Help is on the way for JC Penney

Mall owners Simon Property Group (NYSE: SPG-PJ) and Brookfield Property Partners (NASDAQ: BPY) are close to concluding an $800 million deal to rescue department store chain, JC Penney from bankruptcy. The deal would help JC Penney avoid a total liquidation and save about 70,000 jobs and 650 stores. Simon and Brookfield will pay about $300 million in cash and assume $500 million in debt. Having been hit hard by the pandemic like many other department store chains in the U.S., JC Penney filed for bankruptcy in May 2020. Click here to read more

Beyond Meat to move ahead with Chinese expansion plans despite the pandemic

Beyond Meat (NASDAQ: BYND) announced that it is building up its presence in Mainland China with two manufacturing facilities that will commence full-scale production by early 2021. Beyond Meat and its rival, Impossible Foods, have both identified China as a top market for growth due to its population and appetite for meat. The company said that it is working very hard to tweak its products to suit the tastes of Chinese consumers. Shares of the company closed up 2.75% on Wednesday. Click here to read more

AstraZeneca’s Covid-19 vaccine trial hit a snag

AstraZeneca (NYSE: AZN) has paused late-stage trials of its Covid-19 vaccine candidate to allow an independent committee to review safety data after a participant developed an illness during the trials. The patient was reportedly suffering from neurological symptoms linked to a spinal cord disorder. The company said that more tests are being carried out to determine the final diagnosis in this case and that it was working to minimise any potential impact this pause could have on the timeline for the vaccine. Click here to read more 

Tiffany & Co is taking LVMH to court over a $16 billion deal

Yesterday, Tiffany & Co sued LVMH, the parent company of Givenchy and Marc Jacobs, after the latter told the U.S jeweller it could not go ahead with a $16 billion deal to acquire it because of a French government request and the impact of the pandemic. LVMH said it received a letter from the French government asking it to delay the acquisition until 2021, due to the threat of additional U.S. tariffs against French products. Click here to read more 

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Market Movers

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What else are we reading?

1. Electric vehicle start-up Lucid unveils Air sedan to take on Tesla. Click here to read more
2. TikTok and the U.S. government discuss options to avoid outright sale. Click here to read more
3. J.P Morgan dismisses employees for misuse of Covid-19 relief funds. Click here to read more

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