Search

Seven & i Holdings Co. plans to split into two entities and expand globally, aiming to nearly double group revenue to ¥30 trillion by 2030. The company's restructuring will focus on 7-Eleven and convenience store operations, with a goal to surpass ¥6 trillion in annual domestic sales in Japan. Seven & i is also considering acquisitions in North America and introducing new services like digital offerings and electric-vehicle charging stations. The company is responding to a buyout proposal from Alimentation Couche-Tard Inc., which values Seven & i at about ¥7.1 trillion. [Extracted from the article]

Investment firm JAB has agreed to purchase Mondelez International Inc.'s stake in JDE Peet's NV for €2.16 billion, increasing its control over the struggling coffee maker. JAB will acquire 86 million shares in JDE Peet's for €25.10 per share, a 32% premium on the previous day's closing price. The company has faced challenges in boosting its shares since its listing four years ago, but with a new CEO appointed, there is hope for a clearer strategy and increased investor commitment. [Extracted from the article]

Investor JAB has agreed to purchase Mondelez International Inc's stake in coffee maker JDE Peet's NV for €2.16 billion. This acquisition includes 86 million shares at €25.10 per share, representing a 32% premium. JAB, managed by the Reimann family, aims to boost JDE Peet's performance after struggles following its listing four years ago. The company recently appointed Rafael Oliveira as its new CEO, signaling a potential shift in strategy and investor confidence. [Extracted from the article]

JAB, an investment holding company managing the Reimann family's money, has agreed to purchase Mondelez International Inc's stake in JDE Peet's NV for €2.16 billion. This acquisition includes 86 million shares at €25.10 per share, representing a 32% premium. Following the announcement, JDE Peet's shares rose by 13%, with Rafael Oliveira appointed as the new CEO. JAB plans to increase its stake in the company to 68% and has distributed shares to over 70 limited partners, expanding the free float of the coffee producer. [Extracted from the article]

JAB, an investment holding company, has agreed to purchase Mondelez International Inc's stake in coffee retailer JDE Peet's NV for €2.16 billion. This deal will increase JAB's stake in JDE Peet's to 68%, with plans to distribute shares to over 70 limited partners. The move comes as JDE Peet's undergoes a management shakeup, appointing Rafael Oliveira as its new CEO following the departure of Fabien Simon. [Extracted from the article]

Three major tobacco companies are close to reaching a settlement in Canada over claims that they withheld information about the health risks of smoking. The proposed deal would involve the Canadian subsidiaries of Philip Morris International Inc., British American Tobacco Plc, and Japan Tobacco Inc. paying a total of C$32.5 billion to settle product-related litigation. This settlement stems from a 2019 ruling against the companies in class action suits filed by Quebec smokers who argued they were not adequately warned about the risks of tobacco use. The plan is still subject to further negotiation and claimant votes, with a potential approval hearing expected in the first half of 2025. [Extracted from the article]

Three major tobacco companies are close to reaching a settlement in Canada to address claims that they withheld information about the health risks of smoking. The proposed deal would involve Canadian subsidiaries of Philip Morris International Inc., British American Tobacco Plc, and Japan Tobacco Inc. paying a total of C$32.5 billion to settle product-related litigation. This agreement stems from a 2019 ruling against the companies in class action suits filed by Quebec smokers who argued they were not adequately warned about the dangers of tobacco use. The plan is still subject to further negotiation, claimant votes, and Canadian court approval. [Extracted from the article]

Charles Schwab Corp. saw a rise in its stock price after reporting higher-than-expected earnings per share and announcing a reduction in its costly debt. The company's adjusted earnings per share for the quarter were 77 cents, surpassing analyst estimates of 75 cents. Additionally, Schwab was able to decrease its bank supplemental funding by $8.9 billion due to a $9 billion increase in its client transactional cash sweep. The firm has recently undergone leadership changes, including the appointment of a new CEO and CFO. Despite challenges caused by the Federal Reserve's interest rate hikes, Schwab executives believe the worst is over. [Extracted from the article]

New York-based firm 22V Research, co-founded by Dennis Debusschere, has opened an office in Sao Paulo to serve as a hub for Latin America. The firm has hired three executives, including Alejandro Rebelo, the former head of Latin America for Canaccord Genuity Group Inc., to lead the office. The company plans to recruit more sales executives in Brazil and expand to other countries in Latin America. 22V Research focuses on macro research and has seen success in its China research efforts. [Extracted from the article]

Sanofi SA, a French drugmaker, is in discussions to sell a 50% controlling stake in its consumer health business to Clayton Dubilier & Rice (CD&R), a US buyout firm. The deal, which is valued at approximately €15 billion ($16.4 billion), would allow Sanofi to focus on developing innovative medicines. This move follows similar actions by other major pharmaceutical companies, such as GSK Plc, Novartis AG, Pfizer Inc., and Johnson & Johnson. The French finance ministry expects commitments from Sanofi and CD&R to maintain key decision-making sites and the French industrial footprint. If the deal goes through at this valuation, it would be the largest in Europe this year, indicating a rise in healthcare dealmaking in the region. CD&R, which raised a record $26 billion buyout fund last year, has been an active investor in France and has recently appointed new partners to lead its healthcare investment team. [Extracted from the article]

Clayton Dubilier & Rice (CD&R) is close to finalizing a deal to acquire Sanofi's consumer health unit for approximately €15 billion ($16.4 billion), making it one of the largest European transactions this year. CD&R has reportedly outbid rival PAI Partners for the Opella unit. Sanofi is expected to retain a minority stake in the Opella business, which sells over-the-counter products. The deal would mark the culmination of Sanofi's year-long effort to split its consumer health business and focus on cutting-edge therapies, while also signaling a revival in healthcare dealmaking in Europe. CD&R, a private equity firm, has been an active investor in France and has a diverse portfolio across various sectors. [Extracted from the article]

China Renaissance Holdings Ltd. has appointed Hui Yin Ching, the wife of founder Bao Fan, as its new chairperson. Bao had stepped down from the role eight months ago. Hui, who holds a significant stake in the company, will be responsible for strategic planning, wealth management, overseas operations, and investor relations. The appointment comes after Bao's disappearance and an investigation by Chinese authorities, which had negatively impacted the company's business growth. China Renaissance's stock rose 6.8% following the announcement. [Extracted from the article]

China Renaissance Holdings Ltd. has appointed Hui Yin Ching, the wife of founder Bao Fan, as its new chairperson. Bao had stepped down from the role eight months ago. Hui, who holds a significant stake in the company, will be responsible for strategic planning, wealth management, overseas operations, and investor relations. The appointment comes after Bao's disappearance and an investigation by Chinese authorities, which had negatively impacted the company's business growth. China Renaissance's stock rose 6.8% following the announcement. [Extracted from the article]

Shares in Korea Zinc Co. have risen above MBK Partners' bid to take control of the world's largest zinc smelter, as speculation grows about a higher offer. The shares reached a record high of 774,000 won after reports that MBK Partners and Young Poong Corp. are likely to increase their offer of 750,000 won per share. Korea Zinc has also secured backing from private equity firm Bain Capital to buy back up to 18% of the company's outstanding shares at a premium to MBK's offer. The battle for control of Korea Zinc highlights the ongoing disagreement between Chairman Choi Yun-beom and Young Poong over the company's strategic direction. [Extracted from the article]

Shares in Korea Zinc Co. have risen above MBK Partners' bid to take control of the world's largest zinc smelter, as speculation grows about a higher offer. The shares reached a record high of 774,000 won after reports that MBK Partners and Young Poong Corp. are likely to increase their offer of 750,000 won per share. Korea Zinc has also secured backing from private equity firm Bain Capital to buy back up to 18% of the company's outstanding shares at a premium to MBK's offer. The battle for control of Korea Zinc highlights the ongoing disagreement between Chairman Choi Yun-beom and Young Poong over the company's strategic direction. [Extracted from the article]

Zijin Mining Group, a state-owned Chinese company, has become a major player in the global copper supply industry. Over the past three decades, Zijin has expanded its operations internationally, increasing its copper production and becoming the sixth-largest copper miner in the world. The company's success is attributed to its innovative and risk-tolerant approach to investments, as well as its ability to operate in less-developed regions. However, Zijin faces challenges in its expansion plans due to growing resistance to Chinese acquisitions in Western markets. Despite these obstacles, Zijin remains optimistic about its future growth and aims to become one of the top three copper producers globally. [Extracted from the article]

Sibelco, a quartz mining company, is working to restart operations at its Spruce Pine facility in North Carolina after it was shut down due to Hurricane Helene. The hurricane caused widespread flooding, power outages, and damage to critical infrastructure in the area. Spruce Pine is one of the few places in the world that contains high-purity quartz, which is essential for making semiconductors. The halt in operations could potentially impact global supply chains that rely on semiconductors for various technologies. Another US company, Quartz Corp., is also assessing the impact on its mine in Spruce Pine. [Extracted from the article]

Several financial firms, including Canadian Imperial Bank of Commerce (CIBC), Invesco, and Stifel, have agreed to pay millions of dollars in penalties to settle investigations related to the use of WhatsApp for electronic communications. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) levied the penalties for the firms' failure to properly monitor and save communications involving their business. These penalties add to the more than $2.5 billion that big banks have previously paid to settle similar investigations. The firms have admitted the facts and are implementing internal changes. [Extracted from the article]

San Francisco-based customer service startup UJET Inc. has raised $76 million in funding and appointed a new co-CEO. The funding round, led by Sapphire Ventures, valued UJET at $500 million. The company's technology, which utilizes artificial intelligence, is used by companies like Instacart and Turo to streamline their contact centers and provide a more personalized customer experience. The new co-CEO, Vasili Triant, aims to scale the company and drive towards profitability without the need for further funding rounds. [Extracted from the article]

Wall Street sell-side research firm, Wolfe, is entering the ETF market with the launch of the Simplify Wolfe US Equity 150/50 ETF. The fund uses a proprietary machine-learning algorithm to analyze and identify investments, taking long positions in around 250 equities and short positions in approximately 150. Wolfe's partnership with Simplify allows them to offer alternative exposures to investors who were previously only available to institutional investors. This move reflects a growing trend of strategists, research shops, and money managers entering the ETF space. [Extracted from the article]

Lazard Inc., a Wall Street firm, has established a regional headquarters in Saudi Arabia in compliance with the country's requirement for foreign firms. This move follows Goldman Sachs Group Inc., which obtained a similar license earlier this year. Lazard has been expanding its team in Riyadh and has appointed Wassim Al-Khatib as CEO of its advisory business for the Middle East and North Africa. Other financial institutions, such as Rothschild & Co. and Moelis & Co., have also opened offices in Riyadh but have not yet obtained headquarters licenses. Saudi Arabia implemented new regulations in 2021 to limit state spending benefits to firms without a substantial presence in the country. [Extracted from the article]

Lazard Inc., a Wall Street firm based in New York, has obtained a regional headquarters license from the Saudi Ministry of Investment, allowing them to establish their Middle Eastern base in Saudi Arabia. This move follows the footsteps of Goldman Sachs Group Inc., who secured a similar license earlier this year. The Saudi government has been urging foreign firms to set up regional headquarters in the country, and Lazard's compliance is a sign that Wall Street banks are taking this warning seriously. The Middle East has become an attractive market for investment bankers due to sovereign wealth fund deals and a thriving market for new share sales. Lazard has been actively building a team of bankers in Riyadh and has previously served as a financial adviser for major deals in the region. Other competitors, such as Rothschild & Co. and Moelis & Co., have also opened offices in Riyadh but have not yet obtained HQ licenses. The Saudi government introduced new regulations in 2021 to limit state spending that benefits firms without a substantial presence in the country. These regulations require firms to have a regional base in Saudi Arabia with at least 15 employees, including executives overseeing other countries, or risk losing business with government entities in the kingdom. [Extracted from the article]

Lazard Inc., a Wall Street firm, has obtained a regional headquarters license from the Saudi Ministry of Investment, following an ultimatum from the Saudi government for foreign firms to establish their Middle Eastern base in the country. This move comes after Goldman Sachs and Mizuho Financial Group also secured similar licenses. Lazard has been expanding its team of bankers in Riyadh and has appointed Wassim Al-Khatib as CEO of its advisory business for the Middle East and North Africa. Other competitors, such as Rothschild & Co. and Moelis & Co., have also opened offices in Riyadh but have not yet obtained HQ licenses. The Saudi government implemented new regulations in 2021 to limit state spending benefits to firms without a substantial presence in the country. [Extracted from the article]

Bank of Nova Scotia has appointed Jean-Francois Courville as president of its Quebec operation in an effort to expand in Canada's second-largest province. Courville will start on November 12 and will report to Aris Bogdaneris, head of Scotiabank's Canadian banking division. The bank has identified Quebec as a target for growth and aims to increase its market share in the province. Courville brings extensive experience in the financial services industry, having held senior roles at Royal Bank of Canada, Manulife Asset Management, and Wealthsimple. [Extracted from the article]

Hundreds of contract-delivery drivers at an Amazon warehouse in New York City are organizing with the Teamsters union to demand better wages and working conditions. The drivers, employed by three Amazon delivery contractors, have asked the company to recognize their union and begin contract negotiations. The Teamsters' effort to unionize Amazon workers is part of a larger strategy to establish that Amazon and its contractors are effectively employers of the drivers. Amazon has recently announced plans to invest an additional $2.1 billion in its contract delivery program, including wage increases for workers. [Extracted from the article]

Bausch + Lomb Corp., an eye-care company, is reportedly considering selling itself to separate from its debt-laden parent company, Bausch Health. The company is said to be working with Goldman Sachs to gauge interest from potential buyers. The news of a potential sale caused Bausch + Lomb shares to rise by as much as 18%. The company has approximately $4.7 billion in debt, while Bausch Health has over $20 billion in debt. A sale could value Bausch + Lomb at more than $13 billion. [Extracted from the article]

Lunate Capital Limited is launching the Chimera S&P Germany UCITS ETF, which will be the first exchange-traded fund in the Gulf region to track the German market. The ETF will focus on the top 30 most liquid stocks listed in Germany and replicate the S&P Germany BMI Liquid 35/20 Capped Index. Despite concerns about Germany's economy, which contracted last quarter, German stocks have been trading near record highs. The ETF will allow Middle Eastern investors to gain exposure to Europe's largest economy. [Extracted from the article]

According to US authorities, the Russian government used a fake investor named Eduard Grigoriann to deceive US influencers and spread propaganda, with the goal of deepening divisions in American society. The scheme involved funneling nearly $10 million to an unnamed American media firm that publishes videos on social media platforms. The media company, believed to be Tenet Media based in Tennessee, paid influencers to produce videos that were "often consistent" with the Russian government's interests. YouTube has terminated the Tenet Media channel and four other channels operated by its owner in response to the indictments. The scheme, although foiled before the November presidential election, highlights Russia's evolving tactics in influencing public opinion. [Extracted from the article]

Hewlett Packard Enterprise (HPE) is seeking a $9.5 billion debt package to finance its acquisition of Juniper Networks. The company is holding calls with potential bond investors, and a bond offering may follow. The proposed deal is expected to include $6.5 billion of investment-grade unsecured bonds and a $3 billion term loan. HPE's acquisition of Juniper Networks aims to expand its presence in networking technology. The bond sale is part of a trend of companies seeking debt financing before the US presidential election and in anticipation of potential interest rate cuts by the Federal Reserve. [Extracted from the article]

The US House of Representatives has passed a bill that would blacklist certain Chinese biotech companies and their US subsidiaries. The bill aims to prevent China from dominating the biotech industry and potentially using biological data for harmful purposes. The legislation would initially affect five companies: BGI Group, MGI Tech Co., Complete Genomics Inc., WuXi AppTec Co., and WuXi Biologics. The companies have argued that they do not pose a security risk and are focused on health innovation. The bill now moves to the Senate for further consideration. [Extracted from the article]

The US House of Representatives has passed a bill that would blacklist certain Chinese biotech companies and their US subsidiaries. The bill aims to prevent China from dominating the biotech industry and potentially using biological data for harmful purposes. The legislation would initially affect five companies, including BGI Group and WuXi AppTec. The bill is expected to have strong support in both the House and the Senate, with a 70% chance of becoming law. However, some lawmakers have raised concerns about the bill's targeting of individual companies and the lack of clear criteria. The legislation also has implications for the global pharmaceutical industry, as many drug supply chains rely on Chinese biotech companies. The bill will now move to the Senate for further consideration. [Extracted from the article]

The US House of Representatives has passed a bill that would blacklist certain Chinese biotech companies and their US subsidiaries. The bill aims to prevent China from dominating the biotech industry and potentially using biological data for harmful purposes. The legislation would initially affect five companies, including BGI Group and WuXi AppTec. The bill, known as the Biosecure Act, is expected to have a high chance of becoming law. However, some lawmakers have raised concerns about the bill's targeting of individual companies and the lack of clear criteria. The legislation now moves to the Senate for further consideration. [Extracted from the article]

The US House of Representatives has passed a bill that would blacklist certain Chinese biotech companies and their US subsidiaries. The bill aims to prevent China from dominating the biotech industry and potentially using biological data for harmful purposes. The legislation would initially affect five companies, including BGI Group and WuXi Biologics. The bill has strong support in both the House and the Senate, with a 70% chance of becoming law. However, some lawmakers have raised concerns about the bill's criteria and potential negative consequences for US-China trade relations. [Extracted from the article]

The US House of Representatives has passed a bill that would blacklist certain Chinese biotech companies and their US subsidiaries. The bill aims to prevent China from dominating the biotech industry and potentially using biological data for harmful purposes. The legislation would initially affect five companies, including BGI Group and WuXi AppTec. The bill, known as the Biosecure Act, is expected to have a high chance of becoming law. However, some lawmakers have raised concerns about the bill's targeting of individual companies and the lack of clear criteria. The legislation now moves to the Senate for further consideration. [Extracted from the article]

The US House of Representatives has passed a bill that would blacklist certain Chinese biotech companies and their US subsidiaries. The bill aims to prevent China from dominating the biotech industry and potentially using biological data for harmful purposes. The legislation would initially affect five companies, including BGI Group and WuXi Biologics. The bill has strong support in both the House and the Senate, with a 70% chance of becoming law. However, some lawmakers have raised concerns about the bill's criteria and potential negative consequences for US companies. [Extracted from the article]

China hawks in the US House are pushing for legislation that would blacklist Chinese biotech companies and their US subsidiaries. The bill, known as the Biosecure Act, aims to prevent China from dominating the biotech industry and potentially using biological data for nefarious purposes. The legislation has strong support in both the House and the Senate, with a 70% chance of becoming law according to Bloomberg Intelligence. However, there are concerns about the bill's lack of clear criteria and due process, with some lawmakers arguing that it unfairly targets specific companies. The legislation also has implications for the global pharmaceutical industry, as many drug supply chains rely on Chinese biotechnology companies. [Extracted from the article]

Vietnamese internet startup VNG Corp. is currently under investigation by the police in Ho Chi Minh City, according to a statement from the company. The nature and duration of the investigation have not been disclosed. VNG has appointed Vice President Kelly Wong as acting CEO during this time, while co-founder Le Hong Minh temporarily steps aside. VNG, which was previously planning a US IPO, withdrew its registration in January but stated its intention to file a new registration in the future. The company, originally known as Vinagame, started in 2004 as a game publisher and has since expanded into various services. In the first half of this year, VNG's revenue increased by 30.3% compared to the previous year, while its after-tax loss decreased. Shares of VNG on Vietnam's Unlisted Public Company Market fell by 6.8% at the close of trading on Friday. [Extracted from the article]

China Renaissance Holdings Ltd.'s shares fell by as much as 73% after trading resumed in Hong Kong following the detention of its former Chairman Bao Fan. The company released its earnings for the first half of the year and for last year and 2022, fulfilling the requirements for trading resumption. Bao's absence has affected China Renaissance's business growth, leading to revenue decline and staff departures. The company recorded losses in the six months to June, and its number of employees decreased by 31%. Bao's experience highlights the risks for businesses in China due to regulatory crackdowns and probes. [Extracted from the article]

Westpac Banking Corp has announced that Anthony Miller, the head of its business and wealth division, will be the bank's next CEO, taking over from Peter King. Miller, who has held senior positions at Deutsche Bank and Goldman Sachs, will begin his role on December 16. One of his main focuses will be simplifying Westpac's technology systems. Peter King, who led the bank through the global pandemic, will retire after a 30-year career at Westpac. This appointment follows National Australia Bank's selection of Andrew Irvine as its new CEO earlier this year. Westpac's shares have risen by 40% this year, making it the best-performing among Australia's four largest banks. [Extracted from the article]

(Bloomberg) -- Westpac Banking Corp. has named current Business and Wealth division head Anthony Miller as its next chief executive officer, succeeding Peter King from Dec. 16.Miller, who has held senior roles at Deutsche Bank AG and Goldman Sachs Group Inc., has been with the Australian firm since 2020.©2024 Bloomberg L.P.By Tim SmithReported by Author [Extracted from the article]

Westpac Banking Corp has announced that Anthony Miller, the current head of the business and wealth division, will be the next CEO, replacing Peter King. Miller, who has previously worked at Deutsche Bank and Goldman Sachs, will begin his role on December 16. He will be responsible for simplifying Westpac's technology systems and will receive a fixed remuneration of A$2.5 million, along with variable compensation. King, who led the bank through the pandemic, will retire after a 30-year career at Westpac. [Extracted from the article]

According to an article on Bloomberg.com, the US government has accused Russia of using a fake investor named Eduard Grigoriann to deceive American influencers and spread propaganda. The scheme involved two employees of Russian media outlet RT, who allegedly funneled nearly $10 million to an American media firm that paid influencers to produce videos on social media platforms. The views expressed in these videos were said to be "often consistent" with the Russian government's interests. The scheme was foiled before the 2024 presidential election, but it highlights Russia's evolving tactics in influencing public opinion. [Extracted from the article]

Al Gore's sustainable-investing firm, Generation Investment Management, paid its highest-compensated partner £16.6 million ($21.8 million) last year, a decrease from the previous year. The employee's identity was not disclosed in the London-based firm's report. Generation distributes profits to its partners based on their performance over a three-year period, with the size of the payment reflecting their ownership in the firm. Overall profits at Generation declined due to rising compensation and operating costs. The firm's largest fund saw a 28% increase in 2023, outperforming its benchmark, the MSCI World Index. [Extracted from the article]

Al Gore's sustainable-investing firm, Generation Investment Management, paid its highest-compensated partner £16.6 million ($21.8 million) last year, a decrease from the previous year. The employee's identity was not disclosed in the London-based firm's report. Generation's overall profits declined due to rising compensation and operating costs, resulting in a smaller share of profits distributed to all members. The firm's largest fund performed well in 2023, benefiting from investments in companies related to generative artificial intelligence. Mark Ferguson, who currently runs the global equity fund, will be replaced by Nick Kukrika in January. [Extracted from the article]

Al Gore's sustainable-investing firm, Generation Investment Management, paid its highest-compensated partner £16.6 million ($21.8 million) last year, a decrease from the previous year. The employee's identity was not disclosed. Generation distributes profits to its partners based on their performance over a three-year period, with the size of the payment reflecting their ownership in the firm. Overall profits at Generation declined due to rising compensation and operating costs. The firm's largest fund performed well in 2023, benefiting from investments in companies related to generative artificial intelligence. Mark Ferguson, who manages the global equity fund, will be replaced by Nick Kukrika in January. [Extracted from the article]

Salesforce Inc. has given an earnings forecast for the fiscal year that exceeds analysts' estimates, aiming to address concerns about slowing sales growth. The company expects a profit of $10.03 to $10.11 per share, compared to the previous forecast of up to $9.94. Salesforce, the leading provider of customer management software, has been focusing on increasing profit and implementing new initiatives, such as AI features, to boost sales. Despite the slowest year-over-year revenue growth in its history, the company's shares rose about 3% in extended trading. Additionally, Salesforce announced that its Chief Financial Officer, Amy Weaver, will be stepping down. [Extracted from the article]

Apollo Global Management Inc. and BlackRock Inc. are reportedly in talks to provide new debt financing for the merger of two Amazon aggregators. The merger would involve Paris-based Branded acquiring San Francisco-based Heyday in exchange for $521 million in equity in a new company called Essor. The new company would be worth over $1 billion and would receive additional debt from BlackRock, Apollo, and Apollo-backed Victory Park Capital to make acquisitions in the distressed direct-to-consumer e-commerce market. This merger is part of a larger consolidation trend among Amazon aggregators, many of which are facing financial challenges. [Extracted from the article]

Leonard Riggio, the entrepreneur who transformed Barnes & Noble into the world's largest bookseller, has passed away at the age of 83. Riggio led the company for decades, overseeing its growth and fostering a culture of innovation and a love for reading. Under his leadership, Barnes & Noble became the first bookstore to advertise on television and offer steep discounts on bestsellers. Riggio also introduced the concept of book superstores, complete with coffee shops, reading areas, and gift departments. Despite criticism as a threat to independent bookstores, Barnes & Noble later came to be seen as a competitor to Amazon. Riggio's net worth reached $800 million, and he acquired other bookstore chains and founded GameStop. He took Barnes & Noble public and created a digital unit that became the second-largest online bookseller. Riggio's tenure as CEO ended in 2019 when the company was acquired by Elliott Management Corp. Riggio was born in New York City and began his career as a clerk before opening his own bookstore. He was known for his philanthropy and personal interests in gambling, golf, and collecting art and wine. [Extracted from the article]

GameStop's second stint in the meme spotlight in May 2024 did not attract as much retail trader participation as its initial surge in January 2021, according to data from the Securities and Exchange Commission. Retail participation, measured by odd lot volume as a percentage of total volume, was approximately half of what it was during the first frenzy. Odd lots, which are trades of less than 100 shares, are often associated with retail investors. The data also shows that GameStop's odd lot volume percentage peaked at 56% in 2021 but dropped to 27% in May 2024. [Extracted from the article]

Apollo Global Management Inc. and BlackRock Inc. are in discussions to provide new debt financing for the merger of two Amazon aggregators, Branded and Heyday. The proposed deal would create a new company called Essor, worth over $1 billion, with Branded CEO Pierre Poignant leading the company. The new company aims to acquire distressed direct-to-consumer e-commerce brands and increase their sales by getting them into physical stores. This merger is part of a larger consolidation trend among Amazon aggregators, many of which are facing financial challenges. [Extracted from the article]