Verification of Payee: The role of RVMs & Conformance
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
3 hours ago
- Reuters
IEA raises 2025 oil supply forecast after OPEC+ output hike decision
LONDON, Aug 13 (Reuters) - The International Energy Agency on Wednesday raised its forecast for oil supply growth this year following a decision by the OPEC+ producer group to hike production and lowered its demand forecast due to lacklustre demand across the major economies. The IEA expects world oil supply to rise by 2.5 million barrels per day (bpd) in 2025, up from 2.1 million bpd previously forecast, the agency, which advises industrialised countries said in a monthly report. World oil demand will rise by 680,000 bpd this year, down from 700,000 bpd previously forecast, the Paris-based agency said. "The latest data show lacklustre demand across the major economies and, with consumer confidence still depressed, a sharp rebound appears remote," the IEA said. Oil prices briefly extended losses after the IEA published its report at 0800 GMT. Despite higher OPEC+ production, non-OPEC producers will continue to lead world supply growth this year and next, according to the IEA. Despite lowering its demand forecast, the IEA expects global oil refining runs to approach an all-time high of 85.6 million bpd in August, it said.
Reuters
3 hours ago
- Reuters
Insurance software firm Sapiens to be bought by Advent for $2.5 billion
Aug 13 (Reuters) - Israeli software provider Sapiens International (SPNS.O), opens new tab said on Wednesday that it will be acquired by Advent International for $2.5 billion in cash, as the U.S. private equity firm zeros in on the insurance industry amid an AI boom. The deal comes months after Advent entered exclusive negotiations to acquire Paris-based Kereis, the largest broker for housing protection insurance in France, from Bridgepoint. AI-powered software applications are being used by insurers to reduce costs. "Insurers are increasingly turning to technology to help unlock growth and profitability... We will work with the company (Sapiens) to accelerate investment into technology innovation, AI, and customer centricity," Douglas Hallstrom, a director at Advent, said in a statement. Sapiens' shareholders will receive $43.50 per share in cash, a premium of about 47.5% over its last close of $29.50 on the Nasdaq on Tuesday. It will become a privately held company after the deal closes, the company said. Sapiens' existing shareholder Formula Systems will retain a minority stake in the company, it added. "Formula will continue to retain ownership in Sapiens and is excited to partner with Advent to accelerate the transition to AI and SaaS (Software as a Service)," Guy Bernstein, CEO at Formula, said. Earlier this month, Advent failed to acquire British scientific instruments maker Spectris (SXS.L), opens new tab after the latter decided against proceeding with the private equity firm's 4.8 billion pound ($6.48 billion) buyout proposal, days after backing rival suitor KKR's (KKR.N), opens new tab offer. ($1 = 0.7402 pounds)
Telegraph
4 hours ago
- Telegraph
Buyout giant Blackstone lines up top job for Sunak lieutenant
Wall Street titan Blackstone is lining up a former key lieutenant of Rishi Sunak to join its European operations just months after the former prime minister was previously linked to the firm. Lord Petitgas, a former Wall Street banker, is being considered for a senior role at the US private equity giant. He stepped down from his position advising Mr Sunak following last year's general election defeat for the Conservative Party. Mr Sunak hired Lord Petitgas as his business and investment tsar in 2023, after he spent three decades at Morgan Stanley. Lord Petitgas ran Morgan Stanley's investment bank from 2007 before becoming head of international in 2018. French-born Lord Petitgas – who was nominated for a life peerage last year by Mr Sunak's government – had ties with Blackstone during his time in Downing Street, organising a 2023 business summit which counted the company as a key backer. The former banker was Mr Sunak's key link with the UK business community, orchestrating meetings and round tables with leading FTSE 100 bosses. It comes after speculation that Mr Sunak was also being lined up for a top role at Blackstone, which is one of the world's largest investment funds. It was founded in the 1980s and later created fund manager BlackRock, which was spun off. Mr Sunak was last year photographed with a shovel breaking ground at Blackstone's new Mayfair headquarters alongside the private equity giant's billionaire founder Stephen Schwarzman. During the event, Mr Sunak joked 'where's my office?' – prompting speculation that he could be on course to join the company once he left government. Mr Sunak is also reportedly friendly with Blackstone's Lionel Assant, its most senior leader in Europe, both having worked together at Goldman Sachs when they were young men starting out as junior analysts. However, Mr Sunak has since joined Goldman Sachs as an adviser, returning to the bank in his first major role outside of politics since losing last year's election. Blackstone has stakes in numerous UK businesses including the National Exhibition Centre Group and Haven Holidays. It previously owned Merlin Entertainments, the parent company of amusement parks and attractions including Alton Towers and Madame Tussauds. Europe is a key market for Blackstone, with Mr Schwarzman pledging to invest at least $500bn across the continent over the next decade. Its new HQ, overlooking Berkeley Square, is set to house 500 staff.
