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    Custom foods manufacturer SK Food Group, Inc. announced that it would invest $205.2 million to construct a production facility in Cleveland, Tennessee. .@SKFoodGroup1 will invest $205M+ to construct its fourth production facility with Cleveland, Tennessee, as its newest location. Thanks to the food manufacturers significant investment, Bradley County will see the creation of 840 new jobs by 2030. https://t.co/JU7U3zfRJp pic.twitter.com/zqJnQuUWnv — TNECD (@TNECD) January 19, 2023 SK Food Group was founded in 1942 as a mobile catering company in Seattle. Now, the company supplies handcrafted sandwiches, wraps, snacks, flatbreads, burgers, protein snacks, and more to food service brands across the U.S. and Canada. Examples of the company’s type of customer base include Fortune 500 companies, airlines, retailers, convenience stores, fast-food restaurants, and neighborhood cafés. The company’s new 525,000-square-foot manufacturing facility in Cleveland is expected to create approximately 840 new jobs in Bradley County by 2030, according to a press release by the Tennessee Department of Economic and Community Development (TNECD). The company’s new production facility will be located on Lot 1 in the Spring Branch Industrial Park in Cleveland....
    Tom Williams/AP Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.There is something odd about the relationship between GOP fabulist George Santos and Andrew Intrater, a sophisticated and wealthy New York financier, Republican donor, and cousin to sanctioned Russian oligarch Viktor Vekselberg. Intrater was one of Santos’ top political donors. At Santos’ behest, he invested hundreds of thousands of dollars with a firm where Santos worked. And even after this company was accused by the Securities and Exchange Commission of running a Ponzi scheme that threatened Intrater’s investment, Intrater and his domestic partner continued to pour money into Santos’ political campaign. What’s the explanation for his curious and sustained support for Santos? Intrater, Mother Jones has learned, the wealthy head of a sizable investment fund—seemingly as savvy an investor as they come—has told associates that he, like others, was conned by Santos.  The bizarre tale of Santos, the world-champion Long Island liar and conniver who’s now in Congress, has myriad subplots: his alleged criminal past in Brazil, the mysterious origins of millions...
    Hundreds of new Campbell Soup Co jobs are expected to relocate to New Jersey with the consolidation of snack business offices in Connecticut and North Carolina, the food giant's officials announced. Campbell's is moving an estimated 330 jobs to its Camden location, bringing the total jobs there to 1,600.  "We’re reimagining our Camden Headquarters, our home for more than 150 years, and investing $50 million to make a great space even better," the company said in a press statement on Wednesday, Jan. 18. The company is consolidating its Snacks offices in Charlotte, NC, and Norwalk, CT. "With one headquarters, we’ll accelerate our plan to build a winning team and culture by investing in our campus and our people." Construction in Camden will start in March, the company said.
    A company which handles investments for sprinting legend Usain Bolt is now under investigation after reports that he may have lost millions of pounds to fraud. Bolt is believed to have a net worth in the region of £70m after a career which has seen him widely regarded as one of the greatest sportsmen of all time. In his prime he was making tens of millions a year with Forbes revealing he had netted over £25m in the 12 months prior to his final Olympics in 2016. Usain Bolt, pictured on a private jet,  is estimated to have a net worth in the region of £70m RELATED ARTICLES Previous 1 Next Teenage figure skater Kamila Valieva cleared by Russia over... Gold Coast mayor says the glitter strip should take over... Share this article Share Financial authorities in Jamaica have now said they are investigating allegations of fraud at Stocks & Securities Ltd, a private wealth management company based in the capital of Kingston, Jamaica.  In a report in the Jamaica Gleaner, Bolt´s manager,...
    MAJOR investment firm Goldman Sachs is getting out of the personal loan business. Marcus by Goldman, the online division of the company focused on consumer lending, will soon be folded into another part of the bank. 1Investment bank Goldman Sachs will no longer be offering personal loansCredit: Getty Although Marcus by Goldman is no longer taking on new borrowers, it's not yet clear what will happen with its existing loans, Bankrate reported. In the short-term, borrowers will need to continue making their payments. Credit cards and investment accounts managed by the company also won't be deactivated. Goldman's decision to leave the personal loan business was made public by Bloomberg last month. The news came just weeks before the bank initiated a big wave of layoffs, the New York Times reported. Around 3,200 workers, or more than 6percent of the company's staff, have lost their jobs. The situation at Goldman was fueled in part by the bank's unsuccessful foray into consumer lending market amid rising interest rates and the uncertain economic outlook for 2023. This is why in October the bank...
    Governor Brian Kemp announced that solar panel manufacturer Qcells would invest $2.5 billion to build two new factories in Georgia, a significant expansion after the company opened the largest solar panel factory in the western hemisphere in Dalton in 2019. “I am honored to announce the growth of Qcells in Georgia for a second time in less than a year,” Kemp said in a press release. “With a focus on innovation and technology, Georgia continues to set itself apart as the number one state for business. Combined with our robust logistics infrastructure, top-ranked workforce training program, and collaborative approach, Georgia provides a business-friendly environment that means jobs for hardworking Georgians in every corner of the state and success for both existing and new companies. We’re excited for Qcells’ continued success in the Peach State.” Kemp made the announcement while highlighting his second-term policy goals at the Georgia Chamber of Commerce’s Eggs and Issues, according to social media from the chamber. The Qcells expansion is part of the company’s plan to reduce supply chain challenges in the industry. “Today’s announcement positions...
    Rumors spread on Tuesday night that WWE had completed a sale to the Saudi Arabia’s Public Investment Fund, but that has since been unconfirmed. Here is everything you need to know. It has been quite the week for WWE. Last week, the Wall Street Journal reported that Vince McMahon was planning his return to the company after stepping away due to allegations of sexual misconduct and hush money payments. His plan to return was to oversee a potential sale of the company.  On Tuesday night, Stephanie McMahon announced that she was resigning as co-CEO of WWE, meaning Nick Khan would be the sole CEO of the company. Oh, and the company announced that Vince was unanimously elected the board’s executive chairman. Then, rumors began to spread on social media, sending wrestling Twitter ablaze. There were various tweets from reporters indicating that WWE had closed a deal with the Saudi Arabia Public Investment Fund regarding a sale of the company. That has yet to be confirmed. Here’s everything you need to know regarding the rumored sale of WWE.Everything you need to...
    World Wrestling Entertainment, Inc. has reportedly been sold to Saudi Arabia's Public Investment Fund. The company will become private, according to DAZN reporter Steven Muehlhausen, who added that it is unknown whether founder and former CEO Vince McMahon, who recently returned to the company as executive chairman, will return as the head of creative. WWE CEO STEPHANIE MCMAHON ANNOUNCES RESIGNATION AMID FATHER'S RETURN The report of the sale comes just hours after CEO Stephanie McMahon, Vince's daughter, announced her resignation from the company. She had stepped in following her father's departure as CEO earlier this year amid a sexual misconduct investigation. Stephanie McMahon's departure leaves Nick Khan as the sole CEO. Her husband, Paul "Triple H" Levesque, is the chief content officer. Another report has stated that the deal has been agreed to in principle, but won't be finalized until WWE notifies shareholders and other parties because it is a publicly-traded company. Critics of the reported sale pointed out on Twitter that capital punishment is possible in Saudi Arabia for being a part of the...
    Microsoft is considering investing up to $10 billion into the developer of a chatbot that can create essay-length answers and solve difficult problems, a consideration reflective of growing interest in the company's AI products. The software giant has been meeting with the artificial-intelligence-focused foundation OpenAI with the intent of investing billions into the company following its successful launches of AI image generators and the textbot ChatGPT, according to Semafor. These same investments are being considered at the same time that Microsoft is considering using ChatGPT to enhance its Bing search engine. CHINA IMPLEMENTS NEW RULES TO REGULATE 'DEEPFAKES' AND AI ART The investment could involve other venture firms and would value OpenAI at $29 billion. It remains unclear if the deal has been finalized, but documents sent to investors outlined an intended close at the end of 2022. The valuation echoes similar estimates provided to investors about selling shares for the company. Microsoft invested $1 billion in OpenAI in 2019 in an initial investment and has established a strategic partnership with the company to develop advanced...
    Governor Bill Lee and the Tennessee Department of Economic and Community Development (TNECD) posted their picks for the top five new business investments in the state during 2022. In all, about 100 projects were supported by TNECD statewide in 2022, resulting in more than 16,000 jobs and $8.6 billion in private investment, according to the department. Tennessee’s historic achievements in 2021 served as a catalyst for continued success in 2022. Keep reading to see which projects topped the Volunteer State’s list this year & contributed to 16,000+ new job commitments and $8B+ in capital investment. ➡️ https://t.co/AqMoUd5VOJ pic.twitter.com/FhX7auFFw8 — TNECD (@TNECD) December 27, 2022 TNECD’s top five projects in 2022 were: Landmark Recovery’s $7.5 million expansion in Franklin County, bringing approximately 1,300 new jobs to the area. Landmark Recovery provides individual recovery plans for those dealing with substance abuse issues. The company’s expansion project was announced one year after relocating its corporate operations from Arizona to Tennessee. LG Chem’s $3.2 billion foreign investment in Montgomery County, creating 860 new jobs. The company’s investment marked the largest foreign...
    In this article FTT.CM= DAVE Follow your favorite stocksCREATE FREE ACCOUNTFTX founder Sam Bankman-Fried leaves following his arraignment in New York City on December 22, 2022.Ed Jones | AFP | Getty ImagesOf the billions of dollars in customer deposits that disappeared from FTX in a flash, $200 million was used to fund investments in two companies, according to the Securities and Exchange Commission, which charged founder Sam Bankman-Fried with "orchestrating a scheme to defraud equity investors." Through its FTX Ventures unit, the crypto firm in March invested $100 million in Dave, a fintech company that had gone public two months earlier through a special purpose acquisition company. At the time of the deal, the companies said they would "work together to expand the digital assets ecosystem." The other deal the SEC appears to have referenced was a $100 million investment round in September for Mysten Labs, a Web3 company. In total, it was a $300 million funding round that valued Mysten at $2 billion and included participation from Coinbase Ventures, Binance Labs, and Andreessen Horowitz's crypto fund. While...
    by Rupert Darwall   ESG investment strategies can see investors giving up financial returns for no societal gain. In the second of his four part review of Terrence Keeley’s Sustainable, Rupert Darwall explores the implications of investment theory for ESG artificially constraining investment opportunities; the risks of regulators worsening an already inflated ESG bubble; and the distortions that arise from the widespread adoption of sustainability as an investment concept lacking an objective definition. Terrence Keeley’s burial of ESG commences with an acknowledgment of sin. Specifically: contrary to the ESG investment postulate that shunning so-called sin stocks is good for society and boosts investor returns, sin stock exclusion does neither. “Social activists seem impervious to one common-sense principle of finance: adequate funding is invariably found when the underlying commercial activity it supports is broadly legal and generates acceptable returns.” Academic studies evaluating investor returns show that it is often better to be “bad” than “good,” and sin shares have historically outperformed the broader market, their higher dividends benefiting investors who chose not to divest. Because Keeley is a former advisor...
    DON EMMERT/AFP Former CNN chief Jeff Zucker is back in the media business as he has been tapped to lead a sports-and-media investment firm. Zucker will lead RedBird Capital Partners, which will have a $1 billion joint venture with Abu Dhabi-based International Media Investments. According to The Wall Street Journal, which first reported this development on Tuesday, Zucker “will focus on building, buying and investing in sports, media and entertainment entities around the world.” “It’s a time of tremendous change in large part because of technology,” Zucker told the Journal. “This is also an incredibly exciting time around what comes next.” According to the Journal: Both RedBird and IMI already have sizable investments in sports and media properties. RedBird owns a minority stake in Fenway Sports Group, the owner of the Boston Red Sox and the Liverpool Football Club; a stake in SpringHill Co., LeBron James’s entertainment company; and a stake in Skydance Media, the entertainment company started by film producer David Ellison. Meanwhile, IMI owns all or a piece of a number of media companies in the United Arab...
    by Jack McEvoy   The world’s second-largest asset manager Vanguard announced Wednesday that it was leaving the Net-Zero Asset Managers initiative (NZAM), a collective of financial institutions that support investments aimed at reducing global carbon emissions. Vanguard’s move came after several Republican attorneys general called on the Federal Energy Regulatory Commission (FERC) to prevent the company from purchasing publicly traded utilities due to the firm’s previous climate commitments. On Nov. 28, 13 Republican attorneys general urged FERC to determine whether Vanguard should be allowed to buy utility stocks, as the company has allegedly colluded with other asset managers via NZAM and pressured utilities to reduce fossil fuel use which would have violated federal law, according to legal documents. Vanguard is now withdrawing from NZAM as the company wants to prove to investors that it makes climate-related investing decisions independently and does not want to restrict its investment options, according to a company press release. “Vanguard’s decision to leave the Net-Zero Asset Managers initiative is a victory for the retirement accounts of hard-working Kentuckians and the energy needs of our Commonwealth,” Kentucky Attorney General...
    Arizona State Treasurer Kimberly Yee (R) shared in a statement Thursday that her office has made significant divestments from investment company BlackRock following concerns that CEO Larry Fink was using the company to spread his political beliefs. “The Arizona Treasury has received many questions, comments and concerns in the past few months regarding BlackRock, as several states have recently announced they are no longer investing with BlackRock,” said Yee. “We will continue to fight back against the dangerous path of companies pushing their social issues and wokeism inside of the investment space and return to traditional money management that puts the people first.” At the beginning of this year, I led in the national divestment effort to remove any exposure we had with BlackRock. In February of 2022, my office divested more than $543 million from BlackRock money market funds and reduced our direct exposure to BlackRock by 97% this year. https://t.co/z6hrTv3d3L — Kimberly Yee (@KimberlyYeeAZ) December 8, 2022 Yee clarified that Arizona has never held a contract with BlackRock for investments and only used the company for “money...
    Fanatics CEO and co-chair Michael RubinShareif Ziyadat | Filmmagic | Getty Images Michael Rubin's sports platform company Fanatics has raised $700 million in fresh capital, pushing its value to $31 billion, according to people familiar with the matter. The company plans to use the new money to focus on potential merger and acquisition opportunities across its collectibles, betting and gaming businesses, one of the people said. Fanatics declined to comment. The round was priced and led by a new investor, Clearlake Capital, in addition to LionTree. The existing investors in the new raise include Silverlake, Fidelity, and Softbank. Fanatics was previously valued at $27 billion. In March, the company raised $1.5 billion led by Fidelity and Blackrock and Michael Dell's MSD Partners. Fanatics has seen rapid growth over the past year. What began as an e-commerce company selling sports gear has evolved into a sports powerhouse that has collected a database of more than 94 million fans. The Florida company has expanded into the collectables business through its purchase of Topps in January and will enter the very crowded...
    In this article FFollow your favorite stocksCREATE FREE ACCOUNTFord F-150 Lightning trucks manufactured at the Rouge Electric Vehicle Center in Dearborn Michigan.Courtesy: Ford Motor Co.DETROIT – About 65% of Ford Motor's dealers have agreed to sell electric vehicles as the company invests billions to expand production and sales of the battery-powered cars and trucks, CEO Jim Farley said Monday. About 1,920 of Ford's nearly 3,000 dealers in the U.S. agreed to sell EVs, according to Farley. He said roughly 80% of those dealers opted for the higher level of investment for EVs. Ford offered its dealers the option to become "EV-certified" under one of two programs — with expected investments of $500,000 or $1.2 million. Dealers in the higher tier, which carries upfront costs of $900,000, receive "elite" certification and be allocated more EVs. Ford, unlike crosstown rival General Motors, is allowing dealers to opt out of selling EVs and continue to sell the company's cars. GM has offered buyouts to Buick and Cadillac dealers that don't want to invest to sell EVs. Dealers who decided not to invest in...
    Binance's Co-founder & CEO Changpeng Zhao has given several interviews discussing the outlook for cryptocurrency following a turbulent couple of weeks in the market.NurPhoto / Contributor / Getty Images Cryptocurrency exchange Binance on Thursday announced new details about its industry recovery fund, which aims to prop up struggling players in the wake of FTX's calamitous bankruptcy. In a blogpost, Binance said it will devote $1 billion in initial commitments to the recovery fund. It may increase that amount to $2 billion at a point in time in the future "if the need arises," the company added.related investing newsAs Coinbase shares slide, Morgan Stanley lists major firms with potential FTX exposureGanesh Rao2 days agoIt has also received $50 million in commitments from crypto-native investment firms including Jump Crypto, Polygon Ventures, and Animoca Brands. Binance CEO Changpeng Zhao shared the public wallet address showing its initial commitment and said: "We do this transparently." Public blockchain data reviewed by CNBC showed a balance of around $1 billion in Binance's own BUSD stablecoin. BUSD is a stablecoin issued by blockchain infrastructure firm Paxos and...
    A Taiwanese chipmaking giant intends to invest billions into adding to its semiconductor factory in Arizona, a move expected to improve the United States's ability to compete with China in innovation and one that follows the passage of major legislation subsidizing domestic chip production. The Taiwan Semiconductor Manufacturing Company, or TSMC, is preparing to expand its efforts in the coming months to provide chip manufacturing facilities in the U.S., according to the Wall Street Journal. The factory will be built alongside a chipmaking facility that the company agreed to build in 2020. While the company has not announced how much it is investing in the new factory, it is expected to cost $12 billion, like its sister factory. MARK ZUCKERBERG ANNOUNCES LAYOFF OF 11,000 EMPLOYEES A spokesperson confirmed that the company is building a second facility near its first Arizona factory site. The company said that it is considering using it to build more advanced semiconductor technology but has not yet finalized its commitment to doing so. The future factory is part of a more...
    Tom Brady's difficult 2022 has gotten worse, as the Bucs star and his ex-wife Gisele Bundchen have been caught up in the crash of cryptocurrency exchange FTX. FTX saw more than $6billion in withdrawals in the 72 hours leading up to Tuesday, and the market value of the exchange crashed by 70 percent this week as concerns about its financial health mounted. The company's CEO Sam Bankman-Fried lost an estimated $14.6bn - 94 percent of his net worth - overnight, according to Bloomberg, after FTX struck a bailout deal with rival company Binance. While neither Brady or Bundchen are expected to see losses to the magnitude of Bankman-Fried, the company's recent developments could certainly leave a dent. The ex-couple took an equity stake in the company last year, with Brady announced as a brand ambassador and Bundchen an environmental and social initiatives adviser. The ex-couple's net worth is estimated to be $650million. Tom Brady and now ex-wife Gisele Bundchen struck an equity deal with FTX last year but could lose their investment. The market value of the exchange crashed by...
    In this article RIDE RIDE Follow your favorite stocksCREATE FREE ACCOUNTSignage outside Lordstown Motors Corp. headquarters in Lordstown, Ohio, on Saturday, May 15, 2021.Dustin Franz | Bloomberg | Getty ImagesStruggling electric truck startup Lordstown Motors still plans to deliver the first examples of its Endurance pickup truck before the end of the year, the company said Tuesday, a day after it announced a new investment from Taiwanese contract manufacturer Foxconn. Lordstown said that it is now building the Endurance at "a very slow rate" while it works to build out its assembly line and awaits final regulatory approval to sell the trucks. The company now expects to build about 30 pickups for sale by year-end, and to complete the remainder of the first batch of 500 trucks by the end of June 2023. Lordstown said in late September that it hoped to build 50 trucks by year-end. To date, it has completed 12 trucks. Lordstown's shares were up over 15% in premarket trading on Tuesday. The company said late on Monday that Foxconn, which already owns a stake in...
    Share this: The city comptroller announced Monday the nomination of Taffi Ayodele, a finance veteran with years of experience, to the position Director of Diversity, Equity and Inclusion & Emerging Manager Strategy for the Bureau of Asset Management. The bureau is responsible for the oversight of the city’s retirement systems and the five pension systems. The portfolio amounts to over $240 billion dollars, and is largely invested in publicly traded securities, as well as private equity, real estate, infrastructure, hedge funds and opportunistic fixed income investments. Taffi Ayodele is a “seasoned executive” with various experience in finance, technology and real estate, according to the comptroller’s office. She began her career at Blaylock Van (BRV), the longest continually operated African American investment banking and financial services company. Prior to joining the comptroller’s office, she served as a principal with Harpia Asset Management, an MBE certified, New York-based real estate investment and development company that emphasizes socially responsible investing and sustainable development.
    Getty Joel Embiid #24. Not much is going right for the Philadelphia 76ers on the court. The transition defense is putrid, Joel Embiid looks a shell of his near-MVP self, and the revamped bench is a) not getting enough time and b) failing to do anything with the limited minutes it does receive. On Wednesday night, the Sixers dropped yet another game, this time to the Toronto Raptors, bringing their early season record to 1-4 through five games. But while things might be going poorly for the Sixers on the floor, off-court, the team’s two biggest stars just made a major move. On Tuesday, it was reported by Eben Novy-Williams of Sportico that Joel Embiid and James Harden would become part-owners of Mitchell & Ness, a sports apparel company founded in Philadelphia in 1904. Embiid and Harden are joined by a slew of other stars, including LeBron James, Kevin Durant, and Chris Paul. The investment doesn’t come as a complete shock, especially given another of Mitchell & Ness’ recent financial deals. Former 76ers Owner Buys Mitchell & NessLast...
    Hunter Biden's real estate company received a $40million investment from a Russian oligarch, new emails reveal. The relationship between the president's son and Yelena Baturina, the billionaire widow of a corrupt Moscow mayor, has already been flagged as alarming by a Senate report after she mysteriously wired $3.5million to a company linked to Hunter. Baturina's brother Viktor Baturin told DailyMail.com the money was 'a payment to enter the American market.' But DailyMail.com can now reveal that Hunter's  financial relationship with Baturina was far more extensive, with her firm investing $40million in a real estate venture by Hunter's company Rosemont Realty. In 2012 Hunter's firm had a $69.7million plan to invest in 2.15million sq ft of office space in seven US cities. Documents outlining the plan said the money came from a mix of investors, including $40million from Inteco Management AG, a Swiss company owned by Baturina. The Inteco group is a plastics and construction behemoth that made Baturina the richest woman in Russia at the time. She has a current net worth of $1.4billion according to Forbes. Hunter Biden's company...
    SAN CARLOS — A Bay Area paint company that’s operated for three-quarters of a century as an independent business has been bought by a private equity investment firm from Florida. Kelly-Moore Paints, founded in 1946, has been bought by Flacks Group, an investment firm with assets topping $2 billion that seeks to buy companies whose brands are viewed as out of favor. “We will have the resources and ability to continue to innovate and deliver the best products and experiences to our customers in the professional paint industry and remain highly competitive in the marketplace” with the new ownership structure, said Steve De Voe, chief executive officer of Kelly-Moore Paints. The deal ends 76 years of independent ownership of Kelly-Moore, one of the Bay Area’s best-known paint brands. “Since 1946, the company’s high-quality products have exemplified American manufacturing and its exceptional service has earned the company a loyal customer base,” said Charles Gassenheimer, managing director with Flacks Group, in discussing the purchase of Kelly-Moore Paints. San Carlos-based Kelly-Moore and Miami-based Flacks Group didn’t disclose the terms of the transaction. Based...
    by Rich Weinstein and Allen Mendenhall   The mutual fund industry has gone “woke.” It’s not just the asset managers who screen socially “unacceptable” companies in industries involving, say, guns, fossil fuels, tobacco, or gambling. Those have been around for decades. No, there’s something else amiss. And if you’re investing your hard-earned money, you might be part of the problem. You see, when you invest in a mutual fund, you’re placing your money with an investment company that buys the shares of numerous corporations. The investment company is the owner of the corporations — it is the shareholder — and you are not. The investment company votes the corporate proxies. You do not. You may not know it, but these investment companies are, in many cases, focusing your money on political causes with which you disagree. For instance, if you disagree with any of the three prongs of ESG — environmental, social, or governance — you may be surprised to learn that your mutual fund supports them. And powerful investment companies are strong-arming corporate boards of directors to embrace...
    He once oversaw the visits of foreign heads of state meeting with President Ronald Reagan, helped vet candidates for presidential appointments, and later helmed a major Hollywood film distribution company. Now, William Sadleir is heading to federal prison after admitting that he defrauded a New York investment fund out of millions, according to the US Attorney's Office in the Southern District. Sadleir, age 68, of Beverly Hills, California, was sentenced to six years behind bars Friday, Sept. 9, in a Manhattan federal courtroom. It followed his January 2022 guilty plea to two counts of wire fraud. Federal prosecutors said Sadleir, who was the chairman and CEO of Aviron Pictures from 2015 to 2019, took part in two fraud schemes tied to an approximately $75 million investment that the fund made in Aviron. They included creating a sham advertising company, along with a corresponding bank account in the name of the fake company, prosecutors said. The investment fund poured millions of dollars into Aviron, which Sadleir led them to believe was being invested in pre-paid media credits with the...
    by Jack McEvoy   The world’s largest asset manager, BlackRock, responded to more than a dozen Republican attorneys general explaining its approach to environmental, social and corporate governance (ESG) investing after the attorneys general alleged that the company is violating its fiduciary duties, according to a company letter. A group of 19 Republican attorneys general sent a letter Aug. 4 to BlackRock in response to BlackRock chief client officer Mark McCombe’s claims that the company does not have a stance on energy investments and merely offers clients a range of investment options in the energy sector. The attorneys general argued that BlackRock used its management of state pension funds to pressure companies to comply with its climate agenda. BlackRock’s senior managing director Dalia Blass released a response to the attorneys general on Tuesday saying that the asset manager, which manages roughly $8.5 trillion worth of investments, never forced firms to adhere to specific emissions targets and does not coordinate its investment decisions or shareholder voting with climate activist parties, according to a letter. “While BlackRock participates in a wide variety of organizations...
    New York (CNN Business)It looks like Jake from State Farm won't need to worry about protecting his home from burglars. The insurance giant announced a big investment in home security company ADT Tuesday. Shares of ADT soared more than 14% on the news in early trading.State Farm is making a $1.2 billion investment in ADT (ADT), a deal that will give State Farm a 15% stake in the company. State Farm is buying ADT shares at a price of $9, a nearly 25% premium to where the stock closed on Friday.State Farm also said it will commit $300 million specifically to help fund product innovation and marketing."These new and expanded partnerships represent another bold step forward for our company and provide ADT more avenues to grow our customer base, strengthen brand loyalty and lower customer acquisition costs," said ADT president and CEO Jim DeVries in a press release. State Farm Chief Operating Officer Paul Smith added in the release that the deal with ADT "gives State Farm the opportunity to provide smart home technology that takes us from our 'repair...
    by John Hugh DeMastri   First Solar announced plans to invest $1.2 billion into production of U.S.-made photovoltaic (PV) solar modules in Ohio and the southeastern U.S., joining a growing list of companies developing green energy initiatives in Republican-controlled states. First Solar announced that it would invest $185 million into “upgrading and expanding” its manufacturing capabilities in three factories in northwestern Ohio, which the company describes as the “largest vertically-integrated complex of its kind in the Western Hemisphere,” as well as investing $1 billion in a new plant in the American Southeast, according to a press release. The solar company is the latest in a slew of billion-plus-dollar investments in green energy initiatives, spearheaded by automakers, seeking to take advantage of tax credits offered under the Inflation Reduction Act by constructing or retrofitting production facilities in Republican-controlled states. “Solar’s going to be investible again,” said First Solar CEO Mark Widmar to The Wall Street Journal. Depending on how regulation is interpreted, First Solar’s new plant could generate anywhere from $140 million to $630 million, the WSJ reported, citing Roth Capital Partners. In passing the #InflationReductionAct,...
    Ventcon, Inc. officials announced on Tuesday that the company will invest $6.7 million in Madison County to establish its first manufacturing operations outside of the company’s headquarters in Allen Park, Michigan. According to a press release by the Tennessee Department of Economic and Community Development (TNECD), Ventcon will create 75 new jobs in Madison County as part of the company’s expansion to the southeastern U.S. With the addition of 75 new jobs in Jackson, the company will employ more than 250 people between its operations in Michigan and Tennessee. Ventcon, Inc. will invest nearly $7M in Jackson to establish the companys first manufacturing operations outside of its HQ in Allen Park, Michigan. As a result of this project, the HVAC duct fabricator will create 75 new jobs in Madison County. https://t.co/msik1aKAt2 pic.twitter.com/zps3jAf10t — TNECD (@TNECD) August 23, 2022 “When companies choose to invest in Tennessee, it’s a testament to our strong business climate and highly skilled workforce. I thank Ventcon for its decision to establish operations in Madison County and create 75 new manufacturing jobs so that Tennesseans...
    In this article UBER 9984.T-JP VIDEO2:5202:52SoftBank posts a record $23.4 billion loss for the June quarterStreet Signs EuropeSoftBank on Monday disclosed that it sold its remaining stake in U.S. ride-hailing giant Uber as the Japanese conglomerate looks to raise cash amid mounting losses at its investment unit. The move comes after SoftBank's Vision Fund, its technology investment vehicle, reported a 2.93 trillion Japanese yen ($21.68 billion) loss for the June quarter, one of its highest on record. SoftBank said that it sold its Uber holdings at some point between April and July at an average price of $41.47 per share. SoftBank said the average cost per share was $34.50, so the company sold the Uber stake at a profit. The Japanese giant did not say how much the sale of Uber brought in for the company nor the size of the stake it offloaded. SoftBank invested in Uber in 2018 and again in 2019 to become its biggest shareholder at one point. Last year, SoftBank sold about a third of its stake in Uber, CNBC reported. It has now offloaded whatever...
    Duksan Electera America, Inc. officials announced Wednesday that the company will invest $95 million to locate its first North American manufacturing facility in Shelbyville, Tennessee. Duksan Electera is a branch of the South Korean-based Duksan Group, an advanced material manufacturer. Duksan Electera America, Inc. will locate its first North American manufacturing operations in Shelbyville, Tennessee. The Korean electrolyte manufacturer will create more than 100 new jobs and invest $95 million in Bedford County. https://t.co/JUlVka0ZGO pic.twitter.com/C3R34dCNwc — TNECD (@TNECD) July 27, 2022 “Companies choose to call Tennessee home because of our strong business climate and highly skilled workforce,” Governor Bill Lee said in a statement. “I commend Duksan Electera for choosing to locate its first North American manufacturing facility in Bedford County and thank this company for creating opportunities for Tennesseans to thrive.” According to a press release by the Tennessee Department of Economic and Community Development (TNECD), Duksan Electera America was founded in 2021 as a subsidiary of Duksan Technopia Co., Ltd. Duksan Electera supports its parent company through the manufacturing of electrolytes for the electric vehicle battery...
    TechnologyAdvice, LLC officials announced this week that the company would invest $2.7 million to expand its headquarters and other back-office functions in Nashville, Tennessee. .@Technology_Adv will expand its headquarters and other back-office functions at the companys Perimeter Hill Drive location in Nashville. Through this project, the full-service marketing company will create a total of 350 new jobs in Davidson County. https://t.co/ncb4go1GD0 pic.twitter.com/S2t0ZLapCK — TNECD (@TNECD) July 18, 2022 “We are proud to be a company founded in Tennessee and to grow our impact locally with top talent,” TechnologyAdvice, LLC Founder and CEO Rob Bellenfant said in a statement. “As our business and employee footprint expands across the globe, we remain committed to investing in the region and fostering growth in the community that gave us our start.” TechnologyAdvice is a business-to-business (B2B) technology marketing platform that delivers marketing and data information to technology companies, helping them find their ideal clients, according to a press release by the Tennessee Department of Economic and Community Development (TNECD). TechnologyAdvice’s headquarters is located at 3343 Perimeter Hill Drive in Nashville. The company’s...
    Tennessee Hills Distillery officials announced Monday that the company will invest $21.3 million to expand in Northeast Tennessee by adding a Bristol location to serve as the company’s new headquarters. The company’s newest investment joins its existing operations in Jonesborough and Johnson City. Tennessee Hills Distillery will invest $21M to construct an automated distillery, which will be housed in the companys new Bristol headquarters. The new Sullivan County location will join the companys other operations in Johnson City and Jonesborough. https://t.co/vPGenGwS7G pic.twitter.com/ewiaN5FArW — TNECD (@TNECD) July 18, 2022 Tennessee Hills Distillery was founded in Jonesborough in 2014 and is a subsidiary of Rugged American Spirits. The company is well-known for establishing its first distillery in a historic salt house in Tennessee’s oldest town, and for partnering with East Tennessee State University to build a brewing and distillation sciences program, according to a press release by the Tennessee Department of Economic and Community Development (TNECD). “We are so grateful for the support Tennessee Hill Distillery has received the last eight years enabling us to grow into a super-regional brand,”...
    Hypen automated kitchen solutions.Courtesy: Hyphen Chipotle said Thursday it's investing in two companies that have the potential to accelerate its growth − one that automates kitchen operations and another that makes plant-based versions of chicken and steak with mushrooms. The Newport Beach, California-based company said Cultivate Next, its $50 million venture fund, will invest in Hyphen and Meati Foods. Hyphen uses robotics to automate portioning out bowls and plates without the need for staff, Chipotle said in a release. Hyphen says its technology can make over 350 meals an hour. The investment comes amid nationwide staffing shortages and is not Chipotle's first foray into automation investment. Last year, the company invested in Nuro, an automated delivery company, before creating its Cultivate Next fund. And his year, the company piloted Chippy, an autonomous machine that cooks and seasons Chipotle chips. Meati Foods, which received the other Cultivate Next investment, uses mushroom root to create plant-based chicken and steak alternatives. With the help of Chipotle's venture fund, the company said it secured $150 million in its latest funding round. Chipotle said...
    The FBI has warned financial institutions and investors about the increased risks of fake cryptocurrency apps. The federal agency issued the warning on Monday, noting the growing number of cybercrimes involving attempts to claim to be legitimate cryptocurrency investment firms and convincing both companies and investors to download questionable apps. At least 244 victims have been defrauded by these fake apps and have lost $42.7 million, according to the FBI. The announcement arises as the cryptocurrency market recovers from an economic "winter." "The FBI has observed cybercriminals contacting U.S. investors, fraudulently claiming to offer legitimate cryptocurrency investment services," the notice reads. "and convincing investors to download fraudulent mobile apps, which the cybercriminals have used with increasing success over time to defraud the investors of their cryptocurrency." PELOSI'S HUSBAND BUYS COMPUTER-CHIP STOCK AHEAD OF $52B SENATE VOTE THIS WEEK The notice explicitly names a few special cases in which cybercriminals convinced others to download fraudulent apps and lose their cryptocurrency assets. For example, a group of criminals pretended to be part of YiBit, a financial tech company,...
    In this article EQNR-NOAlthough it is involved in renewable energy projects, Equinor is a major producer of fossil fuels. The Norwegian state has a 67% holding in the company.Hakon Mosvold Larsen | Afp | Getty ImagesNorway's Equinor is to acquire U.S.-based battery storage developer East Point Energy after signing an agreement to take a 100% stake in the company. Equinor, a major producer of oil and gas, said Tuesday that Charlottesville-headquartered East Point Energy had a 4.1-gigawatt pipeline of "early to mid-stage battery storage projects focused on the US East Coast." According to Equinor, the transaction is slated for completion in the third quarter of 2022. "Battery storage will play an important role in the energy transition as the world increases its share of intermittent renewable power," Equinor said. "Battery storage is key to enabling further penetration of renewables, can contribute to stabilizing power markets and improve the security of supply," it added. In Dec. 2021, the International Energy Agency said the world's installed storage capacity was projected to jump by 56% over the next five years, hitting 270 GW...
    Florida, Spring Hill, Nature Coast Commons, shopping mall, Panera Bread bakery.Jeff Greenberg | Universal Images Group | Getty Images Danny Meyer's SPAC and Panera Bread have called off a deal to take the sandwich chain public again, citing market conditions. In November, the parent company of the sandwich chain, Caribou Coffee and Einstein Bros. Bagels announced it was preparing to go public and had secured an investment from USHG Acquisition, Meyer's special purpose acquisition company. It was an unusual deal for a SPAC, which typically uses bank financing and the proceeds from an initial public offering to take privately held companies public. The planned arrangement would have exchanged shares of USHG Acquisition for the sandwich chain's stock and allowed the company to survive a merger with Panera's subsidiary Rye Merger. At the time of the deal, SPACs were still booming, backed by eager investors who liked their accessibility, and the broader market was still riding high. But high-profile busts and the threat of regulation have made SPACs less popular, while the war in Ukraine, soaring inflation and recession fears have...
    Reston, Virginia-based Electrify America, building out a nationwide network of ultra-fast electric vehicle charging stations, counts German industrial giant Siemens AG among its big backers. Electrify America was established by Volkswagen in 2017 as part of a $2 billion legal settlement with U.S. regulators over its diesel emissions-cheating scandal. Volkswagen has also increased its investment in the company. Siemens is the first outside investor. The new funding totals $450 million and values Electrify America at $2.45 billion, the company said. The Siemens investment is a roughly 10% stake in the company, Bloomberg reported, citing people familiar with the matter. Siemens will also hold a seat on the board. More Business & Finance News Electrify America will use the new funding to support its goal of more than doubling its charging network to 1,800 charging stations and more than 10,000 ultra-fast chargers in the U.S. and Canada by 2026. “Representing one of Siemens’ largest investments in electrified transportation, this strategic partnership with Electrify America aims to grow a collaborative ecosystem that propels EV adoption across the United States and...
    London (CNN Business)British taxpayers now officially hold shares in a company that throws sex parties. A government loan provided to Killing Kittens to help it through the pandemic has converted into an equity stake in the company, the British Business Bank confirmed on Tuesday. Killing Kittens, which organizes women-led adult parties in cities including London and New York, secured the investment in 2020 from the UK government's Future Fund, which was designed to help startups survive the coronavirus pandemic.The company was founded by Emma Sayle in 2005, and organizes members-only parties in exclusive venues where "established gender stereotypes" are challenged, according to its website. It recorded a 330% increase in traffic to its website during coronavirus lockdowns, and now calls itself "the fastest-growing adult social network." At one point, the pandemic forced the company to move all its events and workshops online, accelerating existing plans to enter the sex tech industry — a fast-growing sector that encompasses products and businesses focused on enhancing sexual experiences.Read MoreKilling Kittens now has a mobile app that allows users to meet each other "for...
    In this article ZENZendesk co-founder and CEO Mikkel SvaneEric Piermont | AFP | Getty ImagesCustomer experience software company Zendesk agreed to be acquired by an investor group in an all-cash transaction valuing it around $10.2 billion, the company announced on Friday. The deal, led by investment firms Permira and Hellman & Friedman, will give shareholders $77.50 per share, a premium of about 34% over the company's closing stock price on Thursday, according to the release. Shares were up about 30% during premarket trading. The investment firms plan to take Zendesk private once the deal closes. Also included in the investor group is a wholly-owned subsidiary of the Abu Dhabi Investment Authority and GIC. Zendesk's board unanimously approved the deal, which it expects to close in the fourth quarter of this year. Subscribe to CNBC on YouTube. WATCH: Zendesk receives takeover interest from private equity, according to reportVIDEO1:1001:10ZenDesk receives takeover interest from private equity, according to reportClosing BellTVWATCH LIVEWATCH IN THE APPUP NEXT | ETListen
    by Scott McClallen   The state of Michigan will spend nearly $300,000 subsidizing two private companies in Cadillac and Fenton, claiming the subsidies will create a $7.3 million investment and create 68 jobs. “Today’s investments by American Recreational Products and Rexair will create a combined 68 good-paying jobs for Michiganders as we continue growing Michigan’s economy and investing in every region of the state,” Gov. Gretchen Whitmer said in a statement. “With jobs growing every day, unemployment decreasing at a record rate, strong small business growth, and rising wages, our economy is on the move. I will stay focused on the fundamentals that matter most to working families and communities while ensuring Michigan leads the way in key industries like manufacturing.” About $250,000 will flow to American Recreational Products, a subsidiary of Northern Composites that manufactures composites and plastics for John Deere, Navistar, Crest Marine, Avalon Pontoons and other companies. ARP says its Owosso facility has reached capacity, but the company has found a Fenton facility in which it can manufacture a new fiberglass product line. The company says the project...
    TOKYO (AP) — Toshiba executives said Friday that privatization remains an option for the Japanese technology company, as they defended their efforts to choose the right bidder to restore what they called “a strong Toshiba.” Tokyo-based Toshiba has been trying to win over shareholders to a restructuring plan. The company has not given the nationalities or other details of the potential investor partners, including eight that have recommended that Toshiba Corp. go private. Toshiba’s chairperson, Jerry Black, stressed in an online news conference that how bidders’ proposals are evaluated will be transparent to all stakeholders. The goal is for Toshiba to go through what he called a “radical transformation” quickly, showing a clear direction and leadership, Black told reporters. In March, investors rejected a company-backed reform proposal to split Toshiba into two businesses. Some shareholders, including foreign investment funds and U.S.-based proxy advisory firm Institutional Shareholders Services, opposed the plan. An earlier plan that also was scrapped had called for a three-way split. Black, who has experience in international consulting and turning around troubled Japanese...
    (CNN) – Ford announced a new $3.7 billion investment Thursday across three mid-western states to build a new yet-to-be-revealed Mustang and to ramp up production of trucks and vans, including new electric models. The Michigan-based automaker will invest $2 billion in its home state, an investment that will create 2,000 new jobs, Ford said in an announcement. The funds will be used to increase production of the F-150 Lightning electric plckup, built at a factory near Ford’s Dearborn headquarters, to 150,000 trucks per year. Ford has approximately 200,000 pre-orders for the truck already, the company has said, and the first examples were delivered to customers last week. READ MORE: SOS Benson Announced Opening Of New Office, Self-Service Station In DetroitThe money will also go into the production of a new, redesigned Ford Ranger mid-sized pickup at a Wayne, Michigan, plant as well as a new Ford Mustang in Flat Rock, Michigan, though the company has not yet detailed plans on whether the next Mustang will have an electric version. An additional $35 million will go to create a new customer service and packaging center...
    (CNN Business)Ford announced a new $3.7 billion investment Thursday across three mid-western states to build a new yet-to-be-revealed Mustang and to ramp up production of trucks and vans, including new electric models.The Michigan-based automaker will invest $2 billion in its home state, an investment that will create 2,000 new jobs, Ford said in an announcement. The funds will be used to increase production of the F-150 Lightning electric plckup, built at a factory near Ford's Dearborn headquarters, to 150,000 trucks per year. Ford has approximately 200,000 pre-orders for the truck already, the company has said, and the first examples were delivered to customers last week.The money will also go into the production of a new, redesigned Ford Ranger mid-sized pickup at a Wayne, Michigan, plant as well as a new Ford Mustang in Flat Rock, Michigan, though the company has not yet detailed plans on whether the next Mustang will have an electric version. An additional $35 million will go to create a new customer service and packaging center that will ship auto parts directly to customers. The electric Ford...
    (CNN)Rimac Group, the Croatian maker of exotic electric supercars that now controls Bugatti, announced that it received €500 million, or about $536 million in new investment. Among those involved in the new investment round is Porsche, which already owns about one quarter of the company. Rimac was founded in 2009 as Rimac Automobili, with a goal of producing high-horsepower electric supercars. The company also contracted with other automakers, such as Aston Martin and Sweden's Koenigsegg, to develop and produce high-performance electric drive components for high-end cars.The company separated its supercar-making operations from its EV components business last year, with Rimac Group overseeing both of the new companies. Rimac's supercar arm also took over Bugatti, which was spun off from Volkswagen Group. The newly formed Bugatti Rimac is mostly owned by Rimac, but Porsche -- which itself is owned by Volkswagen and owns the aforementioned chunk of Rimac Group overall -- owns 45% of Bugatti Rimac. The EV components business remains wholly owned by Rimac Group.The new investment round was led by SoftBank and Goldman Sachs. The European investment group InvestIndustrial,...
    FRANKFORT, Ky. – Kentucky Gov. Andy Beshear announced Omnis Building Technologies (OBT) Ashland, a startup manufacturer of economical, sustainable and fire-resistant doors and cabinetry, will invest $45.5 million into the commonwealth and create 55 jobs with a new facility in Greenup County. “We are working to create economic opportunities and quality jobs in every region of the state, and this investment by OBT Ashland in Greenup County helps move us toward that goal,” Gov. Beshear said. “I am thrilled the company’s leaders see the great advantages of locating in this community, and I look forward to OBT’s growth in Northeast Kentucky for years to come.” Using renewable resources and advanced materials, OBT Ashland will manufacture doors and cabinets with the construction of a 100,000-square-foot facility at the Wurtland Riverport. The doors and cabinets are to be available wholesale but primarily will be used inside OBT’s own energy-efficient homes, which are made with panels called Composite Insulated Building Units (CIBUs). The CIBUs are to be produced at a facility in Bluefield, West Virginia, which will complement the investment in Kentucky. Together,...
    In this article .FKRX300Drew Angerer | Getty Images News | Getty ImagesHyundai Motor said on Sunday it plans to invest $5 billion in the U.S. by 2025 to further develop mobility technologies in areas like autonomous driving, robotics, and A.I. The investment comes alongside the automaker's recent announcement of a plan to spend $5.54 billion to build its first dedicated electric vehicle and battery manufacturing facilities in the U.S., located outside of Savannah, Georgia. That facility is expected to open during the first half of 2025 and is projected to have an annual production capacity of 300,000 vehicles. Some $10 billion of new investment will be used to further Hyundai's "goal to provide sustainable and smart mobility solutions," the company said. Hyundai is aiming to be one of the top three electric vehicle providers in the U.S. by 2026 and is one of several global automakers establishing new supply chains and production facilities in America to take advantage of what is expected to be a decade ahead of exponential growth for the category. The company had previously announced a plan to sell 3.23 million fully...
    Alex Rodriguez at eMerge Americas conference in Miami on June 13, 2017.David A. Grogan | CNBC Alex Rodriguez is betting on the growth of mixed martial arts. The former MLB star is now a partial owner of the Professional Fighters League after he contributed to a $30 million funding round, the company said Thursday. Rodriguez joined media investment firm Waverley Capital in the raise and will have a seat on PFL's board of directors. Terms of the investment were not disclosed. This marks the second recent pro sports investment for Rodriguez. He became a co-owner of the NBA's Minnesota Timberwolves in April 2021, joining former Walmart e-commerce executive Marc Lore to buy the franchise for a reported $1.5 billion. Through his A-Rod Corp. firm, he invests in UFC-branded gyms. Rodriguez, 46, made more than $450 million throughout his 22-season MLB career, according to Spotrac, a website that tracks sports contracts. He retired in 2016. PFL is now valued at $500 million, according to a person with knowledge of the deal. That's up from a reported $400 million in 2021. The...