2019-08-26 Bloomberg Businessweek

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BloombergBusinessweek August26, 2019

DIMON:

GIULIA

MARCHI/BLOOMBERG. ICELAND: FELIPE DANA/AP PHOTO. GRACE 1: JORGE GUERRERO/AFP/GETTY IMAGES. HARRIS: DANIEL ACKER/B

LOOMBERG

 IN BRIEF

By Benedikt Kammel

○ Germany risks recession

in the third quarter amid

weak corporate earnings

and lackluster industrial

output, the country’s

central bank warned. The

government is studying

stimulus measures to boost

the economy in case of a

downturn, people familiar

with the plan said.  29

○ The Iranian oil tanker Grace 1, which

had been held off Gibraltar since early

July, headed into the Mediterranean

on Aug. 18 after being renamed Adrian

Darya 1 and reflagged. The U.S. has

warned that ports, banks, and anyone

else who does business with the

vessel or its crew might be subject to

sanctions.

○ Madison Square Garden

shares fell almost 10% on

Aug. 20, the most ever,

after the live entertainment

company revealed that a

new outpost in Las Vegas

has hit major cost overruns.

The so-called Las Vegas

Sphere, due to open in 2021,

was set to cost $1.2 billion,

but the contractor now

estimates the expense at

$1.7 billion.

○ Hong Kong

conglomerate

CK Asset

Holdings agreed

to pay £2.7 billion

($3.3 billion) for

Greene King,

which operates

more than

2,700 British

bars, restaurants,

and hotels.

○ Just two days before

committing suicide, financier

Jeffrey Epstein wrote a

will stating he had assets

of about

$578m

which he had placed in a

trust. The move may make

it harder for women who

accused him of sexually

abusing them while

theywereunderageto

collectdamages.

○ Huawei won a 90-day

extension on a limited set

of exemptions that shield

rural networks and other

U.S. customers from a ban

on doing business with the

Chinese company. Founder

Ren Zhengfei said Huawei is

at a “live or die moment” and

urged employees to form

“commando squads” and

find growth opportunities.

○ Bayer will sell its

animal health business

to Elanco for

$7.6b

The sale helps raise funds

the German company might

need to settle thousands

of claims that its Roundup

weedkiller causes cancer.

○ Corporate leaders

including JPMorgan CEO

Jamie Dimon (left)

and Amazon. com

founder Jeff

Bezos pledged to abandon

a shareholder-fixated

profit strategy. In total,

181 high-ranking executives

promised to adhere to an

approach that benefits

employees, customers,

investors, and society

at large. ○ Iceland held a symbolic funeral for the Okjökull glacier, laying down a

commemorative plaque to mourn the vast ice field as a victim of global warming.

○ “I believe in

capitalism, b

capitalism is

not working f

most people

California Senator Kamala Harris courted

donors in New York’s affluent East Hampton

as she continues her bid for the Democratic

presidential nomination, a crowded field

currently led by former Vice President JoeBide

oll damag

en.

○ The world’s first 30-year bond paying zero interest flopped. Germany sold only 41% of its targeted amount.

○ China detained a U.K. Consulate employee in Hong Kong, fueling concern about the safety of diplomatic staff in China.

○ A bomb attack on a wedding in Kabul, Afghanistan, left 63 dead. An affiliate of Islamic State claimed responsibility.

○ Apple plans to introduce a movie and TV subscription service this fall, starting with a small selection and free trials.