Omers' Eric Haley Retires in Latest Change Within Private Equity
Haley will continue to lead the North American buyout team until the end of 2025, Don Peat, spokesperson for the Ontario Municipal Employees Retirement System, said in an email. 'We are deeply grateful to Eric for his commitment to delivering on the Omers pension promise and his significant contributions to our private equity business and team culture.'
Omers has been revamping its private equity unit under Ralph Berg, who became chief investment officer in 2023. Last year, the Toronto-based fund halted direct private equity investments in Europe and opted to shift its strategy by investing alongside partners and external managers. The pension also launched a global funds strategy within a new group called Private Capital.
The C$27.5 billion private equity portfolio was split, with Michael Block leading the global funds strategy and Haley overseeing the North American buyout program, the firm said at the time. It's unclear whether Omers will replace Haley.
Haley's departure continues a period of employee change within Omers' private equity business. In March, Alexander Fraser, a former partner of a Temasek-backed fund, joined as global head of its private equity arm. He succeeded Michael Graham, who retired in February. Jonathan Mussellwhite, who had led private equity in Europe since 2018, left a few months before that.
For decades, the so-called Maple Eight have built up their deal teams to take a leading role in some private equity transactions. Now, some of them want to lean more on partners, as higher borrowing costs choked deal activity and diminished the allure of controlling portfolio firms.
Last month, Ontario Teachers' Pension Plan said it's re-examining its buyout unit, aiming to work more with partners rather than owning large or controlling stakes in private businesses as it seeks to mitigate risk. And Caisse de Depot et Placement du Quebec said in February that it will scale back its direct investing and team up with third-party managers.
This article was generated from an automated news agency feed without modifications to text.
First Published: 26 Apr 2025, 01:22 AM IST
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Business Standard
an hour ago
- Business Standard
Meta clashes with Apple, Google as US states push age verification laws
The biggest tech companies are warring over who's responsible for children's safety online, with billions of dollars in fines on the line as states rapidly pass conflicting laws requiring companies to verify users' ages. The struggle has pitted Meta Platforms Inc. and other app developers against Apple Inc. and Alphabet Inc.'s Google, the world's largest app stores. Lobbyists for both sides are moving from state to state, working to water down or redirect the legislation to minimize their clients' risks. This year alone, at least three states — Utah, Texas and Louisiana — passed legislation requiring tech companies to authenticate users' ages, secure parental consent for anyone under 18 and ensure minors are protected from potentially harmful digital experiences. Now, lobbyists for all three companies are flooding into South Carolina and Ohio, the next possible states to consider such legislation. Meta Ahead Of Earnings Figures The debate has taken on new importance after the Supreme Court this summer ruled age verification laws are constitutional in some instances. A tech group on Wednesday petitioned the Supreme Court to block a social media age verification law in Mississippi, teeing up a highly consequential decision in the next few weeks. Child advocates say holding tech companies responsible for verifying the ages of their users is key to creating a safer online experience for minors. Parents and advocates have alleged the social media platforms funnel children into unsafe and toxic online spaces, exposing young people to harmful content about self harm, eating disorders, drug abuse and more. Blame Game Meta supporters argue the app stores should be responsible for figuring out whether minors are accessing inappropriate content, comparing the app store to a liquor store that checks patrons' IDs. Apple and Google, meanwhile, argue age verification laws violate children's privacy and argue the individual apps are better-positioned to do age checks. Apple said it's more accurate to describe the app store as a mall and Meta as the liquor store. The three new state laws put the responsibility on app stores, signaling Meta's arguments are gaining traction. The company lobbied in support of the Utah and Louisiana laws putting the onus on Apple and Google for tracking their users' ages. Similar Meta-backed proposals have been introduced in 20 states. Federal legislation proposed by Republican Senator Mike Lee of Utah would hold the app stores accountable for verifying users' ages. Still, Meta's track record in its state campaigns is mixed. At least eight states have passed laws since 2024 forcing social media platforms to verify users' ages and protect minors online. Apple and Google have mobilized dozens of lobbyists across those states to argue that Meta is shirking responsibility for protecting children. 'We see the legislation being pushed by Meta as an effort to offload their own responsibilities to keep kids safe,' said Google spokesperson Danielle Cohen. 'These proposals introduce new risks to the privacy of minors, without actually addressing the harms that are inspiring lawmakers to act.' Meta spokesperson Rachel Holland countered that the company is supporting the approach favored by parents who want to keep their children safe online. 'Parents want a one-stop-shop to oversee their teen's online lives and 80% of American parents and bipartisan lawmakers across 20 states and the federal government agree that app stores are best positioned to provide this,' Holland said. As the regulation patchwork continues to take shape, the companies have each taken voluntary steps to protect children online. Meta has implemented new protections to restrict teens from accessing 'sensitive' content, like posts related to suicide, self-harm and eating disorders. Apple created 'Child Accounts,' which give parents more control over their children's' online activity. At Apple, spokesperson Peter Ajemian said it 'soon will release our new age assurance feature that empowers parents to share their child's age range with apps without disclosing sensitive information.' Splintered Groups As the lobbying battle over age verification heats up, influential big tech groups are splintering and new ones emerging. Meta last year left Chamber of Progress, a liberal-leaning tech group that counts Apple and Google as members. Since then, the chamber, which is led by a former Google lobbyist and brands itself as the Democratic-aligned voice for the tech industry, has grown more aggressive in its advocacy against all age verification bills. 'I understand the temptation within a company to try to redirect policymakers towards the company's rivals, but ultimately most legislators don't want to intervene in a squabble between big tech giants,' said Chamber of Progress CEO Adam Kovacevich. Meta tried unsuccessfully to convince another major tech trade group, the Computer & Communications Industry Association, to stop working against bills Meta supports, two people familiar with the dynamics said. Meta, a CCIA member, acknowledged it doesn't always agree with the association. Meta is also still a member of NetChoice, which opposes all age verification laws no matter who's responsible. The group currently has 10 active lawsuits on the matter, including battling some of Meta's preferred laws. The disagreements have prompted some of the companies to form entirely new lobbying outfits. Meta in April teamed up with Spotify Technology SA and Match Group Inc. to launch a coalition aimed at taking on Apple and Google, including over the issue of age verification. Competing Campaigns Meta is also helping to fund the Digital Childhood Alliance, a coalition of conservative groups leading efforts to pass app-store age verification, according to three people familiar with the funding. Neither the Digital Childhood Alliance nor Meta responded directly to questions about whether Meta is funding the group. But Meta said it has collaborated with Digital Childhood Alliance. The group's executive director, Casey Stefanski, said it includes more than 100 organizations and child safety advocates who are pushing for more legislation that puts responsibility on the app stores. Stefanski said the Digital Childhood Alliance has met with Google 'several times' to share their concerns about the app store in recent months. The App Association, a group backed by Apple, has been running ads in Texas, Alabama, Louisiana and Ohio arguing that the app store age verification bills are backed by porn websites and companies. The adult entertainment industry's main lobby said it is not pushing for the bills; pornography is mostly banned from app stores. 'This one-size fits all approach is built to solve problems social media platforms have with their systems while making our members, small tech companies and app developers, collateral damage,' said App Association spokesperson Jack Fleming. In South Carolina and Ohio, there are competing proposals placing different levels of responsibility on the app stores and developers. That could end with more stringent legislation that makes neither side happy. 'When big tech acts as a monolith, that's when things die,' said Joel Thayer, a supporter of the app store age verification bills. 'But when they start breaking up that concentration of influence, all the sudden good things start happening because the reality is, these guys are just a hair's breath away from eating each other alive.'
The Hindu
2 hours ago
- The Hindu
Fertile fields or solar factory: a verdant land facing an industrial leap
Karedu in Ulavapadu mandal of SPSR Nellore district is a picturesque coastal village dotted with temples, ponds and lush greenery. Lying close to Manneru Vaagu and Buckingham Canal, it's been an tourist hotspot and houses the renowned Bommidala Guest House. Despite having tap connections supplying drinking water, most residents here continue to rely on wells and borewells throughout the year as the groundwater, available from just 15 feet below the surface, remains potable. For generations, residents of the village have reliably counted on the fertile soil, harvesting three crops a year. Apart from cultivating paddy, groundnut and cotton, they also grow vegetables and fruits, predominantly mango, sapota, coconut and banana. Most of the vegetables grown here are supplied to the neighbouring cities whereas some varieties of mango and sapota are exported. Those who don't own land either work as labourers on agricultural fields or shrimp farms. Today, however, the hardworking residents of Karedu are a worried lot. It's root: a government announcement of plans to establish an integrated solar photovoltaic (SPV) module manufacturing plant of Indosol Solar Private Ltd. (ISPL), a subsidiary of Kadapa-based Shirdi Sai Electricals Ltd. (SSEL), at Karedu. They fear that the fertile tracts of their village would be acquired to establish the manufacturing facility, robbing them of a lifestyle they long to preserve. Story so far During the tenure of the previous YSRCP government, ISPL had been given land at Chevuru village in Gudluru mandal near Ramayapatnam port, where it built a plant on 114.5 acres. After the Coalition government came to power, however, the land parcels in the same village were offered to Bharat Petroleum Corporation Ltd. for its greenfield refinery project worth ₹95,000 crore. As per G.O. no. 43, dated March 25, the government has instead allotted 8,348 acres to ISPL at Karedu for its ₹69,000-crore 30 gigawatt (GW) SPV module manufacturing plant, which, it is said, would generate 13,050 jobs. Other than offering financial incentives, the government has also allocated water supply from Karedu, Cheruru and Chennapalayam ponds. Subsequently, Nellore district administration issued a preliminary notification for land acquisition in Karedu through A.P. Industrial Infrastructure Corporation Ltd. (APIIC). The district officials recently organised a grama sabha, but, according to sources, a majority of the residents refused to give up their land, with only 10% agreeing to the proposal. 'The officials are currently planning to acquire 4,000 acres while the company is looking for 20,000 acres,' says M. Srinivasulu, a resident. The elderly farmer alleged that the company gave jobs to a few people at its existing plant near Ramayapatnam but removed them within a couple of months. 'Though we are not educated, we earn a living from agriculture. If they take away our land, we will struggle to live,' he said. P. Durga Rao, a fisherman-activist from Muthukuru village, said there are around 800 families belonging to fisherfolk communities in and around Karedu. 'Most are illiterates but earn a minimum of ₹1,000 a day by fishing. We can't trust a private company to offer a salary package matching our current income,' he adds. 'The fisherfolk of Middirevu and Gummaladibba villages in Chilakuru mandal of combined Nellore district, who had been given jobs at Krishnapatnam Port, couldn't be skilled and couldn't understand the deductions in their salaries. They left their jobs at the port within a year. Karedu fisherfolk may face a similar situation at the new plant of ISPL,' he adds. The farmers and fisherfolk have been staging a number of protests in the village. The leaders from various organisations and political parties, including former Chief Minister and YSRCP president Y.S. Jagan Mohan Reddy, have visited the village and promised their support to the protests. Opposing the land acquisition bid, Yanadi Welfare Association State president K.C. Penchalayya said that the government should give up the idea of offering land to the company, threatening to escalate the protest. The district administration, however, hope to resolve the problems. District Collector O. Anand said the farmers can submit their objections to him or to the Special Deputy Collector. 'We will conduct grama sabha and resolve all their issues. There are about 12,000 acres in the village, but we plan to acquire less than 5,000 acres. However, we are not going to touch the three-crop land parcels close to the Buckingham Canal and the sea,' he says. He said they are trying to minimise the acquisition of fertile land parcels. 'Out of the 19 habitations in Karedu village with a combined population of 14,000, we are planning to displace only three habitations – Upparapalem, Pollukatta Yanadisangam and Ramakrishnapuram, which has 350 families with around 1,500 population. Based on the Land Acquisition Act, compensation will be provided to the land owners at 2.5 times the market rate. This apart, the government will give the evicted a house on 5 cents of land in a new colony and ₹6.5 lakh as a part of the Rehabilitation and Resettlement package. 'We will also take their feedback and consider their preferences,' says the Collector. 'We may give a compensation of ₹12.5 lakh per acre for wet and dry land and ₹17.5 lakh per acre of orchard. We may negotiate further in the discussions with the farmers. The proposed plant is likely to benefit 33,000 people, by offering direct jobs to 13,050 and indirect employment to the rest. We are also initiating skill development programmes for the local people,' he adds. Study on social impact A fact-finding team of Human Rights Forum (HRF) A.P. State Committee, Rashtra Chenatha Jana Samakhya (RCJS) and Matsyakara Sangam recently visited the village and prepared a report on the overall impact of the proposed project. They also pointed out the government's decision to waive off the Social Impact Assessment (SIA) requirements for this project. HRF A.P. State general secretary Y. Rajesh questioned the government for exempting the conduct of the SIA before land acquisition. 'Does ISPL has the technical capabilities to manufacture everything from quartz-to-modules. How can the government help a private company that has no track record in taking up such a crucial and complex project,' he asks. 'In India, most solar companies import cells and assemble them into modules. This vertically integrated SPV plant is the first of its kind. ISPL initially had plans to reach 10 GW of module manufacturing in three phases. To produce 10 GW of modules, about 30,000 tonnes of polysilicon is required and the processing of silicon is a highly polluting activity,' the HRF member points out. Asked about the company's current capacity utilisation, ISPL CEO Sharat Chandra said they are manufacturing 0.5 GW solar modules at the plant built on the 114.5 acres in Chevuru village near Ramayapatnam port. 'We are going to achieve one GW of ingot-to-module manufacturing capacity by the end of this fiscal year.' Speaking about the employment, he said: 'Currently, about 200 people work at the plant. They were offered skill development training. Once we enhance the manufacturing capacity, more people will be offered jobs. To move forward, we don't have the land. Out of the total requirement of 8,348 acres, about 4,800 acres should have been provided in the first phase.' On the need for such vast tracts of land, Sharat said: 'An integrated SPV plant, which manufactures the complete solar supply chain, including ingot/wafer, cell and module, needs a huge chunk of land. Moreover, 33% of the overall project area must be earmarked for developing greenery. So, nearly 2,500-3,000 acres will be dedicated to the green cover.' To a question on the government's decision to relocate the project, he said that he was not personally in favour of relocation as they had already begun operations near Ramayapatnam port and that the company was unable to assess capital expenditure on the land owing to the change in the plan.
Time of India
3 hours ago
- Time of India
LVMH said to be in talks to offload fashion label Marc Jacobs
French luxury goods group LVMH is in discussions with multiple buyers to offload its fashion label Marc Jacobs , people familiar with the matter told Reuters on Friday. The Bernard Arnault-led company has been holding talks with potential buyers including Reebok-owner Authentic Brands Group and WHP Global , the sources said, who asked not to be named because the discussions are confidential. Explore courses from Top Institutes in Please select course: Select a Course Category Data Science Public Policy Management Finance healthcare MCA Degree Healthcare Artificial Intelligence CXO Technology Others Data Analytics others Digital Marketing MBA Product Management Leadership Cybersecurity Design Thinking Data Science Project Management Operations Management PGDM Skills you'll gain: Strategic Data-Analysis, including Data Mining & Preparation Predictive Modeling & Advanced Clustering Techniques Machine Learning Concepts & Regression Analysis Cutting-edge applications of AI, like NLP & Generative AI Duration: 8 Months IIM Kozhikode Professional Certificate in Data Science and Artificial Intelligence Starts on Jun 26, 2024 Get Details Skills you'll gain: Data Analysis & Interpretation Programming Proficiency Problem-Solving Skills Machine Learning & Artificial Intelligence Duration: 24 Months Vellore Institute of Technology VIT MSc in Data Science Starts on Aug 14, 2024 Get Details Authentic Brands declined to comment on the matter while WHP did not immediately respond. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Are you Smarter than Average? Test Now! Try Now Undo Brookstone's owner Bluestar Alliance is also a suitor for Marc Jacobs, which could be worth around $1 billion, according to the Wall Street Journal, which earlier reported the news. LVMH, Marc Jacobs and Bluestar Alliance did not immediately respond to requests for comments on the WSJ report. Live Events In 2024, Bloomberg reported that LVMH was exploring strategic options for the label with advisers after receiving interest from potential buyers, though the company denied the claim at the time. Founded in 1984 by American designer Marc Jacobs, the luxury fashion brand is renowned for its eclectic, bold designs that blend high fashion with street style. In 1997, LVMH tapped Jacobs to lead the Louis Vuitton brand and acquired a stake in the designer's eponymous label. The Journal said that a deal could be finalized soon, provided talks do not fall apart. LVMH has recently been offloading some of its brands to streamline its portfolio. Last year, it sold the Off-White clothing brand, founded in 2012 by the late Virgil Abloh, to New York-based company Bluestar Alliance for an undisclosed value. Another label, Stella McCartney, earlier this year, repurchased the minority stake held by LVMH in the house she founded about five years after the luxury group bought it. McCartney, who famously does not use leather or fur, said it will continue to advise LVMH chief Arnault and the group's executive team on sustainability matters. Dealmaking in the luxury retail sector has drawn attention in Europe. Earlier this year, Prada acquired Versace from Capri Holdings, combining two iconic Italian fashion brands in a $1.4 billion deal. LVMH's second-quarter sales, which include products such as Louis Vuitton handbags, Dior dresses and Moet & Chandon champagne, came in slightly below market expectations. The company's shares rose with analysts pointing to hopes on the horizon as the group said it saw some signs of recovery in the key Chinese market. Deutsche Bank analyst Adam Cochrane said that while the second-quarter results were not "stellar," there were some "glimmers of hope." French luxury brands have been navigating prolonged market challenges, including a downturn and the potential impact of U.S. import tariffs.
