Goldman, China’s Sovereign-Wealth Fund Plan Up to $5 Billion in U.S. Investments (WSJ)
The fund is targeting as much as $5 billion and is a co-investment partnership between Goldman and CIC, which plan to announce their venture jointly this week during U.S. President Donald Trump’s visit to Beijing, these people said. How much capital Goldman and CIC will each contribute to the fund is still being worked out, one of the people said.
Goldman Sachs asset arm faces large paper loss on Venezuelan bond (FT)
While GSAM has since sold off chunks of the bond, it was still listed as the single biggest overall owner of the PDVSA bond maturing in 2022, with a face value holding of $1.3bn at the end of the third quarter. But with Thursday’s announcement that Venezuela would seek to restructure all its foreign bonds, the bond is now trading at 25 cents on the dollar, down from 29 cents at the start of last week. That would translate into a paper loss of $54m in just five days if GSAM has not reduced its stake since the end of the third quarter.
Broadcom Offers $105 Billion for Qualcomm in Landmark Deal (BBG)
Broadcom Ltd. offered about $105 billion for Qualcomm Inc., kicking off an ambitious attempt at the largest technology takeover ever in a deal that would rock the electronics industry. Broadcom made an offer of $70 a share in cash and stock for Qualcomm, a 28 percent premium for the world’s largest maker of mobile phone chips as of the stock’s closing price on Nov. 2, before Bloomberg first reported talks of a deal. The proposed transaction is valued at approximately $130 billion on a pro forma basis, including $25 billion of net debt.
Citigroup, Twitter, Lyft: Prince’s Arrest Touches Many (NYT)
With the arrest of Prince Alwaleed bin Talal, the prominent billionaire investor, Saudi Arabia has touched one of the richest and most influential investors in the world. Among Prince Alwaleed’s crown jewels: sizable stakes in Twitter, Lyft and Citigroup. He has gone into business with some of the corporate world’s biggest titans, including Bill Gates, Rupert Murdoch and Michael R. Bloomberg.
Commerce Secretary’s Offshore Ties to Putin ‘Cronies’ (NYT)
After becoming commerce secretary, Wilbur Ross retained investments in a shipping firm he once controlled that has significant business ties to a Russian oligarch subject to American sanctions and President Vladimir Putin���s son-in-law, according to newly disclosed documents. The shipper, Navigator Holdings, earns millions of dollars a year transporting gas for one of its top clients, a giant Russian energy company called Sibur, whose owners include the oligarch and Mr. Putin’s family member.
Uber Might Make More Money This Year Selling Real Estate in Oakland Than Actually Selling Rides (Slate)
Uber looks like it’s on track to make more money selling a building it owns in Oakland than it has selling rides over the last 10 months. In 2015, Uber bought the old Sears building in downtown Oakland with the intention of moving 3,000 of its employees to an expanded headquarters in the smaller, less-filthy-rich city just across the Bay from San Francisco, which the company currently calls home. That never happened. Now Uber is selling its building to the CIM Group, a Los Angeles-based real estate investment firm, for $220 million.
To Meet Carson Block, He Posed As Journal Reporter...And Got Caught (WSJ)
Mr. Block said he suspected the individual who met him at the hotel of impersonating the Journal reporter. Shortly after the meeting began, Mr. Block whipped out his cellphone and began to film the encounter. “I’d like to know who you really are,” Mr. Block said, according to the video of the encounter. Admitting he didn’t work for the Journal, the impostor said: “I wanted to meet you. There is no other way to meet you.”
New York Fed President William Dudley set to announce retirement (CNBC)
Dudley, who has has headed the bank since 2009, will likely retire sometime in the spring or summer of 2018 when his replacement is found and approved, sources told CNBC. His term ends in January 2019. A search committee has already been formed.
Men seeking medical pot bombard gynecologist’s office (AP)
A Pennsylvania gynecologist says she has been inundated with calls from men trying to set up appointments after hearing she was permitted to prescribe medical marijuana. Dr. Liang Bartkowiak tells the Altoona Mirror she was mentioned in the media as being eligible to certify medical marijuana users, and then her office phone started ringing off the hook. It was primarily men on the line.