Business Investment – Game Towne http://gametowne.com/ Wed, 23 Nov 2022 02:41:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://gametowne.com/wp-content/uploads/2021/06/icon-6-150x150.png Business Investment – Game Towne http://gametowne.com/ 32 32 Financial openness should boost trade, business, investment and quality development https://gametowne.com/financial-openness-should-boost-trade-business-investment-and-quality-development/ Wed, 23 Nov 2022 01:12:46 +0000 https://gametowne.com/financial-openness-should-boost-trade-business-investment-and-quality-development/ The logo of the Financial Street Forum’s annual conference. [Photo/the website of the Annual Conference of Financial Street Forum] China will continue to expand high-level opening-up and further accelerate the opening up of its financial sector, officials and leaders said Monday at the Financial Street Forum 2022 annual conference. The country will foster a world-class, […]]]>

The logo of the Financial Street Forum’s annual conference. [Photo/the website of the Annual Conference of Financial Street Forum]

China will continue to expand high-level opening-up and further accelerate the opening up of its financial sector, officials and leaders said Monday at the Financial Street Forum 2022 annual conference.

The country will foster a world-class, market-oriented business environment governed by a sound legal framework, said Peng Chun, chairman and CEO of China Investment Corp.

The new development model that China is proactively implementing emphasizes the dual circulation strategy that combines the expansion of the domestic economy with strong support for global supply chains. China will promote circulation in international markets and continuously strengthen support to ensure the resilience of global supply and industrial chains, Peng said.

He said international investment has effectively boosted international trade and commerce, as well as promoted global interconnectivity and the integration of global industrial and supply chains.

China Investment Corp will join hands with other market players to explore innovative cooperation methods of cross-border investment, promote international industrial cooperation and contribute to high-quality and sustainable global economic development, he said.

Lu Lei, deputy administrator of the State Administration of Foreign Exchange, said China’s international industrial and investment cooperation has achieved high-quality development and entered a new phase of high-level opening up since. the 18th National Congress of the Communist Party of China.

In 2021, China’s foreign direct investment increased by almost 50% compared to the 2012 level. In particular, FDI in high-tech services recorded relatively rapid growth. Over the same period, China’s outward investment doubled, making a great contribution to promoting trade and investment interconnection, infrastructure construction and industrial development in relevant countries and regions. Mr. Lu said.

Going forward, the environmental, social and governance investment strategy will enable the long-term model of global investing, meaning digitalisation, energy transition and healthcare will become major areas of investment , did he declare.

Liu Jin, president of the Bank of China, said financial institutions should improve the efficiency of global financial resource allocation and promote investment innovation and high-quality development of the real economy.

China is accelerating the opening up of its financial sector, Liu said.

China’s financial sector has entered a new phase of high-level opening up. Since the 19th CPC National Congress, the total assets of foreign banks in China have increased by nearly 30 percent, while the total assets of foreign insurance companies in the country have increased by about 120 percent, said Guo Shuqing, chairman of China Banking and Insurance Regulatory. Commission.

China will continue to welcome quality foreign financial institutions that operate steadily and have important characteristics to participate in its market, share growth opportunities and jointly create a bright future for China’s economy and finance, said said Mr. Guo.

Officials, executives and experts attended the Financial Street Forum 2022 annual conference, which kicked off Monday in Beijing. The three-day event is themed “Moving Forward to a Shared Future – Economic Development and Financial Cooperation Amid Changes.”

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Saudi Aramco to inject $7 billion into petchem’s largest investment in South Korea https://gametowne.com/saudi-aramco-to-inject-7-billion-into-petchems-largest-investment-in-south-korea/ Thu, 17 Nov 2022 04:58:00 +0000 https://gametowne.com/saudi-aramco-to-inject-7-billion-into-petchems-largest-investment-in-south-korea/ SEOUL, Nov 17 (Reuters) – Saudi Aramco (2222.SE) is planning a $7 billion investment in a South Korean subsidiary’s plant in the port city of Ulsan to produce more high-value petrochemicals , the company announced Thursday. The project, named Shaheen, is the Saudi company’s biggest investment in the Asian nation to develop one of the […]]]>

SEOUL, Nov 17 (Reuters) – Saudi Aramco (2222.SE) is planning a $7 billion investment in a South Korean subsidiary’s plant in the port city of Ulsan to produce more high-value petrochemicals , the company announced Thursday.

The project, named Shaheen, is the Saudi company’s biggest investment in the Asian nation to develop one of the world’s largest petrochemical steam crackers integrated into a refinery, Aramco said in a statement.

Saudi Aramco owns more than 63% of South Korean refiner S-Oil Corp (010950.KS).

Construction of the new plant will begin in 2023 and be completed by 2026. It will have a production capacity of up to 3.2 million tons per year, as well as a production facility for high-value polymers, said Aramco.

The steam cracker is expected to process crude processing by-products, including naphtha and off-gases, to make ethylene, and is also expected to produce propylene, butadiene and other base chemicals.

Upon project completion, S-Oil’s chemical yield, by volume, could nearly double to 25%, Aramco said.

Global petrochemical demand growth is expected to “accelerate, driven in part by rising consumption from emerging economies in Asia,” chief executive Amin Nasser said in the statement.

The project is well placed to meet growing demand from Asian industries, he added.

The news came alongside Saudi Crown Prince Mohammad bin Salman’s visit to South Korea on Thursday.

($1 = 1,332.8900 won)

Reporting by Joyce Lee; Editing by Christopher Cushing and Clarence Fernandez

Our standards: The Thomson Reuters Trust Principles.

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What can investors do with a fully invested portfolio? https://gametowne.com/what-can-investors-do-with-a-fully-invested-portfolio/ Sun, 13 Nov 2022 18:00:00 +0000 https://gametowne.com/what-can-investors-do-with-a-fully-invested-portfolio/ Many investors have a dilemma right now. Although they agree that now is a good time to buy stocks due to very attractive market valuations, they cannot buy more as they are already fully invested. Meanwhile, some investors are sitting in losing positions, which are psychologically difficult to sell because it would mean cutting losses […]]]>

Many investors have a dilemma right now.

Although they agree that now is a good time to buy stocks due to very attractive market valuations, they cannot buy more as they are already fully invested. Meanwhile, some investors are sitting in losing positions, which are psychologically difficult to sell because it would mean cutting losses and losing hope for a recovery.

Instead of maintaining the status quo or simply selling stocks for cash, investors facing these issues may choose to shift some of their positions to other stocks which may rise faster when the bull market returns.

Blue chip stocks that are part of the PSEi typically drive markets higher during rallies as these stocks are prioritized by large institutional investors. The main reason institutional investors like them is because of their liquidity, which makes them easier to buy and sell, even for those with large portfolios. It’s only when blue chip, large-cap stocks get expensive that institutional investors rotate and buy second-tier, less-liquid stocks or smaller-cap stocks.

As such, investors who hold second-tier or small-cap stocks can trade them first for larger-cap index names that also trade at attractive valuations.

Another reason investors should consider switching to larger cap index names is that most of them pay cash dividends. Currently, the average dividend yield of index stocks is around 2-3%. These dividends provide investors with passive income, making it easier for them to wait for market sentiment to improve and the bull market to return.

Investors can also choose to convert some of their stocks into bonds. There are growing signs that the US will soon enter a recession, which should bring inflation down and convince the Fed to finally pause and even cut interest rates.

Although interest rates may rise further in the short term, Philippine bond yields are already very high compared to their historical averages. In fact, the 10-year bond rate is now at 7.6%, which is only 40 basis points from its peak of 8% in 2018, when inflation was also high.

In my view, the risk of interest rates remaining permanently above their current level is very minimal. Assuming that the historical average spread of 170 basis points between the 10-year bond rate and the inflation rate is maintained, inflation would have to remain above 5.9% for 10-year bond rates to exceed its current level.

That seems unlikely given central banks’ relentless approach to keeping inflation from skyrocketing and signs that they are succeeding. For example, in the United States, the inflation rate has already peaked and is expected to fall to 4.2% next year from 8.1% this year. Meanwhile, in the Philippines, the inflation rate is expected to drop to 4.1% next year and 3.2% the following year.

Additionally, bonds perform better than stocks in times of economic weakness, as the resulting decline in consumption leads to lower inflation and lower interest rates. Lower inflation and lower interest rates automatically drive bond prices higher, which benefits investors who bought bonds when yields were higher. The same cannot be said for stocks, as corporate earnings are also likely to decline when the economy weakens.

The only caveat to this strategy is that investors need a large sum of money to buy bonds directly. However, those with less money can still participate indirectly in the performance of bonds by buying mutual funds or mutual funds that invest in bonds.

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Data can unlock massive new green investments https://gametowne.com/data-can-unlock-massive-new-green-investments/ Wed, 09 Nov 2022 17:42:48 +0000 https://gametowne.com/data-can-unlock-massive-new-green-investments/ Comment this story Comment Economies are growing rapidly in developing countries, resulting in a dramatic increase in energy demand. A central challenge facing leaders at COP27 this week is how to meet this growing demand – and provide electricity to the nearly one billion people who still lack it – while phasing out the source […]]]>

Comment

Economies are growing rapidly in developing countries, resulting in a dramatic increase in energy demand. A central challenge facing leaders at COP27 this week is how to meet this growing demand – and provide electricity to the nearly one billion people who still lack it – while phasing out the source of electricity. energy which is one of the main drivers of climate change and a major cause. of illness and disease: coal-fired power plants.

Meeting the challenge will require huge amounts of new public and private capital to finance clean energy projects. If we hope to win the fight against climate change, the best estimates indicate that by 2030, which will arrive before we know it, global investment in clean energy must be at least four times greater than investment in fossil fuels and gradually take over, with much of this investment directed to the developing world. At the moment, we are far from this level.

But there are reasons for hope, as companies and investors increasingly recognize the risks of inaction – and the opportunities that the clean energy transition presents. For example: Through the Glasgow Financial Alliance for Net Zero, more than 550 companies in some 50 countries have pledged to reduce emissions from their portfolios to net zero. But often they don’t have the data they need to fulfill those commitments. And their willingness to invest in developing countries often comes up against perceived risks, outdated policies and a lack of investment-ready projects.

These problems are largely fixable, and this week, Bloomberg LP and Bloomberg Philanthropies are contributing, in different ways, to three steps that can bring significant progress, all centered on one idea at the heart of managing almost any problem: the data transparency.

First, with a set of partners that includes Mark Gallogly’s Three Cairns Group, we’ve launched a new effort to normalize and strengthen problem-ridden voluntary carbon markets. Currently, companies that want to offset their fossil fuel consumption can buy carbon credits from organizations that promise to reduce emissions through new, clean power installations, reforestation, or other projects.

But the buying and selling of these credits is done in the shadows. Prices are not standardized. Often projects do not deliver what they promise. Buyers cannot be sure what they are getting is real and sellers cannot be held responsible.

A legitimate, credible and efficient market for carbon offsets would be a powerful way to attract more capital to projects that reduce emissions or prevent them from happening – and so we are bringing together a global group of leaders from government, business, universities and non-profit organizations to create it. Through a watchdog we will launch, called the Global Carbon Trust, contracts will be standardized, commitments will be monitored, bad actors will be flagged, and data will be publicly available. All of this will help bring more transparency and accountability to carbon markets, attracting more capital to projects that reduce emissions.

A second major initiative we helped launch at COP27 will use the same building blocks – transparency, data and standardization – to bring more investment to green infrastructure projects. We will help lead the implementation of a labeling system for infrastructure projects, such as LEED for Buildings ratings, that will allow investors to see if they meet sustainability criteria. The labeling system will encompass all types of essential infrastructure, from electricity transmission networks to wastewater treatment and management facilities, including transport networks and data centres.

The labeling system can help accelerate global progress on climate change by attracting more capital to green infrastructure projects. Together with partners from the Global Infrastructure Basel Foundation, we will help design the system criteria and collect the data on different infrastructure projects and assets, so that investors can easily compare them.

A third step we took at the COP was to announce, in partnership with French President Emmanuel Macron, recommendations for a new data portal that will bring companies’ climate data together in one place, and will make them comparable and consistent. At present, we have very little data on how much emissions individual companies are responsible for, and the data we do have is not publicly available. The Data Portal, which we are working with governments and data service providers to create, will help solve this problem, empowering investors to make informed decisions, giving them leverage to push companies to act. faster and enabling the public and policy makers to hold companies accountable for delivering on the promises they have made.

These three data transparency initiatives will help accelerate private investment in clean energy, especially in developing countries, where hundreds of coal-fired power plants are still under consideration. We know that phasing out coal is possible by expanding access to clean, affordable energy. In the United States, the Sierra Club campaign that we have strongly supported, called Beyond Coal, has helped close 68% of coal-fired power plants over the past decade and has also put more than half of Europeans on the path to retirement.

At COP27, we announced our intention to build on this work and expand it to other countries in Africa, Asia and Latin America. As part of this effort, we will help governments and businesses work closely together to change policies that favor fossil fuels, identify potential clean energy projects, and make them attractive to investors.

Scaling clean energy at the speed we need is the battle of our time. With the right data and strong partnerships across society, we can win.

Michael R. Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News, the United Nations Special Envoy for Ambition and Climate Solutions, and Chairman of the Defense Innovation Board.

More stories like this are available at bloomberg.com/opinion

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Inovalis Real Estate Investment Trust announces plans for Arcueil asset upon receipt of formal notice of non-renewal from long-term tenant https://gametowne.com/inovalis-real-estate-investment-trust-announces-plans-for-arcueil-asset-upon-receipt-of-formal-notice-of-non-renewal-from-long-term-tenant/ Fri, 04 Nov 2022 22:17:00 +0000 https://gametowne.com/inovalis-real-estate-investment-trust-announces-plans-for-arcueil-asset-upon-receipt-of-formal-notice-of-non-renewal-from-long-term-tenant/ TORONTO–(BUSINESS WIRE)–Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) announced that it is proceeding with its plans to redevelop and revitalize the 110,000 square foot Arcueil property located in the urban district privileged member of the Vache Noire in Paris now that he has been given formal notice by Orange SA, the sole tenant […]]]>

TORONTO–(BUSINESS WIRE)–Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) announced that it is proceeding with its plans to redevelop and revitalize the 110,000 square foot Arcueil property located in the urban district privileged member of the Vache Noire in Paris now that he has been given formal notice by Orange SA, the sole tenant of the building, that he will not be renewing his lease.

In August, the board of directors had already considered the risk of non-renewal of the lease of Orange SA when it had reduced by 50% the annual distributions of the REIT to unitholders. This prudent step was taken in part due to the uncertainty surrounding this lease renewal as well as the anticipated reduction in revenue from other strategic vacancies in the REIT’s properties marketed for sale and redevelopment. Orange has now confirmed that it will vacate the property in mid-2023. This lease currently represents 28% of the REIT’s overall real estate portfolio and contributes 36% to the REIT’s annual rental income.

The REIT had previously adjusted the book value of the Arcueil property and deducted potential rental costs assuming there was a 75% chance of non-renewal. As a result of these modifications, the book value of the building had previously been reduced by 12%.

The delivery of the official notice of non-renewal now allows the REIT to advance its alternative plans for a mixed-use redevelopment of this asset which will provide the best operational, environmental, life safety and certified health and well-being systems. LEED. . Inovalis SA, the manager of the REIT, has a proven track record of transforming real estate projects using specialized financing structures to significantly improve working environments.

Stéphane Amine, Chairman of the FPI declared: “Management is developing plans for a mixed-use redevelopment of this 335,000 square foot asset. Its strategic location 5 minutes from the southern ring road of Paris and the planned emphasis on LEED certification will elevate this asset into the category of prime assets much in demand in the center of Paris. Management is exploring strategic financing structures similar to that used for the 2016-2018 Rueil redevelopment project which provided a 20% return to unitholders. We are very excited about this welcome opportunity.

Forward-looking statements

Certain statements contained in this press release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors that may cause results, performance or actual achievements are materially different from any future ones. results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, “plan”, “should ‘, ‘believe’, ‘confident’, ‘plan’ and ‘intend’ and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, the forward-looking information contained in this press release includes, but is not limited to, statements made regarding the impact that the non-renewal of the sole lease on the Arcueil property could have on the overall financial condition of the REIT. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or events, performance or achievements of the REIT to differ materially from those anticipated or implied by such forward-looking information. The REIT believes that the expectations reflected in the forward-looking information included in this press release are reasonable, but there can be no assurance that such expectations will prove to be correct. In particular, there can be no assurance that the REIT will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that the forward-looking information included in this press release is not a guarantee of future performance, and such forward-looking information should not be relied upon unduly. Further information on the risks and uncertainties affecting the REIT’s business and the business of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form and in its most recent MD&A, copies of which are available. under the REIT’s profile on SEDAR at www.sedar.com. All forward-looking statements made in this press release are qualified by such cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that actual results or developments will occur or, even if substantially realize that they will have the intended consequences or effects on the REIT. The forward-looking information included in this press release is made as of the date of this press release, and the REIT undertakes no obligation to publicly update or revise such information to reflect new events or circumstances, except as required by applicable law. requires it.

About Inovalis REIT

Inovalis REIT is a real estate investment trust listed on the Toronto Stock Exchange in Canada. It was founded in 2013 by Inovalis and invests in office buildings in the main markets of France, Germany and Spain. It holds 14 assets representing €470 million of AuM. Inovalis REIT acquires (indirectly) real estate via CanCorpEurope, Alternative Investment Fund (AIF) authorized by the CSSF in Luxembourg, and managed by INOVALIS SA

About the Inovalis Group

Inovalis SA is a French alternative investment fund manager, approved by the Autorité des Marchés Financiers (AMF) under the AIFM laws. Inovalis SA and its subsidiaries (Advenis SA, Advenis REIM) invest and manage Real Estate Investment Companies like Inovalis REIT, open funds (SCPI) with a stable real estate vocation like Eurovalys (for Germany) and Elialys (Southern Europe), Thematic Private Funds raised with Inovalis partners to invest in defined real estate strategies and direct co-investments on specific assets

Inovalis Group (www.inovalis.com), founded in 1998 by Inovalis SA, is an established pan-European player in real estate investment with 7 billion euros in assets under management and offices in all the main financial and economic centers of the world in Paris, Luxembourg, Madrid, Frankfurt, Toronto and Dubai. The group is made up of 300 professionals, providing advisory, fund, asset and property management services in real estate as well as wealth management services.

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We told the big oil companies not to invest. Don’t complain now https://gametowne.com/we-told-the-big-oil-companies-not-to-invest-dont-complain-now/ Wed, 02 Nov 2022 10:30:04 +0000 https://gametowne.com/we-told-the-big-oil-companies-not-to-invest-dont-complain-now/ Comment this story Comment The cure for high oil prices is high prices, as the commodity industry adage goes. Let the invisible hand of the free market work its magic. High prices will simultaneously reduce demand and increase supply, ultimately making the good cheaper. This has been true for centuries: in commodities, a crash follows […]]]>

Comment

The cure for high oil prices is high prices, as the commodity industry adage goes. Let the invisible hand of the free market work its magic. High prices will simultaneously reduce demand and increase supply, ultimately making the good cheaper.

This has been true for centuries: in commodities, a crash follows every boom. This happened after the Klondike Gold Rush in 1896, during the second oil crisis in 1979 and after the last US shale boom a decade ago. Generations of petroleum engineers, geologists and financiers grew up swearing by him.

But the axiom no longer seems to govern the oil market.

True, the high cost of crude suppresses the appetite. But the other side of the equation – supply – doesn’t work. The industry simply has not reacted to the high prices by investing more as it has done before. This means that demand will have to do all the work to rebalance the oil market. This will likely result in a slower economy and more sustained energy costs than in the past.

Why isn’t the supply lever working? Money is definitely not the issue. Big Oil announced its best six-month period, making more than $100 billion in profits from April to September. Exxon Mobil Corp. just had its best quarter in 152 years of history, which dates back to John D. Rockefeller.

Neither Exxon nor rivals Chevron Corp., Shell Plc, TotalEnergies SE and BP Plc have announced any major spending increases beyond what they had already expected. Institutional investors, led by BlackRock Inc., convinced virtually all oil executives to keep their spending under control. Pierre Breber, Chevron’s chief financial officer, put it this way: “We’re not really paid for growth by the market.” Instead, they funnel profits into dividends and share buybacks.

In the past, some leaders would have tried to kick-start a boom-to-bust cycle: increase spending early, increase production, then cash in before prices crash. Today, shareholder pressure to remain frugal is so strong and uniform across the industry that from the outside it almost looks like a cartel. And the result looks like a cartel: Big Oil collectively underinvests a lot.

Last year, the industry spent $305 billion on oil exploration and production, well below what is needed to meet oil demand through the end of the decade based on the worst-case scenarios. probable. According to the International Energy Agency, the global energy industry needs to spend almost 50% more per year ($466 billion) from 2022 to 2030 to meet global oil needs based on policies. current climate change issues. Even if governments implement current strategies and other climate commitments they have made, including some net zero targets, investments still need to increase by 25% from current levels until at least 2030.

Let’s face it. Oil companies are doing what we told them to do: spend less on fossil fuel production. From green philanthropists to big Wall Street investors, the message has been almost unanimous. One can hardly blame the leaders for doing what they were told. The industry, of course, quickly realized that spending less was pretty good business, especially when very few were deviating. Only a handful of state oil companies in the Middle East are now significantly increasing their spending on fossil fuels.

The industry has calibrated itself for a world of peak oil and rapidly declining oil demand. But that world simply does not exist today, nor will it exist tomorrow or in the near future. Russia’s invasion of Ukraine has made this all too clear.

In the face of high oil prices, Western governments are now trying to force industry to accelerate spending. But after seeing how profitable it can be to ignore the old industry adage, oil executives are very reluctant to cooperate. They know that more spending means lower prices.

On Monday, US President Joe Biden threatened industry with higher taxes unless companies agree to boost not only oil production but also oil refining. White House officials describe the speech as an olive branch for the fossil fuel industry — a direct plea that represents a 180-degree policy shift from Biden’s campaign, when he promised “more drilling”.

Government officials are wise to arm themselves with a stick when negotiating with a powerful business sector. Windfall taxes could play a role in the talks, although they are unlikely to be effective. Reducing an industry’s profitability through higher levies does not encourage more spending.

If Biden wants more oil, he needs to completely reset the conversation, which means loudly telling environmental activists and investors on Wall Street that America needs fossil fuels right now.

This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.

Javier Blas is a Bloomberg Opinion columnist covering energy and commodities. A former Bloomberg News reporter and commodities editor at the Financial Times, he is co-author of “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources.”

More stories like this are available at bloomberg.com/opinion

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Now Truss investment areas are for review https://gametowne.com/now-truss-investment-areas-are-for-review/ Sun, 30 Oct 2022 21:43:50 +0000 https://gametowne.com/now-truss-investment-areas-are-for-review/ Michael Gove: environmental concern Tax-advantaged investment zones could be the latest of Liz Truss’ policies to be scrapped after Michael Gove confirmed they were being reviewed. The zones were meant to be full-fledged free ports, but it was feared that they would involve the removal of various environmental regulations. Mr Gove, brought back to government […]]]>
Michael Gove: environmental concern

Tax-advantaged investment zones could be the latest of Liz Truss’ policies to be scrapped after Michael Gove confirmed they were being reviewed.

The zones were meant to be full-fledged free ports, but it was feared that they would involve the removal of various environmental regulations.

Mr Gove, brought back to government as leveling secretary, told viewers that anything that harms the environment ‘is ruled out’.

“We need to make sure that any change we make is of course helping to support economic growth and good jobs for people, but one of the concerns raised about the investment zones was also the impact on the environment. “, did he declare.

“I have been very clear and the Prime Minister has been very clear that under no circumstances will we weaken environmental protections.

“So I will be looking with the Chancellor of the Exchequer, with the Environment Secretary and with the Prime Minister on the proposals that were drawn up when Liz was Prime Minister…and anything that might in any way undermine protection of the environment is excluded.”

He hinted that the HS2 rail project would also be reviewed, although the government sees it as a “significant investment”.

He explained: “As Rishi (Sunak) said, we have to be frank with people: the cost of materials has increased due to the problems with global supply chains and also a very tight labor market means that the ability to build these homes at the rate we want is limited.

Mr Gove issued an apology to the election of Ms Truss who spent just 49 days in Downing Street.

He admitted the government had taken a “vacation from reality”.

Opinium research conducted between Wednesday and Friday found Conservative support at 28%, up five from the previous week. Labor lost six points to 44%.

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Indonesian Jago raises $2.2 million to expand its mobile cafe business https://gametowne.com/indonesian-jago-raises-2-2-million-to-expand-its-mobile-cafe-business/ Fri, 28 Oct 2022 10:09:18 +0000 https://gametowne.com/indonesian-jago-raises-2-2-million-to-expand-its-mobile-cafe-business/ The Jakarta-based startup plans to lead Indonesia’s on-the-go coffee retail industry, using new funding to improve its technology platform and expand its mobile coffee cart business Jago currently offers consumers pickup and delivery services through a mobile app | Photo credit: Jago Indonesian startup Jago has announced the completion of a $2.2 million pre-Series A […]]]>

The Jakarta-based startup plans to lead Indonesia’s on-the-go coffee retail industry, using new funding to improve its technology platform and expand its mobile coffee cart business

Jago currently offers consumers pickup and delivery services through a mobile app | Photo credit: Jago


Indonesian startup Jago has announced the completion of a $2.2 million pre-Series A funding round that will help the company expand its fleet of mobile cafes to 200.

Launched in June 2020, Jago operates electric coffee carts in Jakarta, with its baristas serving local neighborhoods within 1-2 km of high-traffic spots in the Indonesian capital.

The company said demand for its convenience concept came primarily from residential and commercial districts, which tend to have fewer cafes but high coffee demand.

The funding round was led by BEENEXT, Jago’s former investor, alongside Intudo Ventures, CyberAgent Capital and Arkblu Capital.

Jago said the investment will also help strengthen its technology platform. The Jakarta-based mobile cafe company currently offers consumers pickup and delivery services through a mobile app, a format that is becoming increasingly popular in East Asian cafe culture.

“Our innovative business model, combining mobile cafes with our Jago app software, creates unparalleled access to coffee anytime, anywhere, without sacrificing quality, price or convenience. We are building new possibilities for sustainable and satisfying last mile retail outlet for Indonesian consumers to meet their daily coffee and refreshment needs,” said Yoshua Tanu, CEO of Jago.

Jago was founded by a group of Indonesian entrepreneurs with experience in both coffee and technology. Company CEO Yoshua Tanu is also a founder of Indonesian coffee chain Common Grounds, while CTO Christopher Oentojo spearheaded the launch of GoCar and other internal mapping initiatives as Vice President of Products at Gojek.

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LeBron James and Kevin Durant invest in Fanatics’ Mitchell & Ness brand https://gametowne.com/lebron-james-and-kevin-durant-invest-in-fanatics-mitchell-ness-brand/ Tue, 25 Oct 2022 22:35:33 +0000 https://gametowne.com/lebron-james-and-kevin-durant-invest-in-fanatics-mitchell-ness-brand/ Fanatics bought Mitchell & Ness in February 2022. Source: Fanatics Some of the biggest names in sports and entertainment are investing in Fanatics’ lifestyle clothing brand, Mitchell & Ness. Fanatics CEO Michael Rubin says the new ownership group will include LeBron James, Kevin Durant, Chris Paul, CJ McCollum, Devin Booker, James Harden, Joel Embiid, Odell […]]]>

Fanatics bought Mitchell & Ness in February 2022.

Source: Fanatics

Some of the biggest names in sports and entertainment are investing in Fanatics’ lifestyle clothing brand, Mitchell & Ness.

Fanatics CEO Michael Rubin says the new ownership group will include LeBron James, Kevin Durant, Chris Paul, CJ McCollum, Devin Booker, James Harden, Joel Embiid, Odell Beckham Jr., Kevin Hart, Rich Paul, Rich Kleiman, Scooter Braun and Steve. Stout.

Rubin broke the news during The Wall Street Journal’s Tech Live on Tuesday. Financial terms of the deal were not disclosed.

In February, Fanatics bought a 75% stake in Mitchell & Ness, with the remaining stake going to a celebrity cohort including Jay Z, LeBron James’ business partner, Maverick Carter and rapper Meek Mill. The deal valued Mitchell & Ness at $250 million. New investors will be part of this cohort.

Fanatics, which started as a sports merchandising company selling t-shirts and jerseys, has grown rapidly, becoming a $27 billion sports hub for millions of sports fans. In January, it acquired trading card company Topps, and in early 2023, it plans to launch sports betting.

The new owners said they plan to make Mitchell & Ness “the most diverse and culturally relevant consumer brand” through their influence and status as trendsetters.

Jay Z has become a fan of the brand due to its timeless appeal. “Fashion is cyclical, but classics are forever. Mitchell & Ness is a true classic,” he said in February. “I am proud to play a small part in its restoration and, in some cases, in introducing the authenticity and quality of the Mitchell & Ness brand to a new generation,” he added.

Mitchell & Ness was founded in 1904 in Philadelphia. The company manufactures and sells vintage jerseys and apparel collections for nearly every major sports league.

Fanatics used its customer database of over 94 million sports fans to attract new fans to grow Michell and Ness’ business. In June, Mitchell & Ness signed a rights agreement to manufacture products for all 32 NHL teams.

Fanatics says men’s and women’s street fashion and authentic nostalgics are among the fastest growing areas within the Fanatics Commerce business.

Fanatics is a triple CNBC 50 Disruptor company. Sign up for our quirky weekly newsletter that goes beyond the annual Disruptor 50 list, offering deeper insight into private companies like Fanatics that continue to innovate across all sectors of the economy.

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With RZC investment, Loloft plans new location at Rogers https://gametowne.com/with-rzc-investment-loloft-plans-new-location-at-rogers/ Sat, 22 Oct 2022 15:40:47 +0000 https://gametowne.com/with-rzc-investment-loloft-plans-new-location-at-rogers/ by Paul Gatling ([email protected]) 11 seconds from 0 views This rendering depicts a Loloft industrial coworking space at 600 S. First Street in downtown Rogers. Based in Bentonville RZC investmentsthe investment platform of Steuart and Tom Walton, grandsons of Walmart founder Sam Walton, invested an undisclosed amount in a commercial real estate startup loft at […]]]>

by Paul Gatling ([email protected]) 0 views

This rendering depicts a Loloft industrial coworking space at 600 S. First Street in downtown Rogers.

Based in Bentonville RZC investmentsthe investment platform of Steuart and Tom Walton, grandsons of Walmart founder Sam Walton, invested an undisclosed amount in a commercial real estate startup loft at Rogers.

Loloft is the acronym for “Local Logistics, Flexible Terms”. The business model operates similarly to a regular coworking concept, but is marketed to start-up or growing businesses by offering warehouse space on a flexible basis with rental terms starting at 30 days.

Amenities include Wi-Fi, loading dock access, and daily carrier pickups. A free unloading service is also included, so members don’t need a forklift or pallet truck.

Loloft co-founder and CEO Brendan Howell introduced the concept to Rogers late last year with a 45,000 square foot industrial co-working space at 2117 W. Walnut St. He said the operations had ceased there last April.

RZC’s investment supports Loloft’s development of a new 28,000 square foot location at 600 S. First St. in downtown Rogers. It will include 11 office spaces, two meeting rooms, a large conference room, three phone booths and 31 private, lockable micro-warehouse spaces ranging from 190 to 1,000 square feet.

“We are thrilled to partner with (Loloft CEO) Brendan (Howell) and the Loloft team,” RZC
said investment partner Matt Tarver. “We believe that micro-warehouses and distribution centers
represent a key element of value creation for growth-stage companies and established players
alike as they seek to invest in their supply chain while reducing logistics costs, working
capital investments and carbon footprints.

Chris Baribeau of Fayetteville-based design firm Modus Studio is leading the redesign of the former ice factory building. It should be open by the end of the year. High Street Real Estate and Development in Johnson owns the building.

Howell said more than half of the available space in the new building is already pre-let. Members include:

  • Small e-commerce businesses leaving their garages.
  • Startups working on hardware projects.
  • Walmart sellers.
  • National brands wanting flexible micro-storage near retail stores.

“Initially, we thought Loloft would primarily appeal to small e-commerce businesses that are
fulfilling orders in their garages but looking to expand into commercial warehouse space,”
Howell said. “But we’re also seeing large corporations wanting to use our space as a last mile
delivery micro-hubs because they can quickly and cost-effectively place products near customers
for same day delivery times.

In addition to the RZC investment, Loloft has raised over $1 million. Some of that funding comes from Revolution’s Rise of the Rest seed fund, led by Steve Case, president and CEO of Revolution and co-founder of AOL.

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