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Delta Air Lines (DAL.N) shares turned lower in pre-market trading.July 10th - Due to continuous heavy rainfall, the disaster situation in Guangxi has further worsened. The National Disaster Prevention, Mitigation and Relief Committee has raised Guangxis emergency response level from Level IV to Level III. To thoroughly implement General Secretary Xi Jinpings important instructions on flood control and disaster relief, in addition to the 110 million yuan pre-allocated on July 6th, the Ministry of Finance and the Ministry of Emergency Management urgently pre-allocated another 80 million yuan in central natural disaster relief funds on July 10th. This funding will support Guangxi in focusing on the relocation and resettlement of affected people, transitional living assistance, and the repair of damaged houses, effectively ensuring the basic living needs of the affected population. The Ministry of Finance has instructed the Guangxi Finance Department to expedite the disbursement of funds to the disaster area, ensuring the effective use of the pre-allocated funds; to strengthen the supervision of disaster relief funds, resolutely preventing any irregularities such as fund retention, misappropriation, or diversion, and ensuring that all disaster relief funds are used for the disaster area and the affected people.On July 10th, Hansoh Pharmaceutical (03692.HK) announced that its independently developed B7-H3 targeted antibody-drug conjugate, HS-20093, met the primary endpoint of overall survival (OS) in the pivotal Phase III clinical trial (ARTEMIS-008) for patients with small cell lung cancer that had progressed or relapsed after platinum-based therapy. At the pre-specified interim analysis, HS-20093 showed a statistically and clinically significant improvement in OS compared to topotecan, and consistent benefit was also observed in the secondary endpoint of progression-free survival (PFS). The safety profile was consistent with previous studies. The company will soon begin communication with regulatory agencies to advance preparations for its new drug application in China.The Reserve Bank of India reported that as of July 3, gold reserves stood at $105.21 billion, up from $102.54 billion the previous week.Spanish national gas company: In June, liquefied natural gas accounted for 50.7% of natural gas imports, while pipeline natural gas accounted for 49.3%.

The New York Times contacted Bank of America due to the threat posed by ValueAct

Charlie Brooks

Aug 15, 2022 10:24

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Bank of America Corp (NYSE:BAC) and Sidley Austin LLP are consulting The New York Times Co on how to respond to a potential board challenge from ValueAct Capital Management LP, according to sources with knowledge of the matter.


ValueAct, a San Francisco-based hedge fund, said on Thursday that it had a roughly 7% stake in the New York Times and indicated that the newspaper may grow more rapidly by aggressively marketing its all-access digital bundle, which offers subscribers more than just basic news.


The New York Times is owned by the Ochs-Sulzberger family through dual-class shares that allow them to choose nine of the company's thirteen directors.


Depending on the board's composition, ValueAct could challenge the company for one of the remaining four board seats in a shareholder vote. Insiders claim that The New York Times is working with bankers and attorneys to prepare for this situation.


The New York Times is also advised by proxy solicitor Okapi Partners LLC, which assists firms in counting votes at shareholder meetings, according to individuals who requested anonymity because the matter is classified.


The New York Times, ValueAct, Sidley, Okapi, and Bank of America declined to respond or were unavailable for comment. The New York Times said in a statement on Thursday that its management had met with ValueAct to exchange opinions.


In a statement filed with the Securities and Exchange Commission on Thursday, the hedge fund disclosed its interest and stated that it will undertake discussions with The New York Times to assess "if it makes sense for a ValueAct Capital employee to serve on the issuer's board of directors."


In recent years, The New York Times has added the sports website The Athletic, the product review website Wirecutter, a cuisine app, and games to its portfolio. Despite a rise in digital subscriptions, the company's stock is around 30% less valuable than it was a year ago, as advertisers have cut spending out of fear of a recession.


ValueAct, which was founded by Jeffrey Ubben twenty years ago and is today directed by Mason Morfit, frequently obtains board membership with the cooperation of the companies in which it invests.


Microsoft Corporation (NASDAQ:MSFT), where Morfit served on the board, Adobe Corporation (NASDAQ:ADBE), where former ValueAct partner Kelly Barlow sat, and Citigroup Inc. were among ValueAct's investments (NYSE:C).

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