Factory Production Data Exacerbate Recession Worries
Global factory growth stagnated in June amidst an economic climate that left consumers purchasing less and continued supply chain disruptions caused by China’s COVID-19 lockdowns and Russia’s invasion of Ukraine. Also, central bankers warned of future interest rate increases, and chipmakers reported that demand was low...
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Survey Says New Investment Bankers Face Trying Work Conditions
Junior investment bankers are dissatisfied with pay, damaged relationships, and excessive hours, according to a survey by the finance career news site Wall Street Oasis. Following the 2021 revelation by 13 Goldman Sachs first-year analysts that they had endured 100-hour work weeks, five hours of sleep per night, and increasing mental health issues...
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Electric Vehicle Maker Polestar Goes Public
Electric vehicle maker Polestar has gone public via a merger with Gores Guggenheim, a special purpose acquisition company, or SPAC. The $890 million raised from the transaction will fund Polestar’s three-year plan to build new vehicles and become profitable, according to Chief Executive Officer Thomas Ingenlath...
In About Face, Zendesk to Be Acquired for $10.2 Billion
Two weeks after saying that it would remain a public company, customer software-as-a-service (SaaS) vendor Zendesk announced it will be acquired for $10.2 billion by a consortium of private investors. Private equity firm Hellman & Friedman, investment company Permira, and a wholly-owned subsidiary of the Abu Dhabi Investment Authority are the lead firms in the group...
Global Economy Enters A “New World,” Fed Chair Says
When it comes to inflation, the global economy is in a “new world,” Federal Reserve Chairman Jerome Powell said in a speech in Portugal in late June. The low inflation period of the post-2008 era is a thing of the past, he said, citing new economic forces that have led to higher inflation and resulting challenges for the world’s central banks...
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IMF Chief Says U.S. Downturn May Be Necessary to Beat Inflation
The risk of an economic downturn in the U.S. is increasing, according to International Monetary Fund Managing Director Kristalina Georgieva, though it would be a “necessary price to pay” to tamp down inflation. Georgieva’s remarks come as the IMF cuts its U.S. growth forecast to 2.9%...
Environmentalists Urge Deutsche Bank to Stop Financing Fossil Fuel Companies
Climate activists from South America and Africa traveled to Deutsche Bank’s Frankfurt headquarters the last week in June, calling for an end to the investment bank’s financing of fossil fuel companies...
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Global Snack Leader Mondelez to Acquire Clif Bar & Company
Cadbury chocolate maker Mondelez International has announced plans to buy Clif Bar & Company for $2.9 billion. The acquisition will add Clif, Clif Kid, and Luna brand bars to the snacking giant’s existing portfolio and increase the value of its snack bar business to north of $1 billion...
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Targa Resources to Buy Leading Natural Gas Processor Lucid
Targa Resources Corp. has announced it will acquire Lucid Energy Delaware, LLC from Riverstone Holdings LLC and Goldman Sachs Asset Management for $3.55 billion in cash. Lucid provides natural gas gathering, treating, and processing services in the Delaware Basin of New Mexico...
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Fed is Hyperfocused on Tamping Down Inflation, Powell Says
The global financial system is depending on U.S. inflation to decrease, and the Federal Reserve is committed to making sure that happens, Chairman Jerome Powell said in mid-June. “The Federal Reserve’s strong commitment to our price stability mandate contributes to the widespread confidence in the dollar as a store of value. To that end, my colleagues and I are acutely focused on returning inflation to our 2 percent objective,”...
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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...