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Trump calls on regulators to consider changing how often companies report earnings

“President Trump on Friday called on financial regulators to consider allowing public companies to share information with the public less often, a potentially major shake-up of corporate America” writes Renae Merle for sun-sentinel.com. Trump’s proposal would require an overhaul of the basic accounting system used by companies since the Great Depression, corporate governance experts say. Source: sun-sentinel.com Share This:

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Leftists rattle rand with plan to nationalize South Africa’s central bank

“The bank’s private shareholders have no control over monetary policy, financial stability policy or banking regulation” writes Midwest Communications Inc for 95kqds.com. On top of market concerns, the central bank has also warned that buying out those private shareholders would be expensive as some would likely sell their stakes at a premium.”With the independence of the central bank once again potentially in question, this combined with all of the other investor unfriendly headlines locally, (is) likely to keep the local unit on the back foot,” Nedbank analysts said.JOHANNESBURG/CAPE TOWN (Reuters)…

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Senator unveils bold new plan to reshape American capitalism

“Anyone who owns shares in the company could sue if they believed corporate directors were not meeting their obligations” writes Erin Durkin for theguardian.com. The proposal aims to alter a model she says has caused corporations to chase profits for shareholders to the detriment of workers.The legislation would also require 75% of directors and shareholders to approve before a corporation could make political expenditures.Instead, businesses would have to consider all major corporate stakeholders – which could include workers, customers, and the cities and towns where those corporations operate. Source: theguardian.com Share…

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Elizabeth Warren to introduce the ‘Accountable Capitalism Act’

“Elizabeth Warren, D-Mass., will introduce legislation Wednesday aimed at making the nation’s largest companies accountable to employees and their local communities, not just shareholders” reports washingtonexaminer.com. “But between 2007 and 2016, large American companies dedicated 93% of their earnings to shareholders,” Warren added.That charter would require corporate directors to “consider the interests of all major corporate stakeholders—not only shareholders—in company decisions.”In the early 1980s, large American companies sent less than half their earnings to shareholders, spending the rest on their employees and other priorities.”.  Source: washingtonexaminer.com Share This:

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Tesla flounders as details emerge on Elon Musk’s Saudi buyout plan

“He said Monday that Saudi Arabia’s sovereign wealth fund, which holds a 5 percent stake already, has repeatedly recommended taking the company private and is interested in funding the deal” reports washingtonexaminer.com. Among other things, this will allow me to obtain a more precise understanding of how many of Tesla’s existing public shareholders would remain shareholders if we became private.”. Such committees are typically formed to avoid conflicts of interest when a company officer is involved in a transaction. Source: washingtonexaminer.com Share This:

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Elon Musk defends decision to announce plans to take Tesla private

“The Tesla founder and CEO just released a statement defending his tweets last week announcing his consideration of taking the company private” writes Diamond Naga Siu for mashable.com. His original tweet said that he was “considering” taking his company private for $420 a share.It confirms that Saudi Arabia is providing the funding he’d like to use to take his company private.”The only way I could have meaningful discussions with our largest shareholders was to be completely forthcoming with them about my desire to take the company private,” reads his statement. Source:…

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Saudi sovereign fund may back taking Tesla private, Elon Musk says

“Saudi Arabia’s sovereign wealth fund has repeatedly recommended converting electric carmaker Tesla to a private company, founder Elon Musk said Monday, and may back his proposal to do so now” reports washingtonexaminer.com. “He strongly expressed his support for funding a going-private transaction for Tesla at this time.”. Musk said the actual cost is much lower since the $420-a-share figure would be paid only to those shareholders who opt not to remain with the private company.Among other things, this will allow me to obtain a more precise understanding of how many…

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Musk points to Saudis for ‘funding secured’ tweet in taking Tesla private

“Elon Musk is clearing up questions around taking Tesla private, saying his claim last week that the necessary funding had been secured was based on repeated and ongoing conversations with the Saudis” writes Sara Salinas for cnbc.com. Going back almost two years, the Saudi Arabian sovereign wealth fund has approached me multiple times about taking Tesla private.”Before anyone is asked to decide on going private, full details of the plan will be provided, including the proposed nature and source of the funding to be used. Source: cnbc.com Share This:

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Saudi fund said to be in talks to invest in Tesla buyout deal

“Wall Street is awash with speculation on who might team up with Musk to do a deal” writes Matthew Martin for latimes.com. Musk and his advisors are seeking a wide pool of investors to back a potential take-private of the automaker to avoid concentrating ownership among a few new large holders, according to people familiar with the matter. Musk has said he still expects to own about 20% of Tesla after any transaction, and that he hopes all shareholders will remain owners of a private company. Source: latimes.com Share This:

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Saudi Arabia’s massive investment fund said to be uninterested in funding Tesla’s idea to go private

“This source said that the Saudi fund would not make an investment of this kind without seeking guidance first from Softbank” writes unknown author for cnbc.com. However, the deal structure would come with big logistical and legal challenges when it comes to buying out smaller shareholders, analysts have said.Reuters reported on Wednesday that SoftBank was not currently pursuing a deal for Tesla given its investment earlier this year in rival GM Cruise.However, a source who is familiar with PIF’s strategy said it was not currently getting involved in any funding…

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