The transaction includes 970 fuelling stations, with 843 operating under the JET brand. The deal marks another major private equity-led carve-out from a global corporate undergoing strategic realignment, as Phillips 66 responds to mounting shareholder pressure to streamline operations and unlock value. Phillips 66 will retain a 35% non-operating stake in the newly formed joint venture and has secured a multi-year fuel supply agreement from its MiRO refinery in Karlsruhe, ensuring continued revenue from fuel sales. The divestment follows pressure from activist investor Elliott Investment Management, which holds a $2.5bn stake in Phillips 66 and is pushing for broader structural reforms. Elliott has called for the company to shed non-core assets and is lobbying for board representation at the upcoming annual general meeting on 21 May, with support from proxy advisory firms ISS and Glass Lewis. Phillips 66 expects to receive approximately $1.6bn in pre-tax cash proceeds from the transaction. The funds will be used to reduce debt and return capital to shareholders as the company seeks to bolster investor confidence ahead of the AGM....

Sources indicate that at least four universities are actively pursuing transactions to generate liquidity ahead of anticipated changes to investment income tax, which could jump from 1.4% to as high as 21% for the richest institutions. The urgency is compounded by falling private equity distributions, which dropped to just 11% of net asset value in 2024, down from 29% during 2014'2017, according to Bain & Company. Harvard Management Company is reportedly considering the sale of approximately $1bn in private equity assets to strengthen liquidity and ensure capital availability for future commitments. Yale, meanwhile, has attempted to offload venture and growth fund stakes with more established buyout assets bundled in to entice buyers, but has so far received few competitive offers. One endowment executive disclosed that recent pricing hovered around 80 to 85 cents on the dollar. Another institution increased its cash allocation from 3% to 5% in recent months to navigate capital calls and potential budget demands....

On a recent episode of Saturday Night Live, the cast member Sarah Sherman dropped by the 'Weekend Update' desk in character as the accountant Dawn Altman, the latest in her repertoire of high-strung weirdos. Altman was theoretically there to give one of the co-anchors, Colin Jost, some bad news about his tax returns. Instead, she proceeded to accuse him of using cocaine, allowing his personal plane to be used for ICE deportations, employing the financial services of Jeffrey Epstein, and, finally, running some sort of sex-slavery ring right behind the 'Update' set. All the while, Jost endured this barrage by cycling through a number of pained, embarrassed responses'sighing, shaking his head, muttering 'Okay, okay,' and eventually putting his head in his hands. When Jost first took the job as a 'Weekend Update' co-host in 2014, he came off like a cocky prep-school kid doomed to discover that the rest of the world does not share the high opinion he has of himself. Some armchair critics and social-media users sighed that of course Lorne Michaels had given the show's most prestigious job to another 'bland white guy,' a sign that this most hidebound of institutions was unable to adapt to a changing world. But eventually, Jost seemed to find that he could win the public's goodwill by acknowledging its disdain. Leaning into his unlikability gave Jost a distinctive comedic energy'and, funnily enough, made him a lot more likable....

Hollywood trade publications often call attention to how the film industry is in danger: If a hotly anticipated movie bombs at the box office, it's evidence of people not going to theaters anymore; if a studio shelves a completed film in exchange for a tax write-off, it's a sign of diminished optimism in cinema both commercially and artistically. But on May 4, President Donald Trump seemed to sound his own alarm when he suddenly announced on Truth Social that he'd be placing a '100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands.' The reason, according to the post, seemed to be his belief that 'the Movie Industry in America is DYING a very fast death''and that the growth of filmmaking opportunities abroad is apparently at fault. Observers couldn't quite tell what the explicit target was'American movies filmed overseas' International films seeking American distribution' Questions also arose as to whether such tariffs could even be enforced, or what form they could take. Despite the confusion, the proclamation still seemed potentially devastating to many: 'This is an 'everyone loses, no one gains' policy,' one producer said of the possible fallout....