Beyond Meat Stock Gyrates on Sales Miss, McDonald’s Pact
Bloomberg 2/25/2021 Deena Shanker and Leslie Patton
(Bloomberg) Beyond Meat Inc. shares gyrated sharply in after-market trading on Thursday as agreements with McDonald’s Corp. and Yum! Brands Inc. two of the largest fast-food companies in the world were offset by sales that missed expectations.
The stock sank 3.3% at 5:21 p.m. in New York. Competing news releases from the faux meat maker whipsawed the shares, with lackluster sales first sending them down as much as 11%, before news of the partnerships with Yum and McDonald’s caused a sharp reversal.
(Bloomberg) Singapore’s richest property dynasty vowed to get back on course after a S$1.78 billion ($1.3 billion) writedown on a Chinese deal led to a record annual loss.City Developments Ltd.’s net loss of S$1.9 billion for the year ended Dec. 31 was its first since the early 1970s, thanks to the impairment on its investment in China’s Sincere Property Group.“We must now forget about all these old subjects,” Chairman Kwek Leng Beng said at a briefing on the results Friday. “I want to go to the next chapter to grow the company. I don’t want to keep talking about Sincere.”While the pandemic has also battered its hotel revenue and rental income, the acquisition of a majority stake in Chongqing-based Sincere last April has proved to be an onerous investment, creating a rift in a family dynasty that’s worth $16.5 billion, according to last year’s Bloomberg Billionaires Index list of Asia’s richest clans. Three
Ares’s $1 Billion AMP Deal Puts It in Infrastructure Big League
Bloomberg 2/26/2021 Nabila Ahmed and Harry Brumpton
(Bloomberg) Ares Management Corp.’s deal for a $1.1 billion holding in the infrastructure and real estate unit of Australia’s oldest wealth manager puts it on course to become one of the industry’s major players.
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The agreement to buy a 60% stake in AMP Capital’s private markets business gives the Los Angeles-based alternative asset manager control over a A$60 billion ($47 billion) global portfolio of infrastructure and real estate investments, from airports in London and Melbourne and fiber in Sweden to shopping malls and office buildings across Australia.
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HSBC to Prune Investment Bank to Fund Expansion in Asian Wealth
Bloomberg 2/23/2021 Harry Wilson and Ambereen Choudhury
(Bloomberg) HSBC Holdings Plc will shift billions of dollars of investment to Asia’s faster growing economies as it looks to become the go-to bank for the region’s wealthy.
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The London-based bank said it would divert capital from its investment bank in Europe and the U.S. to fund the expansion of its Asian businesses. Europe’s largest lender said it would spend more than $6 billion over the next five years to expand its Asian operations, in particular its wealth management arm.