India's Brigade Hotel Ventures sets IPO price band at 85–90 rupees for $88 mln offering
The IPO will be open for bids from July 24 to July 28, while anchor investors can submit their bids on July 23.
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Reuters
23 minutes ago
- Reuters
Global investment in fusion energy rises the most since 2022
WASHINGTON, July 21 (Reuters) - Global fusion energy investment grew by $2.64 billion in the year since last July, an industry group said in an annual industry survey on Monday, but companies said they need much more money to take the industry commercial. The investment rise took place in places including the United States, the EU, Japan, China and Britain and was the highest since 2022. Total funding since 2021 for the 53 fusion companies in the survey by the Washington-based Fusion Industry Association, is now nearly $9.77 billion, a five-fold increase. This year's investment was a 178% jump from the more than $900 million raised last year. "The acceleration of capital, even when the global economy has tightened, is a signal of maturing investor confidence, technological progress, and a rapidly coalescing supply chain," said Andrew Holland, FIA's CEO. Fusion, which fuels the sun and stars, is in the experimental stage on Earth, but could one day generate enormous amounts of energy that emits virtually no greenhouse gas and without generating large amounts of long-lasting radioactive waste. Physicists work to replicate fusion reactions by forcing together light atoms with technology including lasers or giant magnets. Tall hurdles to commercialization include lowering the amount of energy needed to spur reactions, getting reactions to occur continuously, and systems to transmit the energy. The survey does not count public funding for public fusion projects, which China is believed to the world leader in. Venture arms of traditionally fossil fuel companies Chevron (CVX.N), opens new tab and Shell (SHEL.L), opens new tab and Siemens Energy ( opens new tab and Nucor (NUE.N), opens new tab, the largest U.S. steel producer, were some of the investors. The investment hike has benefited from a boom in power demand from artificial intelligence and data centers. Google (GOOGL.O), opens new tab said last month it had struck a deal to buy power from a Commonwealth Fusion systems plant in Virginia which hopes to generate power by the early 2030s. Despite the funding jump, 83% of respondents said they still consider getting investments challenging. Fusion companies said they would need an additional $3 million to $12.5 billion to bring their first pilot plants online, with a median response of $700 million. The total of $77 billion that respondents said they would need is about eight times more than has been committed by investors. Expected industry consolidation could reduce the total investment needed, the survey said.
Times
28 minutes ago
- Times
British Business Bank back in black with £144 million profit
Britain's state economic development agency has returned to profit, and its investment portfolio grew by almost a fifth, as it prepares for a beefed-up role after recent government changes. The British Business Bank, established in 2014 to improve the flow of finance to private companies, generated a pre-tax profit of £144 million in its last financial year — after two consecutive years of losses, including a £131 million loss in the 12 months to March 2024 — boosted by the performance of its investments. The bank provides wholesale finance to equity and debt providers but can also invest up to £60 million directly in individual companies. • British Business Bank marks tenth anniversary of doing deals After the government's recent five-year spending review and industrial strategy, the agency's role has been significantly increased. The government committed £6.6 billion of new capital to the British Business Bank in June, taking its financial capacity to £25.6 billion. Ministers are seeking to stimulate investment in promising UK companies to help drive economic growth and productivity and enable companies to scale up at home rather than overseas, particularly in the US. The annual report for the bank, which has its headquarters in Sheffield, shows that its investment portfolio has increased in value by 19 per cent to £4.7 billion. It supported a total of £6.8 billion of finance for smaller businesses, made up of £1.2 billion deployed by the agency, £2.6 billion of lending guaranteed and £3 billion of private sector capital that it 'crowded in'. As a result, it said, 24,000 businesses that haven't previously been supported by the bank received funding, plus 4,000 that have previously benefited. Louis Taylor, chief executive of the British Business Bank and a former boss of UK Export Finance, the government's export credit agency, said its activities from the last year were forecast to create 38,000 extra jobs and £8 billion of gross value added 'over the life of the finance'. Taylor, 58, whose total pay was £460,800, added: 'We have undertaken a significant reshaping of our organisation to prepare for an expanded mandate and long-term ambitions. Having an economic development bank with permanent capital and a consistent risk appetite, underpinning the UK venture and growth market through its cycles, is a powerful and very positive development.' Despite the market volatility generated by President Trump's tariffs war, the agency said it did not expect 'any direct impact' on its investment portfolio given its UK focus and it not being concentrated in sectors most exposed to US tariffs. • Keir Starmer unveils 'targeted, long-term' industrial strategy The bank's expanded role includes the British Growth Partnership, an investment vehicle seeking to raise hundreds of millions of pounds from UK pension funds and other institutions to back British venture capital. For the first time, it will be managing capital on behalf of pension funds together with other institutional investors. Aegon UK, NatWest Cushon and London CIV, a grouping of local government pension schemes, have expressed interest in working with it.
Reuters
an hour ago
- Reuters
Australia's Insignia agrees to $2.2 billion takeover by CC Capital, ending bidding war
July 22 (Reuters) - Australia's Insignia Financial Ltd ( opens new tab agreed on Tuesday to a A$3.3 billion ($2.15 billion) all-cash takeover by investment manager CC Capital, ending a months-long bidding war after U.S.-based rival Bain Capital withdrew its competing offer. Under the agreed deal, CC Capital will pay shareholders A$4.80 per share in cash. That represents a 22.14% premium to Insignia's closing price on Monday. However, it's slightly below CC Capital's improved bid of A$5 per share it made in March to match Bain Capital's A$3.34 billion offer before the U.S. private equity firm withdrew it in May. The 178-year-old Australian wealth manager had initially rejected Bain's December approach, deeming it insufficient, sparking a bidding contest when CC Capital Partners entered as a rival suitor. Insignia's board unanimously recommended shareholders approve the scheme of arrangement "in the absence of a superior proposal". ($1 = 1.5337 Australian dollars)
