Boeing’s Major Stock Sale: Boeing has executed one of the largest stock sales ever, raising $21.1 billion to strengthen its financial standing and avert a downgrade to junk status.
Riyadh Investment Gathering: Global financial leaders convened in Riyadh for the Future Investment Initiative, dubbed “Davos in the Desert.” Executives from major firms like Goldman Sachs and Morgan Stanley were present, seeking opportunities in Saudi Arabia’s oil wealth and economic diversification plans. However, the Public Investment Fund’s governor, Yasir al-Rumayyan, indicated a shift towards focusing on domestic investments, reducing overseas spending from 30% to 18-20%.
Topgolf’s Business Challenges: Callaway’s $2 billion acquisition of Topgolf in 2020 is unraveling. The split is due to Topgolf’s high capital demands, leaving Callaway to concentrate on its core golf equipment business while Topgolf aims to prove its standalone worth in the market.
HSBC’s Strategic Reorganization: HSBC CEO Georges Elhedery assured that restructuring plans, which involve separating its Hong Kong and UK banking units, do not signal an intent to break up the bank. The move aims to streamline operations, despite speculation of a potential split due to geopolitical tensions.
Notable Career Moves:
- Richard Attias steps down as CEO of FII Institute.
- Antoine de Guillenchmidt joins Rothschild & Co from Goldman Sachs.
- Yannick Bolloré to chair three out of four Vivendi units post-split.
Industry Insights:
- Snapchat’s Ambitions: Evan Spiegel’s plans for augmented reality face competition from Meta.
- Mortgage Woes: Top-rated commercial mortgage securities face losses, a first since the financial crisis.
- Controversial Book Dealer: Glenn Horowitz’s profitable yet debated methods in selling literary archives.
News Highlights:
- PwC’s Asian profits decline post-scandals.
- Crusoe Energy secures $500 million led by Founders Fund.
- Adani Enterprises’ profits soar with airport and green initiatives.