Latest news with #HowardW.Lutnick
Business Wire
19-05-2025
- Business
- Business Wire
BGC Announces Repurchase of More Than 16.4 Million Shares from Howard W. Lutnick, United States Secretary of Commerce, the Company's Former Chairman and CEO
NEW YORK--(BUSINESS WIRE)-- BGC Group, Inc. (Nasdaq: BGC) ("BGC" or the "Company"), a leading global brokerage and financial technology company, today announced it has agreed to repurchase 16,452,850 shares of BGC Class A common stock beneficially owned by Howard W. Lutnick, United States Secretary of Commerce, the Company's former Chairman and Chief Executive Officer. The Company agreed to repurchase the shares at $9.2082 per share, which is equal to the volume weighted average price (VWAP) of the Class A common stock on the Nasdaq Global Select Market on May 14th, 15th, and 16th, 2025. The aggregate purchase price to be paid by the Company is $151,501,133. The sale is made in furtherance of Mr. Lutnick's U.S. government ethics agreement. 'Repurchasing more than 16.4 million of our shares demonstrates our commitment to shareholder capital return,' said Jason Hauf, Chief Financial Officer at BGC. 'Given our record first quarter results and anticipated strong cash flow generation this year, we believe buying back our shares in this highly efficient manner is a great use of our capital that delivers strong value creation to our shareholders.' Additionally, Mr. Lutnick has agreed to transfer his ownership interest in Cantor Fitzgerald to trusts for the benefit of Brandon G. Lutnick, Cantor Fitzgerald Chairman & CEO, Kyle S. Lutnick, Cantor Fitzgerald Executive Vice Chairman, and his other adult children. Mr. Brandon Lutnick is the controlling trustee of such trusts. The closing of the Cantor Fitzgerald transactions will occur after receipt of all required regulatory approvals, expected in the third quarter of 2025. The sale of 16,115,102 shares will close today, and the sale of 337,748 shares held in retirement accounts will close immediately after the Cantor Fitzgerald transactions. Further, Mr. Lutnick entered into an agreement to sell his 8,973,721 BGC Class B shares to Cantor Fitzgerald, which will close immediately after the Cantor Fitzgerald transactions. Mr. Lutnick has entered into agreements to forgo all economic benefits in BGC as of May 16, 2025. These transactions divest his ownership, voting, and economic interests in the Company, complying with Mr. Lutnick's U.S. government ethics agreement. Cantor Fitzgerald will continue to be BGC's largest and controlling shareholder. More details relating to the divestiture transactions can be found in Forms 8-K and 13D to be filed with the SEC. About BGC Group, Inc. BGC Group, Inc. (Nasdaq: BGC) is a leading global marketplace, data, and financial technology services company for a broad range of products, including fixed income, foreign exchange, energy, commodities, shipping, equities, and now includes the FMX Futures Exchange. BGC's clients are many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC and leading global investment banks and market making firms have partnered to create FMX, part of the BGC Group of companies, which includes a U.S. interest rate futures exchange, spot foreign exchange platform and the world's fastest growing U.S. cash treasuries platform. For more information about BGC, please visit Discussion of Forward-Looking Statements about BGC Statements in this document regarding BGC that are not historical facts are 'forward-looking statements' that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC's Securities and Exchange Commission ("SEC") filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
Dubai Eye
16-05-2025
- Business
- Dubai Eye
UAE-US AI campus unveiled in Abu Dhabi during Trump visit
The UAE and US unveiled the first phase of a 5GW AI Campus in Abu Dhabi during President Donald Trump's visit, deepening bilateral cooperation in AI and digital infrastructure. The campus will host large-scale US data centers and enterprises, offering critical compute resources to serve the Global South. Once complete, it is expected to support nearly half of the world's population with accelerated digital services. Powered by a mix of nuclear, solar and gas energy, the facility is designed to minimise carbon emissions. It will also include a dedicated science park to drive AI innovation and research. US Secretary of Commerce Howard W. Lutnick described the initiative as a 'major investment in advanced semiconductors and data centers across the US and the UAE,' adding that American companies will operate the data centers and provide US-managed cloud services throughout the region. The project is being developed by Emirati AI leader G42, in collaboration with multiple US firms. It falls under the newly launched US-UAE AI Acceleration Partnership, a bilateral framework to advance cooperation on artificial intelligence and emerging technologies. The UAE has been a pioneer in AI development, becoming the first country in the world to appoint a Minister of Artificial Intelligence in 2017. It also launched the Mohamed bin Zayed University of Artificial Intelligence in 2019 as part of its broader national AI strategy, aimed at transforming sectors including education, healthcare, transportation, and energy.
ARN News Center
16-05-2025
- Business
- ARN News Center
UAE-US AI campus unveiled in Abu Dhabi during Trump visit
The UAE and US unveiled the first phase of a 5GW AI Campus in Abu Dhabi during President Donald Trump's visit, deepening bilateral cooperation in AI and digital infrastructure. The campus will host large-scale US data centers and enterprises, offering critical compute resources to serve the Global South. Once complete, it is expected to support nearly half of the world's population with accelerated digital services. Powered by a mix of nuclear, solar and gas energy, the facility is designed to minimise carbon emissions. It will also include a dedicated science park to drive AI innovation and research. US Secretary of Commerce Howard W. Lutnick described the initiative as a 'major investment in advanced semiconductors and data centers across the US and the UAE,' adding that American companies will operate the data centers and provide US-managed cloud services throughout the region. The project is being developed by Emirati AI leader G42, in collaboration with multiple US firms. It falls under the newly launched US-UAE AI Acceleration Partnership, a bilateral framework to advance cooperation on artificial intelligence and emerging technologies. The UAE has been a pioneer in AI development, becoming the first country in the world to appoint a Minister of Artificial Intelligence in 2017. It also launched the Mohamed bin Zayed University of Artificial Intelligence in 2019 as part of its broader national AI strategy, aimed at transforming sectors including education, healthcare, transportation, and energy.
TAG 91.1
16-05-2025
- Business
- TAG 91.1
UAE-US AI campus unveiled in Abu Dhabi during Trump visit
The UAE and US unveiled the first phase of a 5GW AI Campus in Abu Dhabi during President Donald Trump's visit, deepening bilateral cooperation in AI and digital infrastructure. The campus will host large-scale US data centers and enterprises, offering critical compute resources to serve the Global South. Once complete, it is expected to support nearly half of the world's population with accelerated digital services. Powered by a mix of nuclear, solar and gas energy, the facility is designed to minimise carbon emissions. It will also include a dedicated science park to drive AI innovation and research. US Secretary of Commerce Howard W. Lutnick described the initiative as a 'major investment in advanced semiconductors and data centers across the US and the UAE,' adding that American companies will operate the data centers and provide US-managed cloud services throughout the region. The project is being developed by Emirati AI leader G42, in collaboration with multiple US firms. It falls under the newly launched US-UAE AI Acceleration Partnership, a bilateral framework to advance cooperation on artificial intelligence and emerging technologies. The UAE has been a pioneer in AI development, becoming the first country in the world to appoint a Minister of Artificial Intelligence in 2017. It also launched the Mohamed bin Zayed University of Artificial Intelligence in 2019 as part of its broader national AI strategy, aimed at transforming sectors including education, healthcare, transportation, and energy.
Sharjah 24
15-05-2025
- Business
- Sharjah 24
UAE, US Presidents attend unveiling of 5GW AI Campus in Abu Dhabi
Largest AI Campus outside the US The new AI campus, the largest outside the US, will host US hyperscalers and large enterprises. It aims to provide regional compute resources capable of serving nearly half of the global population. Campus features and sustainability The campus will include 5GW of capacity for AI data centres, powered by nuclear, solar, and gas sources to minimise carbon emissions. A science park will also be established on-site to advance AI innovation. UAE-US strategic AI partnership The project will be developed by G42 and operated in partnership with several US companies. It is part of the newly launched US-UAE AI Acceleration Partnership, aimed at deepening bilateral collaboration on AI and advanced technologies. Regulated access and strategic operations Access to the compute resources will be regulated jointly by the UAE and US governments, reserved for US hyperscalers and approved cloud service providers. Statements by UAE and US officials His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Chairman of the Artificial Intelligence and Advanced Technology Council, said the campus demonstrates the UAE's commitment to global AI leadership and sustainable innovation. US Secretary of Commerce Howard W. Lutnick called the campus 'a historic Middle Eastern partnership on AI,' highlighting its role in expanding the American tech footprint and fulfilling President Trump's vision of US AI dominance. UAE's ongoing AI leadership The UAE has long led AI adoption, becoming the first country to appoint a federal Minister of Artificial Intelligence in 2017 and establishing the National AI strategy Launched in 2017, the UAE Strategy for Artificial Intelligence continues to drive transformative AI integration across sectors such as education, healthcare, transportation, and energy—cementing the UAE's role as a global AI hub.
