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EMEA Morning Briefing : Stocks to Rise as -2-

08/04/2021 | 12:19am EDT

With a new interpretation of an old law, European Union competition regulators have given themselves sweeping authority to review merger cases that previously would have escaped their notice, sparking outcry from companies and their lawyers that the change will cause confusion in deal-making.

PAI Makes North American Splash With Pepsi Deal

PAI Partners' roughly $4.5 billion beverage-brand joint venture with PepsiCo Inc. might be the European private-equity firm's first large platform investment in the U.S. market, but it is unlikely to be its last.

"We are excited to bring our consumer and partnership expertise onto this side of the Atlantic," said Maud Brown, a partner who joined the Paris-based firm in 2019 to lead its expansion in North America as head of its New York office. "One of the strengths of the U.S. market is the size."

How Long Can BMW Resist Tesla's Pull?

One of the less discussed ways in which Tesla's Elon Musk has changed the automotive industry concerns financial communication: Underpromising in order to overdeliver is out, advertising expensive growth plans is in.

One car maker that hasn't fallen into line is BMW. The German luxury brand posted strong second-quarter results Tuesday but didn't raise its full-year profit guidance the way most of its peers have. It cited the familiar risks posed for the second half by the semiconductor shortage and inflation in raw-material prices. Its shares fell about 5%.

EU's New Weapon in Rule-of-Law Battle With Poland, Hungary: Money

BRUSSELS-The European Union has begun withholding funds from Poland and Hungary, escalating the battle over democratic standards that is deepening the East-West divide in the bloc.

The EU and most governments in its Western region are concerned about legal changes by Poland and Hungary that they think are eroding the rule of law, weakening judicial independence, and breaching human rights. They are particularly alarmed by an effort by Warsaw to assert the primacy of Polish law over EU law and court decisions.

Belarusian Activist Vitaly Shyshov's Death Is Investigated in Ukraine as Homicide

MOSCOW-A Belarusian activist who headed a group in Ukraine that helps Belarusians escape repression in their homeland was found dead a day after disappearing near his home in Kyiv, an incident that comes amid an intensifying crackdown on Belarusian activists.

Ukrainian authorities said Tuesday they were investigating the death of Vitaly Shyshov, who was found hanged in a park not far from his residence, as a homicide. All scenarios would be investigated, including the possibility of murder disguised as suicide, police said.

Lockheed Launches CFO Search After Ken Possenriede Departs Suddenly

Aerospace and defense giant Lockheed Martin Corp. named a longtime company veteran to take over as acting chief financial officer following the sudden exit of its current CFO.

The Bethesda, Md.-based company said Tuesday that John Mollard, its vice president and treasurer, would step in temporarily for Ken Possenriede, who became CFO in February 2019. Mr. Possenriede will retire immediately for personal reasons, Lockheed Martin said. The company declined to comment further. The move comes ahead of the company's previously scheduled investor day on Thursday.

Possible Second Union Vote at Alabama Amazon Site Faces Uncertain Path

A recommendation by a National Labor Relations Board official has opened the door for a redo of a unionization vote at an Amazon.com Inc. facility in Alabama, renewing the possibility for a breakthrough victory for organized labor.

But the union leading the organizing effort is likely to face an arduous process and stiff opposition as it seeks to hold a new election, former labor officials and labor attorneys said. The outcome of any new vote also may not change from when workers voted against organizing in April, they added.

Write to sarka.halas@wsj.com

Expected Major Events for Wednesday

06:00/ROM: Jun Retail trade

06:00/UK: Jul UK Official Reserves

07:00/HUN: Jun Retail Sales

07:00/SVK: Jun Internal trade, incl Wholesale & Retail

07:00/AUT: May Foreign Trade

07:15/SPN: Jul Spain Services PMI

07:30/EU: Jul EuroCOIN indicator of euro area economic activity

07:45/ITA: Jul Italy Services PMI

07:50/FRA: Jul France Services PMI

07:55/GER: Jul Germany Services PMI

08:00/ITA: Jun Retail Sales

08:00/EU: Jul Eurozone Services PMI

08:30/UK: Jul CIPS / Markit Services PMI

08:30/UK: Jul Narrow money (Notes & Coin) and reserve balances

09:00/EU: Jun Retail trade

09:00/CYP: Jul Registered Unemployed

09:00/LUX: Jul CPI

09:00/CRO: Jul PPI

10:00/FRA: Jun OECD CPI

All times in GMT. Powered by Kantar Media and Dow Jones.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

08-04-21 0018ET

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