Chinese regulators have ordered Ant Group, the world’s largest financial technology company, to rectify its businesses and comply with regulatory requirements amid increased scrutiny of anti-monopoly practices in the country’s internet sector...
Billionaire Paul Singer is about to become the latest snowbird of prey to fly out of New York City. The relentless activist investor — who lately has rattled cages at Twitter and AT&T, and who famously locked horns with the government of Argentina — is moving the headquarters of his $41 billion hedge fund Elliott Management to Florida...
Wells Fargo chief executive Charles Scharf exasperated some black employees in a Zoom meeting this summer when he reiterated that the bank had trouble reaching diversity goals because there was not enough qualified minority talent, two participants told Reuters. He also made the assertion in a company-wide memo June 18 that announced diversity initiatives as nationwide protests broke out following the death of George Floyd , an unarmed African American man, in police custody...
If you work for Larry Fink, he really wants to know who you’re hooking up with. Fink, the voluble chief executive of BlackRock — the world’s largest money manager — recently “updated” his company’s dating policy. In the past, employees were on notice to tell HR anytime they had a romantic relationship with another employee, an understandable but intrusive part of corporate life in the era of #MeToo...
Pershing Square Tontine Holdings, the blank check company backed by billionaire investor Bill Ackman , has increased the size of its initial public offering by $1 billion to $4 billion, the largest ever IPO by a special purpose acquisition company, or SPAC. The firm plans to go public with 200 million units at $20 each, according to a regulatory filing on Monday. A SPAC uses IPO proceeds and borrowed funds to acquire a company, typically within two years...
With the economy slowly bouncing back from coronavirus quarantines, Wall Street bonus season is shaping up to be less of a nightmare and more of a very bad dream. The latest survey by compensation consultant Johnson Associates predicts that financial services pay will be slashed by 15 percent to 20 percent in 2020 — a vast improvement from the 30 percent cuts the same survey predicted in mid-May . “We’ve dug halfway out of the hole,” the report’s author, Alan Johnson, told The Post...
A billionaire activist investor declared that “Elizabeth Warren is right” as he left the helm of his giant hedge fund to focus on environmental and social-impact investing. Jeffrey Ubben — a corporate cage-rattler who has prodded for change at behemoths including Microsoft, BP and Nintendo — said he is leaving his $16 billion hedge fund, ValueAct Capital , to start a new fund that’s more socially conscious...
Netflix founder and chief executive Reed Hastings saw his compensation jump 7 percent to $38.6 million last year, versus pay of $36.1 million in 2018, according to a regulatory filing Wednesday...
Boards packed with bros don’t get IPOs. That’s the new policy at Goldman Sachs, whose chief executive David Solomon said the Wall Street giant won’t take any company public unless it has at least one “diverse” board member...
Magazine powerhouse Condé Nast is shaking up the board of directors of its money-losing International subsidiary as it forges ahead with the combination of its US and overseas operations...
Ex-Goldman Sachs partner still believes in cryptocurrency Hedge funds are thrilled to see 2018 in their rear-view mirrors. As year-end returns for high-profile activist hedgies like Dan Loeb, David Einhorn and Bill Ackman trickle in, early fears about hedge fund returns getting clipped are being realized. “It’s been a tough year for active managers,” Don Steinbrugge, chief executive of hedge fund consultancy Agecroft Partners, told The Post...
The boardroom battle at Papa John’s got a little uglier on Sunday. The pizza chain’s board, looking to further distance itself from the company’s controversial founder , voted on Sunday to adopt a poison pill to keep John Schnatter from gaining a controlling stake in the Louisville, Kent., company, according to a report. The move is expected to be made public on Monday, the report said, citing people familiar with the matter...
REUTERS Less than one year after nudging Sempra Energy into its largest acquisition ever , activist investor Paul Singer is urging the San Diego-based company to burn some fat. Singer’s Elliott Management, working alongside energy investment firm Bluescape Resources, is pushing Sempra to replace six members of its 14-person board, according to a presentation the two released Monday...
Activist investor Mick McGuire — who has been struggling to get on the board of the company that makes Ugg boots — just got a foot plant. Influential proxy advisory firm ISS recommended late Wednesday that shareholders vote for three nominees to the board of Deckers Outdoor that have been put forward by McGuire’s hedge fund, Marcato Capital. “ISS’s recommendation validates our belief that change is needed on Deckers’ Board,” McGuire said in a statement Thursday...
David D’Alessandro failed to win a majority of votes cast at the theme park’s annual meeting Wednesday, a source told The Post, effectively setting the stage for his exit from the helm of the board...
Sony considers merging gaming and film divisions Sony Corp. said it won’t sell its struggling movie and TV business after a string of Hollywood flops including last year’s “Ghostbusters” helped fuel a a $1 billion writedown. Instead, Toyko execs said they aim to turn it around by adding sales channels and making more use of movie characters. “We believe in long-term upside potential for [Sony] Pictures,” Chief Financial Officer Kenichiro Yoshida said at a Thursday earnings briefing...
A media exec who claims he was fired for trying to get a marijuana magazine’s staff to behave professionally is being accused of siphoning $10 million in corporate cash on personal expenses. Last month, David Kohl sued Trans-High Corp. , which owns High Times magazine, alleging the board of directors was lazy and “ineffective” and canned him for trying to end the pot bible’s “inappropriate” culture...
The family feud over red sauce at Rao’s just got spicier. New court papers accuse the cousin who heads the famed eatery’s specialty-foods division of spending thousands in company cash on jewelry, a trip to Italy and a personal trainer. The legendary Harlem restaurant, where it’s nearly impossible to get a table, expanded its reach in 1991 by peddling its famed sauce around the country...
Verizon just got one step closer to buying Yahoo Activist investor Maglan Capital renewed calls for FairPoint Communications to put itself up for sale after the company’s CEO suggested he would rather be a buyer than a seller. New York-based Maglan Capital, which owns 7.5 percent of FairPoint’s outstanding shares, fired off a letter to the board on Thursday, reiterating its belief that the phone company is a prime acquisition target and should explore strategic alternatives...
Radio giant iHeartMedia’s latest debt maneuver is fanning the flames of a dispute with activist investor Mario Gabelli. iHeart, led by Chief Executive Bob Pittman, owns 90 percent of publicly traded Clear Channel Outdoor Holdings, the nation’s largest billboard company. Gabelli’s Gamco Asset Management owns 10 percent of the publicly traded shares. Gamco claims struggling iHeart, owned by private equity firms THL Partners and Bain Capital, is taking advantage of its billboard unit...
“Of course our performance to date is a negative number — negative 14 percent in the private funds and negative 18 percent in Pershing Square Holdings,” the activist investor clarified later on the call. Despite the overall weak performance of the ...
The social-media company shelled out $5 million last year to make sure its co-founder and CEO had protection around the clock, according to regulatory filings.
Maybe Zuckerberg really does need protection, after ISIS earlier this year threatened him and Twitter CEO Jack Dorsey.
Either Zuckerberg is paranoid or there are far fewer people out to get powerful Apple CEO Tim Cook — whose company spent relative chump change of ......
It’s not just activist shareholders who want to see big changes at Time Warner. Two of the New York media giant’s largest longtime investors are also running out of patience and would support a sale of all or parts of the company, The Post has learned. Last week, Time Warner Chief Executive Jeff Bewkes met...
Is Yahoo! planning to spend big — or cut big? CEO Marissa Mayer — already under fire for spending more than $7 billion on acquisitions that have yet to pay off over the last three years — intends to shell out another $3 billion to bolster the struggling Web giant’s content arsenal, say sources close...