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TBC Bank profit rises on lending growth

“For 2018 overall, TBC said its net profit rose to GEL437.4 million from GEL359.9 million in 2017” writes Adam Clark for marketwatch.com. The London-listed lender, which is Georgia’s largest bank, said its quarterly net profit came to 130.1 million Georgian lari ($48.9 million), up 35% from the year-earlier quarter. TBC reiterated its medium-term targets, including loan book growth of around 10% to 15%, and a return on equity of above 20%.TBC’s gross loans and advances to customers rose 7.8% in the quarter to GEL10.37 billion.Its return on equity improved to…

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Markets News Stocks 

CREDIT SUISSE: Whether the market surges or tanks, tech stocks are perfectly positioned to profit. Here are the best companies to own.

“Count the equity strategists at Credit Suisse among the cohort of Wall Streeters who have lost faith in tech stocks” writes Akin Oyedele for businessinsider.com. Should this broader rally in stocks continue, Garthwaite sees the tech sector as uniquely positioned to reap its gains.Garthwaite cited four main reasons why tech stocks are attractive as a defensive play for a market slump. The US software companies that Credit Suisse’s equity analysts rate “overweight” include Adobe, Autodesk, Microsoft, Oracle, and Salesforce.com.But even if the rally falters, he says tech is attractive as…

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Navient rejects $3.2 billion takeover bid from Canyon Capital and Platinum Equity

“Student-loan servicer Navient has rejected a $3.2 billion takeover bid from two investors as it believes the offer undervalues the company” writes unknown author for cnbc.com. Navients board voted on Monday to reject the $12.50 per share offer from hedge fund Canyon Capital Advisors and private-equity firm Platinum Equity Advisors. Navient said it would consider any proposal in the future if it reflected the fair value of the company.The offer represents a 6.6 percent premium over Navients Friday closing price of $11.73 a share.The $12.50 per share offer was surprisingly…

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Pot entrepreneurs are running out of patience and money while waiting on L.A. permits

“That changed in July, when the city decided to loosen that requirement for people in its equity program” writes Emily Alpert Reyes for latimes.com. When Los Angeles passed its regulations on cannabis businesses, it set caps on the number of retail shops in each neighborhood and banned them from opening near schools, public parks and other marijuana shops.The problem facing many entrepreneurs now — whether they are eligible for the equity program or not — is that they decided to spring for storefronts, knowing that there would be limited real…

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Russia arrests employees of American private equity group on fraud charges

“Michael Calvey, founder and senior partner at Baring Vostok Capital Partners was held along with three other employees, according to a statement from the investment company” writes Ann Simmons for marketwatch.com. MOSCOW—Russian authorities detained the American founder of a private equity group on suspicion of fraud, an incident that could rattle potential foreign investors and add to already strained ties between the U.S. and Russia. Source: marketwatch.com

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Private equity is on a spending blitz in cloud software

“Cloud software companies have been commanding hefty price tags, but all of the action is coming from private equity so far in 2019” writes Ari Levy for cnbc.com. In each case, the buyer has been one or more private equity firms.Private equity shops are using their massive funds to compete with Microsoft, Salesforce, IBM and Oracle in the M&A market, where plenty of small and mid-size software companies are there for the taking.Thoma Bravo’s $3.7 billion agreement on Tuesday to buy Ellie Mae, a provider of software to the mortgage…

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This start-up is bringing fast home equity loans to your smartphone bank app

“A Silicon Valley start-up is rolling out software that allows customers of lenders including U.S. Bank and Wells Fargo to apply for home equity loans through their banking apps while shaving weeks off the process” writes Alex Flynn for cnbc.com. “The way it used to be was that people had to fill out a paper form or work with a loan officer to get the home equity process started,” Ghamsari said.Now it’s hoping to grab more of the overall real estate loan market with products that let homeowners tap equity…

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Markets News Stocks 

Chinese stock gains belie mixed risk sentiment in markets so far today

“The gains here come as Chinese investors returned from their week-long break in observance of the Lunar New Year celebration last week; playing catch up to equity markets during that period” reports forexlive.com. That said, USD/JPY is taking the positives from sentiment here as the pair trades close to the 110.00 handle ahead of European trading.US equity futures remain muted and that’s how I would expect European equities to begin trading later as well.Elsewhere, risk tones are more subdued with losses seen in major bourses across Australia, Singapore, Indonesia, and…

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Nielsen could be the next big leveraged buyout, sources say

“Nielsen could be the next big leveraged buyout, sources tell CNBC. Potential bidders could be Hellman & Friedman with Blackstone, or Goldman Sachs Private Equity with Advent International, the sources say” writes Eric Audras for cnbc.com. The company named a new CEO, David Kenny, who came on board in December, and after that it began meeting with various private equity firms.A take-private of Nielsen could fetch $10 billion, about the same as a previous buyout more than a decade ago by Blackstone and a group of big private equity firms,…

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Amazon changes business structures in India to bring big seller back: sources

“While product listings on Amazon have been disrupted, Flipkart has been less impacted as it had no equity holdings in its vendors” reports businessinsider.com. “We have no equity participation in any seller company on our marketplace,” Amazon said in a statement, without sharing details of the changes in its indirect holding of Cloudtail. Source: businessinsider.com

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