<img class="gwt-Image" src="/photo/40103823.cms" /> 
 <keyword id="6357147" type="CITY" weightage="100" keywordseo="Tata-Steel">Tata Steel</keyword> has signed contracts worth €10 million (Rs 82 crore) with <keyword id="176260" type="COMPANY" weightage="100" keywordseo="Subsea-7">Subsea 7</keyword> to supply undersea pipes. 
 
"The four contracts, signed over the past year and worth an estimated Euro 10 million in total, will see Tata Steel supply in excess of 55 km of pipe weighing more than 9,000 tonnes," the company said in a statement. 
 
As per the contracts, Tata Steel will supply 28 km of carrier pipe and 27 km of sleeve pipe. 
 
Tata Steel said it has also signed a global framework agreement with Subsea 7 to further strengthen the companies' long-standing partnership, which began 25 years ago. 
 
"This latest series of contracts further demonstrates the breadth of our offering to the Energy &amp; Power sector. Over the last 25 years, we have provided more than 83,000 tonnes of pipe to Subsea 7 for 37 projects worldwide," said Richard Broughton, commercial manager, exploration and production, energy &amp; power, Tata Steel.

Tata Steel Signs Deal With Subsea 7 To Supply Pipes Worth €10 Million

New Delhi, State-owned <keyword id="20025496" type="General" weightage="20" keywordseo="oil-and-natural-gas-corporation" source="keywords">Oil and Natural Gas Corporation</keyword> (<keyword id="6354737" type="General" weightage="20" keywordseo="ongc" source="Orion">ONGC</keyword>) on Monday said it has started oil production from its much-delayed flagship deep-sea project in Krishna Godavari basin in Bay of Bengal, which will help reverse years of decline in output. The 'first oil' from the deep-water KG-DWN-98/2 block in Bay of Bengal has flowed on January 7, the firm said in a statement. Oil Minister Hardeep Singh Puri also announced the start of production in a post on X but neither he nor ONGC gave out the amount of oil being produced. "This 98/2 project is likely to increase ONGC's total oil and gas production by 11 per cent and 15 per cent respectively," ONGC said in the statement. ONGC produced 18.4 million tonnes of crude oil and about 20 billion cubic metres per day of gas in the 2022-23 fiscal year (April 2022 to March 2023). Puri said the "production is expected to be 45,000 barrels per day and over 10 million standard cubic metres per day of gas" from the Cluster-2 discoveries in the block. He however did not give the time lines for reaching those levels of output. Last month in a written reply to a question in Rajya Sabha, Minister of State for Petroleum and Natural Gas Rameswar Teli had stated that ONGC will in May 2024 start commercial production of crude oil from the block. The KG-DWN-98/2 or KG-D5 block, which sits next to Reliance Industries' KG-D6 block in the KG basin, has a number of discoveries that have been clubbed into clusters. Located 35 kilometres off the coast of Andhra Pradesh in water depths ranging from 300-3,200 metres, the discoveries in the block are divided into Cluster-1, 2 and 3. Cluster 2 is being put to production first. As per original plans, oil production from Cluster-2 should have begun by November 2021, but was delayed because of the Covid pandemic. Thereafter, ONGC set May 2023 as the first Cluster-2 oil production deadline but then extended it to August 2023 and thereafter extended the flow of first oil every month, with the last deadline announced being December 2023. "Valiantly combating various technological and Covid-related challenges, ONGC had successfully executed Phase 1 of the project in March 2020, achieving the commencement of gas production from U field of the KG-DWN-98/2 Block in record time of 10 months. With commencement of this first oil on January 7, 2024, ONGC is nearing completion of Phase 2, culminating into commencement of oil production from the 'M' field of KG-DWN-98/2," ONGC said. It went on to state that the development of this field faced unique technical challenges due to the waxy nature of the crude. "To overcome those, ONGC employed innovative pipe in pipe technology, a first-of-its-kind initiative in India. While some subsea hardware involved in this development has been sourced internationally to meet specific requirements, the majority of fabrication works were carried out at modular fabrication facility at Kattupalli which highlights ONGC's commitment to promote 'Make in India', contributing towards a self-reliant energy sector in India," it said. The project, it said, is on track with final phase of project with the balance oil and gas fields of the block scheduled to be put on production by mid-2024. "Peak production of field is expected to be 45,000 barrels of oil per day (bopd) and over 10 mmsmd of gas." ONGC has hired floating vessel <keyword id="20109558" type="General" weightage="20" keywordseo="armada-sterling-v" source="keywords">Armada Sterling-V</keyword>, owned 70 per cent by SPOG (Shapoorji Pallonji Oil &amp; Gas) and 30 per cent by Malaysia's <keyword id="20109557" type="General" weightage="20" keywordseo="bumi-armada" source="keywords">Bumi Armada</keyword>, for producing oil from below seabed. The FPSO (floating production, storage and offloading vessel), Armada Sterling-V, had been waiting to receive oil since January 2, 2023, after she was hooked up on December 27, 2022. In the KG-D5 block, Cluster-1 consists of three discoveries. FDPs (field development plans) of 2 discoveries were approved in 2019. This project is currently in the development stage. In Cluster-3, there is one ultra-deep water gas discovery which would be the second deepest hydrocarbon discovery in the world, when monetised. The FDP is scheduled to be submitted by January 2026. ONGC had proposed a FDP for Cluster-2 in April 2018, with an estimated capital expenditure of USD 5.07 billion and operational expenditure of USD 5.12 billion over a field life of 16 years. The Cluster-2 field is divided into two blocks namely 2A and 2B, which as per the original investment decision were expected to produce 23.52 million metric tonnes of oil and 50.70 billion cubic metres (bcm) of gas over the life of the field. Cluster 2A was estimated to contain reserves of 94.26 million tonnes of crude oil and 21.75 bcm of associated gas, while Cluster 2B is estimated to host 51.98 bcm of gas reserves. Cluster 2A was anticipated to produce 77,305 barrels of oil per day (bopd) and associated gas at a rate of 3.81 million metric standard cubic metres per day (mmscmd) over 15 years. Cluster 2B was expected to produce free gas of 12.75 mmscmd from eight wells and has a 16-year life. But ONGC is now projecting a lower output - 45,000 bpd of oil and up to 2.5 mmscmd from Cluster 2A and around 9 mmscmd from Cluster 2B.

ONGC starts oil production from delayed $5 billion deep-water project

<ul class="summary-list"><li>The UK military has signed a £15.4 million ($18.7 million) contract to buy a crewless submarine.</li><li>The vessel is the size of a double-decker bus, weighs 17 tonnes, and will be able to cover 1,000 miles in a single mission.</li></ul>The UK military has signed a £15.4 million ($18.7 million) contract to buy a crewless submarine the length of a London double-decker bus, <a href="https://www.gov.uk/government/news/154-million-contract-for-first-cutting-edge-navy-crewless-submarine#:~:text=Cetus%20will%20be%2012%20metres,Plymouth%2Dbased%20tech%20firm%20MSubs.">the government has announced. </a>The 40-foot long, 17-tonne vessel — named Cetus after a mythological sea monster — is to be delivered to the navy by 2024 and will be the first crewless submarine in the British fleet, <a href="https://www.thetimes.co.uk/article/crewless-submarine-to-guard-britains-underwater-cables-wqs8jrqqp">the Telegraph reports</a>. It will be used to protect critical national infrastructure and monitor sub-sea activity.The Ministry of Defence says that Cetus can cover 1,000 miles of the ocean floor in a single mission and has a maximum operational depth that will exceed that of the current submarine fleet. It will be the largest and most complex crewless submersible operated by a European navy, said a government press release.First Sea Lord Admiral Sir Ben Key has said: "This Extra Large Autonomous Underwater Vehicle is a capability step-change in our mission to dominate the underwater battlespace."The news of the new British vessel comes as the West considers the threat posed by the mysterious damage to the Nord Stream pipeline — a series of pipes that carries gas from Russia to Europe — in September. Russian saboteurs were suspected of being responsible for the Nord Stream leak.John Brennan, the former CIA director, told CNN it was an <a href="https://www.businessinsider.com/fourth-leak-found-nord-stream-pipeline-after-acts-sabotage-nato-2022-9?r=US&amp;IR=T" rel="">"act of sabotage" </a>and named Russia a suspect. At the same time, a British defense source said it was likely that the leak was caused by <a href="https://www.businessinsider.com/nord-stream-pipelines-attacked-remote-explosives-uk-intelligence-2022-9?r=US&amp;IR=T" rel="">a pre-planned attack</a> using remotely-detonated explosives.The UK's need to protect its underwater space was highlighted in October when <a href="https://www.businessinsider.com/uks-remote-shetland-mysteriously-lose-phone-internet-after-cable-cut-2022-10">remote islands off the coast of Scotland were mysteriously cut off from the outside world,</a> with phones and internet connections not working after damage to an undersea cable, Insider's Sinead Baker reported at the time. Celebrating the news of the new Navy vessel, Defense Secretary Ben Wallace said: "To meet the growing threats to our underwater infrastructure, the Royal Navy needs to be ahead of the competition with cutting-edge capabilities. We have the right equipment to protect the security of the UK and our Allies."

The UK Navy's new drone submarine is the length of an iconic London bus and will help to 'dominate the underwater battlespace'

By Lee Kah Whye Singapore, August 28 (ANI): The topsy-turvy impact of holding a 24.5 per cent stake in <keyword id="15491" type="General" weightage="80" keywordseo="airtel" source="Orion">Airtel</keyword> came home to the roost as <keyword id="16117" type="General" weightage="80" keywordseo="singtel" source="Orion">Singtel</keyword>, Singapore's dominant telco operator, reported its first-quarter results last week. Singapore Telecommunications (Singtel), Southeast Asia's largest telecom operator, reported a 23.1 per cent slide in profit for the quarter that ended in June 2023 with net profit coming in at Singapore Dollar (SGD) 483 million (USD356 million) compared to SGD628 million in the same quarter a year ago. In the previous financial year, the company's net profit was boosted by a post-tax dilution gain of SGD239 million (USD 176 million) on its Airtel stake. Last year, it reduced its effective equity interest in Airtel from 31.4 per cent to the current 24.5 per cent. In Q1 of this financial year, SingTel recorded a total exceptional loss of SGD114 million due to its ownership of Airtel. This consisted of SGD62 million loss which is its share of Bharti Airtel's losses from its ownership of Airtel Networks Limited of Nigeria as a result of the steep devaluation of the Nigerian naira against the US dollar. Singtel also took a charge on the fair value loss of SGD52 million from Airtel's foreign currency convertible bonds. Overall, Singtel reported a total net exceptional loss of SGD88 million versus an exception gain of SGD129 million a year ago. In this reporting quarter, the sale of Globe's (Philippines) telecommunications towers contributed a one-time gain of SGD18 million to Singtel whereas in the last corresponding quarter, an exceptional net gain of SGD 84 million was recorded from the dilution of the Group's effective shareholding in Indara Corporation Pty Ltd (formerly known as Australia Tower Network Pty Ltd) from 30 per cent to 18 per cent. Excluding exceptional items, net profit for the quarter increased 14.5 per cent to SGD 571 million (USD421 million). This was aided by lower net finance expenses and a higher share of profits from Airtel, and Thai associates AIS and Intouch. On a constant currency basis, underlying net profit would have increased 20 per cent. Operating revenue fell 2.7 per cent from SGD3.6 billion to SGD3.5 billion due to its Australian business. Operating revenue from wholly owned Australian telco Optus, dropped 8.2 per cent from SGD 1.9 billion to SGD1.8 million due to a 9 per cent decline in the Australian dollar against the reporting currency, the Singapore dollar. Optus actually performed reasonably well given challenging market conditions from competitive pricing and weakening consumer sentiment with operating revenue in local currency rising 1.1 percent. However, operating expenses rose faster due to high inflation and a spike in energy costs resulting in EBITDA (earnings before interest, taxes, depreciation, and amortization, a measure of operational profitability) falling 5.5 per cent to SGD456 million. In constant currency terms, operating revenue would have been up 2.5 per cent, led by higher revenues from information and communication technology subsidiary NCS, and infrastructure and digital unit InfraCo which provides datacentre services, and subsea cable and satellite carrier services. "Underlying net profit grew 15 per cent in the first quarter despite prevailing macroeconomic challenges and currency headwinds. Our growth engines, NCS and Digital InfraCo executed well, roaming recovery stayed strong across our consumer and enterprise businesses, and we've lowered net finance expenses significantly with the proceeds from our capital recycling initiatives," said Singtel group chief executive <keyword id="4808421" type="General" weightage="50" keywordseo="yuen" source="Orion">Yuen</keyword> Kuan Moon. The telco's net finance expense fell 54 per cent from SGD114 million a year ago to SGD52 million due to a rise in interest income and a revaluation loss in the same quarter last year from a derivative that has since expired. Interest income was boosted by higher interest rates and increased holdings of fixed deposits and Singapore treasury bills after asset recycling last year. In its home market Singapore, Singtel's operating revenue fell 1.8 percent due to a continued decline in legacy carriage services and intense price competition in mobile amid a shift in the market to lower-end plans. The declines in international data, pay TV and voice were partly mitigated by higher mobile service revenue. Postpaid revenue was boosted by higher roaming as international travel continued to recover. Prepaid revenue was stable as the increases in the foreign customer base and data usage were offset by lower prices and IDD. Pay TV revenue was lower following its loss of the English <keyword id="52458" type="General" weightage="50" keywordseo="premier-league" source="Orion">Premier League</keyword> (football) broadcast license, but the impact was offset by lower content costs. Singtel's regional associates' profit contributions, including Airtel, were negatively impacted by the depreciation of the regional currencies which ranged from 3 per cent to 9 per cent. In constant currency terms, post-tax contributions would have risen 10 per cent due to the strong operational performance of Airtel, AIS and Intouch. In its quarterly business update to shareholders, Chief Executive Yuen commented, "While we saw better performances and higher contributions from our regional associates as market dynamics improved, increased competition and continued declines in legacy services impacted our core telco business in Singapore and Australia. Our focus on cost has helped to reduce some of the effects of the difficult operating environment." "Going forward, we expect the integration of our core consumer and enterprise businesses which is underway in both Singapore and Australia, as the next step in our strategic reset, to optimise synergies, help deliver cost benefits and drive growth," he added. (ANI)

How Singtel's stake in Airtel caused Q1 profits to fall 23 per cent

<ul class="summary-list"><li>Germany and Denmark have struck a deal to boost offshore wind power capacity in the Baltic Sea.</li><li>The wind parks are expected to generate three gigawatts — enough for up to 4.5 million households.</li></ul>Germany and Denmark have agreed on a $9 billion deal to build an offshore wind power project in the Baltic Sea that authorities said would provide enough power for up to 4.5 million households by 2030.Announced Monday, the deal involves Denmark boosting its planned wind power capacity on Bornholm Energy Island from 2 to 3 gigawatts, per <a href="https://stateofgreen.com/en/news/denmark-germany-landmark-agreement-green-electricity/">State of Green</a>, an energy and climate arm of the Danish government.The deal also includes a 292-mile subsea cable that links Bornholm's wind parks to the German grid in a bid to reduce the region's reliance on Russian gas and oil.Currently, Denmark and Germany have offshore wind power capabilities of 1.5 gigawatts and 1 gigawatts in the Baltic Sea, accounting for more than 90% of the region's wind energy, State of Green wrote in its statement.The infrastructure to connect the wind parks will cost $3 billion, while $6 billion would be needed to bolster the wind parks, Bloomberg reported, <a href="https://www.bloomberg.com/news/articles/2022-08-29/german-danish-wind-hub-in-baltic-will-help-replace-russian-gas">citing the Danish government.</a>In State of Green's Monday statement, Dan Jørgensen, Denmark's minister for climate, energy, and utilities, called the project a "landmark in energy history" at a time when "international cooperation is more urgent than ever before."Robert Habeck, Germany's minister for economic affairs and climate action, said the "flagship project" would help Europe achieve "energy security and climate neutrality."<a href="https://www.auswaertiges-amt.de/en/newsroom/news/baltic-sea-region-future-forum/2548470">On Friday</a>, German Foreign Minister Annalena Baerbock emphasized her nation's desire to pursue the "enormous" potential of offshore wind energy in the Baltic Sea, which she said could generate up to 90 gigawatts of power."Wind energy from the Baltic Sea will help us fight the climate crisis. And it is an investment in our security: it will help make us less dependent on gas from Russia," she said.The world's total wind power capacity — both onshore and offshore — is now up to around 837 gigawatts, according to the <a href="https://gwec.net/global-wind-report-2022/#:~:text=Total%20global%20wind%20power%20capacity,carbon%20emissions%20of%20South%20America.">Global Wind Energy Council</a>. China holds the largest share in the world's offshore wind market, having raised its offshore wind capacity to 27.7 gigawatts in 2021, per the GWEC.The European Commission has <a href="https://www.reuters.com/business/energy/four-eu-countries-increase-offshore-wind-power-capacity-tenfold-2022-05-17/">set a target</a> for increasing its nations' total wind power capacity to 300 gigawatts by 2050, up from the 16 total gigawatts they have installed as of May.

Germany and Denmark plan to invest $9 billion in an island of wind parks to replace Russian gas

<ul class="summary-list"><li><keyword id="11892740" type="UNKNOWN" weightage="60" keywordseo="google" source="Orion">Google</keyword> finished laying its <keyword id="12100847" type="UNKNOWN" weightage="60" keywordseo="grace-hopper" source="Orion">Grace Hopper</keyword> subsea <keyword id="11897865" type="UNKNOWN" weightage="60" keywordseo="internet" source="Orion">internet</keyword> <keyword id="11995240" type="UNKNOWN" weightage="60" keywordseo="cable" source="Orion">cable</keyword> in the UK on Tuesday.</li><li>The 3,900-mile Grace Hopper cable starts in New York and has landing points in the UK and Spain.</li><li>The cable is due to ferry up to 350 terabytes of data per second when it comes online, Google said.</li></ul>Google has <a href="https://blog.google/around-the-globe/google-europe/united-kingdom/our-grace-hopper-subsea-cable-has-landed-uk/">finished laying</a> its giant Grace Hopper subsea internet cable, which stretches from New York to the UK and Spain.The Grace Hopper cable was landed in Bude, Cornwall, on the UK's western coast on Tuesday. A Google spokesperson told Insider that the landing was originally scheduled for July. Another end of the cable <a href="https://espana.googleblog.com/2021/09/el-cable-submarino-grace-hopper-de.html">landed in Bilbao, Spain</a>, earlier in September.Google <a href="https://www.businessinsider.com/google-undersea-cable-grace-hopper-2020-7?r=US&amp;IR=TIR=T">first announced its Grace Hopper cable project</a>, which now spans more than 3,900 miles across the Atlantic, in July 2020.<a href="https://www.businessinsider.com/google-undersea-cable-grace-hopper-2020-7?r=US&amp;IR=TIR=T">Google said at that time</a> that the cable was set to transport between 340 and 350 terabytes of data per second, or roughly equivalent to 17.5 million people simultaneously streaming 4K video.<div type="image" title="Engineers land Google's Grace Hopper cable on the beach in Bude, UK." height="2001" width="3000" msid="86228867" hostid="261"></div>The company also said the cable would use a new technique called "fibre switching," which should make web traffic more reliable even with outages.A Google spokesperson said the cable is due to come online in 2022.Grace Hopper isn't the only Google cable linking the US with Europe. In February, the company announced that its "Dunant" cable connecting the US with France was <a href="https://cloud.google.com/blog/products/infrastructure/googles-dunant-subsea-cable-is-now-ready-for-service">ready for service</a>.Google is invested in undersea cable projects around the world. The company said in August it had <a href="https://www.businessinsider.com/facebook-google-apricot-undersea-cable-japan-asia-internet-2021-8">partnered with Facebook to build a new cable called "Apricot,"</a> which is planned to link six countries in Asia using 7,456 miles of cable.Apricot is due to come online in 2024.In June, <a href="https://www.businessinsider.com/google-announces-us-argentina-undersea-internet-cable-firmina-2021-6">Google announced plans to lay a new cable called "Firmina"</a> running from the US West Coast down to Argentina. The company already has a cable called "Curie," which connects the US West Coast with Panama and Chile. Curie <a href="https://www.capacitymedia.com/articles/3824519/googles-curie-cable-ready-to-transmit">came online in 2019</a>.

Google finishes laying a giant undersea internet cable stretching 3,900 miles from New York to the UK and Spain

<ul class="summary-list"><li>Billionaire Tesla CEO <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> has advised investors to go for homes or <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> when <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> is high.</li><li><keyword id="11896079" type="UNKNOWN" weightage="60" keywordseo="gold" source="Orion">Gold</keyword> and innovative <keyword id="11893295" type="UNKNOWN" weightage="60" keywordseo="real-estate" source="Orion">real estate</keyword> might also be good bets, and don't forget "real assets".</li></ul>Billionaire Elon Musk thinks it's <a href="https://markets.businessinsider.com/news/currencies/elon-musk-own-physical-things-wont-sell-bitcoin-ether-doge-2022-3">better to own physical things</a> like houses, rather than US dollars, if you're looking to protect your wealth when inflation is soaring.<blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—Elon Musk (@elonmusk) <a href="https://twitter.com/mims/statuses/1503222294277197829?ref_src=twsrc%5Etfw">March 14, 2022</a></blockquote>The Tesla CEO shared his advice just days after US inflation hit a <a href="https://www.businessinsider.com/inflation-cpi-price-growth-gas-prices-february-2022-3">40-year high of 7.9%</a> in February.<keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword> are concerned about inflation, given its risks to economic growth, and about central banks trying to tame it by hiking interest rates. Naturally, investors are hunting for the assets that will maintain value best.When inflation surges, it whittles away at the purchasing power of dollars, as it takes more to buy an item. If a dollar is worth less, then assets valued in dollars could likewise lose value.Wall Street banks will say that stocks are the best assets out there. Goldman Sachs, for one, urges its clients stay invested in equities — mainly US stocks, though alongside a smattering from elsewhere. "We have not once recommended clients underweight US equities," Goldman says.Given that, Insider turned to five asset managers to look beyond the "US stocks are great" box.<h3>The shiny stuff</h3><a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> and <a href="https://markets.businessinsider.com/commodities/silver-price">silver</a> generally do well, and there are signs both metals could gain in coming years, according to David Morrison, senior market analyst at Trade Nation. But finding a way to invest is not straightforward."Buying and holding the physical is one way," Morrison told Insider. "Although watch out on silver, as it attracts certain taxes which most forms of gold don't."Morrison also suggested buying mining stocks — gold miners, silver miners, or even diversified miners.<h3><keyword id="35147" type="UNKNOWN" weightage="60" keywordseo="bonds" source="Orion">Bonds</keyword> that protect investors from crumbling purchasing power</h3>Wedbush Securities' Jazmin Gabriela Carpenter believes Treasury inflation-protected securities, or TIPS, are another good bet.The worth of these bonds rises in tandem with inflation and decreases with deflation. Like conventional Treasuries, they are backed by the US government, but they are structured differently."They pay a fixed rate twice a year, which is applied to the adjusted principal," Carpenter said, referring to the face value of the bond. "Like the principal, interest payments rise with inflation."<h3>Innovative real estate</h3>One subsector of real estate could be attractive — industrial warehouses, according to Wealth Enhancement Group's Randy Godsell.These have benefited from the spread of e-commerce, the chief investment strategist noted. They should continue to provide stable income, even with higher inflation, in the near term."We think that private real-estate funds offer an attractive way to gain access to this durable sector, without the volatility of publicly traded REITs," Godsell told Insider.<h3>Seek out fast-growing companies</h3>Growth stocks trump value stocks for KC Mathews, chief investment officer at UMB Bank.Value stocks are those whose price appears cheap when their financial performance is examined. Their health is typically linked to the health of the economy and a higher level of interest rates, while growth stocks such as techs promise fast expansion.Demand in value sectors tends not to be sensitive to inflation, Mathews said. But historically, growth has outperformed value by 50% in times of inflation over the last two decades.<h3>Other investments</h3>"Real assets" — such as projects for digital infrastructure and renewable energy — offer good inflation protection, Momentum Global Investment Management's Richard Parfect told Insider.Investors can find opportunities in real assets through funds that have come to market in the last year, he said. These invest in things like subsea internet cables, vital to internet coverage and 5G wireless, and so to the digital economy.The portfolio manager mentioned specialist property in social housing, and more esoteric assets such as music royalties. Many of these offer either direct or indirect inflation linkage, he said.Read more: <a href="https://www.businessinsider.com/crypto-investing-3-etfs-to-buy-the-bitcoin-dip-without-owning-coins-2022-3" target="_blank" rel="noopener noreferrer">An investing expert explains how to add crypto exposure to your stocks portfolio through ETFs - and names 3 top ones to own</a>

Elon Musk recommends owning homes and stocks when inflation is high. Here are more ideas from 5 shelter-hunting money managers.

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5dbc839fe0ee7e28a47d56b4-2400/gettyimages-1063761250.jpg" border="0" alt="Trader worried" style="display: block; margin-left: auto; margin-right: auto;" data-mce-source="Spencer Platt/Getty Images" />Spencer Platt/Getty Images</div></div></div><ul class="summary-list"><li>Chris MacIntosh, cofounder and managing partner of Glenorchy Capital, thinks investors are taking unprecedented risks by investing in the bond market at current valuations. </li><li>He attributes the pricing action in bonds to complacency and a strict focus on identifying the next bubble in equities.</li><li>MacIntosh - who also blogs at <a href="https://capitalistexploits.at/" target="_blank" rel="noopener">Capitalist Exploits</a> - says and has shifted his focus into an unloved portion of the market: energy. </li><li><a href="https://www.businessinsider.com/prime">Click here for more BI Prime stories</a>.</li></ul>In times of market turbulence, the bond market is supposed to act as a safe-haven panacea. After all, investors are taught that safety, reliability, and durability lies there. But not all buy into that notion, especially Chris MacIntosh. Especially not at current valuations. MacIntosh is the cofounder and managing partner of <a href="https://glenorchycapital.net/">Glenorchy Capital</a>, and has built several multi-million-dollar companies in the investment universe. Prior to founding Glenorchy, MacIntosh built his career at JPMorgan Chase, Lehman Brothers, and Invesco Asset Management."If we just look at the valuation of bonds, we've never been in this sort of territory - not even in history," he said on <a href="https://podcasts.apple.com/us/podcast/the-market-huddle/id1444520320">The Market Huddle Podcast</a>, an investing podcast. "At some point, you get to this basic mathematical equation where you look at it and you just realize that even if it carries on for another five years or 10 years, your risk is just so asymmetrically terrible that you shouldn't be taking that risk."That's a stark warning - and MacIntosh attributes most of the risks in debt markets to complacency and a strict focus on the rearview mirror.Throughout the course of history, these two ideas have gotten market participants into big-time trouble. Investors have grown used to the notion that bonds only go up in price. And who could blame them? Since 1981, the US 10-year Treasury went from a 15% yield to below 2% in a rather steady fashion. That's 38 years of a bull market. Half a lifetime. With bond valuations hovering near record highs and an extremely complacent investor class gleefully purchasing more, MacIntosh sees danger on the horizon.But that's not all. He also thinks that the overhang from the <a href="https://www.businessinsider.com/category/financial-crisis">Great Financial Crisis</a> is making investors disproportionately focus on the risks in equities in relation to debt. Recency and availability bias are muddying their better judgement. They just witnessed stocks get cut in half. "Everyone's sort of looking around for the next GFC," he said. "As a consequence, people are terrified that the equity markets are the place not to be."He continued: "I think markets are like an Alzheimer's patient who occasionally forgets he has Alzheimer's and then remembers everything."<h2>Where to hide instead</h2>When MacIntosh sees events like this unfolding in the marketplace, he tries to identify the assets that have been left behind, or "spanked" as a consequence. And right now, he thinks that portion of the market is energy."I believe energy is easily the most interesting sector for us," he said. "There's like a collective hallucination in that the markets believe that somehow we're going through an energy transition - that we're actually shifting to renewables - and the truth of the matter is that we've actually never really gone through energy transitions in the way that people are thinking about them."MacIntosh sees the adoption of renewables as an addition to the energy mix, not a replacement - and uses historical examples to bolster his thesis."We consume more wood today - or energy - than we did before we moved to coal," he said. "And we consume more coal today than we did before we moved from coal to natural gas, and uranium and all the other components."Against that backdrop, he shares some energy companies he has a particular interest in: Tidewater Inc. (<a href="https://markets.businessinsider.com/stocks/tdw-stock">TDW</a>) and Subsea 7 (<a href="https://markets.businessinsider.com/stocks/subsea_7_3-stock">SUBCY</a>). <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/3rd-wave-tech-stocks-why-theyre-new-disruptors-mark-baribeau-2019-10">A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/PQgqSIfN-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

'Your risk is just so asymmetrically terrible': An expert investor explains why the bond market is the most dangerous place to be today - and reveals where he's hiding instead

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5747e1e4dd089555498b46e7-1582/rtsfydk.jpg" alt="A woman walks on steps lined with plastic cups, an art project of four college students, in Wuhan, Hubei Province, China, May 24, 2016." data-mce-source="REUTERS/Stringer" data-mce-caption="A woman walks on steps lined with plastic cups, an art project of four college students, in Wuhan, Hubei Province, China, May 24, 2016." data-link="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0BF1F9JU5AZ#/SearchResult&amp;ALID=2C0BF1F9JU5AZ&amp;VBID=2C0BX4VND1F&amp;POPUPPN=3&amp;POPUPIID=2C0FQEB1F2AO" /><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0BF1F9JU5AZ#/SearchResult&amp;ALID=2C0BF1F9JU5AZ&amp;VBID=2C0BX4VND1F&amp;POPUPPN=3&amp;POPUPIID=2C0FQEB1F2AO">REUTERS/Stringer</a>A woman walks on steps lined with plastic cups, an art project of four college students, in Wuhan, Hubei Province, China, May 24, 2016.</div></div></div>Good morning! Here's what you need to know in markets on Friday. <a href="http://www.businessinsider.com/r-brexit-would-be-serious-risk-to-global-economic-growth-g7-leaders-2016-5?IR=T">A British exit from the European Union would be a serious risk to global economic growth, Group of Seven leaders said in a summit declaration on Friday.</a> "A <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> exit from the EU would reverse the trend towards greater global trade and investment, and the jobs they create, and is a further serious risk to growth," G7 leaders said, in the only reference to the vote in a 32-page declaration.<a href="http://www.bloomberg.com/news/articles/2016-05-27/axa-to-sell-uk-wealth-management-assets-to-phoenix-group-incurring-400-million-loss">Axa says the sale of its UK Life &amp; Savings businesses will generate a loss of €400 million (£305 million, $447.6 million).</a> Bloomberg reports that the French insurer said Friday that it agreed to sell its UK investment, pensions and direct protection businesses to Phoenix Group Holdings, a transaction that it expects to complete in the second half of 2016.Oil is back below $50 (£34.08) a barrel. After Brent <a href="http://uk.businessinsider.com/oil-price-may-25-us-crude-hits-7-month-high-2016-5">broke through the psychologically important level on Wednesday</a>, both key measures have dipped below it again on Friday. Brent oil is down 0.77% to $49.21 (£33.54) at the time of writing (6.35 a.m. BST/1.35 a.m. ET) and US West Texas Intermediate is down 0.75% to $49.11 (£33.47).<a href="http://www.businessinsider.com/r-microsoft-facebook-to-jointly-build-transatlantic-subsea-cable-2016-5?IR=T">Microsoft and Facebook have agreed to jointly build a subsea cable across the Atlantic Ocean to meet growing demand for high-speed cloud and online services.</a> The construction of the new "MAREA" cable will begin in August and it is expected to be completed in October 2017, the companies said in a statement on Thursday.<a href="https://next.ft.com/content/a3bf618a-22ec-11e6-9d4d-c11776a5124d">A top Apple executive raised the prospect of the iPhone maker buying Time Warner at a meeting with the owner of HBO, CNN, and Warner Brothers, according to three people who were briefed on it.</a> The Financial Times reports that Eddy Cue, who oversees critical Apple businesses such as the iTunes store, Apple Music, and iCloud, broached the idea of a bid at a meeting at the end of last year with Olaf Olafsson, Time Warner's head of corporate strategy, the people said.<a href="http://uk.businessinsider.com/santander-develops-blockchain-international-payment-app-with-ripple-2016-5">Santander has launched a new app that lets people transfer money internationally using blockchain technology, the cutting-edge database protocol that underpins bitcoin.</a> The main benefits of the new tech are speed and accuracy. The new app, which for the moment is just being trialed with staff, will let people transfer between £10 and £10,000.<a href="http://uk.businessinsider.com/closing-bell-may-26-2016-5">Stock markets were quiet overnight.</a> In Asia, China's benchmark Shanghai Composite is up 0.05% at the time of writing (6.35 a.m. BST/1.35 a.m. ETC), the Hong Kong Hang Seng is up 0.48%, and Japan's Nikkei is up 0.36%. Stock markets in the US had <a href="http://uk.businessinsider.com/closing-bell-may-26-2016-5">similarly minor moves at the time of close.</a>US GDP numbers are coming. Preliminary growth figures for the first quarter will be published at 1.30 p.m. BST (8.30 a.m. ET). Economists are forecasting 0.7% growth on the previous quarter and 0.9% growth on an annualized basis. <a href="http://www.businessinsider.com/r-short-sellers-circle-alibaba-amid-sec-probe-2016-5?IR=T">Alibaba, which disclosed it is under investigation for its accounting practices, has emerged as one of the short-selling community's favorite targets in the relatively short time it has been in the public market.</a> Noted short-sellers Jim Chanos of Kynikos Associates and John Hempton of Bronte Capital have been raising red flags since last year about the Chinese e-commerce giant's accounting practices.<a href="http://uk.businessinsider.com/goldman-sachs-on-giving-employees-feedback-2016-5">Goldman Sachs has discovered something important about its employees: They want more feedback on how they're doing.</a> The firm is overhauling the way it gives feedback following an internal survey that highlighted that desire. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

10 things you need to know in markets today

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/58172cb4362ca41d008b5c76-832/gettyimages-1324422.jpg" alt="Fiber optic cable" data-mce-source="Michael Smith/Getty" data-mce-caption="Reeltender Mo Laussie watches fiber-optic cable as he helps install the cable unto telephone poles June 21, 2001 in Louisville, CO." />Michael Smith/Getty</div></div></div>CenturyLink has agreed to buy Level 3 Communications in a cash and stock deal valued at $34 billion, including debt.In a <a href="http://ir.centurylink.com/CorporateProfile.aspx?iid=4057179">statement</a> Monday, the phone company said its acquisition of the internet-service provider will give it an additional 200,000 route miles of fiber, and raise the number of on-net buildings it services to about 75,000. "The digital economy relies on broadband connectivity, and together with Level 3 we will have one of the most robust fiber network and high-speed data services companies in the world," said Glen Post, CenturyLink CEO, in the announcement. Level 3 shareholders will get $26.50 per share in cash for approximately 1.43 shares of CenturyLink stock for each Level 3 share they own. That implies a price of $66.50 per Level 3 share, a 42% premium to where they traded on Thursday before reports of the deal. CenturyLink will fund the deal through a combination of cash on hand and about $7 billion in debt, financed by Morgan Stanley and Bank of America Merrill Lynch. When the deal closes, Post will be chief executive of the combined company. Bank of America Merrill Lynch and Morgan Stanley were CenturyLink's financial advisors, while Citigroup advised Level 3. CenturyLink shares fell 8% in pre-market trading, while Level 3 gained 4%. Here's the full <a href="http://ir.centurylink.com/CorporateProfile.aspx?iid=4057179">statement</a>:CenturyLink (NYSE: CTL) and Level 3 Communications, Inc. (NYSE: LVLT) today announced that their Boards of Directors have unanimously approved a definitive merger agreement under which CenturyLink will acquire Level 3 in a cash and stock transaction valued at approximately $34 billion, including the assumption of debt. Under terms of the agreement, Level 3 shareholders will receive $26.50 per share in cash and a fixed exchange ratio of 1.4286 shares of CenturyLink stock for each Level 3 share they own, which implies a purchase price of $66.50 per Level 3 share (based on a CenturyLink $28.00 per share reference price) and a premium of approximately 42 percent based on Level 3's unaffected closing share price of $46.92 on October 26, 2016, the last trading day prior to market speculation about a potential transaction. Upon the closing of the transaction, CenturyLink shareholders will own approximately 51 percent and Level 3 shareholders will own approximately 49 percent of the combined company.The combined company will have the ability to offer CenturyLink's larger enterprise customer base the benefits of Level 3's global footprint with a combined presence in more than 60 countries. In addition, the combined company will be positioned to further invest in the reach and speeds of its broadband infrastructure for small businesses and consumers."The digital economy relies on broadband connectivity, and together with Level 3 we will have one of the most robust fiber network and high-speed data services companies in the world," said Glen Post, CenturyLink Chief Executive Officer and President. "This transaction furthers our commitment to providing our customers with the network to improve their lives and strengthen their businesses. It is this focus on providing fiber connectivity that will continue to distinguish CenturyLink from our competitors. CenturyLink shareholders will benefit from the significant synergies and financial flexibility provided by the combined company's revenue growth and strong cash flow. For employees, this combination will bring together two highly customer-focused organizations and provide employees growth and advancement opportunities the companies could not offer separately." "This is a compelling transaction for our customers, shareholders and employees," said Jeff Storey, President and Chief Executive Officer of Level 3. "In addition to the substantial value delivered to shareholders, the combined company will be uniquely positioned to meet the evolving and global needs of enterprise customers."Strategic and Financial Benefits<ul style="padding-left: 30px;" type="disc"><li>Highly Complementary Businesses with Expanded Fiber Networks: This transaction increases CenturyLink's network by 200,000 route miles of fiber, which includes 64,000 route miles in 350 metropolitan areas and 33,000 subsea route miles connecting multiple continents. Accounting for those served by both companies, CenturyLink's on-net buildings are expected to increase by nearly 75 percent to approximately 75,000, including 10,000 buildings in EMEA and Latin America. Overall, the complementary domestic and international networks will provide cost efficiencies by focusing capital investment on increasing capacity and extending the reach of the combined company's high-bandwidth fiber network.</li></ul><ul style="padding-left: 30px;" type="disc"><li>Enhanced Competitive Offerings in Business Network Services: The combined company will have significantly improved network capabilities, creating a world-class enterprise player with approximately $19 billion in pro forma business revenue and $13 billion in business strategic revenue, for the trailing twelve months ended June 30, 2016. Together, CenturyLink's and Level 3's revenue will be 76 percent derived from business customers, and 65 percent of the combined company's core revenue will be from strategic services. Given the complementary nature of the portfolios, the combined company will offer an even broader range of services and solutions to meet customers' demand for more bandwidth and new applications in an increasingly complex operating environment.</li></ul><ul style="padding-left: 30px;" type="disc"><li>Enhanced Broadband Infrastructure: This transaction will provide the combined company with increased opportunity to invest in its broadband infrastructure and enhance broadband speed for small businesses and consumers.</li></ul><ul style="padding-left: 30px;" type="disc"><li>Strong Financial Profile: The combined company is expected to have improved adjusted EBITDA margins, revenue growth and pro forma net leverage of less than 3.7x at close, including run-rate synergies. The combined company will benefit from Level 3's nearly $10 billion of net operating losses ("NOLs"). These NOLs will substantially reduce the combined company's net cash tax expense over the next several years, positioning it to generate substantial free cash flow.</li></ul><ul style="padding-left: 30px;" type="disc"><li>Improved Dividend Coverage: The improved free cash flow will enhance the combined company's financial flexibility and significantly lower its payout ratio. CenturyLink expects to maintain its annual dividend of $2.16 per share.</li></ul><ul style="padding-left: 30px;" type="disc"><li>Significantly Accretive to Free Cash Flow with Multiple Opportunities for Growth: CenturyLink expects the transaction to be accretive to free cash flow in the first full year following the close of the transaction and significantly accretive on an annual run-rate basis thereafter. Furthermore, the transaction will be accretive to CenturyLink's existing growth profile with additional upside opportunities, including the ability to deploy CenturyLink's and Level 3's product portfolio across the combined customer bases. With increased network scale, and dense local metro areas and global reach, the combined company will be positioned to further expand internationally.</li></ul><ul style="padding-left: 30px;" type="disc"><li>Substantial Run-Rate Synergies: Both companies have a proven ability to integrate and meet or exceed synergy targets. The increased scale afforded by the combined company is expected to generate $975 million of annual run-rate cash synergies, primarily from the elimination of duplicative functions, systems consolidation, and increased operational and capital efficiencies.</li></ul>Management, Board and LocationAfter the close of the transaction, Glen Post will continue to serve as Chief Executive Officer and President and Sunit Patel, Executive Vice President and Chief Financial Officer of Level 3, will serve as Chief Financial Officer of the combined company.The Chairman of CenturyLink's Board at the time of the closing of the transaction will continue to serve as Chairman of the combined company. CenturyLink has agreed to appoint four Level 3 Board members at closing, one of whom will be a representative of STT Crossing (a wholly owned subsidiary of ST Telemedia).The combined company will be headquartered in Monroe, Louisiana and will maintain a significant presence in Colorado and the Denver metropolitan area.Financing and ApprovalsCenturyLink intends to finance the cash portion of the transaction and pay related fees and expenses through a combination of cash on hand at CenturyLink and Level 3, and approximately $7 billion of additional indebtedness. In connection therewith, CenturyLink has received financing commitments from BofA Merrill Lynch and Morgan Stanley &amp; Co. LLC totaling approximately $10.2 billion for new secured debt facilities, comprised of a new $2 billion secured revolving credit facility and approximately $8.2 billion of other secured debt facilities, including the refinancing of indebtedness expected to mature prior to closing of the transaction. All existing indebtedness of Level 3 is expected to remain in place at Level 3 and Level 3 will not incur any incremental indebtedness or guarantee any indebtedness of CenturyLink to finance the transaction.The companies anticipate closing the transaction by the end of third quarter 2017. The transaction is subject to regulatory approvals, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, review by the U.S. Federal Communications Commission, certain state regulatory approvals and other customary closing conditions. The transaction is also subject to the approval of CenturyLink and Level 3 shareholders.CenturyLink has entered into a voting agreement with STT Crossing (a wholly owned subsidiary of ST Telemedia), holder of approximately 18 percent of Level 3's outstanding common stock, pursuant to which it will vote its Level 3 shares in favor of the transaction.CenturyLink and Level 3 Third Quarter 2016 Earnings ResultsIn separate press releases issued today, CenturyLink and Level 3 announced earnings results for the third quarter 2016. In light of today's transaction and third quarter earnings announcements, CenturyLink and Level 3 have both cancelled their previously announced calls for Wednesday, November 2, 2016 and Thursday, November 3, 2016, respectively. A joint presentation will be available at <a href="http://www.centurylink.com/" target="_blank" rel="nofollow">www.centurylink.com</a> and <a href="http://www.level3.com/" target="_blank" rel="nofollow">www.level3.com</a>.AdvisorsBofA Merrill Lynch and Morgan Stanley &amp; Co. LLC acted as CenturyLink's financial advisors, and Evercore provided a fairness opinion. Wachtell, Lipton, Rosen &amp; Katz and Jones Walker are acting as CenturyLink's legal advisors. Citigroup acted as financial advisor to Level 3, and Lazard provided a fairness opinion. Willkie Farr &amp; Gallagher LLP acted as legal advisor to Level 3. Latham &amp; Watkins acted as legal advisor and Credit Suisse acted as financial advisor to ST Telemedia. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/liz-ann-sonders-markets-reaction-election-economy-trump-clinton-2016-10">LIZ ANN SONDERS: The most unsettling outcome for the markets would be a surprise Trump win</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="czY2RrNjE6g23Q0yzCUBNysuCleRsdVF" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'czY2RrNjE6g23Q0yzCUBNysuCleRsdVF',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

CenturyLink is buying Level 3 Communications for $34 billion

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/545b35cedd0895a54d8b45bf-1200-924/juncker.jpg" border="0" alt="Juncker">REUTERS/Francois LenoirJean-Claude Juncker, the new European Commission president, was Luxembourg's prime minister between 1995 and 2013.</img></div></div></div>The International Consortium of Investigative Journalists (ICIJ) this morning <a href="http://uk.businessinsider.com/300-companies-including-pepsi-and-aig-are-securing-secret-deals-to-slash-taxes-2014-11">revealed the details of hundreds of secret tax deals</a> hundreds of world companies and the government of Luxembourg. 
The private deals, which appear to have saved more than 300 companies millions of dollars in tax, are completely legal in Luxembourg.
Here are the 310 companies - which include Pepsi and AIG - <a href="http://www.icij.org/project/luxembourg-leaks/explore-documents-luxembourg-leaks-database">named by the ICIJ in their database of leaked documents,</a> which includes 548 private tax rulings and corporation tax returns. We suggest heading over to the database for more context - it's a fantastic resource. 
Here's the full list (twenty-seven more company names are expected come over the next month):
2PCT 3i Abbott Laboratories ABN Amro Group Abris Capital Partners Abry Partners ABS - CBN Broadcasting Corporation Abu Dhabi Investment Authority Accenture ACE Group Acergy Group (now Subsea 7) Advent International Corporation AEA Investors AHW Capital Management AIG Alexander Eriksen Alfa Group Consortium Allco Finance Group Amazon AMB Property Corporation Amcon Allied Equity Holdings Ameriprise Financial AMP Capital Investors de Spoelberch Family Aozora Bank Apax Partners Guardian Media Group Apex Capital Management Apollo Global Management Apple Arcapita Arch Capital Group Archangel Diamond Corporation Arison Group Artal Group Ärztekammer Westfalen Lippe Atomico Audley Capital Advisors Avenue Capital Group Avery Dennison Corporation AVIVA AXA Group Babcock &amp; Brown Balderton Capital Ball Corporation Baloise Group Banca Delle Marche Group Banca Popolare Dell'Emilia Romagna Banco Bradesco Banco Itaú (now Itaú Unibanco) Banque Martin Maurel Baring Private Equity Asia Bayerische Landesbank BAYTEX Energy Corp BC Partners Belfor Bjarne Borg Blackstone Group Bluebay (now Royal Bank Of Canada) BNP Paribas / Crédit Agricole Boston Consulting Group Bridgepoint Brookfield Asset Management Bucher Industries Group Burberry Group Cargill Carlyle Group Catalyst Investment Managers CB Richard Ellis Group Centerbridge Partners Charterhouse Capital Partners Chateau De Berne Cheyne Capital Management China Petrochemical Corporation (Sinopec) China Yunnan Metallurgical Group CIRCOR CITCO Citigroup Cliffs Natural Resources CNP Assurances Coach Commerzbank AG Companhia Brasileira De Distribuição COMPASS Group Cordea Savills Covidien Group Credit Suisse Damovo Group Dawnay, Day &amp; Co. Dean Foods Delff Management Developers Diversified Realty Corporation DNB Nor Group Doughty Hanson Draper Fisher Jurvetson DST Systems State Street Group Dubai International Capital DUET Group Dyson EFG Group EMULEX Encore Consumer Capital Englefield Capital (now Bregal Capital) EQT Equity Trust (now Doughty Hanson) ESO Capital Group Eurohold European Property Investors EUSA Pharma (now Jazz Pharmaceuticals) EVRAZ Group Experian Fairfax Financial Holdings FedEx Corp Fidelity Field Point Group Financière Lafayette Finmeccanica Group Fonciere Inea Foresight Group Foster Wheeler Foyer Group FREO Group Friends Provident Fung Group Future Fund G.J. Hannink Gategroup Gazprom GE Group Government Of The Emirate Of Abu Dhabi Gigamedia Limited Group Gildemeister Group Glanbia GlaxoSmithKline Golden Gate Capital Golding Capital Partners Goodman Group Graymont Group Great Atlantic &amp; Pacific Tea Company Groupe Caisse D'Epargne / Groupe Banque Populaire Groupe LCF Rothschild (now Groupe Edmond De Rothschild) Groupe Rothschild Gruppo Banca Sella Harbinger Group Hauck &amp; Aufhauser Health Alliance Group Heinz Henderson Group HG Capital Hideal Partners Highland Capital Partners Hines HNA Group Home Credit Group HSBC Hutchison Group Hypo Real Estate Group IAM ICAP Iceberg Qapital IK Investment Partners IKEA Informa Intelsat Intergenia International Flavors &amp; Fragrances Intesa Sanpaolo Group Investcorp / Barclays IVG Immobilien J Chahine Capital J.C. Flowers Jardine Matheson Group JER Partners Jones Lang Lasalle J.P. Morgan Julius Baer Group Kaupthing Bank (now Arion Banki) KBL Lombard International Assurance King Street Capital Management Knight Business Kohler Landesbank Baden-Württemberg Langres Investment Limited Lehman Brothers Li Family Trusts Lion Capital Livingstone Brothers Lombard Odier Lubrizol (now Berkshire Hathaway) LVMH Moët Hennessy Louis Vuitton Macquarie Group Mark IV Industries Maus Freres McGraw-Gill Companies Mercapital (now N+1 Group) Merrill Lynch SATPO Group METTLER-TOLEDO Meyer Bergman Millipore Montagu Moorfield Group MYLAN Navistar / Caterpillar New Gulf Engineering Nikko Cordial Securities (now SMBC Nikko Securities) Nippon Sheet Glass Nordic Capital Nordson Northern &amp; Shell Oaktree Capital Management Office Depot Olayan Investments Company Establishment Olympus Capital Asia Pacific Century Group PALA Investments Palamon Capital Partners Paloma Industries Panorama Capital Paul Capital Pepsi Bottling Group Permira Perry Capital Procter &amp; Gamble Prospector Offshore Drilling Providence Equity Partners Prudential Public Sector Pension Investment Board QUAD-C Partners Quilvest Ramius Reckitt Benckiser Reso RMK Timberland Group Rockspring Rosebud Real Estate ROWAN Companies Rubus International Sanpaolo Group (now Intesa Sanpaolo Group) SBERBANK SCHAWK Schroders Ship Trust / Tree Trust Shire Signa SISK Group Skandinaviska Enskilda Banken SOCFIN Société D'administration Et De Gestion Atlantas SAGA Sportfive Group SR Technics Stabilus STAPLES STAR Capital Partners Starwood Capital Sun Capital Swire Group SYKES Enterprises TDR Capital Tele Columbus Tele2 Group Temenos Group TEVA Pharmaceutical Industries The Heesen Family Tiger Global Management Tiger Partners Timberland TINICUM TITAN International TMD Friction Tower 2008 Charitable Trust Towerbrook Capital Partners Trafalgar Overseas Tyco Group UBI Banca UBM Group UBS Unibanco Brazil (now Itaú Unibanco) Unicorn Investment Bank Unicredit Group United America Indemnity (now Global Indemnity) United Technologies Corporation UPLINE Group Value-Call Vastned Offices / Industrial NV Verizon Vermilion Energy Trust Veronis Suhler Stevenson Vers.Werk Der Zahnärztekammer Westf. Lippe Vistec Electronic Beam Lithography Group Vitec Group Vitruvian Partners Viva Group VKGP Vodafone Volkswagen Group VTS Group Warner Chilcott (now Actavis) WE Group Weather Investments Weatherford International Wendel Group WGZ Bank White Mountains Insurance Group Wolseley Wynnchurch Capital X-rite Yamana Gold York Capital Management

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