Tragic Fire in London's Grenfell Tower Lead to the Loss of 72 Lives

Good Morning,

• A damning report on a deadly London high-rise fire says decades of failures by government, regulators and industry turned Grenfell Tower into a "death trap" where 72 people lost their lives, Spanish soccer club FC Barcelona said it will list a new $1 billion content creation business called Barca Media on Nasdaq, through a merger with a so-called blank check company, , and All Street's main indexes slid on Tuesday, with the S&P 500 down more than 2% and the Nasdaq Composite down over 3% as investors softened their optimism about AI in a broad market sell-off that accelerated after tepid economic data.

Let's jump in.

Before The Bell

Markets

• Artificial intelligence could hurt oil prices over the next decade by boosting supply by potentially reducing costs via improved logistics and increasing the amount of profitably recoverable resources, Goldman Sachs said on Tuesday. (RT)

• Futures tied to Wall Street's main indexes slipped on Wednesday, as fresh concerns over the health of the U.S. economy kept investors on the sidelines ahead of labor data. (RT)

• Nvidia $279 billion wipeout — the biggest in U.S. history — drags down global chip stocks (CNBC)

Earnings and Data

• All Street's main indexes slid on Tuesday, with the S&P 500 down more than 2% and the Nasdaq Composite down over 3% as investors softened their optimism about AI in a broad market sell-off that accelerated after tepid economic data. (RT)

News Summary

• Taonui Cooper followed woman home, burst inside, after she presented $100 bill at service station. (Herald)

• Officers were seen speaking with a man on the street who appeared stressed and agitated. The man was pacing on the footpath and then sitting against a fence as police spoke to him. (Herald)

• Whistleblower allegations: Civil Aviation Authority orders independent review into workplace culture (Herlad)

• A damning report on a deadly London high-rise fire says decades of failures by government, regulators and industry turned Grenfell Tower into a "death trap" where 72 people lost their lives. (9News)

• As the neighbourhood vigilantes make the rounds, they note down car registrations and try to keep a record of descriptions of people they deem to be suspicious. (9News)

• A Ferrari, a Honolulu hideaway, salted duck - top NY official allegedly spied for China (BBC)

• Apart from the occasional visit from deep-sea submersibles and salvage missions bringing small artefacts to the surface, the wreckage has remained undisturbed as it has undergone the slow, steady process of decay. (BBC)

Deal Flow

Investments / M&A

• Spanish soccer club FC Barcelona said it will list a new $1 billion content creation business called Barca Media on Nasdaq, through a merger with a so-called blank check company. (RT)

• Biotech firm Tevogen Bio will go public in the United States through a blank-check merger that values the combined entity at about $1.2 billion, the companies said on Thursday. (RT)

VC & Fundraising

• Bajaj Housing Finance, the country's second biggest home loan financier by assets under management, has set a price band of 66-70 rupees per share for its $782 million IPO (RT)

• South African grocery retailer Pick n Pay said on Thursday that proceeds from listing its discount grocery chain Boxer could total 8 billion rand ($450 million), according to its preliminary estimate. (RT)

Daily Picks

• Tesla made its name – and its once-$1 trillion valuation – by proving skeptics of its manufacturing prowess wrong. The question now is whether there’s enough demand to keep boss Elon Musk’s electric-vehicle assembly line busy. (RT)

• I reached financial freedom at the age of 38 – here are 4 money principles I live by (CNBC)

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