2024-03-13 22:23
March 13 (Reuters) - Private equity firm Vista Equity Partners is seeking to hire investment banks for a U.S. initial public offering of Solera, a provider of software to the automotive and insurance industries, people familiar with the matter said on Wednesday. Vista, which acquired Solera for $6.5 billion in 2016, is interviewing banks as it seeks to hire IPO underwriters, the sources said, requesting anonymity because the matter is confidential. The listing could happen as soon as the end of 2024, depending on market conditions, the sources said. Solera has not finalized how much it plans to raise and the valuation it will seek for the IPO, the sources added. Vista declined to comment. Solera did not immediately respond to a request for comment. Westlake, Texas-based Solera is a software provider for the automotive and insurance industries with customers in more than 100 countries. Solera's offerings, which include fleet management software, also help manage tasks like collision claims, registration of vehicle titles, and vehicle repairs, according to its website. Solera also has an auto finance unit, which provides U.S. customers loans for buying cars. Vista's latest plans for Solera come after an earlier attempt to take the company public through a deal with a special purpose acquisition company in 2021 proved unsuccessful. The U.S. IPO market has yet to recover from two years of subdued activity, even as several high-profile names, including social media platform Reddit and cybersecurity software startup Rubrik, are preparing to go public in the coming weeks. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/markets/us/vista-equity-seeks-tap-banks-solera-ipo-sources-2024-03-13/
2024-03-13 22:03
March 13 (Reuters) - Oilfield services firm ProPetro (PUMP.N) , opens new tab said on Wednesday it has identified material weakness in its internal control over financial reporting. After the weakness in access to its accounting systems was identified, the company said it had found that there was no material misstatement , opens new tab in its consolidated financial statements for the year ended Dec. 31, 2023. Midland, Texas-based ProPetro was subject to a U.S. Securities and Exchange Commission investigation in 2019 when the company's board uncovered material weaknesses in its financial controls and an undisclosed related-party transaction with its former chief accountant. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. https://www.reuters.com/business/energy/propetro-flags-material-weakness-internal-control-over-financial-reporting-2024-03-13/
2024-03-13 21:47
March 14 (Reuters) - A look at the day ahead in Asian markets. A day of consolidation and narrow range-trading across world stocks on Wednesday gives Asian markets no clear direction on Thursday, allowing investors to gear up for next week's potentially seismic Bank of Japan policy meeting. The main event in Asia's economic calendar on Thursday is the release of Indian wholesale price inflation. This comes a day after figures showed annual consumer inflation was marginally hotter than expected in February, although industrial production fell short of expectations. Inflationary pressures, as measured by wholesale prices, remain muted. The last time annual wholesale price inflation was above 1% was almost a year ago, and prices were declining outright between April and October last year. Economists polled by Reuters expect annual WPI inflation to inch lower to 0.25%. Developments in Tokyo, meanwhile, suggest momentum is building toward the BOJ raising interest rates next Wednesday. This would end negative interest rate policy that has been in place for eight years, and would be the first rate hike in 14 years. Sources have told Reuters that the BOJ will debate raising rates if a preliminary survey on Friday on big firms' wage talks, to be released by union umbrella Rengo, is positive. Sustainable wage growth is seen as a key plank of ensuring Japan's decades-long battle with deflation is over. On Wednesday, car giant Toyota Motor agreed to give factory workers their biggest pay increase in 25 years, heightening expectations that bumper pay raises will be matched elsewhere, giving the BOJ the green light to move. A head of steam appears to be building. Representatives of government, labor and management held a tripartite meeting on Wednesday to push wage hikes across the country, and according to union sources, progress was made. Japanese stocks fell a mild 0.26% on Wednesday as the profit-taking from last week's record high continued. It was the fourth decline out of the last five sessions, suggesting traders may also be bracing for a BOJ move. The two-year JGB yield edged back above 0.20%, although the yen hardly moved. Meanwhile, fraught U.S.-Sino relations over trade, tech and spying took another twist on Wednesday after U.S. House of Representatives passed a bill that would give TikTok's Chinese owner ByteDance about six months to divest the U.S. assets of the short-video app, or face a ban. U.S. President Joe Biden said he wants the Senate to take give swift approval. The measure is the latest in a series of moves in Washington to respond to U.S. national security concerns about China, from connected vehicles to advanced artificial intelligence chips to cranes at U.S. ports. Elsewhere in Asia on Thursday, investors also await retail sales data from Indonesia, and industrial production and producer prices from Hong Kong. Here are key developments that could provide more direction to markets on Thursday: - India wholesale price inflation (February) - Indonesia retail sales (February) - Hong Kong producer price inflation (February) Get a look at the day ahead in Asian and global markets with the Morning Bid Asia newsletter. Sign up here. https://www.reuters.com/markets/asia/global-markets-view-asia-graphic-pix-2024-03-13/
2024-03-13 21:36
March 13 (Reuters) - JPMorgan Chase & Co (JPM.N) , opens new tab said on Wednesday its asset management division had hired Jon Maier, the former chief investment officer of Global X, to head a new global research effort focusing on exchange-traded funds (ETFs). Assets at J.P. Morgan Asset management's ETF division stood at $8.43 trillion at the end of 2023, having grown from $2.02 trillion in 2014 when the bank entered the ETF business, according to TrackInsight. The advent of actively managed ETFs in 2019 and the 2020 debut of the JPMorgan Equity Premium Income ETF , now a $33 billion fund, has helped the bank's asset management division expand more rapidly than some of its much larger rivals. The bank's assets grew nearly 50% in 2023, compared to 18% for BlackRock (BLK.N) , opens new tab and 25% for Vanguard and State Street Global Advisors, the two other ETF giants, data from VettaFi showed. "We think ETFs are hitting an inflection point, gaining market share from mutual funds," Bryon Lake, global head of ETF solutions at J.P. Morgan Asset Management, said in an interview. In his new role, Maier will conduct analysis and publish "ETF Insights" for investment clients. Maier left Global X - a dedicated ETF provider now owned by South Korea's Mirae Asset Financial Group - in December. Prior to becoming Global X's first chief investment officer in 2017, he had spent about eight years selecting ETFs to include in model portfolios offered by Merrill Lynch, earning for himself the moniker of "Mr. ETF," according to some of his peers. It is the latest significant move by a senior executive in the ETF sector in recent months. Late last year, State Street poached Anna Paglia, former global head of ETFs at Invesco (IVZ.N) , opens new tab, to serve in another newly-created role, that of chief business officer. At Invesco, Paglia oversaw the launch of more than 100 of that firm's ETFs. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/business/finance/jpmorgan-hires-former-global-x-chief-investment-officer-etf-strategist-2024-03-13/
2024-03-13 21:34
March 13 (Reuters) - Marlboro maker Altria (MO.N) , opens new tab said on Wednesday it plans to sell 35 million shares of brewer Anheuser-Busch InBev (ABI.BR) , opens new tab. Altria currently holds about 197 million shares of AB InBev, representing approximately 10% ownership. As of last close, the share sale is worth $2.26 billion, according to Reuters calculations. Altria plans to sell some of AB InBev's American depositary shares in the United States, as well as a private placement for the brewer's ordinary shares in the European Economic Area and the United Kingdom, the tobacco giant said. AB InBev has agreed to repurchase $200 million of ordinary shares directly from Altria upon completion of the offering. AB InBev's U.S.-listed shares were down 3.6% at $63.26 in extended trading. Get U.S. personal finance tips and insight straight to your inbox with the Reuters On the Money newsletter. Sign up here. https://www.reuters.com/markets/deals/altria-plans-sell-35-million-ab-inbev-shares-2024-03-13/
2024-03-13 21:33
WARSAW, March 13 (Reuters) - A Polish coal mine near the Czech border will be able to continue operating for now, the state news agency PAP reported on Wednesday, following the latest in a series of contradictory court rulings. The previous nationalist Law and Justice (PiS) government resisted attempts led by environmental campaigners to close the mine at Turow, which supplies lignite to an adjacent power plant responsible for 8% of Poland's energy. On Wednesday, PAP reported a court had overturned a 2022 decision that allowed the mine to continue operations. However, it reported the court had not ruled on policy, meaning the mine can still operate. The main Turow case is pending at a Warsaw administrative court that will rule on a government decision dating from February 2023 that would allow Turow to continue mining until 2044. "The judgment regarding the environmental decision does not result in the suspension of the operation of the Turow mine. The state's energy policy was not subject to the court's assessment," PAP cited the court as saying. Environmental groups have long criticised the environmental impact of the open-pit mine, and filed several lawsuits aimed at halting its operations. "PGE GiEK is waiting for written justification of the judgment and is analyzing further steps in this case," state-controlled utility PGE (PGE.WA) , opens new tab unit, which owns the Turow mine and adjacent power plant, wrote in a statement. The present government, elected last October, has said it wants to kickstart the country's transition to lower carbon energy. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/europe/polish-court-allows-turow-coal-mine-stay-open-now-2024-03-13/
