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filtermenu TABLE OF CONTENTS OUR PEERS * CDPQ-Backed Northvolt Slowing Its International Expansion. (ICI Radio-Canada) * CDPQ Among Major Lenders To Lion Electric For $7.5M Loan. (La Presse) * CRC Completes Acquisition Of CPP’s Area Energy. (Bakersfield Californian) * What The UK Can Learn From Canada On Pension Funds. (Financial Times) STRATEGIC PARTNERS * BlackRock Buys Preqin For $3.2 Billion In Private Data Push. (Wealth Management) * KKR Acquires India’s Baby Memorial Hospital. (Insider) * Blackstone Snaps Up ‘Circular’ Private Equity Credit Risk. (Financial Times) * Blackstone Sells Alinamin Pharmaceutical To MBK Partners. (Reuters) ONTARIO NEWS * Study: Building Four-Unit CANDU MONARK Nuclear Station Would Have Significant Benefits For Canadian Economy. (S&P Global) INDUSTRY TRENDS BY ASSET CLASS * Metro Pacific, GIC To Take $1B Stake In Indonesia’s PT Jasa Marga. (Reuters) * Barry Diller’s IAC Considering Offer For Paramount. (BNN Bloomberg) * Maersk Drops Bid For DB Schenker. (BNN Bloomberg) * Blackstone Nears Deal To Acquire Alinamin Pharmaceutical for $2.17B. (Reuters) * EQT Looks To Purchase Minority Stake In Flix SE. (BNN Bloomberg) ESG INVESTING * Oil, Gas Industry Embrace Plastics In Circular Economy. (Recycling Today) * BlackRock Navigates Climate Proposals With New Voting Policy. (Financial Times) CYBERSECURITY * TTC Failed To Heed Its Own Warnings Before 2021 Cyberattack. (CFTO-TV Toronto) * North American Car Dealers “Substantially” Back Online After Cyberattack, Says Software Company. (BNN Bloomberg) MONETARY POLICY * Powell: Fed Has “Made Quite A Bit Of Progress” Slowing Inflation. (Bloomberg) * US Job Openings Up In May. (Reuters) * Goolsbee Sees Warning Signs On Real Economy. (Reuters) * Supreme Court Rulings Make The Regulatory Landscape Uncertain. (American Banker) MACROECONOMIC TRENDS * GlobalData: Canadian Card Payments Market To Grow By 7.7% In 2024. (Electronic Payments International) ONTARIO STAKEHOLDERS * University Of Waterloo Researchers Discuss Effective Tobacco Control Strategies. (University of Waterloo) WEDNESDAY, JULY 3, 2024 7:00 AM EDT OUR PEERS CDPQ-BACKED NORTHVOLT SLOWING ITS INTERNATIONAL EXPANSION. ICI Radio-Canada (7/2) reports in French, “Northvolt, the Swedish electric battery giant, surprised its partners by announcing on Tuesday that it would slow down its international development plan to focus on its factory in northern Sweden. The group is involved, among other things, in a giant factory project in Canada going for an initial amount of 7.3 billion dollars.” The battery maker is backed by the CDPQ, which “responded by emphasizing that its interest towards the battery value chain remains, given the significant potential for expansion over the coming years. We want our depositors and the Quebec economy to benefit from this, added the Quebec Deposit and Investment FundCDPQ.” CDPQ AMONG MAJOR LENDERS TO LION ELECTRIC FOR $7.5M LOAN. The Press (CAN) (7/2, Arsenault) reports in French, “Lion Electric has obtained leniency from its lenders and a new loan of up to $7.5 million from the Legault government as the electric truck and bus manufacturer seeks to replenish its coffers.” La Presse adds. “The Quebec manufacturer has reached an agreement with the Ministry of Economy, Innovation and Energy for a $5 million loan, with a fixed annual interest rate of 13%.” Lion also announced it has “reached agreements with seven lenders, including the Caisse de dépôt et placement du Québec, the Mach Group and the Mirella and Lino Saputo Foundation, to obtain flexibility and other modifications to loans.” Also reporting is Le Soleil (CAN) (7/2, Canadienne). CRC COMPLETES ACQUISITION OF CPP’S AREA ENERGY. The Bakersfield (CA) Californian (7/1, Cox) reports California Resources Corp. (CRC) has completed its acquisition of Area Energy, “consolidating CRC’s regional lead in carbon management and doubling its petroleum production to make CRC the state’s largest oil producer.” The transaction was finalized after CRC shareholders voted last week to issue shares needed to fund the purchase. Hart Energy (7/1) reports the deal is valued at $2.1 billion. Area Energy is a joint venture (JV) created by Shell and ExxonMobil. In February 2023, “Shell and ExxonMobil sold the JV to German asset manager IKAV for $4 billion.” The Canada Pension Plan Investment Board (CPP), “which subsequently bought a 49% stake in the company, and Oaktree Capital Management also owned equity in the company.” Under the terms of the deal, “IKAV, CPP and Oaktree received 21.3 million shares of common stock of CRC, with an aggregate value of $1.13 billion based on the price per share as of market close on June 28.” WHAT THE UK CAN LEARN FROM CANADA ON PENSION FUNDS. The Financial Times (7/3, Nangle) reports, “The writer is an FT contributing editor. When the shortcomings of the UK pension system are dissected, attention is often drawn across the...” STRATEGIC PARTNERS BLACKROCK BUYS PREQIN FOR $3.2 BILLION IN PRIVATE DATA PUSH. Wealth Management (7/1) reports BlackRock “will acquire private capital database provider Preqin for £2.55 billion ($3.2 billion) in cash, as the world’s largest money manager accelerates its push to become a major player in alternative assets.” The acquisition “deepens BlackRock’s ability to oversee risks and analyze data across fast-growing markets for private assets, and also expands its Aladdin technology systems, the New York-based firm said in a statement on Sunday.” BlackRock COO Rob Goldstein said in the statement, “We see data powering the industry across technology, capital formation, investing and risk management.” KKR ACQUIRES INDIA’S BABY MEMORIAL HOSPITAL. Insider (7/1) reports, “KKR & Co. Inc. (KKR), an investment major said funds managed by it will acquire a controlling stake in Baby Memorial Hospital or BMH, a multi-specialty hospital chain in India.” KKR will make the investment through its Asian Fund IV. KKR Partner and Head of India Private Equity Akshay Tanna said, “Our investment in BMH reflects our continued thematic focus on healthcare in India, which will aid BMH in expanding its network of hospitals and continuing to invest in medical infrastructure.” Also reporting are the Economic Times (IND) (7/2) and Entrepreneur Magazine (7/1, Staff). BLACKSTONE SNAPS UP ‘CIRCULAR’ PRIVATE EQUITY CREDIT RISK. The Financial Times (7/3) reports, “Blackstone Group has become one of the biggest buyers of a type of bank loan that has become a lifeline for the private-equity industry,...” BLACKSTONE SELLS ALINAMIN PHARMACEUTICAL TO MBK PARTNERS. Reuters (7/2, Bridge) reports, “Blackstone and MBK Partners said on Wednesday the U.S. private equity firm is selling Japanese drugmaker Alinamin Pharmaceutical to the North Asian buyout fund.” The deal “would be 350 billion yen ($2.17 billion), a source said on Tuesday, however neither Blackstone nor MBK in their separate statements disclosed the transaction value.” ONTARIO NEWS STUDY: BUILDING FOUR-UNIT CANDU MONARK NUCLEAR STATION WOULD HAVE SIGNIFICANT BENEFITS FOR CANADIAN ECONOMY. In its “Nucleonics Week” newsletter, S&P Global (7/1) reported, “A report by the Conference Board of Canada released June 21 by Candu Monark reactor designer AtkinsRealis concludes that a four-unit Candu Monark nuclear power station in Ontario would provide a C$90.4 billion (US$66.02 billion), boost to Canada’s gross domestic product.” INDUSTRY TRENDS BY ASSET CLASS METRO PACIFIC, GIC TO TAKE $1B STAKE IN INDONESIA’S PT JASA MARGA. Reuters (7/1, Chatterjee, Ngui) reports Metro Pacific Tollways and Singapore’s GIC sovereign wealth fund “will take up a stake worth $1 billion in a unit of Indonesian toll-road operator PT Jasa Marga as Asia Pacific sees growing investor interest in infrastructure assets.” The companies “will take a 35% stake in Jasamarga Transjawa Tol, a network of 13 toll roads in the provinces of west, central and east Java, MPTC said in a statement on Monday.” BARRY DILLER’S IAC CONSIDERING OFFER FOR PARAMOUNT. BNN Bloomberg (CAN) (7/1) reports former Paramount Pictures head Barry Diller “is considering making an offer for control of” Paramount, “the New York Times reported.” Diller, who is currently chairman of IAC, “has signed nondisclosure agreements with National Amusements Inc., the controlling shareholder of Paramount Global, the Times reported, citing four people with knowledge of the matter.” The rumor comes as Paramount “has been weighing its options for months and came close to a deal with Skydance Media, the independent film and TV company led by technology heir David Ellison, before the negotiations collapsed.” Also reporting are Variety (7/1, Spangler), the Los Angeles Times (7/1), the Hollywood Reporter (7/1, Hayden), and The Wrap (7/1, Knolle, Manfredi). MAERSK DROPS BID FOR DB SCHENKER. BNN Bloomberg (CAN) (7/1) reports, “A.P. Moller-Maersk A/S withdrew its bid for DB Schenker, the logistics unit of Deutsche Bahn AG that’s been reported to be valued at more than €15 billion ($16.1 billion).” Maersk “walked away from the process after participating in an in-depth due diligence over the past few weeks, according to a statement on Monday.” CEO Vincent Clerc said that the company “said we would look into this opportunity and we did,” calling the company interesting with potential. BLACKSTONE NEARS DEAL TO ACQUIRE ALINAMIN PHARMACEUTICAL FOR $2.17B. Reuters (7/1, Bridge, Wu) reports Blackstone “is nearing a deal to sell Japanese supplement maker Alinamin Pharmaceutical to North Asian buyout fund MBK Partners for 350 billion yen ($2.17 billion), a person with direct knowledge of the matter said on Tuesday.” The deal is expected in the coming days, “said the person, who declined to be identified.” This comes after Blackstone had previously agreed in 2020 to acquire Alinamin, when it was a subsidiary of Takeda Pharmaceutical. Also reporting is Nikkei Asia (JPN) (7/2). EQT LOOKS TO PURCHASE MINORITY STAKE IN FLIX SE. BNN Bloomberg (CAN) (7/1) reports, “EQT AB is nearing a deal to buy a minority stake in Flix SE in a transaction valuing the German bus and train operator at about €3 billion ($3.2 billion), people familiar with the matter said, adding to the recent revival in private equity dealmaking.” The buyout firm “is in advanced talks to acquire about a 30% stake for roughly €900 million in Flix, which also owns North American bus service Greyhound, said the people.” EQT “is looking to get a 10% stake through subscribing for new shares, while buying the remainder from some existing shareholders, the people said.” ESG INVESTING OIL, GAS INDUSTRY EMBRACE PLASTICS IN CIRCULAR ECONOMY. Recycling Today (7/1) reports that plastic is crucial to the circular economy, offering long-term opportunities for companies to invest in circular polymers and recycling capacities, according to GlobalData. “As awareness about the ill effects of plastic use grows among consumers, several countries and some enterprises are taking steps to remedy the situation,” says analyst Ravindra Puranik. Efforts include using bioplastics and enhancing recycling to meet ESG goals. BLACKROCK NAVIGATES CLIMATE PROPOSALS WITH NEW VOTING POLICY. The Financial Times (7/2) reports, “BlackRock funds with specific climate change mandates will vote differently on shareholder proposals than the rest of the $10.5tn money...” CYBERSECURITY TTC FAILED TO HEED ITS OWN WARNINGS BEFORE 2021 CYBERATTACK. CFTO-TV Toronto, CAN (7/2) writes, “A report by the provincial privacy watchdog has found that Toronto’s public transit system was not prepared for the cyberattack that knocked down some of its communication systems and compromised the private information of more than 25,000 employees in 2021 – despite an internal warning from the commission’s security department issued years prior.” The breach, first reported in late 2021, compromised the personal information of approximately 25,000 past and present employees. That information included employee names, addresses, and social insurance numbers (SIN). The attack also took down several customer-facing systems, including trip-planning apps, the TTC website, and the online Wheel-Trans online booking portal. While the TTC has released few details about the breach, a report authored by Ontario’s Information and Privacy Commissioner (OIPC) that was released in April sheds some new light on what happened, including the fact that it was made possible after an employee fell for a phishing attempt. NORTH AMERICAN CAR DEALERS “SUBSTANTIALLY” BACK ONLINE AFTER CYBERATTACK, SAYS SOFTWARE COMPANY. BNN Bloomberg (CAN) (7/2, Gorrivan) reports, “CDK Global Inc., the software provider to roughly 15,000 car dealerships across North America that was crippled by a hack nearly two weeks ago, said “substantially all” of the dealers it serves have seen their management systems come back online.” Senior communications director at CDK Tony Macrito said, “We are ahead of the anticipated schedule,” and the company had said Monday that it expected all dealers to be live by late July 3 or early July 4. Bloomberg notes, “CDK suffered two cyberattacks that forced its systems offline for days, slowing down everything from scheduling and service repairs to parts deliveries and car purchases at auto dealerships in both the US and Canada. CDK’s core product — a suite of software tools referred to as a dealership management system — underpins virtually every element of auto retailers’ day-to-day business.” Also reporting is Global News (CAN) (7/2). MONETARY POLICY POWELL: FED HAS “MADE QUITE A BIT OF PROGRESS” SLOWING INFLATION. Bloomberg (7/2) reports that on Tuesday, Fed Chair Jerome Powell “offered a balanced and not especially hawkish outlook for US monetary policy, repeatedly citing progress the central bank has made in bringing inflation lower. The latest data ‘do suggest that we’re getting back on a disinflationary path,’ he [said].” Powell added that the Fed would like to see “more data like what we’ve been seeing recently” before cutting rates. CNBC (7/2, Cox) quotes Powell as saying, “We’ve made quite a bit of progress and in bringing inflation back down to our target.” CNBC notes that Powell was at a forum in Portugal along with European Central Bank President Christine Lagarde. The AP (7/2, Rugaber) says Powell “also acknowledged that the Fed is treading a fine line as it weighs when to cut its benchmark interest rate. ... If the Fed cuts rates too soon, Powell cautioned, inflation could re-accelerate, forcing the policymakers to reverse course and impose punishing rate hikes. But if the Fed waits too long to reduce borrowing costs, it risks weakening the economy so much as to potentially cause a recession. ‘Getting the balance on monetary policy right during this critical period – that’s really what I think about in the wee hours,’ Powell said in response to a question about his top worries.” Reuters (7/2) also covers Powell’s remarks. Also reporting is Global News (CAN) (7/2). US JOB OPENINGS UP IN MAY. Reuters (7/2, Mutikani) reports US job openings “rose in May after posting outsized declines in the prior two months, but the trend remained consistent with an easing in labor market conditions that could pave the way for the Federal Reserve to cut interest rates this year.” The Labor Department’s JOLTS survey Tuesday “showed there were 1.22 vacancies for every unemployed person in May, unchanged from April and the lowest vacancy-to-unemployment ratio since 2021. April’s ratio previously had been estimated at 1.24. The ratio is now not too far from its average of 1.19 in 2019.” GOOLSBEE SEES WARNING SIGNS ON REAL ECONOMY. Reuters (7/2) reports Chicago Fed President Austan Goolsbee on Tuesday “said he sees some ‘warning signs’ of weakening in the economy, adding that the U.S. central bank’s goal is to get inflation down without stressing the labor market.” He said in an interview, “I see some warning signs the real economy is weakening.” If inflation “continues on its path of recent months, he said, he would have more confidence that it is heading toward the Fed’s 2% goal.” SUPREME COURT RULINGS MAKE THE REGULATORY LANDSCAPE UNCERTAIN. American Banker (7/2) reports “the Supreme Court’s opinion overturning so-called Chevron deference last week will empower judges to decide whether an agency’s interpretation of the law is valid, but while the decision overturned historic legal precedent, banking experts say the impact on prudential bank regulation is likely to be limited.” American Banker explains that part of this is “because the decision...made a point of not invalidating prior rulings made based on Chevron deference because of that deference alone, said Karen Solomon, senior of counsel at Covington & Burling and former official with the Office of the Comptroller of the Currency.” The piece adds that “lower courts are now expected to perform their own statutory interpretation to review the work of agencies.” Reuters (7/2) reports the case “thrusts Federal Reserve bank overseers into extended uncertainty and potential risk, although the ruling should not complicate the central bank´s ability to provide support to markets in times of stress.” The piece says experts suggest “this shift opens Fed regulatory decisions to legal challenges with unpredictable outcomes, unsettling the relationship between the Fed and the institutions it oversees for years to come.” Also covering the topic are The AP (7/2), American Banker (7/2), and American Banker (7/2). MACROECONOMIC TRENDS GLOBALDATA: CANADIAN CARD PAYMENTS MARKET TO GROW BY 7.7% IN 2024. Electronic Payments International (7/2, Prendergast) reports Canada’s card payments market will grow by 7.7% in 2024, reaching CAD1.2 trillion ($913 billion), driven by high consumer preference for electronic payments, according to GlobalData. The research firm found that the market grew 14.4% in 2022 and by 10.4% in 2023, despite economic slowdown. Yasaswini Pujitha, Banking and Payments Analyst at GlobalData, stated, “The Canadian payment card market is mature with high level of card adoption, developed payment infrastructure and broader merchant acceptance.” Credit cards and charge cards will lead the market with 74.4% of the total value in 2024, while debit cards, used frequently for low-value payments, will account for 25.6%. ONTARIO STAKEHOLDERS UNIVERSITY OF WATERLOO RESEARCHERS DISCUSS EFFECTIVE TOBACCO CONTROL STRATEGIES. University of Waterloo (CAN) (7/2) carries a press release stating that researchers Dr. David Hammond and Dr. Geoffrey Fong at the University of Waterloo are leading studies on tobacco control. Hammond’s research focuses on youth nicotine use and regulatory strategies, while Fong’s work evaluates the impact of Canada’s menthol cigarette ban. Their findings support global policy interventions to reduce smoking rates and promote public health. Hammond said that “the tobacco industry is expanding its product lines, ostensibly to offer less harmful alternatives to smoking. However, these products also pose risks, especially if they attract young non-smokers.” He “stresses the importance of evidence-based policies that balance harm reduction for adult smokers with youth protection, informing legal and public health decisions globally.” © 2024 Cision. All rights reserved, excluding third-party content. Reproduction or redistribution without permission prohibited. 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