In The News:
Pay Up Buddy…
The U.S. Justice Department is pushing BNP Paribas to pay up more than $10 billion to resolve allegation that it evaded U.S sanctions against Iran and other countries for years. The penalty, if paid, would represent one of the largest penalties ever imposed on a bank. The penalty isn’t all that the bank is concerned about. A major sticking point of negotiations so far is the possibility that the U.S. will temporarily restrict the bank’s ability to transact in U.S. dollars. This could cause a huge problem for the bank, as it has multiple businesses including its investment bank and trade finance operation that do their transactions in dollars. No dollar = no transactions. A settlement announcement could be only a couple of weeks away. Shares of BNP closed down on Thursday.
Nice To Be Popular….
Tyson Foods (TSN) became the latest suitor of Hillshire Farms (HSH) announcing Thursday a $6.1 billion bid. The all-cash bid comes only two days after Pilgrim’s Pride’s (PPC) made a bid for the company valued at $5.5 billion. Either bid for Hillshire, if successful, would mark the meat-industry’s biggest merger in history. To complicate things Hillshire’s has made a $4.3 billion bid for packaged-food company Pinnacle Foods. Talk about Drama…
In The Markets:
Asian equities ended lower on Friday ahead of Chinese manufacturing data.
European markets closed in the green on Thursday despite several sector rating downgrades.
US markets closed higher on Thursday with the S&P 500 finishing at an all time high for the 13th time this year. Investors shrugged of lower GDP and focused instead on merger news and better-than-expected jobless claims. Dow: +65.56 16698.74 NASDAQ: +22.87 4247.95
In Dinner or Drink:
2 oz. Jim Beam® bourbon whiskey
2 oz. Powers® Irish whiskey
Combine bourbon and Irish whiskey in a shot glass, and serve.
Have a safe and wonderful weekend!