WeWork Board Members Seek to Remove Adam Neumann as CEO

WeWork Board Members Seek to Remove Adam Neumann as CEO(Bloomberg) -- Some WeWork directors are planning to push Adam Neumann to step down as chief executive after the startup delayed its much-anticipated initial public offering, according to people familiar with the matter.Officials tied to SoftBank Group Corp., the company’s largest investor, want Neumann to step down as CEO of We Co., WeWork’s parent company, said the people, who asked not to be identified because discussions are ongoing. SoftBank founder Masayoshi Son is among those favoring Neumann’s removal, CNBC reported Sunday, citing sources it didn’t identify.Representatives for WeWork and SoftBank declined to comment.A board meeting could come as early as this week and they’ll consider a proposal for Neumann to stay on as We’s non-executive chairman. The company, which has raised more than $12 billion since its founding and never turned a profit, has said it intends to go public by year-end.Read more: WeWork, WeWait, WeWorry: What’s next for CEO Adam Neumann?Talks with potential investors in recent weeks have pushed down expectations for WeWork’s planned IPO valuation to $15 billion or even lower, compared with a January fundraising round pegging the company’s value at $47 billion, Bloomberg and other publications have reported. Earlier this week, WeWork pushed back its market debut. Among concerns that investors have voiced are Neumann’s controversial style and his control of the company.Banks that provided a $500 million credit line to Neumann are looking to revise the terms as his company’s struggle to go public casts doubt on the value of his collateral, people briefed on the discussions said Thursday. It’s not clear what changes they may seek, or what right they may have to make demands.The Wall Street Journal reported the activities of the WeWork board members earlier Sunday.(Updates with additional sources in second paragraph.)To contact the reporters on this story: Michelle F. Davis in New York at mdavis194@bloomberg.net;Gillian Tan in New York at gtan129@bloomberg.net;Hailey Waller in New York at hwaller@bloomberg.netTo contact the editors responsible for this story: James Ludden at jludden@bloomberg.net, Steven Crabill, Matthew G. MillerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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Israel's Arabs Emerge From Sidelines to Back Netanyahu Rival

Israel's Arabs Emerge From Sidelines to Back Netanyahu Rival(Bloomberg) -- Israel’s long-marginalized Arab minority is throwing around its newfound weight.The Joint List of Arab parties, significantly strengthened by Israel’s inconclusive Sept. 17 election, recommended on Sunday that former military chief Benny Gantz form the next government. Its backing could nudge President Reuven Rivlin to tap Gantz instead of Prime Minister Benjamin Netanyahu, whose nationalist campaign preyed on anti-Arab sentiment.That Israeli Arabs would recommend Gantz, whose Blue and White bloc counts three former generals and several staunch nationalists, is in itself remarkable. But recommending Gantz “will be the most significant step toward helping create the majority needed to prevent another term for Mr. Netanyahu,” Joint List Chairman Ayman Odeh said in a New York Times opinion piece.“The Arab Palestinian citizens of Israel have chosen to reject Prime Minister Benjamin Netanyahu, his politics of fear and hate, the inequality and division he advanced for the past decade,” Odeh wrote.“We have decided to demonstrate that Arab Palestinian citizens can no longer be rejected or ignored.”It was the first time since Yitzhak Rabin ran for office in 1992 that Arab parties have recommended a candidate for prime minister. Their willingness to enter the process at this tipping point in Israeli politics gave extra weight to the Joint List -- and gave voice to a yearning for greater influence among a community that makes up more than a fifth of Israel’s population.Rivlin will anoint a candidate after meeting with parliamentary factions this week to gauge who has the most support.To be sure, it’s not clear Gantz would be able to line up enough lawmakers to form a coalition even if he has the most backing and is given a shot. The election, called after Netanyahu failed to form a government following the April 9 vote, gave neither man a clear path to marshalling the support of 61 of Knesset’s 120 legislators.Odeh said the Joint List -- Knesset’s third-largest party with 13 lawmakers -- would not sit in a government with Gantz because he refused to commit to the Arab bloc’s demands, including a resumption of direct peace negotiations between Israelis and Palestinians, and the repeal of a controversial law enshrining Israel’s Jewish character in law.Never ServedArab parties have never been in cabinet, both because Jewish lawmakers haven’t seen them as desirable partners and because they haven’t wanted to join a Zionist-led administration. Arab parties, did, however, support Rabin’s minority government in the 1990s, and a few Arabs belonging to Jewish-led factions have served in junior positions.While many are skeptical that Arabs would have much influence in a Jewish-led administration, a recent poll showed 76% of Arab voters want to see their representatives in government.“It’s time they’ll be in and that we will all be together,” said Michel Abu Nassar, a Nazareth hotelier. “We shouldn’t be divided. We are all a single nation.”Even without joining any Gantz-led government, the Joint List may find itself in a position of unprecedented influence. If Netanyahu’s Likud and Gantz’s Blue and White team up in a national unity government, the Arab bloc could find itself as Israel’s main opposition party and Odeh in the once-inconceivable position of receiving intelligence briefings and guarded by a security service involved in the interrogation and assassination of Palestinian militants.Israeli Arab SpringArab turnout, at 60%, surged 12 percentage points in this last election. Many were galvanized by Netanyahu’s Arab-bashing and failed effort to place cameras at polling stations, seen as an attempt to intimidate Arab voters.“It was the beginning of the Israeli Arab Spring,” said pollster Mitchell Barak, referring to the pro-democracy uprisings that swept the Middle East. “This could be Netanyahu’s greatest legacy in this election, he actually woke up the Arab community.”Israel was founded as a Jewish homeland in 1948 on land the resident Arab population wanted for its own state. About 700,000 Arabs fled or were expelled in fighting surrounding its creation. Arabs who stayed inside the borders of the new Israeli state were incorporated, some unwillingly, creating mutual suspicions that persist.While Israel’s Arabs are citizens with equal rights on paper, they face bias in employment and housing, and their communities have received far less funding for schools, health care, transportation and infrastructure. Strains deepened last year over the law defining Israel as the nation-state of the Jewish people, because it didn’t commit to full equality for all citizens codified elsewhere.“It’s natural that a marginalized and disadvantaged community would look for a chance to influence the decision-making,” said Yousef Jabareen, a Joint List lawmaker.Arab voters have voiced their discontent with government policy by alternately boycotting elections or going to the polls. This time, participation won out as Netanyahu’s campaign tactics backfired.“Netanyahu counted instinctively on the Arab community in Israel as essentially being a scared minority that, when faced with the sense of political threat, chose to keep their head down,” said Dahlia Scheindlin, a political analyst with the Mitvim research institute.“He didn’t count on them being more middle class, more educated, more empowered politically, and their reaction to that kind of political assault is not to keep their head down, but to become more active politically,” she said.(Updates with this being the first time since 1992 that Arab parties have recommended a candidate in sixth paragraph.)To contact the reporters on this story: Ivan Levingston in Tel Aviv at ilevingston@bloomberg.net;Amy Teibel in Jerusalem at ateibel@bloomberg.netTo contact the editors responsible for this story: Lin Noueihed at lnoueihed@bloomberg.net, Amy Teibel, Steve GeimannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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Israel's Arabs Emerge From Sidelines to Back Netanyahu Rival

Israel's Arabs Emerge From Sidelines to Back Netanyahu Rival(Bloomberg) -- Israel’s long-marginalized Arab minority is throwing around its newfound weight.The Joint List of Arab parties, significantly strengthened by Israel’s inconclusive Sept. 17 election, recommended on Sunday that former military chief Benny Gantz form the next government. Its backing could nudge President Reuven Rivlin to tap Gantz instead of Prime Minister Benjamin Netanyahu, whose nationalist campaign preyed on anti-Arab sentiment.That Israeli Arabs would recommend Gantz, whose Blue and White bloc counts three former generals and several staunch nationalists, is in itself remarkable. But recommending Gantz “will be the most significant step toward helping create the majority needed to prevent another term for Mr. Netanyahu,” Joint List Chairman Ayman Odeh said in a New York Times opinion piece.“The Arab Palestinian citizens of Israel have chosen to reject Prime Minister Benjamin Netanyahu, his politics of fear and hate, the inequality and division he advanced for the past decade,” Odeh wrote.“We have decided to demonstrate that Arab Palestinian citizens can no longer be rejected or ignored.”It was the first time since Yitzhak Rabin ran for office in 1992 that Arab parties have recommended a candidate for prime minister. Their willingness to enter the process at this tipping point in Israeli politics gave extra weight to the Joint List -- and gave voice to a yearning for greater influence among a community that makes up more than a fifth of Israel’s population.Rivlin will anoint a candidate after meeting with parliamentary factions this week to gauge who has the most support.To be sure, it’s not clear Gantz would be able to line up enough lawmakers to form a coalition even if he has the most backing and is given a shot. The election, called after Netanyahu failed to form a government following the April 9 vote, gave neither man a clear path to marshalling the support of 61 of Knesset’s 120 legislators.Odeh said the Joint List -- Knesset’s third-largest party with 13 lawmakers -- would not sit in a government with Gantz because he refused to commit to the Arab bloc’s demands, including a resumption of direct peace negotiations between Israelis and Palestinians, and the repeal of a controversial law enshrining Israel’s Jewish character in law.Never ServedArab parties have never been in cabinet, both because Jewish lawmakers haven’t seen them as desirable partners and because they haven’t wanted to join a Zionist-led administration. Arab parties, did, however, support Rabin’s minority government in the 1990s, and a few Arabs belonging to Jewish-led factions have served in junior positions.While many are skeptical that Arabs would have much influence in a Jewish-led administration, a recent poll showed 76% of Arab voters want to see their representatives in government.“It’s time they’ll be in and that we will all be together,” said Michel Abu Nassar, a Nazareth hotelier. “We shouldn’t be divided. We are all a single nation.”Even without joining any Gantz-led government, the Joint List may find itself in a position of unprecedented influence. If Netanyahu’s Likud and Gantz’s Blue and White team up in a national unity government, the Arab bloc could find itself as Israel’s main opposition party and Odeh in the once-inconceivable position of receiving intelligence briefings and guarded by a security service involved in the interrogation and assassination of Palestinian militants.Israeli Arab SpringArab turnout, at 60%, surged 12 percentage points in this last election. Many were galvanized by Netanyahu’s Arab-bashing and failed effort to place cameras at polling stations, seen as an attempt to intimidate Arab voters.“It was the beginning of the Israeli Arab Spring,” said pollster Mitchell Barak, referring to the pro-democracy uprisings that swept the Middle East. “This could be Netanyahu’s greatest legacy in this election, he actually woke up the Arab community.”Israel was founded as a Jewish homeland in 1948 on land the resident Arab population wanted for its own state. About 700,000 Arabs fled or were expelled in fighting surrounding its creation. Arabs who stayed inside the borders of the new Israeli state were incorporated, some unwillingly, creating mutual suspicions that persist.While Israel’s Arabs are citizens with equal rights on paper, they face bias in employment and housing, and their communities have received far less funding for schools, health care, transportation and infrastructure. Strains deepened last year over the law defining Israel as the nation-state of the Jewish people, because it didn’t commit to full equality for all citizens codified elsewhere.“It’s natural that a marginalized and disadvantaged community would look for a chance to influence the decision-making,” said Yousef Jabareen, a Joint List lawmaker.Arab voters have voiced their discontent with government policy by alternately boycotting elections or going to the polls. This time, participation won out as Netanyahu’s campaign tactics backfired.“Netanyahu counted instinctively on the Arab community in Israel as essentially being a scared minority that, when faced with the sense of political threat, chose to keep their head down,” said Dahlia Scheindlin, a political analyst with the Mitvim research institute.“He didn’t count on them being more middle class, more educated, more empowered politically, and their reaction to that kind of political assault is not to keep their head down, but to become more active politically,” she said.(Updates with this being the first time since 1992 that Arab parties have recommended a candidate in sixth paragraph.)To contact the reporters on this story: Ivan Levingston in Tel Aviv at ilevingston@bloomberg.net;Amy Teibel in Jerusalem at ateibel@bloomberg.netTo contact the editors responsible for this story: Lin Noueihed at lnoueihed@bloomberg.net, Amy Teibel, Steve GeimannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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Banks worth $47 trillion adopt new U.N.-backed climate principles

Banks worth $47 trillion adopt new U.N.-backed climate principlesBanks with more than $47 trillion in assets, or a third of the global industry, adopted new U.N.-backed "responsible banking" principles to fight climate change on Sunday that would shift their loan books away from fossil fuels. Deutsche Bank , Citigroup and Barclays were among 130 banks to join the new framework on the eve of a United Nations summit in New York aimed at pushing companies and governments to act quickly to avert catastrophic global warming. "These principles mean banks have to consider the impact of their loans on society – not just on their portfolio," Simone Dettling, banking team lead for the Geneva-based United Nations Environment Finance Initiative, told Reuters.


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Banks worth $47 trillion adopt new U.N.-backed climate principles

Banks worth $47 trillion adopt new U.N.-backed climate principlesBanks with more than $47 trillion in assets, or a third of the global industry, adopted new U.N.-backed "responsible banking" principles to fight climate change on Sunday that would shift their loan books away from fossil fuels. Deutsche Bank , Citigroup and Barclays were among 130 banks to join the new framework on the eve of a United Nations summit in New York aimed at pushing companies and governments to act quickly to avert catastrophic global warming. "These principles mean banks have to consider the impact of their loans on society – not just on their portfolio," Simone Dettling, banking team lead for the Geneva-based United Nations Environment Finance Initiative, told Reuters.


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Biggest Banks Sit Out New Industry Commitment on Climate Goals

Biggest Banks Sit Out New Industry Commitment on Climate Goals(Bloomberg) -- Only two of the world’s 10 biggest banks joined the coalition of 130 global financial firms in agreeing to align their business with international efforts to address climate change and other environmental issues.The group that signed on to the United Nations’ Principles for Responsible Banking represents $47 trillion in assets. Citigroup Inc. and Industrial and Commercial Bank of China joined the pledge, which begins by asking the firms to self-assess their sustainability practices. Signers, including top European banks BNP Paribas SA, Barclays Plc and UBS Group AG, also agreed to develop and publish plans and targets attached to sustainability goals by 2023.There’s a wide range of stronger actions that banks could take, for example, banning thermal coal financing or setting a time line to phase out funding of the fossil-fuel industry. One of the signers, ING Groep NV, said last week it would boost lending to automakers producing more electric vehicles than those that produce vehicles with internal combustible engines.The principles follow another set of voluntary standards for the asset-management industry-- the Principles for Responsible Investment -- that were adopted by money managers 13 years ago to encourage firms to incorporate environmental, social and governance factors into their investments. The industry has since grown to more than $30 trillion.Among the banks that declined to participate, some said they have their own sustainability programs. Others said they’re still reviewing the PRB.Goldman Sachs Group Inc. said in a statement that it has a number of target-related efforts similar to the PRB underway and will continue to engage with the UN PRB as the initiative develops further. Wells Fargo & Co. said it was successfully working toward goals it had set in 2016 to address social, economic and environmental challenges over a five-year period.JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley declined to comment.UN Assistant Secretary General Satya Tripathi said the reluctance of some banks to commit is a signal the principles have teeth. “Some are not ready to be held to account for their lending,” he said during a Sept. 19 panel discussion.The PRB was launched at the start of the UN’s Climate Action Summit in New York. Transitioning to low-carbon and climate-resilient economies that are aligned with the Paris Agreement requires additional investment of at least $60 trillion from now until 2050, Christiana Figueres, executive secretary of the UN’s Framework Convention on Climate Change, said in a statement.The PRB “offers a ladder to climb for every bank, though some banks start very low and have a particularly big ladder to climb,” said Peter Blom, chief executive officer at Triodos Bank, a Dutch lender that finances renewable energy and organic agriculture, and a signatory to the agreement.Critics say the principles aren’t radical enough, and a four-year window to come up with plans to improve sustainability is too little, too late. In a joint statement, campaigners BankTrack and the Rainforest Action Network said “such time scales were perhaps adequate 30 years ago. Now, however, we consider them to be completely inadequate for the era in which we live.”To contact the reporters on this story: Saijel Kishan in New York at skishan@bloomberg.net;Emily Chasan in New York at echasan1@bloomberg.netTo contact the editors responsible for this story: Tim Quinson at tquinson@bloomberg.net, Janet Paskin, Dan ReichlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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Biggest Banks Sit Out New Industry Commitment on Climate Goals

Biggest Banks Sit Out New Industry Commitment on Climate Goals(Bloomberg) -- Only two of the world’s 10 biggest banks joined the coalition of 130 global financial firms in agreeing to align their business with international efforts to address climate change and other environmental issues.The group that signed on to the United Nations’ Principles for Responsible Banking represents $47 trillion in assets. Citigroup Inc. and Industrial and Commercial Bank of China joined the pledge, which begins by asking the firms to self-assess their sustainability practices. Signers, including top European banks BNP Paribas SA, Barclays Plc and UBS Group AG, also agreed to develop and publish plans and targets attached to sustainability goals by 2023.There’s a wide range of stronger actions that banks could take, for example, banning thermal coal financing or setting a time line to phase out funding of the fossil-fuel industry. One of the signers, ING Groep NV, said last week it would boost lending to automakers producing more electric vehicles than those that produce vehicles with internal combustible engines.The principles follow another set of voluntary standards for the asset-management industry-- the Principles for Responsible Investment -- that were adopted by money managers 13 years ago to encourage firms to incorporate environmental, social and governance factors into their investments. The industry has since grown to more than $30 trillion.Among the banks that declined to participate, some said they have their own sustainability programs. Others said they’re still reviewing the PRB.Goldman Sachs Group Inc. said in a statement that it has a number of target-related efforts similar to the PRB underway and will continue to engage with the UN PRB as the initiative develops further. Wells Fargo & Co. said it was successfully working toward goals it had set in 2016 to address social, economic and environmental challenges over a five-year period.JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley declined to comment.UN Assistant Secretary General Satya Tripathi said the reluctance of some banks to commit is a signal the principles have teeth. “Some are not ready to be held to account for their lending,” he said during a Sept. 19 panel discussion.The PRB was launched at the start of the UN’s Climate Action Summit in New York. Transitioning to low-carbon and climate-resilient economies that are aligned with the Paris Agreement requires additional investment of at least $60 trillion from now until 2050, Christiana Figueres, executive secretary of the UN’s Framework Convention on Climate Change, said in a statement.The PRB “offers a ladder to climb for every bank, though some banks start very low and have a particularly big ladder to climb,” said Peter Blom, chief executive officer at Triodos Bank, a Dutch lender that finances renewable energy and organic agriculture, and a signatory to the agreement.Critics say the principles aren’t radical enough, and a four-year window to come up with plans to improve sustainability is too little, too late. In a joint statement, campaigners BankTrack and the Rainforest Action Network said “such time scales were perhaps adequate 30 years ago. Now, however, we consider them to be completely inadequate for the era in which we live.”To contact the reporters on this story: Saijel Kishan in New York at skishan@bloomberg.net;Emily Chasan in New York at echasan1@bloomberg.netTo contact the editors responsible for this story: Tim Quinson at tquinson@bloomberg.net, Janet Paskin, Dan ReichlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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WeWork, WeWait, WeWorry: What’s Next for CEO Adam Neumann?

WeWork, WeWait, WeWorry: What’s Next for CEO Adam Neumann?(Bloomberg) -- Steve Schwarzman has doubts. So does Larry Ellison.And so, too, do the growing numbers of Wall Street bankers and investors who are all anxiously awaiting the next move by WeWork and its brash co-founder, Adam Neumann.Neumann was a no-show this week for a long-planned appearance at a SoftBank Group Corp. three-day retreat in Pasadena, California, according to people familiar with the the matter, a further sign that company executives are hunkering down. Once the WeWork initial public offering was postponed late Monday, organizers knew Neumann’s presence would be iffy, the people said. His planned appearance was rescheduled from the first day of the event at the Langham hotel to the last and then canceled altogether.In short order Neumann’s office-sharing company has gone from a get-rich story to a you’ve-got-to-be-joking melodrama -- from WeWork to WeWait to, now, WeWorry.On Sunday, it was reported that some WeWork board members supported removing Neumann as CEO and making him non-executive chairman. CNBC said Softbank chief Masayoshi San supported removing him. It was a brutal week. First, WeWork’s parent company, We Co., finally conceded that its grandiose plans for going public would have to wait.Then Schwarzman, one of the most powerful figures on Wall Street, threw shade on the company’s hoped-for valuation, which has already collapsed from upwards of $60 billion to $15 billion -- or lower.“I sort of went, what? How do you get this?” Schwarzman, the head of private equity giant Blackstone Group Inc., said of the early numbers Wednesday at a luncheon in New York. Ellison, chairman of Oracle Corp., went further, according to Barron’s. He told a group of entrepreneurs at his San Francisco home that day that WeWork is “almost worthless.”And it only gets worse. In London, two deals for major office buildings that are largely leased out to WeWork started to fray. Back in its hometown of New York, the company made a small round of job cuts. And the Wall Street Journal, examining WeWork’s over-the-top culture, reported that Neumann and his friends smoked marijuana on a private jet en route to Israel last summer -- and left a chunk of the drug behind, spurring the plane’s owner to summon it back.If all that weren’t enough, Neumann’s own bankers were getting antsy: They were looking to revise a $500 million credit line secured by WeWork stock -- an acknowledgment that those shares appear far less solid than they used to.New RisksAnd, by Friday, Wendy Silverstein, a big name in New York commercial real estate who joined WeWork last year as head of its property investment arm, had left the company. She’s spending time caring for her elderly parents.Even the president of the Federal Reserve Bank of Boston was adding to the angst. In a speech Friday in New York, Eric Rosengren warned that the proliferation of co-working spaces might pose new risks to financial stability.A WeWork representative declined to comment on Neumann’s canceled appearance at the SoftBank conference, citing the pre-IPO quiet period. SoftBank also declined to comment.Rarely has so much gone so wrong so fast for a young company in the spotlight. Neumann has begrudgingly agreed to cede some of his powers. The question now: Will that be enough?“I’ve never seen a company of this size and scale generate such a consensus of negative opinion in my long, long life of following IPOs,” said Len Sherman, a Columbia Business School adjunct professor whose 30-year business career included time as a senior partner at consulting firm Accenture Plc. “There is no box that they haven’t ticked when you think of all the reasons that you might be very concerned -- like blaring red lights. Like, oh my gosh, caution, danger, danger.”WeWork now hopes to go public next month. But even that may be optimistic. Neumann, also We Co.’s chief executive officer, has to persuade investors that his company -- which has raised more than $12 billion since its founding and never turned a nickel of profit -- is worth billions on the stock market.Deadline LoomsTime is short. WeWork must complete its IPO before the end of the year to keep access to a crucial $6 billion loan.The company’s $669 million of bonds due in 2025 have dropped 5 cents this week to 97.75 cents on the dollar as of Thursday, according to the Trace bond-price reporting system.A few hours after the Journal story hit Wednesday, investors at a Goldman Sachs Group Inc. conference in New York heard from Snap Inc.’s Evan Spiegel -- Neumann’s predecessor as a celebrated startup founder whose behavior and company control attracted unflattering attention as the unicorn went public in 2017.He was asked what advice he’d give to founders looking to become CEOs of companies that have to answer to shareholders. His answer:“Don’t go public.”(Updates with board members suggesting Neumann’s removal.)\--With assistance from Gillian Tan, Matthew Boesler and Sarah McBride.To contact the reporters on this story: Ellen Huet in San Francisco at ehuet4@bloomberg.net;Scott Deveau in New York at sdeveau2@bloomberg.net;Gwen Everett in New York at geverett10@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, David Gillen, Daniel TaubFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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WeWork, WeWait, WeWorry: What’s Next for CEO Adam Neumann?

WeWork, WeWait, WeWorry: What’s Next for CEO Adam Neumann?(Bloomberg) -- Steve Schwarzman has doubts. So does Larry Ellison.And so, too, do the growing numbers of Wall Street bankers and investors who are all anxiously awaiting the next move by WeWork and its brash co-founder, Adam Neumann.Neumann was a no-show this week for a long-planned appearance at a SoftBank Group Corp. three-day retreat in Pasadena, California, according to people familiar with the the matter, a further sign that company executives are hunkering down. Once the WeWork initial public offering was postponed late Monday, organizers knew Neumann’s presence would be iffy, the people said. His planned appearance was rescheduled from the first day of the event at the Langham hotel to the last and then canceled altogether.In short order Neumann’s office-sharing company has gone from a get-rich story to a you’ve-got-to-be-joking melodrama -- from WeWork to WeWait to, now, WeWorry.On Sunday, it was reported that some WeWork board members supported removing Neumann as CEO and making him non-executive chairman. CNBC said Softbank chief Masayoshi San supported removing him. It was a brutal week. First, WeWork’s parent company, We Co., finally conceded that its grandiose plans for going public would have to wait.Then Schwarzman, one of the most powerful figures on Wall Street, threw shade on the company’s hoped-for valuation, which has already collapsed from upwards of $60 billion to $15 billion -- or lower.“I sort of went, what? How do you get this?” Schwarzman, the head of private equity giant Blackstone Group Inc., said of the early numbers Wednesday at a luncheon in New York. Ellison, chairman of Oracle Corp., went further, according to Barron’s. He told a group of entrepreneurs at his San Francisco home that day that WeWork is “almost worthless.”And it only gets worse. In London, two deals for major office buildings that are largely leased out to WeWork started to fray. Back in its hometown of New York, the company made a small round of job cuts. And the Wall Street Journal, examining WeWork’s over-the-top culture, reported that Neumann and his friends smoked marijuana on a private jet en route to Israel last summer -- and left a chunk of the drug behind, spurring the plane’s owner to summon it back.If all that weren’t enough, Neumann’s own bankers were getting antsy: They were looking to revise a $500 million credit line secured by WeWork stock -- an acknowledgment that those shares appear far less solid than they used to.New RisksAnd, by Friday, Wendy Silverstein, a big name in New York commercial real estate who joined WeWork last year as head of its property investment arm, had left the company. She’s spending time caring for her elderly parents.Even the president of the Federal Reserve Bank of Boston was adding to the angst. In a speech Friday in New York, Eric Rosengren warned that the proliferation of co-working spaces might pose new risks to financial stability.A WeWork representative declined to comment on Neumann’s canceled appearance at the SoftBank conference, citing the pre-IPO quiet period. SoftBank also declined to comment.Rarely has so much gone so wrong so fast for a young company in the spotlight. Neumann has begrudgingly agreed to cede some of his powers. The question now: Will that be enough?“I’ve never seen a company of this size and scale generate such a consensus of negative opinion in my long, long life of following IPOs,” said Len Sherman, a Columbia Business School adjunct professor whose 30-year business career included time as a senior partner at consulting firm Accenture Plc. “There is no box that they haven’t ticked when you think of all the reasons that you might be very concerned -- like blaring red lights. Like, oh my gosh, caution, danger, danger.”WeWork now hopes to go public next month. But even that may be optimistic. Neumann, also We Co.’s chief executive officer, has to persuade investors that his company -- which has raised more than $12 billion since its founding and never turned a nickel of profit -- is worth billions on the stock market.Deadline LoomsTime is short. WeWork must complete its IPO before the end of the year to keep access to a crucial $6 billion loan.The company’s $669 million of bonds due in 2025 have dropped 5 cents this week to 97.75 cents on the dollar as of Thursday, according to the Trace bond-price reporting system.A few hours after the Journal story hit Wednesday, investors at a Goldman Sachs Group Inc. conference in New York heard from Snap Inc.’s Evan Spiegel -- Neumann’s predecessor as a celebrated startup founder whose behavior and company control attracted unflattering attention as the unicorn went public in 2017.He was asked what advice he’d give to founders looking to become CEOs of companies that have to answer to shareholders. His answer:“Don’t go public.”(Updates with board members suggesting Neumann’s removal.)\--With assistance from Gillian Tan, Matthew Boesler and Sarah McBride.To contact the reporters on this story: Ellen Huet in San Francisco at ehuet4@bloomberg.net;Scott Deveau in New York at sdeveau2@bloomberg.net;Gwen Everett in New York at geverett10@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, David Gillen, Daniel TaubFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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Make climate fight 'sexy,' says Japan's new environment minister

Make climate fight 'sexy,' says Japan's new environment ministerKoizumi was speaking on the eve of a United Nations climate summit in New York where activists plan to float a blimp showing Prime Minister Shinzo Abe emerging from a bucket of coal to protest Japan's pans to build new coal-fired power plants. "In politics there are so many issues, sometimes boring.


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Huawei denies interest in acquiring Oi or any other Brazilian carrier

Huawei denies interest in acquiring Oi or any other Brazilian carrierChinese telecoms equipment maker Huawei Technologies Co said on Sunday it was not interested in acquiring struggling Oi SA or any other Brazilian carrier. Brazilian newspaper O Globo reported on Saturday in its online version that Huawei was joining forces with China Mobile <0941.HK> to potentially enter a dispute to buy Oi SA . "Huawei has no plan or interest in acquiring Oi or any other Brazilian carrier.


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Revered Artist Pat Steir Is Reinventing the (Color) Wheel in Her Latest Solo Exhibition

Revered Artist Pat Steir Is Reinventing the (Color) Wheel in Her Latest Solo ExhibitionHer spectrum of 28 paintings will be on show at the Hirshhorn Museum and Sculpture Garden from October 24.


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Paris Tutankhamun show sets new record with 1.42 mn visitors

Paris Tutankhamun show sets new record with 1.42 mn visitorsA blockbuster Tutankhamun show set a new all-time French record Sunday, with 1.42 million visitors flocking to see the exhibition in Paris, the organisers said. The turnout beat the previous record set by another Tutankhamun show billed as the "exhibition of the century" in 1967, when 1.24 million queued to see "Tutankhamun and His Times" at the Petit Palais. "Tutankhamun: Treasures of the Golden Pharaoh" -- which has been described as a "once in a generation" show -- will open in London in November.


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'Money Honey' Maria Bartiromo on Trump, AI and the future of work

'Money Honey' Maria Bartiromo on Trump, AI and the future of workNew documentary from Fox News journalist sheds light on how artificial intelligence is changing business.


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Suspected drones disrupt Dubai flights

Suspected drones disrupt Dubai flightsFlights at Dubai's international airport, one of the world's busiest, were briefly disrupted Sunday due to "suspected drone activity," officials said. Two arriving flights had to be diverted, it said, while media reports said the planes had landed at a smaller airport in the neighbouring emirate of Sharjah. "Dubai Airports can confirm that flight arrivals were briefly disrupted at Dubai International from 12:36 (0836 GMT) to 12:51 (0851 GMT) UAE local time this afternoon due to suspected drone activity," a spokesperson said in a statement Sunday.


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Trial approaching in California hospital antitrust case

Trial approaching in California hospital antitrust caseSpurred in part by former President Barack Obama's health care law, hospitals across the country have merged to form massive medical systems in the belief it would simplify the process for patients. About 1,500 self-funded health plans have sued Sutter Health, a system that includes 24 hospitals across Northern California.


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How GM's profit sharing offer to UAW workers missed the mark

How GM's profit sharing offer to UAW workers missed the markGM and the UAW are in day 7 of the strike. They continue to negotiate. One area where the union says GM fell flat is with its profit sharing offer.


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3 dead, 4 hospitalized after drug overdoses in Pittsburgh's trendy South Side Flats. All were wearing orange wristbands

3 dead, 4 hospitalized after drug overdoses in Pittsburgh's trendy South Side Flats. All were wearing orange wristbandsAll the victims are wearing orange paper bands on their wrists, police said. Those hospitalized were conditions ranging from critical to serious.


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Iconic Iowa steak fry draws historic crowd of 12,000 attendees, 17 presidential candidates

Iconic Iowa steak fry draws historic crowd of 12,000 attendees, 17 presidential candidatesPolk County, Iowa, Democrats Chairman Sean Bagniewski said organizers sold more than 12,000 tickets, purchased more than 10,500 steaks.


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