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☆ Wall Street's most important consultant might be its cloud provider
▼ + stars: | 2022-11-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Insider's Bianca Chan explored this trend with a piece on how cloud providers like AWS, Microsoft Azure, and Google Cloud are reimagining themselves as business consultants. Many of the biggest cloud providers have stood up teams focused on interfacing with the C-suite to advise them on how a move to the cloud can be an opportunity to overhaul things. It's not hard to see how this could end up being big business for the cloud providers. Cloud providers still have a long way to go to be a real threat to consultants, but there is potential there. Click here to read more about how cloud providers are becoming the new-age consultants for Wall Street.

☆ TPG Taps Montag for Ambitious Carbon-Credit Effort
▼ + stars: | 2022-11-29 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

Private-equity firm TPG Inc. has recruited former Wall Street power broker Tom Montag and partnered with several blue-chip companies to launch a carbon-credit business it hopes will add transparency and boost growth in the nascent market for emissions offsets. The firm is investing $300 million into the new company, called Rubicon Carbon, and is aiming to raise a total of $1 billion to kick-start the effort. Rubicon Carbon is intended to give buyers a simpler and safer way to invest in carbon credits.

☆ Special Report: FTX's Bankman-Fried begged for a rescue even as he revealed huge holes in firm's books
▼ + stars: | 2022-11-16 | by ( Angus Berwick Anirban Sen Elizabeth Howcroft Lawrence Delevingne | Angus Berwick | Anirban Sen | ) www.reuters.com time to read: +22 min

Sequoia was shocked at the amount of money Bankman-Fried needed to save FTX, according to the sources, while Apollo first asked for more information, only to later decline. The booklet flagged the risks of crypto trading, particularly how sudden sales of tokens could trigger a "domino effect" that would lead to a "cascading set of liquidity failures." Using profits from Alameda, Bankman-Fried launched FTX in 2019. From almost nothing in 2019, FTX handled about 10% of global crypto trading this year, a September document shows. At one point, he lived in a penthouse overlooking the Caribbean, valued at almost $40 million, according to two people who worked with FTX.

☆ India's Tata to open 20 'beauty tech' outlets, in talks with foreign brands
▼ + stars: | 2022-11-16 | by ( Aditya Kalra | ) www.reuters.com time to read: +7 min

Tata is in talks with more than two dozen companies to supply exclusive products to the new stores, according to the person familiar with the strategy, who did not name specific brands. Tata declined to comment on its planned beauty stores and the contents of the document seen by Reuters. The store opening plans, still under wraps, follow the recent launch of Tata's beauty shopping app, called Tata CLiQ Palette. The stores will have a bright red facade showing Tata CLiQ Palette branding, with 70% of the products inside being skincare and make up, according to the Tata document. The new stores should drive "sales across channels as a leading Beauty Tech destination for Gen Z & Millennials," the Tata document says.

☆ How private-equity firms, rich with investors' cash, plan to capitalize on a souring economy
▼ + stars: | 2022-11-16 | by ( Casey Sullivan | Rebecca Ungarino | ) www.businessinsider.com time to read: +9 min

The ultimate winners from the economic downturn may turn out to be private-equity firms. At the same time, private-equity firms are seeing fewer exits and fundraising is slowing. That's the private-equity industry, according to interviews with corporate advisors and a review of earnings transcripts. Regardless of the challenges, however, one positive note for the largest private-equity firms is that they are more diversified today. These relationships are better insulating private-equity firms from economic cycles, she added.

☆ Vice Media lays off staff amid a softening advertising environment and sale talk
▼ + stars: | 2022-11-12 | by ( Lucia Moses | ) www.businessinsider.com time to read: +1 min

Vice Media has laid off a handful of editorial staff as it faces a softening advertising environment and sale speculation. Vice Media has laid off editorial staff at the digital news company as it faces a softening advertising environment and sale speculation. The layoffs impacted around a dozen out of a few hundred editorial staff and stemmed from the company's recent consolidation of its news and entertainment divisions under Cory Haik as chief operating officer, according to a knowledgeable source. CNBC reported in May that Vice hired bankers to explore a sale of all or parts of the company. Group Black, an entrepreneurial media collective, was also looking at the company, the Wall Street Journal earlier reported.

☆ Australian telecom firms fined $22.1 mln for false internet speed claims
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

Nov 11 (Reuters) - Three Australian telecom firms have been ordered by a court to pay a collective A$33.5 million ($22.08 million) in penalties for making misleading claims about speeds of some NBN internet plans, the country's competition regulator said on Friday. The Australian Federal Court has ordered Telstra (TLS.AX) to pay A$15 million, a unit of TPG Telecom (TPG.AX) to cough up A$5 million, and imposed a fine of A$13.5 million on Optus, a unit of Singapore Telecommunications (STEL.SI), the Australian Competition & Consumer Commission (ACCC) said. All three telcos have admitted in court of making false or misleading statements, the regulator said, claiming nearly 120,000 customers were affected. According to the ACCC, the false or misleading statements were made for at least 12 months in 2019 and possibly extended until 2020, related to their 50 Megabits per second (Mbps) or 100Mbps fibre to the node plans. ($1 = 1.5175 Australian dollars)Reporting by Harshita Swaminathan; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Private equity firm TPG reports 60% drop in earnings as asset sales plummet
▼ + stars: | 2022-11-09 | by ( Chibuike Oguh | ) www.reuters.com time to read: +3 min

SummarySummary Companies Fee-related earnings beat estimatesTPG's stock rises nearly 8%NEW YORK, Nov 9 (Reuters) - Private equity firm TPG Inc (TPG.O) said on Wednesday its after-tax quarterly distributable earnings fell more than 60% due to a plunge in asset sales across its private equity, growth, real estate and impact businesses. However, TPG's fee-related earnings, a closely watched measure that captures income from management fees, was flat at $121 million. "What we're seeing is that investors don't care so much about performance fees but about fee-related earnings and its growth trajectory," said BMO Capital Markets analyst Rufus Hone. "Fee-related earnings is predictable; every dollar of fee-related earnings is worth $2 of performance fees," Hone added. During the quarter, TPG said its private equity funds appreciated by 2.3%, growth funds rose by 3.8% and impact funds were up 2.9%, though real estate funds depreciated by 0.4%.

☆ Factbox: Australia Inc roiled by raft of cyberattacks since late 2022
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +4 min

[1/3] A woman uses her mobile phone as she walks past in front of an Optus shop in Sydney, Australia, February 8, 2018. AUSTRALIAN CLINICAL LABSAustralian Clinical Labs Ltd (ACL.AX), one of the country's largest pathology providers, said unit Medlab suffered a breach that exposed data of about 223,000 patients. TPG TELECOMAustralia's No.2 internet service provider TPG Telecom (TPG.AX) said it had been notified of unauthorised access to a hosted exchange service that hosts email accounts of up to 15,000 business customers. CBACommonwealth Bank of Australia CBA.AX said its Indonesian unit, PT Bank Commonwealth (PTBC), had been hit by a cyber incident involving unauthorised access of a web-based software application used for project management. IPHAustralian intellectual property services provider IPH Ltd (IPH.AX) said it had detected unauthorised access to a portion of its IT environment, compromising information including administrative documents and some client documents.

☆ Supply-Chain Tech Provider Project44 Delays Potential Public Offering
▼ + stars: | 2022-11-03 | by ( Paul Page | ) www.wsj.com time to read: +4 min

Supply-chain technology provider project44 has postponed plans for a possible public stock offering amid the uncertainty in markets, and instead is turning to more venture-capital investment to expand its business tracking goods through global transportation networks. Funding for supply-chain technology startups has also tapered off this year, according to analytics firm PitchBook Data Inc., as venture-capital firms have reined in deal making. Mr. McCandless said project44 can continue to expand without going to public markets over the next couple of years based on its existing investment and cash flow. PREVIEWMr. McCandless said project44 was in position to file paperwork in June for a future public stock offering. A public offering, he said, would allow more venture-capital and private-equity investors to cash out in public markets while letting the company have continuing access to capital.

☆ Goldman-backed project44 valued at $2.7 bln in latest funding round
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - U.S.-based supply chain management technology company project44 said on Thursday it was valued at $2.7 billion after its latest funding round that also saw participation from existing investor Goldman Sachs Asset Management. The $80 million funding round was led by investment firms Generation Investment Management and A.P. Moller Holding, while buyout firm TPG (TPG.O), venture capital firm Emergence Capital and others also participated. Project44 said the funds will be used to measure and reduce emissions across its global supply chain. The COVID-19 pandemic set off a crisis in global supply chains, which has also worsened inflation and put pressure on central banks to tame price hikes.

Ed Fischbach, on his farm in Spink County, S.D., said no to the carbon pipeline on his land. But some energy experts say safety is an issue with carbon capture pipelines — carbon dioxide doesn’t like to stay put, and the fear is that a pipeline could rupture and leak. Asked about the Mississippi leak, Hill of Summit Carbon Solutions characterized the event as tragic but anomalous. Braun says she is afraid the Summit pipeline will disturb sacred land around Whitestone Hill. Both Braun and Locke say they are happy to be forging new ties with farmers and ranchers in opposition to the Summit project.

☆ Protesters delay opening of Barcelona real estate fair
▼ + stars: | 2022-10-19 | by ( Nacho Doce | ) www.reuters.com time to read: +2 min

Riot police remove an activist amid a protest at The District real estate fair in Barcelona denouncing the housing crisis and evictions, in Barcelona, Spain, October 19, 2022. REUTERS/Nacho DoceBARCELONA, Oct 19 (Reuters) - Hundreds of activists delayed the opening of an international real estate fair in the northeastern Spanish city of Barcelona on Wednesday as they protested against what they called a hotbed of speculation exacerbating a widening cost of living crisis. Dozens burst into the fairgrounds, chanting slogans and preventing the opening ceremony from taking place before being removed by police. Others gathered outside the building, where they lobbed paint at some of the arriving attendees, Reuters journalists said. The activists held up a banner that read "Let's defend life, let's stop The District" and "Speculators, get out of our neighbourhoods".

☆ Fidelity, HDFC Mutual eye India's Five Star IPO at lower valuation - sources
▼ + stars: | 2022-10-13 | by ( M. Sriram | ) www.reuters.com time to read: +2 min

The shadow lender's last funding round in December 2021 was closed at a valuation of 220 billion Indian rupees, roughly $3 billion at the time. Fidelity and India's HDFC Mutual Fund, among others, are in in talks with Five Star to invest in the so-called anchor book of the IPO but at a company valuation of 160 billion rupees, due to weak market sentiment, the sources said. Five Star is planning to list in the last week of October, which coincides with Diwali, a popular Indian festival. Two sources, however, said that the company was closely tracking the ongoing stock market weakness in India before finalising a date. For the fiscal to March 2022, Five Star recorded a net profit of 4.5 billion Indian rupees ($55.14 million) on a total income of 12.5 billion Indian rupees ($152.74 million), growing about 20% year-on-year, according to its annual report.

☆ Australia tells SingTel-owned Optus to pay cost of replacing hacked ID documents
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterAn Optus representative was not immediately available to respond to Jones's comments. Optus has apologised for the breach and said it would pay for the most affected customers to receive credit monitoring for a year. Optus and law enforcement authorities have not verified the demand, although cybersecurity experts say it was most likely authentic. The stolen data included passport numbers, drivers licence numbers, government health insurance numbers, phone numbers and home addresses, prompting commentators and lawmakers to demand replacement documents. 3 internet provider TPG Telecom Ltd (TPG.AX), which has about 6 million customers.

☆ Meet the brightest investors and dealmakers under 35 from firms like Blackstone and Bridgewater navigating today's choppy markets.
▼ + stars: | 2022-09-29 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

After months of interviews and countless rounds of fact checking, meet 25 best-in-class investors, traders, and dealmakers under the age of 35, from firms like JPMorgan, BlackRock, and Apollo, among others. Here is the latest crop of rising stars — Wall Streeters under the age of 35 who are pushing their teams to the top. The end result celebrates people from all walks of life who are infusing new ideas at the biggest firms. He works across the firm's funds TPG Capital and TPG Growth, and also covers TPG's impact-oriented initiative called The Rise Fund. HBCUvc's operating chief reviews hundreds of applications for the program that offers paid internships at VC firms.

☆ The rising stars of Wall Street: Meet 25 outstanding young investors, traders, and dealmakers at firms like Blackstone, JPMorgan, and Bridgewater
▼ + stars: | 2022-09-28 | by ( Alex Morrell | Alyson Velati | Asia Martin | ) www.businessinsider.com time to read: +2 min

Akash Pradhan, 33, TPGTPGWhen Akash Pradhan needs to clear his head, the 6'1" principal at TPG heads to the basketball court. The San Francisco Warriors fan's love of sports led him to his first job with The Raine Group. As an analyst at Raine, the company exposed Pradhan to M&A advisory and private-equity investing. Over the past five years, Pradhan has been involved in or helped lead deals that total roughly $3 billion in invested capital. "I'm proud to have changed people's thought processes and perspectives on a particular industry we ended up investing in."

☆ Tata Motors launches $10,000 electric car in India to further its lead
▼ + stars: | 2022-09-28 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

A general view of the Tata Tiago EV electric hatchback that was unveiled during a global launch event in Mumbai, India, September 28, 2022. REUTERS/Francis MascarenhasNEW DELHI, Sept 28 (Reuters) - Tata Motors (TAMO.NS) launched India's lowest priced electric car at a little over $10,000 on Wednesday as the country's only electric vehicle (EV) maker looks to draw in more buyers. Tata leads India's EV market, helped by government subsidies and high tariffs on imports. That is much cheaper than India's next most affordable EV - the electric version of Tata's Tigor compact sedan which starts at around $14,940. China, however, has some EV models that start as low as 32,800 yuan ($4,525).

☆ Workiva gets takeover interest from Thoma Bravo, TPG - Bloomberg News
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

Sept 28 (Reuters) - Cloud-based data platform Workiva (WK.N) has received takeover interest from private equity firms Thoma Bravo and TPG (TPG.O), Bloomberg News reported on Wednesday citing sources familiar with the matter. Private equity firms have taken several software companies including Anaplan and Zendesk Inc private this year. Thoma Bravo this year has acquired cybersecurity firm SailPoint, agreed to buy Ping Identity Holding (PING.N) and has expressed interest in British firm Darktrace Plc (DARK.L) and Australia's Nearmap (NEA.AX). Workiva, which currently has a market value of $3.4 billion, told Reuters it would not comment on market rumors and speculation. Thoma Bravo and TPG did not immediately respond to a Reuters request for comment.

☆ How Blackstone, the private equity giant behind cult-favorite sunscreen Supergoop, is thinking about its next big consumer bet
▼ + stars: | 2022-09-26 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +6 min

The growth of e-commerce has opened new private equity opportunities, a top investor said. The $941 billion private equity firm took a majority stake in Supergoop last December. The investment valued Supergoop, which makes sunscreen and sun protection-focused makeup, at some $600 million to $700 million at the time, Bloomberg News reported. "What is at work here is the colossal, growing nature of private equity everywhere," said Carter Dougherty, communications director for the progressive advocacy coalition Americans for Financial Reform. Some $78 billion of that is in private equity, with the rest across real estate, hedge fund solutions, and credit and insurance, according to filings.

☆ European lottery group Allwyn calls off SPAC deal to list on NYSE
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterSept 23 (Reuters) - European lottery group Allwyn Entertainment said on Friday it has called off its deal with a blank-check company that would have seen its shares list in New York, citing volatile market conditions. Allwyn struck a merger deal with the blank-check firm Cohn Robbins Holdings Corp (CRHC.N)in January, putting the combined firm's enterprise value at about $9.3 billion at that time. Register now for FREE unlimited access to Reuters.com RegisterAllwyn's announcement comes the same day as the SPAC backed by private equity firm TPG Inc (TPG.O)decided to wind down its operations, also citing market volatility. Cohn Robbins, set up by Gary Cohn, a former economic adviser to former U.S. President Donald Trump, and investor Clifton Robbins, raised $828 million from investors in September 2020. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rhea Binoy in Bengaluru; Editing by Shailesh Kuber and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

"Today, there's much stronger appetite for India and Southeast Asia," Joel Thickins, co-managing partner at TPG Capital Asia, told Reuters. The enthusiasm persists despite due diligence for startups that requires many months while valuations are under pressure, investors said. But although funds were diversifying, investors said the region's vastly different markets meant a uniform investing strategy was not ideal. One area that I constantly notice that everybody is very interested in is Southeast Asia. "There are still individual U.S. cities where startups are raising more money than all of the startups in Southeast Asia," said Julie Ruvolo, managing director of venture capital at Global Private Capital Association, which says its 300 members manage assets of more than $2 trillion.

A screen announces the listing of private-equity firm TPG, during the IPO at the Nasdaq Market site in Times Square in New York City, U.S., January 13, 2022. TPG kicked off fundraising of its eighth private equity fund for the region in January, targeting $6 billion, the company said during its March earnings call. If successful, the fund will be its largest Asia fund to date. Hong Kong-based Baring Private Equity Asia last week announced it had closed its eighth, and largest, pan-Asia fund at $11.2 billion. read moreTPG's U.S rival Carlyle Group (CG.O) aims at raising $8.5 billion in a new Asia fund, according to separate people familiar with the situation.

TPG kicked off fundraising of its eighth private equity fund for the region in January, targeting $6 billion, the company said during its March earnings call. If successful, the fund will be its largest Asia fund to date. Hong Kong-based Baring Private Equity Asia last week announced it had closed its eighth, and largest, pan-Asia fund at $11.2 billion. read moreTPG's U.S rival Carlyle Group (CG.O) is aiming to raise $8.5 billion in a new Asia fund, according to separate people familiar with the situation. It last raised a $4.6 billion Asia fund in February 2019.

☆ Oyo will check into public markets in better shape
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

The logo of OYO, India's largest and fastest-growing hotel chain, installed on a hotel building is seen through wires in an alley in New Delhi, India, September 25, 2018. REUTERS/Anushree Fadnavis - RC1364FBCAC0MUMBAI, Sept 20 (Reuters Breakingviews) - A recovery in travel means Oyo is set to check into public markets in better shape. The budget hotel chain founded by Ritesh Agarwal grew revenue 18% to 49 billion rupees ($615 million) in the year to March. The uplift was reported in an addendum to its draft initial public offering document first filed a year ago. Earlier Oyo was targeting a whopping $11 billion valuation, equivalent to 19 times trailing sales.

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