DE Shaw, the $50bn quantitative hedge fund founded above a Marxist bookshop, has hired a prominent academic in the field of artificial intelligence to set up a new research group dedicated to machine learning — one of the hottest subjects in finance.
Wendy’s, the fast-food chain whose board of directors is chaired by veteran activist investor Nelson Peltz, saw its shares rise to their highest in more than a decade on Thursday after it sold its stake in Inspire Brands, whose brands include Arby’s and Buffalo Wild Wings.
Symantec shares jumped more than 10 per cent on Thursday morning after confirming activist shareholder Starboard Value has sought to nominate five directors to the computer security software maker’s board.
Swiss commodity trader Mercuria has struck a deal that will see it acquire almost a third of Aegean Marine Petroleum in return for providing the struggling fuel oil company $1bn in credit facilities plus $30m in cash.
French finance minister Bruno Le Maire said on Thursday that the state will vote in favour of the nomination of Air Canada’s current chief operating officer Benjamin Smith as the new chief executive of Air France-KLM.
Volvo Cars will press ahead with an IPO later this year after indications from potential investors that it will hit the $30bn valuation sought by Chinese parent group Geely, according to people familiar with the situation.
Shares in Germany’s Bayer fell 6 per cent on Thursday to their lowest point since 2013 after California’s top court declined to hear an appeal against the state’s decision to list an ingredient in herbicide Roundup as a known carcinogen.
Credit rating agency Fitch has scaled back its expectations of the UK reaching an orderly transition deal with the EU on Brexit, warning that “an acrimonious and disruptive no-deal Brexit is a material and growing possibility”.
US department store chain JCPenney lowered its full-year outlook following disappointing quarterly sales and widening losses, as it resorted to discounting to clear stock, sending its shares to a record low on Thursday.