Deal Financial News

The loss protection deal marked the final step in UBS' takeover of Credit Suisse, which was completed on 12 June.

By Aishwarya Venugopal

Cetera Financial Group has completed its deal for the wealth business of insurer Securian Financial Group, bringing on board more than 91% of Securian’s advisors and nearly $50 billion in client assets, Cetera announced Thursday.

Tapestry Inc., the owner of brands including Coach and Kate Spade, agreed to acquire Michael Kors parent Capri Holdings Ltd. in an $8.5 billion deal that shows the wave of consolidation in the luxury goods sector is far from finished. The New York-based firm is paying a $57 per share in cash, according to a statement Thursday, a 65% premium over Capri's last closing price. The transaction is expected to close in 2024, subject to approval by regulators and Capri shareholders. “We are confident this combination will deliver immediate value to our shareholders,” Capri Chief Executive Officer John Idol said in the statement. “By joining with Tapestry, we will have greater resources and capabilities to accelerate the expansion of our global reach while preserving the unique DNA of our brands.” Tapestry shares fell as much as 6% in early trading before paring their decline. Capri was up 59%. Capri's shares have tumbled recently as a pullback in spending by US consumers in department stores dented sales of the mass-market Michael Kors brand.

Stablecoin issuer Circle has a $1 billion cash reserve pegged as insurance against a declining market capitalization and fresh competition from the traditional finance and technology industries, said CEO Jeremy Allaire. 

Deal With It ($DWIT) is a trending new crypto that aims to achieve what other tokens have failed to do - consistent profits and meaningful community rewards.

FRANKFURT (Reuters) -Members of the German pilots' union VC have voted by a large majority to back a wage deal with Lufthansa, a spokesperson for the union told Reuters on Thursday.

Disney ’s era of budget-priced streaming video packages and galloping subscriber growth has come to an end. For the second time in about a year, Disney unveiled a round of major price increases to its streaming products, raising the cost of the ad-free versions of Disney+ and Hulu by more than 20% each. The company also vowed to crack down on password-sharing , an effort that streaming rival Netflix started in earnest earlier this year.

The founder of Care A2 Plus changed product labelling approved by regulators in the United States, delaying the delivery of baby formula, the company’s distribution partner has alleged.

While the immediate moments after a layoff might make us numb and shocked, we have to drum up the courage to start the next job hunt. So it is important to understand the possible impact of layoffs on our job prospects?Finding the opportunity It starts with the job-search process. At the early career levels, many people share public posts informing everyone that they are looking for jobs as they were laid off. While that might open the doors for a few people, given the sheer number of layoffs, it is better to have a more personalised approach to get results. That requires a screening to find who might be hiring and creating a specific list of companies and roles that might have opportunities of interest. It is important to look at transferable skills that can allow the candidate to look at related roles of interest. For example, a strong background in UI/UX may mean not just possible roles in new-age tech-based companies but also in other non-tech companies that are looking to improve the user experience.

MA Financial’s growth ventures business has inked a $20 million raise in energy start-up Upstream.

Osaka Gas Co. and Sumitomo Corp.

Aptos (APT), the cryptocurrency powering layer-1 blockchain Aptos Network, is up approximately 11.6% since announcing it will leverage Microsoft’s suite of artificial intelligence tools to advance Web3 adoption among banks and financial enterprises.

By Milana Vinn and Anirban Sen

Paytm founder-CEO Vijay Shekhar Sharma’s decision to acquire an additional 10.3% in the company from Ant Financial has reignited the debate around his actual holding in the company and if, as a public shareholder, he has control of the company and enjoys the perks of being a promoter without actually being classified as one. Paytm parent One97 Communications says Sharma owns 19.42% of the country’s largest payments company.

DraftKings Inc (NASDAQ:DKNG) was raised to neutral from Underweight at JPMorgan (NYSE:JPM) on Wednesday, maintaining a $26 price target on the stock.

The home of Georgia Tech football has been renamed Bobby Dodd Stadium at Hyundai Field following a naming rights agreement between the school and the automaker

Disney-owned ESPN has licensed its brand for use in a sports betting app, striking a deal in which it will receive $1.5 billion and other considerations from Penn Entertainment

Brookfield Asset Management Ltd. said it expects to raise US$150 billion this year, bucking the slowdown in the alternative-asset sector.

Washington | American fast-food chain Wendy’s has inked a deal with the world’s largest food franchisee and the new owner of Pizza Hut in Australia, Flynn Restaurant Group, to build 200 local Wendy’s stores starting in two years’ time.

Universal Music Group — one of the world’s leading music companies — and Google are in negotiations to license melodies and vocal tracks of artists to be used in songs generated by artificial intelligence (AI), according to a report from the Financial Times.