February, 2023

• 7 February

  KKR passes $500b in assets despite headwinds

    Bloomberg KKR & Co. passed $500 billion in assets under management during the fourth quarter even as earnings fell 41% on sluggish asset sales. The New York-based firm raised $16 billion of new capital in the quarter to reach $504 billion in AUM, it said in a statement. Distributable earnings fell to $822 million, or 92 cents a share, ...

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• 7 February

  A clear target emerges in tech layoffs: Middle managers

  

    Bloomberg As Meta Platforms Inc., Alphabet Inc. and other Silicon Valley behemoths look to lighten payrolls after years of feverish hiring, a clear target has emerged: the middle manager. Meta will be cutting some layers of management, Chief Executive Officer Mark Zuckerberg said on the company’s earnings call Wednesday, naming 2023 its “Year of Efficiency.” The company let go ...

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• 7 February

  Macron in Scholz’s shadow as Ukraine pressures mount

  

  Bloomberg Days before German Chancellor Olaf Scholz announced that Germany would ship 14 Leopard 2 tanks to Ukraine, French President Emmanuel Macron surprised allies by declaring that France would contribute 18 Caesar cannons and 40 AMX10 armored vehicles, and teased that he was still considering whether to send the embattled country a squadron of more powerful Leclerc tanks. The move ...

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• 7 February

  UK prime minister Sunak plans to reshuffle cabinet after rocky start

  

  Bloomberg UK Prime Minister Rishi Sunak plans to carry out a mini reshuffle of his cabinet in an effort to re-set his premiership after a rocky first 100 days in office, according to people familiar with the discussions. Sunak will appoint a new Conservative Party chair, after he sacked Nadhim Zahawi over a tax scandal more than a week ago, ...

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• 7 February

  India opposition says Modi government afraid of Adani debate

  

    Bloomberg India’s opposition parties said parliament has been repeatedly adjourned as Prime Minister Narendra Modi’s government is “afraid” to discuss their demand for a probe into billionaire Gautam Adani’s fight with a US short seller. Parliament has been adjourned for three days and was briefly suspended on Tuesday as the opposition draws attention to what they describe as Adani ...

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• 7 February

  New Zealand PM Hipkins says he’ll voice disagreements with China

    Bloomberg New Zealand’s new Prime Minister Chris Hipkins said he won’t back away from criticizing China where necessary, as the new leader works to balance economic and diplomatic relations with his largest trading partner. Hipkins traveled to Australia on Tuesday to meet with Australia’s Prime Minister Anthony Albanese for the first time since coming to power. He was sworn ...

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• 7 February

  Credit Suisse bankers in limbo as bonus conversations delayed

  

  Bloomberg Credit Suisse Group AG is delaying a much-anticipated compensation day for some of its bankers, further straining its relationship with employees as it restructures its Wall Street operations, according to people familiar with the matter. The bankers — mainly at managing director or director level — were notified that meetings set for February 7 have been cancelled, pushing back ...

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• 7 February

  BOE seeks more women to diversify all-male top team

  

  Bloomberg The Bank of England (BOE) is seeking more women in management roles to diversify its leadership from the all-male team it currently has. Deputy Governor Dave Ramsden said 35% of senior managers are female at the moment, up from 20% in 2014. The central bank is targeting up to 44% by 2028. The BOE is currently led by Governor ...

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• 7 February

  China banks offer cheap consumer loans as Xi urges more spending

  

    Bloomberg Chinese banks are touting a wide variety of retail lending products as authorities need a pickup in consumer spending to create a more solid foundation for the world’s second largest economy. Lenders including Bank of China Ltd. and China Construction Bank Corp. are offering preferential interest rates and incentives such as gift cards on e-commerce platforms to lure ...

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• 7 February

  Nomura’s Japan staff to get bigger pay increases

  

    Bloomberg Nomura Holdings will give its employees in Japan bigger pay raises starting in April, citing intensifying competition for talent and faster inflation. Employees excluding executives will get a slightly larger raise than the roughly 3% average of the past few years, Japan’s largest brokerage said in a statement on Tuesday. A growing number of Japanese firms have signalled ...

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