Rachel Reeves MP, former chair of the business select committee, reacts to the government's deal to rescue Flybe
Rachel Reeves MP, former chair of the business select committee, reacts to the government's deal to rescue Flybe
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The "Energy Retrofit Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
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The series featuring virtual races among real drivers was launched during the early days of the COVID-19 pandemic in 2020.
(Bloomberg) -- Saudi Arabia started the sale of a two-part dollar bond as countries in the Gulf Arab region raise cash buffers to weather low oil prices and the coronavirus pandemic.The world’s largest crude exporter plans to price benchmark-sized bonds on Tuesday, according to a person familiar with the matter, who asked not to be named. Benchmark typically means the equivalent of at least $500 million.Price guidance for the 12-year note is about 140 basis points over 10-year U.S. Treasuries, compared with initial price talk of 165 basis points, according to the person familiarGuidance for the 40-year security is in the 3.55% area, compared with initial price talk of 3.75%The yield on its debt due 2060 was at 3.47% at 2:12 p.m. in LondonEven before the kingdom’s offering, the Gulf Arab region was already seeing the busiest start to the year since 2019 for bond sales, with Oman and Bahrain raising a combined $5.25 billion this month.The price of Brent crude is still below what most of the region’s economies need to balance their budgets. Saudi Arabia’s dollar bonds have lost 1% since the start of year, making them the worst performer among Gulf Arab peers.“Coming into January, the entire Saudi curve has underperformed regional and EM peers in anticipation of today’s announcement,” said Angad Rajpal, head of fixed income at Emirates NBD Asset Management in Dubai. “It is a well-liked credit story underpinned by prudent response on public finances with a strong reform momentum.”Saudi Arabia will probably be the biggest emerging-market issuer of hard-currency debt this year with $14.5 billion of bond sales, according to Morgan Stanley. The kingdom has a $5.5 billion security maturing on Oct. 26.Crown Prince Mohammed Bin Salman is seeking to get his economic master plan, known as Vision 2030, back on track following the fallout from the Covid-19 outbreak and lower oil prices. The program includes boosting non-oil income and making the kingdom more attractive to foreign talent and investment.Still, economists have said that such austerity measures as spending cuts and a tripling of value-added tax will continue to weigh on growth.Saudi Arabia surprised investors by staying away from foreign capital markets in the second half of last year, opting to cover almost all of its budget deficit via domestic borrowing. The kingdom’s total outstanding debt stands at almost $228 billion. The books are expected to close at the end of Tuesday.Goldman Sachs, HSBC Holdings Plc and JPMorgan Chase & Co. are the global coordinators and BNP Paribas SA, Citigroup Inc., Standard Chartered Plc and NCB Capital are the passive joint lead managers.(Updates with price guidance in bullets, details of Gulf bond sales in third paragraph, Saudi bond maturing in October in sixth)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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Central Africa Republic government troops working alongside Russian mercenaries killed 44 rebel fighters 90 kilometers outside the capital, according to what a CAR government spokesperson told French news agency AFP. The statement, posted on social media on Monday, said that the CAR army had the help of “allied forces” in Boyali village. There were no deaths on the government side, but “44 dead including several mercenaries from Chad, Sudan and the Fulani” ethnic group, according to the post.“Government forces are back on the offensive,” said government spokesman Ange-Maxime Kazagui. Opposition angry as Touadera wins re-election in CAR presidential race Curfew imposed in CAR as opposition parties challenge Touadera's poll win This latest incursion by rebels follows President Faustin-Archange Touadera’s state of emergency declaration last Thursday, after the rebel attempt on Bangui from Bimbo, a town on the outskirts of the capital. The rebels were repelled by the MINUSCA UN peacekeeping force, CAR soldiers, and Russians and Rwandans.A number of rebel groups control two-thirds of the country, and the rebels, who do not agree with the latest CAR election outcome where Touadera was elected, have tried to seize the rest of the country. The rebels have tried to cut off major roads leading to the capital.Meanwhile, the opposition levied a complaint against what they believed was a fraudulent election process, taking its case to the Constitutional Court. However, the Court confirmed Touadera as the winner on 18 January, which opposition leaders rejected.Human tollThe violence surrounding the electoral crisis has taken a toll on the Central African population, as nearly 100,000 people have fled within the country, according to UN’s Office for the Coordination of Humanitarian Affairs (OCHA), since fighting erupted in December before the election.More than 84,000 have fled to neighbouring countries, including Sudan, Chad, and Cameroon, according to the UN High Commission for Refugees.According to the International Committee of the Red Cross (ICRC), which still works within the country, 46 wounded people have been transported to hospitals in Bangui and Bambari. But the ICRC has indicated that access to the most dangerous areas is not a given.“Disturbing signs of non-compliance with this principle are beginning to appear. Now is the time to act to prevent such violations from happening again,” said ICRC CAR country head Bruce Biber.“Despite the context of political uncertainty, violence and instability, the International Committee of the Red Cross (ICRC) continues to negotiate with weapon bearers its access to dangerous areas in order to rescue the wounded and assist the thousands of families whose lives have once again been turned upside down by the violence,” said ICRC in a statement.Many of those who have fled are living precariously in the bush and waiting for the fighting to be over, but may not have access to food. The ICRC has noted that the rebels cutting off the main roads to Bangui has disrupted supply chains and no humanitarian food access can get through.
Police fire tear gas and charge with batons as farmers deviate from agreed route to enter central Delhi on country’s Republic Day
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Smith weighed in at 170 pounds for scouts last year but could wait for his. pro day to be remeasured prior to the 2021 NFL draft.
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(Bloomberg) -- U.S. stocks edged higher while Europe’s equity benchmark headed to its biggest gain in almost three weeks. The dollar slipped.Energy companies led the S&P 500 Index higher, though gains were muted amid worries about new coronavirus variants and hurdles to a fresh aid package as President Joe Biden said he’s open to negotiating his $1.9 trillion Covid-19 relief proposal. GameStop Corp. extended its surge as day traders continued to pile into the heavily shorted retailer.European stock markets were almost uniformly green. Naturgy Energy Group SA soared as much as 18% as asset manager IFM Global Infrastructure offered to buy a stake in the Spanish utility. Sweden’s EQT AB, one of Europe’s biggest private equity firms, jumped 22% after agreeing to take over Exeter Property Group in a $1.9 billion deal.Global stocks are trading near record highs as U.S. corporate earnings season gears up this week, with traders also keeping a eye on developments related to the pandemic and its spread. Vaccine coverage won’t reach a point that would stop transmission of the virus in the foreseeable future, the World Health Organization said.“We have to pay attention to some of these micro issues, but not let that throw us off the trail,” Eric Freedman, chief investment officer at U.S. Bank Wealth Management, said in an interview on Bloomberg Television. “We could see a derail that happens for changes in positioning, but until it does, we will stay invested in growth assets, and that has benefited us thus far.”Elsewhere, Treasury yields edged higher. Bitcoin retreated below $32,000. In Asia, stocks markets took a dive after China’s central bank withdrew cash from the banking system and an official cautioned about asset bubbles. The MSCI Asia Pacific Index sank the most in two months and internet giant Tencent Holdings Ltd. lost 6.3%.These are some key events coming up in the week ahead:Microsoft Corp., Apple Inc., Tesla Inc., Facebook Inc. and Samsung Electronics Co. are among companies reporting results.The Federal Open Market Committee monetary policy decision and briefing by Chair Jerome Powell are scheduled for Wednesday.Fourth-quarter GDP, initial jobless claims and new home sales are among U.S. data releases Thursday.U.S. personal income, spending and pending home sales come Friday.These are the main moves in markets:StocksThe S&P 500 Index increased 0.2% as of 9:42 a.m. New York time.The Stoxx Europe 600 Index gained 0.8%.The MSCI Asia Pacific Index fell 1.3%.The MSCI Emerging Market Index dipped 1.5%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.2%.The euro rose 0.2% to $1.2159.The British pound climbed 0.3% to $1.3717.The Japanese yen rose 0.1% to 103.66 per dollar.BondsThe yield on 10-year Treasuries climbed two basis points to 1.05%.Germany’s 10-year yield added one basis point to -0.54%.Britain’s 10-year yield rose one basis point to 0.27%.CommoditiesWest Texas Intermediate crude advanced 0.3% to $52.91 per barrel.Gold was little changed at $1,856.64 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- In the end, it was two against one -- the ultimate power play by Leon Black, one of Wall Street’s ultimate power-players.After months of ugly headlines about his business dealings with notorious sex offender Jeffrey Epstein, Black himself orchestrated a plan to remove the taint from Apollo Global Management -- without completely letting go of the company he built.Black and one of his lieutenants, Marc Rowan, would join forces against the partner they viewed as the wrong pick for the Apollo throne. Rowan would get the keys to the kingdom, while his colleague and rival, Joshua Harris, would gain nothing.So it was that power inside one of the world’s most powerful investment firms is now passing to Rowan, 58, who not long ago seemed an unlikely successor to the mighty Leon Black. Insiders, speaking on the condition they not be named, described the drama late Monday after the board revealed that Black had paid a startling $158 million for Epstein’s advice. Still, the iconic dealmaker will remain chairman, while his preferred partner replaces him as chief executive officer.Apollo shares climbed 3.9% to $47.65 at 9:45 a.m. in New York.The hope among the firm’s executives and investors is that it is now fully extricated from Black’s tabloid-worthy association with Epstein, whose arrest and subsequent jailhouse death in 2019 sent shock waves well beyond moneyed Manhattan.Apollo has been distracted doing damage control for more than a year, as one revelation after another about Black’s business ties to Epstein spilled into public view, unsettling clients and shareholders. Apollo has long maintained it never hired Epstein for any services, and Black, 69, was never accused of any involvement in his criminal activities.Few Apollo investors were eager to see how the firm would fare if it were to lose its longtime leader. For weeks, a number of its top clients and their advisers have privately suggested Black stay on as chairman, according to people with knowledge of their thinking. The company said on Monday that it’s also adding two new directors to its board, addressing governance issues long seen as problematic.Though Rowan has often worked from the shadows, he’s known as the architect behind some of Apollo’s most profitable wagers, including the money machine that grew into insurer Athene. The business’s steady stream of fees paid to Apollo became the envy of Wall Street, and every large private equity firm thereafter has rushed to build an insurance arm.“I find Marc to be someone who is very forward-looking,” said Jagdeep Bachher, chief investment officer of University of California Regents, which has invested with Apollo for 15 years across private equity, infrastructure and private credit. “He is a man of few words and comes across as steady leadership.”The lingering question is whether investors will feel any less comfortable once they read the 22-page report written by law firm Dechert.Spokesmen for the executives declined to comment beyond Apollo’s public statements.“I am extraordinarily proud of the firm I have helped build over the past 30 years and the value we bring to our clients, investors and communities,” Black said in its statement Monday. “Since our IPO in early 2011, we have focused on transforming Apollo and developing the next generation of leadership to position the firm for continued growth for decades to come.”Surviving DisastersBlack has a history of surviving disasters and coming out on top. He founded Apollo in 1990 with partners from Drexel Burnham Lambert, which collapsed in a scandal that led to the conviction of junk-bond king Michael Milken. The fledgling investment company started buying distressed assets at deep discounts, including Midtown Manhattan office buildings, the luggage maker Samsonite and the owner of Vail resorts.In the aftermath of the 2008 financial crisis, Apollo engineered ways to protect itself even when some of its companies went bankrupt. Clients, pleased with Apollo’s strong returns, have backed the Wall Street giant through high-profile scandals including two U.S. Securities and Exchange Commission investigations. Since 2010, Apollo’s assets have soared more than sixfold, reaching $433 billion at the end of September.Harris, meanwhile, worked to become a more public face for the company, speaking frequently at conferences and in the media. Behind the scenes, he expressed an interest in potentially taking over as CEO, according to people familiar with the matter. But in the past few years, Black repeatedly asked Rowan to consider assuming the mantle. Black viewed Rowan as a genius who could continue growing Apollo and its value.Instead, Rowan tried to take a break from the grind, and in July the firm announced he would be going on a “semi-sabbatical.” Yet that became something of a joke around Apollo, because rather than playing golf and relaxing in the Hamptons, where he owns real estate and high-end eateries, Rowan ended up working around the clock to close deals that brought in billions more in assets.A few months ago, he finally agreed to Black’s entreaties to eventually succeed him as CEO.Harris’s ConcernsIn mid-October, a report in the New York Times described Black’s extensive use of Epstein for help with financial matters. Black asked the board to commission a review. In the meantime, several public pension plans put commitments to the firm on hold, a move that threatened to slow fundraising.As the review was finished, Harris expressed concerns that the extent and scale of Black’s financial relationship with Epstein could further damage the firm’s reputation and he advocated that Black should immediately relinquish both his chairman and CEO posts. He made his case directly to co-founders Black and Rowan, and to at least one board member, the people said.Ultimately, it was too late. During a conference call on Sunday, it became clear that Black and Rowan would vote to install Rowan as CEO. Harris, despite his concerns about Black, backed the move. The executive committee -- comprised of that trio -- and Apollo’s board members agreed to the decision unanimously, Apollo said on Monday.“I am pleased that Marc will return and fully support him as CEO,” Harris said in the company’s statement.The company also announced moves that will further dilute Black’s hold over the business. Two independent directors will join the board, and it will adopt a “one share, one vote” structure, eliminating stock classes that gave the founders extra voting powers.With the review now public, Apollo hopes to remove the distraction and return to business as usual. The firm doesn’t expect the actions by pension plans to have a lasting impact on its business, which is increasingly reliant on permanent capital and diversified from leveraged buyouts.Still, some investors will wait to see whether more issues related to Black’s Epstein ties arise before pledging new money, said Gerald O’Hara, an analyst at Jefferies Group covering Apollo’s stock.“You need to show good citizenship for a certain period of time,” O’Hara said in an interview.(Updates with share move in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Redwood Services ("Redwood"), a newly established home services firm focused on investing in leading HVAC, plumbing and electrical services companies in growing U.S. markets, today announced it has partnered with Rite Way Heating, Cooling & Plumbing ("Rite Way").
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