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FOUND: 3 | Mind Blowing Facts

Young adults still living with their parents are driving the luxury boom

U.S. Census data shows that nearly half of all young adults aged between 18 and 29 live at home — the highest level recorded since 1940.

Fortune

Global luxury sales set to hit record this year, study says

Luxury spending is growing faster than ever, fueled by pent-up pandemic demand and shifting demographics as younger, more diverse consumers buy into tiny handbag and post-streetwear trends

The Independent UK

Ban Bain & Co from US government contracts, Joe Biden is urged

Labour peer calls on US president to follow UK in banning firm over misconduct in South Africa

The Guardian - UK

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State Capture eroded institutions in South Africa. How the revenue service is rebuilding itself

South Africa’s Revenue Service is one of many state institutions in South Africa that have been fingered in the Judicial Commission of Inquiry into State Capture. In addition, a special commission established to investigate internal governance at the agency found massive failures of governance. Professor Mills Soko spoke to Commissioner…

The Conversation

Bain & Co barred from UK government contracts over ‘grave misconduct’ in South Africa

Global management consultancy’s three-year ban follows pressure by ex- Labour minister Peter Hain

The Guardian - UK

LV= boss to step down seven months after failed Bain Capital sale

Mark Hartigan's departure comes after he faced calls to quit following the botched £530m deal

Birmingham Post

Virginia governor Glenn Youngkin explores 2024 presidential election run

The former Carlyle Group co-CEO turned Virginia governor could be setting up a replay of Mitt Romney's 2012 presidential run.

Axios

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Luxury market seen as growing in 2022 despite inflation, war

Neither inflation nor war in Ukraine seem to be threatening to take a bite out of the luxury fashion market

The Independent UK

Dead Man Reawakening? Defunct Rise Education Reborn as EV Charging Company

Key Takeaways: Shares of the former Rise Education soared as it completed a reverse takeover merger with the electric vehicle charging business of Newlink The new company, NaaS Technology, provides software to help China’s growing legions of EV owners use the country’s vast charging network more efficiently

Benzinga

Analysts See Consumer Electronics Get Costlier As Major Chipmakers TSMC, Samsung, Intel Boost Prices

Benzinga

Toshiba Bags Interest From 10 Potential Investors: Reuters

Toshiba Corp (OTC:TOSYY) bagged interest from 10 potential investors after canvassing buyout offers, Reuters reports. The deadline for submitting non-binding proposals is May 30. Also Read: Toshiba To Weigh Deals To Go Private Long under pressure from activist shareholders, the Japanese conglomerate also announced a special dividend worth $545 million for the second…

Benzinga

Lex in depth: why the luxury market needs to hedge against China

A shift in spending habits in Asia and a crackdown on wealth by Beijing threaten a profit squeeze for high-end brands

Financial Times

Chindata Potentially Up for Sale as M&A Heats Up in China Data Centers

Key Takeaways: Data center operators GDS and EdgeConneX have reportedly expressed interest in making bids for Chindata Chindata’s control by U.S. private equity giant Bain and the recent departure of its founder may make it ripe for such a buyout By Doug Young

Benzinga

LV=’s on board with £511,000 bonus for boss despite shambles of failed sale

Mark Hartigan has been given £511,000 bonus for 2021 – a humbler CEO would have let the dust settle

The Guardian - UK

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Evening Standard

LV= starts boardroom rebuild after Bain deal failure

Insurance company LV= has moved to shore up its board in the wake of the failed sale to private equity group Bain Capital and confirmed that one of the architects of the botched attempt, chairman Alan Cook, has stepped down.

The Guardian - UK

Merger talks between LV= and Royal London collapse

Deal to buy mutual insurer was second attempt after US private equity firm’s takeover was blocked

The Independent UK

LV= in talks with Royal London over merger as more directors leave

It comes two months after the insurance giant’s failed takeover by Bain Capital.

Birmingham Post

LV= and Royal London confirm 'exploratory discussions' on deal

LV= members failed to vote through a proposed sale to Bain Capital last year

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Evening Standard

Royal London circles in-crisis LV= as board clear out continues

Royal London is once again circling LV= as a board clear-out at the in-crisis mutual continues.

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