Bloomberg Wm Morrison Supermarkets Plc rejected as undervalued an unsolicited proposal from US buyout firm Clayton Dubilier & Rice LLC that valued the UK grocery chain at about 5.5 billion pounds ($7.6 billion). Morrison received a proposed cash offer at 230 pence a share on June 14 and rejected it three days later after discussions with its adviser Rothschild & ...

Bloomberg Ares Management was sued by a specialist credit fund co-founded by a former Goldman Sachs Group Inc partner over the sale of collateral on a loan to a struggling Norwegian airline. Hudson Structured Capital Management Ltd claims that several Ares funds that held the notes directed that aircraft used as collateral be sold to an Ares affiliate, despite a ...

Bloomberg The coronavirus pandemic has created an overhang of pent-up travel demand and left unspent money burning holes in the pockets of the well-to-do. Put the two together and the result is a hunger for private jets. Buyers have scooped up so many of the good used planes out there that they’re now getting on waiting lists to purchase new ...

Bloomberg When hundreds of protesters gathered outside Japan’s embassy in Yangon during the height of nationwide anti-coup protests in February, Ambassador Ichiro Maruyama emerged from the gates with a firm warning for the junta: Release the detained civilian leadership “immediately.” The remarks, delivered in Burmese, drew applause from pro-democracy demonstrators hoping Japan would take concrete action to pressure Myanmar’s military, ...

Bloomberg Italian Prime Minister Mario Draghi made a bold call for more economic stimulus in European countries to help bring growth back to pre-pandemic levels. “Protracted uncertainty means that the case for monetary and fiscal expansion remains compelling,” the former European Central Bank (ECB) chief said in speech in Barcelona. “We will not reach this objective without additional effort. So ...

Bloomberg The International Monetary Fund (IMF) privately estimates that a deal allowing Argentina to reschedule payments on $45 billion owed to the lender will be pushed into 2022 as President Alberto Fernandez has little incentive to quickly agree on the basis of a new program. While the IMF has said it’s constructively engaging with Fernandez’s administration, negotiations entailing fiscal austerity ...

Bloomberg The outlook for the UK’s sovereign debt score has been upgraded to stable by Fitch Ratings, which said that the country’s economy and public finances have proved more resilient to the pandemic shock than the credit assessor had anticipated. Fitch previously had a negative outlook on the UK, but the country avoided being downgraded, with the firm keeping its ...

Bloomberg Polish wages are growing at the fastest pace since 2008, raising concern over a spike in inflation that the central bank said is temporary. Average wages in industrial sector jumped 10.1% in May compared with a year earlier, the Statistical Office said. When Poland last had double-digit wage growth, the central bank’s benchmark interest rate stood at 6%, compared ...

Bloomberg US retail sales declined in May, after a stimulus-related splurge in the prior two months, suggesting consumers are starting to shift more of their spending to services as economy reopens. The total value of retail purchases fall 1.3% in May following an upwardly revised 0.9% gain in April, Commerce Department figures showed. The median estimate in a Bloomberg survey ...

Bloomberg With European stocks only just off record-highs, investors have to look harder than ever to find pockets of value. Companies that can absorb an inflation spike are in hot demand, while many think so-called value stocks are still cheap relative to growth, even after a huge rally. Others see upside potential in laggard sectors like energy and health care, ...