Reported about 1 month ago
Josh Harris' 26North Partners, a private equity firm, has completed its inaugural deal by acquiring ArchKey Solutions, an electrical and technological service provider, for over $1 billion including debt. ArchKey, which operates out of Missouri, is known for its work on prominent projects such as the Sphere in Las Vegas. The acquisition aims to enhance ArchKey's capabilities in complex electrical and technology solutions, particularly in sports and entertainment sectors.
Source: YAHOO
Reported about 1 month ago
HBR Realty, a Brazilian real estate firm, has filed an eviction action against WeWork due to non-payment and breach of lease for the HBR Corporate Faria Lima building in Sao Paulo. WeWork has not yet commented on the situation.
Source: YAHOO
Reported about 1 month ago
Costco aims to enhance its presence in the U.S. by opening four new warehouses by the end of 2024, located in Bend, Oregon; Napa, California; Pleasanton, California; and Madison, Alabama. With a membership requirement and exclusive payment options, potential members should evaluate the benefits and their shopping habits before committing to joining. Existing members can maximize savings with compatible credit cards, particularly as Costco now only accepts Visa.
Source: YAHOO
Reported about 1 month ago
The September 2024 'State of the Industry Report' provides a comprehensive analysis of the trucking, maritime, and intermodal markets, highlighting stability in the truckload market, growth in intermodal volumes due to increased imports, and a peak in ocean demand despite potential labor disputes. The report also discusses upcoming lower interest rates and overall strong macroeconomic conditions amid emerging weaknesses in the labor market.
Source: YAHOO
Reported about 1 month ago
The Libyan central banker, Sadiq Al-Kabir, has indicated that a deal to resolve the ongoing political struggle between rival governments is near, which could allow the resumption of significant oil production in Libya. Following a cut in output that has seen daily production plummet from approximately 1 million to 450,000 barrels, Al-Kabir remains optimistic about returning to Libya to help facilitate the agreement, as discussions mediated by the United Nations have shown promising progress.
Source: YAHOO
Reported about 1 month ago
Israeli Prime Minister Benjamin Netanyahu remains resolute in his hardline stance against Hamas, despite widespread protests over the deaths of six hostages and pressure from allies for a ceasefire. Demonstrators blame him for these fatalities and demand progress in negotiations to free additional hostages. Amid this, Netanyahu emphasizes the importance of maintaining military control of critical areas to prevent further attacks, as tensions with Hamas escalate following the hostage deaths.
Source: YAHOO
Reported about 1 month ago
Lumio, a residential solar panel provider, has filed for Chapter 11 bankruptcy in Delaware, intending to sell its business to its main lender, White Oak Global Advisors, through a $100 million credit bid. This move reflects challenges within the US solar industry due to subsidy changes and rising interest rates, affecting affordability for homeowners. Despite the bankruptcy, Lumio assures that operations will continue unaffected and plans to secure employee equity ownership should White Oak's bid succeed.
Source: YAHOO
Reported about 1 month ago
A Reuters poll indicates that Canadian home prices are projected to rise only modestly in 2024 and in the following years, despite ongoing interest rate cuts aimed at boosting affordability. After surging during the COVID pandemic, prices have decreased marginally, and experts predict a mere 1% increase in 2024, trailing behind the anticipated inflation rate. While increased supply is being noted, demand remains weak, and it is uncertain how significantly affordability will improve for first-time homebuyers.
Source: YAHOO
Reported about 1 month ago
Brazil's economy grew significantly in the second quarter, driven by increased consumer spending and government transfers, surpassing forecasts with a 1.4% growth from the previous quarter and 3.3% year-over-year. This robust growth raises concerns about inflation, prompting speculation that the central bank may hike interest rates to curb price pressures. Family consumption and industrial output showed considerable gains, although the agricultural sector faced declines due to recent floods. The rising budget deficit and market anxiety over fiscal discipline add to the economic outlook challenges.
Source: YAHOO
Reported about 1 month ago
Former Volkswagen CEO Martin Winterkorn is on trial for fraud and market manipulation related to the diesel emissions scandal, where vehicles were equipped with software to cheat emissions tests. Prosecutors allege he was aware of the illegal practices prior to the EPA's revelation in 2015. If convicted on multiple charges, Winterkorn could face up to 10 years in prison. The case has revealed extensive wrongdoing within Volkswagen, leading to significant fines and a severe drop in diesel car sales.
Source: YAHOO
Reported about 1 month ago
Volkswagen's CEO Oliver Blume is shifting from a peacemaker role to confronting powerful labor unions in Germany as he seeks to implement significant changes, including the potential closure of plants and the scrapping of a long-standing job security scheme. This move comes in response to the challenges posed by high labor costs and intensifying competition, particularly from Chinese automakers, amid a critical financial development phase for the company.
Source: YAHOO
Reported about 1 month ago
Source: BARRONS
Reported about 1 month ago
HP aims to recover up to $4 billion from the estate of the late British tech entrepreneur Mike Lynch after winning a civil lawsuit in the UK. Lynch, who passed away in August when his yacht capsized, had previously been accused by HP of inflating sales and misleading the company when he sold his business, Autonomy, in 2011. Despite Lynch being acquitted of fraud charges in the US, HP continues its legal fight based on findings from a UK court ruling that confirmed financial wrongdoing, although the final damages may be less than the claim.
Source: ENGADGET
Reported about 1 month ago
As electricity demand surges in the US, advocates are pushing to revive closed nuclear reactors, but analysts say only a few could realistically reopen. Of the 13 rejected plants, only three may have a chance to resume operations due to extensive damage or ongoing dismantlement. Key efforts are underway, particularly for the Palisades plant in Michigan, but the overall costs and required maintenance pose significant hurdles for most others.
Source: YAHOO
Reported about 1 month ago
The ongoing legal battle over Kroger's proposed $20 billion acquisition of Albertsons intensifies, with the Federal Trade Commission (FTC) pushing to halt the merger due to concerns about rising grocery prices and reduced competition. As the trial approaches a pivotal moment, expert witnesses will testify on the potential negative impacts of the merger, while Kroger claims it aims to lower prices by $1 billion if the deal is completed. The proceedings are taking place in Portland's federal court, with implications not only for the companies involved but also for consumers nationwide.
Source: YAHOO
Reported about 1 month ago
Moody's has upgraded its outlook on global reinsurers from stable to positive, citing increased prices and stricter policies in response to significant losses from recent disasters. Reinsurers are benefiting from higher investment income due to rising interest rates, and while property reinsurance prices are projected to remain favorable, a slowing of price hikes is expected next year. The positive outlook marks a significant shift for the reinsurance industry, which has recently regained its cost of capital.
Source: YAHOO
Reported about 1 month ago
Banks have launched $2.05 billion in leveraged loans to fund the buyout of Instructure Holdings Co., an educational software firm. This financing includes a $1.685 billion first-lien term loan and a $365 million second-lien term loan, aimed at closing the acquisition valued at $4.8 billion. Morgan Stanley and KKR Capital Markets are leading the financing efforts, with a lender call scheduled soon, reflecting a surge in leveraged buyout financings ahead of the US elections.
Source: YAHOO
Reported about 1 month ago
The former head of Nomura Holdings in China, Yang Zhizhong, lost a wrongful dismissal case in Hong Kong against the brokerage, where he sought damages of around $4 million. The court ruled that Nomura did not breach Yang's employment contract when it issued a warning and subsequently terminated him in 2017. Yang's claims included a salary and bonuses, which the court denied, mandating him to pay the legal costs of the trial.
Source: YAHOO
Reported about 1 month ago
Volkswagen's CUPRA brand could face significant challenges if the European Commission implements planned tariffs of 21.3% on its electric vehicle, the Tavascan, made in China. CEO Wayne Griffiths emphasized that the higher costs would make it impossible to sustain sales in the current European market, jeopardizing compliance with EU carbon reduction targets and impacting employment in Spain. The proposed tariffs, aimed at countering perceived unfair Chinese subsidies, have raised concerns about their adverse effects on European manufacturers.
Source: YAHOO
Reported about 1 month ago
Amy Weaver, who served as both president and CFO of Salesforce after a rare transition from general counsel to CFO, is stepping down after nearly 11 years with the company. Her tenure as CFO coincided with notable growth for Salesforce, including a significant increase in annual revenue. Weaver is excited about new opportunities ahead and will assist in the search for her successor.
Source: YAHOO
Reported about 1 month ago
Nvidia's stock has seen significant growth due to increased demand for its AI-related products, despite a recent drop after a solid earnings report. The company forecasts a strong revenue for the upcoming quarter, though analysts are concerned about slowing growth rates. Current evaluations suggest that Nvidia may be undervalued compared to competitors, with Wall Street maintaining a favorable 'buy' rating amid expectations of future industry growth driven by AI advancements.
Source: YAHOO
Reported about 1 month ago
Oil prices dropped as concerns over weak demand from China overshadowed supply disruptions in Libya. Brent crude fell below $76 a barrel and West Texas Intermediate neared $72, with China's slowing factory activity and property crisis raising economic fears. The market anticipates increased supplies from OPEC+ next month, further impacting prices.
Source: YAHOO
Reported about 1 month ago
In a landscape increasingly dominated by AI, the prompts used to interact with these systems are emerging as a new form of intellectual property. Hawkins, founder of CUDO, emphasizes the significance of confidential computing in shielding these prompts from competitors while fostering innovation through blockchain. His commitment to sustainability and philanthropy is mirrored in his drive to democratize technology, ensuring accessibility and environmental stewardship. As AI reshapes technology, the interplay between transparency and confidentiality becomes crucial, underscoring the vital role of confidential computing.
Source: YAHOO
Reported about 1 month ago
French video game developer Ubisoft experienced a drop in shares for two consecutive days, primarily driven by the disappointing performance of its recent release, 'Star Wars Outlaws.' Despite positive critical reviews, user ratings were low, and the game's sales fell short of expectations. This decline adds to the company's over 30% stock drop since the beginning of the year, reflecting ongoing financial struggles amid a series of game cancellations and delays.
Source: YAHOO