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Former Treasury Secretary Larry Summers has criticized the Federal Reserve's decision to cut interest rates last month, calling it a mistake. This comes after new data showed that US job growth in September exceeded expectations, with nonfarm payrolls increasing by 254,000, the highest in six months. Summers argues that the strong employment report suggests caution is needed in rate cutting, as it confirms suspicions that the economy is in a high neutral rate environment. Investors are now predicting a smaller, quarter-point cut at the Fed's November meeting. [Extracted from the article]

UK Chancellor Rachel Reeves is planning to attend a meeting of EU finance ministers by the end of the year, according to the Financial Times. The meeting is seen as a positive sign for the UK's relationship with the EU since Labour took office. The meeting is scheduled for December 9 in Brussels, and Reeves' attendance would indicate a desire to improve cooperation with the EU in various areas, including economic policy. The Eurogroup president's spokesperson expressed a commitment to building a strong working relationship with the UK. [Extracted from the article]

Buyout firm TPG is currently the leading contender to purchase a minority stake in Creative Planning, a wealth management firm valued at over $15 billion. The potential stake is estimated to be worth $2 billion. Other buyout firms, including Permira, have also expressed interest in acquiring the stake. If successful, TPG would join private equity firm General Atlantic as an owner of Creative Planning. The deal is expected to be announced soon. [Extracted from the article]

(Bloomberg) -- The suspect in the apparent assassination attempt of former President Donald Trump is 58-year-old Ryan Routh, according to federal officials.Routh was born in 1966 and has been living in Hawaii, CNN reported. He has eight arrests on his record, reportedly for minor offenses, according to the network. NOTE: Trump Safe After Apparent Assassination Attempt in Florida (2)©2024 Bloomberg L.P.By Susanne BartonReported by Author [Extracted from the article]

Ryan Routh, a 58-year-old man from Hawaii, has been identified as the suspect in an alleged assassination attempt on former President Donald Trump at his golf course in West Palm Beach, Florida. Routh has a history of minor offenses and was working as a construction worker in North Carolina. An account on a social media platform, believed to be Routh's, had numerous posts condemning Russia's invasion of Ukraine. Authorities are investigating Routh's background to determine his motives. An AK-47-style rifle, two backpacks, and a GoPro camera were found at the scene of the incident. [Extracted from the article]

German billionaire Mathias Döpfner and KKR are close to finalizing a deal to divide the media conglomerate Axel Springer, according to the Financial Times. The proposed agreement would grant KKR majority control of Axel Springer's profitable classifieds business. The deal values the entire company at €13.5 billion ($15 billion), with over €10 billion allocated to the classifieds business. If the deal goes through, it would solidify Döpfner's control over Axel Springer's media outlets, which include Politico, Business Insider, Bild, and Die Welt. Both Axel Springer and KKR have declined to comment on the matter. [Extracted from the article]

Fidelity, Nomura, and Norway's Norges Bank are among the investors expected to bid on Indian e-scooter maker Ola Electric Mobility Ltd.'s initial public offering (IPO), according to Reuters. Fidelity is expected to bid around $75 million, while Nomura and Norges will bid $100 million each in the IPO anchor book. Additionally, several Indian mutual funds, including SBI, HDFC, UTI, and Nippon India, are also expected to place bids, with the collective bid amounts anticipated to exceed $700 million. Ola Electric and the investors named have not yet responded to requests for comment. [Extracted from the article]

Melania Trump has called for courage and common sense to bring Americans together, despite their differing political opinions. She made this statement in response to an attack on her husband, Donald Trump, at a rally in Pennsylvania. Melania expressed her concern for the safety of her family and urged Americans to prioritize respect in their relationships. She commended those who have reached across the political divide and acknowledged that politicians are individuals with families. [Extracted from the article]

US prosecutors have recommended that Boeing Co. be criminally charged for violating a settlement related to two fatal crashes. The charges could go beyond the original fraud conspiracy charge and the specific charges have not been disclosed. In May, the federal agency determined that Boeing had breached a deferred-prosecution agreement from 2021. Boeing denies the findings and the Justice Department has until July 7 to decide on the appropriate punishment. Alternatively, the DOJ could extend the settlement or propose stricter terms. The internal deliberations are ongoing and no final decisions have been made. [Extracted from the article]

US President Joe Biden and Japan's Prime Minister Fumio Kishida are expected to announce plans to restructure the US military command in Japan. The plan aims to strengthen operational planning and exercises between the two countries and is a response to the growing threat from China. One potential model being considered is the creation of a new US military joint task force attached to the US Pacific Fleet, with the commander spending more time in Japan. No final decision has been made, and other models, including an upgrade to US Forces Japan, are also being considered. [Extracted from the article]

Harvard University has appointed Kenneth Frazier, the former CEO of Merck & Co., and Joseph Bae, the co-CEO of KKR & Co., to its governing board. The university's interim president, Alan M. Garber, stated that both individuals are committed to academic freedom, inclusion, and excellence in teaching and research. The appointments suggest that Harvard does not plan to make significant changes despite facing criticism and challenges, including accusations of antisemitism, a donor revolt, and inquiries from congressional committees. The university's previous president, Claudine Gay, resigned after allegations of plagiarism and a controversial response to a Congressional hearing. Critics, including billionaire investor Bill Ackman, have raised concerns about Harvard's support for diversity and inclusion efforts, selective enforcement of free speech, and governance. [Extracted from the article]

Harvard University has appointed Kenneth C. Frazier, the former CEO of Merck & Co., and Joseph Y. Bae, Co-CEO of KKR & Co., to its governing board. Frazier will fill a vacancy left by David Rubenstein, while Bae will replace Paul J. Finnegan. The university stated that both individuals are committed to academic freedom, inclusion, and the pursuit of excellence in Harvard's mission of teaching and research. [Extracted from the article]

Archer-Daniels-Midland Co. (ADM) has placed its chief financial officer on leave and lowered its earnings outlook due to an investigation into the company's accounting practices. The investigation was prompted by a voluntary document request from the Securities and Exchange Commission (SEC) and focuses on ADM's nutrition reporting segment. ADM has been expanding its nutrition business since 2014 but has faced challenges in meeting profit expectations. The company is withdrawing its outlook for the nutrition unit and expects to delay its earnings release. This is not the first scandal for ADM, as it was previously involved in a price-fixing conspiracy in the 1990s. [Extracted from the article]

Archer-Daniels-Midland Co. (ADM) has placed its chief financial officer on leave and lowered its earnings forecast due to an investigation into the company's accounting practices. The investigation was prompted by a voluntary document request from the Securities and Exchange Commission (SEC) and focuses on ADM's nutrition reporting segment. ADM has been expanding its nutrition business since 2014 but has faced challenges in meeting profit expectations. The company is withdrawing its outlook for the nutrition unit and expects to delay its earnings release. This is not the first scandal for ADM, as it was previously involved in a price-fixing conspiracy in the 1990s. [Extracted from the article]

US air strikes have destroyed a Houthi anti-ship missile that was about to be launched into the Gulf of Aden. The strikes were carried out in response to the Houthi militants targeting commercial traffic in the Red Sea. The attacks on commercial ships began after Israel's bombardment of the Gaza Strip, which was followed by an infiltration and attack on Israel by Hamas militants. President Joe Biden has stated that the air strikes will continue, although he does not expect them to end the Houthi attacks. The US and the UK are discussing ways to increase their campaign against the Houthis without escalating the conflict. [Extracted from the article]

The UK plans to send a Royal Navy warship, HMS Trent, to Guyana in solidarity with the country amid a territorial dispute with Venezuela over an oil and gas-rich area. The warship will participate in joint exercises with Guyana after Christmas as part of an Atlantic patrol task deployment. The UK's support for Guyana was reinforced by Foreign Office minister for the Americas and Caribbean, David Rutley. The dispute between Guyana and Venezuela over the territory has been ongoing since the late 19th century. [Extracted from the article]

Stonepeak Partners, an alternative investment firm, has agreed to invest in AA Ltd., a breakdown coverage firm. The size of the investment has not been disclosed. If the transaction closes, Stonepeak is expected to provide £180 million to AA to redeem part of its Class B3 notes. The deal is expected to close in the first half of 2024. [Extracted from the article]

Uniper SE, a German energy company, has announced that an arbitration award of €550 million ($602 million) against one of its subsidiaries will affect its annual results. The arbitration proceedings were related to the pricing provisions of a long-term agreement for the supply of liquefied natural gas, which was made before Uniper's spin-off in 2016 and has since expired. Uniper is currently analyzing the decision and exploring legal options to challenge the award. [Extracted from the article]

(Bloomberg) -- OpenAI's board is in discussions with Sam Altman to return to the company as chief executive officer, The Verge reported, citing unidentified people familiar with the matter.Altman, who was suddenly ousted Friday, is ambivalent about returning and would want significant governance changes, the Verge said, citing one of the people.To view the source of this information click here©2023 Bloomberg L.P.By Susanne BartonReported by Author [Extracted from the article]

The rate on the 30-year bond fell about 21 basis points after peaking at around 5.18%, while the yield on the 10-year tumbled roughly 19 basis points after earlier surpassing 5% for the first time in 16 years. As recently as late September Gross said neither bonds nor equities were attractive because inflation leaves little room for the Fed to lower rates. [Extracted from the article]

Equity arbitrages would make the "best investment", Gross said, adding that he was "seriously considering regional banks again." (Bloomberg) -- Bill Gross says he's buying futures tied to the Secured Overnight Financing Rate and sees a recession in the fourth quarter. [Extracted from the article]

(Bloomberg) -- UK Prime Minister Rishi Sunak plans to reduce the nation's inheritance tax to drum up support ahead of the next general election, The Times reported Saturday. Inheritance tax is now 40% for estates worth more than £325,000 ($400,000), with an extra £175,000 allowance toward a main residence if it's passed to children or grandchildren, The Times reported. [Extracted from the article]

People familiar with Trump's plans said last week he was considering skipping the first debate, scheduled for Wednesday, and would instead be featured in an interview with former Fox News host Tucker Carlson. Trump Says He Will "Not Be Doing the Debates" With GOP Rivals (Bloomberg) -- Former President Donald Trump confirmed that he plans to skip primary debates with his Republican rivals, citing the latest poll showing him as the front-runner for the party's 2024 presidential nomination by a wide margin. [Extracted from the article]

(Bloomberg) -- United States Steel Corp. began a formal review of strategic alternatives after receiving "multiple unsolicited" proposals, an indication that a years-long transition may finally be paying off. It became America's first $1 billion company, and in its first year of operation, the company made roughly two-thirds of the steel produced in the US. [Extracted from the article]

(Bloomberg) -- United States Steel Corp. says it is initiating a formal review of strategic alternatives after it received "multiple unsolicited" proposals. The proposals ranged from the acquisition of certain production assets to offers for the whole company, Chief Executive Officer David B. Burritt said in a statement Sunday. [Extracted from the article]

Read more: SoftBank's Arm Targets $60 Billion Value in September IPO Raine Group is advising SoftBank on the negotiations, Reuters reported. (Bloomberg) -- SoftBank Group Corp. is in discussions to purchase the 25% stake in Arm Ltd. it doesn't directly own from Vision Fund 1, the $100 billion investment fund it raised in 2017, Reuters reported, citing people familiar with the matter. [Extracted from the article]

The reasons for Deloitte's resignation "were not convincing or sufficient to warrant such a move", G.K. Pillai, the chairman of Adani Ports & Special Economic Zone Ltd.'s audit committee, said in the statement. (Bloomberg) -- Adani Ports appointed MSKA & Associates as its statutory auditors after Deloitte Haskins & Sells LLP resigned. [Extracted from the article]

(Bloomberg) -- UK Prime Minister Rishi Sunak is expected to announce multimillion-pound funding for a carbon capture project in Scotland, the Sunday Times reported. Sunak's decision would help to carve out a divide with the Labour Party and SNP over North Sea oil and gas, the Times said. [Extracted from the article]

(Bloomberg) -- Israeli Prime Minister Benjamin Netanyahu will be fitted with a pacemaker after he was hospitalized a week ago for what his office said was dehydration. He will now undergo a pacemaker implantation procedure, the Haaretz newspaper reported. [Extracted from the article]

"A week ago I was fitted with a monitoring device", Sky reported, citing Netanyahu in the video. (Bloomberg) -- Israeli Prime Minister Benjamin Netanyahu will be fitted with a pacemaker, Sky News reported, citing a video statement by his office. [Extracted from the article]

The talks come about four months after Character.AI, which allows users to create artificial intelligence-powered chatbots modeled after celebrities and historical figures, said it had raised $150 million at a $1 billion valuation. (Bloomberg) -- Character.AI is in discussions with investors about raising an additional round of funding, The Information reports, citing a person with direct knowledge. [Extracted from the article]

(Bloomberg) -- UK Defense Secretary Ben Wallace said he will step down during the next reshuffling of Prime Minister Rishi Sunak's cabinet, the London-based Times reported. Wallace told Rishi Sunak his plans on June 16 but had hoped to make the announcement over the summer, when it would not have contributed to the narrative of Tory decline, the Times reported. [Extracted from the article]

(Bloomberg) -- Mitsubishi UFJ Financial Group will buy Mandala Finance, an automobile loan provider in Indonesia, for 7 trillion rupiah ($467 million), Nikkei reported. The Japanese company's banking unit, MUFG Bank, and PT Adira Dinamika Multi Finance, a car loan provider under MUFG's local subsidiary Bank Danamon, will jointly acquire shares in Mandala Finance, the newspaper said. [Extracted from the article]

Bloomberg reported earlier this month that Brookfield, which already owns 49% of EduCo, holder of a portfolio of public-education buildings, has expressed interest in SBB's portfolio. SBB and Brookfield aim to enter into a share purchase agreement in July, and SBB would retain the right to re-acquire shares in EduCo in the future, according to the statement. [Extracted from the article]

Twitter stopped paying its rent in November and Musk, the world's richest man, told employees he doesn't intend to restart payments or cover those past due, the FT said, citing lawsuits. (Bloomberg) -- Elon Musk's refusal to pay Twitter's rent contributed to the surge in commercial real estate loan delinquencies that Goldman Sachs Group Inc. faced in the first quarter, the Financial Times reported. [Extracted from the article]

(Bloomberg) -- Twitter is hiring a senior executive from NBCUniversal to join incoming Chief Executive Officer Linda Yaccarino, the network chief tapped last month to improve the social-media company's relations with advertisers. "I am looking forward to bringing my experience to Twitter, and to working with the entire team to build Twitter 2.0 together", he wrote. [Extracted from the article]

(Bloomberg) -- Binance is creating a new platform for residents in Japan in order to fully comply with local regulations, the company said in a blog post. Services on the existing global platform will be discontinued for Japan residents on Nov. 30 and current users will be able to migrate to the new local platform through a new identity verification process that will be available after Aug. 1, according to the statement. The company is seeking to re-enter a market it said would play a "key role" in the future of cryptocurrency adoption, after ditching in 2018 a plan to build a base in Japan following scrutiny from the securities regulator. [Extracted from the article]

(Bloomberg) -- At least nine members of Congress sold banking stocks before and during the market turmoil in March, the Financial Times reported. Josh Gottheimer, a New Jersey Democrat and member of the financial services committee, disclosed a March 9 sale of shares in Silicon Valley Bank valued at between $1,000 and $15,000, the newspaper said. [Extracted from the article]

The focus of the existing tussle between Glencore and Teck for now is an April 26 vote by Teck shareholders on the proposed breakup. (Bloomberg) -- Teck Resources Ltd. was approached by Vale Ltd., Anglo American Plc and Freeport-McMoRan Inc. on potential deals, should the Canadian company carry out a planned split, The Globe and Mail reported, citing two unidentified people familiar with the discussions. [Extracted from the article]

(Bloomberg) -- McDonald's Corp. is temporarily closing its US offices this week as it notifies hundreds of corporate employees that they're losing their jobs in a broader restructuring plan, according to a person familiar with the matter. McDonald's in January said it planned to cut corporate jobs and eliminate certain initiatives, even as it accelerates new store openings. [Extracted from the article]

(Bloomberg) -- Goldman Sachs Group Inc.'s asset management arm and Bain Capital are among parties interested in acquiring the sandwich chain Subway, Sky News said. Goldman Sachs Asset Management and Bain, along with private equity firms TDR Capital and TPG, have tabled indicative offers for Subway, the news outlet reported Saturday, citing unidentified people close to the process. [Extracted from the article]

(Bloomberg) -- Twitter has cut a senior executive, Esther Crawford, Platformer's Zoe Schiffer said in a tweet Sunday, as part of another wave of layoffs at Elon Musk's social media platform. Crawford was one of the executives who had been in charge of Twitter Blue, the site's subscription service. [Extracted from the article]

Hindenburg Research released a report just days before Adani launched India's biggest ever primary follow-on public offering, seeking to fund capital expenditures and to pay down the debt of its various units. (Bloomberg) -- Investor Bill Ackman doubled down on his criticism of Adani Group, saying that there's just too much liability exposure for the banks involved in the Indian company's equity sale. [Extracted from the article]