Vodafone In Talks To Merge Its British Arm With Three UK
Vodafone Group Plc (VOD.L,VOD) has confirmed on Monday that it is in talks with CK Hutchison Holdings Limited on a possible merger of Vodafone UK and Three UK.
By merging their businesses, both parties will gain the necessary scale to boost the rollout of full 5G in the UK and expand broadband connectivity into rural areas.
The proposed new firm would include both companies’ British businesses, with Vodafone owning 51 percent, and its partner CK Hutchison owning 49 percent.
“The relative ownership would be achieved through a differential leverage contribution at closing, and no cash consideration will be paid,” Vodafone said in a statement.
Brazil’s Presidential Election Headed To Run-off
Brazil’s presidential election is heading to a second round after Opposition candidate Luiz Inacio Lula da Silva and current President Jair Bolsonaro failed to win a clear majority.
With vote counting nearly completed, left-wing’s Lula won 48 percent of the votes while far-right’s Bolsonaro earned 43 percent.
Only the candidate who secure more than 50 percent of votes will win the election.
Lula, who was President during 2003-2010, had vowed to take measures to protect the Amazon rain forest if he wins the presidency.
The 75-year-old leader was jailed over a corruption scandal, but the Supreme Court annulled the charges against him in 2021.
Bolsonaro was elected President in January 2019 as the candidate of the conservative Social Liberal Party, and joined the Liberal Party in November 2021.
Giorgia Meloni Set To Become Italy’s First Female Prime Minister
Giorgia Meloni is set to become Italy’s first female prime minister as the right-wing alliance led by her Brothers of Italy party is on course to win the general election.
With 63 percent of votes counted, the alliance has won more than 43 percent, according to the Italian Interior Ministry. Matteo Salvini’s League and former Prime Minister Silvio Berlusconi’s Forza Italia are the other parties in the alliance.
Addressing the media to claim victory, Meloni promised to govern for all Italians and said she would not betray their trust.
“It’s a victory I want to dedicate to everyone who is no longer with us and wanted this night,” she said. “Starting tomorrow we have to show our value … Italians chose us, and we will not betray it, as we never have,” she told reporters.
The Interior Ministry is expected to declare final results later in the day, but it will take weeks for a new government to be formed, reports say.
A member of the Chamber of Deputies since 2006, 45-year-old Meloni has also worked as a journalist.
She will be leading Italy’s most far-right government since the fascist Benito Mussolini.
Italy voted in another parliamentary election because Mario Draghi resigned as Prime Minister of the unity government after losing support of key allies in July.
China Central Bank Adopts Measures To Safeguard Yuan
China’s central bank ramped up measures to safeguard the yuan from further depreciation on Monday as the U.S. Dollar continued to strengthen on the Federal Reserve’s tightening stance.
The People’s Bank of China decided to raise the risk reserve requirement for banks’ forward forex sales to 20 percent from zero. The new rate will take effect on September 28.
This foreign exchange risk reserves for financial institutions when buying forex through currency forwards were lowered to zero in October 2020.
The PBoC had set the central parity rate of the renminbi at 7.0298 per dollar on Monday, the weakest since mid-2020. The currency is allowed to move within the range of 2 percent above or below the central parity each trading day in the spot market.
Despite the announcement on reserve requirement for forward forex trade, the currency ended the session weaker today, at 7.1464 per dollar.
Pre-market Movers: LVWR, NXPL, MYOV, AMV, FNGR…
The following are some of the stocks making big moves in Monday’s pre-market trading (as of 06.55 A.M. ET).
In the Green
LiveWire Group, Inc. (LVWR) is up over 42% at $10.20
NextPlat Corp (NXPL) is up over 38% at $3.04
Myovant Sciences Ltd. (MYOV) is up over 28% at $22.99
Atlis Motor Vehicles, Inc. (AMV) is up over 25% at $25.70
FingerMotion, Inc. (FNGR) is up over 10% at $3.72
OppFi Inc. (OPFI) is up over 10% at $2.53
GrafTech International Ltd. (EAF) is up over 8% at $4.68
Genius Group Limited (GNS) is up over 8% at $2.40
MAG Silver Corp. (MAG) is up over 7% at $13.39
Amplify Energy Corp. (AMPY) is up over 7% at $7.06
Rush Street Interactive, Inc. (RSI) is up over 7% at $3.94
AMTD Digital Inc. (HKD) is up over 6% at $49.78
In the Red
Zedge, Inc. (ZDGE) is down over 7% at $2.18
Vertical Aerospace Ltd. (EVTL) is down over 6% at $8.71
Credit Suisse Group AG (CS) is down over 5% at $3.69
Tesla, Inc. (TSLA) is down over 4% at $252.39
Macy’s To Hire More Than 41,000 Seasonal Colleagues
Omnichannel retailer Macy’s, Inc. announced Monday plans to hire colleagues for more than 41,000 full- and part-time seasonal positions for the upcoming holiday season.
The colleagues will be positioned at its Macy’s, Bloomingdale’s and Bluemercury stores, supply chain locations and call centers.
Candidates are encouraged to apply online through the company careers sites or join them in person for an on-the-spot interview during its monthly hiring events at the stores and supply chain locations across the country.
The next holiday hiring event comes on October 6.
The company noted that the number of seasonal opportunities is relatively consistent with the number of open positions in prior years.
Macy’s colleagues will be offered opportunities ranging from entry-level roles to leadership roles.
Seasonal colleagues will also have access to new opportunities, as colleagues are actively converted to permanent roles. In 2021, more than 10,300 seasonal colleagues earned permanent positions throughout the holiday season.
Permanent colleagues earn an average base pay above $17 an hour and average total pay of $20 an hour along with the opportunity to work additional hours with flexible schedules.