May 3, 2021

firms

John Kerry discloses millions in income from finance, energy firms

John Kerry disclosed millions in income and a massive stock portfolio that he’s liquidated since taking office as President Biden’s special climate envoy, according to a financial filing obtained by Axios on Friday.

Why it matters: Kerry is among the wealthiest members of the Biden administration. He maintains significant influence over U.S. energy and environmental policy as Biden’s climate envoy, a role that comes after he advised a number of firms in the space following his time as secretary of State.

  • The State Department, where Kerry officially works again, says he has divested assets that could pose a conflict of
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Brexit Led Over 440 Finance Firms to Shift Some Business to EU

Photographer: Simon Dawson/Bloomberg

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The U.K.’s departure from the European Union pushed more than 440 financial firms to move at least some of their operations, staff, assets or legal entities from Britain to the bloc.

That includes 126 asset management firms, 81 banks and 65 insurers, according to a report published Friday by New Financial, a London-based think tank.

Sector

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Biden’s China policy greater risk for U.S. financial firms than Trump

U.S. Vice President Joe Biden delivers remarks at the Strategic and Economic Dialogue (S&ED) at the State Department in Washington, U.S. June 23, 2015.

Yuri Gripas | Reuters

BEIJING — As U.S.-China tensions continue to simmer under a new administration, risks for American investors with exposure to China are only going to rise, according to a report from Cowen.

“We believe President Biden represents a greater risk for financial firms on the China front than President Trump,” Cowen Washington Research Group’s D.C.-based analyst Jaret Seiberg wrote in an April 7 note. “We believe Team Biden will be more strategic, more

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Wall Street Finds New Way To Finance Unprofitable Tech Firms

No earnings? No problem. Investors are funneling money to unprofitable software companies through a new type of debt deal.

Nonbank lenders like Golub Capital, AllianceBernstein Holdings LP and Owl Rock Capital Partners LP have issued asset-backed bonds to help finance about $2 billion of loans to such companies since November, according to data from Kroll Bond Rating Agency Inc. and S&P Global Market Intelligence. Many of the loans are to fast-growing, but still unprofitable, software enterprises.

The rash of recent deals is the latest indicator that large investors have resumed their hunt for high-yielding debt to offset low interest rates

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JPMorgan, Salesforce join growing list of firms dumping office space

JPMorgan Chase & Co., Salesforce.com Inc. and PricewaterhouseCoopers are among the major firms looking to unload big blocks of office space, the latest sign that remote work is hurting demand for this pillar of commercial real estate.

Large companies typically sign office leases for a decade or longer, giving them few options for reducing their footprint beyond trying to sublease floors to other tenants. At the end of 2020, 137 million square feet of office space was available

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Top finance, tech firms mulling NY exodus over proposed tax hike

Top New York firms that toughed it out through the pandemic are now considering packing their bags over $7 billion in proposed new state taxes.

At least 20 finance and tech companies are already poised to leave for sunny, low-tax Florida, said Kathyrn Wylde, CEO of the business-backed Partnership for New York City.
“The Legislature’s proposals will move us in the opposite direction by driving away the businesses and tax base required to do that,” said powerful Real Estate Board of New York President James Whelan.

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