Latest news with #investmentfirm
Bloomberg
2 days ago
- Business
- Bloomberg
Elliott Calls for Sumitomo Realty Improvements in Rare Letter
Elliott Investment Management is calling for Sumitomo Realty & Development Co. to improve shareholder returns and corporate governance, saying the Japanese real estate developer's stock is worth 40% more than its current value. The New York-based investment firm released a public letter Monday, saying it would vote against Tokyo-based Sumitomo Realty's senior management at the upcoming annual shareholders meeting if there's no meaningful progress made on improving its value.
Reuters
5 days ago
- Business
- Reuters
LyondellBasell in talks to sell some European assets to AEQUITA
June 5 (Reuters) - Chemical maker LyondellBasell (LYB.N), opens new tab said on Thursday it is in exclusive talks with Munich-based investment firm AEQUITA for the sale of certain olefin and polyolefin assets in Europe. LyondellBasell launched a strategic review of its European operations last year in a bid to navigate macroeconomic volatility. Chemical companies have been struggling due to weaker demand and rising raw material costs, especially in Europe. A rigorous regulatory landscape is also compelling businesses to reassess their approach in the region. "There was never going to be a great option to separate these unprofitable and cash negative assets, at least in today's cyclically depressed market," Vertical Research Partners analyst Kevin McCarthy said. "While the deal at hand will be cash negative to Lyondell, it does provide for a clean exit that will allow management to advance its corporate strategy, while also mitigating cash bleed on an operating basis." The sites to be sold, which are located in France, Germany, the UK and Spain, were part of previously announced strategic assessments, the company said. LyondellBasell's shares rose marginally in morning trading following the announcement. The companies have signed an agreement, a so-called 'put option deed', under which AEQUITA will enter a form purchase agreement if LyondellBasell exercises its put option after the conclusion of certain works council consultation processes. "We see the deal as a net positive for LYB, as it streamlines LYB's global portfolio, frees up capital, and exits lower EBITDA generating businesses with future pension and environmental liabilities," Wells Fargo analysts said. The proposed deal is expected to close in the first half of 2026.
CBS News
28-05-2025
- Business
- CBS News
Do you have the top predictor for financial well-being? Here's what Vanguard's research says.
It doesn't take $1 million to achieve the top predictor of financial well-being, according to new research from investment firm Vanguard. Instead, it's something far more attainable: Socking away at least $2,000 in an emergency savings account. People with at least $2,000 saved for an unexpected expense report a greater improvement in financial well-being than those who have incomes of more than $500,000 or assets of more than $1 million, the survey of more than 12,000 Vanguard investors found. The findings come as many Americans are feeling more financially stressed, with a separate study from Primerica finding that about half of middle-class households expect to be worse off financially in 2026, almost double the share in December, due to worries about the cost of living and the economy. Taking small steps to build an emergency savings account could prove to help alleviate financial anxiety, noted Paulo Costa, a behavioral economist and certified financial planner at Vanguard who co-authored the research. "What's so powerful about this research is that it's not about gathering a lot of money to have that peace of mind," Costa told CBS MoneyWatch. "That initial $2,000 makes a big difference." While it may seem that having $1 million in assets should boost financial well-being more than $2,000 in a savings account, the results show the importance of being prepared for an unplanned expense, Costa added. The median cost of an emergency is about $2,000, which means having that cash on hand gives people the confidence that they can handle a sudden money stressor, he said. "When is $2,000 more than a million dollars? It's when it comes to emergency savings," Costa said. "The point of emergency savings is to have that money readily available if you need it. A lot of people have money, for example, in retirement accounts that may have some requirements about when you can withdraw that money and may have some tax consequences and some penalties." Retirement assets are generally not readily available to cover unexpected expenses, with people younger than 59 1/2 incurring a 10% penalty for taking out money. But having $2,000 set aside in a bank account means that you've got the peace of mind that you'll be able to handle a surprise car repair or medical bill. And people with $2,000 in emergency savings typically spend about 2 hours less each week thinking about their finances versus those without any savings, the study found. How many people can handle emergency expenses? To be sure, obtaining $2,000 in savings could prove out of reach for many Americans, especially those who are low income, struggling with debt or who reside in an area with a high cost of living. Vanguard's survey includes only people who have investment accounts at the company, which signals they access to 401(k)s and other types of investment accounts that many Americans lack. Almost 4 in 10 Americans say they don't have the cash on hand to pay for an $400 emergency expense, according to research from the Federal Reserve. Still, more Americans appear to be socking away money for a rainy day, with the Primerica study finding that 64% of those surveyed in March said they had an emergency fund of at least $1,000, up from 58% two years earlier. Even if saving $2,000 seems out of reach, you can start small by saving as little as $10 week, Costa said. The best idea is to find a strategy that works for you, whether that's budgeting or automating savings by directing a certain amount into a dedicated account with each paycheck, he said. "I love the idea of, 'out of sight, out of mind,' so when you get paid, you immediately send money to your savings account," he said. "By saving $50 per week, you will build up to $2,000 in less than a year." He added, "Saving something is better than saving nothing. So just getting started, that really makes a big difference."
Bloomberg
21-05-2025
- Business
- Bloomberg
FTSE 100 Recovers as Pound Stays Higher After Inflation
Currys is now down 0.5%, having reversed its earlier climb which saw its shares hit the highest since December 2021 after it hiked its profit guidance for a third time on the back of 'robust' demand. The electronics retailer has been the FTSE 250's ninth best performer since the year began, climbing 32% as consumer demand has proved resilient. And shares have doubled in value since Currys rejected a takeover offer by investment firm Elliott in February last year which at the time they said 'significantly undervalued' the firm.
Reuters
19-05-2025
- Business
- Reuters
Dubai Holding increases Residential REIT IPO to 15% of issued unit capital
May 19 (Reuters) - Dubai Holding, the investment firm owned by the emirate's ruler, said on Monday it will raise the size of residential REIT's initial public offering to 15% of issued unit capital, up from the earlier plan of 12.5%. One of the largest landowners and real estate developers in the UAE, the company is offering a stake in its REIT at a price ranging from 1.07 dirhams to 1.10 dirhams per unit. Based on revised offering size, it is seeking to raise up to 2.15 billion dirham ($585.45 million), the company said. That range values the REIT at up to $3.9 billion. The Gulf's business and tourism hub, Dubai has experienced a post-pandemic property boom, fuelled by foreign investment and government-led residency reforms. The government has made significant effort to reduce debt, strengthen property market regulations, and merge major state-owned real estate firms to avoid the pitfalls of previous boom and bust cycles in the sector. Despite a robust pipeline of possible listings, Dubai Residential REIT will be the emirate's first since Talabat ( opens new tab in December, and only the second in the United Arab Emirates this year. The institutional book-building subscription period for the IPO will close on May 20, according to the company, with trading set to begin on or around May 28. ($1 = 3.6724 UAE dirham)
