Saudi Arabia’s sovereign wealth fund seeks bank loans. Delano’s breakfast briefing for Friday.
US-China trade talks
Washington and Beijing have concluded two days of talks to reduce trade tensions without an agreement, reported the Financial Times and Reuters. On Thursday, the US introduced punitive tariffs on Chinese imports worth $16bn (bringing the recent total to $50bn); a move immediately countered by China, said NPR. A US retailers trade group called the tariffs a hidden tax on American consumers, reported the South Morning China Post.
Morrison named new Australian PM
Huawei banned in Australia 5G project
The Australian government has banned the Chinese telecom equipment makers Huawei and ZTE from supplying gear for Australia’s new 5G mobile network, reported the Australian Broadcasting Corporation, Deutsche Welle and Washington Post. Canberra cited national security concerns. Huawei said it was not controlled by Beijing.
Saudi fund taps bank loans
Saudi Arabia’s sovereign wealth manager, the Public Investment Fund, is seeking $16bn in bank loans after the delayed IPO of the country’s oil company, Saudi Aramco, reported the Financial Times. Meanwhile, Saudi Aramco is buying the chemicals firm Sabic, which “will create a more diversified energy giant”, said The Economist.
Rise in Roundup suits
The Monsanto unit of Bayer faces a growing number of lawsuits after losing a $289m cancer case in California, reported the BBC. Dewayne Johnson successfully claimed that Monsanto’s Roundup and RangerPro herbicides caused his terminal non-Hodgkins lymphoma. Bayer said the number of outstanding cases had increased from 5,200 to 8,000.
Ryanair finds accord with Irish pilots
Low-cost carrier Ryanair inked a deal with the Irish pilots union Forsa, raising hopes that agreements can be reached with other unions across Europe and further strikes avoided, reported the Telegraph. The news drove up Ryanair shares, noted MarketWatch.
Snakes in a library
A public library in Washington DC was closed for two days after staff noticed a number of live snakes inside the building, according to the Washington Post. The Associated Press noted that the library held an animal show featuring (“invited”) snakes a few days later.
Today’s breakfast briefing was written by @aarongrunwald.
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