Nasdaq Wants a New Requirement for Diversity in Corporate Boards

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G.M. scales back its partnership with the electric vehicle maker Nikola. G.M. said that it wouldn’t make an electric pickup for the start-up or take an equity stake, though it planned to supply hydrogen fuel cells. Shares in Nikola, which has been accused of exaggerating its capabilities, fell 27 percent.

Exxon Mobil takes a huge write down. The oil giant said it would write off up to $20 billion in investments in natural gas and drastically cut spending on exploration and production.

Credit Suisse names a new chairman and discloses a big fine. The Swiss bank has hired António Horta-Osório, the outgoing C.E.O. of the British lender Lloyds, as its chairman — and said it faced a $680 million penalty in the U.S. over residential mortgage-backed securities. Separately, UniCredit’s C.E.O., Jean Pierre Mustier, plans to step down in April after the Italian lender’s board rejected his strategic plan.

S&P Global said yesterday that it planned to acquire IHS Markit for $44 billion, including debt, the biggest deal announced this year. It highlights how data has become the most valuable commodity for business: the new oil, as they say. Harnessing data is at the center of a rush of consolidation, including Deutsche Börse buying a big stake in ISS, Nasdaq acquiring Verafin, ICE taking over Ellie Mae and the London Stock Exchange absorbing Refinitiv.

An “Aladdin’s cave” of data and insights. Doug Peterson, S&P’s chief executive, told DealBook that the deal was about “providing analytics and data and research and ratings that our customers can use to make decisions.” The combination of S&P’s A.I. financial analysis unit, Kensho, with the IHS data platform, Data Lake, would make it easier for customers to sift through vast data troves, he said. Lance Uggla, the C.E.O. of IHS Markit, told analysts the combination of the companies created an “Aladdin’s cave” — “it’s filled with opportunity,” he said.

  • The LSE-Refinitiv deal, which was announced last year, is still held up in antitrust review, a potential warning for S&P and IHS. Mr. Peterson said yesterday he was “very well advised” and didn’t think “there are any regulatory issues that can’t be resolved.”

More deals are expected. As firms race to acquire data, and the means to analyze it, bankers see more consolidation. Deals are likely to come from established data providers like Bloomberg, Moody’s, MSCI, FactSet and Verisk; exchanges that are pushing into the data industry like CME, ICE, LSE, Deutsche Börse and Nasdaq; and fintech challengers breaking into the business. Competition will be fierce: Bloomberg commands around a third of the data and analytics market and has a lot of financial firepower. The frenzy of speculation about Mike Bloomberg divesting the business he founded when he ran for president — some said it could have fetched as much as $60 billion — is another sign of how hot this market has become.




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