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☆ US appeals court scraps Sempra's Port Arthur LNG emissions permit
▼ + stars: | 2023-11-15 | by ( Curtis Williams | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHOUSTON, Nov 15 (Reuters) - A U.S. court has removed an emissions permit for Sempra's (SRE.N) Port Arthur LNG export terminal in Texas, but the company said construction of the facility will continue for now. The approximately 13.5 million-metric-tons-per-annum (mtpa) Port Arthur plant has approval to export LNG to both Free Trade Agreement (FTA) and non-FTA countries, including Europe, and is part of the U.S. LNG expansion to meet growing global demand for the superchilled gas. The decision sends the Port Arthur LNG permit application back to the TCEQ for new evaluation. Investment firm KKR (KKR.N) owns a 20% stake in Sempra Infrastructure while Sempra Energy owns 70% and Abu Dhabi Investment Authority owns 10%. John Beard, executive director of the Port Arthur Community Action Network, which brought the lawsuit challenging TCEQ, said of the ruling: “We’ve won by standing up for Port Arthur communities of color to breathe free from toxic pollution.

Persons: Dado Ruvic, Port Arthur, Sempra, John Beard, “ We’ve, –, Biden, Alex Munton, Munton, Curtis Williams, Deepa Babington, Stephen Coates Organizations: REUTERS, Rights, Port Arthur, Free, U.S, U.S ., Appeals, Fifth Circuit, Texas Commission, Environmental, Rio, Rio Grande LNG, Port, Sempra Infrastructure, ConocoPhillips, Investment, KKR, Sempra Energy, Abu Dhabi Investment Authority, Port Arthur Community Action Network, Global Gas & LNG Research, Rapidan Energy, Thomson Locations: Port, Texas, Europe, Rio Grande, Port Arthur, Abu Dhabi, Houston

☆ TIM grid sale paves way for state-controlled network operator - minister
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi/File Photo Acquire Licensing RightsROME, Nov 14 (Reuters) - Telecom Italia's (TIM) (TLIT.MI) planned sale of its fixed-line network to U.S. fund KKR (KKR.N) boosts the prospects of creating a national grid operator under state control, Italy's industry minister said on Tuesday. "Prospectively, I think this [the deal] will enhance the creation of a national grid operator under public control, in full respect of the EU competition law," Minister Adolfo Urso said during an event in Rome. The 19-billion-euro deal ($20.4 billion) is backed by the administration of Prime Minister Giorgia Meloni, which authorised the Treasury to spend up to 2.2 billion euros to take a 20% stake in the network. ($1 = 0.9330 euros)Reporting by Elvira Pollina, editing Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

Persons: Yara, Adolfo Urso, Giorgia Meloni, Elvira Pollina, Federico Maccioni Organizations: REUTERS, Rights, Telecom, KKR, Treasury, Thomson Locations: Rome, Italy

☆ Roll up, roll up: Private equity funds target buyouts and consolidation at Europe's cash-strapped tech startups
▼ + stars: | 2023-11-14 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +5 min

More importantly buyers – in the form of private equity firms – are starting to line up. "Growth is clearly harder so we'll see a lot of M&A because PE funds are trying to grow their business and so are looking at early-stage tech businesses." This increased interest means private equity is set to play an enlarged role in Europe's startup ecosystem. Rollups, where private equity firms buy up a bunch of small businesses in an industry and consolidate them into a larger company, are also on the acquisition hunt. Crucially, private equity funds are unlikely to approach deals for companies that are not yet profitable, or unlikely to become so in the short term.

Persons: Alex Prokofjev, Claire Trachet, It's, Pedro Barros Organizations: Business, Venture, Bain, KKR, PE, Target Locations: London, Paris

☆ The automakers and suppliers pushing to cut rare earths from EVs
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +4 min

1 U.S. automaker says it is "exploring options to limit or potentially eliminate rare earth materials in EV motors." BORGWARNER (BWA.N)The U.S. supplier already has an EV motor in production that has reduced heavy rare earth content. ZF (ZFF.UL)German supplier ZF has developed an EESM EV motor that could be in production in two years. The German premium automaker says it aims to remove heavy rare earth content entirely. EuroGroup Laminations (EGLA.MI) Electric motor component maker EuroGroup Laminations is working on both rare earth free permanent magnet motors and motors with limited rare earth content for automaker customers.

Persons: Darrin Zammit Lupi, Tesla, Stellantis, Zoe, Mercedes, Nick Carey, Sharon Singleton Organizations: REUTERS, BMW, GENERAL MOTORS, Volvo, ROVER, Tata Motors, Renault, RENAULT Renault, NISSAN, Nissan, MERCEDES, BENZ, TOYOTA, Toyota, Volkswagen, U.S, KKR, Thomson Locations: Malta, China, U.S, Niron Magnetics, Niron

☆ Private Debt Was Supposed to Collapse When Rates Rose. Instead It Is Everywhere.
▼ + stars: | 2023-11-13 | by ( Jon Sindreu | ) www.wsj.com time to read: 1 min

Private-equity firms such as Blackstone are increasingly expanding into private debt. Photo: Jose A. Alvarado Jr. for The Wall Street JournalWall Street’s doom-mongers spent years warning that private lenders would be the next bubble to burst when central banks tightened policy. Instead, the funds are becoming even more ubiquitous as companies scramble to refinance debt in a higher interest-rate environment. The Westport, Conn.-based company operates 450 veterinary clinics and hospitals across the U.S. and has been owned by private-equity giant KKR since 2018. It has been a successful acquisition, but the company is facing a wall of debt maturities that can only be refinanced at higher cost.

Persons: Blackstone, Jose A, Alvarado Jr, mongers Organizations: Wall, Care Centers, The, KKR, Blue Locations: The Westport, Conn

☆ Private Equity, Now Featuring Less Equity
▼ + stars: | 2023-11-10 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

Blackstone is among the companies seeing increased demand for private credit. Photo: Jeenah Moon/ReutersGiants like Apollo , Blackstone and KKR made their names in the business of private equity. But today, the thing that investors seem most excited about is growth in their private credit businesses. Buyout fundraising has been slowed in part by the difficulty of exiting old deals. Real-estate funds have also been hit by worries about things like commercial property values.

Persons: Blackstone Organizations: Reuters Giants, Apollo, Blackstone, KKR

☆ Elon Musk biopic rights clinched by A24, Darren Aronofsky to direct - source
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsNov 10 (Reuters) - A biopic on Elon Musk is in the works at New York-based studio A24 with "Black Swan"-filmmaker Darren Aronofsky as the director, according to a source familiar with the matter. A24 secured the rights to Walter Isaacson's biography on the world's richest person, according to the source, who added the Musk biopic will be produced by Aronofsky's production company, Protozoa Pictures. He is one of the best," Musk said in an X post on Friday. The book on Musk was released by private equity firm KKR-owned book publishing powerhouse Simon & Schuster in September. The billionaire bought social media platform X, formerly known as Twitter, last year for $44 billion after a six-month saga.

Persons: Elon Musk, Porte, Gonzalo Fuentes, Darren Aronofsky, Walter Isaacson's, Darren, Musk, Brendan Fraser, Walt Disney, Steve Jobs, Michael Fassbender, Simon, Simon & Schuster, Dawn Chmielewski, Harshita Mary Varghese, Akash Sriram, Shinjini Organizations: Elon, SpaceX, Tesla, Twitter, Viva Technology, Porte de, REUTERS, Walt, Apple, Universal, KKR, Simon &, Reuters, Boring Company, Thomson Locations: Paris, France, New York, Los Angeles, Bengaluru

☆ Telecom Italia CEO defends grid deal as top investor threatens legal challenge
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. CEO Pietro Labriola's comments follow criticism from top shareholder Vivendi (VIV.PA), which has threatened a legal challenge to the plan to sell the grid, saying it considered the decision to proceed without a shareholder vote as "unlawful". "It is not possible under the Italian law to transfer such competence to the shareholders," the CEO added. According to Vivendi, the sale required an extraordinary shareholder vote because it would change TIM's corporate purpose and therefore required a change to the company bylaws. Labriola said the deal is "no more than the strict execution of the delayering (business) plan" unanimously approved in 2022.

Persons: Dado Ruvic, Pietro Labriola's, Labriola, Agostino Nuzzolo, Elvira Pollina, Giulia Segreti, Jan Harvey Organizations: Telecom Italia, REUTERS, Rights, Telecom, KKR, Vivendi, TIM, Thomson Locations: Milan

☆ Telecom Italia core profit up 9% as grid share deal helps domestic sales
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

That is ahead of a 1.37 billion euro company-provided analyst consensus. Total domestic sales rose 2.2% in the quarter to 2.98 billion euros, also above forecasts. The company confirmed its 2023 financial targets, including a stabilisation of core earnings and service revenue in Italy. In the nine months, service revenue at TIM's domestic operations fell 1.3% to 7.9 billion euros. TIM's net financial debt stood at 26.3 billion euros as of Sept. 30, marginally up from the end of the previous quarter.

Persons: Stefano Rellandini, Giorgia, Pietro Labriola, Elvira Pollina, Valentina Za Organizations: Telecom Italia, REUTERS, Vivendi, Italy's, KKR, TIM, Thomson Locations: Rozzano, Milan, Italy, TIM's

☆ For global banks, India could soon be worth it
▼ + stars: | 2023-11-07 | by ( Pranav Kiran | ) www.reuters.com time to read: +5 min

The hot new business class ticket within Asia is in fact, Hong Kong to Mumbai. Before the pandemic, more than half of the Asian top line of U.S. bulge bracket banks typically came from Greater China which includes the mainland, Hong Kong, Macau and Taiwan. Overall, IPO fees in India have risen from 1% of proceeds in 2017 closer to 2% in recent years, LSEG data shows. Hong Kong bankers are not going to relocate to India any time soon but while they wait out a slow and uncertain recovery in China activity, the trip to India looks increasingly worthwhile. Proceeds from initial public offerings in India amounted to $3.8 billion across 172 deals as of Oct. 24, according to LSEG data.

Persons: Goldman Sachs, Morgan Stanley, Banks, Mukesh Ambani, Bhavish, Ola, What’s, Gaurav Trehan, Blackstone, Amit Dixit, David Solomon, James Gorman, Citigroup's Jane Fraser, Noel Quinn, Bill Winters, Una Galani, Thomas Shum Organizations: Reuters, UBS, Insurance, JPMorgan, Citigroup, Reliance Industries, KKR, Bank of America, Global Financial, Investment, Hong Kong Monetary Authority, Offshore, Thomson Locations: BENGALURU, Hong Kong, China, Asia, Mumbai, Greater China, Macau, Taiwan, Beijing, Washington, India, United States, Offshore China

☆ Stock Market Today: Dow Futures Waver, UBS Posts a Loss
▼ + stars: | 2023-11-07 | by ( ) www.wsj.com time to read: +1 min

Stock futures ticked lower, suggesting the recent winning streak on Wall Street could come to an end, while Treasurys rallied, bringing down yields. In global markets, UBS posted a larger-than-expected loss on costs related to taking over Credit Suisse. Index futures declined. International stock markets broadly declined. Oil markets retreated, putting benchmark Brent crude on track for its lowest close since August at slightly under $84 a barrel.

Persons: Treasurys, Dow, Bond Organizations: UBS, Credit Suisse, KKR, Carlyle Group, TPG, EBay, Rivian Automotive, Robinhood, Dow industrials, Nasdaq, Treasury, Nikkei, Hang, Brent Locations: Saudi Aramco, Europe

☆ Stock Market Today: Futures Edge Up to Start the Week
▼ + stars: | 2023-11-06 | by ( ) www.wsj.com time to read: +1 min

Stock futures crept higher early Monday, with investors eyeing bond yields for signals on whether a recent rally in equities can continue. Friday’s weaker-than-expected jobs report propelled the S&P 500 up 0.9% and helped the index notch its best weekly performance in about a year. In recent market action:Index futures nudged higher. Contracts linked to the S&P 500, Nasdaq-100 and the Dow industrials inched up by about 0.1% to 0.2%. Treasury yields rose slightly.

Persons: Tesla, Stocks, Brent Organizations: Nasdaq, Dow, KKR, Telecom Italia's, Telecom Italia Locations: Asia, Milan, Saudi Arabia, Russia

☆ Telecom Italia gives green light to KKR's grid bid, sources say
▼ + stars: | 2023-11-05 | by ( Elvira Pollina | ) www.reuters.com time to read: +3 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. The price tag can reach 22 billion euros when including some future payments were a long-awaited combination of TIM's grid with that of state-backed fibre optic rival Open Fiber materialise, the first two sources said. Italian infrastructure fund F2i is also preparing to take a stake in the grid to bring the holding in Italian hands to 30%-35%. With its 24% TIM stake, Vivendi has warned TIM's board it is ready to bring a legal challenge to the sale after criticising its approval process, documents seen by Reuters showed. ($1 = 0.9321 euros)Reporting by Elvira Pollina; Editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Giorgia, Pietro Labriola's, Merlyn Advisors, Stefano Siragusa, Elvira Pollina, Valentina Za Organizations: Telecom Italia, REUTERS, Vivendi, Sunday, KKR, Reuters, TIM, Treasury, Thomson Locations: MILAN, London

☆ 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

☆ KKR raises $2.8 billion for second global impact fund
▼ + stars: | 2023-11-05 | by ( Greg Roumeliotis | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Nov 5 (Reuters) - Private equity firm KKR & Co Inc (KKR.N) has completed the raise of its second global impact fund dedicated to investments that advance sustainability and social equity, amassing $2.8 billion. To fall within the impact fund's scope, investments must advance one or more of the United Nations 17 sustainable development goals in a measurable way. The impact fund can invest in companies alongside KKR's other private equity funds, though in the majority of its investments it is the sole KKR fund participating. KKR's global impact team, which has grown from four people when it launched in 2018 to more than 20, so far has made 18 investments. "We target middle-market private equity returns in line with our other businesses," Antablin said.

Persons: Brendan McDermid, Ken Mehlman, Robert Antablin, Mehlman, Antablin, Greg Roumeliotis, Will Dunham Organizations: KKR, New York Stock Exchange, REUTERS, Co Inc, Reuters, United Nations, Systems, Alliance, Thomson Locations: New York, U.S, India

ROME (AP) — Italian communications company TIM said Sunday that its board of directors has approved the binding acquisition offer by the KKR investment company, following months of negotiations. In a statement, TIM said the approval took the form of a majority vote. The board rejected a non-binding offer for Sparkle, TIM’s undersea cable unit. Italian state TV said the government, under the deal with KKR, would be a significant shareholder. Political Cartoons View All 1234 ImagesThe binding offer values NetCo — TIM’s fixed network assets but excluding Sparkle — at 18.8 billion euros (some $20 billion), said a statement from TIM.

Persons: della Sera Organizations: ROME, TIM, KKR, European Union, TV Locations: Italian, Milan

☆ Telecom Italia approves KKR's $20 billion grid bid in blow for Vivendi
▼ + stars: | 2023-11-05 | by ( Elvira Pollina | ) www.reuters.com time to read: +3 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. The board started a review of KKR's offer on Friday, approving it on Sunday, TIM said. The sale's 18.8 billion euro price tag, including debt, could reach 22 billion euros if certain conditions are met, TIM said. TIM said it would not put the board's decision to a shareholder vote, in a setback for leading shareholder VivendI (VIV.PA). Vivendi, which owns 24% of TIM, has been seeking a higher price and questioned the sustainability of the business left behind.

Persons: Dado Ruvic, Giorgia, Pietro Labriola's, Labriola, Merlyn Advisors, Merlyn, Elvira Pollina, Valentina Za, Will Dunham Organizations: Telecom Italia, REUTERS, TIM, Vivendi, Sunday, KKR, European Union, Treasury, VivendI, Thomson Locations: Italy, MILAN, London

☆ These 4 stocks report quarterly results next week. Here's what we hope to see
▼ + stars: | 2023-11-04 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

The major averages rebounded strongly this week as quarterly earnings came in largely better than expected and interest rates fell on softer economic data. The Dow Jones Industrial Average rose more than 5% for its best week since October 2022. The big theme next week is earnings and the four portfolio companies delivering their quarterly results. Here's the full rundown of all the important domestic data in the week ahead as we consider a number areas of our portfolio for trades next week. ET: Treasury budget statement for October (See here for a full list of the stocks in Jim Cramer's Charitable Trust.)

Persons: FactSet, we'll, Hulu —, Krystal, Horton, Zimmer, LEV, Armour, Ralph Lauren Corporation, CRON, Patterson, Walt Disney, MARA, Ginkgo, FREYR Battery, FREY, Arcelor Mittal, Wynn, Jim Cramer's, Jim Cramer, Jim Organizations: Dow Jones, Nasdaq, ISM, Services, Coterra Energy, Emerson Electric, Wall, National Instruments, Disney, Hulu, CNBC, Comcast, ESPN —, Wynn Resorts, WYNN, Asia that's, Wynn, Wynn's, Wynn Interactive, United, Brookfield Asset Management, Axsome Therapeutics, Network Corporation, Krystal Biotech, Ceragon Networks, Kosmos Energy Ltd, TreeHouse Foods Inc, Air Lease Corporation, Inc, Eversource Energy, Fennec Pharmaceuticals Inc, Graham Corporation, Aereas Inteligentes, Hilton, Energy, Realty Income Corp, Semiconductors, Vertex Pharmaceuticals Inc, Clover Health, Contura Energy, Diamondback Energy, FS KKR Capital Corp, Celanese Corp, Eos Energy Enterprises, Goodyear Tire & Rubber Company, WEN, Pall Corp, TransMedics, Emerson, Uber Technologies, Holdings, Melco Resorts, Entertainment, Zimmer Biomet Holdings, ACM Research, Lion Electric Company, Emerson Electric Co, Vertex Energy, Waters Corp, Air Products & Chemicals, Esperion Therapeutics, Fidelity National Information Services Inc, Bowlero Corp, Hotels, KKR, Co, Devon Energy Corp, Occidental Petroleum Corp, Dutch Bros Inc, Gilead Sciences, ContextLogic Inc, Akamai Technologies, Viatris Inc, Technologies, Corsair, Enovix Corporation, eBay, EBAY, DaVita Inc, Pan American Silver Corp, Roblox Corporation, Fisker Inc, Warner Bros ., Nuvei Corporation, Farms, Akebia Therapeutics, Biogen Inc, 3D Systems Corporation, Gray Television Inc, BlackSky Technology Inc, Cronos, EVgo Inc, Lumentum Holdings Inc, Nexstar Media Group, UTI Energy, Starwood Property Trust, AMC Entertainment Holdings, Marathon Digital Holdings, IonQ Inc, Digital Turbine, Virgin Galactic Holdings , Inc, Arm Holdings plc, ARM, Ginkgo Bioworks Holdings, Suncor Energy, AppLovin Corporation, B2Gold Corp, Luminar Technologies, MGM Resorts International, MGM, Bloom Energy Corporation, Li Auto Inc, Oatly, Kopin Corp, Fiverr International, YETI Holdings, YPF S.A, Ship Lease, Himax Technologies Inc, Dickinson, CommScope Holding, RBC, Agile Therapeutics, Apyx Medical Corporation, Grab Holdings, Hawaiian Electric Industries, Profire Energy, Flags Inc, Stereotaxis Inc, TransDigm, US Foods Holding Corp, Utz Brands, Valvoline Inc, Weibo Corporation, Wix.com Ltd, Trade, Petroleo Brasileiro SA Petrobras, Growth, Aurora Cannabis Inc, Navitas Semiconductor Corp, Archer Aviation Inc, Semiconductor, Energy Fuels Corp, Illumina Inc, Spike Investment Corp, Algonquin Power & Utilities Corp, AngloGold, Central Puerto S.A, Hudson Global, AirSculpt Technologies, Partners, Soho House, Jim Cramer's Charitable, Handout, Getty Locations: U.S, Macao, Asia, China, Las, Singapore, Wynn's Vegas, Boston, United Arab Emirates, Gilead, VVV, Central, Soho

☆ Paramount stock rises after strong earnings report, adding to blockbuster day
▼ + stars: | 2023-11-02 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +4 min

Paramount Global's stock moved higher in extended trading Thursday after it reported strong revenue and subscription trends in its third-quarter earnings report. In the third quarter, streaming service Paramount+ saw 2.7 million net additions to its 63 million total subscriber count. Adjusted for one-time items, earnings per share were 30 cents during the period. "Looking ahead, we remain on the path to achieving significant total company earnings growth in 2024." Paramount and other media stocks closed higher Thursday as streaming device maker Roku surged 30% following its own stellar earnings report.

Persons: Bob Bakish, Roku, there's, Bakish, Naveen Chopra, Chopra, we've, Simon & Schuster Organizations: Paramount, Columbia, CBS, Showtime, BET, Nickelodeon, SAG, WGA, Netflix, KKR, CNBC PRO Locations: Hollywood , California

☆ BlackRock is jumping into one of the hottest sectors on Wall Street
▼ + stars: | 2023-11-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

This post originally appeared in the Insider Today newsletter. In today's big story, we're looking at a Wall Street giant jumping into one of the hottest sectors in finance. Similarly, a Google Brain cofounder said Big Tech companies are lying about AI risks to shut down competition. It's the latest example of how Big Tech can wreak havoc on smaller players overnight. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: —, Julia Nikhinson, Arantza Pena Popo, BlackRock, Larry Fink, Insider's Rebecca Ungarino, Rebecca, It's, Blackstone, BlackRock's Larry Fink, Spencer Platt, Aaron Schwartz, that's, Charlie Munger isn't, Warren Buffett's, it's, Tyler Le, Ksenia Yudina, Gen Z's, Gen, Vegas Wendy Lee, Wendy Lee, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Street, KKR, Getty, Greenwich Economic, Xinhua, Federal Reserve, Big Tech, Market, Sin City Locations: Greenwich, Vegas, Las Vegas, Sin, New York City, San Diego, London, New York

☆ BlackRock's next high-stakes bet: lending out cash
▼ + stars: | 2023-10-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +11 min

Goldstone was referring to a type of business-development company, an investment vehicle widely used in the private-credit market. The vehicle Condor allocated to is a slice of BlackRock's $81 billion private-credit business, which is part of the wider $317 billion alternative-assets platform. 'Size matters'In the summer, BlackRock executives teased out their focus on private credit and fixed income broadly during an investor-day presentation. BlackRock's string of private-credit developments adds up to a long-term bet that this dynamic will continue. "That, in essence, is the paradox of private credit."

Persons: David Goldstone, Goldstone, BDC, it's, hasn't, Rowe Price, Franklin Templeton, Blackstone, Axel Springer, Greg Greifeld, Greifeld, Tim Clarke, Rob Kapito, We've, Jim Keenan, BDCs, Keenan, Clarke, PitchBook, they're, Larry Fink, " Fink, Merrill Lynch, BlackRock, Jared Gross, J.P, Phil Tseng, BlackRock's, Gross, Morgan Organizations: Condor Capital Wealth Management, Condor, BlackRock, BlackRock doesn't, Federal Reserve, Fidelity, Apollo, KKR, Growth, BlackRock TCP Capital Corp, BlackRock Capital Investment Corp, Kreos, Barclays, Tennenbaum Capital Partners, Morgan, who's Locations: New Jersey, BlackRock, PitchBook, Banks, London

Politicians from across the spectrum have visited the garrison of workers permanently stationed outside the Crevalcore plant, less than 40 kilometres from Ferrari's headquarters. Marelli has put the plan on hold but confirmed it wants to abandon the plant, leaving workers in a limbo. Samira Chouri, 50, has worked at the Crevalcore plant for 18 years. Some 37% of the EU's 800 billion euros ($845 billion) post-pandemic recovery fund is earmarked for climate friendly investment. Climate change think tank ECCO said Italy needed to spend between 7-13 billion euros more per year to meet Europe's decarbonisation goals.

Persons: Marelli, Grazia Vitiello, Samira Chouri, Calsonic, I'm, Sergio Manni, Francesco Simeri, Chouri's, Giovanni Sanfelice, ANFIA, Francesco Zirpoli, Zirpoli, Giorgia Meloni's, Europe's, Vittorio Sarti, Giulio Piovaccari, Vagnoni, Toby Chopra Organizations: U.S, KKR, Volkswagen, BMW, Fiat Chrysler, FCA, Venice University, Center, Automotive, Mobility, Thomson Locations: Italy, Italy's, Emilia Romagna, Marelli, Stellantis, France, Crevalcore, Europe, Rome, Italian

☆ KKR to invest $400 mln in Malaysia subsea telco cable services firm
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Oct 30 (Reuters) - U.S. private equity firm KKR (KKR.N) has signed an agreement to invest $400 million in Malaysian subsea telecommunications cable services provider OMS Group, the companies said in a joint statement on Monday. Additional details of the transaction were not disclosed in the statement. The deal marks KKR's latest investment in Southeast Asia digital infrastructure, adding to its existing investments that includes the regional data center of Singapore Telecommunications (STEL.SI) and Philippines-based digital infrastructure company Pinnacle Towers. KKR's investment will be used to accelerate OMS' growth, including expanding fleet size and capabilities and investing in cable landing stations and subsea cable routes, the statement said. Reporting by Yantoultra Ngui; Editing by Kim Coghill and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Yantoultra Ngui, Kim Coghill, Muralikumar Organizations: KKR, Singapore Telecommunications, Pinnacle Towers, Thomson Locations: SINGAPORE, Southeast Asia, Philippines

☆ Shares of Tencent-backed J&T Express fall in lackluster Hong Kong debut
▼ + stars: | 2023-10-27 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

The logistics service provider traded at 11.84 Hong Kong dollars ($1.51) on Friday morning, after opening at HK$12. The HK$3.92 billion ($500 million) IPO is the second largest listing in Hong Kong this year, after premium Chinese liquor company ZJLD Group . J&T Express is listing in an uncertain economic environment, characterized by hiking inflation, high interest rates and ongoing conflict such as the Israel-Hamas war and Ukraine invasion. Hong Kong's global IPO ranking dropped to eighth following a historically slow third quarter," said KPMG in a report published on Oct. 9. "The IPO pricing is dropping significantly by more than 50% or even 70%."

Persons: Irene Chu, Ringo Choi Organizations: T Express, Hong, HK, ZJLD Group, KKR, SF Express, Temasek, T, KPMG, KPMG China, CNBC, Reuters . Companies Locations: Hong Kong, U.S, Sequoia, Israel, Ukraine, Asia, Pacific

☆ Kokusai Electric shares pop 32% on Tokyo debut
▼ + stars: | 2023-10-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

In this photo illustration, Kokusai Electric logo is seen on a smartphone screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images) Sopa Images | Lightrocket | Getty ImagesShares of Japanese semiconductor equipment maker Kokusai Electric saw a strong debut on the Tokyo Stock Exchange on Wednesday. Kokusai Electric is a spin-off from Hitachi Kokusai Electric, a subsidiary of Japanese multinational electronics company Hitachi. He said Kokusai Electric may not be as competitive as its rivals Tokyo Electron or Lasertec , which dominate niche markets in the semiconductor production process. He said applications such as artificial intelligence use logic chips instead of memory chips, which are used in smartphones.

Persons: Pavlo Gonchar, Mio Kato, CNBC's, Mio Kato Lightstream, Kato Organizations: Getty, Kokusai, Tokyo Stock Exchange, Japan Times, Hitachi Kokusai, Hitachi, KKR, Lightstream Research, Tokyo

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