Tuesday, April 16th, 2024
Number of The Day
700,000—The number of Sudanese children who could die of starvation by the end of the year, according to U.N. agencies. The total could rival that of the Ethiopian famine in the 1980s. One year into a war for power between Sudan’s top two generals, the country is in the midst of one of the worst humanitarian disasters in recent history.
Macro & GeoPolitical Events
The head of Israel’s army said Iran’s attack on Israel would be “met with a response”. General Herzi Halevi provided no further details, but it was the firmest indication yet of early Israeli retaliation for the 350 Iranian drones and missiles launched towards its territory on Saturday. On Tuesday Israel’s war cabinet met for the third day in a row to formulate a response to the attack. Meanwhile, the West increased pressure on Israel to show restraint. America’s secretary of state, Antony Blinken, and Britain’s prime minister, Rishi Sunak, said Western countries were preparing further sanctions on Iran in a bid to stop war in the Middle East from widening.
China’s GDP grew by 5.3% in the first quarter compared with a year earlier, beating expectations. The government has set a target of “around” 5% for this year. But industrial-output and retail-sales figures for March were weaker than anticipated. Inflation came in below estimates, indicating that deflation remains a threat to the world's second-largest economy.
During the first day of jury selection for Donald Trump’s criminal trial in Manhattan, at least 50 prospective jurors said they could not be impartial and were excused. No jurors have been selected yet. The selection process will probably take days, if not weeks. The trial itself—concerning the former president’s alleged efforts to cover up hush money to a porn star in 2016—will then run for up to eight weeks. Read daily updates in The US in brief.
The Japanese yen fell to its lowest value against the dollar since 1990. The currency touched ¥154.42 to the dollar before strengthening slightly. The yen has been dragged down by the gap in interest rates between the Bank of Japan and other central banks. Suzuki Shunichi, Japan’s finance minister, said policymakers are “fully prepared” to intervene.
Australian police designated an incident in which an Assyrian bishop was stabbed in Sydney as a terrorist attack. At least four other people were wounded after a male teenager lunged at the bishop, who survived, during a live-streamed church service on Monday. On Saturday six people were killed and 12 wounded in a separate stabbing attack in Sydney, which police said was not related to terrorism.
America’s government will give Samsung a $6.4bn subsidy to build semiconductor facilities in Texas, where the South Korean chipmaker already has a foothold. Samsung has invested $40bn in constructing or upgrading chip factories, a packaging plant and a research centre. Last week the president announced a $6.6bn subsidy for TSMC, a Taiwanese chipmaker, to expand operations in Arizona.
Copenhagen’s Old Stock Exchange, Borsen, caught fire. All those inside were evacuated and expensive interiors were being removed. The building, which was completed in 1625, is among the Danish capital’s oldest and was in the process of being restored. Its distinctive spire collapsed in flames early on Tuesday morning. The cause of the fire is not known yet.
Venture Capital Deals
VC DEALS
Singapore-based Carro, a used-car specialist, is in talks to raise $100 million from undisclosed investors, Bloomberg reported.
Indian social networking platform ShareChat has raised $49 million from Lightspeed, Temasek, Alkeon Capital and others.
Telehealth startup Equip, which specializes in treating eating disorders, has raised $35 million from undisclosed investors, according to an SEC filing.
Kode Labs, a Detroit-based autonomous building startup, has raised a $30 million Series B led by Maverix Private Equity.
Pula, a Swiss agricultural insurance provider, has raised a $20 million Series B led by BlueOrchard.
London-based legal-tech startup Lawhive has raised £9.5 million from GV and Episode 1 Ventures.
PE DEALS
Clearlake Capital finalized a take-private offer to acquire Blackbaud's outstanding stock at $80 per share in an all-cash transaction. The software solutions company rejected Clearlake's previous bid of $71 per share in March 2024.
Warburg Pincus has invested in Xunyen A, an operator of four general hospitals in Vietnam.
Partners Group made a minority stake of $500 million in hospitality-focused real estate investor Trinity Investments.
Big 7 Ventures, which seeks to grow its industrial and construction portfolio, entered an agreement to acquire Bowtex, a manufacturer of survey stakes and grading products.
EXITS & IPOS
Bowhead Specialty, an insurance underwriting specialist backed by PE firm Gallatin Point Capital, is planning a listing on the NYSE, according to an SEC filing.
The Carlyle Group is arranging a Q4 IPO of Hexaware Technologies, which could potentially value the Indian IT company at up to $6 billion, Bloomberg reported.
FUNDRAISING
PE firm Citation is targeting $850 million for its inaugural private debt fund, with which it has taken an initial majority stake in food products manufacturer Cibo Vita, Bloomberg reported.
Biotech firm Regeneron is launching a venture arm, Regeneron Ventures, with a commitment of $500 million to invest in pharmaceutical startups.
Rosberg Ventures, founded by former Formula 1 racing champion Nico Rosberg, has launched with a $75 million fund-of-funds to invest in European startups.
Human Ventures raised $50 million for its second fund and plans to seek more, Fortune reported.
Corporate News and Earnings
Live Nation (LYV): Shares of the Ticketmaster parent company slid in off-hours trading after the Journal reported that the Justice Department is preparing to sue it as soon as next month.
International Paper (IP) and DS Smith (UK: SMDS): The Tennessee-based paper giant agreed to buy British packaging company DS Smith in a $7.2 billion all-stock deal. International Paper said it will seek a secondary listing in London once the deal is done. DS Smith shares fell more than 2% in the U.K.
Tesla (TSLA): The electric-vehicle maker's shares remained under pressure in premarket trading, after falling nearly 6% on Monday. The company plans to slash more than 10% of its global workforce as it adjusts to a weaker market for its battery-powered cars.
Earnings are due from Bank of America (BAC) and Morgan Stanley (MS).
The Bathing Pools By Hubert Robert
Hubert Robert, an influential French painter of the 18th century, is renowned for his romantic and picturesque landscapes that often incorporate classical ruins, exemplified in his painting "The Bathing Pool." During a time marked by Enlightenment ideals and the romanticization of antiquity, Robert's work reflects a deep fascination with nature and the past, blending real and imagined elements to evoke both beauty and nostalgia. As a member of the French Academy and curator of the King’s paintings, his influence on French art was significant, helping to bridge the gap between the neoclassical and romantic movements. His art, particularly seen in pieces like "The Bathing Pool," not only provides a visual retreat but also comments on the transient nature of human achievements through the poetic use of ruins. This blending of historical reverence and natural beauty defines Robert's enduring legacy in the world of art.