Daily business briefing

InBev sweetens its offer for SABMiller to $103 billion, the Fed mulls its next move on rates, and more Daily business briefing 1. [AB InBev raises bid for SABMiller to $103 billion] Anheuser-Busch InBev, the world's largest brewer, raised its offer for British brewer SABMiller to $103 billion on Tuesday. The move came after several funds, including Elliott Management and Davidson Kempner Capital Management, warned SABMiller shareholders that the proposed merger had become less attractive after the U.K.'s June vote to exit the European Union sparked a plunge in the value of the British pound. Bloomberg Intelligence analyst Duncan Fox said "the raised offer shows how much ABI wants to complete the deal." Source: [Bloomberg], [The Wall Street Journal] 2. [Fed starts meeting with no rate hike expected] Federal Reserve policy makers start a two-day meeting on Tuesday, with most analysts and investors expecting no change in interest rates as the Fed waits to see how the economy does in the wake of June's strong jobs report and the U.K.'s vote to exit the European Union. Most economists believe the Fed will avoid sending clear signals on when it plans to resume slowly raising rates after the slowdown in economic growth early this year. One economist said there's "too much volatility" to hike rates now, but the data should be more clear by September. Source: [The Associated Press] 3. [Fed prepares enforcement action against Goldman Sachs] The Federal Reserve is preparing enforcement action against Goldman Sachs over the 2014 leak of confidential documents to the bank by a Fed employee, The New York Times reported on Monday. Both the Fed employee and the banker already have pleaded guilty to charges of stealing government property. Goldman Sachs has paid a $50 million penalty to New York regulators for failing to "effectively supervise" its employee. Now the investment bank is expected to pay another penalty to settle the case with the federal regulators. Source: [The New York Times] 4. [Low oil prices drag BP profits below estimates] BP on Tuesday posted a 45 percent drop in quarterly earnings due to low crude oil prices. The British energy giant, the first major oil company to release its results for the second quarter, said its adjusted profit had dropped to $720 million from $1.3 billion, falling short of analysts' expectations. Oil prices have rebounded somewhat from their early 2016 lows, but the industry faces looming troubles as the rally fades due to weakening demand and the resumption of production in Canada and Nigeria after partial disruptions. Source: [BBC News], [Bloomberg] 5. [Solar Impulse 2 completes last leg of trip around the world] Solar Impulse 2 landed in Abu Dhabi on Monday, marking a win for clean energy by becoming the first fuel-free plane to fly around the world. Pilot Bertrand Piccard flew the last of the trip's 17 legs, after taking turns with fellow flyer André Borschberg since the solar-powered aircraft left from the same city in March 2015. With a 236-foot wingspan, Solar Impulse 2 is wider than a Boeing 747, but it is made with carbon fiber and weighs just 5,000 pounds. Solar cells built into its wings power four motors. With a top speed of 90 miles per hour, the plane traveled 26,744 miles in 558 hours of flight time on the journey. Source: [Wired], [Fox News] MOST POPULAR [An unconventional disaster for Donald Trump] Marc Ambinder [Donald Trump is right. Bernie Sanders sold out. But here's what he got.] Marc Ambinder [Bernie Sanders' devastating rebuke to 'Bernie or Bust'] Paul Waldman [Why Hillary Clinton's coronation is so thoroughly depressing] James Poulos [How Hillary Clinton dangerously misjudged our political moment] Damon Linker [Is this email not displaying correctly? View it in your browser.] [Unsubscribe from this list] | [Update subscription preferences] | [Privacy Policy © 2015 THE WEEK PUBLICATIONS, INC. ALL RIGHTS RESERVED. THE WEEK ® IS A REGISTERED TRADEMARK OWNED BY FELIX DENNIS.] Get 4 Risk-Free [issues of The Week] [TRY IT OUT] [Subscribe] [Subscriber login] [Give a gift] [Back issues] [Classroom subscriptions] [Newsletters] [Privacy policy] [Terms & conditions] [The Week UK] [Contact Us] [Ad info] [RSS] Daily business briefing 1.[AB InBev raises bid for SABMiller to $103 billion] Anheuser-Busch InBev, the world's largest brewer, raised its offer for British brewer SABMiller to $103 billion on Tuesday. The move came after several funds, including Elliott Management and Davidson Kempner Capital Management, warned SABMiller shareholders that the proposed merger had become less attractive after the U.K.'s June vote to exit the European Union sparked a plunge in the value of the British pound. Bloomberg Intelligence analyst Duncan Fox said "the raised offer shows how much ABI wants to complete the deal." Source: [Bloomberg], [The Wall Street Journal] 2.[Fed starts meeting with no rate hike expected] Federal Reserve policy makers start a two-day meeting on Tuesday, with most analysts and investors expecting no change in interest rates as the Fed waits to see how the economy does in the wake of June's strong jobs report and the U.K.'s vote to exit the European Union. Most economists believe the Fed will avoid sending clear signals on when it plans to resume slowly raising rates after the slowdown in economic growth early this year. One economist said there's "too much volatility" to hike rates now, but the data should be more clear by September. Source: [The Associated Press] 3.[Fed prepares enforcement action against Goldman Sachs] The Federal Reserve is preparing enforcement action against Goldman Sachs over the 2014 leak of confidential documents to the bank by a Fed employee, The New York Times reported on Monday. Both the Fed employee and the banker already have pleaded guilty to charges of stealing government property. Goldman Sachs has paid a $50 million penalty to New York regulators for failing to "effectively supervise" its employee. Now the investment bank is expected to pay another penalty to settle the case with the federal regulators. Source: [The New York Times] 4.[Low oil prices drag BP profits below estimates] BP on Tuesday posted a 45 percent drop in quarterly earnings due to low crude oil prices. The British energy giant, the first major oil company to release its results for the second quarter, said its adjusted profit had dropped to $720 million from $1.3 billion, falling short of analysts' expectations. Oil prices have rebounded somewhat from their early 2016 lows, but the industry faces looming troubles as the rally fades due to weakening demand and the resumption of production in Canada and Nigeria after partial disruptions. Source: [BBC News], [Bloomberg] 5.[Solar Impulse 2 completes last leg of trip around the world] Solar Impulse 2 landed in Abu Dhabi on Monday, marking a win for clean energy by becoming the first fuel-free plane to fly around the world. Pilot Bertrand Piccard flew the last of the trip's 17 legs, after taking turns with fellow flyer André Borschberg since the solar-powered aircraft left from the same city in March 2015. With a 236-foot wingspan, Solar Impulse 2 is wider than a Boeing 747, but it is made with carbon fiber and weighs just 5,000 pounds. Solar cells built into its wings power four motors. With a top speed of 90 miles per hour, the plane traveled 26,744 miles in 558 hours of flight time on the journey. Source: [Wired], [Fox News] MOST POPULAR [An unconventional disaster for Donald Trump] Marc Ambinder [Donald Trump is right. Bernie Sanders sold out. But here's what he got.] Marc Ambinder [Bernie Sanders' devastating rebuke to 'Bernie or Bust'] Paul Waldman [Why Hillary Clinton's coronation is so thoroughly depressing] James Poulos [How Hillary Clinton dangerously misjudged our political moment] Damon Linker [Is this email not displaying correctly? View it in your browser.] [Unsubscribe from this list] | [Update subscription preferences] | [Privacy Policy] © 2015 THE WEEK PUBLICATIONS, INC. ALL RIGHTS RESERVED. THE WEEK ® IS A REGISTERED TRADEMARK OWNED BY FELIX DENNIS. Get 4 Risk-Free [issues of The Week] [TRY IT OUT]