August 12, 2019

Investors, ‘starved for returns,’ flood private markets in search of high-growth opportunities

Many global investors are turning toward Silicon Valley instead of Wall Street in search of returns. The total invested in private markets hit all-time highs last year and continues to break multi-decade records this year. In the first half of the year, total investments in venture capital hit a 19-year high of $53.3 billion, according to data from Refinitiv published last week. That marked a 21% increase by total dollar amount compared to the first half of 2018. The steady stream of funding comes alongside a drop in the number of publicly listed companies, rock-bottom global bond yields, and historically weak small-cap performance. "The incentives for early exposure to rapidly growing, mature companies are still intact," PitchbBook senior manager Garrett James Black said in the firm's 2019 "Unicorn Report" published Monday. "With those imperatives in place and current market conditions — despite concern about a supposed imminent recession— looking to persist, unicorns aren'..
August 12, 2019

Tackling food wastage can be a $2.5 trillion market opportunity for businesses

Garbage dump displaying food waste and plastic bags.Judith Maria Haakshorst | EyeEm | Getty ImagesAs popular debate continues to grow around the rising climate crisis, a new industry is emerging to take a bite out of one of the key culprits: Food waste. According to the United Nations, food wasted in the supply chain and at the dining table is one of the biggest contributors to global climate change, generating 4.4 gigatonnes of carbon dioxide equivalent on an annual basis. Represented as a country, it would be third only to the U.S. and China. The implications of that improvidence on the environment and society are evident. But, increasingly, economies are waking up to why it's important for businesses to introduce measures to tackle the issue. According to the U.N., the price tag for the combined costs of social, economic and environmental impact comes up to $2.5 trillion annually. That shortfall is also spawning a new wave of businesses hoping to take a piece of that pie with t..
August 12, 2019

Argentine stocks and currency crash on election surprise

Mauricio Macri, Argentina's president, arrives at a news conference at the Juntos por el Cambio party headquarters during a primary election night rally in the Palermo neighborhood of Buenos Aires, Argentina, on Sunday, Aug. 11, 2019.Erica Canepa | Bloomberg | Getty ImagesArgentina's peso and stock market sold off steeply Monday after the country's center-right leader, President Mauricio Macri, performed poorly in primary elections. Macri lost by a far greater margin than expected on Sunday, early official results showed, casting serious doubt over the incumbent's reelection chances in October. The main Argentine stock market plunged more than 30% on Tuesday. Argentina's peso shed nearly 25% of its value to around 59 per U.S. dollar shortly after trading opened. The peso had been at 45.25 at its previous close. According to traders cited by Reuters, the peso then hit a record 65 per dollar to mark a 30.3% loss. The election result had earlier prompted Argentina..
August 12, 2019

UK lender trials voice banking with Google Home

Customers will set the system up using their online PIN and password.
August 11, 2019

BlackRock now has the biggest slice of Sports Illustrated owner Authentic Brands

Investment giant BlackRock just became the largest stakeholder of Sports Illustrated's parent company. BlackRock bought roughly a 30% stake in Authentic Brands Group for $875 million, the company's chief executive officer Jamie Salter told CNBC's Brian Sullivan in a phone interview on Sunday. The deal values the brand management company around $4 billion to $4.5 billion, including debt, according to Salter. Created in 2010, Authentic Brands Group owns more than 50 athletic, entertainment, apparel and consumer brands, as well as the likeness of celebrities Muhammad Ali, Elvis Presley, Shaquille O'Neal, and Marilyn Monroe, according to the company's website. In addition to Sports Illustrated, Authentic Brands Group owns Aeropostale, Juicy Couture, Herve Leger, Nine West, Spyder, and Frye. Salter and his family will still control about 20% of Authentic Brands Group; however, he sold to BlackRock to develop a "long-term partner" of "more than 10 years." Salter sai..
August 9, 2019

RCom Q1 loss widens to Rs 366 crore

NEW DELHI: Debt-ridden Reliance Communications on Friday reported widening of consolidated loss to Rs 366 crore in the first quarter ended June 30, 2019. The company had posted a loss of Rs 342 crore in the same period a year ago. The loss excludes interest of Rs 1,094 crore and foreign exchange variation of around Rs 33 crore during the reported quarter. "Had the company provided interest and foreign exchange variation, the loss would have been higher by Rs 1,061 crore for the quarter ended June 30, 2019," RCom auditor said in a statement. The Anil Ambani led company is under going insolvency process. The insolvency resolution professional took over custody of the management and operations on May 2, 2019, but on June 28 it was transferred to the resolution professional of corporate debtor. While RCom has closed down its mobile telephony business, it has been running some of the business from enterprises. Total income of RCom during the reported period declined to Rs 866 crore fr..
August 9, 2019

Sebi eases investment norms for AIFs operating in IFSC

Sebi on Friday said investment provisions for domestic Alternative Investment Funds (AIFs) will also be applicable for such entities operating in international financial services centre (IFSC). The market regulator's circular comes after it held consultations with stakeholders and decided to harmonise the provisions governing investments by AIFs incorporated in IFSC with those applicable to domestic AIFs. "Accordingly, AIFs incorporated in IFSC shall be permitted to make investments as per the provisions of the Sebi (Alternative Investment Fund) Regulations, 2012, and the guidelines and circulars issued there under, including the operating guidelines for AIFs in IFSC," it said. Sebi (Alternative Investment Fund) Regulations pertain to provisions for domestic AIFs. All other conditions specified in Sebi's 2017 circular for AIFs operating in IFSC shall remain unchanged, the regulator added. In 2017, Sebi allowed alternative investment funds operating in IFSC to invest in s..
August 9, 2019

Sobha reports 70% jump in profit for Q1

Bengaluru: Real estate developer, Sobha, reported a 70% jump in net profit at Rs 91 crore for the quarter to June. Total income, also increased by 96% to Rs 1193 crore “The momentum gathered during FY18-19 continued in Q1-20. This has helped the company to perform well on operational and financial parameters despite tough macro-economic and industry environment. We remain focussed on execution of ongoing real esate and contractual projects,” said J.C. Sharma, Vice Chairman and Managing Director, SOBHA. The firm has also achieved pre-sales volume of 1.06 million square feet valued at Rs 778 crore during the quarter. Total cash inflow for the quarter stands at Rs. 801 crore, which is up by 9% as compared to Q1-19. “The Q1-20 has also witnessed a good performance by our contracts and manufacturing verticals. The revenues grew by 39% as compared to Q1-19. Cash flows and order book remains healthy, offering good visibility for the future. We have recently won a new contract in Trivandrum..
August 9, 2019

Trump says US ‘not ready’ to make trade deal with China

President Donald Trump said Friday he was not ready to finalize a trade deal with Beijing and signaled he might cancel talks set for September, raising the stakes in the intensifying US-China trade war. "We'll see whether or not we keep our meeting in September," Trump told reporters at the White House before heading out on vacation at his New Jersey golf resort. Relations have soured further in the past week after Trump announced a new round of punitive tariffs on Chinese goods, despite a truce agreed with President Xi Jinping, and Beijing responded by halting all purchases of US agricultural goods. The US Treasury then declared China a currency manipulator, after the yuan lost value in the face of the new round of tariffs due to take effect September 1. "We're not ready to make a deal but we'll see what happens," Trump said. "We have all the cards. We're doing well." US and Chinese negotiators met in Shanghai in late July for the first time since talks collap..

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