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Goldman’s Quarterly Profit Drops as Deal-Making Wanes
After announcing a 48% decline in second-quarter profits, Goldman Sachs Group Inc. said it may reduce hiring and cut spending amidst a shaky financial climate that has companies shying away from deals and stock and debt offerings. Investment banking revenue dropped 41% to $2.14 billion...
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Vertex Again Buys Maker of Potential Diabetes Cure
Vertex Pharmaceuticals has announced that it will acquire ViaCyte, a privately held developer of stem cell-derived therapies for Type 1 diabetes, marking its second purchase of a company seeking a cure for the disease...
Kushner’s Affinity to Invest in Oakland Fintech Company
The private equity firm Jared Kushner, the son-in-law of former President Donald Trump, started in 2021 has announced its first deal, according to Axios. It has agreed to invest in Mosaic, a fintech company that funds residential solar installations. The deal is expected to close later in the third quarter...
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Supply Chain Snags Seem to Be Resolving, Setting Stage for Lower...
In October 2021, it took 110 days for an item to make its way from Asia to the U.S. In the week ending July 10, it took 95. Fifteen days is like an eternity in the world of the supply chain. According to the logistics company Flexport, whose Ocean Timeliness Indicator tracked the recent progress, shaving off the 15 days could mean a lot for U.S. customers...
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Will ESG Investing Hold Up in Bear Market?
Since 2009, investing based on environmental, social, and corporate governance (ESG) principles has boomed, becoming a $35 trillion industry. But in May, U.S. sustainable funds reported an unusual monthly outflow of $3.5 billion, raising the question—will investors remain committed?..
Big Banks See Decline in Q2 Profits on Increased Loan Loss...
Big U.S. banks are expecting a drop in second-quarter profits, brought on by a padding of reserves for anticipated loan losses, according to Reuters. The forecast marks a turnaround from last year, when lenders reduced reserves as the economy rebounded after the height of the pandemic...
Oil and Gas Firms Oasis and Whiting Merge in $6 Billion...
Oasis Petroleum Inc. and Whiting Petroleum Corp. have merged, forming a $6 billion oil and gas company, Chord Energy. The new entity has a prime Williston Basin position with assets across about 972,000 net acres, combined first-quarter production of 171.1 thousand barrels of oil equivalent per day (BOEPD)...
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Panera Bread and Danny Meyer’s SPAC Terminate Deal
Panera Bread and HUGS, restaurateur Danny Meyer’s special purpose acquisition company (SPAC), have called off a merger due to deteriorating economic conditions for initial public offerings, according to Panera parent company JAB Holding Company. The deal, which was announced in November, was predicated upon Panera’s release of its IPO...
The Great Inequality in Florida
Every state has its quirks, of course, but Florida seems to be in the news more often than most. Human-interest stories like a woman arrested for leading a motorized suitcase chase through an airport, a man bitten by an alligator he mistook for a dog, another man who carjacked a street sweeper (all real stories from Florida in just June 2022)...
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Raising Interest Rates Won’t Control Inflation, Analyst Says
The Federal Reserve has it all wrong, according to MBMG Group Managing Partner Paul Gambles. If inflation is due to supply chain disruption, managing demand—and inflation—by hiking interest rates is not the solution, the advisory firm’s executive told CNBC...
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Hertz Appoints Scott M. Haralson as Chief Financial Officer
Hertz Global Holdings, a prominent global rental car company, has announced the appointment of Scott M. Haralson as Chief Financial Officer. "His deep expertise in financial management and leveraging the capital markets to drive business transformation will be invaluable to Hertz as we rotate our fleet, deliver operational excellence, build greater cost discipline and undertake other key initiatives to improve our financial performance", stated Hertz CEO Gil West...
Navan Appoints Amy Butte as Chief Financial Officer
Navan, the comprehensive super app simplifying travel and expense management, announced the appointment of Amy Butte as Chief Financial Officer effective June, 2024. Butte, who joined Navan's Board of Directors in April 2024, has resigned from her role as Audit Committee Chair to assume this executive position...