The US Department of Justice is moving to drop two federal criminal cases against Donald Trump, while Robert F. Kennedy Jr.'s nomination for a key health position raises concerns within the pharmaceutical industry. In other news, UniCredit has made a €10bn takeover bid for Banco BPM, and the EU plans to require Chinese companies to transfer technology in exchange for subsidies. Additionally, TikTok is influencing Romania's presidential race with a pro-Putin candidate emerging as a frontrunner.
Wealthy individuals and companies in China are under pressure to verify their tax liabilities, while the outcome of the US election could significantly impact corporate taxes, with $250 billion at stake. In the UK, Kemi Badenoch has been elected as the Conservative party leader, and share prices for clean hydrogen companies have plummeted due to project delays and reduced demand.
Chancellor Rachel Reeves announced a £40 billion tax increase and a significant rise in borrowing as part of the UK Labour's Budget. Meanwhile, Microsoft reported a 16% revenue increase driven by strong demand in cloud computing, and the US economy grew at an annualized rate of 2.8% in the third quarter, fueled by robust consumer spending. Critics are also raising concerns over a proof of citizenship law in Arizona that complicates voting in the state.
Boeing is undertaking a $19 billion share sale to strengthen its finances and avert a credit rating downgrade. Meanwhile, PwC has seen a significant decline in its business in Asia, and Volkswagen is planning to restructure by closing at least three plants in Germany, resulting in thousands of job cuts. Additionally, US election boards are facing challenges in recruiting poll workers due to increased threats of violence.
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