US stocks tumbled for the second day in a row. Pictured: The New York Stock Exchange, seen in 2011. Photo credit: Shutterstock/Bart Sadowski
BMW taking control of Chinese joint venture; who owns autonomous vehicle data; gourmet grilled cheese sandwiches. Delano’s breakfast briefing for Friday.
Wall Street drops sharply
The US stock market slid by 2% on Thursday to close on a 200-day low, driven by fears over rising interest rates and bond yields and slower global growth. Donald Trump’s comment that America’s central bank was “out of control” added fuel to the sell-off. European stocks were also down. Reported by the BBC, Financial Times and MarketWatch.
London losing money laundering battle
The National Crime Agency estimates that “many hundreds of billions of pounds” are laundered by British banks every year, with much of funds being used to buy property, according to the Economist. Despite progress, “it is clear that Britain’s broader war on dirty money lacks oomph,” wrote the newspaper.
Apple opens Dialog box for $600m
Apple is buying part of Dialog, a British chipmaker that is a long-time supplier for the iPhone, for $600m. Apple will pick up intellectual property and 300 Dialog engineers will now work for Apple. The deal is expected to close next year, pending regulatory approval. Reported by Ars Technica, the Independent and TechCrunch.
BMW Brilliance buyout
BMW is paying $4.2bn to increase its stake in Brilliance China Automotive from 50% to 75%. That makes BMW the first global auto firm to take advantage of a policy change that lets foreign companies take control of their joint ventures with local partners. The deal is expected to close in 2022, when the rules on foreign ownership of Chinese carmakers are lifted. Reported by Autoblog, CNN and the South China Morning Post.
Car data can be copyrighted: EP committee vote
The European Parliament’s legal committee voted to let the data created by self-driving cars be copyrighted, most likely by the carmaker. The move was driven by European People’s Party MEPs. The bill is not yet final. Reported by Boing Boing, Euractiv and Jalopnik.
Lagarde warns trade war “will be detrimental”
The head of the International Monetary Fund, Christine Lagarde, warned there would “be lots of innocent bystanders” if world’s burgeoning currency and trade wars continue to escalate, according to Reuters. Trade and investment would suffer globally, she said. The comments were directed at the US and China.
Part of Weinstein case dropped
Prosecutors have dropped one of three criminal cases against Harvey Weinstein, the film producer charged with sexual assault, reported the Associated Press. The arrest of Weinstein, who has denied all the allegations, was seen as a turning point in the #MeToo movement against sexual harassment and sexual assault.
Belgian football investigation reaches Luxembourg
An investigation into alleged corruption in Belgium reached across Europe, with authorities in Luxembourg, France, Cyprus and three other countries carrying out searches for Belgian authorities. A referee and four other people have been charged with match-fixing; they have not commented on the accusations. Belgium’s football federation has suspended another referee. Reported by the AFP, AP, and Reuters.
Upgraded grilled cheese
Looking for some easy inspiration in the kitchen? GQ has five ways to take your grilled cheese sandwich “from basic to brilliant”.