Bloomberg Businessweek Europe - 23.09.2019

Bloomberg Businessweek September 23, 2019

 IN BRIEF

By Benedikt Kammel

○ Israel faces

political paralysis

after the second

general election

this year ended

in stalemate.

○The Federal Reserve cut

its target for the federal

funds rate by a quarter-

point on Sept. 18, to a

range of 1.75% to 2%. Two

voters opposed any cut,

while one said it should

have been bigger. Futures

traders are looking for one

more cut in 2019.

○ Novartis AG’s Sandoz

unit said it was halting

worldwide distribution

of its generic versions of

the stomach drug Zantac,

days after regulators

in the U.S. and Europe

began investigating the

discovery of a potentially

cancer-causing chemical in

the medications.

○ WeWork

postponed its

initial public

offering after a

backlash from

investors.

○ FedEx tumbled 9.8% on

Sept. 17 after the logistics

company sharply cut its

profit outlook, citing trade

tensions and a slowing

global economy.

○ SeaWorld abruptly

replaced CEO Gustavo

Antorcha with its chief

financial officer after he’d

been in the job a little over

six months. The company

has been under fire ever

since a 2013 documentary

criticized its handling of

captive orcas.

○ AB InBev is making a

second attempt to float

its Asian unit in an IPO, a

transaction that is set to

raise as much as

$4.8b

The brewer had shelved

the planned listing in

July, citing “prevailing

market conditions.”

○ General Motors suffered

its first strike from the

United Auto Workers in

a dozen years, in a battle

over jobs and benefits. The

dispute may cost the U.S.

carmaker about

$50m

a day in earnings before

interest and tax, some

analysts estimate.  44

○ “I’m

afraid

that

this

might

drag

on for a

while.”

Bernard Chan, a top adviser to Hong

Kong leader Carrie Lam, saying

the government doesn’t see any

benefit in conceding to more demands

from protesters.

○ Saudi Arabia displayed what it said was a misfired cruise missile used in a

Sept. 14 attack against one of its huge refineries. Though Yemen’s Houthi rebels

claimed the assault, the U.S. alleged that Iran was behind it.  10

Neither Prime Minister Benjamin

Netanyahu nor his rival, former military

chief Benny Gantz, managed to win

the minimum 61 seats required to form

a majority government, forcing both to

attempt to form coalitions.

They questioned the shared

workspace company’s governance,

valuation, and business prospects.

The IPO is likely to be delayed until at

least October, people familiar with the

matter said.

9/14/

$

9/18/

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○ U.K. travel company Thomas Cook filed for Chapter 15 protection in the U.S. as part of a debt restructuring.

○ Former Italian Prime Minister Matteo Renzi is starting a new centrist party, while pledging support to the government.

○ Manhattan prosecutors subpoenaed President Trump’s personal and corporate tax returns from his accounting firm.

○. Starting in October, Amazon customers will be able to use Alexa to donate up to $200 to presidential campaigns.

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PHOTOS: SAUDI: AMR NABIL/AP PHOTO; SEAWORLD: GETTY IMAGES; CHAN: JUSTIN CHIN/BLOOMBERG. DATA: COMPILED BY BLOOMBERG