Ken Griffin’s on the list. So are Larry Ellison and Marc Andreessen. Not to mention Morgan Stanley and Sequoia Capital.
Twitter Inc. is subpoenaing a veritable Who’s Who of Wall Street and Silicon Valley as part of its legal battle to force Elon Musk to complete his proposed $44 billion acquisition. The social media company is on the hunt for any evidence that shows Musk’s claim that he pulled the plug on the deal over bot accounts is just pretext — investors, bankers, friends or anyone else Musk might have spoken to about the deal are fair game.
Russian forces “lost” nine combat aircraft in Crimea and one more in the Zaporizhzhia region, Ukrainian President Volodymyr Zelenskiy said Wednesday in his nightly video address.
Speaking at an international donors conference in Copenhagen, Zelenskiy urged more funding and weapons for Kyiv. “The sooner we stop Russia, the sooner we can feel safe,” he said. Denmark and the UK, co-hosts of the meeting, each pledged more equipment.
- Haleon Plc extended their declines and have lost a combined $40 billion in market value since Tuesday’s close amid mounting concerns about litigations around recalled heartburn drug Zantac.
Sanofi fell about 13% on Thursday, taking its two-day decline to 20%, the steepest drop ever over that timeframe. GSK slid 6.9% in London, while its recent spinoff Haleon slumped 12%, taking its drop since Tuesday to 19%.
South Korea said the possible operation of a controversial American-made missile shield was “not negotiable,” pushing back at China’s efforts to hold President Yoon Suk Yeol to his predecessor’s pledge to freeze its deployment.
Decisions on the deployment of
China may be ready to curb some of the excess liquidity sloshing in the banking system as it turns its focus to mitigating risks in the financial industry.
The first sign of that could come at Monday’s medium-term lending facility operation. Eight out of 12 economists and analysts polled by Bloomberg are forecasting that the People’s Bank of China will withdraw cash through MLF for the first time this year by offering less cash than the 600 billion yuan ($89 billion) maturing this month. The median estimate is for a 400 billion yuan injection, and all of those polled expect the rate to be kept unchanged.
What's everyone talking about in the City of London? Every week, Bloomberg’s Francine Lacqua and David Merritt aim to find out by going behind the scenes in the Square Mile and the wider metropolis, uncovering the stories and speaking to the people that matter.
A major Bangladesh opposition party gathered thousands of supporters in capital Dhaka to protest a record fuel price hike announced by the government to preserve fuel reserves as it looks to multilateral lenders to shore up its foreign exchange reserves as import bills balloon.
The Bangladesh Nationalist Party described the weekend price hike by Prime Minister Sheikh Hasina’s government as a “tool to suppress people.” The protests are expected to expand to other cities and towns on Friday.
- Matthew Brooker is a Bloomberg Opinion columnist covering finance and politics in Asia. A former editor and bureau chief for Bloomberg News and deputy business editor for the South China Morning Post, he is a CFA charterholder. @mbrookerhk
- nine fighter aircraft in blasts that shook an airbase in Crimea, Ukrainian President Volodymyr Zelenskiy said. “In just one day, the occupiers lost 10 combat aircraft, nine in Crimea and one more in the direction of Zaporizhzhia,” Zelenskiy said. Russian officials denied Ukrainian strikes caused Tuesday’s explosions at the Saky airbase, at least 200 kilometers (124 miles) from the nearest front lines.
Rate hikes are (still) coming, gasoline prices fell, but rents are soaring.
Federal Reserve officials responded to softening inflation data by saying it doesn’t change the US central bank’s path toward even higher interest rates this year and next. Minneapolis Fed President Neel Kashkari, who prior to the pandemic was the central bank’s most dovish policy maker, said Wednesday that he wants the Fed’s benchmark interest rate at 3.9% by the end of this year and at 4.4% by the end of 2023. Yesterday's stock rally was fueled by bets that the Fed may turn less hawkish. Yet market observers cautioned that policy makers will want to see months more of evidence that price gains are slowing before they change their view. Economists are divided on whether slower CPI growth means the Fed could ease its aggressive rate-hiking program.
- Olaf Scholz tells Putin to take Nord Stream turbine; says “it’s here”Backs Nagel on fight to stem inflation Sees progress on Russia oil price cap plan; warns of difficulties ahead Warns nation faces “serious times” aheadSays knows nothing about controversial 200,000 euro cash find
A United Arab Emirates firm controlled by the country’s national security adviser has bought a 50% stake in a Turkish company with links to President Recep Tayyip Erdogan, marking the first major deal between the countries since a thawing of relations.
The Rhine River is set to drop well below a critical depth over the weekend, signaling further turmoil for shipments of energy supplies on one of Europe’s most vital waterways.
Water levels at Kaub, a key waypoint west of Frankfurt are poised to plunge to 33 centimeters (13 inches) by Aug. 15, according to
Chancellor Olaf Scholz promised citizens more financial assistance, with his government working on another relief package, as Germany scrambles to deal with surging energy prices brought on by Russia’s move to cut natural gas supplies.
“We are facing serious times, I think everyone in this country knows that,” Scholz said in Berlin on Thursday at his first summer press conference -- an open forum for questions from the media -- since taking power in December. “We will do everything we can to ensure that citizens get safely through this period,” he said, adding that “it will get difficult.”
Sudan secured Chinese backing to begin a $640 million restoration of its railway network, pressing ahead with the ambitious project despite an economic crisis worsened by last year’s coup.
Authorities this week took receipt of freight-train carriages from China’s
- Olaf Scholz tells Putin to take Nord Stream turbine; says “it’s here”Backs tax cuts to ease inflation burden Sees progress on Russia oil price cap plan; warns of difficulties ahead Warns nation faces “serious times” aheadSays knows nothing about controversial 200,000 euro cash find
China’s coal industry has come roaring back since last year’s supply crunch saw Beijing prioritize energy security, but a recent spate of accidents is now ringing alarm bells.
Production of the fossil fuel in Asia’s largest economy is up markedly this year, but that’s come at a horrible cost. Some 129 coal miners have died in accidents in the first seven months of 2022, according to figures from the National Mine Safety Administration.
- Exxon Mobil Corp. assets and backed the energy regulator’s decision to reject the deal, according to a spokesman.
Hours after Buhari’s office approved Seplat’s acquisition of Exxon’s shallow-water business on Aug. 8, the Nigerian Upstream Petroleum Regulatory Commission contradicted the head of state, who also serves as oil minister. The agency’s chief executive officer, Gbenga Komolafe, said in a statement that its previous rejection of the proposed transaction remained in place.
The International Energy Agency boosted its forecast for global oil demand growth this year as soaring natural gas prices and heatwaves spur industry and power generators to switch their fuel to oil.
World oil consumption will now increase by 2.1 million barrels a day this year, or about 2%, up 380,000 a day from the previous forecast, the Paris-based agency said in its latest monthly report. The extra demand that prompted the revision is “overwhelmingly concentrated” in the Middle East and Europe.
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