its costly battle for China’s riders, swapping its local operations there for a minority stake in the country’s homegrown champion. The new entity combines Didi Chuxing’s (Private:DIDI) most recent valuation of $28B and Uber China’s $7B for a $35B market capitalization. Didi will also make a $1B investment in UBER as part of the complex deal, which will end the bruising competition between the two firms.
in considering an interest rate increase due to lingering risks to the U.S. economy, New York Fed President William Dudley declared, describing Friday’s GDP growth figure of 1.2% as “sluggish.” Although he said it was “premature” to rule out monetary policy tightening in 2016, he added that negative shocks were more likely than positive ones due to the unknown fallout from Brexit, a strong dollar and because it was safer to delay a move with rates so low.
painted a mixed picture in July, with the official activity gauge unexpectedly slipping into contraction territory while another survey pointed to an expansion for the first time in 17 months. The government’s manufacturing PMI came in at 49.9, but Caixin’s figure, which tracks smaller-scale private firms compared to the official gauge, rose above the key 50 level for the first time since February 2015.
: Manufacturing growth across the eurozone eased in July, with Markit’s PMI for the bloc dropping to 52.0 from 52.8 in June, while Greek factory activity fell back in contraction. Sterling pulled back from the highs hit late last week on weak manufacturing figures, signaling some economic backlash from June’s Brexit vote. Japanese factory activity shrank in July at a slower pace than the previous month but new export orders contracted the fastest in more than 3.5 years.
would hand China “the keys to the castle” on globalization and do nothing to solve the real problems underlying American anxiety over jobs, according to U.S. Trade Representative Michael Froman. The tariff-slashing deal has turned into a hot-button topic in the run-up to the Nov. 8 presidential election, threatening to dampen support from lawmakers needed to pass an agreement critics condemn as a job-killer.
and the China Securities Regulatory Commission are discussing an agreement that will pave the way for landmark financial services projects between the countries, easing fears that the U.K. could be a less attractive partner in a post-Brexit world. The scheme includes cooperation on a regulatory framework for distributing fund products in each other’s jurisdiction and a proposed London-Shanghai link for trading shares.
now but there are expectations that there will be balance between demand and supply in the market,” Iran’s Oil Minister Bijan Namdar Zanganeh said after a Reuters survey showed OPEC’s oil output this month was likely to reach its highest point in recent history. Today also marks the first day at the desk for OPEC’s new general secretary. Nigeria’s Mohammed Barkindo will be the first new top official at the cartel in almost a decade. Crude futures -1.4% to $41.04/bbl.
has expressed confidence in Rio de Janeiro’s ability to pull off a successful Olympics (beginning this Friday), despite fresh data showing surging crime rates in the capital. Around 85,000 security personnel are expected to be deployed during the Games, the largest contingent for a mega event, to guard the half a million visitors expected to descend upon Rio.Click here for reuse options!