Bill Ackman rejigs Universal deal after regulators probe SPAC plan
Billionaire investor Bill Ackman will buy up to 10% of Vivendi’s (VIV.PA) Universal Music Group through his main hedge fund, rather than a special purpose acquisition company, after investors and regulators questioned his use of a SPAC.
AIG to sell life and retirement unit stake to Blackstone, another with IPO
American International Group Inc (AIG.N)plans to use an IPO to sell part of its life and retirement business, while Blackstone Group Inc (BX.N)agreed to buy a sizeable stake, according to a person familiar with the matter.
Daimler reports Q2 preliminary adjusted EBIT of $6.42 bln
Mercedes-Benz maker Daimler AG (DAIGn.DE) on Thursday reported preliminary adjusted group earnings before interest and tax (EBIT) of 5.42 billion euros ($6.42 billion) for the second quarter, with car and truck divisions beating analyst targets.
U.S. producer prices post biggest annual gain in more than 10-1/2 years
U.S. producer prices accelerated in June, leading to the largest annual increase in more than 10-1/2 years, suggesting inflation could remain high as robust demand fueled by the economy’s recovery from the COVID-19 pandemic strains the supply chain.
Wells Fargo wary on prospect of asset restriction easing
Wells Fargo & Co’s(WFC.N)Chief Executive Officer Charlie Scharf said the bank was not yet planning for the end of a damaging asset cap imposed by regulators after it smashed Wall Street estimates for second-quarter earnings.
Musk defends timing of Tesla’s $2.6 bln deal for SolarCity
Elon Musk told a judge on Tuesday Tesla Inc (TSLA.O) had to buy SolarCity in 2016 because the failing solar panel company was essential to the electric vehicle maker’s long-term goal of accelerating the transition to sustainable energy.
U.S. consumer prices post largest gain in 13 years; inflation has likely peaked
U.S. consumer prices increased by the most in 13 years in June amid supply constraints and a continued rebound in the costs of travel-related services from pandemic-depressed levels as the economic recovery gathered momentum.
Japan’s Q3 growth forecast cut as new pandemic curbs hit: Reuters poll
Japan’s economy will grow at a slower pace than initially expected in the third quarter, as fresh coronavirus emergency curbs in Tokyo, extending through the Olympic Games, weigh on consumption, a Reuters poll found.
Italy’s Ali Group hungry for bigger slice of U.S. fast-food market
Italian family business Ali Group expects its planned takeover of U.S. catering equipment rival Welbilt to boost sales as Americans’ appetite for takeaways and meal delivery drives a resurgent U.S. fast-food market, the company told Reuters.
American Airlines forecasts first positive cash flow since pandemic began
American Airlines (AAL.O) said on Tuesday it expects positive cash flow in the second quarter for the first time since the pandemic began, reversing a trend of cash burn of about $100 million a day when global travel had ground to a halt.
