Latest news with #KevinFoley
BBC News
08-05-2025
- Business
- BBC News
Fakenham's first McDonald's allowed despite opposition
Plans for a town's first McDonald's have been approved by a council for the second time, after concerns were raised over its proximity to schools. North Norfolk District Council originally approved the application in March for a new drive-through fast food restaurant on Holt Road in Fakenham, Norfolk. Opponents, however, claimed the authority had not adequately considered the potential adverse health effects the restaurant could have, due to its position near a number of schools. Despite the opposition, the application has been approved for a second time. The planning proposal was put forward by Kevin Foley, who already owns 13 branches of McDonald's in Norfolk as a franchise. While the proposal had been debated by councillors, according to the National Planning Policy Framework, which guides planning decisions, councils should refuse applications for fast-food outlets "within walking distance" of schools, the Local Democracy Reporting Service said. The proposed McDonald's is within a 20-minute walk of Fakenham Academy, Duke of Lancaster Academy, Fakenham Junior School and Fakenham Infant and Nursery School. Following a complaint over the handling of the application, the authority agreed to reconsider the proposals at a planning committee meeting. Despite this, council officials determined all four schools were a suitable distance living in the area also previously expressed concern over increased traffic, noise, litter and competition for local businesses. The site would create up to 120 full and part-time jobs, McDonald's said. Follow Norfolk news on BBC Sounds, Facebook, Instagram and X.
Reuters
24-02-2025
- Business
- Reuters
JPMorgan sets aside $50 billion more for direct lending push
Feb 24 (Reuters) - JPMorgan Chase (JPM.N), opens new tab said on Monday it was setting aside another $50 billion for its direct lending push, as the Wall Street giant looks to expand its foothold in the rapidly growing private credit market. Traditional lenders such as JPMorgan, Citigroup (C.N), opens new tab, and Wells Fargo (WFC.N), opens new tab are rushing to grab a bigger slice of the booming market that has been dominated by private capital providers. The asset class is expected to expand, opens new tab to $3 trillion by 2028, reflecting stronger momentum than in the past two years, according to Moody's. JPMorgan, since 2021, has already deployed over $10 billion across more than 100 private credit transactions serving corporate and sponsor clients, the bank said. It has also tied up with multiple co-lending partners that have allocated nearly $15 billion more to the private credit push. "Pairing our vast origination platform with our lender client base has supercharged our ability to deliver in size for borrowers and increased deal flow for lenders," said Kevin Foley, global head of capital markets at JPMorgan. Banks have increasingly also joined forces with investment firms to further their push into the private credit market. Citigroup last year teamed up with asset management giant Apollo (APO.N), opens new tab for a $25 billion private credit platform, while Wells Fargo in 2023 partnered with investment firm Centerbridge Partners on a $5 billion direct lending fund. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
Associated Press
24-02-2025
- Business
- Associated Press
J.P. Morgan Increases Direct Lending Commitment to $50 Billion
J.P. Morgan announced today at its 30 th annual Global Leveraged Finance Conference a significant expansion to its private credit commitment. The firm is allocating $50 billion from its balance sheet, along with nearly $15 billion from multiple co-lenders. This strategic move is designed to extend the firm's direct lending capabilities and provide tailored private credit solutions to meet the evolving needs of clients. Since 2021, J.P. Morgan has successfully deployed over $10 billion across more than 100 private credit transactions, serving both corporate and sponsor clients. This latest commitment underscores the bank's dedication to being a leader in both the broadly syndicated and private credit markets. 'We aim to support our clients with products and solutions that best meet their capital structure needs, whether that's a direct or syndicated loan or a bond,' said Kevin Foley, global head of Capital Markets at J.P. Morgan. 'Our vast client relationships, paired with the size and scale of our origination capabilities, enable us to be a trusted financing source through a company's entire growth cycle.' The convergence of the broadly syndicated and private financing markets is creating unprecedented opportunities for clients, offering greater optionality and customized solutions to address their unique financing needs. As the leading investment bank with the #1 debt capital markets franchise and thousands of clients across the middle market and global corporate ecosystem, J.P. Morgan is uniquely positioned at the forefront of this evolution. 'We proudly bank 80,000 companies globally through our Commercial and Investment Bank, including 32,000 middle market clients across the U.S.,' said Jamie Dimon, Chairman and CEO of JPMorganChase. 'Extending this effort provides them with more options and flexibility from a bank they already know and see in their communities, and is known for being there during all market environments.' J.P. Morgan's enhanced direct lending platform is poised to drive significant impact, helping clients navigate today's dynamic financial landscape. The firm's strategic relationships with co-lenders further amplifies its ability to deliver comprehensive and competitive financing solutions. As private credit has grown exponentially to a $2 trillion market, direct lenders are sitting on hundreds of billions of dollars of dry powder to deploy. 'Pairing our vast origination platform with our lender client base has super charged our ability to deliver in size for borrowers and increased deal flow for lenders. Given our current success from our co-lending initiative, we continue to look for opportunities with new partners to augment our capabilities on large deals,' said Foley. Additional details around the co-lending arrangements have not been disclosed. About J.P. Morgan's Commercial & Investment Bank J.P. Morgan's Commercial & Investment Bank is a global leader in banking, payments, markets and securities services. Start-ups, companies, governments and institutions entrust us with their business in more than 100 countries worldwide. With $35.3 trillion of assets under custody and $1.01 trillion in deposits, the Commercial & Investment Bank provides strategic advice, raises capital, manages risk, offers payment solutions, safeguards assets and extends liquidity in global markets. Further information about J.P. Morgan is available at 212-270-7441 SOURCE: JPMorgan Chase & Co. Copyright Business Wire 2025. PUB: 02/24/2025 08:35 AM/DISC: 02/24/2025 08:35 AM
CBC
21-02-2025
- Business
- CBC
$4B Labrador iron ore mine can't break ground without more housing, power, GM says
Social Sharing An iron ore mine in western Labrador is inching closer to becoming a reality, but the project's general manager says the lack of infrastructure and housing in the region may stymie the opportunity altogether. Kami Project general manager Kevin Foley says he expects the $4-billion mine to begin operating by 2030 at the earliest. The project still requires a feasibility study and an environmental assessment, then construction by 2027, if it's deemed profitable. He's estimating the mine's lifespan at 25 years. "We're really excited about the employment opportunities, to have a local workforce," Foley said, noting the company intends to "work with the communities in Labrador and Newfoundland to make sure that we're maximizing the value for the province." The mine itself — owned by Australian company Champion Iron Ore — is poised to be the third in the Labrador West region. The site plans, Foley says, include a concentrator for ore processing, a crushing system and pit, and a railway connection to the Quebec North Shore and Labrador Railway. But a project that large needs fuel. Foley, who was among industry heads and politicians at this week's MINEx conference in Labrador West, was joined by other mining industry leaders who say they would require new, reliable power from Churchill Falls to operate. Without that extra infrastructure, Foley says Kami won't be possible. "To be very clear, we will rely on Newfoundland and Labrador Hydro to provide power for Kami," he said. And it's not just power, land and infrastructure the project needs to break ground. The 600-plus workforce the company anticipates will also requires its own human resources. "Now you're talking about an ecosystem," Foley said: one that includes warehousing, health care, and education. "Those parts of the ecosystem have to come." He insisted, after repeated questioning from a Radio-Canada reporter on Thursday, that the company prefers a local workforce as opposed to a cadre of rotational workers that will only reside in the area during their shifts. "That means that we need to put effort into — we all need to put efforts into — attracting and retaining the required people," Foley said. Housing a sticking point for mine Labrador West is currently facing a housing crunch, however, with no room in the near future for adding hundreds of new residents. "We understand that there's challenges and opportunities in the region today and around workforce, around infrastructure and housing," he said. "Our commitment is to work with the different levels of government and the other companies to make sure that those opportunities get addressed in a timely manner." Housing Minister John Abbott told CBC News on Friday there are almost no rental vacancies in Labrador West, with the region experiencing one of the worst housing crises in the province. "We are very concerned," Abbott said. In the long term, though, the minister says there's only one solution: working with mining companies to hammer out numbers and build new homes. "We need a master plan here," Abbott said. "What are your expansion plans? What are your requirements? And I think with the companies, with the towns and with the provincial and federal governments, to make sure we can accelerate new housing construction — that's the only solution that we see, and that is something that's going to take the time to put in place." The Kami Project's future depends on whether governments can help solve the housing and power problems in time, Foley says. "There's definitely risk ... with the resident workforce," he said. "We do have six years in front of us. A lot can happen in six years, but there is some risk that the infrastructure and the housing in the area won't be available for 600-plus new people to the community."
