- 1. Softbank agrees to acquire chip designer ARM for $32 billion
- 2. Turkey's lira bounces back after failed coup
- 3. Bank of America earnings fall, but beat expectations
- 4. Exxon offers $2.5 billion for InterOil, topping Oil Search-Total bid
- 5. The Secret Life of Pets beats Ghostbusters at weekend box office
1. Softbank agrees to acquire chip designer ARM for $32 billion
SoftBank has agreed to buy mobile chip designer ARM Holdings for $32 billion in cash, both companies announced on Monday. ARM is the biggest U.K. tech company by market value. It is a major player in mobile processing, providing processors and graphics technology used by Samsung, Huawei, and Apple. The acquisition will be the biggest yet for Japan's Softbank, which owns U.S. carrier Sprint and has a stake in Chinese online retailer Alibaba but had no big holdings in the semiconductor industry before the ARM deal.
2. Turkey's lira bounces back after failed coup
European stocks and S&P 500 index futures rose on Monday as Turkey's currency, the lira, rebounded from its sharp drop after Friday's surprise failed coup. The currency took its worst plunge since 2008 on Friday, but has since recovered about a third of its losses after the Turkish government solidified its control. "Geopolitical risk has reared its head again," said Shane Oliver, head of investment strategy at AMP Capital Investors Ltd. "But it's at least the fourth coup in Turkey since 1960 and I suspect no lasting impact on global markets."
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. Bank of America earnings fall, but beat expectations
Bank of America reported Monday that its second-quarter profits fell to $4.23 billion, or 36 cents a share. That's a drop from profits of 45 cents a share in the same period last year, but higher than the 33 cents a share analysts expected. The next big banks to report earnings will be Goldman Sachs on Tuesday, and Morgan Stanley on Wednesday. The first major banks to unveil quarterly results last week reported better than expected profits, bouncing back from a bad first quarter despite the continued drag of low interest rates, which make it harder to make money from lending.
MarketWatch The New York Times
4. Exxon offers $2.5 billion for InterOil, topping Oil Search-Total bid
ExxonMobil Corp has bid $2.5 billion for Papua New Guinea-focused InterOil Corp., topping a rival $2.2 billion offer from Oil Search backed by French energy giant Total, Oil Search said Monday. Oil Search has until Thursday to submit a sweetened offer. Exxon already operates Papua New Guinea's only liquefied natural gas terminal. InterOil has gas fields in the country, so acquiring it would give Exxon another source of fuel to export from the country.
5. The Secret Life of Pets beats Ghostbusters at weekend box office
The Secret Life of Pets held off Sony's all-female Ghostbusters, which was making its debut, to hold onto the top spot at the North American box office over the weekend. The Secret Life of Pets saw its haul drop by 52 percent to $50.6 million to bring its total to $203.2 million by Sunday. Ghostbusters opened in the No. 2 spot, bringing in $46 million. Finding Dory added $11 million to bring its total in the region to $445.5 million, officially making it the top-grossing animated film ever in North America.
-
'A symbol of the faceless corporate desire'Instant Opinion Opinion, comment and editorials of the day
-
Say farewell to summer at these underrated US lakesThe Week Recommends Have one last blast
-
Truck drivers are questioning the Trump administration's English mandateTalking Points Some have praised the rules, others are concerned they could lead to profiling
-
China is silently expanding its influence in American citiesUnder the Radar New York City and San Francisco, among others, have reportedly been targeted
-
How China uses 'dark fleets' to circumvent trade sanctionsThe Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?today's big question More than 60 protesters died during demonstrations in 2024
-
What happens if tensions between India and Pakistan boil over?TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designationThe Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across SyriaTHE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weaponsThe Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
-
The arrest of the Philippines' former president leaves the country's drug war in disarrayIn the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
