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Midday Dispatch – Corporate and Financial News

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Donald Trump has launched a stinging attack on cryptocurrencies, including Facebook’s proposed Libra coin, and warned that the social media network might be subject to full banking regulation if it is to launch the project.  France also appears to be opposed to Facebook’s plans, ahead of G7 meeting next week that will be hosted by Bruno Le Maire, the French finance minister. Financial Times

The three main indexes in the US, hit record intraday highs on Friday, continuing a strong run for the week on hopes of an interest rate cut this month, while investors waited for the start of the corporate earnings season next week. Reuters 

Boeing said the head of its 737 programme is retiring, as the company works to restore confidence in the 737 Max aircraft, which has been grounded following two fatal accidents. – Financial Times 

Approval of an International Monetary Fund (IMF) bailout for Congo Republic this week is expected to unlock around $2 billion in funding from the African Development Bank (AfDB), an official with the Abidjan-based multilateral lender said on Friday. Reuters 

Colgate-Palmolive has reached an agreement to buy the Filorga Cosmétiques skincare business for €1.5bn, a sign the US consumer goods group is turning to deals to diversify its interests beyond toothpaste and soap. Financial Times 

China’s lending to other countries has surged in the past decade, causing debt levels to jump dramatically, and as much as half of such debt to developing economies is “hidden,” a new study has found. CNBC

Deutsche Bank has agreed to pay €175m to settle a lawsuit from a Dutch housing association, which claimed its treasurer was bribed with cash and lavish perks into buying ruinous derivatives. Financial Times 

Samsung will reveal the Galaxy Note 10 smartphone on August 7. CNBC 

The UK vowed to press ahead with its plans for a special tax on large technology companies on Thursday, hours after the US threatened to impose trade sanctions on France for similar action. Financial Times 

 

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