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Telecom Italia Discusses KKR Takeover Proposal
The board of Telecom Italia (TIM) met on Sunday to discuss a potential takeover from American equity firm KKR, which already holds a stake in the Italian phone group. Telecom Italia’s CEO, Luigi Gubitosi last year paved the way for a 1.8 billion euro ($2 billion) deal with KKR, handing the firm a 37.5% stake in FiberCorp, which is the organization managing TIM’s network which connects street cabinets to the homes of people.
MACROECONOMIC DATA ANALYSIS
The Japanese Prime Minister, Fumio Kishida, noted that Japan is considering releasing oil from its crude reserves for the first time ever, in efforts towards offsetting the surging prices of oil. The move signals that the Asian nation is ready to counter the hiking oil prices, following an official request from the United States.
Next week, the United States and Taiwan will initiate a second session of an economic dialogue, which initially began last year, in order to solidify Taiwan’s state and strength in Asia as it faces pressure from China. Chinese leader Xi Jinping stated in a virtual meeting with U.S. President Joe Biden that supporters in USA of Taiwanese independence are “playing with fire”.
CURRENCIES
The U.S. dollar rises as investors & traders remained confident of the dollar greenback with Austria announcing that it will be the first country in Western Europe to re-impose a full lockdown, to curb the surging COVID-19 infections, with Germany stating that they shall follow suit. The dollar index jumped 0.56% to 96.075.
GOLD
Gold futures stumble, recording its first weekly loss in three weeks, with previous gains slashed as investors await the Federal Reserve’s outlook on interest rate hikes. However, the bullion remains firm above the $1,800 mark, edging 0.73% lower on Friday to value at $1,846 per ounce.
OIL
Crude oil prices collapse, miles away from the $80 mark, as the coronavirus continues to loom on major economies worldwide, despite demand for energy soaring. Brent futures crashed a whopping 3.41% to price at $78.47 a barrel, while WTI futures plummet by 3.49% to value at $75.67 a barrel.
INDICES
USA: S&P500 -0.14%, Dow Jones Industrial Average -0.75%, Nasdaq Composite +0.55%
Europe: FTSE 100 -0.45%, DAX -0.38%, CAC 40 -0.42%
Asia: Nikkei 225 +0.50%, Hang Seng -1.07%, CSI 300 +1.08%, Nifty 50 -0.75%
Newest
A letter seen by Reuters unveiled that salesmen from India have threatened to disrupt & derange supplies to stores which are partnered with the renowned Reliance giant. As per the Reuters report, Indian salesmen from companies such as Reckitt Benckiser, Uniliever and Colgate-Palmolive stated that their sales declined 20-25% in the last year as small, family-owned and independent businesses were increasingly in partnership with Reliance to provide lower prices, dominating the market.
According to people familiar with the matter, Apple has informed to its suppliers that the demand for the iPhone 13 has slowed down. The company has already cut iPhone 13 production by 10 million units due to global semiconductor chip shortages, as well as coronavirus-related manufacturing issues in Asia. The news of weaker iPhone 13 demand has pushed the Apple stock downwards by 2.92% in early trading sessions.
