EUROPEAN NOON BULLETIN – Equities extend their rebound -2-
The British online grocer and retail technology specialist has now issued a total of 72.7 million new ordinary shares through the fundraising at 795 pence each. The issue price is a 9.4% discount to the company’s closing price of 877.60 pence on Monday.
Leonardo DRS to acquire Israeli defense technology company Rada; Planned registration for a new entity
Leonardo SpA said on Tuesday it had agreed to merge its US operations with Rada Electronic Industries Ltd. in an all-stock transaction that will create a newly listed company.
The subsidiary of Italian helicopter manufacturer Leonardo DRS will acquire 100% of Rada, an Israeli-based defense technology company listed on the Nasdaq, in exchange for a 19.5% stake in Leonardo DRS for Rada shareholders. Leonardo will retain the remaining 80.5% stake in Leonardo DRS, he said.
Macron lost control of Parliament in the face of Russian pressure on energy prices
PARIS – The loss of French President Emmanuel Macron’s parliamentary majority is a harbinger of how Russian pressure on European energy prices is raising the economic and political stakes for European leaders as the invasion of Ukraine becomes a war of attrition.
Mr Macron’s party has lost dozens of seats in the National Assembly to candidates backed by far-left instigator Jean-Luc Melenchon and far-right leader Marine Le Pen. Both politicians used record inflation to portray Mr Macron as a leader who paid more attention to his diplomatic role in the face of war in Ukraine than to voters struggling to reach both ends.
U.S. natural gas exporter closes first deal with German buyer
Venture Global LNG Inc. has reached the first binding deals by a US natural gas exporter to supply natural gas to a German company, as the European nation looks to America to help replace supplies from Russia.
On Tuesday, Venture Global said it agreed to sell 1.5 million metric tons of liquefied natural gas per year under two separate 20-year agreements with German energy company EnBW Energie Baden-Württemberg AG, starting in 2026. Half of the amount will come from Venture. The Plaquemines LNG facility under construction in Louisiana, while the other half will come from another proposed facility in that state, he said.
Activists target Nelson Peltz’s Trian Over UK fund
A group of investors are agitating for change in a London-listed investment vehicle run by activist shareholder Trian Fund Management LP, arguing the company strayed from its original purpose when it went public a while ago almost four years.
The group, comprising Invesco Ltd., Janus Henderson Investors UK Ltd., Pelham Capital Ltd. and Global Value Fund, said Monday it was calling on the company’s board to call an extraordinary general meeting of its shareholders and replace current directors.
Israel expands operations against Iranian nuclear and military assets
Israel is stepping up its campaign to thwart Iran’s nuclear, missile and drone programs with a series of covert operations targeting a wider range of key targets, people familiar with the effort have said.
The new measures are the latest evolution of a strategy that has been dubbed the Octopus Doctrine by Israeli Prime Minister Naftali Bennett, which aims to bring Israel’s battle against Iran to Iranian territory after years of targeting Iranian agents and Tehran proxies outside the country in places such as Syria.
Israel heads for fresh elections as coalition moves to dissolve parliament
TEL AVIV-Israel Prime Minister Naftali Bennett said Monday he would dissolve parliament and call the country’s fifth election in three years, marking the end of Israel’s most diverse ruling coalition in history. Israel.
Mr Bennett said Foreign Secretary Yair Lapid, a former newscaster turned centrist politician, would lead the country during the interim period, which could last several months. The two leaders, from opposite sides of the Israeli political spectrum, joined forces last year to oust then-Prime Minister Benjamin Netanyahu. The prospect of new elections gives Mr. Netanyahu, the country’s longest-serving prime minister, another chance to regain power.
Fed’s Bullard says he expects economic expansion to continue this year
St. Louis Federal Reserve Chairman James Bullard said the economy appears on track for greater expansion this year and the central bank needs to meet market expectations for higher rates in as part of its efforts to contain inflation.
“U.S. labor markets remain robust and output is expected to continue to increase through 2022,” Bullard said in documents for a presentation in Spain. But he added: “Risks remain substantial and stem from uncertainty around the Russia-Ukraine war and the possibility of a sharp downturn in China.”
Inflation beats forecasts in Australia and South Korea
Policymakers in Australia and South Korea have warned inflation is rising faster than expected, and the head of Australia’s central bank has said it will take years for it to return to normal levels.
Reserve Bank of Australia Governor Philip Lowe said on Tuesday that inflation in Australia is expected to reach 7% by the end of the year, higher than the bank’s latest forecast in May, when she expected inflation to peak at around 6%. Mr Lowe added that it would be years before inflation returned to the central bank’s target range of 2-3%.
Singapore unveils S$1.5 billion support package to help fight inflation
Singapore has unveiled a 1.5 billion Singapore dollar ($1.08 billion) support package to provide targeted and immediate assistance to low-income citizens and the most vulnerable groups to combat inflation. The package will also provide more help to local businesses.
The continuing war in Ukraine and ongoing Covid-19 restrictions in some parts of the world have disrupted supply chains and driven up energy and food prices, the finance ministry said in a statement on Tuesday. A press release.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswire
June 21, 2022 05:36 ET (09:36 GMT)
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