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The EDHEC Express – 18.1.2021 January 18th, 2021 THE EDHEC EXPRESS WEEKLY NEWSLETTER OF EDHEC STUDENTS FINANCE CLUB CONTENTS EUROPE Ford to close Brazil Deutsche Bank to pay $130m to manufacturing operations, take settle federal criminal and civil $4.1bn in charges 9 investigations 3 Walmart to create fintech start- Canada’s Couche-Tard ends up with investment firm behind €16.2bn takeover talks with Robinhood 10 Carrefour 3 YouTube Suspends Trump’s USA LSE’s $27bn Refinitiv deal Channel for at Least 7 Days 10 Capitol Riot Prompts Some Big approved by EU regulators 3 Boeing Falls Further Behind Banks and Companies to Pause Deliveroo valued at more than Airbus in Plane Deliveries 10 Political Funding 7 $7bn 4 Boeing to Pay $25m in Drone Blackstone eyes £3bn Signature Serious Fraud Office closes Settlement 11 bid with Bill Gates’s asset bribery inquiry of British WhatsApp fights back as users manager 7 American Tobacco 4 flee to Signal and Telegram 11 Gunmakers see stock price Shell resumes shipping after a U.S. Won't Ban Investments In increases in days after riots at year-long technical disruption 4 Alibaba, Tencent, Baidu–But 9 US Capitol 7 Veolia braces for shareholder Other Firms Are Set To Be Off PayPal blocks site that helped showdown in France’s most Limits 12 raise funds for those who vicious takeover battles 5 Fitch to buy CreditSights in bid attended Capitol violence 8 Telefonica stock surges after to bolster debt research 12 Twitter suspends 70,000 $9.4bn sale deal agreement 5 Google closes its Fitbit accounts sharing QAnon content ASOS exceeds revenue acquisition 13 8 expectations 5 Delta Air Lines Earnings: Facebook Says It Is Removing All Ericsson wins key ruling over Recovery on the Horizon 13 Content Mentioning ‘Stop the Samsung as US-China fight IBM Buys Cloud MSP Taos for Steal’ 8 pertain 6 Expertise in cloud industry 13 Amazon to remove QAnon Dr. Martens plans IPO 6 SoftBank Vision Fund is losing products from platform after Jeff Housenbold 14 U.S. Capitol siege 9 Zoom Aims to Raise $1.5bn Parler sues Amazon for cutting Through Stock Offering 14 its service due to ‘political Intel Ousts CEO Robert Swan 14 animus’ 9 PAGE 1 Tesla to Recall Around 158,000 KRR closes first Asia-Pacific real Vehicles 15 estate fund at $1.7bn 20 DEBT TSMC’s massive capital Biden’s stimulus plan fuels up spending plans for 2021 could municipal bond market 25 pressure its earnings, analyst European Corporate Bond said 21 Markets continue to be very welcoming 25 CDS insurance seems need to not be taken for granted 25 ASIA RATES LG Electronics takes majority EU inflation rate remains stake in TV data and advertising negative – but ECB shows firm Alphonso 16 optimism 27 Nissan to cut car production due Bank of England considers to lack of chips 16 EMERGING MARKETS cutting British interest rates Sony unveils high-tech Russia restarts gas pipeline below zero 27 filmmaking drone amid DJI construction despite US long- American personal savings rate blacklist 17 term sanctions 22 spikes to record high 27 SoftBank accuses ex-employee of Australia's Tyro plunges after it Annual US inflation rate rise leaking 5G trade secrets to rival had payment terminal outages by +1.4% 28 17 problem 22 Grab raises $300m for fintech Saudi Arabia’s sovereign wealth SUSTAINABLE FINANCE arm from investors including fund decided to invest in the JP Morgan takes the cherry off Hanwha 18 domestic economy despite low the sustainable cake 29 Uniqlo Operator Stays Bullish oil prices and pandemic 22 Total makes a bold move in the For 2021 Supported by China’s Australian government imposes right direction 29 Brisk Sales 18 stricter policy in Chinese Daikin Goes All in on Standard investment 22 AC Parts with Eye to Low-Cost Ford will stop manufacturing in China Rivals 19 Brazil after more than a century Samsung launches new flagship 23 Galaxy S smartphone early, Taiwan manufacturers quit targets remote workers, gamers Mainland China due to trade WOMEN IN FINANCE 19 tensions and rising costs 23 Female leaders: Progress is on Australia cites national security New Fortress Energy sets their the Table 30 to block China buying local sights in Brazil with Hygo builder 20 acquisition 24 CONCEPT OF THE WEEK WeRide receives $310m as The law of one price and Beijing opens highways to arbitrage 31 autonomous car tests 20 Subaru to cut output at plants in Japan, US due to global chip shortage 20 PAGE 2 EUROPE “Food security is strategic for our country so that’s why Deutsche Bank to pay $130m to we don’t sell a big French retailer. My answer is settle federal criminal and civil extremely clear: We are not in favor of the deal. The investigations no is polite but it’s a clear and final no,” Bruno Le Maire, French finance minister said. Deutsche Bank has agreed to pay about $130m to This decision is heavily considered as political, resolve separate U.S. probes into allegations that it rather than economical. One person close to the deal paid bribes to secure business overseas and that it said: “The government has been weakened by criticism manipulated metals markets, according to a person of their management of the pandemic and the with direct knowledge of the deal. economic crisis, so they are reacting defensively. It is a purely political calculation that the opposition would The bribery settlement exposed a wide-ranging effort have raked them over the coals for approving the sale by the bank to use consultants or middlemen to help it of such a big company to a foreign buyer.” get deals with politically connected individuals in countries like Saudi Arabia, China, and Italy. SOURCES: FT, REUTERS Regulators frown on the use of these consultants because they are often seen as a backdoor way to access funds for governments or corporate officials. LSE’s $27bn Refinitiv deal approved by EU regulators This is not the first time that the investment bank has been in that position. In 2017, the firm agreed to a $7.2bn settlement for its role in creating soured mortgage bonds during the housing bubble. More recently, Deutsche Bank paid New York authorities $150m in July and CEO Christian Sewing conceded his firm should never have accepted child sex trafficker Jeffrey Epstein as a client in 2013. This deal appears in a critical transition period for the United States, especially when some serious reports notice that Deutsche Bank has been Donald Trump’s main lender The London Stock Exchange (LSE) has been given over the past two decades and he currently owes the the green light from European Union regulators on institution more than $300m. its $27bn acquisition of data and trading group Refinitiv, paving the way for the UK exchange to SOURCE: WSJ, CNBC challenge the likes of Bloomberg and S&P Global in the provision of financial data and create a new Canada’s Couche-Tard ends powerhouse in the market. €16.2bn takeover talks with Margrethe Vestager, executive vice-president at the Carrefour European Commission, said: “We can approve the proposed acquisition of Refinitiv by LSE because LSE Couche-Tard dropped its €16.2bn ($19.57bn) bid for offered commitments that will ensure that the Carrefour after the French government opposed the markets will remain open and competitive and the deal, citing food security concerns. This deal would acquisition will not lead to higher prices or less have allowed the Canadian firm to become the third- choice and innovation for these products.” biggest retailer globally after Walmart and Schwarz Group. PAGE 3 Shares in the LSE rose more than 2 per cent after the Deliveroo’s co-founder and chief executive Will Shu, Financial Times first reported that the EU had cleared commented that “the funding would help us continue to the deal. innovate in areas such as grocery delivery and its Editions network of “ghost kitchens. We are really pleased our In the meantime, this deal requires to several shareholders see the opportunity and growth potential ahead commitments from the LSE that include the €4.3bn of us”. sale of Borsa Italiana to Euronext which was agreed SOURCE: FT last October and remains subject to regulatory approval in several jurisdictions, would complete in the first half of the year. This deal would allow Euronext to Serious Fraud Office closes become one of the biggest market operators in the EU, with seven stock exchanges, a sovereign debt venue and bribery inquiry of British a clearing house. American Tobacco SOURCE: FT UK Fraud agency began its investigation in 2017 when claims of the company bribing officials in east Deliveroo valued at more than Africa to undermine anti-smoking laws were brought to light. After unable to find sufficient $7bn evidence to bring charges against the British American Tobacco, its subsidiaries or related individuals, The UK Serious Fraud Office has ended its investigation for corruption in the tobacco company. On Friday, 15th January, the SFO stated that the evidence gathered “did not meet the evidential test for prosecution as defined in the Code for Crown Prosecutors”. Shares of British American Tobacco rose 3.3% in early trading. on Friday, BAT in an official comment said that it is Ahead of Deliveroo’s stock market debut, the food “pleased that the SFO has closed its investigation and delivery app has been valued at more than $7bn in a that the SFO is taking no further action in respect of this new fundraising. Deliveroo announced on Sunday that matter. BAT remains committed to the highest it had raised $180m in new funding.
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