- Exec Sum
- Trouble in the Desert
Trouble in the Desert
Thousands were stranded in Burning Man after a storm turned the desert into muck, investors are feeling antsy after a summer rally, Delta is the US’s top airline in several categories, Xi is skipping the G20 summit, diamond prices are in free fall, and another Binance exec left the company.
Thousands were stranded at Burning Man after a storm turned the desert into muck, investors are feeling antsy after a summer rally, Delta is the US’s top airline in several categories, Xi is skipping the G20 summit, diamond prices are in free fall, and another Binance exec left the company.
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Let’s dive in.
Before The Bell
As of 9/1/2023 market close.
US stocks inched slightly higher as investors weighed the latest US jobs report data
The Dow led indices with a 0.33% gain
Asian stocks surged upwards, led by Hong Kong’s HSI
What we're watching this week:
Today: Zscaler, Github, Asana
Wednesday: UiPath, Gamestop, C3.AI, Chargepoint
Full calendar here
Thousands leave Burning Man after weekend mired in mud (WSJ)
Biden gets low marks on economy and major concerns about his age as he looks to rematch Trump (CNBC)
Investors head into fall with jitters after summer rally (WSJ)
Mercedes and BMW want to take on Tesla (CNBC)
Why China is avoiding using ‘bazooka’ to spur economy (BBG)
Delta is the No. 1 domestic airline for on-time arrival, service, comfort and more (CNBC)
Musk blames Anti-Defamation League for X’s US ad sales slump (BBG)
Iran slows buildup of near-weapons-grade nuclear fuel (WSJ)
Germany is the ‘sick man of Europe’ - and it’s causing a shift to the right (CNBC)
Warren Buffett’s green cash washes over coal country (WSJ)
Oil executives are surprisingly optimistic on Chinese demand (BBG)
Chinese gate-crashers at US bases spark espionage concerns (WSJ)
Chevron faces two-week total strike at Australia LNG projects (RT)
Xi to skip G20 summit in India, China to send Li instead (CNBC)
Teardown of Huawei’s new phone shows China’s chip breakthrough (RT)
North Korea’s Kim Jong Un expected to meet Putin in Russia (WSJ)
Diamond prices are in free fall in one key corner of the market (BBG)
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M&A / Investments
The FTC accepted a binding settlement from Amgen that allows its $27.8B acquisition of Horizon Therapeutics to proceed (BBG)
CVC Capital Partners is nearing a deal to acquire $17.3B infrastructure investor DIF Capital Partners (BBG)
Canada’s Competition Bureau approved Royal Bank of Canada’s $10B offer to buy HSBC’s domestic unit (RT)
L’Occitane International’s billionaire chairman ended talks to potentially take the $6.5B skin care company private (BBG)
SentinelOne denied recent reports that the $5B cybersecurity company was exploring a sale (CNBC)
Saudi Arabia’s PIF will create a new national steel giant with its $3.3B EV acquisition of the metals unit of chemicals maker Saudi Basic Industries (BBG)
Barclays is exploring a stake sale of its $2.5B UK payment processing unit to find a partner that will help grow the business (RT)
Indian billionaire Mukesh Ambani's Reliance Retail Ventures is in talks with global investors to raise $2.5B by the end of September ahead of a possible stock market listing (RT)
EU is set to block US online travel site Booking Holding’s $1.8B acquisition of Sweden’s Etraveli Group over competition concerns (FT)
Cemex is exploring a sale of its Dominican Republic business, which could fetch more than $1B (BBG)
European PE firm Permira will buy UK biopharmaceutical services company Ergomed for $886M (RT)
UAE's Global Investment Holding will buy a 30% stake in Egypt’s main tobacco products maker Eastern for $625M (RT)
Robinhood will buy back SBF’s stake in the digital broker for $606M from the United States Marshal Service (RT)
British retailer Next will raise its stake in upmarket fashion chain Reiss Group to 72% from 51% by buying Warburg Pincus’ shares (RT)
Nestlé divested its peanut allergy business Palforzia, which it acquired three years ago for $2.6B, after insufficient demand (FT)
Octopus Energy Group will acquire Shell’s home energy retail business in the UK and Germany for an undisclosed sum (BBG)
Nigerian energy company Oando bought Agip Oil Company from Italy’s Eni (RT)
Subscription canine cuisine startup Butternut Box raised a $354M round from General Atlantic and L Catterton (TC)
Indian electric vehicle startup Ather Energy is raising an additional $66.5M from current investor Hero MotoCorp, the world’s top two-wheeler maker (TC)
Superluminal Medicines, a generative biology and chemistry startup, raised a $33M seed round led by RA Capital Management (FN)
Innovac Therapeutics, a biotech startup focused on mRNA therapeutics, raised an $18M Series A led by Elikon Venture, Vision Plus Capital, Yunion Healthcare Ventures, and more (FN)
AskUIRaises, a German UI automation company, raised a $4.6M seed round led by Eurazeo (FN)
Facets.cloud, a self-serve infrastructure management platform, raised a $4M seed round led by 3one4 Capital (FN)
Stroom, a startup developing a Bitcoin liquid staking protocol in the Lightning Network, raised a $3.5M seed round led by Greenfield (FN)
Woba, a Danish startup providing an HR platform for employee retention, raised a $3.2M seed round from PreSeed Ventures and EIFO (FN)
Dental tech startup Mimetrik raised a $2.5M seed round led by Northern Gritstone (FN)
Embedded finance platform Anchor raised a $2.4M seed round led by Goat Capital (TC)
AI health and wellness platform Miri raised a $1.2M pre-seed round led by Sassafras Investments (FN)
IPO / Direct Listings / Issuances / Block Trades
SoftBank Group lined up customers Apple, Nvidia, Alphabet, and AMD as strategic investors for Arm’s $50B-$55B IPO (RT)
German medicine container maker Schott Pharma is planning an IPO in September and could seek a $4.3B+ valuation (RT)
German tank gearbox maker Renk is planning an IPO in September and could be valued at ~$2.7B (RT)
Chinese EV maker Hozon Auto appointed Morgan Stanley and China International Capital Corporation to work on a Hong Kong IPO that could raise up to $1B (RT)
Filipino water company Maynilad Water Services is mulling a Manila IPO that could raise $750M-$1B (BBG)
Omani energy firm OQ plans to sell a 49% stake in its gas pipelines unit in a domestic IPO that could raise up to $800M (BBG)
Cloud and data security startup Rubrik, which is backed by Microsoft, is on track to hold its IPO this year and could raise $500M-$700M (BBG)
India's Jio Infocomm, the telecom unit of Reliance Industries, is in talks to raise $2B in offshore loans from BNP Paribas to fund the purchase of 5G network gear from telecom Ericsson (RT)
Bankruptcy / Restructuring
Carvana completed its debt restructuring plan, slashing $1.3B worth of debt and saving the car seller $455M in annual interest expenses (BBG)
London Stock Exchange Group is looking into using blockchain to build an ‘end-to-end digital market ecosystem to raise and transfer capital across asset classes’ (RT)
Former SEC chair Jay Clayton believes that spot-Bitcoin ETF approval is ‘inevitable’ despite delays (CT)
Binance’s Global Product Lead departed the company, one of many executives leaving the exchange (CD)
Caroline Mimbs Nyce covered the weird ways in which driverless cars are changing American streets in The Atlantic.
Corey Hoffstein shared 15 lessons from his 15 years running Newfound Research.
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