1. China’s commerce ministry said on Thursday it would carefully monitor U.S. policies on inbound investments, stressing that the country opposes using national security as grounds to restrict foreign investments.U.S. President Donald Trump said on Wednesday he will use a strengthened national security review process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions.
2. Asian stocks slumped to nine-month lows on Thursday on growing worries the U.S. administration’s approach to trade is harming global economic growth even as it appeared to be modifying its approach to curb Chinese investments in U.S. technology firms. The Shanghai Composite, China’s benchmark index, fell close to 1%, extending its recent bear run.
3. The United States, Europe and Japan are joining forces to break the World Trade Organisation (WTO) in order to solve the “multi-trillion dollar problem” that is China, a former diplomat to the WTO told Business Insider. The US administration has gone on the offensive to push China into playing by its trade rules in order to “level the playing field,” and has now moved to an all-out trade war which could effectively nullify the WTO, Hosuk Lee-Makiyama, director of the European Centre for International Political Economy told BI.
4. Elon Musk is reportedly not happy with Goldman Sachs latest pessimism on Tesla’s stock price. In an email to Tesla employees on Wednesday, the chief executive sent around a CNBC write up of a research note from the bank which said the company will likely miss Model 3 delivery estimates. “They are in for a rude awakening :),” he said,per Bloomberg.
5. Deutsche Bank’s U.S. securities division agreed to pay a $US1.4 million fine to the Financial Industry Regulatory Authority on Wednesday to settle charges that it violated reporting and supervisory rules related to equity and municipal bond trades.Deutsche Bank declined to comment on the matter. The German bank did not admit nor deny the charges.
6. Lyft said on Wednesday it raised $US600 million in a new funding round led by Fidelity Management, valuing the ride-hailing firm at $US15.1 billion. The new round makes Fidelity one of Lyft’s largest investors with over $US800 million invested.
7. Britain’s markets watchdog may expand an investigation into the failed outsourcing firm Carillion to examine whether there was illegal trading of shares before the company’s collapse.In a letter to lawmakers investigating Carillion’s demise, the Financial Conduct Authority (FCA) said it was looking into “allegations of insider trading” at Carillion.
8. Satellite photos suggest North Korea is upgrading a major nuclear plant. Kim Jong Un agreed to work towards “complete denuclearization” of the Korean Peninsula when he met Trump two weeks ago.
9. A group of Takeda shareholders trying to build support to block the $US62 billion acquisition of London-listed Shire Plc failed to get a proposal passed at the drugmaker’s AGM on Thursday. The group had proposed requiring advance shareholder approval for large acquisitions. Takeda’s board has said such a requirement would damage the company’s competitiveness.
10. David Solomon, Goldman Sachs’ president, future CEO, and part-time electronic music mix-master released his first single in early June called “Don’t Stop,” Business Insider has learned.Available on Spotify and Apple Music under the name D-Sol, the tune is a dance remix of the popular song first released by Fleetwood Mac in 1977.
Business Insider Emails & Alerts
Site highlights each day to your inbox.