The top dealmaker for Canadian retail mergers and acquisitions for 2013 is the Royal Bank of Canada, data from Bloomberg revealed. RBC has held the top spot for the third straight year.
Industry
America's top five banks control a total of $6.46T in assets -report
Financial information provider SNL Financial in a report said that the five largest lenders in US control 44.2% of the industry's assets. JPMorgan Chase & Co, Bank of America,Citigroup,Wells Fargo & Co, and US Bancorp have a total of $6.46 trillion in assets.
China promises more support for embattled solar power industry- report
China said it would give more support to the domestic solar power industry as the government seeks to revamp a sector that is plagued with overcapacity and lower prices, Reuters reported.
Global private equity fundraising reaches $431B in 2013
The private equity industry worldwide was able to reach $431 billion in fundraising last year, an increase of 13% from the funds raised in 2012, a Preqin study revealed.
Tech founders in China influence young companies- report
Chinese founders of technology firms that have become billion dollar firms have gone on to start other companies or act as benefactors of other startups or give guidance to young firms, the Financial Times reported.
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The African private equity industry in Africa may be young and subject to various shortcomings but political stability, infrastructure growth and increasing consumer activity has given it a more positive outlook for this year, the Financial Times reported.
Data from Cambridge Associates showed that 2013 was a good year for private equity as they returned $120 billion to their institutional backers, the San Francisco Business Times reported.
Indian companies were able to get private equity deals worth $10.68 billion in 2013, an increase of 12% in value terms compared to that of the previous year.
The global private equity industry closed 2013 with "dry powder" amounting to $1.074 trillion, a figure much higher than the previous record high of $1.067 billion posted before the 2008 global financial crisis.
Private equity companies are buying the debt of the companies they own so they can become creditors and have a second shot at making money on their investments.
U.S. stocks closed out their best year in more than 15 on Tuesday, rising modestly on a strong consumer confidence reading that kept 2013's upward bias intact to the end.
Private equity firms are increasingly seeking to partner with U.S. companies rather than buying them outright, as they struggle to find ways to put their huge piles of money to work at a time when frothy markets have made takeovers expensive.
The world economy should snap a three-year stretch of slowing growth in 2014, although the upturn over the next 12 months looks likely to be incremental rather than a leap forward.
The 18.6% increase in the shares of listings backed by private equity firms will fuel the demand of institutional investors as more public debuts are being planned, the Financial Times reported.
