Exploring private equity's value for Norway's sovereign wealth fund, challenges faced by Bayer's chief executive, concerns over Ghana's funding due to anti-LGBT law. Also, a political update on Nikki Haley, Donald Trump, and the upcoming US presidential elections.
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Quick takeaways
Bayer CEO rejects capital increase amid investor dissatisfaction, focusing on stabilizing company amidst challenges.
Norway's sovereign wealth fund explores private equity for higher returns but faces concerns over fees and uncertain profitability.
Deep dives
Bayer's Refusal to Sell New Shares Amidst Corporate Challenges
Amidst struggling quarterly earnings and legal issues, Bayer's CEO rules out selling new shares, citing negative impact on existing investors. With a declining share value and expiring patents, Bayer faces challenges, including lawsuits linked to its weed killer, Roundup. The company's focus remains on stabilizing amidst these setbacks.
Norway's Sovereign Wealth Fund's Shift to Private Equity
Norway's $1.6 trillion Sovereign Wealth Fund, known for public investments, seeks access to private equity for higher returns. Initiated as an index fund, the Fund aims to diversify into private assets for increased profitability. Despite potential advantages, concerns arise regarding the opaque fee structure and uncertain returns in the private equity sector.
Ghana's Financial Concerns Due to Controversial Anti-LGBT+ Law
Ghana faces economic distress as a controversial anti-LGBT+ law threatens external funding sources crucial for its economy. The law, proposing harsher penalties for same-sex relationships, raises fears of funding withdrawal from organizations like the World Bank. This situation prompts discussions on the World Bank's role in influencing countries' legislation and alternative funding strategies for Ghana.
Bayer chief executive Bill Anderson has ruled out a fresh capital increase and Ghana’s finance minister is concerned that the country’s new anti-LGBT+ law will put its international funding at risk. Plus, the FT’s Robin Wigglesworth examines whether private equity is a good fit for Norway’s sovereign wealth fund.
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.