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‘With MIAL, group units to gain from adjacencies’, says Adani

Dr. Anthony Fauci says U.S. coronavirus cases are 'unacceptably high' going into Labor Day

White House coronavirus advisor Dr. Anthony Fauci said Wednesday that the number of daily coronavirus cases in the United States is currently "unacceptably high" heading into the fall season.

The U.S. is seeing roughly 40,000 new cases a day, but it needs to bring infections down to 10,000 or less per day, Fauci said during an interview with MSNBC.

Fauci, director of the National Institute of Allergy and Infectious Diseases,said the public's behavior over the Labor Day holiday weekend will determine how the coronavirus spreads in the U.S. through the colder seasons.

"We know from prior experience as you get into the holiday weekend, the Fourth of July, Memorial Day, there's a tendency of people to be careless somewhat with regard to the public health measures," he said. "I want to use this opportunity to almost have a plea to the people in this country to realize that we really still need to get our arms around this and to suppress these types of surges we've seen."

This is a developing story. Please check back for updates.

Stock Alert: Flying Eagle Acquisition Hits New 52-week High

Shares of Flying Eagle Acquisition Corp. (FEAC) are rising more than 14 percent or $1.60 in Wednesday’s morning trade at $12.60, after touching a new 52-week high of $13.71 earlier on news of the company’s merger with Skillz Inc.

Skillz Inc., a mobile games platform and Flying Eagle Acquisition, a publicly-traded special purpose acquisition company, said Wednesday they have agreed to a business combination that will result in Skillz becoming a publicly-listed company. The transaction implies an equity valuation for Skillz of $3.5 billion, or 6.3 times projected 2022 revenue. Skillz stockholders may elect to receive their consideration in either cash or stock of the combined company. Estimated cash proceeds from the transaction are expected to consist of Flying Eagle’s $690 million of cash in trust.

The transaction is expected to close in the fall of 2020.

Flying Eagle Acquisition has traded in a range of $9.81 to $13.71 in the past 52 weeks.

Salesforce To Cut About 1,000 Jobs : Reports

Salesforce.com Inc will cut about 1,000 jobs or about 2% of its workforce to streamline its business. Sales and customer-support roles are among those being eliminated, according to reports citing people familiar with the matter.

The news comes a day after the cloud-based enterprise software marker reported better-than-expected second-quarter results and lifted its financial outlook for the full year 2021. The company’s revenue for the second-quarter rose 28.8% to $5.15 billion from $4.00 billion last year.

A spokeswoman for Salesforce reportedly said that the company is reallocating resources to position the company for continued growth. Therefore, the company is continuing to hire and redirect some employees to fuel its strategic areas. It will eliminate some positions that no longer map to its business priorities.

According to the reports, the company will give 60 days to the affected employees to find new jobs within the company. Otherwise, it will offer severance and pay benefits for six months for those who don’t find new positions in the company.

Oil Futures Settle Sharply Lower As Gasoline Demand Falls

Crude oil futures settled sharply lower on Wednesday despite a steep drop in U.S. crude inventories last week, as worries about a drop in gasoline demand and data showing a surge in oil production by OPEC members weighed on prices.

A firmer dollar too contributed to the decline in crude oil prices today. The dollar index, which had tumbled to more than 2-year low of 91.75 on Tuesday, rallied to 92.87 today before paring some gains.

West Texas Intermediate Crude oil futures for October ended down $1.25 or about 2.9% at $41.51 a barrel.

Brent crude futures drifted down $0.99 or about 2.2% to $44.59 a barrel.

According to Energy Information Administration’s report this morning, U.S. crude inventories plunged 9.3 million barrels in the week ending August 28th, nearly five times the expected drop.

The latest data released by the American Petroleum Institute (API) late Tuesday showed that U.S. crude inventories fell by 6.4 million barrels in the week to Aug. 28, against analysts’ expectations for a draw of 1.9 million barrels.

Gasoline stocks also fell by 5.8 million barrels, exceeding expectations for a draw of 3.0 million barrels.

According to reports, crude oil production from OPEC rose by about 950,000 barrels per day in August, as the cartel continued to relax its production cuts.

Amtrak to furlough 2,000 workers as travel declines amid COVID-19

Amtrak will furlough more than 2,000 workers as a result of the steep decline in travel demand from the coronavirus pandemic.

House Transportation Committee Chairman Peter DeFazio said the workers were notified this week they would lose their jobs. In May, Amtrak said it needed a new $1.5 billion bailout and disclosed plans to cut its workforce by up to 20 percent in the coming budget year.

Ridership and revenue levels are down 95 percent year-over-year since the pandemic began, Amtrak has said. Amtrak did not immediately comment Wednesday.

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‘With MIAL, group units to gain from adjacencies’, says Adani

Airport offers group a platform: Adani

Gujarat-based billionaire Gautam Adani said his ports-to-energy conglomerate acquiring a controlling stake in the Mumbai airport would help expand the group’s existing portfolio of six airports and create strategic adjacencies for its other businesses.

The conglomerate on Monday said it had acquired controlling stake in the Mumbai International Airport Ltd. from the GVK group, which has decided to sell stake amid rising debt of the group having interests in energy, airports and other segments.

“The addition of the Mumbai International Airport and the Navi Mumbai International Airport to our existing portfolio of six airports provides us a transformational platform that will help shape and create strategic adjacencies for our other B2B businesses,” he added. Adani Airports last year won the mandate to modernise and operate six airports.