BMW posted solid financial results. According to MarketWatch:
Bayerische Motoren Werke AG said Thursday that its first-half sales rose 1.8% thanks to strong demand in Europe, the Americas and Asia.
The German premium auto maker said it sold 1.24 million cars in the first six months of the year, compared with 1.22 million a year earlier. Sales for June rose 2.7% to 238,920 units, the company said.
Broadcom Ltd. (NASDAQ: AVGO) will buy software operation CA Technologies. According to Reuters:
Broadcom Inc announced a $18.9 billion deal to buy U.S. business software company CA Inc on Wednesday, venturing far beyond its realm of semiconductors and testing investors’ confidence in its Chief Executive Hock Tan’s dealmaking credentials.
The CA deal, outlined in a joint statement from the companies, comes just four months after U.S. President Donald Trump blocked Broadcom’s $117 billion hostile bid for semiconductor peer Qualcomm Inc, arguing it posed a threat to U.S. national security and gave an edge to Chinese companies looking to build next-generation wireless networks.
Since then, Broadcom has redomiciled from Singapore to the United States, placing it formally outside the purview of the Committee on Foreign Investment in the United States (CFIUS), the government panel that reviews deals for potential national security risks.
Comcast Corp. (NASDAQ: CMCSA) increased its offer for U.K. media company Sky. According to The Wall Street Journal:
The battle for control of European pay-TV giant Sky PLC heated up Wednesday, with 21st Century Fox raising its bid and cable company Comcast Corp. quickly countering later in the day, the latest jockeying in a cross-Atlantic media deal showdown.
Comcast raised its offer for Sky to £14.75 per share, valuing the company at $34 billion. That is a 5% premium to an offer Fox announced earlier Wednesday and 18% above Comcast’s earlier bid. Comcast said its latest offer was recommended by Sky’s independent directors.
The founder of Papa John’s International Inc. (NASDAQ: PZZA) resigned after making racially charged comments. According to The Wall Street Journal:
Papa John’s International Inc. said late Wednesday that its independent directors have accepted the resignation of John Schnatter as board chairman, after a report that he used a racial slur in a conference call.
In a news release, the company said Olivia Kirtley will serve as lead independent director. Papa John’s will appoint a new chairman in the coming weeks.
Ford Motor Co. (NYSE: F) continues to take a beating in China:
Ford Motor Co. sales in China plunged 26% in the first half of 2018 compared with the same period last year, and there is little relief in sight as U.S.-China trade tensions worsen.
China’s auto market overall grew 5.6% in the first six months, with sales reaching 14.1 million vehicles, according to figures released Wednesday by the government-backed China Association of Automobile Manufacturers.
But Ford sold just 400,443 of those—the company’s poorest first-half showing in China since 2012. By comparison, General Motors Co. booked a record first-half performance in China, with sales increasing 4% to 1.84 million.
The International Energy Agency said oil production will be “stretched to the limit.” The organization’s experts wrote:
Some of these supply issues are likely to be resolved, but the large number of disruptions reminds us of the pressure on global oil supply. This will become an even bigger issue as rising production from Middle East Gulf countries and Russia, welcome though it is, comes at the expense of the world’s spare capacity cushion, which might be stretched to the limit.