Microsoft’s attempt to take over TikTok’s US operations has been discarded by owner ByteDance. This makes Oracle as the leading contender to take over Tik Tok. The news comes just a week before President Trump deadline to ban the app alleging national security risks comes into force. ByteDance has been trying to sell to Oracle or a consortium led by Microsoft, including Walmart.
The US budget deficit has hit a record high of over $3tn, more than doubling the previous full-year record, driven by the government’s massive spending on coronavirus relief. Budget outlays topped $6tn in the first 11 months of the fiscal year, which ends Sept. 30. The full-year deficit is expected to reach $3.3 trillion, or 16% of GDP, the highest share since the end of World War Two.
’Mulan’ had a lukewarm opening weekend in China, where Disney had hoped of raking in the big bucks compensating the US box office loss due to the pandemic, earning just over $23M in three days. The figure is less than the $30M that ’Tenet’ hauled in from the country during its opening weekend a week ago. The film is expected to earn an overall Chinese total of between $46.2M and $50M.
Gilead Sciences Inc. is nearing a deal to buy biotech Immunomedics Inc. for more than $20bn. The deal will provide Gilead access to the drug Trodelvy, an FDA-approved treatment for metastatic triple-negative breast cancer. The offer will be funded through about $15 billion in cash on hand and $6 billion in newly issued debt. The transaction is anticipated to close in the fourth quarter of 2020.
Japan’s next to be PM Yoshihide Suga, said that there was no limit to the amount of bonds the govt can issue to support the economy hit hard by the Covid-19 pandemic. He also pointed out that he could look to a third extra budget to fight the slowdown caused by COVID-19 if needed, adding that the govt was quite comfortable with resources to deal with the present situation.
Nvidia is taking over UK’s chipmaker ARM from SoftBank in a $40bn deal which would be the largest in semiconductor ever. The deal is expected to be funded through a mix of cash & stock. The move would make Nvidia which is primarily a maker of graphic processors for computer games and self-driving cars into a industry leader in connected devices, including smartphones, PCs, robotics and 5G.
AstraZeneca has resumed British clinical trials of its COVID-19 vaccine after getting the green light from safety watchdogs. The late-stage trials of the vaccine were suspended earlier in the week after an illness in a study subject. The patient involved in the study had been reportedly suffering from neurological symptoms associated with a rare spinal inflammatory disorder.
Facebook CEO Mark Zuckerberg stated Friday that the company would offer paid time off to workers this November, so they could vote or staff polling stations during the November election day. He stated that this move was part of Facebook’s larger voting information campaign, whose primary goal is helping 4 million people register and vote. Several other tech companies offer paid time off to vote.
Lululemon, known for its £128 yoga leggings, is facing mockery on social media for promoting an event about ’decolonising gender’ and how to ’resist capitalism’. The event was featured in an Instagram post in which Lululemon recommended other accounts to follow, including the host of the workshop, Rebby Kern.
Public Citizen, a Washington-based consumer advocacy group, has claimed that Amazon had hiked the prices of essential items in the early days of the coronavirus outbreak. They say the e-commerce giant did so despite saying it was cracking down on third-party sellers on its platform who were doing the same thing. Amazon refuted the claims and said it would favor a law banning price gouging.
A college-only social network, Facebook Campus, has been launched by Facebook. Students will need to enter their college email and their graduation year to enter the social network. Their data from their regular Facebook profile will move automatically to their Campus profile. The social network will help users be up to date with everything related to their campus and build groups for classes.
The UK economy jumped 6.6% in July on month on month basis, as per the initial estimates reported on Fri. The data was inline with economists expectations polled by Reuters. However Friday’s data from ONS showed a decline of 11.7% compared to the same period last year, but slightly below expectations of an 11.4% contraction.UK GDP in July remains 11.7% below pre-pandemic levels seen in February.
US consumer prices increased marginally by 0.4% in Aug. as energy prices posted modest gains of 0.9% after rising in previous two months by 5.1% and 2.5% in June & July respectively. The Labor Depart. Said that the Aug. increase in consumer price index was on back of 0.6% jump in both July & June as prices increased from lockdown in earlier months.
JPMorgan has ordered senior staffers in its sales & trading to return to office on Sept. 21 after six months of working from home. According to WSJ, the company updated the same via a conference call on Wednesday and promised to provide a space for employees having medical or child-care issues. The call was led by Troy Rohrbaugh & Marc Badrichani, JPMorgan’s respective head of trading and sales.
As per US DOJ, Former NY Jets player Bellamy was arrested in Florida and charged for his alleged involvement in a scheme to file fraudulent loan applications in order to receive over $24mn in forgivable Paycheck Protection Program (PPP) loans and for illegally obtaining a $1.2mn loan for his business.Bellamy is accused of submitting at least 90 fraudulent loan applications in return of kickbacks.