What we’re reading (11/16)
“Moderna’s COVID-19 Vaccine Shines In Clinal Trial” (NPR). “A second COVID-19 vaccine now also appears highly effective in preventing illness following exposure to the virus that causes the disease. The biotech company Moderna, Inc., said Monday that its experimental vaccine was 94.5% effective in preventing disease, according to an analysis of its clinical trial. The news comes a week after Pfizer and BioNTech said their vaccine was more than 90% effective.”
“SEC Chairman Jay Clayton To Leave Agency At End Of 2020” (Wall Street Journal). “The head of the Securities and Exchange Commission will step down at the end of the year, the agency said Monday, the latest in a wave of planned departures as power changes hands in Washington. SEC Chairman Jay Clayton, a political independent nominated by President Trump, plans to leave the agency after 3½ years.”
“PNC To Buy U.S. Operations of Spanish Bank BBVA For $11.6 Billion” (CNBC). Spanish financial group BBVA has agreed to sell its U.S. business, BBVA USA Bancshares, to PNC Financial Services Group for $11.6 billion, the American firm announced Monday…[t]he new company will have a coast-to-coast presence in 29 of the 30 largest markets in the U.S., PNC said Monday. The all-cash deal is the second-largest U.S. banking acquisition since the 2008 financial crisis, according to Reuters, and values the American business at 19.7 times its 2019 earnings and 1.34 times its book value as of September 2020.”
“Walmart Retreats From Japan By Selling Most Of Its Stake In Seiyu Supermarkets” (CNN Business). “Walmart is retreating from Japan, giving up on a near 20-year attempt to crack the grocery market in the world's third largest economy. Walmart (WMT) is selling most of its stake in Japanese supermarket chain Seiyu to KKR and Rakuten (RKUNF) in a deal that values Seiyu at 172.5 billion yen ($1.6 billion). The deal will give private equity fund KKR majority ownership of Seiyu with a 65% stake, Japanese e-commerce leader Rakuten will own 20% and Walmart will hold on to 15%, the companies said in a statement on Monday.”
“SpaceX Launches Four Astronauts To International Space Station” (NBC News). “SpaceX launched four astronauts to the International Space Station on Sunday on the first full-fledged taxi flight for NASA by a private company. The Falcon rocket thundered into the night from Kennedy Space Center with three Americans and one Japanese, the second crew to be launched by SpaceX.”
