Author: Press Room

The Elliott Management investor behind activist campaigns at UK healthcare giant GSK and Germany’s Fresenius has left the £55.7bn hedge fund, adding to an exodus of senior figures in its London office.Sebastien de La Riviere, who had worked in Elliott’s London office since 2008, left in recent weeks and his positions in GSK and Fresenius, the world’s largest dialysis company, have been reallocated to other portfolio managers inside the firm, said people familiar with the matter. It is the latest high-profile departure inside Elliott’s London office, where several important figures left the firm last year. Among them was senior portfolio…

Goldman Sachs has embarked on its biggest cost-cutting exercise since the financial crisis, with the Wall Street bank reviewing spending on everything from its private jets to expenses at a new technology and consumer unit.The spending review comes as Goldman starts to implement more than 3,000 job cuts, with many employees in London and New York due to learn their fates on Wednesday. Investment bankers are also bracing for a reduction of 40 per cent or more in their annual bonuses.Ericka Leslie, the bank’s chief administrative officer, has emerged as a central figure in the review under the direction of…

The Belgian judge investigating the so-called Qatargate corruption scandal has “no evidence to substantiate the charge of bribery” against Greek MEP Eva Kaili, her lawyer told Euronews on Tuesday, denouncing her detention in jail as “legally wrong”.Michalis Dimitrakopoulos said during an interview with Euronews that “Judge [Michel] Claise said he has no evidence to substantiate the charge of bribery, but evidence may be found in the future.””This is not compatible with the rule of law, the European rule of law to keep someone in prison with the prospect of finding evidence in the future. It is legally wrong. I want to…

Egypt has committed to reducing the military’s role in the economy as part of its $3bn IMF bailout package, as the Arab state grapples with a foreign currency crisis, a weakening pound and rising inflation. The IMF said in a statement on Tuesday that “critical” structural reforms to which Cairo had agreed included “levelling the playing field between the public and private sector” as part of a state-ownership policy endorsed by President Abdel Fattah al-Sisi. The fund said the policy would cover all state-owned enterprises, including “military-owned companies”, in a rare acknowledgment by the IMF of how the army has…

New U.S. Speaker of the House Kevin McCarthy, R-Calif., speaks with reporters in Washington, Jan. 7, 2023.Jon Cherry | ReutersHouse Republicans on Monday night voted to slash funding for the IRS, following a pledge from newly-elected Speaker Kevin McCarthy to repeal the money approved by Congress last year.   Passing along party lines, the bill would rescind tens of billions allocated to the agency over the next decade through the Inflation Reduction Act passed in August.The measure doesn’t have the support to pass in the Democratic-controlled Senate, and the White House opposed the bill in a statement released Monday.More from Personal Finance:More…

Less than a year after Tom Brady and Gisele Bundchen appeared in a series of Super Bowl ads for FTX, the former couple have emerged as some of the biggest equity holders in the now-bankrupt enterprise. Brady owns 1.1 million common shares of FTX, while Bundchen owns 686,000 shares, according to bankrupcty court documents filed Monday. At its peak, the privately held FTX was valued at around $32 billion. Whatever Brady and Bundchen paid for their stakes, they, along with hundreds of other investors, will almost certainly see their positions completely wiped out. (The court documents didn’t disclose what investors…

Amazon ‘s (AMZN) soon-to-be widely available Buy with Prime service, which allows Prime members to use their Amazon accounts to shop with other online merchants, could be a profitable revenue channel for the e-commerce giant. However, the Club holding’s stock is still expensive, a high multiple compared to the broader stock market. Amazon on Tuesday said it’s making Buy with Prime, which launched as an invite-only program last year, available to all U.S. online retailers by the end of January. The service allows Amazon Prime members the ability to shop directly on other retailers’ websites , in turn helping those…

A new approach to tackling childhood obesity has been revealed.The American Academy of Pediatrics (AAP) on Monday released the first comprehensive guidelines in 15 years. The guide suggests that plenty of evidence exists showing that treating obesity in children is “safe and effective,” according to the AAP.OZEMPIC DIABETES DRUG IS TRENDING AS A WEIGHT LOSS METHOD – HERE’S WHY AND WHAT DOCTORS SAYMore than 14.4 million children and teens in the U.S. struggle with obesity, the organization said.AAP considers obesity a common chronic disease that, if left untreated, can lead to serious health concerns, including cardiovascular diseases and diabetes. But new…

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CNN  —  House GOP leaders and key negotiators won’t commit to publicly releasing details about the side deals Kevin McCarthy cut in order to secure the speakership, undercutting the Republican pledge to run their chamber openly and transparently and as some rank-and-file members call for more information about the promises that were made. While some of the concessions were spelled out in the House rules package, which passed with support of all but one Republican on Monday night, other promises – such as adding more members of the hard-right House Freedom Caucus to committees and putting conditions on raising the…