RedBird Mulls Selling Stake in IPL Cricket Team Rajasthan Royals
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By , Anto Antony, and Giles Turner
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RedBird Capital Partners is looking to sell its minority stake in Indian Premier League team Rajasthan Royals, as the private equity firm seeks to cash in on the growing popularity of cricket's most lucrative competition, people familiar said.
RedBird, founded by former Goldman Sachs executive Gerry Cardinale, reportedly paid $37.5 million for 15% of Rajasthan Royals four years ago, valuing the franchise at $250 million.
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Yahoo
30 minutes ago
- Yahoo
Trump tariffs live updates: Trump, Xi Jinping speak as focus turns to US trade deals
President Trump and Chinese leader Xi Jinping spoke on Thursday, and both countries pledged to restart tariff and trade talks in the coming days. Trump hailed the call as "positive," with both leaders inviting the other to visit their respective countries. Chinese state media said Xi urged Trump to remove "negative" trade measures on his country. The call came after weeks of Trump publicly pushing for the talk, as US-China tensions have risen in the aftermath of the countries' trade truce reached in mid-May in Geneva. Both countries have accused the other of breaching that truce while ratcheting up pressure on other issues. The US and China are also now using their control over certain key materials to gain control in the trade war. Bloomberg reported on Friday that the US dominates in ethane, a gas used to make plastics, and China buys nearly all of it. Washington is now tightening control by requiring export licenses. Read more: What Trump's tariffs mean for the economy and your wallet Trump's call with Xi came as the US is pushing countries to speed up trade talks. The White House confirmed that the US sent a letter to partners as a "friendly reminder" that Trump's self-imposed 90-day pause on sweeping "reciprocal" tariffs is set to expire in early July. White House advisers have for weeks promised trade deals in the "not-too-distant future," with the only announced agreement so far coming with the United Kingdom. US and Indian officials held trade talks this week and agreed to extend those discussions on Monday and Tuesday ahead of the July 9 deadline. Also this week, effective Wednesday, June 4, Trump doubled tariffs on steel and aluminum from 25% to 50% Meanwhile, Trump's most sweeping tariffs face legal uncertainty after a federal appeals court allowed the tariffs to temporarily stay in effect, a day after the US Court of International Trade blocked their implementation, deeming the method used to enact them "unlawful." Here are the latest updates as the policy reverberates around the world. Bet you were wondering how long we could go before mentioning Elon Musk's feud with President Trump in this blog (lots more on that here, here, and here). Yes, the remarkable back and forth included Trump threatening Musk's government contracts — and Musk seeming to agree with a call to impeach Trump, while also throwing in an "Epstein files" mention. But as Yahoo Finance's Ben Werschkul details, Musk is now going to war with many of the biggest pillars of Trump's agenda. There was a tariff mention as part of that. 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Anticipation had been building as to when the two leaders would speak, as trade tensions between the US and China reignited after Trump and Chinese officials each stated the other had broken their informal Geneva agreement. Trump had publicly pushed for a phone call, which press secretary Karoline Leavitt hinted would come this week. The call appears to mark the first talk between the two leaders during Trump's second term in office. Indian and US officials are holding high-level talks this week in New Delhi to hammer out a finalized trade deal that could be announced this month, two government sources told Reuters. Reuters reports: Read more here. The tit-for-tat game between the US and China continues. A Bloomberg report on Thursday said that the Trump administration plans to broaden restrictions on China's tech sector with new regulations to include subsidiaries of companies under US curbs. 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P&G, which makes popular brands such as Pampers and Tide detergent, said the restructuring plan comes when consumer spending is pressured. Like P&G, other consumer companies are also facing a drop in demand, such as Unilever. President Trump's tariffs on trading partners have deeply impacted global markets and led to recession fears in the US, which is the biggest market for P&G. A Reuters poll revealed that Trump's trade war has cost companies over $34B in lost sales and higher costs. My colleague Brian Sozzi highlights some of P&G's changes within his latest piece, stating that the consumer goods brand knows how to do a "few things very well." P&G was forced to raise prices on some products in April. Pricing and cost cuts were the main levers, CFO Andre Schulten said. On Thursday, Schulten and P&G's operations head Shailesh Jejurikar acknowledged that the geopolitical environment was "unpredictable" and that consumers were facing "greater uncertainty." Read more here. Instead of passing on tariff costs to consumers, tonic maker Fevertree Drinks (FQVTY) announced on Thursday it would equally split costs of the 10% tariff imposed on UK imports to the US with brewer Molson Coors (TAP). The British company, known for its premium cocktail mixers, counts the United States as its largest market, where it continues to deliver strong momentum bolstered by its partnership with the US beer maker Molson Coors. Read more here. Reuters reports: Read more here. British firms are brushing off President Trump's tariffs, according to a survey released on Thursday by the Bank of England. Reuters reports: Read more here.
Yahoo
30 minutes ago
- Yahoo
Tottenham Hotspur fire manager Ange Postecoglou despite winning Europa League
Tottenham Hotspur fired manager Ange Postecoglou despite ending the North London club's 17-year title drought with their Europa League victory over Manchester United. On Friday, Tottenham released a statement announcing the manager's dismissal, citing domestic struggles for the decision. They also released posts on social media, thanking Postecoglou for his contributions. Advertisement "We are extremely grateful to Ange for his commitment and contribution during his two years at the Club. Ange will always be remembered as only the third manager in our history to deliver a European trophy, alongside legendary figures Bill Nicholson and Keith Burkinshaw," the club wrote. "However, the Board has unanimously concluded that it is in the best interests of the Club for a change to take place. Following a positive start in the 2023/24 Premier League (PL) season, we recorded 78 points from the last 66 PL games. This culminated in our worst-ever PL finish last season. At times there were extenuating circumstances - injuries and then a decision to prioritise our European campaign. Whilst winning the Europa League this season ranks as one of the Club's greatest moments, we cannot base our decision on emotions aligned to this triumph." Despite raising the trophy in Bilbao in May, that did not make up for Tottenham's embarrassing finish to the Premier League season. In his second season with the club, the team just avoided relegation, finishing 17th with an 11-5-22 (W-D-L) record. Advertisement Their finish was a far cry from the fifth-place finish secured in 2024. Tottenham had not finished below the top 10 since 2008, the same year they won their last trophy in the League Cup. Postecoglou leaves Tottenham halfway through his four-year contract. The Spurs are now in search of their fifth manager in six years. They have not been able to retain a coach since Mauricio Pochettino ran the team from 2014 to 2019. In his two seasons, the 59-year-old Postecoglou recorded 47 wins, 15 draws and 39 losses for Tottenham. The club will now search for its next manager.
Hamilton Spectator
31 minutes ago
- Hamilton Spectator
Tottenham fires coach Postecoglou despite winning Europa League to end trophy drought
LONDON (AP) — Tottenham fired manager Ange Postecoglou on Friday, two weeks after he won the Europa League and the club's first trophy in 17 years. Tottenham beat Manchester United 1-0 in the Europa League final, fulfilling his promise that he 'always' delivers silverware in his second season. But, until then, Spurs had a dismal season as it finished 17th in the Premier League. 'Following a review of performances and after significant reflection, the club can announce that Ange Postecoglou has been relieved of his duties,' Tottenham said in a statement. Postecoglou spent two seasons at Tottenham after joining from Celtic in June 2023. Spurs made a bright start in the Australian's first season, playing an attack-minded and entertaining style of football that led to high-scoring wins and losses. It narrowly missed out on a Champions League place by finishing fifth in 2023-24, but then saw a major dip in results this past season. It's 17th-place finish was its lowest since the Premier League era began in 1992. Tottenham lost 22 of 38 games and ended the campaign just one position above the relegation places. It meant that securing the club's first piece of silverware since 2008, while also qualifying for next season's Champions League, didn't save Postecoglou from losing his job. 'It is crucial that we are able to compete on multiple fronts and believe a change of approach will give us the strongest chance for the coming season and beyond,' the club said. 'This has been one of the toughest decisions we have had to make and is not a decision that we have taken lightly, nor one we have rushed to conclude. We have made what we believe is the right decision to give us the best chance of success going forward, not the easy decision.' The Europa League trophy made Postecoglou only the third Spurs coach to taste European success, provoking an outpouring of affection from a previously split fanbase. He even produced a mic-drop moment during the victory parade in front of an estimated 220,000 people, when he declared 'season three is better than season two.' But Spurs chairman Daniel Levy thought differently and dismissed the man to deliver him a much-craved trophy. ___ AP soccer:
