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Telcos get 10 years to pay India dues, pain not over for Vodafone

NEW DELHI (Reuters) – Heavily indebted Indian telecoms firm Vodafone Idea (VODA.NS) won some reprieve on Tuesday as the country’s top court gave mobile carriers 10 years to settle government dues, but the company’s longer-term problems are not over. Vodafone I... More »

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EU watchdog flags harder line on cross-border funds management

LONDON (Reuters) – Brexit safeguards to stop asset managers in Britain running “shell” investment funds in the European Union to retain access to its markets should be hardwired into EU law, the bloc’s securities watchdog said on Wednesday. After Britain voted... More »

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Berkshire slashes Wells Fargo, JPMorgan stakes- adds Barrick Gold

(Reuters) – Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) said on Friday it has sold shares of some of the largest U.S. banks, slashing its stakes in Wells Fargo & Co (WFC.N) and JPMorgan Chase & Co (JPM.N) and exiting an investment in Goldman Sachs Group I... More »

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Saudi information security firm Elm to acquire Tabadul

DUBAI (Reuters) – Saudi information security company Elm is to acquire digital services company Tabadul from Saudi Arabia’s sovereign wealth fund, Elm said in a statement on Sunday. The Public Investment Fund (PIF) also owns Elm and was considering an initial ... More »

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Microsoft talks to buy TikTok’s U.S. operations spark ire in China

BEIJING/HONG KONG (Reuters) – A potential shotgun wedding to Microsoft Corp (MSFT.O) for TikTok’s U.S. operations provoked an outcry on Monday on Chinese social media as well as criticism from a prominent Chinese investor in TikTok owner ByteDance. The U.S. te... More »

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Mednax CEO, board directors replaced amid settlement with Starboard

BOSTON (Reuters) – Healthcare services company Mednax’s (MD.N) stock price closed up nearly 4% on Monday after its founder and chief executive and several board members were replaced, half a year after activist investor Starboard Value began pressing for chang... More »

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Ackman’s blank check company raises IPO target to $4 billion

(Reuters) – Pershing Square Tontine Holdings Ltd, the blank check company backed by billionaire investor Bill Ackman, has increased the size of its initial public offering by $1 billion to $4 billion, the largest ever IPO by a special purpose acquisition compa... More »

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Reliance’s digital unit wins Qualcomm backing in boost to 5G plans

NEW DELHI (Reuters) – India’s Reliance Industries said on Sunday Qualcomm Inc’s investment arm will buy a 0.15% stake in its digital unit Jio Platforms for 7.3 billion rupees ($97.1 million). The partnership will help Jio Platforms, the unit that houses Relian... More »

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Coming soon to a 3D printer near you: Plant-based steaks

TEL AVIV/ZURICH (Reuters) – Israeli start-up Redefine Meat plans to launch 3D printers to produce plant-based steaks mimicking real beef next year in a bid for a slice of the fast-growing alternative meat market. Meat substitutes are increasingly popular with ... More »

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Rainy day hastens sovereign wealth funds’ refocus to home

LONDON (Reuters) – Famed for snapping up glitzy real estate and stakes in troubled international banks during the global financial crisis, sovereign wealth funds are investing more at home, a trend set to accelerate in the wake of the economic carnage wrought ... More »

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London Stock Exchange’s Rathi to head UK financial watchdog

LONDON (Reuters) – Nikhil Rathi, head of the London Stock Exchange’s UK division, has been appointed chief executive of the Financial Conduct Authority (FCA), Britain’s finance ministry said on Monday. Rathi, a former finance ministry official, will play a key... More »

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Honeywell launches new business unit to capture drone market

(Reuters) – Honeywell International Inc, a major supplier of aerospace products, said Monday it launched an unmanned aerial systems business to bet on the autonomous aviation space – drones, air taxis, and unmanned cargo delivery vehicles. Stéphane Fymat, the ... More »

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France nears 1-billion-euro crisis fund for aero suppliers: sources

PARIS (Reuters) – French government and industry officials are negotiating a 1-billion-euro, privately led investment fund for small aerospace suppliers in which major manufacturers could invest 200 million euros, people familiar with the proposals said on Wed... More »

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Thyssenkrupp CEO: No taboos in steel consolidation plans

FRANKFURT/DUESSELDORF (Reuters) – Thyssenkrupp’s CEO on Tuesday said there were no taboos in plans to consolidate its steel unit, marking a break with tradition under which the business had been sacrosanct for centuries. “Nothing is off-limits anymore,” Martin... More »

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Norwegian Air gets $1 billion rescue after financial cliffhanger

OSLO (Reuters) – Norwegian Air (NWC.OL) shareholders backed its financial survival plan on Monday, with more than 95% of votes cast supporting the conversion of nearly $1 billion of debt into equity and raising more cash from its owners. The approval follows w... More »

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Microsoft to divest AnyVision stake, end face recognition investing

(Reuters) – Microsoft Corp on Friday said it would sell its stake in AnyVision, an Israeli facial recognition startup, and said it no longer would make minority investments in companies that sell the controversial technology. The decision marks a policy change... More »

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Starboard nominates four to eBay’s board, wants outsider as CEO

(Reuters) – Activist investor Starboard Value is pressuring eBay for the second time in two years and said on Thursday that it plans to install four directors on the e-commerce company’s 14-member board. The hedge fund, which last year helped fill one board se... More »

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Sovereign wealth fund appetite for investing in start-ups wanes

LONDON (Reuters) – Sovereign wealth fund investment in venture capital deals slipped to its lowest level in six years in 2019, with the drop-off deepening in the months after WeWork’s planned share sale failed, data showed on Friday. Sovereign wealth-backed ve... More »

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Private investment funds in Colombia have $5 billion ready to invest

BOGOTA (Reuters) – Private investment funds operating in Colombia have around $5 billion available to invest in projects in the Andean country, the investors’ guild president said Thursday. Private investment funds have managed around $16.8 billion in mainly i... More »

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Small miners hungry for fresh capital despite rampant EV enthusiasm

TORONTO – Small miners hoping to take advantage of demand for battery metals are struggling to convert electric vehicle aficionados into investors, compounding the sector’s funding constraints even as analysts predict a long-term shortage of the raw materials ... More »

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Activist investor Robbins shutting hedge fund to pursue other things

NEW YORK (Reuters) – Activist investor Clifton S. Robbins told clients on Friday that he is shuttering his Blue Harbour Group not because investors want their money back or because returns have lagged, but because he wants to do something different. “Our inves... More »

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Eight men in frame to run Norway wealth fund, including deputy CEO

OSLO (Reuters) – Eight candidates have applied to head Norway’s sovereign wealth fund, the country’s central bank said on Tuesday, as its board prepares to decide who should steer the global portfolio of assets worth $1.1 trillion through a time of transition.... More »

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Buffett calls for more accountability for corporate directors

(Reuters) – Warren Buffett on Saturday called on corporate America to make their boards of directors more accountable to shareholders and less beholden to chief executive officers, perhaps by reducing their pay and requiring that they buy more stock. In his an... More »

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Senator hedge fund’s founding duo to split- Klabin will leave firm

BOSTON (Reuters) – Hedge fund Senator Investment Group told clients on Thursday that its founding partners are splitting up, ending one of the industry’s more profitable and durable professional marriages. Alexander Klabin will be leaving the $6.9 billion Sena... More »

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YOUR MONEY: What it means to invest with a gender lens

NEW YORK (Reuters) – When clients tell financial adviser Catherine Valega that they want to invest their money in women, they are not always clear what they mean. To be honest, there is no real answer yet. If you have less than $1 million, investing with a gen... More »

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NMC Health founder Shetty resigns as turmoil deepens

(Reuters) – NMC Health (NMC.L) said on Monday its founder BR Shetty had resigned as the Emirati healthcare group’s joint non-executive chairman, leaving UK businessman H.J. Mark Tompkins as sole chairman. NMC, the United Arab Emirates’ largest private healthca... More »

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Timeline: NMC Health’s expansion and ailments

(Reuters) – NMC Health (NMC.L) said on Monday its founder BR Shetty had resigned as joint non-executive chairman, months after the UAE healthcare group was thrown into turmoil by doubts over its finances. NMC is the largest private healthcare company in the Un... More »

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William Hill names DS Smith’s Adrian Marsh as CFO

(Reuters) – British bookmaker William Hill (WMH.L) on Monday named cardboard maker DS Smith’s (SMDS.L) Chief Financial Officer Adrian Marsh as its finance head. Marsh will join William Hill later this year, taking over from Ruth Prior whose departure was annou... More »

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YOUR MONEY: Family offices lead the way on impact investing

NEW YORK (Reuters) – When former investment manager Ron Cordes started a charitable foundation in 2007, he got frustrated because he could only “do good” when he was actively giving the money away to needy causes. Then Cordes discovered impact investing. “We b... More »

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Sovereign wealth funds move mainstream, make less contrarian bets

LONDON (Reuters) – Sovereign wealth funds’ investment moves are becoming more closely aligned with the global asset management industry as they mature, and their growing size makes it harder for them to make contrarian bets, a report showed. But the move to mo... More »

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Valaris settles with Luminus, hands board seat to hedge fund

BOSTON (Reuters) – Oil drilling firm Valaris PLC reached a settlement with Luminus Management and said on Monday that it has appointed one of the hedge fund’s partners to its board. Luminus’ Adam Weitzman, an expert in offshore oil drilling who has experience ... More »

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WeWork inks office space deal with SoftBank-backed Gympass: sources

NEW YORK (Reuters) – WeWork has signed a deal to provide space to 250 employees of gym membership app company Gympass in New York, the latest example of the U.S. office-sharing start-up’s majority owner, SoftBank Group Corp, using its connections to buoy its b... More »

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‘Green is good.’ Is Wall Street’s new motto sustainable?

NEW YORK (Reuters) – If you have gone to Goldman Sachs Group Inc’s (GS.N) internet home page since mid-December, it would be reasonable to wonder if you had stumbled into some kind of parallel universe. Visitors are met with a background of lush greenery, alon... More »

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Hong Kong applauds its financial prowess amid protests

HONG KONG (Reuters) – Hong Kong’s chief executive Carrie Lam and top finance officials praised the Chinese-ruled city’s resilience as a global financial hub on Monday amid more than six months of often violent pro-democracy unrest. Protests escalated in June o... More »

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Walmart sacks 56 executives in India as part of restructuring

NEW DELHI (Reuters) – Walmart Inc, the world’s largest retailer, has fired 56 of its executives in India as it restructures in the country. The move underscores the challenges Walmart has faced in expanding its wholesale business in India. The Bentonville, Ark... More »

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D.E. Shaw’s Orienteer strategy posts double-digit returns this year

BOSTON (Reuters) – D.E. Shaw’s Orienteer platform, the backbone of the $50 billion investment firm’s multi-asset class offerings, posted high double-digit returns this year, the best ever in its six year lifetime. The Orienteer platform’s HV variant gained 41.... More »

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SEC proposes allowing more investors access to private companies

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Wednesday proposed changes to its decades-old definition of a professional investor in order to allow more Americans to buy shares in private companies. The agency hopes the changes will boo... More »

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Ackman’s Pershing Square makes new bet on Agilent Technologies

BOSTON (Reuters) – Billionaire investor William Ackman’s hedge fund Pershing Square Capital Management said Monday it bought shares in testing equipment company Agilent Technologies Inc, only its second new investment this year as the fund has reported a 51% r... More »

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Investor to oppose Instructure’s plans to sell to Thoma Bravo

BOSTON (Reuters) – Rivulet Capital, a large investor in Instructure Inc, on Thursday said it will resist the U.S. educational software company’s plan to sell itself to private equity firm Thoma Bravo for $2 billion, calling the deal too cheap and too hurried. ... More »

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Silver Lake appoints Egon Durban, Greg Mondre as first co-CEOs

(Reuters) – Private equity firm Silver Lake on Monday named company veterans Egon Durban and Greg Mondre to the newly formed roles of co-chief executive officers. The firm, which manages over $43 billion in combined assets, said Durban and Mondre, who were man... More »

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Buffett’s Berkshire outbid for Tech Data: CNBC

(Reuters) – Billionaire investor Warren Buffett was thwarted in trying to spend some of the $128.2 billion of cash at his Berkshire Hathaway Inc, after a private equity firm outbid him to buy technology equipment distributor Tech Data Corp for $5.14 billion, C... More »

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India courts private hospitals to boost insurance program

NEW DELHI (Reuters) – India will offer incentives to private hospitals to take part in the government’s health insurance program, potentially the biggest of its kind in the world, a senior government official told Reuters. Launched last year, the scheme is cri... More »

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U.S. Mayo Clinic partners with Abu Dhabi to operate hospital

ABU DHABI (Reuters) – Abu Dhabi has partnered with U.S. non-profit organization Mayo Clinic in a joint venture to operate one of the largest hospitals in the United Arab Emirates as it seeks to become a regional hub for world-class healthcare. State-owned Abu ... More »

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Bacon’s Moore Capital to return client capital after 30 years

(Reuters) – Louis Moore Bacon, the billionaire hedge fund manager whose macroeconomic bets on currencies, interest rates and other securities earned his Moore Capital Management LP double-digit returns over 30 years, will stop investing for outside clients, ac... More »

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Ken Fisher says no lay-offs despite withdrawals over his remarks

BOSTON (Reuters) – Fisher Investments founder Ken Fisher said there will be no lay-offs at his Washington state investment firm despite some $3 billion in withdrawals by pension funds and others over allegedly sexist remarks he made at an investor conference. ... More »

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Small oil-and-gas companies get cold shoulder from large banks

NEW YORK (Reuters) – The largest banking lenders to the oil and gas sector are becoming more cautious, marking down their expectations for oil and gas prices that underpin loans in a move expected to put further financial stress on struggling producers, indust... More »

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Fisher loses another $584 million from high-profile clients

BOSTON (Reuters) – A Texas retirement system and Goldman Sachs Group Inc pulled a combined $584 million from Fisher Investments on Friday, after allegations that firm founder Ken Fisher made sexist comments at a conference. The withdrawals come despite an apol... More »

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After Ken Fisher no-show, LA pension system terminates his firm

BOSTON (Reuters) – The Los Angeles fire and police pension system voted to terminate Fisher Investments on Thursday over allegedly sexist comments made by founder Ken Fisher earlier this month. Five of the system’s nine commissioners voted during a webcast mee... More »

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Gojek CEO quits to join Indonesian cabinet, replacements named

JAKARTA (Reuters) – Gojek CEO and co-founder Nadiem Makarim said on Monday he had resigned to join Indonesia’s cabinet, and the ride-hailing and payments company said two senior officials would jointly take over running operations of the $10 billion firm. Pres... More »

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Thomson Reuters says engaged in CEO succession planning

NEW YORK (Reuters) – Thomson Reuters Corp (TRI.TO) is engaged in succession planning for Chief Executive Jim Smith as “a matter of good governance,” the business information company said on Sunday. The company statement BX.N) consortium last year. Earlier this... More »

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SoftBank’s Claure announces investment in Mexican startup Kavak

MEXICO CITY (Reuters) – Japan’s SoftBank will invest in Mexican used car platform Kavak, the group’s chief operating officer Marcelo Claure said on Monday, adding to SoftBank’s growing portfolio in Latin America. “We are proud to join with and invest in Kavak ... More »

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Facebook’s Libra announces board as support shrinks further

LONDON/SAN FRANCISCO (Reuters) – Backers of Facebook Inc’s (FB.O) Libra cryptocurrency project pledged to forge ahead after selecting a five-member board on Monday, shrugging off the latest member defection by online travel company Booking Holding earlier in t... More »

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Accelmed seeks to raise $100 million for fourth health tech fund

JERUSALEM (Reuters) – Accelmed, a U.S.-Israel group of funds investing in medical device and digital health companies, said on Monday it was establishing a new fund with the aim of raising and managing $100 million. The Accelmed Ventures II fund will invest in... More »