Good morning! Here’s what you need to know in markets on Friday.
1. Asian stocks extended gains on Friday after Wall Street’s S&P 500 set a new all-time high, while the dollar slipped as investors viewed Beijing’s and Washington’s fresh exchange of import tariffs as less harmful than initially feared. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2% in early trade, extending the recovery from its 14-month low hit on September 12 to 3.6%2. Uber is in early talks to buy Deliveroo, a fast-growing food delivery-startup based in London, according to Bloomberg.Deliveroo is one of Europe’s biggest startup success stories: Founded in 2013 by Americans Will Shu and Greg Orlowski, Deliveroo enlists contract employees as couriers, who deliver food from local restaurants in some 200 cities all over the UK, the European Union, Asia, and Australia.
3. Walmart has issued a warning in a letter to U.S. Trade Representative Robert Lighthizer that it may have to raise prices due to tariffs on Chinese imports, CNN Money reported. “The immediate impact will be to raise prices on consumers and tax American business and manufacturers,” Walmart said, according to the CNN Money report.4. Tesla’s vice president of global supply management, Liam O’Connor, has resigned, Bloomberg reported, citing sources familiar with the matter. The departure of O’Connor, who joined Tesla in March 2015 from Apple, follows the exit of a string of senior executives, including Chief Accounting Officer Dave Morton and Chief People Officer Gabrielle Toledano.
5. Hong Kong’s first bullet train glides out of a sleek harborfront railway station bound for mainland China on Saturday, launching a new era of integration and raising fears for some for the territory’s cherished freedoms. Unlike other cross-border connections, the $US11 billion train project has stoked considerable controversy, with Hong Kong, a former British colony, having had to concede part of its jurisdiction to China for the first time.
6. AT&T on Thursday asked a federal appeals court to reject the Justice Department’s challenge to its acquisition of Time Warner, saying the government had offered no basis for second guessing key conclusions of a ruling upholding the transaction.The government is appealing U.S. Judge Richard Leon’s ruling in June that AT&T’s $US85.4 billion acquisition of Time Warner could proceed. The government had said it would lead to higher prices for consumers and was illegal under antitrust law.
7. The UK government is working on plans to set up an internet regulator, Buzzfeed News reported on Thursday.The regulator would, if established, hold technology companies accountable for content published on their websites and sanction sites if they failed to take down illegal material and hate speech within hours, the report said.
8. Britain is significantly increasing its ability to wage war in cyberspace with the creation of a new offensive cyber force of up to 2,000 personnel, Sky News reported on Thursday. The new force which is expected to be announced soon would represent a near four-fold increase in manpower focused on offensive cyber operations, Sky said.
9. Facebook said on Thursday that it would no longer dispatch employees to the offices of political campaigns to offer support ahead of elections, as it did with U.S. President Donald Trump in the 2016 race. The company and other major online ad sellers including Google and Twitter have long offered free dedicated assistance to strengthen relationships with top advertisers such as presidential campaigns.
10. Vietnamese President Tran Dai Quang died on Friday, state television and radio announced.Quang, 61, died in hospital on Friday morning from a “serious illness despite efforts by domestic and international doctors and professors,” Vietnam Television reported.
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