|Bid||407.90 x 0|
|Ask||408.80 x 0|
|Day's range||407.10 - 427.40|
|52-week range||326.70 - 900.80|
|Beta (5Y monthly)||0.36|
|PE ratio (TTM)||22.72|
|Earnings date||10 Mar 2020|
|Forward dividend & yield||0.23 (5.31%)|
|Ex-dividend date||18 Jun 2020|
|1y target est||898.20|
(Bloomberg) -- A Berlin private equity conference last month that attracts thousands of financiers -- including billionaire buyout heavyweights Leon Black and Stephen Schwarzman -- was also attended by a person who has since tested positive for the coronavirus, people familiar with the matter said.An employee of 17Capital tested positive after returning from the SuperReturn International event, which ran from Feb. 25 to 28, according to the people. It wasn’t immediately clear when the ailment was contracted, and some people can be infected for days without knowing it.The individual wasn’t showing symptoms while at the conference, one person said, asking not to be identified because the information is private. London-based 17Capital said a “small number” of staff are working from home in self-isolation as a result of the incident.“A member of the team did contract Covid-19, and has since made a full recovery,” 17Capital, which finances private equity firms and their portfolio companies, said in a statement. “As soon as symptoms showed, we liaised with Public Health England and followed all recommended measures to protect our people and our business partners.”No-ShowsSuperReturn, an annual event organized by a division of Informa Plc, was one of the last major finance conferences to go ahead as the virus began to spread across Europe. While the event planned for 3,000 attendees, many investors from Italy and East Asia stayed home and a few big-name guests didn’t turn up.The coronavirus has infected at least 120,000 people and killed more than 4,700 globally. Stocks have plummeted and some credit markets have seized up as economies grind to a halt and businesses send workers home.SuperReturn “was run in full accordance with the preventative measures recommended by global health and local government authorities, which included enhanced hygiene practices and guidance to attendees on the personal precautions to take,” said Dorothy Kelso, global head of the event.German health minister Jens Spahn recommended Sunday postponing events with more than 1,000 participants. In an interview with news agency DPA, he said the goal would be to slow the spread of the virus so the health-care system can cope better. Some conferences -- including the ITB travel industry trade show in Berlin, which attracts more than 160,000 participants -- were already cancelled before Spahn’s comments. KKR ClosureOther private equity firms have not been immune from the contagion in Europe. An employee at KKR & Co. in London contracted the coronavirus, prompting the investment firm to temporarily close both of its offices in the city this month.On Wall Street, some of the biggest banks including JPMorgan Chase & Co. and Goldman Sachs Group Inc. are staggering their employees’ visits to the office to slow the spread of the virus.Buyout firms have been taking precautions to protect their investments as economic activity slows. Blackstone Group Inc. and Carlyle Group Inc. have told some portfolio firms to draw down bank credit lines to help prevent any liquidity shortfalls amid signs of mounting stress in markets, Bloomberg News reported this week.(Adds detail on virus impact from eighth paragraph)To contact the reporters on this story: Sarah Syed in London at email@example.com;Benjamin Robertson in london at firstname.lastname@example.orgTo contact the editors responsible for this story: Dinesh Nair at email@example.com, ;Shelley Robinson at firstname.lastname@example.org, Ben Scent, Ross LarsenFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Examining Informa plc's (LSE:INF) past track record of performance is a valuable exercise for investors. It enables us...
The delay came as events company Informa said over 100 events, worth £400m, have so far been pushed back due to the spread of COVID-19.
You can share your thoughts with Thyagaraju Adinarayan (email@example.com), Joice Alves (firstname.lastname@example.org), Julien Ponthus (email@example.com) in London and Danilo Masoni (firstname.lastname@example.org) in Milan. China stimulus hopes and a drop in new virus cases lifted the mood in markets today, sending the STOXX 600 to yet another record high, up 0.8%, even as recent weakness in the euro is a reminder of how economic dat in Europe has deteriorated. Some surprising data from the UK and a new chancellor make people wonder if there are some fiscal and monetary policy changes under way.
You can share your thoughts with Thyagaraju Adinarayan (email@example.com), Joice Alves (firstname.lastname@example.org), Julien Ponthus (email@example.com) in London and Danilo Masoni (firstname.lastname@example.org) in Milan. Some surprising data from the UK and a new chancellor make people wonder if there are some fiscal and monetary policy changes under way. Analysts at DB say there is still a decent amount of fiscal headroom left but they expect the new Chancellor Rishi Sunak to end up sticking to his predecessor's spending rules.
You can share your thoughts with Thyagaraju Adinarayan (email@example.com), Joice Alves (firstname.lastname@example.org), Julien Ponthus (email@example.com) in London and Danilo Masoni (firstname.lastname@example.org) in Milan. Utilities are on fire and their run looks to be unstoppable.
(Bloomberg) -- It’s a problem that Davos can’t solve.The World Economic Forum tried to mitigate the environmental impact of all those private jets traveling to and from this year’s conference in the Swiss town by giving them the option to fill up on so-called sustainable aviation fuel, which is designed to lower carbon emissions compared to normal flights. Many attendees who left the conference after the last session on Friday will nevertheless have had to take commercial planes that use conventional fuel.Given the WEF’s effort this week to tackle the risks facing the world economy from climate change — environmental issues topped its agenda for the first time in the event’s 50-year history — it’s an uncomfortable situation on its own doorstep. It’s also a high-profile example of an issue confronting the entire conference industry: as concern about environmental damage from air travel has given birth to a “flight shame” phenomenon which has darkened carriers’ outlook, there’s the potential for a knock-on impact on the business of organizing business meetings. An average conference attendee emits as much as 2,000 pounds of carbon dioxide per meeting, according to TerraPass, a sustainability consultancy — about the same as driving from San Francisco to New York City. Some of the environmental impact comes from piles of brochures that might not get recycled, the food that gets wasted and the marketing swag that can end up in landfills. But the vast majority of carbon emissions come from air travel. “We must get ahead of change and public perception,” Jason Geall, vice president for Northern Europe at American Express Global Business Travel, said in a speech to business travel and meetings executives in London on Monday. “A failure to act now could leave us vulnerable to existential threats, such as flight caps and increased taxation and regulation.”For now, environmental concerns haven’t hit events companies. Shares of Relx Plc, which derived about 18% of revenue from events in the first half of 2019, and Informa Plc, whose events unit contributed about 8%, were at or close to all-time highs on Friday. UBS AG analysts led by Adam Berlin forecast 4% annual growth in the global exhibitions sector in the coming year, about the same pace as in recent years.While more organizers are recognizing the need to mitigate the damage their events can cause to the environment, the industry hasn’t settled on an approach for tackling air travel. Some conference holders include carbon offsetting in the cost of the event tickets. Others leave attendees to address the problem themselves.Take MWC, the annual meeting for the telecommunications industry in Barcelona. This year’s event starts Feb. 24, and in 2019 more than 100,000 people attended. For four of the last five years, Guinness World Records named it “The World’s Largest Carbon Neutral Trade Show.” MWC lists among its main achievements the creation of a green logo, and the use of recycled post-consumer bottles in the lanyards for attendees’ badges. Guests are also directed to a website where they can calculate and offset their emissions from attending the event, a spokeswoman said. The GSMA, the mobile industry lobby group that hosts the conference, calculates and offsets any emissions remaining, including from travel.Though the events industry has been slow to tackle the problem of CO2 emissions from air travel, images of the Australian wildfires and calls for action from activists like Greta Thunberg have sparked interest in making meetings more green, said Nancy Zavada, president of environmental consultancy MeetGreen in Portland, Oregon. Demand for her services, which includes helping meeting organizers arrange teleconferencing and carbon offsetting for attendees’ flights, jumped about 20% in the last quarter, she said.“The climate, the storms, the weather, are really starting to wake people up to what’s going on,” she said. “It’s also the Greta effect.”Marcia Balisciano, director of corporate responsibility at Relx, says it’s important not to underestimate the efficiencies that can be achieved by big business events.“If you come to this marketplace where your customers are going to be, or your suppliers, then it’s going to be a lot easier for you to do your business by traveling once,” she said. MeetGreen’s president also cautions against being too quick to criticize the environmental measures taken at Davos. The WEF doesn’t serve drinks in single-use plastic containers, uses 100% renewable energy, and to encourage walking in the Alpine snow, offers shoe grips and maps.“They’re trying,” said Zavada. “They’re putting some stuff in place. They are just so public, they’re easy to pick on.”To contact the author of this story: Thomas Seal in London at email@example.comTo contact the editor responsible for this story: Jennifer Ryan at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- For almost two decades, a battle has been raging over access to scholarly research. On the one side have been scholars, librarians, funders and others arguing that in an age of near-costless global communication, research findings and the data that underlie them should be shared freely and openly. On the other side have been publishers, led by Elsevier, a (very large) unit of under-the-radar London-based media giant RELX Plc,(2) fighting to maintain the remarkable profit margins that paywalled scholarly journals can provide.That’s the simple version, at least — things have always been a little more complicated than that. But it was still jarring to observe this week in Berlin how much the battle lines have shifted.An executive with Wiley, the third-largest academic journal publisher by revenue, got up in front of the room at the APE (which originally stood for Academic Publishing in Europe) 2020 conference to extol his company’s commitment to “open access, open data, open practices, open collaboration, open recognition and reward.” A counterpart from Springer Nature, the No. 2 publisher, proudly reeled off the paywall-free share of the papers published in Springer journals by researchers from various countries — Sweden was the champ, at 90%. And Kumsal Bayazit, who took over as chief executive officer of Elsevier last February amid tense standoffs between the company and pro-open-access university systems in Germany, California and elsewhere, declared that “Elsevier fully supports open access, as I think is the case for all scholarly publishers today.”What happened?!? Partly it’s the forward march of digital progress (or disruption, or destruction), which Michael Mabe, the recently retired CEO of industry trade association STM, predicted will render “subscription models and content control by copyright ... untenable by 2030.” Partly it’s the European Union’s Plan S, which will require research funded by public grants to be published without paywalls starting next year. But it’s also that some universities and other research institutions in Europe came up with a plan for taking down subscription paywalls but continuing to pay publishers for what they do. “The key idea was to detach spending flows from subscriptions and reattach them to publishing services,” said Ralf Schimmer, the director of scientific information provision at the Max Planck Digital Library in Munich since 1999.The Max Planck Digital Library serves the Max Planck Institutes, a network of government-funded research centers in Germany that has played a central role in the open-access movement, starting with a 2003 conference in Berlin that resulted in a declaration that has since been endorsed by 648 universities and other research organizations from around the world. At 12 subsequent “Berlin conferences” (not all of them in Berlin), university administrators, librarians, nonprofit publishers and others honed their approach.This approach did not involve, as some open-access fans advocate, doing away with publishing middlemen and putting scholars in charge of the process. “I say open and clear that we want to destroy the subscription system, but I’ve never said we want to destroy the publishers,” Schimmer told me. “I find the idea that the research community could do the publishing itself to be utterly naive. Why should libraries or academia do a better job than publishers?”Adherents of the Berlin approach have aimed instead to flip university library subscription contracts for academic journals into “publish and read” or “transformative” deals in which approximately the same amount of money finances both (1) paywall-free publication of articles by that university’s faculty and (2) access to still-paywalled articles. Berlin-based Springer was the first of the big publishers to agree to a deal tending in this direction, with the Dutch university system in 2014. Since then it, Wiley and other publishers have signed dozens more. Elsevier has agreed to a few such deals, too, most recently with Carnegie Mellon University and the Dutch universities. It has been most notable, however, for its negotiation breakdowns with the Max Planck Institutes, Germany’s universities and the University of California system, among others. The UC system let its Elsevier subscription agreement lapse early last year when it couldn’t agree with the company on the pricing of a publish-and-read deal, and has been making do without access to new Elsevier publications ever since.Bayazit, a UC Berkeley graduate who is new to academic publishing but not to RELX, has been making the rounds of universities and clearly signaling that Elsevier is dialing down its confrontational approach. It did not escape notice at the APE conference that three of the four biggest academic publishers — Elsevier, Wiley’s research-publishing arm and No. 4 Taylor & Francis, a division of Informa Plc — are now run by women with no background in academic publishing. A new era seems to be dawning for the industry, and it has been reshuffling its leadership to meet it.That this new era may end up being dominated by the same big publishing companies that dominated the previous one is, of course, not going to be met with universal acclaim in academia. The turn to open access may well squeeze publishing profit margins, as those who don’t produce much research but do read it (lower-tier colleges and universities, practitioners) find they can do without subscriptions. But Elsevier in particular has been gearing up for years to reposition itself as a data analytics provider. A report prepared last year for the pro-open-access Scholarly Publishing and Academic Resources Coalition speculated that these efforts could reap big profits and give the company even more influence over universities than it wields now. When I ran these concerns by Schimmer, he nodded and said, “They are too good, and the academic community is just too divided.” In other words, getting to open access was hard enough. Completely reinventing the relationship between universities and the companies that profit from providing services to them was a bridge too far.(1) RELX has a market capitalization of about $50 billion, almost six times that of, just to name one example, Rupert Murdoch's News Corp.To contact the author of this story: Justin Fox at email@example.comTo contact the editor responsible for this story: Stacey Shick at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Justin Fox is a Bloomberg Opinion columnist covering business. He was the editorial director of Harvard Business Review and wrote for Time, Fortune and American Banker. He is the author of “The Myth of the Rational Market.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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