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.
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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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