Monsanto rejects Bayer bid
Monsanto Co rejected a new acquisition proposal from Bayer AG, which was offering the same price it did last month, according to Dow Jones. Monsanto is seeking a higher offer, Dow Jones said, citing people familiar with the matter. Bayer had initially offered to pay US$122 a share on May 10 in a deal that valued Monsanto, the world’s largest seed supplier, and its debt at US$62 billion. That offer was rejected on May 24 as “incomplete and financially inadequate.” The report said Bayer is seeking access to detailed business information that Monsanto refuses to grant until it receives a higher offer.
Axel to buy EMarketer
Axel Springer SE agreed to buy market researcher EMarketer Inc for about US$250 million as the German publisher continues its push into digital businesses and English-speaking markets. The German media group is paying US$242 million for 93 percent of the shares in EMarketer, taking the company’s cash and debt into account. Two of the founders will remain invested in and continue to lead the company, Axel Springer said on Friday.
Spotify ‘not for sale’
Music streaming service Spotify Ltd will not ever sell out to a large US tech company, the startup’s chief executive officer and cofounder Daniel Ek said on Thursday. Speaking to reporters at a technology and music conference in Stockholm, Ek said that he sees the fact European entrepreneurs frequently sell their companies to larger US businesses as holding back the region’s technology sector, referring to King Digital Entertainment, bought by Activision Blizzard Inc for US$5.9 billion last year, and Minecraft developer Mojang, bought by Microsoft Corp for US$2.5 billion in 2014.
Economy grows 4.8%
The economy grew a robust 4.8 percent in the first quarter from the same period last year, continuing its resilient performance from last year, the statistics office said on Friday. The strong growth rate was helped by a 6.9 percent increase in household consumption, which has been the main driver of the country’s growth over the past few months.
Central bank cuts rate
The central bank on Friday cut its key interest rate by half a percentage point, the first reduction in nearly a year on the back of fading inflation fears and a recovery by the ruble thanks to a bounce in oil. Inflation has now steadied at about 7.3 percent, its lowest level since 2014, and the central bank has marked down its inflation forecast for this year to between 5 and 6 percent, and said inflation would hit its long-term target of 4 percent by next year.
China Online shares fall
China Online Education Group (中國在線教育集團), which offers online English-language training and is funded by venture capital firms, including DCM Ventures and Sequoia Capital, fell on its first day of trading in the US after raising US$46 million in an initial public offering. The American depositary receipts dropped 0.1 percent to US$18.98 in New York on Friday, after climbing as much as 10 percent.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion