CalPERS to create direct private equity arm

first_imgCalifornia Public Employees Retirement System (CalPERS), one of the largest pension funds in the world, is launching a separate entity to invest directly in private equity as it tries to expand its allocation to the asset class to 10%.After over a year of deliberations, the fund yesterday unveiled two “strategic business models” for its private equity programme, which it said would create the new entity, called CalPERS Direct. This was part of a wider review of its overall private equity programme, it said.The pension fund said it anticipated it would need to invest up to $13bn a year in private equity to achieve a 10% allocation of the portfolio. A spokeswoman confirmed that this was across CalPERS’ entire private equity investment programme.The pension fund currently has 7.6% of its overall $354.4bn (€300.8bn) portfolio invested in private equity. Ted Eliopoulos, outgoing CalPERS’ chief investment officer, said: “Our investment team has spent months exploring options in order to design an approach to private equity that takes advantage of our size and brand. “We believe it will drive stronger private equity returns and help achieve economies of scale over time,” he said.CalPERS Direct would comprise two funds, according to the pension fund.One would focus on late-stage investments in technology, life sciences, and healthcare, while the other would concentrate on long-term investments in established companies.The funds will operate alongside CalPERS’ existing private structure, which it said typically invested in co-mingled private equity funds.  CalPERS Direct, which is planned to launch in the first half of 2019, would be governed by a separate, independent board advising on allocation as well as longer-term capital market perspectives, the pension fund said.As things stand, CalPERS invests in private equity via direct and co-investments with the fund’s existing general partners, via direct secondary investments, and via funds of funds — for specific mandates.last_img read more

Update on the latest sports

first_imgThe Celtics have opened their Eastern Conference semifinal series with a surprisingly easy victory against the defending champs, 112-94 over the Raptors.Jayson Tatum and Marcus Smart each scored 21 points for the Celtics, who never trailed and improved to 4-1 versus Toronto this season. Brad Stevens’ club is the only one to knock off the Raptors more than twice.Kemba Walker added 18 points and 10 assists, while Daniel Theiss delivered 13 points and 15 rebounds.Toronto has dropped its two meetings with Boston in the bubble by a combined 40 points. The Raptors are 11-0 against everyone else.Kyle Lowry had a team-high 17 points for the Raptors. — Jonathan Schoop (skohp) hit a tie breaking home run in the sixth inning to send the Tigers to their fifth straight win and a three-game sweep of the Twins, 3-2. Jeimer (JAY’-mur) Candelario also homered and Tyler Alexander pitched 3 2/3 scoreless innings of relief as Detroit moved back to .500 and handed Minnesota its fifth consecutive loss.— The Blue Jays picked up their fourth straight win as Teoscar (tay-AHS’-kur) Hernández stroked a two-run single with two out in the ninth inning to complete a 6-5 decision over the Orioles. Baltimore dropped its fifth in a row despite Ryan Mountcastle’s first two major league home runs.— The Mariners picked up a 2-1 win over the Angels on a single by pinch-hitter Tim Lopes in the 10th inning. Lewis homered in the seventh and scored the winning run after Justin Dunn threw six scoreless innings for Seattle.— Cody Bellinger, Corey Seager and Will Smith homered for the Dodgers in a 7-2 win at Texas. Bellinger’s two-run blast gave Los Angeles 57 home runs for August, a major league record for any single month. The Dodgers have 12 straight series victories to start the season, tied for the fifth-best season-opening run since 1969.— Eric Hosmer started San Diego’s power surge with his three-run homer in the first inning of a 13-2 laugher against the Rockies. Jake Cronenworth added a two-run drive in the seventh before Jurickson Profar and Trent Grisham lined solo shots in the eighth, leaving San Diego second in the majors with 66 home runs. Share This StoryFacebookTwitteremailPrintLinkedinRedditNBA PLAYOFFSCeltics rip Raptors in series openerLAKE BUENA VISTA, Fla. (AP) — The Boston Celtics are 5-0 under the NBA Playoff bubble. The Clippers have advanced to the Western Conference semifinals by taking out Luka Doncic (DAHN’-chihch) and the Mavericks in six games.Kawhi (kah-WY’) Leonard had 33 points and 14 rebounds for Los Angeles in a 111-97 downing of Dallas. Paul George and Ivica Zubac (ih-VEET’-sah ZOO’-bahts) added 15 points apiece for the Clippers, who turned up their defense after winning Game 5 with the best offensive performance in their postseason history.Doncic capped a superb first postseason with 38 points, nine rebounds and nine assists.MLB-SCHEDULEWhite Sox pickup 11th win in 13, Elsewhere in the majors:— The Athletics-Astros game in Houston was postponed when a member of the Oakland organization tested positive for COVID-19. The A’s said the team conducted testing and contact tracing for the entire traveling party Sunday morning and would self-isolate in Houston with recommended safety precautions in place.— Willy Adames (ah-DAH’-mehs) launched a grand slam and the surging Rays made it 12 wins in their last 14 games by completing a three-game sweep of the Marlins, 12-7. Joey Wendle, Yoshi Tsutsugo and Kevin Kiermaier also went deep in Tampa Bay’s eighth consecutive win over Miami since 2018.— The Yankees erupted for five runs in the seventh inning before Gio Urshela laced a walk-off single in the eighth to give the Bombers an 8-7 stunner over the Mets in Game 1 of a doubleheader. The Yanks rallied from 7-2 down by scoring five with two out in the seventh, including Aaron Hicks’ game-tying, two-run homer.— The Yankees also took the nightcap in eight innings as pinch-hitter Gary Sanchez unloaded a grand slam off Drew Smith in a 5-2 triumph over the Mets. Tyler Wade also homered and Luis Cessa (SEH’-suh) ended the game by striking out Wilson Ramos with the bases loaded. August 30, 2020 UNDATED (AP) — The Chicago White Sox picked up their 11th win in 13 games to slide into a tie with Cleveland for first place in the American League Central. The White Sox also continue to receive positive results from their budding stars.Prized rookie Luis Robert hit his first game-ending homer, a three-run drive in the 10th inning that gave the White Sox a 5-2 victory over the Royals. Chicago’s Dane Dunning threw five no-hit innings before being pulled from his second major league start. The 25-year-old right-hander struck out seven and allowed just one runner, when he walked Maikel (MY’-kehl) Franco on a 3-2 count with one out in the third. The White Sox pulled even with Cleveland when the Indians dropped a 7-2 decision at St. Louis. Adam Wainwright struck out nine on his 39th birthday and went the distance on a four-hitter. Dexter Fowler homered and had three RBIs as the Cardinals stopped Cleveland’s four-game winning streak. Update on the latest sports — The Giants picked up their first road series victory of the year as Alex Dickerson homered and had two RBIs to support Johnny Cueto (KWAY’-toh) in a 4-1 verdict over the Diamondbacks. Cueto was sharp in his last start before the trade deadline, allowing a run on three hits in 6 2/3 innings.— The Cubs’ starting outfield of Kyle Schwarber, Jason Heyward and Ian Happ each homered twice in a 10-1 romp over the Reds. The NL Central leaders belted 14 home runs in the series. — Josh Bell and Gregory Polanco homered off Brandon Woodruff in the Pirates’ 5-1 victory at Milwaukee. Bell broke a 1-all tie in the fourth with a towering, two-run blast that hit an SUV parked well above the wall in right-center as part of a promotion.— The Red Sox outscored the Nationals, 9-5 as Bobby Dalbec hit a two-run homer in his major league debut and Rafael Devers added a pair of round-trippers. Xander Bogaerts (BOH’-gahrts) hit a two-run homer and Kevin Plawecki added two RBIs to help Boston deal Washington its fifth loss in six games.MLB-NEWS Associated Press PGA-BMW CHAMPIONSHIPRahm outlasts Johnson to win at Olympia FieldsOLYMPIA FIELDS, Ill. (AP) — Jon Rahm birdied the first playoff hole to nose out Dustin Johnson and win the BMW Championship at Olympia Fields.The Spaniard closed with a bogey-free, 6-under 64 to finish at 4 under. Johnson forced the extra hole with a 43-foot double-breaker on 18, but Rahm won it with a 66-foot putt. It was Rahm’s second PGA win of the year and fifth of his career. LPGA-ARKANSASAmerican Ernst wins in ArkansasROGERS, Ark. (AP) — Austin Ernst has rallied to win the Walmart NW Arkansas Championship, her second LPGA Tour title.She became the second American to win the event, closing with an 8-under 63 for a two-stroke victory over Anna Nordqvist.Four strokes behind Nordqvist entering the round, Ernst had the best score of the day with making 10 birdies and two bogeys at Pinnacle Country Club. NFL-JAGUARS-VIKINGS TRADEAP source: Jaguars trading Ngakoue to VikingsJACKSONVILLE, Fla. (AP) — Disgruntled pass-rusher Yannick Ngakoue (yah-NEEK’ en-GAH’-kway) is headed north, far away from Jacksonville.A person familiar with the trade says the Jaguars have agreed to send Ngakoue to the Vikings for a second-round draft pick in 2021 and a conditional fifth-rounder in 2022. The person said Ngakoue agreed to rework his 2020 salary to get out of Jacksonville. He had been the league’s only franchise-tagged player unsigned, opting to turn down an offer that would have guaranteed him $17.8 million this season. US OPEN-CORONAVIRUS-PAIRE OUTAP source: Paire out of US Open after positive COVID-19 testNEW YORK (AP) — French tennis player Benoit (ben-WAH’) Paire has been removed from the U.S. Open men’s field after testing positive for the coronavirus. That’s according to a person familiar with the situation.The 31-year-old was seeded 17th and was supposed to face Kamil Majchrzak of Poland in the first round on Tuesday. Contact tracing will now be used to determine who might have been exposed to Paire and needs to be quarantined.The Grand Slam tournament begins Monday, with no spectators allowed as part of efforts to prevent the spread of COVID-19. Padres get Moreland from BosoxUNDATED (AP) — The Padres have made another move that demonstrates they are prepared to challenge for a playoff berth if not an NL West title.The Padres have picked up slugger Mitch Moreland from the Red Sox for a pair of prospects: outfielder Jeisson Rosario and infielder Hudson Potts. The Padres are making one move after another in pursuit of their first playoff appearance in 14 years. They bolstered their bullpen on Saturday by acquiring Trevor Rosenthal in a trade with the Royals.In other major league moves:— The Cubs have acquired José Martínez from the Rays for two players to be named or cash. The 32-year-old Martínez is a .294 hitter with 43 homers and 182 RBIs in 422 major league games. — The Braves have acquired left-hander Tommy Milone from the Orioles for two players to be named. The division-leading Braves have a pressing need for starting pitching behind Max Fried (freed).— The Rockies have acquired right-handed reliever Mychal Givens from the Orioles for prospects and cash considerations. As part of the deal, the Orioles received infielders Tyler Nevin and Terrin Vavra, along with a player to be named later and cash considerations. MLB-METS-INJURIESMets shelve Matz, BetancesNEW YORK (AP) — The Mets have placed struggling pitchers Dellin Betances (DEH’-lihn beh-TAN’-sehs) and Steven Matz on the injured list, one day after they both made appearances against the Yankees. Betances landed on the injured list with right lat tightness. Matz was placed on the IL with left shoulder discomfort. F1-BELGIAN GPHamilton wins Belgian GP SPA-FRANCORCHAMPS, Belgium (AP) — Lewis Hamilton led from start to finish at the Belgian Grand Prix to clinch his 89th career win and move two behind Michael Schumacher’s Formula One record.The world champion was untroubled from pole position, beating his Mercedes teammate Valtteri Bottas by eight seconds and finishing 15 seconds ahead of Red Bull’s Max Verstappen. Hamilton’s fifth win in seven races also extended his championship lead over Verstappen to 47 points.last_img read more

Wellington Police Notes: Friday, May 1 – Sunday, May 3, 2015

first_imgSunday, May 3, 2015•2:43 a.m. Officers investigated criminal damage to a vehicle window by a known suspect in the 300 block W. 9th, Wellington.•4:07 a.m. Officers investigated a theft of currency in the 100 block E. Walnut, Wellington by known suspect.•4:47 a.m. Officers investigated domestic battery in the 1200 block N. C, Wellington by known suspect.•4:04 p.m. Officers investigated a theft of patio furniture by unknown suspects in the 600 block N. C, Wellington.•4:47 p.m. Monica L. Peterson, 71, Marshfield, Mo. was issued a notice to appear for speeding 56 mph in a 40 mph zone.•8:10 p.m. Officers took a report of suspicious activity in the 100 block E. Walnut, Wellington. Wellington Police notes: Friday, May 1 to Sunday, May 3, 2015:Friday, May 1, 2015•12:35 a.m. Rebekah L. N. Schoemann, 18, Wellington was issued a notice to appear for illegal registration – expired 60-Day tag.•7:37 a.m. Tonya A. Shriver, 32, Wellington was issued a notice to appear charged with seatbelt violation, no insurance and passenger seatbelt violation.•7:38 a.m. John F Willis Sr., 75, Wellington was issued a notice to appear charged with disobeying a traffic signal.•12:30 p.m. Ian D Stallbaumer, 20, Wellington was issued a notice to appear charged with expired 60-day registration.•Gina R. Morgan, 28, Wellington was served a summons to appear for dog bite violation and dog at large.•1:01 p.m. Officers investigated a theft in the 2000 block E. 16th of a handicap placard, Wellington.•2:30 p.m. David W. Anderson, 34, Wellington was issued a notice to appear charged with speeding 54 mph in a posted 40 mph zone.•4:31 p.m. Joseph S. Saunders, 61, Wellington was arrested and charged with driving under the influence of alcohol/drugs, transporting an open container, no proof of insurance and novehicle registration.•9:24 p.m. Officers took a report of a missing person by a known subject in the 800 block S. H, Wellington. Saturday, May 2, 2015•1:54 a.m. Officers investigated criminal damage to property by a known subject in the 800 block W. Harvey, Wellington.•2:24 a.m. Aaron S. Russell, 21, Wellington was arrested and charged with criminal damage to property.•12:43 p.m. Tamara N. Harper, 32, Wichita, was arrested and charged with driving while license is suspended and speeding 43 mph in a 30 mph zone.•12:56 p.m. Johnny E. Brister Jr, 32, Wichita,was issued a notice to appear for speeding 45 mph in a 30 mph zone.•2:41 p.m. Officers took a report of an animal bite by known owner in the 500 block S. F, Wellington.•3:18 p.m. Officers took a report of suspicious activity in the 300 block E. Harvey, Wellington.•7:39 p.m. Officers investigated a theft of bicycle in the 400 block W. Harvey, Wellington.•9:16 p.m. Officers investigated obstruction of law enforcement and interference with interference with parental custody in the 1000 block W. Shadylane Ct, Wellington by known suspect(s).•10:03 p.m. Officers took a report of found bicycle in the 1000 block Mission Rd, Wellington.•10:50 p.m. Non-Injury accident in the 100 block S. Woodlawn, Wellington involving a single vehicle operated by Phillip D. Quanz, 55, Wellington.last_img read more

England girls’ medal hopes dashed

first_img10 Jul 2013 England girls’ medal hopes dashed England’s hopes of a bronze medal in the European girls’ team championship were dashed by Spain in the third-place play-off in Linköpings, Sweden.Both teams scored a point apiece in the morning foursomes, with Amber Ratcliffe and Alice Hewson winning on the 19th. But Spain dominated the singles, winning the first four matches before the fifth was halved. The result left England in fourth place.The championship was won by Sweden, who beat France 4½-2½ in the final.England resultsFoursomesAmber Ratcliffe (Royal Cromer) & Alice Hewson (Berkhamsted) beat Marta Perez Sanmartin  & Ainhoa Olarra at 19thGabriella Cowley (Brocket Hall) & Sophie Lamb (Clitheroe) lost to Alejandra Pasarin & Harang Lee 4/2SinglesOlivia Winning (Rotherham) lost to Olarra 1 downRatcliffe lost to Nuria Iturrios 4/2Lamb lost to Clara Baena 1 downSophie Madden (West Essex) lost to Pasarin 5/3Cowley halved with Lee12th July 2013Last-gasp birdie denies England final placeA 19th-hole birdie denied England a place in the final of the European girls’ team championship at Linköpings, Sweden.It meant a 4-3 scoreline in favour of France, who now take their place in tomorrow’s final against Sweden. England will meet Spain in the play-off for the bronze medal.“Obviously we are disappointed, but we can win bronze and we’ll be doing our best,” said England coach Scott Godfrey.The day started very well for England who won both morning foursomes but, although Gabriella Cowley won her singles, the afternoon matches went France’s way.They levelled the scoreline after they took three points and then clinched the win when Alice Hewson was beaten by a birdie on the 19th.“Alice didn’t do anything wrong. She stiffed her approach on the 17th for a birdie, but the other girl holed a 25-footer for a birdie to keep the match all square. Then the French girl had another birdie on 19 to win,” said Scott.ResultsFoursomesGabriella Cowley (Brocket Hall) & Sophie Lamb (Clitheroe) beat Emma Broze and Mathilda Cappeliz 2 upAmber Ratcliffe (Royal Cromer) & Sophie Madden (West Essex) beat Eva Gilly & Elodie Bridenne 2/1SinglesRatcliffe lost to Anyssia Herbaut 2 downAlice Hewson (Berkhamsted) lost to Cappeliez at 19thMadden lost to Gilly 5/3Olivia Winning (Rotherham) lost to Broze 4/3Cowley beat Shannon Aubert 2/111th July, 2013 Girls’ fightback wins European semi-final placeEngland’s girls staged a great singles fightback to beat Italy and win through to the semi-finals of the European girls’ team championship at Linköpings, Sweden.They bounced back from defeat in both foursomes to win four out of the five singles. Now they will play France tomorrow, while the other semi-final is contested by Spain and Sweden.England coach Scott Godfrey commented: “We’ve had a fantastic day and the girls are over the moon. Italy really wanted to win this championship and they had a very strong team.”He added: “We were a bit disappointed by the foursomes but we knew we were playing well and we felt we could go out and give it a good go – and we did!”He added: “We’re really looking forward to getting back out there. The girls are on a bit of a high at the moment and we’re enjoying it, but tomorrow we’ll draw a line under it and get stuck in to another good game.”Amber Ratcliffe led the way in the singles and was quickly up in her match and stayed in control throughout. Sophie Madden held her nerve to win on the 18th, despite a determined challenge from her opponent over the closing holes.Sophie Lamb faced possibly the toughest player on the Italian team. She played well but was unable to recover fully from a slow start and bowed out 2/1.Olivia Winning was neck and neck with her opponent over the outward half but enjoyed a good run on the back nine as she played her way to a win on the 17th. Gabriella Cowley was in another tight game and was one down after 10, but with the help of some impressive birdies closed out her opponent 2/1.ResultsFoursomesAmber Ratcliffe & Sophie Madden lost to Roberta Liti & Camilla Mortigliengo 2 downGabriella Cowley & Sophie Lamb lost to Virginia Carta & Martina Flori 2 downSinglesRatcliffe beat Mortigliengo 2/1Madden beat Carta 1 upLamb lost to Liti 3/1Olivia Winning (Rotherham) beat Flori 2/1Cowley beat Camilla Mazzola 2/110th July 2013Strong start pays off for England’s girlsA strong start by England in the European girls’ team championship at Linköpings, Sweden, saw them safely through to play for the medals after today’s second qualifying round was abandoned.After a first day’s play in warm sunshine, the weather changed abruptly. The second round was first interrupted by a suspension for thunder and lightning, and then abandoned when the greens flooded.The qualifying was decided on yesterday’s first round scores, when England finished in third place, so securing their place in the championship flight of the top eight teams. They will play Italy in tomorrow’s first matchplay round.England coach Scott Godfrey said: “We had three players on the course when play was abandoned and they were all absolutely drenched. But they’re drying out now and preparing for tomorrow.“It will be a good match because Italy have a very strong team. The girls are looking forward to it – and the forecast is better.”England’s scoring yesterday was led by Amber Ratcliffe (image © Leaderboard Photography) who shot two-under par 70 and was beaten by only one other player on the opening day of the championship.Spain’s Alejandra Pasarin shot three-under and helped her team into first place with a total score of two over par. France were second on three-over par while England were eight-over and held a four-shot advantage over fourth-placed Sweden. The best five scores from six counted for the team score.Amber compiled her score with the help of a run of three consecutive birdies from the fourth, and another pair on the 13th and 14th. “She played great,” said England coach Scott Godfrey. “She was fantastic from tee to green.”Sophie Madden from West Essex played level par with a strong finish. Scott commented: “The last few holes aren’t easy but Sophie was two-under for the last five to finish off a nice round.”Gabriella Cowley (Brocket Hall) and Sophie Lamb (Clitheroe) both had rounds of two-over par while Alice Hewson (Berkhamsted) was six-over and Olivia Winning (Rotherham) was plus seven. “Alice and Olivia didn’t do much wrong, but this course is very punishing if you miss on the wrong side because the greens are severely sloping – and they just came unstuck a couple of times,” said Scott.Championship flight qualifiers+2 Spain+3 France+8 England+12 Sweden+15 Finland, Italy+20 Norway, Scotlandlast_img read more

South Puget Sound Rotary Matches $10,000 Grants From Gates Foundation For…

first_imgFacebook31Tweet0Pin0 Submitted by South Puget Sound RotaryOlympia, WA, January 2013 — Up to 6 families with children will receive financial assistance for rapid re-housing, thanks to the South Puget Sound Rotary and the Bill and Melinda Gates Foundation partnership.Mike Swarthout, South Puget Sound Rotary president, handed a $10,000 check from the Family Homelessness Grant from the Bill and Melinda Gates Foundation to Schelli Slaughter, Executive Director of the Family Support Center.    The South Puget Sound Rotary will match the grant with an additional $10,000, which will be raised at the South Puget Sound auction on April 27 at the Great Wolf Lodge.The Family Support Center, which is the coordinated entry point for all homeless families with children in the community, will use the funds to rapidly re-house up to six homeless families.Rapid re-housing is an approach that offers time-limited, small rental subsidies to assist the homeless in moving into housing, followed by intensive case management to ensure stability.  Rapid rehousing has been used in communities across the country to reduce homelessness as much as 50% in a few short years.  It is widely recognized as a “best practice” among strategies to reduce homelessness.  The South Puget Sound Rotary anticipates that 5 of the 6 families rapidly rehoused by the grant dollars will maintain permanent housing.  A small investment for such a large impact.The South Puget Sound Rotary, and many of the other 8 rotaries in Thurston County, is focused on eliminating homelessness in Thurston County.  What does that mean?  It means making sure that people on the margins of entering homelessness are diverted from losing housing in the first place.  It means someone in the unfortunate position of losing their housing are rapidly re-housed with appropriate services that get them financially able to sustain that housing permanently.  It means those few homeless individuals who have chronic issues (less than 10 percent of the population) have a safe place to sleep and supportive services that helps them with their issues and keeps the general public safe.The South Puget Sound Rotary meets every Friday at 7am at Tugboat Annies in Olympia.last_img read more

City seeking park grant

first_imgLA PUENTE – The city moved toward its goal of building a nature center that would give residents a second park and teach them about local flora and fauna. The City Council decided Tuesday to apply for a $150,000 state grant from the California Department of Parks and Recreation Land and Water Conservation Program for the proposed Puente Creek Nature Education Center. They hired Schmidt Design Group Inc. to design the project. The city has also used the San Diego-based firm to do the conceptual plan for the center. The one-acre nature center, estimated to cost $1.9 million, will be on Nelson Avenue between Nelson Elementary School and the Puente Creek channel. It will be the second park for La Puente since it became a city in 1956. Since the city doesn’t have all the money, it will build the nature center in two phases, according to the city. Phase one will include a play area with a climbing wall, trails, decorative boulders, an entry kiosk, education exhibits, parking, fencing plus grading and drainage. The city will start the second phase when the funding becomes available, according to Rozanne Adanto, community services director. Councilwoman Lola Storing, who anticipates construction to begin next year, said the project is very important. “We only have one park in the city and we have over 41,000 people,” Storing said. “This will be a learning park geared for kids. We will have leaders in the park teaching about birds and nature.” She said Hacienda-La Puente Unified School District schools will use the park. But Storing said it will benefit families as well. The parkland to population ratio in La Puente is a little more than a half acre to 1,000 residents, Adanto said. She pointed out that the national average is two and half acres per thousand. The sole park in the city, the 22-acre La Puente Park, is used a lot by sports groups and residents, she added. “Sometimes they’re tripping over each other,” Adanto said. “On the weekend, because of the \ holiday, there were thousands of people in the park. You couldn’t see a blade of grass.” Part of the consultant’s job will be to coordinate developing educational programs with Hacienda-La Puente Unified, developing a handbook for docents and training docents and staff. The grant from the state requires that the city match the funds. The city plans to get the needed matching money from a $750,000 grant earmarked for it by the San Gabriel & Lower Los Angeles Rivers and Mountains Conservancy. [email protected] (626) 962-8811, Ext. 2718 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

Toyota Suzuki to acquire stake in each other strengthen alliance

first_imgTokyo/New Delhi: Japanese auto majors Toyota Motor Corporation and Suzuki Motor Corporation on Wednesday said they will acquire stake in each other as they seek to strengthen their alliance. As part of a capital alliance agreement, Toyota will acquire 2.4 crore shares of common stock in Suzuki (4.94 per cent stake) for 96 billion yen (over Rs 6,510 crore), while Suzuki plans to acquire shares in Toyota equivalent to 48 billion yen (around Rs 3,255 crore). Also Read – Thermal coal import may surpass 200 MT this fiscal On October 12, 2016, the two companies had first announced their business partnership. In March this year, they agreed to engage in joint product development and collaboration in production, in addition to promoting mutual supply of products by bringing together Toyota’s strength in electrification technologies and Suzuki’s strength in technologies for compact vehicle. Elaborating on the reasons for their capital alliance, Toyota and Suzuki in a joint statement said that the automobile sector is currently experiencing a turning point unprecedented in both scope and scale, not only because of enhanced environmental regulations but also from new entries from distinct industries and diversified mobility businesses. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boost “The two companies intend to achieve sustainable growth by overcoming new challenges surrounding the automobile sector by building and deepening cooperative relationships in new fields while continuing to be competitors, in addition to strengthening the technologies and products in which each company specialises and their existing business foundation,” they said. Toyota and Suzuki will jointly take up challenges together in this transitional era and plan to establish and promote a long-term partnership for promoting collaboration in new fields, including the field of autonomous driving, the statement added. “The execution of the capital alliance agreement is a confirmation and expression of the outcome of sincere and careful discussions between the two companies, and it will serve for building and promoting their future partnership in new fields,” it said. As part of their earlier pact, the two partners had agreed to extend their collaboration to Europe and Africa over and above their partnership in India. Suzuki will supply Ciaz sedan and Ertiga multi-purpose vehicle to Toyota in India in addition to the already agreed supplies of premium hatchback Baleno and compact SUV Vitara Brezza, which will be rolled out from Toyota’s plant in India from 2022. Moreover, Suzuki will also supply its India-produced vehicles — Baleno, Vitara Brezza, Ciaz, Ertiga — to Toyota for the African market as well. Toyota, on the other hand, will provide Suzuki its hybrid electric vehicle (HEV) technologies in India through local procurement of HEV systems, engines and batteries, while also supplying THS (Toyota Hybrid System) to Suzuki in global markets.last_img read more