Lazard Hires JPMorgan's Hessberger to Co-Lead Sponsors Group
Lazard Inc. has hired Klaus Hessberger, one of JPMorgan Chase & Co.'s most senior private equity dealmakers, as co-head of its sponsors practice globally.
Hessberger will lead the business alongside New York-based Adam Cady, according to people familiar with the matter. He is expected to join in early summer and will be based in London, they said, asking not to be identified discussing non-public information.
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Yahoo
29 minutes ago
- Yahoo
Low-carbon jet fuel company foresees huge investment in western North Dakota
Chris Ryan, right, president and chief operating officer of renewable fuels company Gevo, speaks June 10, 2025, in West Fargo, N.D., at the Midwest Ag Summit. At left is Greg Lardy, vice president for agriculture at North Dakota State University. (Jeff Beach/North Dakota Monitor) WEST FARGO, N.D. — The demand for jet fuel is going up. The demand for gasoline is going down. That's the simple explanation from Chris Ryan, the president and chief operating officer of Gevo, on why the company plans to add a sustainable aviation fuel plant to the corn-based ethanol plant it purchased at Richardton in southwest North Dakota. Ryan said the low-carbon jet fuel won't come cheap – throwing out a ballpark figure of $500 million for a potential project still years down the road. Ryan spoke Tuesday in Fargo at the Midwest Agriculture Summit hosted by The Chamber of Fargo, Moorhead and West Fargo. Colorado-based Gevo bought the Red Trail Energy ethanol plant at Richardton last year. The Red Trail plant was the first ethanol producer in the country to implement carbon sequestration — capturing carbon dioxide from the plant's corn fermentation tanks and pumping it into permanent underground storage. The CO2 sequestration is key in lowering the carbon intensity score of the plant and for sustainable jet fuel production. Low-carbon fuels can fetch a higher price than traditional liquid fuels. 'We could make gasoline, but it's a diminishing market,' Ryan said. 'So jet fuel is a kind of sexy thing to talk about these days.' In an interview with the North Dakota Monitor, Ryan said there is plenty of room to add a jet fuel plant at the 500-acre Richardton site. He said the plant would add about 50 jobs, about the same number that the ethanol plant employs. Expanding the ethanol plant also is a possibility, Ryan said. The company also is considering adding wind turbines at Richardton to provide power and lower the carbon score even further, he said. Even though renewable energy tax credits are a possible target for budget cuts under President Donald Trump, he said wind energy at the site still makes good economic sense. Corn price connection to carbon capture hard to pin down Gevo also has plans for a sustainable aviation fuel plant at Lake Preston in southeast South Dakota. The future of that plant depends in large part on the five-state Summit Carbon Solutions pipeline project that would take carbon emissions from ethanol plants to western North Dakota for underground storage. Ryan said when the South Dakota project was conceived, it did not include carbon capture. But as construction costs soared with the COVID-19 pandemic, he said it became necessary to sign on to the Summit pipeline project. He said the federal tax credits for carbon sequestration would help offset the higher building costs. The project has stalled as Summit has run into permitting challenges and a new state law giving landowners more power in easement negotiations. 'We really need the pipeline,' Ryan said. He added that Gevo bought more land than it needed for the project. That is allowing for other projects at the site, benefiting Gevo and the Lake Preston area, he said. The Summit delays spurred the purchase of Red Trail, which had the advantage of sitting almost on top of an area suitable for underground carbon storage. 'We had to take our destiny into our own hands,' Ryan said, and not be dependent on the Summit pipeline. He said Gevo can 'copy and paste' the engineering work done for the South Dakota site to the Richardton site. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX While the carbon dioxide from the Richardton plant is being pumped underground, Ryan said Gevo recognizes that it has a potential for use in North Dakota's oilfields, making oil wells more productive through what is called enhanced oil recovery. North Dakota leaders have been trumpeting the economic benefits of enhanced oil recovery. Ryan said if the oil industry is willing to pay for carbon dioxide to use in enhanced oil recovery, Gevo would sell the CO2 rather than pump it underground. 'We don't care where the revenue comes from, right? Today, we sequester it for a tax credit, and we can sell carbon credits,' Ryan said. 'Or you can sell it to somebody for enhanced oil recovery.' He said he sees it as another advantage of doing business in North Dakota. 'People in North Dakota get that, they understand the value of that,' Ryan said. This story was updated to correct Chris Ryan's title. SUPPORT: YOU MAKE OUR WORK POSSIBLE
CBS News
41 minutes ago
- CBS News
Brooklyn Marine Terminal redevelopment plan faces some community opposition ahead of key vote
A controversial vote on the future of the Brooklyn Marine Terminal is set for June 18, as city leaders push forward a sweeping redevelopment plan that includes thousands of new housing units on the Red Hook waterfront. But local residents are pushing back. NYC looks to European waterfront cities for inspiration The site, an active shipping terminal, is in urgent need of repair, with officials warning that years of neglect have left parts of it crumbling. "As the piles deteriorate, the concrete pad on top of them also begins to deteriorate. And so you start to have pieces falling through," said Andrew Kimball, president and CEO of the New York City Economic Development Corporation (NYCEDC). Kimball led a recent tour of the 122-acre site, which is currently responsible for less than 2% of container traffic coming into New York Harbor. City leaders say the terminal has been neglected for decades in favor of more modernized ports in New Jersey. To fund the $1.5 billion in necessary repairs, NYCEDC is proposing to build 7,700 units of housing. Kimball says it's a mixed-use vision modeled on successful European waterfront cities. "You go to Oslo and Norway, Malmö, Sweden — so many other European cities have figured out how to do this: port next to greenspace, next to housing, all in one," Kimball said. In the spring of 2024, the city and state transferred control of the terminal from the Port Authority of New York and New Jersey to the NYCEDC — a historic and controversial decision that officials said would transform the area into both a modern maritime industrial hub and residential community. The city says its plan includes meaningful community benefits, including priority access to affordable housing and upgrades to public housing infrastructure. "This plan is also giving an opportunity for local residents to have first dibs on a couple of hundred units of affordable housing and a $200 billion investment in Red Hook Houses," said Deputy Mayor Adolfo Carrión Jr. Critics voice concerns about project's pace, neighborhood costs But not everyone agrees with the direction of the plan. Brooklyn Borough President Antonio Reynoso, a member of the 28-person Brooklyn Marine Terminal Task Force, argues the site should be used to revive shipping and manufacturing, not build housing. "This is city-owned site, which is also very rare ... and we're using it to build market-rate housing to pay for the housing that is being built in this site," Reynoso said. "So it's just backwards to me." Several task force members have voiced concern over the project's pace, noting that a key vote originally set for April was postponed to June after community pushback. Maria Nieto, a member of advocacy group Voices of the Waterfront, said the city's justification for pairing housing with infrastructure upgrades is flawed. "You don't have to build a skyscraper every time you want to fix the highway," Nieto said. "So that premise alone is false. Not to mention that you can build housing anywhere, but you can only build a port on the water." Pastor Alfred Adams, who leads the New Brown Memorial Baptist Church in the area, said longtime residents, including many of his congregants living in the nearby NYCHA Red Hook Houses, worry the redevelopment will drive up costs in the neighborhood. "Taxes are going to rise, the rents are going to rise, and it's going to be unaffordable," Adams said. "Because most of our congregation are on fixed incomes." If the proposal passes next week's vote, the city will move into an environmental review phase and begin seeking proposals, with construction targeted to begin before the end of the decade. Have a story idea or tip in Brooklyn? Email Hannah by CLICKING HERE.
Yahoo
an hour ago
- Yahoo
Australia's Qantas to close low-cost arm Jetstar Asia
(Reuters) -Australian flag carrier Qantas said on Wednesday it will close Jetstar Asia, the group's Singapore-based low-cost unit, in a bid to recycle up to A$500 million ($326.40 million)as part of its fleet renewal plans. Qantas said that 13 Jetstar Asia Airbus A320 aircraft will be progressively redeployed to Australia and New Zealand. Jetstar Asia continues to be negatively affected by rising supplier costs, high fees at airports and rising competition in the region. "This has fundamentally challenged the low-cost airline's ability to deliver returns comparable to the stronger performing core markets in the group," Qantas said. Jetstar Asia is currently expected to post an underlying EBIT loss of A$35 million in the current financial year. The airline will cease operating on July 31 and will continue flights for the next seven weeks. ($1 = 1.5319 Australian dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
