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Xavier Niel’s GAM raid looks less quixotic
  + stars: | 2023-07-18 | by ( ) www.reuters.com   time to read: +2 min
NewGAMe, whose backers include telecoms mogul Xavier Niel and Swiss wealth manager Bruellan, launched a tender offer for just under 18% of GAM’s shares. Liontrust’s offer looked like the least bad option for GAM, which is losing money as its assets have more than halved since 2018 to 68 billion Swiss francs. And at least one other investor, with 6.5%, has said it won’t accept Liontrust’s offer. That means Liontrust will probably struggle to get to the two-thirds vote it would need to take over GAM. But GAM also has over 2 billion Swiss francs of tax losses to carry forward, lowering any future tax burden.
Persons: Xavier Niel, Bruellan, NewGAMe, Neil Unmack, Aimee Donnellan, Oliver Taslic Organizations: Reuters, GAM, Liontrust Asset Management, Twitter, Commonwealth Games, Cathay, Thomson Locations: Swiss
Novartis buyback offers partial cure for M&A risk
  + stars: | 2023-07-18 | by ( ) www.reuters.com   time to read: +2 min
LONDON, July 18 (Reuters Breakingviews) - Novartis’s (NOVN.S) bumper buyback will offer a little relief to investors. Many had been waiting to see what the $225 billion Swiss pharma giant would do with an extra $20 billion burning a hole in its pocket after Roche(ROG.S) bought back its stake in 2021. It needs new drugs to replenish its pipeline and boost an ailing share price, which has still not recovered since the pandemic. But on Tuesday, CEO Vasant Narasimhan said he will launch a $15 billion buyback programme. The Swiss drugmaker’s $15.4 billion of net debt is less than 1 times its forecast 2023 EBITDA, according to Refinitiv.
Persons: Roche, Vasant Narasimhan, can’t, Aimee Donnellan, Xavier Niel’s, Neil Unmack, Streisand Neto Organizations: Reuters, Swiss pharma, Alcon, Madrigal Pharmaceuticals, Novartis, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: Swiss
Argenx drug boost is mixed blessing for suitors
  + stars: | 2023-07-17 | by ( ) www.reuters.com   time to read: +2 min
LONDON, July 17 (Reuters Breakingviews) - Argenx (ARGX.BR) has long been a presumed takeover target for drugmakers like Pfizer (PFE.N). Many of its remedies like Vyvgart, which delivered positive drug trial results on Monday, are likely to reach their peak just as the big drugmakers’ revenues come under patent pressure. Still, the more successful Argenx becomes the more expensive it will be for a potential bidder. Since then the company’s shares have nearly doubled, including a 26% bump on Monday thanks to the positive trial results. Argenx’s drug trial success may give bidders comfort they are not buying a dud, but that reassurance comes with a downside.
Persons: Argenx, Prometheus, Aimee Donnellan, George Hay, Pranav Kiran Organizations: Reuters, Pfizer, Big Pharma, Twitter, Cathay, Thomson Locations: Belgian
Brad Pitt among stars at Wimbledon for men’s final
  + stars: | 2023-07-16 | by ( Aimee Lewis | ) edition.cnn.com   time to read: +1 min
CNN —Brad Pitt was among a number of celebrities and Royals who were treated to an epic men’s Wimbledon final on Sunday. The Hollywood star was on Centre Court to watch Novak Djokovic and Carlos Alcaraz slug it out in a thrilling five-set match. After nearly five hours, Alcaraz prevailed to win his first Wimbledon title. @Wimbledon Let’s goooooo.”Rachel Weisz and Daniel Craig were at Centre Court in a match that was decided in the fifth set. Karwai Tang/WireImage/Getty ImagesJames Bond star Daniel Craig and his wife Rachel Weisz were picked out by the TV cameras during the contest, as was former champion Andy Murray.
Persons: Brad Pitt, Novak Djokovic, Carlos Alcaraz, Alcaraz, Hugh Jackman, tweeting, , ” Rachel Weisz, Daniel Craig, Karwai Tang, James Bond, Rachel Weisz, Andy Murray, Tom Hiddleston, Ariana Grande, Prince, Princess, Prince George, Princess Charlotte, King Felipe of Spain Organizations: CNN, Royals, Hollywood, Court, Wimbledon, goooooo Locations: Wales
Tour de France: Huge crash on stage 15
  + stars: | 2023-07-16 | by ( Aimee Lewis | ) edition.cnn.com   time to read: +2 min
CNN —Crashes in the Tour de France are commonplace, but a pile-up during Sunday’s Stage 15 was particularly eye-catching as a number of riders fell after a fan apparently tried to take a picture. Eurosport commentary during live coverage of the race said a spectator had caused a rider to be put off balance. The Team Jumbo-Visma rider fell, causing others to follow on a narrow section of a road. You don’t need a phone to create mind-blowing memories.”Around 20 riders fell off their bikes. In 2021, a fan stepped in front of the racing pack holding a cardboard sign, causing dozens of cyclists to crash during the Tour.
Persons: Les, Soleil, Gervais, , Dan Lloyd, , Carlton Kirby, Sepp Kuss, Nathan van Hooydonck, Benoit Tessier, Confidis Organizations: CNN, Tour de France, Sunday’s, Blanc, Eurosport, Jumbo, BBC, Team, INEOS Grenadiers Locations: Saint, cycling’s
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The Wimbledon title is the grand slam she wants more than any other, but for the second successive year, Jabeur had to settle for the runners up trophy. Asked what the Princess of Wales told her in that moment, Jabeur told reporters: “Same thing after last year: to encourage me to be strong, to come back and win a grand slam, win a Wimbledon. The last unseeded woman to reach a Wimbledon final was Billie Jean King in 1963. Playing in her second grand slam final, the 24-year-old Czech played brilliantly on the grass and her variety of shots got the better of the sixth seed Jabeur. I think it was the most impossible grand slam for me to win, so I didn’t even think of it.
Persons: Markéta Vondroušová, Jabeur, Dylan Martinez, Reuters “, , Princess, Wales, Czech Jana Novotná, Duchess, Kent, Andy Murray’s, ” Jabeur, Kim Clijsters, , Vondroušová, Glyn Kirk, Markéta, Marketa, Billie Jean King, Julian Finney, , ” Vondroušová, we’ll Organizations: CNN, Wimbledon, Court, Reuters, Belgian, Getty, Czech Wimbledon Locations: Czech, British, AFP, London
LONDON, July 13 (Reuters Breakingviews) - The privately owned UK water company managed to cobble together a rescue from existing shareholders. But in this Viewsroom podcast, Breakingviews columnists discuss why the fresh funds may not be enough, and the threat of nationalisation hangs over the sector as a whole. Listen to the podcastFollow @aimeedonnellan on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Oliver Taslic Organizations: Reuters, Twitter, Thomson
Cora strengthens Carrefour’s inflation defences
  + stars: | 2023-07-13 | by ( ) www.reuters.com   time to read: +2 min
LONDON, July 13 (Reuters Breakingviews) - Carrefour’s (CARR.PA) 1 billion euros acquisition of smaller rival Cora could be seen as a consequence of the French group’s ability to navigate rocketing inflation. It will give the combined company a near 23% share of the fragmented and competitive French market, consolidating Carrefour’s leadership on its home turf. Five years ago, Carrefour and Casino had begun tentative talks for a possible merger that ultimately collapsed. If anything, Cora’s acquisition will make Carrefour a more attractive target. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Cora, Daniel Kretinsky, Xavier Niel ., Pierre Briançon, Aimee Donnellan, Streisand Neto Organizations: Reuters, Carrefour, Casino, Twitter, Thomson Locations: French, France
BP’s German wind option risks multiple blowbacks
  + stars: | 2023-07-13 | by ( George Hay | ) www.reuters.com   time to read: +5 min
But Germany also aims to raise as much cash as possible from selling wind power development rights. But wind projects around the world have been hit by turbine makers like Siemens Gamesa and Vestas (VWS.CO)hiking prices in 2022 by 30%. Shaking down the private sector is fine, but not if you’re left with no wind projects. Reuters Graphics Reuters GraphicsFollow @gfhay on TwitterCONTEXT NEWSOil majors BP and TotalEnergies have won a 7 gigawatt (GW) offshore wind site auction in Germany worth 12.6 billion euros ($13.96 billion). BP’s initial payments totaling 678 million euros, equivalent to 10% of the bid amount, will be paid by July 2024.
Persons: Bernard Looney, TotalEnergies, Looney, TotalEnergies ’, Patrick Pouyanné, Bernstein, you’re, BP, Aimee Donnellan, Pranav Kiran, Streisand Neto Organizations: Reuters, BP, Bernstein Research, Siemens, Reuters Graphics Reuters, TotalEnergies, Federal, Thomson Locations: Germany, Berlin, U.S, Heligoland, Baltic, Ruegen, Europe, TotalEnergies
AXA’s XL cleanup would be logical, if belated
  + stars: | 2023-07-12 | by ( ) www.reuters.com   time to read: +2 min
The boss of $66 billion AXA (AXAF.PA) bought XL Group back in 2018 to beef up its position insuring against storms and other catastrophes. AXA XL’s reinsurance arm, about 10% of group revenues, also drove pricing up 7% last year. Based on AIG’s (AIG.N) recent sale of its reinsurance arm Validus Re, which was done at 1.4 times book value, XL’s reinsurance unit might be valued at around $2.8 billion. The extra cash may help placate investors that never much liked the deal, given that the contribution to earnings from XL should now be more stable. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Thomas Buberl, Aimee Donnellan, George Hay, Oliver Taslic Organizations: Reuters, AXA, XL Group, XL, Twitter, Thomson Locations: U.S, China
Bayer crop spinoff would be tricky but bountiful
  + stars: | 2023-07-10 | by ( ) www.reuters.com   time to read: +2 min
LONDON, July 10 (Reuters Breakingviews) - Bayer’s (BAYGn.DE) new CEO may be considering some valuable crop rotation. The 49 billion euro seed-to-drug maker’s shares rallied 3% on Monday after a Friday report by German news service Platow Brief said the company may spin off its troubled crop science division. The crop science division was born of Bayer’s disastrous takeover of Monsanto in 2018, and the German conglomerate is still grappling with lawsuits alleging that its weedkiller caused cancer. If it offloads the crop science division, Bayer could indemnify the new owners against the cost of future litigation up to a certain point. Currently, the crop science division throws off a lot of the combined company’s cash.
Persons: maker’s, Bill Anderson, Bayer, Anderson, Aimee Donnellan, Liam Proud, Pranav Kiran Organizations: Reuters, Monsanto, Twitter, Thames, Thomson Locations: China
Mirra Andreeva produces surprise Wimbledon win
  + stars: | 2023-07-09 | by ( Aimee Lewis | ) edition.cnn.com   time to read: +3 min
She was already the third-youngest player to reach the third round of Wimbledon in the Open Era after Kim Clijsters in 1999 and then Gauff four years ago. Andreeva told reporters after her win that she was “just a normal teenager, normal girl,” and also revealed she still had to do schoolwork. I think she was impressed also to pass the quallies and to win the slam at 18. Andreeva (right) shakes hands with Potapova after her win. I just try to play every match and don’t think how far I have gone already or which round I’m playing, against who I’m playing.
Persons: Anastasia Potapova, Coco Gauff, Kim Clijsters, Andreeva, Adrian Dennis, , , Emma Radacanu, Potapova, I’m, Sabalenka Organizations: CNN, Wimbledon, Russian, Madison Keys, Getty, , Australian, Madrid, Netflix Locations: London, AFP, quallies, Russian, Ukraine
Alejandro Davidovich Fokina opted for an underarm serve at a crucial point in his third-round Wimbledon match against Holger Rune on Saturday. Rune, the 20-year-old sixth seed, comfortably dealt with the ball – hitting a fierce return winner for match point, eventually clinching an entertaining 6-3 4-6 3-6 6-4 7-6 (10-8) win. Davidovich Fokina returns the ball to Rune during their men's singles match. That was very unexpected, for sure,” the Dane, who had saved two match points, told reporters afterwards. I thought that I would trust my serve and go big, also like I did in the match points, the match point I saved.
Persons: Alejandro Davidovich Fokina, Holger Rune, Rune, Davidovich Fokina, Adrian Dennis, Dane, , Michael Regan, ” Rune, Frances Tiafoe, Grigor Dimitrov Organizations: CNN, Wimbledon, Getty, Reuters Locations: AFP
She went into a natural coma, was intubated on the mountain and a battle began to save her life. It was the beginning what the former skier calls the second version of herself, “Jamie 2.0.” Recovery was slow, often painful. MoCrazy had been intubated for such a lengthy period that it took two months for her to re-learn to swallow. Her mom forced her to learn algebra again, the argument being that her brain had to relearn its critical thinking skills. “And the fact that I am a White, privileged, accomplished athlete with finances made a huge difference in my recovery.
Persons: Jamie MoCrazy, , Mauzy, , Jeanee, MoCrazy, Jeanne, Grace, “ Jamie, ” Jeanne, , ” MoCrazy, Jamie McCrazy, Reggie, Simon d'Artois “, “ I’m, Amy, Darryl Dyck, I’m Organizations: CNN, CNN Sport, GillianHunterPhotography.com, Westminster College, MoCrazy, Vancouver General Hospital, Canadian Press, Capitol Locations: Vancouver, Canada, Crane, North America, Connecticut, Salt, Salt Lake City, New Zealand
Wie West has lived much of her life in the public eye. She turned professional a year later, just shy of her 16th birthday, and won her only major – the US Women’s Open – in 2014. Michelle Wie West won the US Women's Open in 2014. This too could be Sorenstam’s final major – she has said this would be her last US Women’s Open. “I thought my last [U.S. Women’s Open] would be in 2008,” she said, per the LPGA.
Persons: Michelle Wie West, , Makenna, Mike Whan, Wie West, Ezra Shaw, ” Wie, “ It’s, Annika Sorenstam, Darron Cummings, Swede, Will, , it’s, We’ve, ” America’s Bailey Tardy Organizations: CNN, US, Kraft Nabisco, Sony, USGA, Getty, Women’s Locations: Pebble, Wie
CNN —There was a period during Andy Murray’s second-round match against fifth seed Stefanos Tsitsipas where it seemed the former champion was going to roll back the years and produce another memorable victory on Wimbledon’s Centre Court. On resumption on Friday, Tsitsipas – 12 years younger than Murray – took the upper hand, drawing level after a fourth-set tie-break and securing the final set to leave Murray pondering whether he’ll play at his home grand slam again. Andy Murray lost in five sets to Stefanos Tsitsipas. Visionhaus/Getty ImagesWhen asked how confident he was of competing at Wimbledon next year, Murray told reporters: “I don’t know. “Regardless of the atmosphere and those things, it’s still very, very disappointing to be sitting here right now.”
Persons: Andy Murray’s, Briton, Murray, Tsitsipas, Murray –, Andy Murray, , ” Murray, , it’s Organizations: CNN, Wimbledon
LONDON, July 6 (Reuters Breakingviews) - HSBC is quitting the financial hub and moving to smaller quarters. In this Viewsroom podcast, Breakingviews columnists discuss how hybrid working is an existential threat for commercial property and how Canary Wharf’s pivot to residential and retail may only be a partial salve. Listen to the podcastFollow @aimeedonnellan on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Oliver Taslic Organizations: Reuters, HSBC, Twitter, Thomson
Man mixes risk and reward in private credit bet
  + stars: | 2023-07-06 | by ( ) www.reuters.com   time to read: +2 min
LONDON, July 6 (Reuters Breakingviews) - Man Group (EMG.L) is getting into the hot private credit market, by buying a majority stake in lender Varagon Capital Partners for $183 million. Private credit, which involves managers like Ares Management (ARES.N) or Blackstone (BX.N) making bilateral loans to mostly private equity buyouts, has been one of the hottest areas in fixed income. Low rates encouraged investors to hunt for yield, and has seen mainstream managers like T. Rowe Price (TROW.O)join the fray. They will be rewarded with further payments if they extend their commitments, and Man hopes to use its network to broaden Varagon’s investor base. Given private credit managers like Fortress have traded at more than double that multiple, it looks like a relatively savvy deal.
Persons: Rowe Price, Neil Unmack, Aimee Donnellan, Streisand Neto Organizations: Reuters, Man, Capital Partners, Ares Management, AIG, Fortress, Twitter, KKR, Thomson Locations: Varagon’s, China
LONDON, June 29 (Reuters Breakingviews) - The Russian president restored a semblance of calm in Moscow after an aborted mutiny. In this Viewsroom podcast, Breakingviews columnists debate what this means for the country’s invasion of its neighbour. Listen to the podcastFollow @aimeedonnellan on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Oliver Taslic Organizations: Reuters, Twitter, Thomson Locations: Russian, Moscow
LONDON, June 27 (Reuters Breakingviews) - Treating illnesses like cancer consumes 11% of global GDP, according to the World Health Organization. In this Exchange podcast, Dr. Katie Tryon, director of healthcare strategy at Vitality, explains that overburdened care systems need to spend their way back into shape. Listen to the podcastFollow @aimeedonnellan on TwitterSubscribe to Breakingviews' podcasts, Viewsroom and The Exchange. Editing by Katrina HamlinOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Katie Tryon, Katrina Hamlin Organizations: Reuters, World Health Organization, Twitter, Thomson
We put together 32 of the world's biggest flops, from Nintendo's Virtual Boy to Google Glass. Morning Brew Insider recommends waking up with, a daily newsletter. "Less than 3% of new consumer packaged goods exceed first-year sales of $50 million — considered the benchmark of a highly successful launch," say Joan Schneider and Julie Hall, co-authors of "The New Launch Plan." That's part of the reason that the most heavy-hitting names in business — from Nintendo to Netflix, Microsoft to McDonald's — have had some of the biggest belly flops. Here's a look at 32 of those flops, and what we can learn from them.
Persons: Jeff Bezos, Joan Schneider, Julie Hall, , Aimee Groth, Jay Yarow, Drake Baer Organizations: Amazon, Nintendo's, Google, Nintendo, Netflix, Microsoft
BetterBrand, which makes low-carbohydrate, high-protein Better Bagels, closed a $6 million Series A funding round, it said on Wednesday. The Better Bagel contains 90% fewer carbs than a traditional bagel, BetterBrand's website says. BetterBrand founder and CEO Aimee Yang BetterBrandBetterBrand's goal is to become the "Beyond Meat of carbs," Yang said. "You've heard how much funding has gone into plant-based and just how saturated that market has gotten," Yang told Insider. BetterBrand also plans to grow sales to between $30 million and $40 million over the next 12 months, Yang said.
Persons: BetterBrand, , Tesla, Reddit, Alexis Ohanian's, Aimee Yang, Aimee Yang BetterBrand, Yang, You've Organizations: Service, Facebook, Verso, Gaingels, Based Foods Association, Foods
The former world No.1 won his second consecutive tournament on Sunday to increase hopes of successful run at Wimbledon next month. During an on-court interview after the match, the 36-year-old said he hoped to see his children on Father’s Day, to which cries of “we’re here” could be heard. “They came last week for the final at Surbiton and they turned up and it started raining. “It’s great that they managed to come today.”Murray, a two-time Wimbledon champion, missed this month’s French Open to focus his preparations for Wimbledon. 38 in the ATP rankings following his win in Nottingham – he is currently 44th in the world.
Persons: Andy Murray, Scot, France’s Arthur Cazaux, , ” Murray Organizations: CNN, Wimbledon, Nottingham, Surbiton, Queen’s Locations: Nottingham, London, Nottingham –
CNN —Romeo Beckham, the son of former England and Manchester United star David Beckham, has signed a one-year contract with Brentford B, the Premier League club announced. Brentford, whose senior team plays in English soccer’s top division, said the club had an option to extend the deal by an additional year. The 20-year-old played for the B team last season while on loan from Inter Miami, the Major League Soccer club which is father co-owns, playing 15 times and scoring once. Speaking to the club, Beckham said of the new deal: “Best feeling, so excited, ready to get started and have a good next season.”Beckham in action during the Premier League Cup match between Brentford B and Aston Villa U21 on January 13, 2023. Alex Broadway/Getty Images“It’s been such a good experienced and [I have] loved every second of it,” he said of his time on loan at the club.
Persons: CNN — Romeo Beckham, David Beckham, Beckham, ” Beckham, Alex Broadway, , , Neil MacFarlane, he’s, “ He’s, “ We’ve Organizations: CNN, Manchester United, Brentford B, Premier League, Brentford, Inter Miami, Major League Soccer, Premier League Cup, Aston Villa U21, Manchester City Locations: England
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