It was the “scent of loss of life” that struck Kyiv resident Vladimir Basovskyi as he delivered meals and drugs to the surviving residents of cities surrounding Ukraine’s capital metropolis.
Burned vehicles. Blackened residences. Demolished roofs. Streets crawling with journalists and investigators, documenting our bodies.
“Then all the things was like in fog — a whole lot of crying, a whole lot of happiness to see Ukrainian individuals, a whole lot of worry in eyes, a whole lot of anger,” Basovskyi, 35, instructed USA TODAY on Tuesday. “Subsequent what I bear in mind, I’m sitting at house and crying like a baby.”
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European private equity group CVC Capital Partners reported a jump in activity in its first results since going public in April, with more new investments and more exits from previous deals.
The Luxembourg-based group said it generated €9.4bn from exiting investments in the first half, up 108 per cent. It also spent 63 per cent more of its investors’ cash — €13.4bn in total — in the first six months of this year compared with the same period last year.
The results from CVC are the latest sign that the private equity industry is emerging from a two-year downturn in which higher interest rates made buying and selling companies harder.
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In the second quarter, Apollo, Blackstone, KKR and Ares invested a combined $162bn, as conditions for the industry began to brighten.
CVC, which manages €193bn across investment strategies ranging from buyout to credit, twice postponed its listing before going public in April. Its shares have climbed 15 per cent since the IPO.
Established more than three decades ago by a group of former Citibank executives, CVC is one Europe’s largest private equity firms. Its portfolio of investments includes Lipton Teas, the Six Nations rugby tournament and Spanish football league La Liga.
Last month, the firm was part of a consortium that agreed to buy UK investment platform Hargreaves Lansdown for £5.4bn.
Despite the pick-up in activity, the buyout industry is sitting on more than $2tn of dry powder — capital that has been committed by investors but not yet deployed by private equity firms, according to data provider Preqin.
Three prominent podcasters have insisted they had no knowledge a US network hosting their content allegedly received nearly $10 million from Russian state media employees seeking to influence the 2024 presidential election.
Tim Pool, Benny Johnson and Dave Rubin all strongly denied any wrongdoing and described themselves as “victims” of the purportedly Moscow-backed scheme.
According to a Department of Justice indictment, an unidentified Tennessee-based company received nearly $10 million from two employees of RT, a media network owned by the Russian state.
CNN said it had “independently confirmed” that the company was Tenet Media, a content creation platform that hosts shows for Pool, Johnson and Rubin.
The indictment claimed the scheme was created to “recruit unwitting American influencers” who would promote Kremlin sympathetic narratives ahead of November’s presidential election.
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A statement on the leaked DOJ indictment today:
A year ago, a media startup pitched my company to provide content as an independent contractor. Our lawyers negotiated a standard, arms length deal, which was later terminated. We are disturbed by the allegations in today’s…
In a statement posted on X, formerly Twitter, Pool wrote: “Should these allegations prove true, I as well as the other personalities and commentators were deceived and are victims. I cannot speak for anyone else at the company as to what they do or to what they are instructed.”
He added: “That being said, we still do not know what is true as these are only allegations. Putin is a scumbag, Russia sucks donkey b****.”
Johnson wrote: “A year ago, a media startup pitched my company to provide content as an independent contractor. Our lawyers negotiated a standard, arms length deal, which was later terminated. We are disturbed by the allegations in today’s indictment, which make clear that myself and other influencers were victims in this alleged scheme. My lawyers will handle anyone who states or suggests otherwise.”
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Rubin commented: “These allegations clearly show that I and other commentators were the victims of this scheme. I knew absolutely nothing about any of this fraudulent activity. Period.”
Newsweek contacted Tenet Media for comment outside of regular working hours.
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President Joe Biden is set to block Nippon Steel’s acquisition of US Steel after his administration concluded that the $14.9bn transaction posed a national security risk that could not be mitigated by the US and Japanese groups.
Several people familiar with the matter said the White House would prevent the acquisition of the Pittsburgh-based group on national security grounds.
Biden’s decision, which is expected in the coming days, comes as Kamala Harris, the Democratic presidential nominee, steps up her campaigning for blue-collar votes in Pennsylvania, a swing state that could decide November’s US election.
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Speaking in Pennsylvania on Monday, Harris said the iconic US steelmaker should remain “American owned and American operated”, mirroring the stance that Biden took after Nippon unveiled the deal last year.
While Biden had expressed opposition to the deal, it was being evaluated by the Committee on Foreign Investment in the US, the Treasury-led government panel that vets inbound deals for national security threats.
Two people familiar with the case said Cfius had informed Nippon Steel recently that the deal posed national security concerns that could not be overcome.
The timing of the announcement blocking the deal remains unclear, but Harris will travel to Pittsburgh for a rally on Thursday. She and Republican candidate Donald Trump, who also opposes Nippon Steel’s takeover, will take part in a presidential debate in Philadelphia next week.
Shares in US Steel fell sharply on news of Biden’s planned intervention, dropping 22 per cent or $7.75 to $27.85 in afternoon trading compared with the $55-per-share value of the offer Nippon Steel made in December.
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Earlier on Wednesday, US Steel warned that thousands of jobs were “at risk” in Pennsylvania if the acquisition fell through, adding that the lack of a deal would raise “serious questions” about it keeping its Pittsburgh headquarters.
The Treasury declined to comment. The White House did not comment on whether Biden would block the deal, but an official said: “Cfius hasn’t transmitted a recommendation to the president, and that’s the next step in this process.”
Nippon Steel said in a statement: “Nippon Steel have not received any update related to the Cfius process. Since the outset of the regulatory review process, we have been clear with the administration that we do not believe this transaction creates any national security concerns.” It added: “Nippon Steel strongly believes that the US government should appropriately handle procedures on this matter in accordance with the law.”
The Biden administration hopes the decision will boost support among union workers in Pennsylvania, where Harris and Trump and running neck and neck. Trump has said he would block the deal “immediately” if he won the election. The Trump campaign did not respond to a request for comment.
The Biden administration previously described Nippon’s proposed acquisition as a security risk, which many foreign policy experts, and some administration officials in private, have ridiculed. Japan is the most important American ally in the Indo-Pacific and has been working very closely with Washington on a range of efforts to counter China.
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“Unfortunately, both sides of the aisle seem to view blocking this deal as a smart political move in an election year,” said Nancy McLernon, head of the Global Business Alliance, which represents foreign multinationals in the US. “However, it’s workers in Pennsylvania and ultimately the country that will pay the price for this shortsighted stance.”
The deal has been opposed by several Democratic and Republican lawmakers in Pennsylvania and by Sherrod Brown, an influential Democratic senator in Ohio, where US Steel also has operations. Brown faces a close re-election fight in November.
“This puts a premium on anticipating the political risk associated with high-profile assets and developing a comprehensive strategy up front because the political pressure can fundamentally change outcomes,” said Ivan Schlager, a veteran Cfius lawyer and partner at Kirkland & Ellis.
US Steel shareholders approved the transaction earlier this year. In addition to the Cfius review, the US justice department is conducting an antitrust review into the implications of the deal for US industry.
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