Mixed results…Takeover blocked…New China regulator
BANGKOK (AP) – Shares were mixed in Europe and Asia on Tuesday after China announced it was shaking up its financial regulatory regime. Futures point to opening gains on Wall Street. Benchmark U.S. crude oil slipped but remains above $61a barrel. The dollar rose to 106.90 yen from 106.41 late Monday. The euro fell to $1.2330 from $1.2336.
WASHINGTON (AP) – President Donald Trump blocked Singapore chipmaker Broadcom from pursuing a hostile takeover of U.S. rival Qualcomm, ruling the proposed combination would imperil national security. The decision, announced late Monday, abruptly ends Broadcom’s four-month, $117 billion bid to buy Qualcomm – a deal that would have been the largest ever completed in the technology industry. In a statement, Broadcom said it “strongly disagrees” that the acquisition raises any national-security concerns.
BEIJING (AP) – China’s government announced plans Tuesday to create a newly powerful regulator to oversee scandal-plagued banking and insurance industries as they try to reduce debt and financial risk. The move is in line with the ruling Communist Party’s efforts to gain more direct control over the state-dominated economy and reduce financial risk following a run-up in debt that prompted global rating agencies to cut Beijing’s government credit rating last year.
JAKARTA, Indonesia (AP) – Southeast Asian ride hailing app Grab is expanding into financial services in partnership with a Japanese credit card company, hoping to offer credit to millions of people without bank accounts. Grab, founded by Malaysian businessman Anthony Tan, said Tuesday it will use its “huge cache” of customer data from the app to provide ways to measure creditworthiness of people outside the formal banking system.
CLERMONT, Ky. (AP) – Bourbon barrel No. 15 million has taken its place in a Jim Beam warehouse in Kentucky. Beam on Monday filled its 15 millionth barrel of bourbon since the end of Prohibition. The company says it’s a first for a Kentucky distillery. It was filled and sealed by seventh-generation Master Distiller Fred Noe and his son, Freddie, at Beam’s flagship distillery in Clermont. Employees at the company’s Clermont, Boston and Frankfort plants signed the barrel, which will be stored in a nine-story warehouse rebuilt by Jim Beam after Prohibition on the Clermont distillery grounds.