Companies raised $546 billion from new bond and share issues in January, as a flood of central bank money-printing and recovering stock markets brought record numbers of new listings, special-purpose acquisition company (SPAC) deals, and share sales, Refinitiv data showed on Feb. 3. The numbers included $106.15 billion in initial public offerings (IPOs), SPACs, and…
Global Firms Raise $546 Billion in January as SPAC Frenzy Continues
February 9, 2021
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Eurozone Inflation Surges, a Communications Headache for ECB
BRUSSELS—Eurozone consumer inflation rebounded by much more than expected in January, a flash estimate showed on Feb. 3, pushed up by a jump in prices in Germany and the Netherlands, and despite the continued downward pull from cheaper energy. The European Union’s statistics office Eurostat estimated that consumer prices in the 19 countries sharing the…
Eurozone Downturn Deepened in January as Lockdowns Hit Services
LONDON—The eurozone’s economic downturn deepened in January as renewed restrictions to quell the spread of the coronavirus hit the bloc’s dominant service industry hard, offsetting a robust performance by manufacturers, a survey showed on Feb. 3. Coronavirus cases have been soaring again and governments across the continent have renewed tough lockdown measures, clamping down on…
Days Before Coup, IMF Sent Burma $350 Million in Emergency Aid; No Precedent for Refund
WASHINGTON—The International Monetary Fund sent $350 million in cash to the Burma (also known as Myanmar) government two weeks ago, part of a no-strings-attached emergency aid package to help the country battle the coronavirus pandemic. Days later, military leaders seized power and detained elected leader Aung San Suu Kyi and other elected officials, in what…
Jeff Bezos Would Owe $2 Billion a Year If Washington Passes Proposed Wealth Tax
Amazon founder Jeff Bezos, one of the richest men in the world, would owe some $2 billion a year in state taxes if Washington state legislators pass a proposed wealth tax. The bill (pdf) would impose a one percent tax on financial intangible assets, exempting the first $1 billion of assessed value. Bezos’s net worth…
Commerzbank CEO Finalizes Plans to Cut 10,000 Jobs, Close Branches
FRANKFURT—Commerzbank Chief Executive Manfred Knof on Feb. 3 finalized plans to cut 10,000 jobs and close hundreds of branches, a radical overhaul that came a month after he took the reins of Germany’s No. 2 bank. The bank also announced that it would post a net loss of nearly 2.9 billion euros ($3.5 billion) for…
To Protect Free Markets, Curb Corporate Power
Commentary Corporate power must be curbed to preserve free enterprise and stave off socialism, stated Milton Friedman and Jane Jacobs, two of the great public intellectuals of the 20th century. Fifty years before corporate leaders such as Facebook’s Mark Zuckerberg and Google’s Sergey Brin told their companies to fight climate change, oversee election integrity, and…
Lawmakers Challenge HSBC on Hong Kong Activist’s Frozen Accounts
An international coalition of lawmakers has written to HSBC Holdings Chairman Mark Tucker, calling on the bank to unfreeze Hong Kong pro-democracy activist Ted Hui’s accounts. In a letter, the Inter-Parliamentary Alliance on China, a group of legislators from countries including Britain, Australia, Japan, and the United States, criticized the bank for its freezing of…
Battle for Orange County’s CoreLogic Leads to Private Equity Takeover
February 8, 2021
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Commentary Irvine-based CoreLogic Inc. (NYSE: CLGX) is being purchased by two private equity funds for about $7.7 billion, a figure that includes about $6 billion—or $80 per share—buyout for current stakeholders. The purchase price also includes $1.7 billion in debt owed by CoreLogic. The acquisition will be funded with $2.5 billion already invested in the…
Tesla Buys $1.5 Billion in Bitcoin, Announces Plans to Accept as Form of Payment
Electric car and battery maker Tesla invested $1.5 billion the cryptocurrency bitcoin, according to a filing made public Monday. Tesla said in a Securities and Exchange document that it changed its investment policy last month to provide more flexibility in terms of diversification and maximizing returns on funds not required to maintain operating liquidity. “As…
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