Finance
Online event: Digital Finance Platform – Launch of phase II & data hub
When: 21 March 2024 between 09:30 and 11:00
Don’t miss this online event that will launch the second phase of the Digital Finance Platform, a collaborative space bringing together innovative financial firms and national supervisors to support new thinking in the EU’s financial system.
A key novelty in this second phase is the Data Hub, which provides participating firms with access to synthetic supervisory data for the purpose of testing new solutions and training artificial intelligence and machine learning models.
The event will also take stock of the current state of play of digital finance and look forward to the way ahead.
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Finance
Britney Spears and Her Father Settle Dispute Over Alleged Financial Misconduct During Conservatorship
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Britney Spears has settled a dispute over legal fees with her dad, and former conservator, Jamie Spears.
The pair settled an enduring debate over Jamie’s legal fees and his management of Britney’s finances in Los Angeles Superior Court on April 25, the New York Times reported Friday afternoon. Britney’s legal team, led by attorney Mathew S. Rosengart, was fighting to keep their client from having to pay her father’s legal bills, mainly on the basis Jamie had allegedly misused his authority as Britney’s conservator — a role he held up until September 2019 — to pay himself $6 million.
Terms of the settlement were not widely disclosed but in a statement issued Friday, Rosengart said Britney had finally fulfilled her goal of obtaining total freedom: “As she desired, her freedom now includes that she will no longer need to attend or be involved with court or entangled with legal proceedings in this matter.” He continued by stating “it has been our honor and privilege to represent, protect, and defend Britney Spears.”
With this move, Jamie and Britney avoid having to go to trial over the alleged financial misconduct during her conservatorship.
Details on the conclusion to this case are sparse in comparison to the media frenzy that first ensued over two years ago. Everything changed for Britney after she publicly addressed a court in Los Angeles on June 23 of 2021, telling the judge that she was “traumatized” and held against her will, with all of her rights stripped away by her conservators, including her father, who at one point she said she wanted jailed. “I just want my life back,” the singer said.
Since leaving the conservatorship ended, Spears has sold over 2 million copies of her best selling memoir, “The Woman in Me,” and has released music with Elton John and Will.i.am. Still, Britney has been adamant that a career in music is no longer a priority of hers. When rumors began circulating that her team was ushering her to put out an album, Britney wrote on Instagram: “They keep saying I’m turning to random people to do a new album … I will never return to the music industry.”
Finance
Finance Deals of the Week: $52M Construction Loan for S.C. Apartments
It was a lighter week on the financing front, but there were still some notable deals that closed including a $52 million construction loan from North River Partners and Amzak Capital Partners on Miami-based One Real Estate Investment’s 316-unit apartment project in Columbia, S.C. Huntington National Bank and Nuveen Green Capital also teamed up to provide a combined $40.5 million construction loan for Stark Enterprises’ build-to-rent residential project in northern Florida. Here are the rest of the deals.
Loan Amount | Lender | Borrower | Address | Asset | Broker |
---|---|---|---|---|---|
$52 million | North River Partners and Amzak Capital Partners | One Real Estate Investment | 4415 Percival Road; Columbia, S.C. | Multifamily | Berkadia’s Brad Williamson, Scott Wadler, Mitch Sinberg and Matt Robbins |
$41 million | Huntington National Bank and Nuveen Green Capital | Stark Enterprises | 16152 SE 77th Court; Summerfield, Fla. | Build-to-Rent | N/A |
$29 millon | Bayview Asset Management | ASG Equities | 502 86th Street; Brooklyn, N.Y. | Mixed-Use | Ripco’s Steven Sperandio, Michael Fasano and Jake Weiss |
$27 million | Citigroup | The Mann Group and True North Management | Nine-building portfolio | Multifamily | JLL’s Scott Aiese and Alex Staikos |
$27 million | Berkadia | Bozzuto Group | 1200 North Queen Street; Rosslyn, Va | Multifamily | N/A |
Finance Deals of the Week reflect deals closed or announced from April 22 to April 26. Information on financings can be sent to editorial@commercialobserver.com.
502 86th Street, ASG Equities, Berkadia, Bozzuto Group, Huntington National Bank, Nuveen Green Capital, One Real Investment, Ripco, Stark Enterprises, The Mann Group, True North Management
Finance
Shriram Finance Q4 Results: PAT jumps 49% YoY to Rs 1,946 crore, NII rises 20%
Its net interest income (NII) rose 20% YoY to Rs 5,336 crore as against Rs 4,446 crore in the same period previous year.
While the profit figure was close to the Street estimates, NII was above expectations. The NBFC announced a final dividend of Rs 15 per share which will be paid to eligible shareholders before August 28.
Net interest margin (NIM) rose from 8.99% in Q3 to 9.02% in Q4 and provisions were up 1% sequentially to Rs 1,261 crore.
Shriram Finance’s total assets under management as on March-end increased 21.10% sequentially and stood at Rs 224,861.98 crore at the end of the quarter.The earning per share (basic) increased by 48.23% and was Rs 51.79 as against Rs 34.94 recorded in the same period of the previous year.Shares of the NBFC were trading 1% higher at Rs 2515 on the BSE on Friday.Also Read: Bajaj Finserv Q4 Results: PAT jumps 20% YoY to Rs 2,119 crore
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