EUR/USD 1.16368
0.033%
Gold 4399.58
-0.045%
Oil 94.648
0.463%
USD/JPY 153.681
0.087%
GBP/USD 1.35517
0.042%
GBP/JPY 208.268
0.147%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Bank of America Global Research: Lowered its price target for Apple (AAPL.O) from $380 to $370.On September 10th, according to AXIOS, a Republican-led Senate subcommittee on disaster management is investigating OpenAIs handling of the July Hugging Face intrusion. This move comes as concerns on Capitol Hill about the existential risks of AI are rapidly escalating, following public warnings from several Anthropic and OpenAI researchers. Missouri Republican Senator Josh Hawley wrote in a letter to OpenAI CEO Sam Altman, "As you know, there is a growing number of AI experts in the public domain warning of the existential risks of AI." He added, "Just this week, three Anthropic researchers publicly stated that there is a greater than 10% probability that AI will kill all of humanity within the next decade." Hawley, chairman of the Senate Homeland Security and Governmental Affairs Committees Subcommittee on Disaster Management, wrote that the investigation is a response to the findings of a recent internal investigation released by OpenAI. The Hugging Face intrusion marked a turning point in AI history, prompting OpenAI to slow down its model releases and pushing the industry to raise alarms about AI-driven cyberattacks.According to Hong Kong Stock Exchange filings, Tencent Holdings (00700.HK) repurchased 235,000 shares on September 10, at a cost of HK$100.3 million.On September 10th, the National Bureau of Statistics released the revised "Measures for the Classification and Specific Handling of Statistical Units," which will take effect on January 1, 2027. The Measures revise the statistical principles for statistical units, clarifying the original "statistics based on the principle of location" to "statistics based on the principle of the place where business activities occur." New provisions define the specific connotation of "place where business activities occur" and the method for determining "place where major business activities occur." Specifically, the place where business activities occur refers to the location where the statistical unit conducts its business activities. If there are multiple locations where business activities occur, the location with the highest share of operating revenue (gross profit for wholesale and retail trade) will, in principle, be determined as the place where major business activities occur. For new economic formats, the Measures stipulate that units conducting economic activities on internet platforms will be statistically analyzed according to the "principle of the place where business activities occur," with online and offline activities following the same statistical principles.Thai finance officials: The Electric Vehicle Committee has agreed to raise the consumption tax on imported electric vehicles.

AIG affiliate Corebridge's IPO raises $1.68 billion

Aria Thomas

Sep 15, 2022 10:34

4.png


Corebridge Financial Inc, the life insurance and retirement division of AIG Inc, raised $1.68 billion in the largest initial public offering (IPO) of the year on Wednesday, defying market volatility and ending a seven-month hiatus in substantial listings.


AIG (NYSE:AIG) sold 80 million Corebridge shares at $21, below the $21 to $24 target.


$13.6 billion is Corebridge's IPO valuation.


AIG will receive all IPO revenues, and the new business isn't raising capital, according to an SEC filing.


Corebridge's IPO could revive the IPO market. Since February, Russia's invasion of Ukraine and high inflation have caused stock market instability, making corporate listing difficult.


Dealogic, which has collected listing data since 1995, says US IPOs are on track for their worst year in over two decades. Companies have raised over $18 billion this year, compared to $231 billion last year.


Due to market uncertainty, Reddit and ServiceTitan postponed their IPOs this year.


Corebridge's $1.7 billion sale tops TPG Inc.'s $1.1 billion IPO in January.

2022's biggest IPO

AIG said it will spin off its life and retirement unit in 2020, allowing it to focus on its P&C business.


Given their distinct shareholder return profiles, insurers tend to focus on a single product offering. AIG had opposed this trend for years, including a campaign by activist investors in the mid-2010s for a separation.


AIG filed for the Corebridge acquisition in March after selling 10% to Blackstone for $2.2 billion the year before. The listing was delayed due to market instability.


Houston-based AIG offers insurance and retirement options in the U.S.


After the listing, AIG will own approximately 78% of Corebridge's shares, which will trade under the ticker "CRBG" on the NYSE.


JPMorgan Chase & Co., Morgan Stanley, and Piper Sandler are the IPO's underwriters. Bank of America, Citigroup, and Goldman Sachs are also underwriters (NYSE:GS).

Suggestion