The daily business briefing: May 25, 2016
Greece wins a new bailout deal, oil jumps close to $50 a barrel as inventories fall, and more
1. Greece gets new debt relief and bailout deal
Eurozone finance ministers have approved a new $11.5 billion aid deal that will help Greece pay its bills in coming months. Greece, which recently approved new financial reforms and austerity measures to satisfy its creditors, also won pledges of more debt relief, but only if it follows through on painful reforms. The bailout deal, which still needs final approval, eases tensions on Greece as it contends with a massive influx of refugees, and on the region as Britain heads into a June 23 vote on whether to leave the European Union.
2. Oil rises close to $50 per barrel as inventories fall
Oil flirted with the $50-a-barrel mark on Wednesday for the first time in seven months. A sharp decline in U.S. inventories has stoked hopes of an easing global crude glut, as unexpected factors from wildfires in Canada to violence in Nigeria have dented daily output. U.S. crude futures rose by 56 cents to $49.18 per barrel. "We are definitely moving out of this surplus situation that we've been living in since mid-2014," SEB head commodities strategist Bjarne Schieldrop said. The news could help U.S. stocks build on big Tuesday gains.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. New home sales hit fastest pace in eight years
U.S. new home sales rose in April at their fastest pace in eight years, the Commerce Department reported Tuesday. Purchases of new, single-family homes jumped by just under 17 percent from March to a seasonally adjusted annual rate of 619,000. The median price of a new home rose by 9.7 percent from a year earlier, to $321,100. "The fundamentals for new home sales are good, and getting better: more jobs, rising wages, more household formations, and very low mortgage rates," said Gus Faucher, deputy chief economist at PNC Financial Services.
The Wall Street Journal CBS News
4. Monsanto rejects Bayer's $62 billion bid as 'inadequate'
Giant seed company Monsanto rejected German pharmaceutical and pesticide maker Bayer AG's $62 billion takeover offer, calling it "incomplete and financially inadequate" on Tuesday. Monsanto said, however, that it was open to continuing negotiations. Bayer must now consider whether to raise its bid in what already would have qualified as the biggest acquisition ever by a German company. Bayer said it was confident it could reach a deal, although some shareholders have complained the first bid already was too high.
5. Toyota invests in Uber in latest automaker tie-up with tech
Toyota said Tuesday that it was making a strategic investment in Uber, the latest partnership in the booming ride-hailing industry. The two companies also are teaming up on a program to offer leases to Uber drivers. Toyota and Uber declined to comment on the size of Toyota's investment, which observers said was believed to be small. Volkswagen has invested in an Israeli ride-hailing service; Apple recently invested in Chinese Uber rival Didi Chuxing; and General Motors in January invested $500 million in Lyft, the second largest U.S. service.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
5 brain-busting cartoons about RFK Jr.
Cartoons Artists take on candidate suitability, the Kennedy family, and more
By The Week US Published
-
Right to roam: the battle to access England's green spaces
The Explainer A battle is being fought over access to England's green spaces
By The Week UK Published
-
Crossword: May 12, 2024
The Week's daily crossword
By The Week Staff Published
-
The daily business briefing: January 24, 2024
Business Briefing The S&P 500 sets a third straight record, Netflix adds more subscribers than expected, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 23, 2024
Business Briefing The Dow and S&P 500 set fresh records, Bitcoin falls as ETF enthusiasm fades, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 22, 2024
Business Briefing FAA recommends inspections of a second Boeing 737 model, Macy's rejects Arkhouse bid, and more
By Harold Maass, The Week US Published
-
Geopolitics and the economy in 2024
Talking Point The West is banking on a year of falling inflation. Don't rule out a shock
By The Week UK Published
-
The daily business briefing: January 19, 2024
Business Briefing Macy's to cut 2,350 jobs, Congress averts a government shutdown, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 18, 2024
Business Briefing Shell suspends shipments in the Red Sea, December retail sales beat expectations, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 17, 2024
Business Briefing Judge blocks JetBlue-Spirit merger plan, Goldman Sachs beats expectations with wealth-management boost, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 16, 2024
Business Briefing Boeing steps up inspections on 737 Max 9 jets, Zelenskyy fights for world leaders' attention at Davos, and more
By Harold Maass, The Week US Published