Jul 31, 2017

China's HNA reiterates commitment to buy Scaramucci firm

AP Photo/Pablo Martinez Monsivais

Anthony Scaramucci might be out as President Trump's communications director, but that will not affect the pending sale of his SkyBridge hedge fund business to China's HNA Group. Or so says HNA, via an outside spokesman's comment to Axios:

"The transaction remains on track and is expected to close by the end of the summer."

Due diligence: A source familiar with the situation says that Scaramucci, who officially left Skybridge when the deal was announced in January, has no right to terminate it. But it still faces regulatory scrutiny in both the U.S. and in China. No price was ever disclosed for the sale, although Forbes estimated SkyBridge to be valued at between $200 million and $230 million -- which would mean around a $77 million after-tax payday for Scaramucci.

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#MeToo gets Weinstein

A man carries out Weinstein's walker. Photo: Johannes Eisele/AFP/Getty Images

Hollywood titan Harvey Weinstein is now a convicted rapist, two years and four months after accusations against him helped ignite the #MeToo movement.

Why it matters: To date, #MeToo has resulted in hundreds of powerful men losing their jobs. Seven have been criminally convicted, with four others still facing charges.

JPMorgan Chase to pull support for some fossil fuels

Illustration: Sarah Grillo/Axios

JPMorgan Chase said Monday that it won’t directly finance new oil and gas development in the Arctic and will significantly curtail its financing of the extraction and burning of coal.

Why it matters: JPMorgan is the world’s largest funder of fossil-fuel companies, according to a report by the Rainforest Action Network (RAN). The announcement follows similar moves by other big banks and investment firms, including Goldman Sachs and BlackRock.