Universal Music is Europe’s largest listing of 2021 as shares soar on debut
A star is born: Universal Music Group’s shares jumped by more than 40% in their stock market debut in Amsterdam yesterday, handing the company a EUR 46 bn valuation. The company’s shares climbed to EUR 26.45, up 43% from their EUR 18.50 reference price on the Euronext Amsterdam stock exchange, making it Europe’s largest listing of the year so far.
Lebanon’s annual inflation is now the highest of all countries tracked by Bloomberg, surpassing that of Zimbabwe and Venezuela as the country’s economy continues to crumble. Official data released this week showed that annual consumer price inflation rose to a stunning 137.8% in August, compared with 123.4% in July. The prolonged economic and financial crisis has caused the Lebanese pound to lose 90% of its value and has plunged three-quarters of the population into poverty.
Zoom’s China ties under US scrutiny amid USD 15 bn bid for Five9: Zoom’s USD 15 bn bid for customer service software Five9 is facing scrutiny from the Justice Department, which is investigating the videoconferencing company’s ties to China, the Wall Street Journal report and the Financial Times report. The investigators are assessing whether Zoom “poses a risk to the national security or law enforcement interests,” a turn of events that is coming at an inopportune time for the company, which has seen its shares fall more than 20% as appetite for its software wanes post-lockdown. The company said it expects to receive approval during 1H2022, which could keep it on track to close the acquisition as planned.
Zoom looks to be at risk of becoming the latest firm caught in the crosshairs of increasingly rocky US-Chinese relations: Though based in Silicon Valley, the company’s links to China have been under increasing US scrutiny, due to its large China-based developer base and its cooperation with authorities in Beijing.
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THE CLOSING BELL-
The EGX30 fell 2% at yesterday’s close on turnover of EGP 1.5 bn (4.4% below the 90-day average). Local investors were net sellers. The index is down 3.2% YTD.
In the green: GB Auto (+1.3%), EFG Hermes (+0.1%) and Fawry (+0.1%).
In the red: Ezz Steel (-8.3%), Raya (-7.7%) and AMOC (-7.5%).