What insiders know 📶
Alcohol: Singapore’s wealth fund GIC is considering selling its stake in the Philippines’ Emperador (world’s biggest brandy manufacturer and owner of scotch brands).
The cut:Â Citigroup will cut jobs as it restructures, similar to many other banks.
Stepping down:Â Starbucks founder Howard Schultz will step down from its board.
Paying back:Â US student-loan payments led to a surprise $89.2 billion surplus in August 2023.
I owe you:Â Country Garden Holdings must sort through 1.36 trillion yuan ($187 billion) of total liabilities before a $1 billion note matures in January2024.
EV war: The European Union is launching an investigation into Chinese subsidies for electric vehicles in a bid to ward off a flood of cheap imports, an escalation that opens retaliation which could hit the bloc’s carmakers.
The multiple: In Arm’s favor, the IPO was oversubscribed more than 10 times.
Striking back:Â US payrolls and household employment gauges continue to climb, but could face a hit from strikes in the auto industry.
Running short:Â The US trucking industry appears to be rebounding, which threatens to tighten a diesel market already contending with some of the lowest stockpiles in more than two decades.
The gap:Â Ray Dalio said the huge US deficit makes it harder to keep rates at levels that are attractive for creditors, but not too high to harm the issuer; he does not want US bonds in his portfolio.
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