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☆ Israel's NewMed predicts $15 bln gas boost for sovereign wealth fund
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, Feb 7 (Reuters) - Israel's NewMed Energy forecast on Tuesday that the country's nascent sovereign wealth fund will get a 52 billion shekel ($15 billion) injection in the coming decade from its two main natural gas fields. NewMed Energy (NWMDp.TA) Chief Executive Yossi Abu said that the company, which is the largest stakeholder in the Leviathan offshore gas project, is also promoting plans for a liquefied natural gas (LNG) terminal to boost exports. "From today until 2033, an amount of about 52 billion shekels will accumulate in the wealth fund just from the Tamar and Leviathan reservoirs," Abu told a parliamentary panel, referring to Israel's two largest natural gas fields. Its sovereign wealth fund kicked off last year, after lengthy delays, with the aim of insulating an overheated currency from the sudden expansion in national wealth due to a windfall from gas sales. NewMed is partners with Chevron (CVX.N) and Ratio (RATIp.TA) in Leviathan, which supplies gas to Israel, Jordan and Egypt through a network of pipelines.

HONG KONG/MUMBAI, Jan 30 (Reuters Breakingviews) - Gautam Adani’s financing options are narrowing fast. That leaves it dependent on a safety net provided by Indian banks. Those concerns exploded after Hindenburg Research last week declared the Indian group was making extensive use of tax havens and “pulling the largest con in corporate history” – allegations Adani dismissed as “misinformation” and “stale, baseless and discredited”. Lending more to the group would protect the capital that banks already have at risk in projects under construction. Shares of Gautam Adani’s listed companies have lost a combined $48 billion in market capitalisation since Jan. 25.

SAN LUIS, Ecuador—Built near a spewing volcano, it was the biggest infrastructure project ever in this country, a concrete colossus bankrolled by Chinese cash and so important to Beijing that China’s leader, Xi Jinping , spoke at the 2016 inauguration. Today, thousands of cracks have emerged in the $2.7 billion Coca Codo Sinclair hydroelectric plant, government engineers said, raising concerns that Ecuador’s biggest source of power could break down. At the same time, the Coca River’s mountainous slopes are eroding, threatening to damage the dam.

☆ LIV Golf reaches U.S. broadcasting deal with CW Network
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

[1/3] Oct 29, 2022; Miami, Florida, USA; General view of the 18th green and clubhouse during the second round of the season finale of the LIV Golf series at Trump National Doral. Mandatory Credit: John David Mercer-USA TODAY SportsJan 19 (Reuters) - LIV Golf secured the United States television deal it had been seeking, announcing on Thursday that the CW Network will broadcast all 14 events of the Saudi-backed series. Beginning this year the CW Network will bring the rebel circuit's tournaments to 120 million households across the United States, LIV Golf said in a statement. "This is a momentous day for LIV Golf as this partnership is about more than just media rights," said LIV Golf CEO and commissioner Greg Norman. LIV Golf will play from February to September and features simultaneous team and individual play with golfers competing for an unprecedented $405 million in prize purses.

☆ Who could buy Manchester United and how much is it worth?
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

Jan 18 (Reuters) - Jim Ratcliffe's company INEOS formally entered the bidding process to buy Manchester United on Tuesday, months after the club owners, the Glazer family, said they were considering selling the club as they explore "strategic alternatives". MIDDLE EASTERN INVESTORSUnited's local rivals Manchester City are bankrolled by the Abu Dhabi United Group, while Saudi Arabia's Public Investment Fund completed a 300 million pound buyout of Newcastle United in 2021. Bloomberg News reported this week that United, Tottenham Hotspur or Liverpool were being targeted by QSI for a potential acquisition. The Times newspaper, which first reported Ratcliffe's INEOS entering the bidding, said that interest from the United States and Asia is also expected. Asked by the BBC at the time if he needed to raise four billion pounds to buy United, O'Neill said: "I'm not sure if it'll necessarily be that much, but let's see."

☆ Poulter says he might not participate in Ryder Cup
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Mandatory Credit: Jasen Vinlove-USA TODAY SportsJan 17 (Reuters) - England's Ian Poulter said he might not compete in this year's Ryder Cup even if he qualifies. The 47-year-old, nicknamed "Mr Ryder Cup" for his exploits in previous editions for the European team, joined the LIV Golf series in June, jeopardising his involvement in the biennial contest. Poulter has won several titles on both the major tours and cited age as a factor in his decision to sign up for the LIV Series. The Ryder Cup, a biennial team competition between the United States and Europe, saw the U.S. defeat Europe 19-9 to win it in 2021. The 2023 Ryder Cup will be played from Sept. 29-Oct. 1 at Marco Simone Golf & Country Club in Rome.

☆ Rahm wants joint decision on LIV players at Ryder Cup
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

Jan 4 (Reuters) - The PGA Tour and Europe's DP World Tour must be on the same page in deciding whether players from the breakaway LIV Series can take part in the Ryder Cup, former U.S. Open champion Jon Rahm said. The U.S.-based PGA Tour has suspended those who joined the rebel circuit but the DP World Tour, formerly the European Tour, has yet to decide whether LIV players can play in the Ryder Cup. Spaniard Rahm said it would not be a smart move to have one team with LIV players and one without. "We saw a younger U.S. team last Ryder Cup and they did what they did. So I'm hoping these younger guys who've grown up watching the Ryder Cup and seeing their idols ... it energises the team a little in any manner and we show up there to win."

"As counterintuitive as it may sound, this layoff left me in a really good position," the 24-year-old said. U.S. tech giants including Meta, Microsoft (MSFT.O), Twitter and Snap (SNAP.N) have purged more than 150,000 staff, according to Layoff.fyi, which tracks technology job losses. Day One Ventures, an early stage venture fund in San Francisco, launched a new initiative in November to fund startups founded by people who had been laid off from their tech jobs, touting the slogan "Funded, not Fired". Silicon Valley investor U.S. Venture Partners and Austrian VC firm Speedinvest have meanwhile earmarked a similar amount for newly founded companies. Fong told Reuters that experience in Big Tech firm gave founders a "strong brand that can be leveraged to meet investors, potential customers, and recruit team members".

☆ Soccer giants’ new owners may get tiny returns
▼ + stars: | 2022-12-30 | by ( Streisand Neto | ) www.reuters.com time to read: +3 min

The Financial Times reported that PSG’s Qatari owners wanted to offload 15% of the French champions. Recent deals valued the National Football League’s Denver Broncos and basketball’s Utah Jazz at over 9 times revenue, according to Forbes. Possible Man United, Liverpool and PSG owners might hope that the teams will eventually reach such valuation heights. Fenway Sports Group would consider new shareholders for Liverpool, having frequently received expressions of interest from third parties, the English Premier League club’s owners said on Nov. 7. The Financial Times reported on Nov. 28 that Paris Saint-Germain’s Qatari owners were considering selling 15% of the club.

☆ How personal injury lawyers took over your TV
▼ + stars: | 2022-12-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

New York CNN —Drive down any highway in America or turn on the TV for 10 minutes and you’ll probably see an advertisement for a personal injury lawyer. Call this lawyer to get compensated now,” a typical ad for a plaintiff’s personal injury attorney goes. Many personal injury lawyers advertise aggressively because of competition and the unusual business model many practices have adopted. John Morgan runs Morgan & Morgan, the largest personal injury law firm in America. Most personal injury lawyers work on a contingency fee, so they get paid only if they negotiate a settlement for a client or win a case at trial.

☆ Sam Bankman-Fried pictured arriving at courthouse in Bahamas, where his extradition to the US could be decided
▼ + stars: | 2022-12-19 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

It's still not certain if Sam Bankman-Fried will submit to an extradition to be brought to the US. He's facing serious wire fraud and conspiracy charges in New York federal court. Federal prosecutors in the US have hit Bankman-Fried with 8 counts, including for wire fraud, conspiracy to commit money laundering, and conspiracy to violate campaign finance laws. "These contributions were disguised to look like they were coming from wealthy co-conspirators when, in fact, the contributions were funded by Alameda research with stolen customer money," Williams said at the conference. The brief indictment against Bankman-Fried targeted just him, and laid the foundation to extradite him from the Bahamas.

The Amazon Fund, started under leftist Lula's first administration from 2003-2010, bankrolled conservation projects and counts Norway and Germany as its biggest donors. Right-wing President Jair Bolsonaro froze the fund, citing unspecified spending irregularities among fund-backed projects run by nongovernmental organizations, without providing evidence. The British embassy said its government was studying the invitation to join the Amazon Fund. Izabella Teixeira, Lula's former environment minister and current climate change adviser, told Reuters she had met with Norwegian and German officials on Monday about restarting the fund. Deforestation soared to a 15-year high under Bolsonaro, who called for more farming and mining in the Amazon region.

☆ Sam Bankman-Fried spent a fortune. Now, lawyers say 'the emperor had no clothes.' Here's where the money went.
▼ + stars: | 2022-11-23 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

He spent his money on properties, political donations, and funding sports teams. Here's a list of many of the places where Bankman-Fried is reported to have spent his money. Loading Something is loading. A team of lawyers is now working to track down FTX's assets to start repaying the firm's creditors. Here's a list of how he spent some of his once-massive fortune.

☆ Rahm hopes Garcia's LIV switch won't tarnish legacy
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +2 min

Mandatory Credit: David Yeazell-USA TODAY SportsNov 17 (Reuters) - Former U.S. Open champion Jon Rahm said he hopes compatriot Sergio Garcia's legacy will not be tarnished by his decision to join the Saudi-funded LIV Golf series. When asked if Garcia's switch to the Saudi-backed series could affect the former Masters champion's legacy, Rahm told reporters, "I hope not". He's done a lot for the game of golf, so it would be sad to see that change." Rahm also heaped praise on world number one Rory McIlroy, who has been one of LIV Golf's fiercest critics. Critics say LIV Golf, which is bankrolled by Saudi Arabia's Public Investment Fund, amounts to "sportswashing" by a nation trying to improve its reputation in the face of criticism over its human rights record.

☆ Former FTX CEO Sam Bankman-Fried and allies lose influence in Washington as company collapses
▼ + stars: | 2022-11-14 | by ( Brian Schwartz | ) www.cnbc.com time to read: +6 min

Former FTX CEO Sam Bankman-Fried and his allies are losing advocates in Washington, as the company hits rock bottom. 2 Senate Democrat told CNBC on Monday that the contribution "will be donated to an appropriate charity." It was announced in February that FTX and FTX US were joining the group's board of directors. A spokesman for the crypto trade group told CNBC that "on Thursday, ADAM removed FTX.com and FTX.US from its membership." The lobbying group is led by the former Secretary of Homeland Security Tom Ridge.

As a result, political observers say, public school funding is effectively on the ballot Tuesday. “These groups have been demonizing what is being taught in public schools, and that’s the fastest way to erode faith that public schools work,” Rottinghaus said. (Abbott publicly came out in support of private school vouchers two months after winning the primary with 66.5% of the vote.) Greg Abbott in the GOP primary, campaigned in support of private school vouchers. “I will never support vouchers.”Rep. John Bucy III said he will continue to oppose private school vouchers.

☆ Analysis: LIV Golf vows next year will be bigger and better
▼ + stars: | 2022-10-30 | by ( Steve Keating | ) www.reuters.com time to read: +4 min

[1/3] Oct 30, 2022; Miami, Florida, USA; Dustin Johnson , Patrick Reed , Talor Gooch and Pat Perez celebrates team 4Aces GC winning the season finale of the LIV Golf series at Trump National Doral. If sportwashing was the objective of LIV Golf, it failed miserably instead drawing attention to a number of Saudi involvements from the murder of journalist Jamal Khashoggi to the Kingdom's treatment of women. Describing LIV's Saudi backers "as good people with unlimited money", Trump teased that even more big names will be signing onto the rebel circuit next year. But LIV proved at Miami that it can produce an entertaining product appealing to a younger audience who descended on Trump National as much for the party as the golf. If LIV Golf is to evolve into a major player it will also need to eventually find a broadcast deal and sponsors which so far have appeared hesitant to get onboard.

☆ Brazil votes in heated Bolsonaro vs. Lula presidential runoff
▼ + stars: | 2022-10-30 | by ( Anthony Boadle | ) www.reuters.com time to read: +5 min

Bolsonaro has vowed to consolidate a sharp conservative turn in Brazilian politics after a presidency marred by the pandemic. Lula promises more social and environmental responsibility, recalling the rising prosperity of his 2003-2010 presidency, before corruption scandals tarred his Workers Party. Several polls showed the race between them tightening in the final week, with Bolsonaro eroding a slight lead for Lula. Bolsonaro outperformed opinion polls in the first round of voting on Oct. 2 among a field of 11 candidates. POST-ELECTION CONCERNSBrazil's electoral authorities are preparing for a narrow result, which Bolsonaro may contest if he loses.

☆ Claude Monet, Larry Fink, and Ted Cruz: Climate stunts grab headlines but can they get results?
▼ + stars: | 2022-10-28 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +7 min

That was an improvement over the previous year, but still not nearly enough given the threat the climate crisis presents for humanity, Hu told Insider. "I could spend 20 minutes talking about the destruction from climate change. "More people are aware of this climate crisis and that we have to do something about it because of our actions," Harris said. "Journalists don't report on the climate crisis like it is an emergency. Ridiculous stunts like the art action gets the climate crisis into the headlines and millions of people talking."

☆ LIV captains play for laughs ahead of finale
▼ + stars: | 2022-10-26 | by ( Steve Keating | ) www.reuters.com time to read: +3 min

[1/3] Oct 26, 2022; Miami, Florida, USA; Brooks Koepka and Ian Poulter share a laugh during a press conference before the LIV Golf series at Trump National Doral. LIV Golf has challenged the traditions of the sport, opting for a rock-and-roll party vibe that offers a departure from classic golf etiquette and promising, 'Good vibes, great eats and live music". "You probably don't know this because you've never been number one in the world," said four-time major winner Koepka to Mickelson. Trying to replicate the excitement generated by hugely popular team competitions such as the Ryder and Presidents Cups, LIV Golf incorporated a team component into all eight events. Mickelson, once an anchor of U.S. Ryder Cup squads, candidly described the LIV team event as a fun competition.

☆ How to Gift Money for Weddings, Christmas, Birthdays or Any Occasion
▼ + stars: | 2022-10-18 | by ( ) www.wsj.com time to read: +8 min

A sentimental card or letter can smooth over the transactional rough edges of a cash gift. If you’re sending money electronically, it’s great to note in the card the method by which you’ve sent money: “Check your Venmo for the gift that accompanies this card UNLESS YOU HATE MONEY,” or similar phrasing of your choice. Don’t even give them a gift card, which limits where they can redeem it and adds the pressure of an expiration date. And even if you feel annoyed by an overt request for a monetary gift, don’t decide to opt out with the gift of nothing. If you’d like to receive cashEmbrace transparencyMaybe people used to pretend they didn’t need money or that gifts didn’t…cost money, but those days are happily behind us.

☆ Johnson pockets $18 million as inaugural LIV Series champion
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

Sep 18, 2022; Chicago, Illinois, USA; Dustin Johnson tees off from the 18th tee box during the final round of the Invitational Chicago LIV Golf tournament at Rich Harvest Farms. Mandatory Credit: Jamie Sabau-USA TODAY Sports/File PhotoOct 10 (Reuters) - Twice major winner Dustin Johnson won $18 million after clinching the individual title in the LIV Series with a 16th-place finish at the latest event in Bangkok, Thailand, the Saudi-backed circuit said on Monday. "The first chapter of LIV Golf's history could not be written without Dustin Johnson's name," LIV chief executive Greg Norman said. From the start he's been an LIV Golf cornerstone. LIV tournaments do not count towards the world rankings, and players who compete in the breakaway series have been suspended from the PGA Tour.

☆ A member of the billionaire Safra family who owns the Encyclopedia Britannica might be about to lose his $204 million Napa Valley vineyard after defaulting on a loan
▼ + stars: | 2022-09-30 | by ( Jack Newsham | ) www.businessinsider.com time to read: +4 min

But one of his top holdings — Spring Mountain Vineyard, valued at $204 million — could be seized. But that may not stop a private lender from grabbing a prized California vineyard owned by Jacob E. "Jaqui" Safra, a colorful investor and member of the family who lives in Switzerland. With interest accruing at 16%, as of late July, the balance on the loan is $192 million, Safra's lawyer Marc Kasowitz said in court papers. Atmosphere at Live In The Vineyard on Day 1 at Spring Mountain Vineyard for music, food and wine on November 6, 2014 in St Helena, California. "Applicant seeks to restrain defendants from exercising their rights…with respect to a California vineyard," he wrote.

He’s scheduled to headline a Saturday rally for Dixon and other GOP candidates in the state. Through Nov. 8, Whitmer and the Democrats have reserved $24 million in ads for the Michigan governor’s race. And the two most recent polls have shown Whitmer leading Dixon by double digits. “Isn’t that sad that Democrats have to spend so much money?” Dixon said at a news conference Tuesday when asked if she was disappointed in the lack of assistance for her campaign. The Republican Governors Association still has $3.6 million budgeted for ads in Michigan, though a spokesperson acknowledged the funding gap.

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