Blackstone has agreed to sell The Cosmopolitan in Las Vegas for $5.7bn, completing a turnround at a resort that had been blighted by losses and labour disputes before Stephen Schwarzman’s private equity firm took ownership seven years ago. MGM Resorts International is paying $1.6bn to take over operations of the 3,000-room hotel overlooking the Las … Read more
Investor and entrepreneur Anshu Sharma — formerly a partner at Storm Ventures, now CEO of privacy-focused SkyFlow — asked on Twitter today about the connection between interest rates and technology valuations: Ignore the compliments; Sharma was merely trying to bait Jeff and me into engaging with his question. Which worked, as you can tell. Sharma … Read more
The COVID-19 Delta variant is the latest disruption for working parents, but it won’t be the last. Businesses must take two key actions to support caregivers.
Accounting & Consulting services updates Sign up to myFT Daily Digest to be the first to know about Accounting & Consulting services news. Ankura Consulting has launched a UK restructuring practice, becoming the latest private equity-backed group looking to profit from advising companies in distress because of the pandemic. The US-based firm, which is backed … Read more
Startups are raising record sums around the world, thanks to several contributing factors. As The Exchange explored yesterday, historically low interest rates have helped venture capitalists raise more capital than ever, to pick an example. Low rates have helped startups in another manner: As yields fell for certain assets, investors chased returns by betting on … Read more
As ESG metrics spawn an increasing number of ethical considerations, leaders need better ways to manage ethical conundrums and conflicts. G. Richard Shell, chair of Wharton School’s Legal Studies and Business Ethics department, offers a useful approach with his CLIP framework, which considers four elements: consequences, loyalties, identity, and principles. But when all is said and done, leaders will still need to use their best judgment to balance and prioritize the elements.
Steven Mnuchin updates Sign up to myFT Daily Digest to be the first to know about Steven Mnuchin news. Japan’s SoftBank has followed Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala in backing a new $2.5bn private equity fund set up by former US Treasury secretary Steven Mnuchin just eight months after he left … Read more
Major gains in online advertising have boosted valuations for adtech startups since the pandemic began, but one insider says investors are missing the party. “Adtech is having a moment,” writes industry veteran Casey Saran. “And while much of the oxygen has been soaked up by large legacy companies hitting the public market, there have been … Read more
The former Treasury secretary has attracted investment from Saudi Arabia’s sovereign wealth fund.
Leaders who want to build trust with employees and avoid a retention and recruitment crisis need to walk the talk on culture.