Financial Daily Dose 7.16.2021 | Top Story: Intel In Talks to Acquire Chip-Maker GlobalFoundries for $30B

Chip-maker Intel is in late-stage talks to purchase rival GlobalFoundries for roughly $30 billion. If completed, the acquisition would be Intel’s largest and would help the company with its push into overseas markets. Should the deal fall through, GlobalFoundries is reportedly considering going public through an IPO - WSJ

More from Fed  Chair Powell’s trip to the Hill—this time before the Senate Banking Committee - NYTimes and WSJ and Bloomberg

Across the pond, the surging Delta variant is clouding Europe’s economic recovery, with countries navigating the tricky waters of long-awaited reopenings, renewed restrictions, and extended periods of self-isolation by workers and consumers - NYTimes

A perfect storm of computer chip shortages, a strong economy, and pent-up demand means that the automotive market is insane right now—with “dealers and individuals struggling to get their hands on vehicles” and used car prices “up about 45 percent over the past year.” Put differently, those looking for another reason to fret about inflation have found it in the auto industry - NYTimes and WSJ

New numbers released yesterday showed first-time jobless claims in the U.S. shrinking to 360k last week, their lowest level of the pandemic. The steady decline is another sign that the American economy continues to rebound, though the unemployment claims are stills orders of magnitude higher than in the pre-pandemic U.S. - WSJ

India has banned Mastercard from adding new customers in its country “over claims that it had violated the country’s data storage laws, a blow to the company in a market it was investing in heavily for expansion.” The ban will take effect next week and stems from MC’s alleged noncompliance with a 2018 order on data localization - NYTimes

Pfizer and a class of EpiPen consumers has reached a sweeping $345 million settlement to resolve claims that the class “overpaid for EpiPens because of anti-competitive practices by pharmaceutical companies.” If accepted, the settlement would obviate the need for a jury trial on the matter currently scheduled for early 2022 – Law360

The United States’ turn in recent months toward increased antitrust enforcement is putting it back in alignment with European Union competition authorities and could mean a new era of greater cooperation between the economic powers that could have a “significant impact” on many of the world’s largest companies - WSJ

The FAA is instructing all carriers to “inspect a pair of cabin air pressure switches on all Boeing 737 planes, citing safety concerns.” Switch failure could result in “dangerously low” oxygen levels in cabins, and while that calamity has not hit yet, fear over its possibility prompted the “airworthiness directive”  - NYTimes

More on what Netflix’s big EA/Facebook hire means for its nascent videogame streaming expansion strategy - WSJ and Bloomberg

It’s Friday. I think you’ve earned a little something sweet for after dinner. Why not mix it up and give this dynamite chocolate banana icebox cake a whirl - NYTimes

Stay safe, get vaxxed, and have a wonderful weekend,
MDR