>>> Taylor Swift Tops List Of Private Jet Polluters Tyler Durden's Photo BY TYLE

Taylor Swift Tops List Of Private Jet Polluters

A new study reveals that Taylor Swift uses private jets more than any other celebrity. Hollywood elites often push climate change on the masses to reduce carbon footprints while maintaining their own high-carbon lifestyles.
Research from sustainability-driven digital marketing agency Yard published a new study that found Swift's 2009 Dassault Falcon 7X, purchased in 2012, flew 170 times in the first 200 days of 2022, emitting 8,293.54 metric tons of carbon dioxide. For the past seven months, her private jet usage has been equivalent to what 1,184 ordinary people would emit in a year.

Swift's spokesperson told The Tab that the singer's "jet is loaned out regularly to other individuals. To attribute most or all of these trips to her is blatantly incorrect." Whether it's Swift or not, it's still her plane emitting carbon emissions.

Celebrities like Leonardo DiCaprio have received backlash for the high carbon footprint lifestyles of jetting around the world while preaching climate change.
Kylie Jenner recently sparked uproar on the internet for an Instagram post with boyfriend Travis Scott and their two private jets.
Here's Yard's list of the top celebs with the most private jet usage (list courtesy of The Tab) this year:
1. Taylor Swift
CO2 flight emissions this year: 8,293.54 tonnes
Taking the number one spot, is the wholesome queen Taylor Swift. Shockingly, Taylor has created more carbon emissions than other celebrity at 8,293 tonnes. Pollution (Taylor's version).
Racking up a total of 170 flights on her private jet since January, Taylor has amassed a vast 22,923 minutes in the air, or 15.9 days. Considering that she is not currently touring, this is a huge amount. Taylor's average flight time is 80 minutes with an average of 139.36 miles per flight.
2. Floyd Mayweather
CO2 flight emissions this year: 7,076.8 tonnes
Boxer Floyd Mayweather takes the silver medal, emitting 7076.8 tonnes of CO2 from his private jet this year alone.
Mayweather has amassed more flights than any other celebrity on this list, taking 177 so far this year, which averages out to be 25 flights per month, or one per day. Floyd also has the shortest flight time on the list which was a pitiful 10 minutes. So much for the environment, eh.
3. Jay-Z
CO2 flight emissions this year: 6,981.3 tonnes
Beyonce's other half takes the third spot place on this list. Jay-Z has taken 136 flights this year and spent nearly two weeks in the air.
He has emitted 6,981.3 tonnes of CO2 on his private jet which is 997.3 times more than the average person's yearly emissions. Having not been on tour since 2017, Jay-Z really doesn't have an excuse for raking up all those emissions.
4. A-Rod
CO2 flight emissions this year: 5,342.7 tonnes
An American household name and J-LO's ex, basketball player A-Rod has taken 106 private jet flights this year. With an average of 80 minutes per flight, A-Rod has created 5,342 tonnes of carbon emissions since January.
5. Blake Shelton
CO2 flight emissions this year: 4,495 tonnes
Blake Shelton is an American country music singer, known for a being coach on the US version of The Voice alongside his wife Gwen Stefani. This year Blake has spent 12,424 minutes in the air, emitting 4,495 tonnes of carbon emissions over a whopping 111 flights. Can him and Gwen hop on a private jet to the UK and tour here please?
6. Steven Spielberg
CO2 flight emissions this year: 4,465 tonnes
The next offender is renowned director Steven Spielberg who has emitted 4,465 tonnes of CO2 over 61 flights. Steven has the longest average flight time on this list at one hour 47 minutes.
His total time spent flying on his private jet this year is 12,341 minutes, meaning he's spent nearly nine days in the air. If he's flying to direct another iconic film then I'm not mad about it.
7. Kim Kardashian
CO2 flight emissions this year: 4,268.5 tonnes
Unsurprisingly, a Kardashian does feature on this list. The whole Kardashian family are no strangers to living the lavish lifestyle, frequently posting photos of their personalised private jets to their Instagrams, seeming to enjoy the aesthetic of owning one more than the convenience. Only a few weeks ago, Kim shared a snap to her Instagram of her private jet decked out in a camping theme for her daughter North's birthday.
In 2022 alone, Kim's jet emitted 4268.5 tonnes of carbon emissions over 57 flights which is 609.8 times more than the average person emits in a year. Kim's average flight time is 85.49 minutes, for an average journey length of 99.78 miles with her shortest flight just a mere 23 minutes within California.
8. Mark Wahlberg
CO2 flight emissions this year: 3,772.85 tonnes
Eighth on the list is American actor Mark Wahlberg who has emitted 3,772 tonnes of carbon emissions this year over 101 flights.
Mark's total flight time is 10,428 minutes meaning he's spent over a week in the air this year. Mark frequently shares photos of him and his friends on his private jet to his Instagram, namely of them taking shots mid-air of his own brand of Tequila.
9. Oprah Winfrey
CO2 flight emissions this year: 3,493.17 tonnes
In 2022, the American presenter power-house Oprah has already taken 68 flights on her $75 million private jet creating 3,493 tonnes of carbon emissions – 499 times more than the average person.
Oprah's shortest flight time this year was 14 minutes which alone created one tonne of CO2 emissions.
10. Travis Scott
CO2 flight emissions this year: 3,033.3 tonnes
Kylie Jenner was in hot water this week after posting a photo to her Instagram posing with her beau in front of two private jets with the caption: "you wanna take mine or yours?". Despite Kylie's average flight time apparently a mere 24.5 minutes, she doesn't make the list of the top 10 celebs. It is actually her partner Travis Scott who uses his private jet more.
Travis' total flight time for 2022 is already 8,384 minutes, or 5.8 days on his private jet, and we're only seven months into the year. His average flight journey is just 7.31 miles which is only a 10 minute car ride.
Celebrities have no right to push carbon-reducing lifestyles on the rest of us while they continue living the high life.

>>> US After Hours Summary: MTCH -22%, CGNX -15.5%, SEDG -12.2%, ABNB -8%, AMD -

After Hours Summary: MTCH -22%, CGNX -15.5%, SEDG -12.2%, ABNB -8%, AMD -5.8% lower on earnings; AYX +12.8%, PYPL +11.6%, HLF +10.9%, RNG +7.8%, SOFI +7.3% higher on earnings; SWIR +6.8% as it agrees to be acquired

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: AYX +12.8%, EVH +11.8%, PYPL +11.6% (also authorizes new $15 bln share repurchase program; also confirms $2 bln stake from Elliott Mgmt and enters into info sharing agreement with the activist investor), HLF +10.9% (also announces Herbalife One digital platform), ANDE +9.1%, RNG +7.8%, SOFI +7.3%, CWH +7%, GXO +6.5%, UNM +5.2%, TEX +4.3%, SPNE +4.2%, INSP +3.5%, NMIH +3%, PEAK +2.3%, LPLA +2.2%, OI +1.6%, PAYC +1.5%, SBUX +1.5%, EA +1.2%, CRUS +1.1% (also authorizes new $500 mln share repurchase program), EXR +0.9%, GILD +0.8%, WCN +0.7%, PTRA +0.7%, CXW +0.3%, FNF +0.3%, PUMP +0.2%, SKY +0.2%, AIZ +0.1%, JJSF +0.1%, LTHM +0.1%

Companies trading higher in after hours in reaction to news: ARQT +6.9% (commences $150 mln stock offering), SWIR +6.8% (SMTC to acquire SWIR for $31/sh), CRNT +5% (AVNW increases bid for CRNT to $3.08/sh, up from prior offer of $2.80), STAR +3.3% (STAR in advanced discussions re potential transaction with SAFE, per 13D filing), SQ +2.7% (in sympathy with strong PYPL earnings), RIGL +2.3% (RIGL and FMTX entered into license agreement for olutasidenib), LUMN +2.2% (awarded US Defense contract worth up to $1.5 bln), ETD +1.9% (declares special dividend to $0.50/sh), CDXS +1.2% (signs license and supply agreement with Molecular Assemblies), NKLA +1.1% (shareholders approve proposal allowing co to increase the number of authorized shares), SNV +0.9% (files mixed securities shelf offering), FMS +0.7% (CTSO and FMS expand partnership with global collaboration), ROL +0.5% (names new CFO), SMTC +0.3% (SMTC to acquire SWIR for $31/sh), HCC +0.2% (declares special dividend of $0.80/sh), TEVA +0.1% (facing supply disruptions for ADHD medication Adderall, according to Bloomberg)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: MTCH -22%, CGNX -15.5%, SEDG -12.2%, KN -11.5% (also announces restructuring within Audio segment), AVID -11%, CDLX -9.1%, CNDT -8.7%, ABNB -8% (also authorizes new $2 bln share repurchase program), MRCY -7.4%, BFAM -6.9%, AMD -5.8%, STE -5.7%, OSH -5.5%, APAM -4.9%, DENN -3.9%, PRU -3.5%, MGY -3.3%, SRPT -3.1%, EXAS -3%, CZR -2%, MSTR -1.9% (also to separate Chairman and CEO roles), SCI -1.8%, OXY -1.3%, VOYA -1.1%, HOOD -1% (also to reduce headcount by 23%), SPT -0.9%, TSLX -0.7%, CTRA -0.6%, TX -0.6%, DCP -0.5%, MCHP -0.5% (also increases dividend), PFSI -0.2%, KAI -0.1%, KAR -0.1%, THG -0.1%

Companies trading lower in after hours in reaction to news: INFN -9% (commences $275 mln convertible notes offering), SOND -7.6% (names new COO), BMBL -6.2% (in sympathy with weak MTCH earnings), AXNX -5.9% (commences 1.75 mln stock offering), EXAS -3% (collaboration agreement with West German Study Group; also MDXH acquires Oncotype DX GPS test from EXAS), NDAQ -2.1% (reports July trading volumes), EXPE -2.1% (in sympathy with ABNB earnings), ENPH -1.8% (in sympathy with weak SEDG earnings), PFHC -1.7% (stock offering), BKNG -1.4% (in sympathy with ABNB earnings), TRIP -1.2% (in sympathy with ABNB earnings), SGFY -0.7% (to explore strategic alternatives, according to WSJ), SKT -0.1% (partnership with Clarion Partners)

>>> Europe : Brokers Upgrades & Downgrades - 2nd of August 2022

>>> Up
* ADP Raised to Hold at HSBC; PT 125 euros
* Delivery Hero Raised to Overweight at JPMorgan; PT 65 euros
* Heineken PT Raised to 125 euros from 120 euros at Jefferies
* Novartis Raised to Buy at Intron Health; PT 90 Swiss francs

>>> Down
* HSBC Cut to Neutral at Exane; PT 750 pence
* Marel HF Cut to Hold at ING; PT ISK638.11
* Nexans Cut to Hold at SocGen; PT 100 euros

>>> Initiation
* Tinybuild Rated New Buy at Peel Hunt; PT 200 pence

>>> Call
* Grand City Trading Near Bear Case, Citi Reiterates Buy Rating
* Delivery Hero Upgraded at JPMorgan as Positives Are Emerging
* Swatch PT Hiked at Citi as Downside Risk Now Seen as Limited

>>> What to look at today - 2nd of August 2022

Stocks and US equity futures fell Tuesday amid escalating US-China tension over Taiwan and deepening worries about a global economic slowdown, risks that supported demand for havens like Treasuries. An Asian share index slid the most in three weeks, with some of the steepest falls in Hong Kong, China and Taiwan. US and European futures were also in the red as July’s equity market rebound stumbled into August. US House Speaker Nancy Pelosi is set to land in Taiwan on Tuesday and would be the highest-ranking American politician to visit in 25 years. China views the island as its territory and has warned of consequences if the trip happens.
The visit may end up being another “short-term dislocation” for markets but “it’s always concerning when they do happen,” Ayako Yoshioka, senior portfolio consultant at Wealth Enhancement Group, said on Bloomberg Radio. The offshore yuan stabilized after retreating Monday, while Taiwan’s dollar weakened. Gains in the yen and gold hinted at the mood of caution in markets. Treasuries advanced, lowering the 10-year yield to about 2.55%. Bonds globally have pushed higher in the wake of data suggesting factory output is shrinking or cooling in key economies just as input prices moderate. The wide-ranging strains in US-China ties are exacerbating the geopolitical stress already buffeting markets from Russia’s war in Ukraine. nvestors are also keeping a wary eye out for more potentially hawkish comments from Federal Reserve officials about the need for higher interest rates to restrain elevated inflation. Exprectations for how aggressive the Fed must be have receded because of recession risk, so any shift in those perceptions could stoke market volatility. The prospect of a demand slowdown has sapped oil, leaving it around $93 a barrel. Oilseed and grain futures fell after the first grain ship since Russia’s invasion left Ukraine, heralding some relief for a tight global food market. US After Hours COWN +7.1% higher on WSJ report TD close to purchasing COWN; PINS +22.3%, ZI +12.5%, ANET +5% higher on earnings; WWD -8.4%, EBS -4.4%, RMBS -3.8% lower on earnings

Nikkei -1,55% Hang Seng -2,71% CSI -2,47% Shanghai -2,86% Shenzen-3,59%

Eur$ 1,0272 CNH 6,7816 CNY 6,7689 JPY 130,80 GBP 1,2256 CHF 0,9498 RUB 64,9883 TRY 17,9032 WTI$ 93,22 Gold 1,773,51 BTC 22,820 -1,2% ETH 1,575 -3%

S&P -0,48% Nasdaq -0,47% EuroStoxx -0,59% FTSE -0,69% Dax -0,70% SMI

Macro :
- Biden Team Tries to Blunt China Rage as Pelosi Heads for Taiwan
- Chinese Leaders Say GDP Goal Is Guidance, Not a Hard Target
- Biden Says Strike in Kabul Killed a Planner of 9/11 Attacks
- Billionaire Steve Cohen Exits Investment in Crypto Startup Radkl
- Oil Drops Ahead of OPEC+ as Traders Track Signs Tightness Easing

Keep an eye on:
- ATS AV : AT&S 1Q Ebitda EU137M
- ATVI US : Activision Blizzard 2Q Adj Rev Beats Estimates: Snapshot
- AG1 GY : Auto1 Adds Kennedy, Santelmann to Supervisory Board
- EN FP : Bouygues 1H Current Operating Income EU492M Vs. EU471M Y/y
- 1COV GY : Covestro 2Q Ebitda EU547M
- CSGN SW : Credit Suisse Downgraded to Baa2 by Moody's
- DBV FP : DBV Tech 1H Net Loss $39.7M
- DIC GY : DIC Asset 1H FFO EU53.0M Vs. EU53.0M Y/y
- DIE BB : Belgian July Car Registrations Slip 5.2%; D’Ieteren Has 21.3%
- RAC EIM : McLaren Extends Supercar-Brand Aura With Debut of $450 Sneakers
- G IM : Generali 1H Profit Beats Estimates on Higher Operating Income
- G IM : Generali to Start Up to EU500m Share Buyback
- GLEN LN : Glencore Is Cashing In on Coal to Dodge Big Mining’s Slowdown
- IBE SM : Greenvolt JV Sells Solar, Wind Portfolio in Poland to Iberdrola
- INRN SW : Interroll 1H Ebitda CHF52.4M Vs. CHF56.3M Y/y
- KRN GY : Krones 2Q Ebitda Beats Estimates
- LSCC US : Lattice Semi 2Q Adjusted EPS Beats Estimates
- MC FP : Estée Lauder in Talks to Buy Luxury Brand Tom Ford -- WSJ
- META US : Instagram’s Adam Mosseri to Temporarily Relocate to London: FT
- OCI NA : OCI 2Q Adjusted Ebitda Beats Estimates
- PFV GY : Pfeiffer Vacuum 2Q Sales EU224.7M Vs. EU199.5M Y/y
- PSH NA : Pershing Square Holdings July Net Performance +10.2%
- RBI AV : Raiffeisen 4.3-4.7 Billion Euro, 2022 NII Goal = Upside: React
- REV US : Revlon Climbs; Judge Okays $200m Borrowing Under Bankruptcy Loan
- SPM IM : Saipem Gets New ~EU300m Offshore E&C Contract Italy
- SFOR LN : Colin Day to Be Named S4 Capital’s Audit Committee Chair: Sky
- SGRE SM : Siemens Gamesa Cuts FY Sales Forecast
- SGRE SM : Siemens Gamesa Weighs Around 2,500 Job Cuts: Reuters
- SMCP FP : SMCP 1H Adjusted Ebitda EU121.8M Vs. EU98.5M Y/y
- STLA IM : Chrysler to Pay $300M in Emission Test Avoidance Penalties
- SY1 GY : Symrise 1H Ebitda Beats Estimates
- TEL NO : AIS Presses Regulator to Decide on Rivals’ Merger: Bangkok Post
- URW NA : Simon Property Boosts FY FFO per Share Forecast
- VLA FP : Valneva Signs Amdended Purchase Agreement In EU For Covid Jabs
- RIN FP : Vilmorin 4Q Like-for-Like Sales +12.5%
- VLTSA FP : Voltalia Names Sylvine Bouan as CFO
- VOW GY : Avis Shares Jump After 2Q Profit Beat; Hertz Also Gains (1)

FT : Made in China 2025 plan thrives with subsidies for tech and EV makers

Made in China 2025 plan thrives with subsidies for tech and EV makers
Handouts continue but local government cash crunch adds extra dimension

Seven years after Beijing launched its Made in China 2025 plan to boost cutting-edge manufacturing in the country, the term has virtually disappeared from public discussions and official documents.

But the policy itself has not died. It survives and thrives through government subsidies, which continue to be directed at favoured companies such as electric vehicle manufacturers and chipmakers even as pressures mount on local government finances across China.

Made in China 2025 was originally revealed in May 2015 with great fanfare and an aim to transform the country “from a manufacturing giant to a world manufacturing power” by 2049, the centennial anniversary of the people’s republic.

Governments around the world provide financial assistance to help tech sectors on their territories for various reasons. China is no exception, especially in its efforts to deliver this strategic policy linked to President Xi Jinping’s long-term target of creating “a modern and prosperous socialist state” by that year.

The plan highlighted 10 key areas to bolster — from IT, robotics and new energy vehicles, through biotech and agricultural machinery, to aerospace, maritime and railway equipment — and promised to encourage innovation with a mixture of market-orientated approaches and government guidance.

Beijing stopped using the term as the US waged its trade war against China under President Donald Trump. But a Nikkei Asia analysis of data compiled by Fitch Ratings shows that top recipients of government subsidies are mainly tech companies closely associated with Made in China 2025. The big exceptions are certain energy companies that have been heavily supported for different reasons, including energy security and price stability.


With no convenient data from the Chinese government available on state subsidies, Fitch gathered public disclosures of almost 5,000 mainland-listed companies on the receiving end.

SAIC Motor, the country’s largest automaker by size, in 2021 received the largest amount of subsidies, Rmb4.03bn ($598mn), or 31 per cent more than the year before, taking the crown from China Petroleum & Chemical, or Sinopec, which had dominated for years.

Three more automakers made the top 10 — BYD, Great Wall Motor and Anhui Jianghuai Automobile Group (JAC). Together, the auto industry subsidies indicate Beijing’s priority is to nurture homegrown new energy vehicle manufacturing amid the historic shift to electrification.

BYD, which recently overtook Tesla as the world’s largest EV maker by vehicles sold, disclosed more than a dozen subsidy items in its latest annual report, including large sums from two “industrial development funds”, one each for automobiles and batteries.

Great Wall Motor, a big SUV maker, saw its subsidies jump by 73 per cent from the previous year to almost four times the level of 2019. A large chunk came from a “government industrial policy support fund”. JAC, which mainly produces commercial vehicles, disclosed more than 20 subsidy items, the largest for a “construction project of [a] high-end electric light truck”. Government grants to JAC almost doubled over the past three years, exceeding the company’s aggregate net profits by more than 14 times.

Not quite in the top 10, the world’s largest EV battery maker, Contemporary Amperex Technology (CATL), came in at number 11, its annual subsidy having ballooned 2.6 times to Rmb1.67bn over three years. Chongqing Changan Automobile and Guangzhou Automobile Group were also among the top 20 recipients.

Chips and displays that are vital for a range of tech items are high up in the league standings as well. Semiconductor Manufacturing International Corporation (SMIC), China’s national chip champion, and BOE Technology, the leading display maker, have been regulars on the top 10 list, while 5G network providers China Mobile and China Telecom were ninth and 19th respectively in 2021.


A mainland-listed unit of Taiwan’s Foxconn was again a big beneficiary of Chinese state subsidies, a situation that in the past has raised political tensions in Foxconn’s home market.

The funding is sprinkled to smaller companies, too. An examination of recipients with high ratios of government subsidies to revenue uncovers biotech drugmakers such as Shanghai Yizhong Pharmaceutical and Mabwell (Shanghai) Bioscience.

Foreign governments continue to be concerned about the Made in China 2025 policy. The annual white paper by Japan’s Ministry of Economy, Trade and Industry (METI), published in late June, dedicated a section to China’s state subsidies and quantified the continued rise of payments to companies in the 10 core areas identified by the policy.


Growth accelerated after 2018, when the term was being vanished, it found. Total grants to Made in China 2025-linked companies reached about Rmb100bn in 2020, more than doubling from 2015.

“The overall activities of Chinese companies as a whole have shifted toward these areas,” the report says. “The financial support to these sectors is getting generous.”

The overall amount of government grants in 2021, according to Fitch’s tally, was Rmb217.92bn, or 3.2 per cent less than the year before. This marked the first year-on-year drop since 2009, but all experts contacted by Nikkei Asia believe there has been no change in Beijing’s policy to support tech companies, and the fall is seen as temporary and technical.


The decline could be attributed to the method by which figures are gathered. The total amount is calculated by taking the sums of government subsidies recorded in each year’s profit and loss statement. There are lags where grants are awarded but sit only on the balance sheet until they are actually executed.

There are cases emerging, however, where certain government subsidies are not delivered, stemming from fiscal constraints on local governments.

CPT Technology Group, a Fujian-based LCD display manufacturer, partly blamed an increase in its first-half net loss on a drop in government grants.

The Shenzhen-listed company was supposed to receive a total of Rmb2.64bn in grants from the Futian municipal government in six annual instalments of Rmb440mn after its latest LCD factory in the city went on stream in June 2017. However, the promise was fully met only in the first year. The amount was slashed to Rmb300mn for the following two years and cut again to Rmb100mn paid by last June. This year, it is down to zero.

The Futian government issued a letter promising to fulfil its financial obligations, the company had said in 2020, but the city has admitted that it is under “financial stress”.

Visionox Technology, another Shenzhen-listed panel producer, has not received all the Rmb700mn grant that should have been paid in June 2020 by the administrator of the high-tech industrial development zone of Jingnan-Gu’an district in the northern province of Hebei.

The subsidy was for a state of the art factory to produce active matrix organic light emitting diode (AMOLED) displays for smartphones. The administrator added another Rmb200mn in subsidies in December that year, but no more than Rmb400mn has been actually paid, according to the company’s disclosures.

The company took a rare step in writing off more than Rmb20mn of government grants, meaning it has deemed those receivables to be virtually uncollectible. Similar to CPT, Visionox said its net loss was expected to double in the first half, with a Rmb133mn decrease in subsidies one of the main reasons.

These could be isolated cases, but further deterioration of local government fiscal conditions could possibly affect the amount of public monies to be diverted even to strategic tech companies. Shinichi Seki, a senior economist at the Japan Research Institute who specialises in the Chinese economy, said the “pace of growth of government subsidies would be subdued due to lack of funds by local governments”.

Even though strategies are drawn up in Beijing, a substantial portion of actual payments are made at local level. The current real estate bust has taken away precious income that usually comes from sales of land use rights to developers, while strict adherence to Xi’s zero-Covid policy is requiring that scarce funds be spent on virus testing and other related procedures. Recent tax rebates designed to stimulate the economy have also been taking cash out of local coffers.

Seki sees “lights and shades to be more clear and distinct” in coming years, meaning local governments will become more discriminating when they hand out subsidies.

Zhang Hongyong, senior fellow at the Research Institute of Economy, Trade and Industry in Japan, also foresees changes in the way subsidies are allocated by local governments, given the chronic cash shortage.

“The certification of tech companies would be selective, and there would no longer be a lavish handout style,” he said. Subsidies could be tied to the level of research and development spending, he said.

Beijing seems to be alive to the impact of a weakening fiscal position. In mid June, the State Council instructed local governments to keep their spending priorities straight, even under current financial constraints, stressing there are places to be “appropriately strengthened”. Along with education, medical insurance and infrastructure building, “research and development of science and technology” was mentioned, hinting that corporate subsidies to tech companies will have to go on.

WSJ : Estée Lauder in Talks to Buy Luxury Brand Tom Ford

Estée Lauder in Talks to Buy Luxury Brand Tom Ford
Potential $3 billion or more deal would be cosmetics giant’s largest-ever acquisition

Estée Lauder EL 0.15% Cos. is in talks to buy luxury fashion brand Tom Ford, according to people familiar with the matter, in what could be a $3 billion or more deal representing the cosmetics giant’s largest-ever acquisition.

New York-based Estée Lauder primarily sells skin-care products, cosmetics and perfume. Its brands include MAC, Clinique, La Mer and Aveda. With a market value of nearly $100 billion, it has the wherewithal to do such a deal.

There are no guarantees the two sides will reach an agreement. Estée Lauder isn’t the only suitor for Tom Ford, one of the people said.

Closely held Tom Ford is best-known for its menswear, though it also sells womenswear and accessories as well as a fast-growing, high-end line of cosmetics and fragrances. Estée Lauder is especially interested in the beauty business, with which it already has a longstanding licensing deal, and could potentially look to license the clothing lines elsewhere, the people familiar with the matter said.

Tom Ford’s beauty business is considered a so-called ultra-prestige brand, meaning it resonates with the most discerning consumers. Estée Lauder executives mentioned on its fiscal third-quarter earnings call in May that Tom Ford was among a handful of brands with double-digit sales growth and highlighted especially strong demand for such luxury brands in China.

In 2005, Tom Ford consulted for the company on a fragrance, Youth-Dew Amber Nude. It signed him to develop and distribute fragrances and cosmetics under the Tom Ford Beauty brand soon after.

Mr. Ford, a Texas native, founded his eponymous brand after a long stint as creative director at Gucci. A young Mr. Ford was depicted in the 2021 film “House of Gucci,” which chronicled the dramatic history of the Gucci family and brand.

Estée Lauder has been an active acquirer over the years, but its deals have been relatively small. It paid around $1 billion each to buy the rest of Canadian beauty company Deciem Inc. in 2021 and the Korean skin-care company Have & Be Co. in 2019. A few years prior, it paid around $1.5 billion for Too Faced Cosmetics LLC.

WSJ : TD Bank Nears Deal to Buy Cowen

TD Bank Nears Deal to Buy Cowen
Acquisition would give Toronto-Dominion a deeper presence in investment banking as well as the U.S

Toronto-Dominion Bank TD -0.69% is close to a more than $1 billion deal to buy investment bank Cowen Inc., COWN 1.20% according to people familiar with the matter.

A deal valuing Cowen at around $39 a share could be unveiled as soon as Tuesday, assuming talks don’t fall apart, the people said. New York-based Cowen’s shares closed Monday at $35.49, giving it a market value of over $900 million, while TD Bank’s is well over $100 billion.

Buying Cowen would give TD Bank a deeper presence in investment banking as well as the U.S., where it has been rapidly expanding. In addition to traditional investment-banking capabilities, the over-100-year-old Cowen provides investment research and management.

Shares in Cowen have been elevated since Bloomberg reported in early July that TD Bank was studying a possible deal for it.

Canada-based TD is an active deal maker, having agreed in February to buy First Horizon Corp. for $13.4 billion. That deal was Chief Executive Bharat Masrani’s first major acquisition in the U.S. since he took the role seven years ago, and the largest TD has ever done. He has since signaled the bank could be open to more purchases.

Cowen is run by chair and CEO Jeffrey Solomon, who joined Cowen Investment Management, formerly known as Ramius, when it was founded in 1994.