Hawaiian Electric Says Power Lines Not Responsible For Deadly Lahaina Fire, China Targets Stock Market Revival, FTC Pauses Legal Battle With Amgen's $28B Horizon Deal: Today's Top Stories

Reuters

Walmart Settles Lawsuit Regarding Allegations Of Light-Bulb Patent Infringement

• Walmart Inc WMT has reportedly resolved the University of California's light-bulb patent lawsuit.
• The university accused the retail behemoth of infringing its patents associated with "filament" LED light bulbs (invented at the Santa Barbara-based school system).
• The federal judge in Los Angeles would dismiss the case with prejudice, which means it cannot be refiled.

Renault Eyes Spring 2024 IPO For EV Unit Ampere

• Renault SA RNLSY RNSDF is reportedly expecting to list its electric vehicle business unit, Ampere, on the stock market in the spring of 2024.
• Renault Chief Executive Officer Luca de Meo said the automaker was targeting November 1 of this year for Ampere to be separated from the rest of the company.
• "So we separate, and then we see if we have the right conditions to enter the market," said Luca de Meo.

UBS-Owned Credit Suisse Piles Up Loss of Over $4B In Q2

• Swiss investment bank Credit Suisse, currently a subsidiary of UBS Inc UBS, reportedly posted a loss of $4 billion for the second quarter, in line with the forecast issued in April.
• Credit Suisse's second-quarter loss amounted to 3.5 billion Swiss francs.
• Credit Suisse had previously forecast a significant pre-tax loss for the second quarter and for all of 2023, given its move to exit from non-core businesses and restructuring and financing costs.

 

Wall Street Journal

Purdue Pharma's Trust Strategy: Supreme Court Reviews Restructuring Amidst Opioid Crisis

• The Supreme Court is set to examine Purdue Pharma's proposed restructuring, the opioid company that sought bankruptcy in 2019. This move may change a four-decade method for managing vast legal liabilities from large-scale lawsuits.
• The tactic dates back to Johns Manville, a prominent asbestos firm that declared bankruptcy in 1982 due to myriad lawsuits. Despite bankruptcy laws permitting restructuring of present claims, many claimants wouldn't fall ill until years post-bankruptcy. 

FTC Takes A Rare Step Back, Pauses Legal Battle With Amgen Over $28B Horizon Deal

• The Federal Trade Commission decided to momentarily halt its challenge against pharmaceutical giant Amgen, Inc AMGN, concerning its proposed acquisition of Horizon Therapeutics PLC HZNP valued at $27.8 billion.
• The move presents a window of opportunity to contemplate a potential settlement, which might allow the deal to move forward under specific conditions.
• In a document submitted to the court last week, the FTC revealed its intention to suspend the challenge it had initiated internally.

 

Bloomberg

A Step Closer To Cheaper Drugs For Americans: Price Negotiation And Its Implications

• The U.S. government is set to announce a list of 10 drugs this Friday, September 1, as part of President Joe Biden's Inflation Reduction Act, for which it will actively negotiate prices. 
• Expected on this list are Johnson & Johnson's JNJ blood thinner Xarelto and Eli Lilly And Co's LLY diabetes drug Jardiance.
• This unprecedented negotiating ability shifts from the status quo, where pharmaceutical companies have primarily dictated prices. 

China's Strategic Financial Overhaul Targets Stock Market Revival

• In a strategic move to reinvigorate its stock market, China has unveiled a series of financial measures, including a significant cut in the stamp duty on stock trades and a slowdown in introducing initial public offerings (IPOs).
• Beginning August 28, the stamp duty on stock trades will experience a reduction, moving from 0.1% to 0.05%. This marks the first such adjustment since 2008. The Ministry of Finance highlighted this initiative as a step to "energize capital markets and enhance investor trust.

To Boost AI Efforts, SoftBank Plans Silicon Valley Tour For Indian Entrepreneurs

• Japanese multinational investment holding company SoftBank Group Corp SFTBY SFTBF is taking a select group of founders from its Indian startups to Silicon Valley for a specialized AI tour in September.
• This initiative underscores SoftBank's ongoing commitment to AI integration across its portfolio entities.

Databricks in Talks with T. Rowe Price for $43B Valuation, Eyes Expansion

• Software maker Databricks Inc. is discussing a new funding round with T. Rowe Price Group Inc TROW to value the company at $43 billion.
• The company bagged a valuation of $38 billion two years ago in funding led by Counterpoint Global.
• Databricks provides tools for data, analytics, and artificial intelligence.

 

Benzinga

Tesla China Rival XPeng Taps Ride-Hailing Firm DiDi to Boost Smart EV Adoption

• Chinese smart electric vehicle firm XPeng Inc XPEV tapped domestic ride-hailing firm DiDi Global Inc DIDIY
•  to drive the adoption of Smart EVs and technologies.
• XPeng plans to launch an all-new EV brand in 2024, which it is developing under the project name "MONA." 

Hawaiian Electric's Shares Gain After An Update On Cause Of Lahaina Fires

• Hawaiian Electric Industries Inc HE shares are gaining after the company released an in-depth response to the lawsuit recently filed by the County of Maui surrounding the tragic fires on August 8.
• Hawaiian Electric's records confirm that no electricity flowed in its power lines near Lahaina Intermediate School when the fire ignited.
• Videos taken by local residents depict power lines falling in strong winds earlier that morning, leading to the smaller fire.

Chinese Carmaker BYD Buys US Firm Jabil's Mobility Business For $2.2B

• Jabil Inc JBL reached a preliminary deal with Chinese EV maker BYD Co Ltd BYDDF BYDDY BYD Electronic (International) Company Limited for the sale of its Mobility business in a potential transaction worth $2.2 billion.
• Jabil Circuit, which manufactures printed circuit boards, established a unit this month that absorbed its product-manufacturing businesses in Chengdu and Wuxi, which will now become a part of the Chinese group.

Hit By Opioid Lawsuits Mallinckrodt Files For Second Bankruptcy In Just Three Years

• Mallinckrodt Plc MNK has taken the next steps to implement the comprehensive financial restructuring plan.
• The company and some of its subsidiaries have filed for a second bankruptcy in three years in the U.S., with the newest restructuring plan set to reduce its debt by about $1.9 billion.
• The company expects to complete the court-supervised process in the fourth quarter of 2023.

German Pharma Firm Bayer's Investigational Cell Therapy Hits Main Goal In Early Parkinson's Study

• Bayer AG BAYRY BAYZF and its subsidiary BlueRock Therapeutics announced detailed data from the Phase 1 trial for bemdaneprocel (BRT-DA01). Topline results were released in June.
• The study met the primary objective of demonstrating safety and tolerability in all 12 participants in the study's low and high-dose cohorts, with no serious adverse events (SAEs) reported related to bemdaneprocel through one year. 

Riding The TikTok Wave: GD Culture Unveils Live-Streaming E-Commerce Business And Stock Soars

• GD Culture Group Ltd GDC shares are skyrocketing after it announced the launch of live-streaming e-commerce business on TikTok, a popular social media platform.
• GD Culture is a holding company currently conducting business through Shanghai Highlight Media Co Ltd. and AI Catalysis Corp (AI Catalysis). Highlight Media, founded in 2016, is an integrated marketing service agency focusing on serving businesses in China.

BrightView Hits Refresh: New CEO And Half A Billion Dollar Investment To Slash Debt And Fuel Acquisitions

• BrightView Holdings Inc BV disclosed the new Chief Executive Officer (CEO) appointment and attained a $500 million strategic investment.
• The company appointed Dale A. Asplund as the President and Chief Executive Officer, effective October 1, 2023. The company also appointed Asplund to the Board of directors.

Beaten Down Chinese E-Commerce Firm Baozun Clocks Mixed Q2 Earnings

• Chinese e-commerce solutions provider Baozun Inc (NASDAQ: BZUN) reported a second-quarter FY23 revenue growth of 9.3% year-on-year to RMB2.32 billion ($319.97 million), missing the consensus of $345.95 million.
• Non-GAAP EPS loss per ADS was $(0.01) vs. the consensus loss of $(0.03).
• Baozun's stock has lost 36% year-to-date.