China Service Sector Expands At Slower Pace In June
China’s service sector expanded at a much slower pace in June as the recent uptick in COVID-19 cases and reduced travel dampened overall new business, survey results published by IHS Markit showed on Monday.
The Caixin services Purchasing Managers’ Index fell notably to 50.3 in June from 55.1 in May. Nonetheless, the index has remained above the neutral 50 mark for the fourteenth successive month.
The slower upturn in business activity coincided with a softer increase in overall new work. New work from abroad meanwhile increased only marginally.
Employment across the service sector fell for the first time in four months.
On the price front, the survey showed that input price inflation eased to the lowest since September 2020. Services companies lowered their average output charges for the first time in nearly a year in June.
Although services companies remained strongly upbeat regarding the year-ahead outlook for activity, the resurgence of the COVID-19 virus dampened overall optimism in June. Moreover, the degree of positive sentiment slipped to a nine-month low.
The composite output index that measures the overall performance of manufacturing and services, slipped to 50.6 in June from 53.8 in May. The rate of growth was the softest seen in the current 14-month period of expansion and only marginal.
Ramsay Sweetens Takeover Offer For Spire
Australia’s Ramsay Health Care Ltd. on Monday sweetened its all-cash takeover offer for British competitor Spire Healthcare to 250 pence per share, after some investors opposed the initial offer.
Ramsay’s latest offer of 250 pence per share for Spire would be its final one. Its latest offer is a premium of about 30% to Spire’s share price the day before the first bid was made on May 26. On May 26, Spire said it agreed to takeover offer from Ramsay for 240 pence per share.
The board said it believes that the increased final offer is in the best interests of Spire shareholders as a whole, and recommends that shareholders vote in favor of the offer.
A Gifted Writer Returns With a Supremely Harrowing Novel
By Dwight Garner
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This novel has been a long time coming. Carolyn Ferrell first emerged on radar screens in 1997 with “Don’t Erase Me,” a book of stories, many about the spiritual if not material resources of underachieving but buoyant and street-smart young people.
European Economics Preview: Eurozone Economic Confidence Data Due
Economic confidence data from euro area and mortgage approvals from the UK are due on Tuesday, headlining a busy day for the European economic news.
At 1.30 am ET, the French statistical office Insee publishes unemployment data for the first quarter. The jobless rate is forecast to rise to 8.1 percent from 8 percent in the fourth quarter.
At 2.00 am ET, the UK Nationwide house price data is due. House prices are forecast to rise 13.7 percent on year in June, faster than the 10.9 percent increase in May.
At 2.45 am ET, the French statistical office Insee is scheduled to issue monthly consumer confidence survey results. The consumer sentiment index is forecast to rise to 100 in June from 97 in May.
At 3.00 am ET, Sweden’s economic tendency survey data is due.
In the meantime, flash consumer prices and retail sales figures are due from Spain. EU harmonized inflation is seen unchanged at 2.4 percent in June.
At 4.30 am ET, the Bank of England is set to release mortgage approvals data for May. The number of mortgages approved in May is forecast to fall to 85,900 from 86,920 in April.
At 5.00 am ET, European Commission is slated to release euro area economic confidence survey data. The economic sentiment index is seen rising to 116.5 in June from 114.5 in May.
At 8.00 am ET, Germany’s flash consumer price data is due. Consumer price inflation is forecast to ease to 2.3 percent in June from 2.5 percent in May.
Congo appoints IMF veteran Kabedi-Mbuyi to lead central bank
KINSHASA, July 5 (Reuters) – Democratic Republic of Congo President Felix Tshisekedi on Monday appointed Malangu Kabedi-Mbuyi, a longtime International Monetary Fund (IMF) official, as governor of the central bank, according to a presidential decree.
Kabedi-Mbuyi, who will be the bank’s first female governor, will replace Deogratias Mutombo, who has led the bank since 2013. Mutombo was appointed to lead Congo’s insurance regulator.
She will be responsible for overseeing measures to reinforce the central bank’s autonomy under an agreement reached with the IMF in May as part of a three-year, $1.5 billion loan deal.
NBA Finals preview: Finally! Bucks, Suns set for after long waits – The Denver Post
FLYING INTO THE FINALS
FOES TO FRIENDS
Ali Holding Sweetens Offer For Welbilt
Italian food-service equipment maker Ali Holding S.r.l. on Monday sweetened its offer to acquire rival Welbilt Inc. (WBT) for $24.00 per share in cash.
The proposal represents a premium of 3.5% to the Welbilt closing share price on July 2, 2021, the last trading day prior to the July 5 proposal. It also represents a premium of around 11.4% to the implied value of the all-stock transaction with Middleby Corp. as of July 2, and a premium of 53.6% to the closing share price on April 20 the last trading day prior to announcement of the Middleby deal.
Ali Group said it has obtained financing commitments from Goldman Sachs and Mediobanca.
Ali Group’s proposal also provides certainty of securing regulatory approval with the inclusion of a “hell or high water” provision, which requires Ali Group to take all actions necessary, including divestitures, to obtain all requisite antitrust approvals without undue delay.
Ali Group had previously offered $23 per share or $3.3 billion in cash for Welbilt. It outbid Middleby Corp., which previously had agreed to buy Welbilt for about $2.9 billion or 0.124 Middleby share for each Welbilt stock.
“Given the minimal product overlap between our two companies and the fact that our proposed transaction does not require an Ali Group stockholder vote, we believe our proposal offers far greater certainty of closing than the Middleby Transaction,” the company said in a statement.