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Members of the OPEC + coalition have reached a deal to increase oil production, a “move that could help ease pressure on gas prices and inflation as economies around the world recover from pandemic lockdowns.” . Deal could see producers “pump more oil from next month” – NYTimes and WSJ and MarketWatch
Zoom takes its first big step to solidify its place in a post-pandemic business landscape with a nearly $ 15 billion deal to acquire Five9 Inc., “a cloud-based customer service software provider” which Zoom hopes , “will expand its potential offerings for business and corporate clients” – WSJ and Bloomberg and MarketWatch and TechCrunch
Friday’s figures showed an “unexpected jump” in retail sales for June, a welcome sign that consumers are upping their spending after a disappointing drop in May. Sales now appear to “fluctuate month to month, propelled by uneven reopening of the economy” – NYTimes
In comments last week, Treasury Secretary Yellen took a firm stance on the last administration’s much-vaunted trade deal (as it stood) with China, which “included Chinese commitments to buy American goods. and change its business practices “. Secretary Yellen, herself in the midst of a “deep examination of America’s economic relations with China,” claimed the deal “has failed to resolve the most pressing disputes between the two largest economies. of the world â€and warned that“ the tariffs that remain in place have hurt American consumers â€- NYTimes
Secretary Yellen, her former Fed colleagues and SEC officials are also spending a lot of time these days assessing the viability of stablecoins – “digital currencies pegged to national currencies like the US dollar” that are ” increasingly seen as a potential risk not just to crypto markets, but also to capital markets â€- WSJ
The Times helps us understand, 4 months later, how it turned out that a massive ship from an unfortunate angle succeeded in breaking the global supply chain (and how, unbelievably enough, the shipping as a whole has been successful in solving “some of the most critical issues that led to the grounding”) – NYTimes
A decade after IBM’s PR blitz touting its Watson AI technology (on Watson’s heels stomping Ken Jennings on Jeopardy), we’re catching up with the company and its big product to help understand how Watson failed to to remake entire sectors of the economy and to ‘raise[ ] IBM’s Fortune “- NYTimes
Perhaps because Covid “turned almost everything upside down,” including the entire U.S. economy, fund managers have sought refuge in the familiar over the past 16 months, sticking to stock preferences almost “identical to what ‘they were’ at the start of the pandemic, according to data compiled by Bank of America – Bloomberg
The DOJ has officially opened an investigation into the PSPC deal that helped publicize Lordstown Motors last year. SEC Already Investigating Struggling Electric Truck Maker Based on Allegations by Short Sellers That Company’s Pre-Order Disclosures were “Largely Fictitious” – Law360
Speaking of the scrutiny of PSPC, Bill Ackman and his Pershing Square team abruptly abandoned plans to use “his giant-sized PSPC to buy a stake in Universal Music Group” after the SEC “announced of his concerns about the complex transaction “- NYTimes and WSJ and Bloomberg
We’ve spent a lot of time here unboxing the WeWork denouement that led to the ouster of founder Adam Neumann and major investor Masa Son, who is scrambling to bolster his SoftBank empire rocked by the downfall of WeWork. Now the Journal is helping us understand how the disintegrating personal relationship between Neumann and Son played a vital role in WeWork’s crater – WSJ
While battery growth has propelled lithium into the limelight as the hottest of once obscure metals, don’t sleep on gallium, the metallic byproduct of “mining aluminum from rock” which, when combined with nitrogen, becomes a hard crystal with properties prized for “power electronics” – WSJ
The Times calls it an “unofficial ranking,” but a decade of daddy can confirm at least 7 of them absolutely deserve a spot on this list of “10 most boring kid’s toys” – NYTimes
Stay safe and get vaxxed,
MDR
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