Key Takeaways
- Trump’s Cabinet Picks: President-elect Donald Trump has chosen Scott Bessent as Treasury Secretary, Brooke Rollins to lead the Department of Agriculture, and Scott Turner to lead the Housing Department.
- Ukraine-Russia Tensions: In his final days in office, President Joe Biden is working to bolster Ukraine’s position against Russia, as Trump has questioned continued support for Ukraine.
- Iran Nuclear Talks: Iran will meet with the UK, France, Germany, and the EU in Geneva on November 29 to discuss its nuclear program and European sanctions.
- $47 Billion Bidding War for 7-Eleven: 7-Eleven’s parent company, Seven & i, is at the center of a $47 billion bidding war, with several potential buyers vying for control.
- Record US Corporate Bond Sales: US high-grade corporate bond sales have surged to the second-highest level on record, with companies aiming to secure financing before market activity slows for Thanksgiving and the December holidays.
IPO’s in the week
- Ming Shing Group Holdings Limited (MSW) debuted on the Nasdaq stock exchange on November 22, 2024, offering 1,500,000 shares at $5.50 per share. As a holding company, Ming Shing Group engages in wet trade works sub-contracting services, including plastering, tile and brick laying, floor screeding, and marble works, through its subsidiaries
- CO2 Energy Transition Corp. (NOEMU) launched its initial public offering (IPO) on the Nasdaq stock exchange on November 21, 2024, issuing 6,000,000 shares at $10.00 per share. As a special purpose acquisition company (SPAC), it aims to facilitate a merger or business combination with one or more target companies.
- Dynamix Corporation (DYNXU) went public on the Nasdaq stock exchange on November 21, 2024, offering 15,000,000 shares at $10.00 per share. As a blank check company, Dynamix aims to pursue a business combination with one or more target companies through a merger, acquisition, or other strategic transaction.
Markets this week
- 7-Eleven, known for its Slurpees and global reach, is at the center of a $47 billion bidding war as its parent company, Seven & i, faces offers from potential buyers.
- The Solar Energy Corporation of India defended its actions after reallocating solar capacity to Adani following a rival’s pullout. This comes amid a US criminal case accusing Adani executives of bribing Indian officials for lucrative solar contracts.
- Man Group and Plc remain bullish on China’s market, expecting policy support to offset tariff risks and boost consumption, despite recent market declines.
- US high-grade corporate bond sales have surged to the second-highest level on record as companies aim to secure financing before market activity slows for Thanksgiving and the December holidays.
- US collateralized loan obligations (CLOs) have reached nearly $185 billion in issuances this year, marking a record for the third time since 2018.
- Adani Group canceled a $600 million green bond sale after US prosecutors charged founder Gautam Adani in an alleged bribery scheme.
- Several major Wall Street banks are collaborating with BlackRock’s Aladdin technology to offer real-time pricing data for trading US corporate bonds.
- Spirit Airlines filed for bankruptcy, planning to hand control to bondholders after failing to finalize a merger with rivals.
- R.R. Donnelley and Sons Co. is re-entering the junk bond market with a deal offering up to a 12% coupon, featuring a rare option for the firm to choose how it pays interest.
- Blackstone is exploring the securitized debt market to help finance its acquisition of a majority stake in Jersey Mike’s.
- Ares Management is seeking new partnerships, following its recent collaboration with Investec Bank, to broaden its presence in the fund finance market.
- AppLovin raised $3.5 billion in its first blue-chip bond deal, drawing at least $24 billion in demand. S&P and Fitch assigned a BBB- rating to its issuer level.
- Citigroup and Banco Santander are arranging up to €4 billion ($4.2 billion) in debt to support the potential sale of Spanish waste-management company Urbaser SA.
- Howard Lutnick’s Cantor Fitzgerald is in discussions with Tether to support a $2 billion Bitcoin lending program, where clients use Bitcoin as collateral. Tether, a major client of Cantor’s custody services, is key to the project.
Politics Weekly
- President-elect Donald Trump has chosen hedge fund executive Scott Bessent as Treasury Secretary, signaling alignment with Wall Street to oversee the U.S. debt market, tax policy, and sanctions.
- President-elect Donald Trump has appointed Brooke Rollins, a former White House adviser and leader of the America First Policy Institute, to lead the Department of Agriculture.
- President-elect Donald Trump has appointed Scott Turner, a former NFL player, to lead the Housing Department, praising his work in revitalizing distressed communities.
- Prime Minister Lawrence Wong is poised to succeed Lee Hsien Loong as leader of the People’s Action Party, consolidating his position ahead of next year’s general election.
- Leftist candidate Yamandu Orsi narrowly leads Alvaro Delgado in Uruguay’s presidential race, with undecided voters likely to decide the outcome.
- In the final days of his presidency, Joe Biden is working to bolster Ukraine’s position against Russia before Donald Trump takes office, as Trump has questioned continued support for Ukraine.
- Iran will meet with the UK, France, Germany, and the EU in Geneva on November 29 for discussions on its nuclear program and European sanctions on Iranian airlines and shipping. This will be the first such meeting since Iran’s new president, Masoud Pezeshkian, took office.
- UK Prime Minister Keir Starmer has pledged radical reforms to address rising benefits costs, vowing to tackle the “bulging benefits bill.” The Labour government is under pressure to balance spending and boost growth following its return to power.
- Irish Taoiseach Simon Harris is preparing for potential economic shocks from a Trump administration, setting aside funds and working with the EU ahead of Ireland’s general election on November 29.
- Chinese President Xi Jinping visited Morocco on his way home from the G20 summit in Brazil, highlighting China’s efforts to strengthen ties with Africa.
Technology Advancements this week
- Amazon has invested a further $4 billion in Anthropic, the developer of AI assistant “Claude”. This investment follows a recent fundraising round by OpenAI and strengthens the ties between Anthropic and Amazon Web Services (AWS), the tech giant’s cloud computing division.
- The UK’s Competition and Markets Authority (CMA) is contemplating an investigation into Apple and Google’s dominance of the mobile browser market. The CMA alleges that Apple’s policies stifle innovation in browser development, while Apple counters that regulatory intervention would compromise user privacy.
- Apple is preparing a significant overhaul of its virtual assistant, Siri, aiming to bridge the gap in AI technology. Dubbed “LLM Siri” by employees, the revamped system is slated for unveiling in 2025, with a full rollout expected in 2026.
- Alibaba has named its international chief, Jiang, to lead its entire commerce unit, a key move in the company’s efforts to revamp its stagnating e-commerce business. With this appointment, Jiang is poised to become one of Alibaba’s most influential executives.
- The US Justice Department has proposed the sale of Google Chrome as part of a historic antitrust lawsuit. Google has responded, accusing the government of pursuing a “radical agenda” beyond the scope of the case.
- T-Mobile successfully detected and contained a hacking attempt, preventing sensitive customer data from being compromised. The swift response averted a potential data leak, amidst warnings from the US government about widespread cyber espionage targeting the telecommunications sector.
- Amazon Music is taking a cue from Spotify by introducing free audiobooks for its subscribers. As part of the new offering, music subscribers will receive one complimentary audiobook per month, further enhancing the platform’s value proposition.
- Nvidia is collaborating with Google to develop cutting-edge quantum computing processors. Leveraging Nvidia’s powerful Eos supercomputer, the project will run complex simulations to accelerate innovation in quantum computing, a promising technology with long-term potential for the tech industry
- A German court has ruled in favor of users affected by Meta’s 2021 global data leak. The judgment allows users to claim compensation, albeit limited to approximately €100 per person. This ruling will set a precedent for thousands of similar cases pending in Germany.
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