Plus, Dr. Anthony Fauci to step down in December.
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Ford is laying off about 3,000 of its corporate and contract employees. The automaker sent an internal email to staff on Monday saying it would start notifying affected employees this week. The layoffs would impact the company’s employees in the U.S., Canada, and India. More: - About 2,000 of the job cuts are salaried workers, and the remaining 1,000 are contract positions.
- The job cuts are effective Sept 1.
- The internal email noted that Ford is changing the way it operates and redeploying resources to new technologies that weren’t previously core to its operations, such as developing advanced software for its vehicles.
- The email was signed by Executive Chairman Bill Ford and CEO Jim Farley.
In Related News: - A jury in Georgia on Friday awarded $1.7B in punitive damages to plaintiffs in the case of an accident involving a 2002 F-250 pickup truck that left two people dead.
- A couple in Georgia was driving the truck in 2014 when a tire blew, causing the truck to roll over, crushing the roof.
- The plaintiffs’ lawyers argued that Ford Super Duty trucks sold from 1999 to 2016 had defectively designed roofs, and the company knew of the dangers they posed.
- Ford sold 5.2 million such trucks.
- The verdict is one of the largest in the state.
- Large punitive damage awards like this one are routinely reduced on appeal.
- Ford said the verdict isn’t supported by evidence and plans to appeal the verdict.
- Ford shares fell 5% in morning trading on Monday.
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Instacart said its revenue in Q2 rose 39% compared to last year. According to sources, the grocery delivery startup generated $621M in revenue from April to June, its highest quarterly revenue to date. The number of orders placed on the app also rose 25% YoY to more than 60 million. Instacart is aiming to go public before the end of the year. More: - The company’s order volume rose 21% in Q2 to $7.1B compared to last year.
- Instacart’s growth is partly due to its new consumer price plans, which include lower-cost scheduled deliveries and more expensive fast delivery options.
- The company also saw lower average fulfillment costs by grouping individual orders.
- Instacart turned a profit in the quarter, though the amount was not shared.
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Paramount has agreed to pay a record $1.5B to extend its U.S. broadcast rights for the UEFA Champions League. According to sources, the deal is worth $250M per season over six years and is more than twice the value of Paramount’s previous agreement with the European football union. More: - The new deal is also double the length of the current term; it kicks off in the 2024-25 season.
- Paramount’s CBS Sports division head Sean McManus noted that the Champions League is a key addition to the company’s Paramount+ streaming service.
- European football leagues and clubs are increasingly targeting U.S. viewers with hopes of turning them into lifelong fans and increasing the value of their international media rights.
- The UEFA plans to expand the Champions League competition starting in 2024 to feature 36 teams instead of the current 32.
- A record 5.2 million U.S. viewers turned in to watch Real Madrid beat Liverpool 1-0 in the Champions League final in May.
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China lowered its benchmark mortgage loan prime rate (LPR) for the second time this year. The People’s Bank of China, the country’s central bank, cut the five-year LPR to 4.3% from 4.45% as it seeks to limit the fallout from the debt crisis in the real estate sector. The one-year LPR, primarily used to price corporate loans, was cut to 3.65% from 3.7%. More: - The new rates would reduce borrowing costs on new mortgages nationwide and boost the country’s real estate sector.
- China’s property sector accounts for about 30% of the nation’s annual economic output.
- The Hang Seng Mainland Properties index in Hong Kong rose 1.4% on Monday following news of the rate reduction.
- Last week, China’s largest property group by sales, Country Garden, warned of a 70% drop in profit for H1.
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U.K.-based Vodafone has agreed to sell its Hungary business to state-backed firms for $1.8B. The telecom group said it has entered a non-binding agreement to sell 100% of its business to 4iG, a Hungarian holding company with close ties to the Budapest government, and Corvinus Zrt, a Hungarian state holding company. More: - The merger of Vodafone Hungary and 4iG would create the second-largest mobile and fixed operator in the country.
- The Hungarian government has been aiming to increase the proportion of its ownership in strategic industries like banking, energy, and media.
- The merger achieves this goal in the telecommunications sector.
- Vodafone has been under scrutiny since January to simplify its business and sell poorly performing units.
- Vodafone plans to use proceeds from the sale to reduce its debt load, which stood at €41.6B ($41.3) in March.
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Amazon is looking to buy home health services provider Signify Health, joining other bidders like CVS and UnitedHealth who are interested in the company. Earlier this month, it was reported Signify Health was working with bankers to explore strategic alternatives including a sale. According to sources, the company is up for sale in an auction that could value it at more than $8B. More: - Following news of Amazon’s interest in the company, shares of Signify jumped more than 30% in Monday morning trading.
- Signify’s market cap was at ~$6.6B on Monday, up more than $1B since Friday’s close.
- Its shares closed at $21.18 on Friday.
- UnitedHealth submitted a bid for the company at over $30 a share, and according to sources, Amazon’s offer is close behind.
- Signify plans to hold a board meeting on Monday to discuss the various bids.
- Final bids for the company are due around Labor Day.
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Quick Hits - Top companies are planning their holiday gifting now. Here’s why their gifts are sure to be a success.*
- Credit Suisse has appointed two new executive board members as part of new CEO Ulrich Körner’s plans to overhaul the scandal-ridden Swiss lender. Dixit Joshi, former treasurer at Deutsche Bank, will replace David Mathers in October as the new CFO. Francesca McDonagh, CEO of Bank of Ireland, is joining the Swiss lender as COO next month.
- McDonald’s board is getting three new members and losing one longtime director. Sheila Penrose, who leads the board’s sustainability and corporate responsibility committee, will retire on Sept. 30 after 16 years on the board. The board elected three new members: Marriott International CEO Tony Capuano, Johnson & Johnson executive vice president and worldwide chairman of pharmaceuticals Jennifer Taubert, and Salesforce CFO Amy Weaver. They will take their seats on Oct. 1.
- The HBO Max streaming service crashed on Sunday for thousands of users during the premiere of the Game of Thrones prequel series “House of the Dragon.” An HBO Max spokesman said that the show had been watched by millions of viewers on Sunday, and they are aware of small portion of users who had issues trying to connect with Amazon’s Fire TV devices.
- White House chief medical advisor Dr. Anthony Fauci announced on Monday that he will step down from the role in December. The 81-year-old director of the National Institute of Allergy and Infectious Diseases has been in public service for over 50 years and has advised seven U.S. presidents, from Ronald Reagan to Joe Biden.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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