Cat Rock--which owns about 6.9% of Just Eat's issued share capital--said the food-delivery company needs a new CFO "to restore credibility with the capital markets," and a new supervisory board to refocus the business on Europe. It said the company should use money raised from disposals to strengthen the company's capitalization and should actively evaluate other strategic options.


BBVA Raises Bid for Turkey's Garanti

Banco Bilbao Vizcaya Argentaria SA said Monday that it is raising its voluntary takeover bid for the shares in Turkey's Turkiye Garanti Bankasi SA it doesn't already own.

The Spanish bank said it is increasing the offer to 15 Turkish lira ($1.02) a share, from TRY12.20 previously. This would take the maximum amount payable to TRY31.6 billion, about $2.14 billion.


Credit Suisse Prepares for Fresh Round of Management Turnover

Credit Suisse Group AG is preparing for another management shuffle after a year of crisis, people familiar with the matter said.

The Swiss bank said Sunday that its board hasn't made decisions but that it is reviewing senior appointments and succession plans. Long-serving executives in roles including the chief financial officer, general counsel and Asia head could be shifted out as the bank makes changes, said people familiar with the matter. A search was under way last fall for a new general counsel, according to the people.


Nestlé Rejiggers Operations to Keep Supplying Food in Ukraine

Nestlé SA is rejiggering its operations and supply chain to keep factories running in Ukraine, while ramping up efforts to get food donations to the hardest hit parts of the country.

After Russia invaded in February, many big multinationals suspended operations in Ukraine, citing concerns about employee safety, labor shortages and the difficulty of getting raw materials into the country.


European Wind-Energy Sector Hit in Wave of Hacks

Cyberattacks on three European wind-energy companies since the start of the war in Ukraine have raised alarm that hackers sympathetic to Russia are trying to cause mayhem in a sector set to benefit from efforts to lessen reliance on Russian oil and gas.

The companies attacked haven't publicly attributed the hacks to a particular criminal group or country and Russia has consistently denied that it launches cyberattacks.


Ukraine's Grim Economic Toll From War Confronts World Governments

WASHINGTON-Top world financial officials gathered in Washington this past week confronted a grim picture of the growing economic costs of Russia's war in Ukraine and the challenges they face to help pay Ukraine's short- and long-term bills.

Ukraine needs around $5 billion a month in budgetary support for up to five months and roughly $600 billion for a broader rebuilding effort, Ukrainian Prime Minister Denys Shmyhal said Thursday at a forum hosted by the World Bank during spring meetings held with the International Monetary Fund.


U.S. Wants to See Russia Weakened, Says Defense Secretary Austin

U.S. Defense Secretary Lloyd Austin said Russia's military capabilities should be degraded after he and Secretary of State Antony Blinken met with Ukraine's President Volodymyr Zelensky and announced more U.S. military aid to the country.

"We want to see Russia weakened to the degree that it can't do the kinds of things that it has done in invading Ukraine," Mr. Austin said Monday after the highest-level visit of U.S. officials to Kyiv since Russia invaded Ukraine on Feb. 24. Mr. Blinken said: "Russia is failing, Ukraine is succeeding."


Israel Strikes Lebanon in Response to Rocket Attack

TEL AVIV-Israel fired artillery shells into southern Lebanon after militants there launched a rocket into northern Israel, the Israeli military said, opening a new front in current Israeli-Palestinian tensions.

The Israeli military said the rocket landed in an open area near a small kibbutz, causing no injuries. The military said that in response, it targeted the source of the launch and an unspecified infrastructure with artillery fire early Monday. No group claimed responsibility for the attack and no injuries were reported in Lebanon.


Israel Closes Gaza Border in Effort to Pressure Hamas to Halt Rocket Attacks

TEL AVIV, Israel -Israel on Sunday closed its civilian border crossing with the Gaza Strip, preventing thousands of Gazans from getting to work in Israel, in an effort to pressure Gaza's ruler Hamas to halt rocket attacks against southern Israel.

The Israeli closure comes after Palestinian militants fired two rockets at Israel Friday night and one on Saturday morning, the third round of rocket attacks against southern Israel since Monday night. No Israelis have been injured by the rockets. One Gazan was injured Friday after a rocket fell short of reaching Israel and landed within Gaza, the Israeli military said in a statement.


Saudi Royals Are Selling Homes, Yachts and Art as Crown Prince Cuts Income

RIYADH, Saudi Arabia-Saudi princes have sold more than $600 million worth of real estate, yachts and artwork in the U.S. and Europe since the kingdom's de facto ruler tightened the purse strings of the ultrawealthy ruling family.

The transactions represent a radical change of fortune for senior princes who funneled windfalls from oil booms in the 1970s and 1980s into some of the world's most exclusive markets. The vast sums of money were spent largely on hard-to-sell assets or drained by spending that reached $30 million a month for some royals with large staffs and lavish lifestyles, making them vulnerable to recent changes in government policy.


GLOBAL NEWS

Chinese Markets Tank as Investors Worry About Covid-19 Lockdowns

Chinese stocks suffered their worst selloff in more than two years and the yuan hit its lowest level since late 2020, as investors worried that strict policies to combat Covid-19 would add to the pressures weighing on China's economic growth and corporate profits.

The battle with the Omicron variant of Covid-19 is adding to a series of challenges for China's economy and markets, on top of domestic regulatory crackdowns, the war in Ukraine, and a shift toward tighter monetary policy by many central banks to tackle galloping inflation.


The Fed Wants to Raise Rates Quickly, but May Not Know Where to Stop

Federal Reserve Chairman Jerome Powell is shifting monetary tightening into a higher gear. His goal sounds straightforward-lift interest rates to "neutral," a setting that neither spurs nor slows growth.

But there's a catch: Even in normal times, no one knows where this theoretical level is. And these aren't normal times. There are good reasons to think the ground beneath the central bank's feet is shifting and that, after accounting for elevated inflation, neutral may be higher than officials' recent estimates.


Wall Street Finds New Value in Cash as Global Fears Weigh on Markets

Worries about the war in Ukraine, China's Covid-19 outbreak, a U.S. or European recession and surging global inflation are making a long-spurned asset increasingly popular with Wall Street's top money managers these days: cash.

As stock and bond prices have retreated from records in the tumult of headlines, more asset managers said they are looking to move funds into low-risk, cash-like assets. That marks a shift from recent years, when steadily climbing equity indexes trained investors to buy every dip and not miss out on gains by holding cash.


Beijing Braces for Omicron Wave With Hoarding and Testing

TAIPEI-Beijing residents stocked up on essentials in anticipation of a possible lockdown as China's capital began mass Covid-19 tests of people living or working in the city's Chaoyang district, a favored location for foreign multinationals, embassies and global media organizations.

Municipal officials mandated three rounds of mass testing this week for Chaoyang's 3.5 million people after the city reported 19 new cases on Monday, down three from a day earlier.


Japanese Yen's Drop Raises Potential for Broader Market Trouble

The Japanese yen has dropped to a 20-year low against the U.S. dollar. That risks being bad news far beyond Tokyo-in the $23 trillion market for U.S. Treasurys.

Traders around the world watch the yen's rise and fall not just to follow Japanese markets but also to gauge how investors globally are feeling. Usually, when markets are rallying, the yen tends to weaken against other currencies. When markets get turbulent, the yen tends to gain ground.


Higher Oil Prices Have Yet to Lure Back Secondary Buyers

Improvements in oil prices over the past year may be bolstering cash flows at some private equity-backed oil-and-gas companies but it hasn't lured secondary buyers back to bid for interests in funds focused on the sector, at least not yet.

"You can't trade private-equity energy funds off of spot oil prices," said Michael Dean, managing director in the real assets team at HarbourVest Partners, adding that higher oil prices have made companies more profitable but have yet to contribute to a significant uptick in exits by oil-and-gas funds.


Iron Ore, Steel Futures Slump on China Lockdown Fears

Iron ore and steel futures slump as demand expectations are weighed by Shanghai's extended lockdown and fears that other parts of China, including Beijing, may be subject to similarly harsh curbs.

The most-traded September iron ore contract on the Dalian Commodity Exchange fell as much as 11% on Monday. They were recently 8.4% lower at 815.0 yuan ($125.35) a metric ton. Iron ore futures in Singapore also declined by as much as 11% in response to the negative sentiment and were recently 6.2% lower at $141.40 a ton.


Shanghai Lockdown Bolsters a Fringe Independence Movement

Stewing resentment over a government lockdown in Shanghai is bolstering a fringe idea: independence for China's most cosmopolitan city.

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04-25-22 0555ET