[M&A] Hitachi will sell its 40 per cent stake in logistics company Hitachi Transport System to US private equity group KKR as part of a $5bn deal that is a major step in the sprawling Japanese group’s drive to focus on digital services.
Over60: Business Wire
[Currencies] The renminbi is set to close out its steepest monthly fall on record as China’s economy reels from severe Covid-19 lockdowns and the US Federal Reserve prepares to raise interest rates, driving global investors to ditch Chinese assets. The Chinese currency has fallen 4.2 per cent this month to about Rmb6.6 per dollar, the biggest drop since the end of its US dollar peg, which was in place from 1994 to 2005.
Over60: FT
[Football] A US consortium led by financier and co-owner of the Los Angeles Dodgers baseball team Todd Boehly has been selected as the preferred bidder in the race to buy Chelsea Football Club. UK chemicals tycoon Jim Ratcliffe tried to gatecrash the deal with a last-minute bid as well. Ratcliffe, owner of the petrochemicals group Ineos, has lined up £4.25bn to buy Chelsea.
Over60: FT
[Markets] The Nasdaq Composite stock index has undergone its heaviest one-month sell-off since the depths of the global financial crisis, as concerns about rising interest rates and slowing economic growth were exacerbated by softer business updates from tech giants such as Amazon, Apple and Netflix. The tech-dominated index sank 4.2 per cent on Friday following lacklustre results by Amazon and Apple the previous evening. The move brought the Nasdaq’s April fall to 13.3 per cent, the worst monthly decline since October 2008, after the collapse of Lehman Brothers had rocked financial markets.
Over60: FT