(Reuters) – Brokerage Morgan Stanley on Monday warned that lofty U.S. equity valuations could be questioned by investors if aggressive fiscal spending is curtailed after the downgrade of sovereign debt by ratings agency Fitch last week. MS equity strategist Michael J Wilson noted that massive fiscal stimulus, prompted by the COVID-19 pandemic since its outbreak…
By Dietrich Knauth NEW YORK (Reuters) – Oxycontin maker Purdue Pharma on Friday asked the U.S. Supreme Court to reject the U.S. Department of Justice’s request to delay its multi-billion-dollar bankruptcy settlement resolving thousands of lawsuits against it over the opioid epidemic. The department’s bankruptcy watchdog last week asked the Supreme Court to pause the…
By Rishav Chatterjee and Scott Murdoch (Reuters) -Global private equity firm Bain Capital will pay A$838 million ($551.3 million) for Australian aged care operator Estia Health, pushing the takeover target’s stock to a near five-year high in a sign that appetite for deals down under remains strong. The Sydney-based Estia said on Monday it had…
By Foo Yun Chee BRUSSELS (Reuters) -Adobe’s $20 billion bid for cloud-based designer platform Figma could reduce competition in global markets for interactive product design tools and also shut out rivals, EU antitrust regulators said on Monday. The European Commission said it opened a full-scale investigation into the deal after a preliminary review triggered concerns,…
(Reuters) -U.S. packaged food maker Campbell Soup will buy Michael Angelo’s and Rao’s owner Sovos Brands for $2.33 billion in cash, the company said on Monday, beefing up its meals and beverages business with the maker of premium Italian sauces. Campbell will pay $23 per share for Sovos, a nearly 28% premium to the stock’s…
(Reuters) -The U.S. Federal Trade Commission (FTC) on Monday told a federal court it wanted to drop its lawsuit against a proposed $11.7 billion proposed acquisition of data vendor Black Knight by NYSE-owner Intercontinental Exchange (ICE), as the sides try to negotiate a settlement to close the deal. The companies and the FTC filed a…
By Anna Mehler Paperny TORONTO (Reuters) – Members of the Lytton First Nation are again fleeing their homes amid record-setting blazes in the Canadian province of British Columbia, with the Indigenous community yet to replace dozens of buildings razed in a devastating fire two years ago. The First Nation ordered 14 people to evacuate late…
By Selena Li HONG KONG (Reuters) -Around 80% of Hong Kong-based investment banking staff at Credit Suisse will be made redundant starting this week, two people with knowledge of the matter said, as part of the bank’s integration with UBS Group. Only about 20 bankers will be spared the cuts that will impact Credit Suisse’s…
By Saeed Azhar NEW YORK (Reuters) -Goldman Sachs’ global head of commodities research Jeff Currie, a prominent analyst who accurately predicted a surge in commodity prices in the 2000s, is retiring, according to a memo seen by Reuters. Currie is leaving after 27 years. His departure is the latest high-profile exit from the Wall Street…
By Luc Cohen NEW YORK (Reuters) -A former FBI agent accused by U.S. prosecutors of working for sanctioned Russian oligarch Oleg Deripaska may change his plea in relation to criminal charges of evading U.S. sanctions and money laundering, court records showed on Monday. Charles McGonigal had previously pleaded not guilty. A change of plea hearing…
