Good morning! Here’s what you need to know.
1. Morgan Stanley Chief Executive Officer James Gorman called the bank’s fixed-income group its “most attractive business.” Last year, the bank set a target to produce $US1 billion in quarterly fixed-income revenue, on average, each year.
2. Adyen, the Dutch fintech company whose payments processing technology is used by Facebook, Netflix and eBay, said its shares had been priced at the top of the indicated range in its initial public offering. It values the company around €7.1 billion ($US8.4 billion).
3. Brazilian prosecutors are investigating US company Sambazon for alleged “biopiracy.” They accused it of illegally using genetic components of the tropical berry açaí in nutritional supplements it sells.
4. Guess co-founder, Paul Marciano, resigned after a special committee completed an investigation into allegations of improper conduct. Earlier in February, model and actress Kate Upton tweeted, accusing Marciano of using his power to harass women.
5. AT&T won approval from a US court to buy Time Warner for $US85 billion. The decision allows AT&T to compete with internet companies that dominate digital advertising and providing new sources of revenue.
6. Mexican leftist candidate Andres Manuel Lopez Obrador has double the support of his nearest rival three weeks ahead of the country’s presidential election. The May 30 to June 6 nationwide survey by polling firms Berumen and Ipsos drew on more than 13,000 interviews.
7. A Mexican real estate developer has filed a $US1.2 billion lawsuit accusing JPMorgan of fraudulently inducing it to transfer properties based on a false promise it would sell them.According to the complaint, Sacal and BVG transferred hundreds of millions of dollars of real estate to JPMorgan in September 2012, hoping to use sale proceeds to pay off a $US99 million loan and for other business ventures.
8. The US government had a $US147 billion budget deficit in May. That’s an increase of 66% from the same month last year as the ledger took a hit from declining revenue and higher spending.
9. Tesla is planning to cut about 9% of jobs across the company, Bloomberg reported. The cuts will not affect ability to reach Model 3 production targets in the coming months, the report said.
10. The European Commission opened an in-depth investigation into Deutsche Telekom’s planned purchase of the Dutch operations of Sweden’s Tele2. “We are opening this in-depth investigation to ensure, that the proposed transaction between T-Mobile NL and Tele2 NL will not lead to higher prices or less choice in mobile services for Dutch consumers,” Competition Commissioner Margrethe Vestager said.
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