Corporations and Foreign Nations Pivot to Lobby Biden

first_imgPrecision Strategies, the self-described “integrated strategy and marketing agency” co-founded by Mr. Biden’s campaign manager and incoming deputy White House chief of staff, Jennifer O’Malley Dillon, was retained starting in August to do public relations work by the American Investment Council, a lobbying group representing private equity firms.One of the most prominent of these firms is SKDK, which provides communications and fund-raising advice to corporate, political and foreign clients, including the Biden campaign, a super PAC started by the former New York City Mayor Michael R. Bloomberg, and an Israeli spyware firm. (SKDK has registered under lobby laws in the past, but it says that was for public affairs consulting and that it does not lobby.) Others well positioned to profit in the Biden era include the lobbying firm owned by Jeff Ricchetti, the brother of Mr. Biden’s campaign chairman and incoming White House counselor, Steve Ricchetti, and a firm co-founded by Jeffrey Peck, who worked on the Senate Judiciary Committee under Mr. Biden and served as treasurer of the Biden Foundation.Mr. Peck deregistered as a lobbyist early this year, but the firm that bears his name continues to do a brisk lobbying business, adding clients like the International Franchise Association in the months before the election.The Biden administration is also expected to generate new business for firms with connections to Mr. Biden or his team that help clients get their way in Washington without formally registering to lobby — including WestExec Advisors and Albright Stonebridge Group, as well as Beacon Global Strategies. Beacon Global, which has represented Raytheon and Citi among other clients, was co-founded by Jeremy Bash, a former Obama Defense Department official who has worked closely with Mr. Biden’s newly named White House chief of staff, Ron Klain.- Advertisement – – Advertisement –center_img Ms. Podesta, who runs a lobbying firm with dozens of corporate clients, including Apple and Yelp, said she had seen a surge in interest in her Democratic-leaning firm, signing up new clients in recent weeks in advance of an expected Biden win. “The real shift will come in December,” she said. “It takes a while for Fortune 500 companies to make these decisions.”- Advertisement –last_img read more

PLN eyes Rp 391t in revenue next year, aims for healthy finances

first_imgState-owned electricity company PLN aims to earn Rp 391.6 trillion ($26.7 billion) in revenue and spend Rp 378.2 trillion in expenses next year, as it strives to balance the company’s finances amid low demand this year.PLN president director Zulkifli Zaini said on Tuesday the company would raise income by selling more power to large-scale customers, particularly industries, and by escalating marketing campaigns.“[This is] in achieving a healthy financial position in 2021 so we can ensure operational continuity,” the former banker told House of Representative lawmakers in Jakarta. The company, he continued, would minimize costs by deploying renewables in hard-to-reach areas and by maximizing the use of price-capped coal and gas, as required by the government’s Domestic Market Obligation (DMO) policy.So far, Indonesia’s sole electricity distributor booked Rp 139.8 trillion in revenue in the first half this year, a modest increase of 1.6 percent from the same period last year, as power consumption growth was dampened by large-scale social restrictions (PSBB) implemented to prevent COVID-19 transmission.PLN’s operating costs dropped 1.7 percent year-on-year (yoy) to Rp 149.9 trillion in the first half of the year. Its profit saw a steep fall of 96 percent yoy to Rp 251.6 billion in the same period due to a weak rupiah-dollar exchange rate and electricity relief schemes, among other things.Read also: PLN profit nosedives by 96 percent amid foreign exchange lossesPLN’s unhealthy finances have sparked worries among many stakeholders, as the company, which monopolizes electricity distribution, plays a pivotal role in Indonesia’s power and renewables industry.The electricity firm earned Rp 285.6 trillion in revenue and spent Rp 315.4 trillion in operating expenses in 2019, according to the company’s financial report.PLN has yet to announce projected earnings for this year.The Institute for Energy Economics and Financial Analysis (IEEFA), which conducted a recent study on PLN’s financial performance, projects PLN to earn Rp 314.4 trillion and spend Rp 398.2 trillion by 2021.Topics :last_img read more