(Bloomberg) -- Uber Technologies Inc.’s board of directors has approved a $2.65 billion acquisition of food delivery rival Postmates Inc. in an all-stock deal, expected to be announced as soon as Monday morning in the U.S., according to people familiar with the matter.Uber’s head of food delivery, Pierre-Dimitri Gore-Coty, is expected to continue to run Uber’s combined delivery business, according to a person who asked not to be identified discussing a private deal. The acquisition comes on the heels of Uber’s failed bid to acquire publicly traded GrubHub Inc., which was scooped up by Europe’s Just Eat Takeaway for $7.3 billion.Representatives for Uber and Postmates declined to comment.The deal would help Uber gain ground against privately-held DoorDash, which is the market leader in U.S. food delivery. While Postmates hasn’t kept apace with DoorDash, it established a strong position in Los Angeles and the American Southwest, both of which could be valuable...
The head of the French cybersecurity agency ANSSI said there would not be a total ban on using equipment from Huawei in the rollout of the French 5G telecoms network, but that it was pushing French telcos to avoid switching to the Chinese company. "What I can say is that there won't be a total ban," Guillaume Poupard told Les Echos newspaper in an interview. "(But) for operators that are not currently using Huawei, we are inciting them not to go for it."...
Jul.05 -- The British government is preparing to begin phasing out the use of Huawei Technologies Co. equipment in the U.K.’s 5G telecoms network as soon as this year, a person familiar with the matter said. Selina wang reports on "Bloomberg Daybreak: Asia."...
(Bloomberg) -- Oil in London was anchored near $43 a barrel as investors weighed tightening crude supplies and robust U.S. economic data against surging coronavirus infections.Libya’s oil exports are expected to slide this month as forces opposed to the government continue to block shipments, adding to coordinated OPEC+ cuts, while data last week showed the American labor market rebounded in June. However, a surge in U.S. virus cases has pushed global infections above 11.3 million, prompting concerns the recovery may be derailed.See also: Markets Torn Between Robust Economic Data and Rising Virus CasesWhile Brent oil has doubled since April as OPEC+ reduced output to tackle a glut, surging infections across the globe has increased fears of a prolonged hit to demand and kept a lid on further gains. OPEC and its allies are yet to decide on whether to extend their full production cutbacks after July, Russian Energy Minister Alexander Novak...
Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]...
Jul.05 -- While Donald Trump has yet to sign legislation that would impose sanctions on certain Chinese officials over Hong Kong, an administration official says the President is considering two or three actions against Beijing. Selina Wang reports on "Bloomberg Daybreak: Asia."...
(Bloomberg Opinion) -- Warren Buffett finally made a deal, but those fireworks you heard weren’t for him. As the U.S. closed out the Fourth of July holiday weekend, Berkshire Hathaway Inc. said that it’s acquiring nearly $10 billion of natural-gas assets and associated debt from Dominion Energy Inc. It may not be the awe-inspiring mega-purchase that his followers have patiently awaited. Still, there’s much that can be gleaned from it about Buffett’s frame of mind as the nation enters month five of a pandemic that’s otherwise kept the famed investor on the sidelines. This is Berkshire’s biggest acquisition since 2015, yet it’s small by Berkshire standards — a relatively low-risk deal in the midst of a recession that’s set to change the outlook for some industries for good. Even though Buffett recently signaled little appetite to make any big bets so long as the end of Covid-19 remains entirely unknown, energy is one area where he’s been poised to make smaller, opportunistic purchases. During...
