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On August 4th, Saudi Aramco CEO Amin Nasser stated that last months attacks on its assets did not have a material impact on its operations, and that the company is working to expand its oil export capacity due to the ongoing impact of the war with Iran on the Strait of Hormuz. This comes after the Saudi energy giant reported that its critical infrastructure was targeted in the July attacks. This is the companys first acknowledgment of the attacks since the incidents began. Oil traders had been closely examining footage from last month showing suspected oil tank fires and flare burning across Saudi Arabia. "Some of the companys facilities were attacked, but the impact on operations or finances was not significant," Nasser said. "The same was true in July. Even with the July attacks, there was no material impact on our capabilities."Abu Dhabi National Oil Company (ADNOC) said the new deployment allows engineers to oversee up to three times the number of drilling rigs and helps avoid up to two days of downtime.Saudi Aramco CEO: Oil exports to Asia via the Suez Canal take 20-25 days longer than those via the Strait of Hormuz.On August 4th, Futures Market News reported that the main contract for container shipping index (European route) fluctuated upwards in the morning session, rising over 4% intraday. In the afternoon, the main contract for container shipping index (European route) plummeted, falling over 4% at one point, ultimately closing down 3.36% at 1726 points. 1. In terms of news, according to the latest report from CCTV News, the US, citing Iranian and US officials, stated that Iran and Oman are close to reaching an agreement on navigation in the Strait of Hormuz. US sources indicate that, according to the agreement discussed by both sides, ships entering the Persian Gulf will use a route closer to the Iranian coast and controlled by Iran, while ships leaving will use a route closer to Oman. 2. Some analysts believe that the price of container shipping index (European route) futures has ended its one-sided trend and entered a high-volatility phase characterized by "weak fundamentals and risk premium support." The navigation situation in the Red Sea is a key variable. If tensions in the Red Sea escalate, more shipping companies will adjust their routes and expand the scope of suspended services, then the geopolitical risk premium will continue to push up the price of near-month contracts. Conversely, if the situation in the Red Sea eases, the market will revert to fundamentals and give back its gains. Going forward, a range-bound trading strategy is recommended, with close monitoring of the Bab el-Mandeb Strait navigation status, major shipping companies suspension of operations, and changes in war risk premiums.According to TASS, citing the Russian Ministry of Defense, Russia has struck a logistics center in the Sumy region of Ukraine.

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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