessen Horowitz, Google's Bard, OpenAI's, Meta, OpenAI, Bard, A16z, Vince Gilligan, doesn't, Kali Hays Organizations: US, Meta, Microsoft, Google, Apple, News Corp, Getty Locations: khays@insider.com

"AustralianSuper believes Origin has a highly strategic portfolio of assets to participate in, and benefit from, the energy transition," a spokesperson said. Origin shares plunged as much as 5.6% to A$8.565 in high-volume trading following the news, as AustralianSuper's 13.68% holding could scupper a deal that requires approval from 75% of the register if not all investors vote. Should the deal fail at the shareholder vote scheduled for Nov. 23, a revised agreement allows the consortium to make a subsequent off-market bid if it buys 5% or more of Origin shares. "If it gets voted down, Brookfield aren't obligated to come back with an off-market takeover offer, but they may be inclined to," he said. Should the deal close, Brookfield and its partners GIC and Temasek will own Origin's Energy Markets business, which includes power generation and retailing.

Persons: Dado Ruvic, AustralianSuper, Canada's Brookfield, Brookfield, Jamie Hannah, Simon Mawhinney, Allan Gray, Stewart Upson, Scott Murdoch, Lewis Jackson, Sameer Manekar, Jamie Freed Organizations: Brookfield, REUTERS, SYDNEY, bourse, Brookfield Asia, Energy Markets, Saudi Arabia's Aramco, Australia Pacific LNG, Thomson Locations: VanEck, Brookfield, Temasek, Saudi, Australia, Sydney, Bengaluru

Evergrande's lawyer said the company was working on a revised plan to "monetise the value" of its two Hong Kong-listed units - Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (NEV) (0708.HK). Sources familiar with the matter told Reuters that plan included allowing Evergrande creditors to swap their debt into equity and bonds tied to these units. Evergrande, Evergrande Property Services and Evergrande NEV declined to comment. "Why would those shareholders want to see new debt issued to replace the existing debt issued by Evergrande, what is the benefit for them?" Evergrande's initial $23 billion offshore debt restructuring plan was thrown off course last month when its billionaire founder Hui Ka Yan was confirmed to be under investigation for suspected criminal activities.

Persons: Aly, Evergrande NEV, Mat Ng, Grant Thornton, Evergrande, Hui Ka Yan, Clare Jim, Xie Yu, Scott Murdoch, Miral Organizations: China Evergrande Group, REUTERS, Hong, Evergrande, Services, HK, New Energy Vehicle Group, Reuters, Evergrande Property, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, HK, Hong Kong, Grant Thornton Hong Kong, SYDNEY

AustralianSuper owns a 13.68% stake in Origin Energy and said the offer was "substantially below" its estimate of long-term value for Australia's biggest energy retailer. Origin shares were down 0.9% in early trade on Tuesday at A$9.10 each, which was above the $A8.81 offer price. Origin shares have been trading above the offer price since the deal got an approval from the country's competition regulator on Oct. 10. Origin shares closed at A$9.17 on Monday, 4.1% above the offer price. "The current offer from the Brookfield and EIG-backed consortium remains substantially below our estimate of Origin's long-term value," the firm said.

Persons: AustralianSuper, Max Vickerson, AusSuper, it’s, Scott Murdoch, Lewis Jackson, Sameer Manekar, Josie Kao, Lincoln, Chris Reese Organizations: Origin Energy, Brookfield, stockbroker Morgans, Frontier Economics, Energy, Thomson Locations: Brookfield, EIG, Sydey, Bengaluru

Search resuls for: "News Corp"

25 mentions found