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Aug 17 (Reuters) - AE Multi Holdings Bhd:
* YANG CHUEH-KUANG RESIGNS AS EXECUTIVE DIRECTOR Source text for Eikon: [ID:https://bit.ly/2vPOiPp] Further company coverage:
Aug 17 (Reuters) - AE Multi Holdings Bhd:
* YANG CHUEH-KUANG RESIGNS AS EXECUTIVE DIRECTOR Source text for Eikon: [ID:https://bit.ly/2vPOiPp] Further company coverage:
Whirlpool is forced to implement some large price increases to offset rising inflation.
Gold is likely to remain strong until Treasury yields find the “sweet spot” or balance point.
(Bloomberg) -- Saudi Aramco is conducting a strategic review of its upstream business, in a move that could potentially see the state-owned firm bring in external investors to some of its oil and gas assets, people with knowledge of the matter said.The world’s biggest energy company is in preliminary discussions with advisers to evaluate its options, the people said, asking not to be identified as the matter is private. Aramco may study possibilities including selling stakes in the operations at certain fields or entering joint ventures with other large energy producers, the people said.It could also form partnerships to develop new gas resources, according to the people. Any deal could raise billions of dollars for Aramco, which is at the center of Saudi Arabia’s economic transformation plan, the people said.Aramco is unlikely to open up its most important oil assets, though it could bring in investors to less sensitive operations, the people said. Deliberations are at an early stage, and the structure of any potential deal hasn’t been decided, the people said. The company, which is formally known as Saudi Arabian Oil Co., declined to comment, as did the energy ministry.Downstream PartnershipsSince Aramco was fully nationalized in 1980, most foreign investment in Saudi Arabia’s energy industry has been restricted to downstream assets such as refineries and petrochemical plants. In the past, the company struck joint venture agreements with firms including Royal Dutch Shell Plc and Total SE for the exploration and drilling of natural gas in the kingdom.Even before Aramco attracted foreign partners to drill for natural gas in 2003-2004, it held detailed talks with Big Oil companies in the late 1990s to develop its reserves. The talks failed as most companies balked at the the terms that Riyadh was prepared to offer.A few years earlier, Aramco also held discussions with foreign companies to develop the vast Shaybah oil field, but ultimately it decided to bring the asset into production on its own. Saudi Arabia’s hydrocarbons reserves are owned by the state and exploited by Aramco through a multi-decade concession agreement.Profit CenterAramco Chairman Yasir Al-Rumayyan has started selling stakes in non-core assets to help maintain the company’s $75 billion dividend, most of which goes to the Saudi government. The first deal was sealed earlier this month, when Aramco said it will raise more than $12 billion selling leasing rights over its oil pipelines to investors including EIG Global Energy Partners.The company reshuffled its senior management last year and created a division focused on “portfolio optimization,” which will “assess existing assets” and boost access to growth markets. It is headed by Abdulaziz Al Gudaimi, who reports to Chief Executive Officer Amin Nasser.Crown Prince Mohammed bin Salman, the kingdom’s de facto leader, told business executives last month that Aramco and the energy ministry are working on an “ambitious program in upstream and downstream” that’s bigger than previously-announced plans. The push could involve additional spending of 500 billion riyals to 1 trillion riyals ($133 billion to $266 billion) over the next ten years, he said.Most of Aramco’s profit comes from its upstream business. Last year, the business posted a 40% decline in earnings before interest, tax and zakat -- a local charitable contribution -- to about $110 billion. It pumped about 9.2 million barrels a day of crude in 2020.Record IPOAramco has been expanding its search for gas to meet rapidly rising local demand. Currently, Saudi Arabia burns huge quantities of crude directly in power stations during the summer to meet a surge in electricity demand for air conditioning. It also wants to use gas for the production of petrochemicals, a high-priority industry for the government in its strategy to diversify the economy.Saudi Arabia plans to invest about $110 billion to develop unconventional gas reserves in the eastern Jafurah field, the official Saudi Press Agency reported last year. The field is expected to start production in 2024.Aramco traces its roots back to concessions granted to U.S. oil companies nearly 90 years ago. The Saudi government first bought a stake in the company in 1973.More recently, Aramco started a process of opening up that culminated in a record-breaking initial public offering on the Saudi stock exchange in 2019. That deal, which saw Aramco sell less than a 2% stake to outside investors, raised about $29.4 billion. Ahead of the listing, Aramco courted some of the world’s largest oil companies to act as cornerstone investors, though it ultimately didn’t reach an agreement for them to buy stock in the offering.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Gold fell the most in more than a week as better-than-expected U.S. jobs data reduced its appeal as a safe haven.Applications for state unemployment insurance unexpectedly plunged to a fresh pandemic low as the recovery gathers steam. Initial claims decreased by 39,000 to 547,000 in the week ended April 17, Labor Department data showed Thursday. Economists in a Bloomberg survey had forecast 610,000 in claims.After a record-breaking rally last year, bullion has lost momentum amid the advancing dollar and rising bond yields. Investors remain focused on the economic outlook, with rising bond yields denting demand for non-interest bearing bullion.Unemployment-insurance claims are “the lowest number we’ve seen since the pandemic,” said Bob Haberkorn, senior market strategist at RJO Futures. “The market wasn’t expecting that.”Still, renewed buying from India and China after a year on the sidelines could provide support for the precious metal going forward. India’s gold imports from Switzerland surged to highest in almost eight years in March as jewelry buyers took advantage of a dip in prices during the ongoing wedding season.“These latest numbers certainly demonstrate the degree of pent-up demand in the country after the implosion in 2020,” Rhona O’Connell, an analyst at StoneX, wrote in a note.To be sure, India’s gold-market revival is now “evaporating as a result of the rapid spread of the Covid virus,” she added. India posted the world’s biggest one-day jump in Covid-19 cases on Thursday.Chinese ImportsChina also boosted shipments from Europe’s premier gold-refining hub. Imports from Switzerland rose nearly fourfold to a seven-month high following the resumption of purchases in February. China’s central bank is approving imports of about 75 tons a month to meet domestic consumption, according to people familiar with the matter.Spot gold fell as much as 0.8% to $1,779.46 an ounce, the most since April 12, and was trading at $1,780.76 as of 1:39 p.m. in New York. Futures for June delivery on the Comex fell 0.6% to settle at $1,782.Silver and platinum declined, while the Bloomberg Dollar Spot Index rose 0.2%. Spot palladium fell 1.4%, after touching a record high of $2,895.96 an ounce on Wednesday, as the economic rebound fueled expectations for increasing demand from automakers amid deepening supply shortfall.The price of the metal used in catalytic converters in gasoline-powered vehicles is up 16% in this year, building on a five-year rally. The bulk of this year’s gains have come since mid-March after flooding at Russian mines run by MMC Norilsk Nickel PJSC curbed output.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
‘It seems this person is entitled to nothing, but as he was a co-signer of the loan, my friend is in a tough spot.’
Credit Suisse raises $2bn to shore up its finances as regulators widen a probe into the Swiss bank.
(Bloomberg) -- The European Central Bank left its crisis-fighting tools unchanged, asserting that its current stimulus settings are powerful enough to put the economy on track for a rebound later this year.The Governing Council kept the size of its pandemic-bond buying program at 1.85 trillion euros ($2.2 trillion), confirming that purchases will run at an elevated pace in the current quarter.Officials also held the deposit rate at -0.5% and said they will continue to provide long-term loans to banks to keep credit flowing to businesses and households.President Christine Lagarde will hold a virtual press conference at 2:30 p.m. Frankfurt time, where she’s likely to be quizzed about how long the ECB plans to keep its stimulus in place after vaccinations allow lockdowns to ease and a euro-zone recovery takes hold.At its last meeting in March, the ECB pledged to significantly step up asset purchases to contain the fallout of a government-bond sell-off that was driven by a speedy U.S. economic recovery from the coronavirus pandemic. Such market moves pose a risk to euro-zone activity, as sovereign yields are used as a reference for the cost of bank loans to companies and households.Officials have spent an average net 17 billion euros per week under their pandemic program since then, up from about 14 billion per week in the first weeks of 2021. The aim is to keep borrowing costs for companies, households and governments across the euro area favorable during the pandemic. Net purchases are currently set to last until the end of March 2022.More than 60% of economists in a recent Bloomberg survey expect the ECB to stick to that timeline, despite regular pledges from officials that they will extend and expand the program if needed.What Bloomberg Economics Says...“The most logical action for Lagarde at the press conference is probably to express cautious optimism on the economic outlook without providing many hints on the pace of weekly PEPP buying beyond 2Q.”-David Powell, To read his report, click here.The European Union has significantly stepped up its pace of vaccinations in recent weeks, smoothing the path for an economic rebound that’s expected to gain strength in the second half of the year. For now, wide parts of the bloc are still facing severe restrictions to fight an elevated level of infections.Lagarde may also be asked about the ECB’s plans for winding down emergency stimulus, as well as the institution’s ongoing strategy review. The latter, which includes a likely revision of the central bank’s “below, but close to 2%” inflation target, is set to produce results by September.The timetable risks clouding the outlook for investors trying to judge the ECB’s intentions for policy during the recovery phase. That raises the specter of volatile borrowing costs -- a so-called taper tantrum -- that could undermine the region’s bounce back from the virus lockdowns.Belgian central-bank chief Pierre Wunsch said this month he hopes the ECB can begin exit talks “within a reasonable time frame,” and his Dutch colleague Klaas Knot suggested tapering purchases from the third quarter.France’s Francois Villeroy de Galhau has proposed a transition from pandemic bond-buying to an “adapted” version of an older purchase program, while maintaining negative interest rates, long-term bank loans and explicit guidance on its inflation tolerance.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The digital asset manager added large numbers of altcoins to its holdings including horizen and livepeer.
The numbers: Existing-home sales declined for the second straight month, reflecting the challenges buyers continue to face in the competitive real-estate market. Existing home-sales fell 3.7% to a seasonally-adjusted, annual rate of 6.01 million in March, the National Association of Realtors reported. “The sales for March would have been measurably higher, had there been more inventory,” Lawrence Yun, chief economist for the National Association of Realtors, said in the report.
It seems that all year I’ve been warning about valuations being out of whack with reality, especially in small-cap tech, which includes most SPACs. SPACs are being slammed as former “diamond hands” turn into weak-handed sellers who are (rightly, in most cases) trying to stop losses that are piling up in their portfolios. Speaking of SPACs, the markets are still suffering from SPAChaustion and a Coinbase Overhype Top, as I’ve also been saying for a few weeks now.
Analysts say ether will become a deflationary asset after the impending EIP 1559 upgrade.
When you’re planning (and managing) your retirement finances, arguably your most important goal should be to avoid running out of money. If you can meet your needs taking out 3%, you’re in very little danger of running out of money.
Some early filers are waiting for a tax refund more than six weeks already -- far longer than typical -- as the IRS deals with tax credits and fraud.
LAWRENCE A. CUNNINGHAM'S QUALITY INVESTING As the old joke goes, St. Peter had some bad news for an oil prospector who appeared at the pearly gates of heaven: “You’re qualified for admission,” said St.
(Bloomberg) -- A slide in the rupee is exacerbating a slump in Indian corporate dollar notes that are now among the worst performers in Asia, just as concerns mount that companies are hedging less.The securities have lost about 0.1% in April, worse than a 0.4% gain for a broader Asian dollar bond gauge, according to a Bloomberg Barclays indexes. All the other countries in Asia have posted positive returns, except China which lost about 0.4% after the stumble by China Huarong Asset Management Co.The weaker rupee pushes up servicing costs on foreign debt. The currency has plunged about 2.4% against the dollar this month, making it Asia’s worst-performer. Spiking Covid-19 cases threaten to worsen the selloffAbout 5 out of 10 Indian firms hedge their foreign borrowings in India as compared to about 8 several years ago before the RBI eased rules on hedging, said Samir Lodha, chief executive officer at QuantArt Market Solutions, a Mumbai-based advisory firm. “The drop in the rupee this month may prompt more local companies with foreign borrowings to consider at least some low-cost hedging.”Primary Market -- Foreign Borrowings SlowThe weaker rupee is also making borrowers hesitate to tap what would otherwise be some of the lowest borrowing costs ever in the dollar bond market. Just one Indian company has settled a note this month: a $585 million deal from ReNew Power. That leaves issuance set for the lowest in six monthsLocal firms have also shunned foreign-currency loans in April after borrowings of $7.2 billion in the previous quarter“Most corporates will definitely pause their plans to issue fresh foreign-currency debt as they wait for the rupee to stabilize,” said Abhishek Goenka, founder of IFA Global, a Mumbai-based advisory firm. “Pandemic-induced currency volatility is making it difficult for borrowers to assess their foreign debt costs.”Firms may be turning more to the local credit market, even though there have been fresh obstacles there tooThey sold 47.6 billion rupees of bonds this week and still plan as much as 80.5 billion rupees more. If all those sales go through, that would be higher than in the previous two weeks combinedStill, offerings have fallen to 139.9 billion rupees ($1.9 billion) this month, the slowest start to a financial year since 2014. That’s due in part to rules that took effect April 1 strengthening the role of trustees for secured bonds backed by assetsSecondary Market -- Sovereign Rating ConcernsThe latest wave of coronavirus infections is also bad for India’s sovereign rating. The country has the lowest investment-grade score with a negative outlook at Moody’s Investors Service and Fitch Ratings“We expect a repeat of 2020’s sudden crash in economic activity in the coming months,” said Timothy Wee Lee Tan and Jason Lee, Bloomberg Intelligence analysts. “With a downgraded GDP growth outlook for FY22, India’s debt burden will be higher than the current IMF forecast, implying an elevated risk of ratings falling into speculative grade.”Any official gross domestic product downgrade may lead to pre-emptive widening of the option-adjusted spread for Indian dollar credits, with an actual offshore sovereign rating downgrade likely to push premiums up to 90 basis points wider to trade closer to Brazil and South Africa, according to Bloomberg IntelligenceDistressed Debt - ARC Rules Under ReviewReserve Bank of India formed a six-member panel Monday to review rules for Asset Reconstruction Companies or ARCs, which help India’s banking system deal with one of the world’s worst bad loan ratios among major economiesARCs have been in the spotlight in recent weeks:Mar. 18: India’s Ministry of Corporate Affairs is investigating allegations of financial irregularities at the asset reconstruction arm of Edelweiss Financial Services Ltd., according to people with direct knowledge of the matter. Edelweiss said it hasn’t received any intimation of any inspection by the ministryMar. 14: India’s central bank has rejected Yes Bank Ltd.’s proposal to set up an ARC for acquiring bad loans on conflict of interest concerns, Mint reported citing people it didn’t identifyMeanwhile, Infrastructure Leasing & Financial Services, whose default in 2018 triggered a prolonged credit crisis in the country, plans to resolve 500 billion rupees ($6.6 billion) of its debt by the end of September, Chairman Uday Kotak said last week. Investors are closely watching the debt resolution as a test case for group insolvencyKotak, who is heading the IL&FS board after government seized control of the shadow lender in 2018, expects to resolve about 62% of its 1 trillion rupees of debtAnother group facing challenges in servicing its debt is Future Group. The Indian supermarket-operator Future Retail Ltd. approved a debt resolution plan that eases some immediate concerns as a legal battle with partner Amazon.com Inc. threatens to delay an asset sale to Reliance Industries Ltd. India’s top court scheduled a final hearing in the matter to May 4Best and Worst Performing Corporate Dollar Bonds Last 12 MonthsFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- The implosion of Archegos is giving thousands of secretive family offices the greatest challenge to their privacy in a decade. They won’t give it up without a fight.Some lawmakers, regulators and consumer advocates are pushing to expose the inner workings of family offices, which are closely held and lightly regulated yet manage an estimated $6 trillion for the ultra-rich globally.The changes the reform advocates seek would require U.S. family offices to register as investment advisers and publicly report holdings on a quarterly basis, as most other types of investment firms must.Such data could alert regulators, investors and other Wall Street players to hidden risks, yet it could also reveal proprietary information to rivals.Those advocating greater regulation are optimistic that new Securities and Exchange Commission Chair Gary Gensler, who has a tough-on-Wall-Street reputation, will see things their way. “The rationale for the exemption of family offices is clearly indefensible now, and we think the SEC will change this quickly,” said Dennis Kelleher, CEO of advocacy group Better Markets.The SEC already is in the midst of a separate review to potentially increase what all investment firms, including family offices, must disclose about their holdings, Bloomberg has reported. The new disclosures could include firms’ derivatives positions and which stocks they are shorting.Family office representatives are pushing back. They say they’re preparing for their biggest lobbying effort since they successfully avoided inclusion in tough new regulations following the 2008 financial crisis. Their strategy: Insist that Archegos’s family-office setup was irrelevant to its implosion.“What Archegos did and the fact they got themselves in trouble had nothing to do with the family-office structure,” said Brian Reardon, a lobbyist for the Private Investor Coalition, which advocates for family offices in Washington.The late March meltdown of Archegos Capital Management LP, helmed by former hedge-fund manager Bill Hwang, touched off the lobbying skirmish. After being barred from the hedge fund industry for insider trading, Hwang started a family office in 2013 and eventually parlayed $200 million into about $20 billion in assets, using a highly leveraged portfolio concentrated in a handful of stocks.Earlier: God and Man Collide in Bill Hwang’s Dueling Lives on Wall StreetThe subsequent blowup revealed that neither regulators nor brokers had any idea how large Archegos’s positions had become.“The losses are bad,” said Andrew Park, senior policy analyst for Americans for Financial Reform. “But the biggest stunner is these losses all came from a firm that nobody was aware of until a few weeks ago.” His group has called on the SEC to examine whether the family office registration exemption is creating “regulatory blindspots.”The large-bank brokerages that had to unwind the Archegos positions, including Morgan Stanley, Nomura Holdings Inc. and Credit Suisse Group AG, lost billions of dollars, leading some bank executives to also call for increased scrutiny.“Frankly, the transparency and lack of disclosure relating to those institutions is just different from the hedge fund institutions. And that’s something I’m sure the SEC is going to be looking at,” said Morgan Stanley Chief Executive Officer James Gorman in an April 16 earnings call. “Better information is always good in rooting out where potential problems can be.”Reardon of the Private Investor Coalition said his group plans to speak with the SEC, the Commodity Futures Trading Commission and lawmakers to argue why some of the disclosures advocates have called for aren’t needed.Angelo Robles, founder of the Family Office Association, is also preparing for action. He said he plans to contact law firms and U.S. senators if regulators take an aggressive stance on family offices. “The fallout will likely be more regulation on swaps,” said Robles, whose Greenwich, Connecticut-based group has more than 200 members worldwide, referring to the type of derivative Archegos often used.The banks have said they can absorb the losses, but the shock that a little-known family office could have such an effect is serving as a rallying cry for Wall Street reform advocates.Kelleher of Better Markets said he’s already pressed his case with SEC staff, in part arguing that more public disclosure of family office sizes and positions could help prevent them from becoming a risk to the financial system.Lawmakers have also shown interest. Ohio Democrat Sherrod Brown, who leads the Senate Banking Committee, has asked Archegos’s brokers to disclose information about their family office dealings.Family offices serving a single family and with no outside clients generally don’t need to register with the SEC as investment advisers. The rationale for the exemption is that they only serve one wealthy client who doesn’t need the protections afforded to investors in other funds.In addition, offices with less than $100 million in assets or that manage funds only for one person can avoid regularly disclosing their holdings to the SEC.Offices that serve more family members must file their holdings with the SEC, but can ask for, and often receive, an exemption allowing them to keep the filing confidential.Even those reports, like those of hedge funds and mutual funds, usually only include direct ownership of stocks and not derivatives positions, like the total return swaps that led to Archegos’s downfall.Large banks brokered the stock swaps for Archegos for a fee. Such swaps allowed the firm to spend relatively small amounts -- it essentially used borrowed money to build a huge portfolio -- while keeping its ownership of individual stocks hidden.If the SEC moves to require all investment firms, including family offices, to disclose derivatives and short positions, that wouldn’t necessarily dent the privacy of family offices if they’re still able to file holdings confidentially with the SEC.The lack of disclosure has allowed some family offices to adopt similarly complex strategies without drawing scrutiny. Complying with fewer regulations, meantime, has helped lead a number of hedge fund managers to convert their firms into family offices.BlueCrest Capital Management, for example, returned money to investors in 2016 to focus on managing the wealth of its billionaire co-founder Michael Platt, his partners and employees. John Paulson said last year he’s converting his Paulson & Co. hedge fund into a family office, following a similar move by Leon Cooperman’s Omega Advisors.Family offices have proliferated this century, partly due to the boom in tech billionaires. More than 10,000 family offices globally manage the wealth of a single family, with at least half having started this century, according to EY.A 2019 estimate by researcher Campden Wealth valued family office assets at almost $6 trillion globally, larger than the entire hedge fund industry. Because most families tightly guard the extent of their wealth and very few public records are available to track their assets, the exact figure could be higher or lower.It’s rare for family offices to take on as much risk as Archegos. But hedge funds that convert to family offices are more likely to keep their trading strategies, which often employ leveraged bets that can have a broader market effect.Some family offices lately have also launched so-called blank-check firms -- shell companies whose purpose is to raise money from investors and eventually to acquire other companies.Part of the Private Investor Coalition’s plan is to tell regulators that they already have the tools they need to pinpoint threats to the financial system, Reardon said. The SEC is in the process of implementing a long-delayed rule that would require all funds, including family offices, to privately disclose some of their derivatives positions to the agency. In theory, that would have made it possible for the SEC to see what Archegos was doing.But requiring Archegos to register as an investment adviser wouldn’t have prevented the blow-up, said Reardon, whose coalition formed in 2009 to ensure the offices would be exempt from such registration.If regulators do crack down on family offices in the U.S., some might simply decide to leave the country.“In reality, the typical single family office is a small team of highly mobile individuals,” said Keith Johnston, chief executive officer of SFO Alliance, a London-based investment club for single-family offices. “There is the danger that if they consider themselves over-regulated they will simply move staff or headquarters to those jurisdictions where they are not.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
A deep freeze that swept parts of the United States last quarter knocked out nearly half of Texas power plants and sent prices for natural gas and electricity to record levels. Kinder Morgan benefited from the shortage as it released gas and sold electricity at prices that were hundreds of times higher than normal for several days.
Just what can you invest in with a Roth IRA? And what constitutes a prohibited transaction? Here's what you need to know.
The recent decline in mortgage rates has led to an increase in refinancing activity, giving homeowners another chance to reduce their monthly payments.
(Bloomberg) -- Daniel Dines struggled with life in the U.S. after leaving his native Romania in 2001 to work for Microsoft Corp., but the experience created the foundation for one of the world’s biggest fortunes.The software programmer returned to his homeland in 2005 to start the business known today as UiPath Inc., an automation-software maker that debuts Wednesday after raising $1.3 billion in a U.S. initial public offering. Dines, the company’s chief executive officer, controls a stake worth more than $6 billion, according to data compiled by Bloomberg.“For someone coming in his 20s to the U.S. from Europe, it was a big challenge for me to adapt to the States, even though professionally speaking my experience at Microsoft was great,” Dines, 49, said last year at the annual Montgomery Summit technology conference.As a result, “I had a crazy idea to go back and start a company,” he added.‘Hidden Advantage’UiPath, which was valued at $7 billion in 2019, is now worth about $30 billion after its shares priced at $56, above a marketed range. That puts Dines among the world’s 500 richest, according to the Bloomberg Billionaires Index. A company representative declined to comment.“Starting a company from a small place with no market has a hidden advantage: It forces you to think globally from day one,” Dines said in a letter included in UiPath’s registry filings for its listing. He had already indicated his company was preparing for a listing back in early 2020.The company’s software performs many low-skilled tasks that businesses once outsourced to humans in cheaper-wage countries such as India or the Philippines. Known as robotic process automation technology, the technique takes over repetitive, routine data-entry and processing tasks. Some of its software has been used in hospitals and health-care projects to help with Covid-19, according to UiPath’s website.Dines, who studied math and computer science at the University of Bucharest, grew up in Romania while the nation was still ruled by dictator Nicolae Ceausescu. He founded the company as DeskOver and renamed it UiPath in 2015, running it out of an apartment in the capital before relocating its headquarters to New York in 2017.Funding RoundUiPath raised $750 million in a funding round led by Alkeon Capital and Coatue that gave it a value of $35 billion, according to a February statement. Altimeter Capital Management, Dragoneer, IVP, Sequoia Capital, Tiger Global Management and funds advised by T. Rowe Price Associates also chimed in.Dines owns all of the company’s Class B shares, which carry 35 votes apiece compared with one each for Class A stock. He will continue to control UiPath after the IPO and sold shares in the offering worth about $75 million, according to filings.“You have to become a public company at some point to allow your employees to get more liquidity, give them stock options,” he said in an interview with Bloomberg last year. “We’re almost there.”(Adds details of share sale in penultimate paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.