Market for Stakes in Private-Equity Managers Resists Broad Slowdown

Sales of minority interests in private-fund managers have so far this year held up through market turmoil, although buyers have become pickier about which firms they back, people who work on these deals say. The level of demand for so-called general-partner stakes—non-controlling investments in which the buyer typically gets a portion of a fund manager’s … Read more

Rotala Won’t Take Further Legal Steps on Decision to Franchise Manchester’s Bus Market

By Anthony O. Goriainoff Rotala PLC said Monday that it won’t take any further steps regarding its appeal against the decision by the mayor of Greater Manchester, England, to franchise the greater Manchester region’s bus market, and that although disappointed with the court’s decision, it nevertheless respects it . The London-listed bus-route operator said it … Read more

75 or 100 basis points? Lost in market debate over Fed’s next rate hike is ‘how long inflation stays at these levels’

Debate has been simmering over whether Federal Reserve policy makers will raise the fed-funds rate by three-quarters of a percentage point later this month, as they did in June, or step up their inflation-fighting campaign with a full point hike —- something that hasn’t been seen in the past 40 years.Friday’s economic data, which included … Read more

Chevron to Cut Back in California, Remain Based in State

Chevron is planning to sell its current headquarters in California and is offering to cover costs for some employees to relocate to Texas, the latest move by a large US employer to reduce the size of its offices. The second-largest U.S. oil company said it would remain based in California, its home state for more … Read more

Stock Market: Don’t Wait for the Next Bottom. Do This Instead.

Text size The Health Care Select Sector SPDR ETF comprises major medical companies that make products many people cannot live without. Octavio Jones / Getty Images It could be the single most important question facing investors: When will the bad news that is bullying stocks and bonds be fully priced in? The answer is as … Read more

Deloitte Explores Splitting Auditing, Consulting Arms, Following Ernst & Young

Deloitte is exploring a plan to split its global audit and consulting practices, following an effort by fellow Big Four accounting firm Ernst & Young to potentially spin off its consulting arm, according to people familiar with the matter. The moves would mark the biggest shake-up in the accounting industry in decades, handling windfalls to … Read more

Renault Sells Russia Business to State-Backed Entity for One Ruble

PARIS — French auto maker Renault SA has reached a deal to cede its 68% stake in Russia’s biggest auto maker to a state-backed entity for one ruble and a six-year option to buy back its shares, according to people familiar with the matter, an illustration of the limited options Western firms face in leaving … Read more

Annaly Capital to Sell Middle- Market Lending Portfolio to Ares for About $ 2.4 Billion

Text size Ares currently has $ 314 billion assets under management, up from $ 25 billion in 2008. Dreamstime Ares Management Corp said Monday that it agreed to buy the middle-market lending portfolio of Annaly Capital Management for about $ 2.4 billion. Annaly (ticker: NLY), a mortgage real estate investment trust, said it is selling … Read more