Disney has opened the gates to its first theme park in China, Shanghai Disneyland, marking the company's largest overseas investment at a price of $5.5B. "China obviously represents incredible potential for the Walt Disney Company (NYSE:DIS)," CEO Bob Iger told reporters. The resort is a joint venture with state-owned Shendi Group, which has a 57% stake - a concession agreed during lengthy negotiations.
Recent fund-raising rounds in the ride-sharing market shows it's one of the most expensive. Didi Chuxing (Private:DIDI) has disclosed that it had brought in $7.3B in its latest fund-raising cycle, which included Apple (NASDAQ:AAPL), Alibaba (NYSE:BABA), and SoftBank (OTCPK:SFTBY) as investors. The new money is said to give the company a total of $10.5B in disposable funds, putting its valuation at $28B.
VW Chief Executive Matthias Muller plans to unveil a sweeping restructuring today, the broadest overhaul of the company in decades. The revamp, dubbed "Strategy 2025," is part of Volkswagen's (OTCPK:VLKAY) effort to get past its emissions crisis in part by moving aggressively into electric vehicles, self-driving cars and digital mobility services.
Exxon Mobil has asked a federal court to throw out a subpoena that would force the oil company to hand over decades of documents as part of a wide-ranging inquiry into whether it misled investors about climate change risks. In its filing in a U.S. district court, Exxon (NYSE:XOM) accused Massachusetts Attorney General Maura Healey of violating constitutional amendments on free speech, unreasonable search and seizure, and equal protection.
After three successes, a leftover SpaceX (Private:SPACE) rocket booster crashedWednesday while trying to land on an ocean barge. In fact, the rocket's failed landing was, according to a Twitter post by Elon Musk, "Maybe [the] hardest impact to date." The attempt came minutes after the Falcon 9 rocket successfully launched two satellites into orbit from Cape Canaveral, Florida.
The main locations of wreckage from the EgyptAir jet that crashed in the eastern Mediterranean last month have been identified by a deep ocean search vessel. Pieces of Airbus A320's (OTCPK:EADSY) fuselage were found at "several sites", according to the Egyptian-led investigation committee, which is racing against the clock to discover the plane's black boxes.
Tencent is nearing a deal to buy Softbank's (OTCPK:SFTBY) majority stake in Supercell Oy, valuing the Finnish games maker at more than $9B. Steep price? The offer is around 4x Supercell's revenue last year. Known for investing in game developers, Tencent (OTCPK:TCEHY) owns League of Legends developer Riot Games and has a stake in Activision Blizzard (NASDAQ:ATVI), maker of the Call of Duty franchise.
Dutch chipmaking equipment firm ASML Holdings (NASDAQ:ASML) has agreed to buy Taiwan's Hermes Microvision for about T$100B ($3.1B). The transaction is the latest consolidation in the global semiconductor industry, which is facing an increasingly saturated smartphone market - once a key growth driver - as well as the emergence of deep-pocketed Chinese players.
According to the SNB's financial stability report, UBS and Credit Suisse (NYSE:CS) will likely each need to raise an extra 10B francs ($10.4B) in capital to meet new leverage requirements. Last month, Switzerland settled on the final version of new too-big-to-fail bank rules, which included a headline requirement for a 5% leverage ratio of core capital to total assets, of which at least 3.5% must be made up of high-quality CET1. CS -1.9%premarket.
Lloyds has won a decisive U.K. court ruling over whether it treated traders of high-interest bonds fairly, saving it from the threat of paying them hundreds of millions of pounds. It was the final stage in a fight that has lasted several years, and effectively marks the end of the legal process for the rebel investors. LYG +1% premarket.
Philadelphia is set to become the first major American city with a soda tax despite a multimillion-dollar campaign by the beverage industry to block it. The City Council is expected to give final approval today to a 1.5 cent-per-ounce tax on diet and regular soda, iced tea, energy drinks, juice drinks with less than 50% juice, and other sugary beverages. Related stocks: KO, PEP, DPS, MNST, FIZZ, SBUX, UL