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Good Morning!
Happy Wednesday! Let’s have a great day:
👉Paramount’s failed merger talks
👉 EU tariffs China EVs
👉Hunter Biden’s jury reaches verdict
BREAKING: CPI for May came in at +3.3% YoY below expectations of +3.4% YoY
FAILED: Merger Talks
National Amusements has ended merger talks with Skydance about a proposed deal with Paramount Global, concluding months of negotiations without reaching an agreement. Shari Redstone, who controls National Amusements and owns 77% of Paramount's Class A shares, had agreed to terms with Skydance, RedBird Capital, and KKR.
Source: CNN
However, the deal required Redstone's final approval, which did not happen. National Amusements stated that they couldn't agree on terms with Skydance for acquiring a controlling stake. They expressed support for Paramount's current strategic plan and efforts to create value for shareholders. It is believed that a required majority of minority vote was a sticking point, which Skydance found impractical. Following the news, Paramount shares fell nearly ~% on Tuesday.
🎯 GRIT TAKE: The collapse of the merger talks…upgrade to VIP now to read the full GRIT Take!
EU: Tariffs On EVs
The European Union will impose new tariffs on electric cars from China starting next month, raising levies to as much as 48%. This move escalates trade tensions and increases EV costs. The EU informed carmakers like BYD, Geely, and MG-owner SAIC of the new tariffs, set to begin around July 4, following a subsidy investigation.
Source: ThoughtCo
The tariffs will vary: SAIC faces a 38.1% increase, BYD 17.4%, and Geely 20%, in addition to the current 10% duty. Western carmakers like Tesla, BMW, and Renault, which produce in China, will also see higher costs, with additional charges of 21% for cooperating with the investigation.
GUILTY: Hunter Biden
A jury convicted Hunter Biden, son of President Joe Biden, on all three counts at his criminal gun trial in Delaware federal court on Tuesday. Hunter Biden, 54, was found guilty of making false statements and illegally possessing a firearm.
Source: CNBC
These charges are related to his purchase of a Colt Cobra handgun in October 2018 while addicted to crack cocaine. He is the first child of a sitting U.S. president to face a criminal trial. He also has a pending federal tax case in Los Angeles. The verdict came three weeks after former President Donald Trump was convicted in New York for falsifying business records.
Chart of the Day
📊AI Training Costs
Source: Visual Capitalist
GRIT Meme of the Day 😂
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Source: @wallstreetoasis
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