Summarize this content to 2000 words in 6 paragraphs in Arabic One thing to start: UnitedHealth Group has raised concerns with the top US securities regulator over a social media post by activist investor Bill Ackman, who claimed that the healthcare group could be inflating its profits.In today\u2019s newsletter:Wall Street unloads its Muskian headacheA coffee-and-doughnut-fuelled insurance playBarbarians after the brakesBanks exit their Twitter nightmareMorgan Stanley may need to thank one man for the ability to clear some of the biggest hung loans stuck on its balance sheet: Donald Trump.The bank on Wednesday sold a huge part of the nearly $13bn of debt it and six other lenders were forced to provide to finance Elon Musk\u2019s $44bn takeover of Twitter in 2022.The financing package almost immediately went south \u2014 between Russia\u2019s full-scale invasion of Ukraine, the Federal Reserve\u2019s race to raise interest rates and Musk\u2019s own lawsuit to back out of the deal \u2014 and the seven banks involved ended up with egg on their faces.Hedge funds offered just 60 cents on the dollar in 2023 for the senior loans, even as some characterised the company\u2019s fate as \u201cunanalysable\u201d.But Trump\u2019s election changed all of that. On Wednesday, Morgan Stanley sold $5.5bn of its Twitter \u2014 now X \u2014 exposure. That followed a sale of $1bn of the loans last month.The deal attracted some of the biggest credit investors, with Citadel, Apollo Global Management, Pimco and Diameter Capital all buying in, sources tell DD.And while many have been warmed by Musk\u2019s ability to cut costs at the company as well as the valuable stake X owns in his artificial intelligence venture xAI, Trump was high on all investors\u2019 minds.One money manager who passed on the deal said it was a good time for the banks to sell, pointing to \u201cElon\u2019s cachet. He is an FOP, a friend of the president.\u201dIt\u2019s perhaps the best ending Morgan Stanley, Bank of America, Barclays, MUFG, BNP Paribas, Mizuho and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale could hope for.\u201cI don\u2019t want to sugarcoat it, the banks did not want to be in this position,\u201d one person involved in the deal said.Those banks spent the past two years holding the debt themselves, partly assuaged by guarantees Musk made that they would not lose money, people familiar with the matter said.Now they\u2019re hoping that their decision to stand by the billionaire chief executive of SpaceX and Tesla could lead to lucrative future paydays by winning banking assignments for his other businesses.The seven lenders still have $6bn of Twitter debt to sell (loans that are considerably more risky than the debt offloaded so far). And Morgan Stanley will be hoping Musk\u2019s ties to Trump endure.Annuities, doughnuts and cheap perfumeJAB Holding, one of Europe\u2019s pre-eminent dealmaking conglomerates and the owner of Krispy Kreme, Pret A Manger and Coty, is adding insurance to its portfolio.The conglomerate, which is controlled by the intensely private billionaire Reimann family, told the FT in an interview last year that it would reshape its portfolio to build around financial services businesses such as insurance.On Wednesday, it unveiled the first major step, buying Virginia-based Prosperity Life for just over $3bn from Elliott Management, said people familiar with the matter.The shift towards insurance began last year with an executive overhaul. JAB made a splashy hire in tapping US-based insurance veteran Anant Bhalla as chief investment officer.It\u2019s been well chronicled by DD how alternative asset managers are pushing into the insurance sector in order to tap deep wells of more permanent capital that can steadily compound returns for decades like Berkshire Hathaway. But JAB is a surprising home. It has ample capital and isn\u2019t yet originating a hamster wheel of loans that must be distributed, like Apollo Global Management.The conglomerate, which traces its origins to a Mittelstand chemicals business that owned stakes in Reckitt Benckiser and Coty, became a sensation in global dealmaking beginning in 2012 after creating a holding company to chase deals led by former Mars executive Olivier Goudet.It spent tens of billions of dollars consolidating industries spanning coffee to quick-service restaurants, perfumes and veterinarian services \u2014 businesses insulated from broader economic volatility.But it didn\u2019t exactly work out that way. In 2023 Goudet was replaced in an abrupt leadership shake-up, before the group began its financial services push.So how will insurance fit within JAB?One person familiar with the business shift said the insurance acquisition was essentially a \u201cnatural market hedge\u201d. When interest rates are high and consumer companies struggle, the insurance business will hopefully outperform, balancing out the group\u2019s overall finances.This hasn\u2019t always worked well for conglomerates.General Electric famously was a giant in insurance through its GE Capital division, a unit that under longtime chief Jack Welch helped to boost profits whenever other units spanning jet engines to dishwashers to MRI machines fell short.But GE lost billions on long-term care insurance contracts, pummelling its cash flows after not predicting rising longevity.In the age of Ozempic, doughnut sales and insurance actuarial tables may hold surprising correlations.An up-tiering battle in JapanIt\u2019s not been long since KKR portfolio company Marelli, a car parts supplier headquartered in Japan, went through the kind of major debt restructuring that cast a shadow over private equity in the country.That was in 2022.Since then, distressed debt investors Strategic Value Partners and Fortress investment group have bought up some of its debt, and they\u2019re now in tense talks with the company that could push it into another restructuring.Marelli needs funds to fill what it says is a \u201ctemporary working capital gap\u201d.A consortium including SVP and Fortress has proposed providing the funds, but only if the new loans \u2014 and also old loans made by those participating \u2014 are made senior to other debt.Such so-called up-tiering may be increasingly common in the US and Europe, but in Japan it can be considered aggressive.These kinds of legal brawls \u2014 sometimes called creditor-on-creditor violence \u2014 have proliferated in the US public debt markets in recent years.Investors at these distressed debt shops scour credit agreements for potential loopholes, and famously aren\u2019t afraid to pull punches. (DD\u2019s very own Sujeet Indap has spilled plenty of ink on the subject.)In recent months, Japan has seen hostile takeover approaches (Alimentation Couche-Tard of Seven & i), proposed megamergers (Honda and Nissan) and private equity brawls (KKR and Bain Capital for Fuji Soft) that have spilled out into the open.The country has been opening up to a more American model of financial capitalism with shareholder-friendly reforms in recent years \u2014 but this may be a particularly tough test.Yet for Japan, it\u2019s also a sign of the times.Job moves\u00a0Ares Management has promoted Kipp deVeer and Blair Jacobson to co-presidents as chief executive Michael Arougheti pushes to broaden the private investment firm\u2019s top ranks.The White House has nominated Ben Black \u2014 the son of former Apollo chief executive Leon Black \u2014 to head the International Development Finance Corporation, which is being pushed by some officials to act more like a sovereign wealth fund, Bloomberg reports.Latham & Watkins has hired Jerome McCluskey to the firm\u2019s banking and private equity finance practices. He was previously the general counsel at Charlesbank Capital Partners.\u00a0Smart readsTariff trouble Wall Street analysts have bombarded executives of listed companies with questions over how they will cope with the trade wars, the FT reports.Falling behind The bond giant Pimco is struggling to keep up as rivals plough full steam into the private-markets gold rush, Bloomberg writes.Sovereign wealth fun Donald Trump seems to be making the first concrete steps towards a US sovereign wealth fund, and our friends at FT Alphaville dive into how it may work.News round-upNissan\u2019s board rejects $58bn merger with Honda (FT)KKR-backed Cotiviti nears deal for rival healthcare data group Edifecs (FT)World\u2019s biggest offshore wind developer \u00d8rsted slashes investment by 25% (FT)Lloyds hit with \u00a31bn tax bill after legal challenge fails (FT)British Airways backtracks on overhaul of frequent flyer club perks (FT)Starmer wants contentious North Sea oil and gas fields to go ahead (FT)EU probes Shein over consumer protection (FT)US Postal Service backtracks on suspension of packages from China (FT)Santander unveils \u20ac10bn buyback on record profits (FT)<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic One thing to start: UnitedHealth Group has raised concerns with the top US securities regulator over a social media post by activist investor Bill Ackman, who claimed that the healthcare group could be inflating its profits.In today\u2019s newsletter:Wall Street unloads its Muskian headacheA coffee-and-doughnut-fuelled<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":{"0":"post-195200","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tech"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/195200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=195200"}],"version-history":[{"count":0,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/195200\/revisions"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=195200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=195200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=195200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}