- Thomson Reuters
Good morning! Here’s what you need to know.
1. The European Union is relocating two of its key agencies from London to Amsterdam and Paris post-Brexit. On Monday, the EU announced following votes that the European Medicines Agency (EMA) will be moved to Amsterdam, Netherlands – an early sign of the potential costs for the United Kingdom of leaving the political and economic union.
2. Kingdom Holding’s plan to borrow money to fund new investments has stalled because owner Prince Alwaleed bin Talal has been detained in Saudi Arabia’s anti-corruption crackdown, Reuters said. Kingdom had approached banks to obtain the loan, but the financing plan has been held up because the lenders are worried about potential repercussions if they lend to the prince’s company.
3. China’s biggest social network and gaming firm Tencent is close to making Malaysia the first foreign country to roll out its WeChat ecosystem. Tencent has made a “breakthrough” in gaining an e-payment license in Malaysia for local transactions, and plans a launch early next year.
4. Bitcoin hit a new record high on Monday after smashing through the $8,000 level for the first time over the weekend, marking an almost 50% climb in just eight days. The new high came after leading US payments company Square said late last week that it had started allowing select customers to buy and sell bitcoins on its Cash app.
5. Uber plans to buy up to 24,000 self-driving cars from Volvo, marking the transition of the US firm from an app used to summon a taxi to the owner and operator of a fleet of cars. The non-binding framework deal could offer San Francisco-based Uber a way to overcome setbacks at its autonomous driving division in Silicon Valley’s race to perfect self-driving systems.
6. The head of the Democratic Unionist Party said Northern Ireland would leave the European Union on the same terms as the rest of the United Kingdom, rebuffing an Irish suggestion that the region remain subject to some EU rules. Dublin is demanding commitments from the British government that there be no hard border between Ireland and Northern Ireland and has suggested one way of doing this would be to maintain “regulatory equivalence” on both sides of the border.
7. BlackRock, which oversees nearly $6 trillion, has plans for a set of exchange-traded funds that would let a computer program choose and classify stocks.The actively managed “iShares Evolved” funds will target major industry groupings: financials, healthcare, media, consumer staples, consumer discretionary and, of course, technology.
8. Chile’s peso currency and benchmark IPSA stock index fell after market-friendly presidential candidate Sebastian Pinera garnered less support than expected in the country’s election. The IPSA stock index closed down 5.86% at 5076.02 points, its sharpest single-session fall since 2011.
9. The US Department of Justice will file a lawsuit later to block AT&T Inc’s $85.4 billion acquisition of Time Warner. The legal challenge was expected after AT&T rejected a demand by the Justice Department earlier this month to divest its DirecTV unit or Time Warner’s Turner Broadcasting – which contains news network CNN – in order to win antitrust approval.
10.Asian stocks edged higher on Tuesday as investors took heart from further evidence of strength in the global economy. The dollar hovered near a one-week high against its peers thanks to higher US yields and a floundering euro.