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FinTech: Lloyds To Acquire Stake In Loyalty App Bink

January 4, 2022

Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that may run into millions of pounds. It was also not known how much the transaction valued Bink.

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Elliott Management Tells Marathon Oil to “Split Into Three”

September 25, 2019

Paul Singer owned Elliott Management, an activist investor, sent a letter and presentation to Marathon Petroleum.
Elliott Management demanded of Marathon’s board that the company split into three separate businesses, thereby unlocking value worth $22 billion.

Salad Chain sweetgreen Raises $150 Million

September 25, 2019

Salad restaurant chain sweetgreen, which has a cult-like following, raised $150 million at a valuation of $1.6 billion.
The funding round was co-led by Lone Pine Capital and D1 Capital Partners. Existing investors also participated.

Australian Watchdog Orders Audit of Paypal for Lapses in Money Transfers

September 25, 2019

Austrac suspects that Paypal had not met reporting obligations regarding anti-money laundering and counter-terrorism financing laws. An external auditor will conduct Austrac’s audit of Paypal and report to Austrac within 120 days. However, Paypal will pay for the audit.

Activist Investors Push Out eBay CEO Devin Wenig

September 25, 2019

CEO cites disagreements with his board as activist pressures intensify Activist investors have pushed out CEO Devin Wenig. In a Tweet marked Wednesday, Wenig cited disagreements with fellow board members over the company’s future. “In the past few weeks it became clear that I was not on the same page as my new Board,” he…

Deutsche Bank will transfer prime broking and electronic equities to BNP Paribas

September 24, 2019

Deutsche Bank has agreed to migrate key clients, human resources, and technology in prime broking and electronic equities to BNP Paribas.
Deutsche Bank prime brokerage clients, primarily hedge funds, are unlikely to see any disruption from this arrangement. That’s because the two banks have agreed to provide “continuity of service” to these clients.

Some Hedge Funds and Airlines to Gain from Thomas Cook’s Collapse

September 23, 2019

Hedge funds that used credit default swaps to bet on Thomas Cook’s collapse will make a lot of money.
The 178-year old travel operator, Thomas Cook’s collapse, will lead to the loss of 21,000 jobs. Besides, more than 150,000 tourists are stranded across the world at vacation spots.

Is WeWork running out of money

WeWork CEO Adam Neumann Steps Down; Company May Cut 5,000 Jobs

September 23, 2019

WeWork’s founder and chief executive officer has stepped down as CEO but will continue as non-executive chairman.
WeWork’s Adam Neumann said he had decided it was in the best interest of the company to step down as chief executive.
Neumann said the business was strong but that he was distracted by the intense media scrutiny directed at him.

Wework Layoffs

WeWork CEO Neumann facing boardroom coup?

September 23, 2019

WeWork CEO Adam Neumann may be forced out if some members of his company’s board have their way, reports Bloomberg.
According to unnamed sources, SoftBank Group head honcho Masayoshi Son was pushing for Neumann’s exit.

Elliott Management Bulking Up on Cash

September 22, 2019

Paul Singer’s Elliott Management, fearing a market meltdown, is raising fresh money from investors.
The activist investor could raise a war chest of $5 billion, according to an investor.

New Law Requires California Pensions to Divest all Turkish Assets

September 21, 2019

New legislation bars California pensions funds from investing in Turkish assets. Turkish assets are now barred at California pensions. This is because of Turkey’s refusal to acknowledge responsibility for the Armenian Genocide. This tragedy claimed the lives of about 1.5 million Armenians a century ago. However, for funds and pensions, the new law brings to…

Stripe Valued at $35 billion in Latest Funding Round

September 20, 2019

Payments start-up Stripe raised $250 million in additional funding at a new pre-money valuation of $35 billion.
Investors in the latest funding round of payments start-up Stripe included General Catalyst, Sequoia, and Andreessen Horowitz, among others. The latest valuation makes it one of the most highly valued start-ups in the world.

Responsible Investing in Commodities is Possible: OFI Asset Management

September 20, 2019

Environment, Social, and Governance (ESG) objectives are not incompatible with commodity investing says an OFI portfolio manager. Certainly, ESG in commodities is possible through proactive asset management, according to Benjamin Louvet, commodities portfolio manager at OFI AM. How the twain shall meet One very simple method is to drop an offending sector or industry from…

CME Group to Launch Bitcoin Options In 2020

September 20, 2019

CME Group, which introduced futures in bitcoin in 2017, will launch options on the digital currency in 2020.
CME Group’s bitcoin options will enable market participants to hedge or speculate on the cryptocurrency. The new product from CME is an acknowledgment of the increased trading and investing interest in bitcoin.

Private Equity in the Dock for Alleged “Surprise Billing Practices”

September 19, 2019

A bipartisan Congressional investigation is to determine whether private equity giants are behind price gouging in emergency care.
“Surprise billing practices” are unexpectedly large medical bills from an out-of-insurer-network physician for emergency treatment. These bills could also emanate from an out-of-network physician or ancillary clinician working in an in-network hospital.

University of California: “Fossil Fuel Assets a Financial Risk”

September 19, 2019

The University of California Pension and Endowment funds will divest all fossil fuel assets.
That’s because fossil fuel and coal and oil sands posed a “long-term risk” to the University of California’s portfolios. Two senior University officials revealed the divestment plans in an opinion piece Tuesday in the LA Times.

EquityMultiple: A Platform for Investors In Opportunity Zones

September 19, 2019

The EquityMultiple platform facilitates real estate investments in Opportunity Zones that come with tax breaks. Investors fed up with the measly returns in the current environment may consider real estate in Opportunity Zones. Qualified Opportunity Zones (QOZ) bring capital to low-income areas while rewarding investors via tax breaks. The investments can trigger economic development in these areas leading to higher employment.

Swiss Private Bank Launches Digital Asset Services Including for Bitcoin And Ethereum

September 19, 2019

Arab Bank Switzerland, a leading Swiss private bank, will provide custody and brokerage services for Bitcoin and Ethereum.
The bank will target high net worth clients for the services. It will become one of the first private banks in Europe to offer such facilities for digital assets.

AT&T Considering Options for DirecTV Unit

September 19, 2019

AT&T may sell DirecTV, among other options, as consumers drop TV connections.
Telecom giant AT&T, which bought DirecTV for $49 billion in 2015, maybe considering a U-turn on the unit.
According to sources in the know, the satellite TV service is seeing a diminishing subscriber base. This trend is a result of consumers ‘cutting the cable cord.’

US Fed Cuts Rates by 25 Bps; Trump Says Fed Has No Guts

September 18, 2019

As expected, the Fed cut interest rates to sustain the economy but was non-committal on future cuts.
Fed Chair Jerome Powell painted an optimistic picture of the US economy, citing buoyant labor markets and inflation nearing targets.
However, the 25 basis points rate cut addressed ongoing risks such as tepid global growth and trade wars.

Japanese ESG Investments Outperforming Benchmarks

September 18, 2019

Latest GPIF Report Shows that Sustainability Can Pay Off Japanese ESG investments are doing very well. The country’s $1.47 trillion Government Pension Investment Fund (GPIF) said today that four of five ESG indices topped the Tokyo Stock Price Index (TOPIX) and market averages since April 2017. The GPIF has invested about $32.4 billion of its…

Deutsche Bank Joins JPMorgan Blockchain Project

September 18, 2019

The project now serves 320 banks around the globe on cross-border payments The JPMorgan Blockchain Project just got another big player in the blockchain game. Deutsche Bank has joined JP Morgan Chase’s Interbank Information Network (IIN). This is the financial industry’s single largest blockchain initiative. The data-sharing product features the connection of 320 banks on top…

Credit Card Startup Petal Arranges $300 Million Debt Facility From Jefferies

September 18, 2019

Credit card startup Petal, which promises credit for an irresponsible world, expanded its Jefferies debt facility.
Petal had arranged a $30 million debt facility with Jefferies a year ago. The startup is now expanding the arrangement to $300 million for boosting its card program.

Swiss Pension Fund Allocations Hit a Record

September 17, 2019

Swiss pension funds’ allocations to alternative assets surpass 10% for the first time.
A study by European consultancy Complementa finds that Swiss pension funds have taken to alternative assets in a big way. The primary impetus for this trend appears to be the current low-interest-rate environment.