Bloomberg - Evening Briefing - The $26 billion bid

Sony Group and Apollo Global Management are said to have made a $26 billion proposal to buy Paramount Global, the owner of CBS and MTV. The offer would be an all-cash deal for Paramount shares and the assumption of debt. Paramount, which is controlled by Shari Redstone, has been weighing a merger proposal from David Ellison, head of Skydance Media and son of Oracle co-founder Larry Ellison. That proposed transaction, which involves buying out the controlling Redstone family at a premium and merging Ellison’s company into Paramount, has been criticized by other Paramount investors concerned about dilution of their holdings. Some have urged Paramount to consider other bids. —David E. Rovella  

Jamie Dimon was recently asked: “If you had to describe the US economy, how resilient is it?” His answer was unequivocal: “Basically, it's booming.” Investors around the world value US equities more highly than ever before in what John Maynard Keynes might call a psychological referendum on Bidenomics, Matthew Winkler writes in Bloomberg Opinion. In Dimon’s America, he says, the stock market already voted.

Huawei Technologies is secretly funding cutting-edge research at American universities including Harvard through an independent Washington-based foundation. The blacklisted Chinese tech giant is the sole funder of a research competition that has awarded millions of dollars since its inception in 2022, and it’s attracted hundreds of proposals from scientists around the world. They include those at top US universities that have banned researchers from working with the company.

America has a big problem in the Pacific—namely that its Navy is significantly smaller than China’s and spread out among many global commitments, James Stavridis writes in Bloomberg Opinion. Given the fact that any combat in the South China Sea would take place in the shadow of the Chinese mainland—in effect, a massive and unsinkable aircraft carrier—the US, Stavridis writes, must pursue a different strategy.

Sailors aboard the Chinese guided missile destroyer Nanchang Photographer: Mark Schiefelbein/AFP

Up to a million Russians fled in the first year of the Kremlin’s full-scale invasion of Ukraine. Now thousands are returning home, delivering a propaganda victory to an ascendant Vladimir Putin and a boost to his war economy. As Russia makes new battlefield advances, taking advantage of months of delays of US military aid, the man who started the war is about to assume another six-year term. Many Russians are now confronting a difficult choice: Facing rejections when renewing residence permits, difficulties with transferring work and money abroad, and limited destinations that still welcome them, they’re opting to end their self-exile.

Turkey said that it would halt all trade with Israel until the country allows uninterrupted and sufficient flow of humanitarian aid to Gaza. Turkey decided to expand last month’s restriction on some exports to Israel due to the “worsening humanitarian tragedy in Palestine,” the Trade Ministry said, adding that work was underway to make sure that Palestinians were not adversely affected. 

Children sit in the back of a truck in central Gaza last month. UN agencies have called for an end to the fighting and warned of “man-made” famine in Gaza. Photographer: Ahmad Salem/Bloomberg

Teen clothing retailer rue21 has filed for bankruptcy as it plans to close its stores and sell its brand, marking the third time the business has sought court protection and the latest sign of trouble for mall-based outlets. The retailer, which is majority owned by  Blue Torch Capital, filed Chapter 11 Thursday in Delaware listing assets and liabilities each of between $100 million and $500 million.  

Bill Gross says his “total return” strategy—the one that revolutionized the bond market—is dead. Instead of just picking up steady interest payments like his peers did at the time, the co-founder of Pacific Investment Management created the firm’s Total Return Fund in 1987 to take active positions in duration, credit risk and volatility. The idea is that, more than just clipping coupons, bond investors can also benefit from capital appreciation as bond prices rise and yields fall. But in an outlook published Thursday, Gross noted what’s different now is that yields are much lower than when he first coined the concept, leaving investors with less room for price appreciation. 

Bill Gross Photographer: David Paul Morris/Bloomberg

• Trump accounting fraud jury hears him discuss payment on secret tape.
• President Joe Biden warns against violence in student Gaza protests.
• Nomura, Mizuho face losses on All Blue fund’s failed trades.
• Blackstone taps vast source of cash in $1 trillion credit push.
• Amgen soars after CEO gives update on experimental obesity drug.
• Carvana father-son duo make $11 billion in 3,000% stock rebound.
• Couple gives college $121 million on condition students graduate.

Record crowds storm Italy each summer—and with good reason. Apart from gelato and prosecco, there are chic islands strewn like bocce balls across the indigo seas, blazing hot weather made for boats and beaches, and magnificent pools fringed with palm and pine trees. Tourist stampedes and astronomical prices can quickly sour those charms, though. The truth is that you can still get Italy’s best without the crowds or surge pricing, as long as you stay off the beaten path. This summer, try these four lesser-known corners of Italy. They won’t remain off the radar for long.

La Roqqa looks out over a marina in Porto Ercole Source: La Roqqa

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