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Philip Morris (PM.N) increased its bid by more than 9% to 116 Swedish crowns per share and said that the offer was its "best and final price". Philip Morris made an all-cash offer of 106 crowns per share for Stockholm-based Swedish Match in May. By Swedish law, 90% of Swedish Match shareholders need to approve the offer before Nov.4. Pontus Dackmo, CEO of Protean Funds who has 500,000 shares in Swedish Match, said he was still not impressed by the sweetened offer from Philip Morris. The company had earlier said it was expecting EU antitrust approval for its Swedish Match bid in late October.

☆ Philip Morris sweetens buyout bid for Swedish Match to $15.8 bln
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

Philip Morris raised its bid by more than 9% to 116 Swedish crowns per share, although it said that the offer was its "best and final price". Swedish Match did not immediately respond to Reuters's request for comment on the revised offer. Philip Morris has announced that they are not waiving the 90 percent acceptance condition. The deal will fail and Swedish Match will remain an independent company," Hempton said. The company had earlier said that it was expecting EU antitrust approval for its Swedish Match bid in late October.

☆ Philip Morris Raises Offer for Swedish Match and Buys U.S. Rights for IQOS
▼ + stars: | 2022-10-20 | by ( Jennifer Maloney | Ben Dummett | ) www.wsj.com time to read: 1 min

Philip Morris International raised its offer for Swedish Match AB by 9.4% and has agreed to pay $2.7 billion to regain the U.S. rights for its IQOS heated tobacco products from Altria Group Inc.Philip Morris said it is now offering 116 Swedish kronor, equivalent to $10.34, for each Swedish Match share, up from the original offer in May of 106 Swedish kronor. The total value of that deal, though in dollar terms, is roughly unchanged from the original offer because the appreciation in the U.S. currency against the Swedish krona, made it easier for the company to raise its offer.

☆ Philip Morris to Raise Offer for Swedish Match and Buy U.S. Rights for IQOS
▼ + stars: | 2022-10-20 | by ( Jennifer Maloney | Ben Dummett | ) www.wsj.com time to read: 1 min

Marlboro maker Philip Morris has been under pressure from Elliott Management and other investors to sweeten its bid for Swedish Match. Philip Morris International plans to raise its offer for Swedish Match AB and has agreed to pay $2.7 billion to regain the U.S. rights for its IQOS heated tobacco products from Altria Group Inc., according to people familiar with the matter. Philip Morris’s original offer for Swedish Match in May was 161.2 billion Swedish Krona, which was then equivalent to $16 billion. The new offer is expected to be announced as soon as Thursday, the people said.

☆ Altria gets $2.7 bln from Philip Morris for IQOS U.S. sales rights
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

Altria in a statement said it has already received $1.0 billion from PMI and will receive the remainder by July 2023. Philip Morris, which was spun off from Altria in 2008, did not respond to a request for comment outside of business hours. The company will report its quarterly earnings results on Thursday, whereas Altria will report its earnings on Oct. 27. Separately, Philip Morris plans to raise its $16 billion offer for Swedish Match AB (SWMA.ST), the Wall Street Journal reported on Wednesday citing people familiar with the matter. Activist investor Elliott Management, which raised its stake in Swedish Match last month, plans to oppose the bid under its current terms along with some other investors.

☆ One office building is trying a radical new ploy to lure Google and other firms to Brooklyn
▼ + stars: | 2022-10-20 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

An office building in Williamsburg, Brooklyn, is slashing rents and offering flexible leases. At 25 Kent Ave., it's offering 50% off to lure tech and media firms that are attracted to Manhattan. In July 2019, Rubenstein opened an eight-story, 511,000-square-foot office building at 25 Kent Ave. in Williamsburg, Brooklyn. Bilyana DimitrovaTarget tenants include Google, Facebook, Amazon, and companies that have over 500,000 square feet of office space in Manhattan. People who work at 25 Kent have access to its fitness center.

☆ Philip Morris’ Swedish bet may take multiple tokes
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters Breakingviews) - Philip Morris International (PM.N) may need to show more flexibility. PMI Chief Executive Jacek Olczak has strengthened his hand by sealing a $2.7 billion deal with Altria to buy the rights to sell IQOS heated tobacco products in the United States, giving him an alternative way to grow in smokeless tobacco products. Still, it may be hard to get the Swedish Match deal over the line, given PMI’s ambitious 90% acceptance rate. That’s probably why the shares are currently trading close to the offer price at 112 crowns. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Altria reaches $2.7 bln deal with Philip Morris to sell U.S. IQOS rights
▼ + stars: | 2022-10-19 | by ( Makiko Yamazaki | ) www.reuters.com time to read: 1 min

Oct 19 (Reuters) - Altria Group Inc said on Wednesday its unit has reached a $2.7 billion deal with Marlboro maker Philip Morris International Inc's (PM.N) unit to sell the U.S. commercialization rights for its IQOS heated tobacco products. Altria has received a $1 billion payment from Philip Morris and will receive an additional payment of $1.7 billion by July 2023 for a total payment of about $2.7 billion pre-tax, according to the statement. Separately, the Wall Street Journal reported on Wednesday that Philip Morris is planning to raise its offer for Swedish Match AB (SWMA.ST), citing people familiar with the matter. Register now for FREE unlimited access to Reuters.com RegisterReporting by Deborah Sophia in Bengaluru; editing by Diane Craft and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ It’s been 35 years since the epic Black Monday crash. What have investors learned?
▼ + stars: | 2022-10-19 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

CNN Business spoke to Jon Hirtle, a broker at Goldman Sachs in 1987, to get his recollections about Black Monday. That’s led some Wall Street veterans to derisively refer to the NYSE as nothing more than a glorified TV studio. Goldman Sachs announced Tuesday that it is merging its trading and investment banking businesses into a single unit. CEO David Solomon said that the move is a “realignment” that will allow Goldman Sachs to better serve its customers. There are growing concerns on Wall Street (and Main Street) about an economic downturn.

Police arrested a "person of interest" in the slayings of four Oklahoma bicyclists in central Florida — more than 1,200 miles away, authorities said Tuesday. Joseph Kennedy, 67, was arrested in Daytona Beach Shores, in a car "that was reported stolen to the Okmulgee County Sheriff’s Office" Monday, according to a statement from police in Okmulgee, Oklahoma. Kennedy was arrested without incident and did not make any statement to officers, according to Fowler. "Upon confirming (with police in Oklahoma) his status as a missing person we were notified that he is a person of interest in a quadruple homicide," Fowler said. The four men were reported missing early last week after they left on their bicycles.

☆ A high school artist was chosen to paint a mural. Then came the outrage
▼ + stars: | 2022-10-18 | by ( Rachel Abrahamson | ) www.nbcnews.com time to read: +4 min

A mural painted by a high school student came under fire when parents alleged it was promoting LGBTQ imagery and witchcraft. Earlier this year, a Grant, Michigan, high school sophomore won a contest “to brighten up” the middle school health center, according to a statement from Grant Public Schools (GPS). GPS says the student received approval to paint images of “smiling children” and as well as the message “Stay Healthy.”In the painting, there are three children. Courtesy Chandler MorrisTracey Hargreaves, who has two children in the Grant Public School system, came to the defense of the student artist. It’s not contagious.”The student artist left the meeting in tears, according to Hargreaves.

☆ The US is spending billions to boost chip manufacturing. Will it be enough?
▼ + stars: | 2022-10-18 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +9 min

US-based fabs, or chip manufacturing plants, currently only account for 12% of the world’s modern semiconductor manufacturing capacity, according to data from the Semiconductor Industry Association trade group. Some 75% of the world’s modern chip manufacturing is now concentrated in East Asia – a majority of that in geopolitically-vulnerable Taiwan. Now, simply having the facilities already set up to produce or expand chip manufacturing gives Asia a big advantage. This is not yet the case in places like Arizona and Ohio, where plans to build massive chip manufacturing plants are already underway. If not, even the billions of dollars committed by the private and public sector may not be enough to reshore semiconductor manufacturing.

☆ Xi warned about Taiwan interference — but don't expect an imminent invasion, analysts say
▼ + stars: | 2022-10-18 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +5 min

watch nowChina will continue to work toward becoming more self-reliant, but don't expect President Xi Jinping to move on Taiwan by force, analysts said. In a nearly two-hour speech, Chinese President Xi Jinping outlined his vision for the country for the next five years. Xi Jinping has made very clear what his intentions are: he wants a private sector that is controllable, that is manageable. He said Xi's speech, consistent with Beijing's comments in recent months, suggested the government viewed a more state-dominated economy as the pathway to stability. "Xi Jinping has made very clear what his intentions are: he wants a private sector that is controllable, that is manageable."

☆ An activist investor's profit-focused push at Salesforce is good news for shareholders
▼ + stars: | 2022-10-18 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

An activist investor we respect has taken a notable stake in Club holding Salesforce (CRM), sending shares higher by more than 4% on Tuesday. Rather, we're pleased with Starboard's activist campaign because its goal — creating more value through improved profitability — is good for shareholders. ... For the quality of the business, for their growth opportunity of the business, for the margin opportunity of this business, this is why we get excited about it." Smith added that he's been in contact with Salesforce management since Starboard took its stake and has had "good dialogue with them." As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Four Oklahoma men who had gone missing while on a bicycle ride were shot and their dismembered bodies were discarded into a river, police said Monday. All four were shot and identifications were slowed because their bodies had been dismembered, according to Prentice. "We believe the men planned to commit some type of criminal act," Prentice told reporters. The investigation led police over the weekend to a salvage yard. The chief named the salvage yard owner, Joe Kennedy, as a "person of interest," who detectives are seeking to interview.

☆ How the PC slowdown could impact Microsoft and what it means for our investment thesis
▼ + stars: | 2022-10-17 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

In a note to clients Monday, Bernstein dove deep into Microsoft's Windows business after declining PC shipment data sparked renewed worries about its implications for the tech giant. By contrast, Bernstein estimates only around 20% of Windows revenue comes from consumer PCs. Club take The decline in PC sales after a few booming years during the Covid pandemic has been on our radar for months. However, Bernstein made an interesting case about the makeup of Windows revenue, and we see how the analysts could conclude that Microsoft won't be the hardest hit by the PC slowdown. A global recession is definitely one of the biggest near-term risks to Microsoft's results, so we'll want to hear how Microsoft's clients are acting.

☆ Tesla investors try to ignore Musk's many distractions
▼ + stars: | 2022-10-16 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

While that’s good news for Twitter’s long-suffering shareholders, Tesla investors hope he still has some time for them. There are big challenges in China as well, with Tesla going up against homegrown EV rivals like Nio (NIO), Xpeng and Li Auto. Too many distractionsGary Black, managing partner at the Future Fund and a Tesla shareholder, has been tweeting for the past few weeks that concerns about Twitter are a headache for Tesla investors. In one tweet, Black said there are several problems for Tesla due to Twitter. The underwhelming deliveries and production numbers also underscore how a slowing global economy (and possible recession) could hurt Tesla.

☆ I’ve been following a woman around the internet. Turns out she was created by artificial intelligence.
▼ + stars: | 2022-10-16 | by ( Evan Ratliff | ) www.businessinsider.com time to read: +31 min

Even in their first efforts, the GAN images were quickly on par with those made by any other, less intelligent software. You can find the results on the Generated Photos site, where you can filter by ethnicity, age, sex, eye color, and other attributes. Generated Photos' GANs tend to match conventional beauty standards, a product of the models that have been fed to the software. I'm not sure anyone would be surprised to find fake images accompanying testimonials on an Estonian bitcoin exchange or an online CBD seller. Are they real people deploying fake images, or fake people deploying fake images?

Venerable Scottish actor Robbie Coltrane, best known as the dragon-loving half-giant Hagrid from the "Harry Potter" film franchise, died on Friday, his managers said. "We are hugely saddened to hear of the passing of the magnificent Robbie Coltrane who played Hagrid with such kindness, heart and humour in the Harry Potter films," the “Harry Potter” film franchise said in statement. Robbie Coltrane as Hagrid in the "Harry Potter" series. He was an incredible actor and a lovely man.”And fellow “Harry Potter” actor James Phelps, who played one of the Weasely twins, recalled being a fresh-faced 14-year-old, nervous on first day on the set in September 2020. Scottish First Minister Nicola Sturgeon said "Ftiz" was one her favorite TV characters and called Coltrane a "Scottish entertainment legend."

☆ October's wild trading could give way to a new stock rally, as earnings roll out in the week ahead
▼ + stars: | 2022-10-14 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

But Emanuel sees the chance for a 17% to 20% rally in the S & P 500. The S & P 500 was down about 0.9% for the week, as of Friday afternoon, and it was hovering just above 3,600. S & P 500 earnings are expected to grow by 3.6% for the third quarter, based on actual reports and estimates, according to Refinitiv. Without the boost from more than doubling profits from energy companies, S & P earnings would decline by 3.1%. Week ahead calendar Monday Earnings: Bank of America , Bank of NY Mellon, Charles Schwab 8:30 a.m.

☆ Investing Club: The week in review, the week ahead — Oct. 14, 2022
▼ + stars: | 2022-10-14 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

Club trades for the week Monday Bought 20 shares of Constellation Brands (STZ); Trust owns 390 shares of STZ. On Wednesday, the September producer price index was reported to have risen 0.4% monthly, double the expectation. On Thursday, the September consumer price index was also reported to have increased 0.4% monthly, above the expectation for a 0.3% increase. Excluding automobile sales, sales were up 0.1% slightly ahead of the expectations. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Bad Bunny dominates American Music Award nominations
▼ + stars: | 2022-10-13 | by ( Lisa Richwine | ) www.reuters.com time to read: +2 min

Bad Bunny performs during his World's Hottest Tour at SoFi Stadium in Inglewood, California, U.S., September 30, 2022. Bad Bunny received a total of eight AMA nominations and will compete for artist of the year against British singers Adele and Harry Styles and Canadian musician The Weeknd. Bad Bunny's other nods included favorite male pop artist, favorite music video and favorite touring artist. If Bad Bunny wins all eight awards he is eligible for, he would tie 1980s superstars Michael Jackson and Whitney Houston for the most AMA wins in a single year. In country music categories, Chris Stapleton, Luke Combs and Morgan Wallen are among the nominees for favorite male country artist.

☆ Factbox: Key nominees for the 2022 American Music Awards
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

LOS ANGELES, Oct 13 (Reuters) - Nominations were announced on Thursday for the 2022 American Music Awards. Fan votes will determine the winners, and the awards will be presented at a televised ceremony in Los Angeles on Nov. 20. Following is a list of key nominations:ARTIST OF THE YEARAdeleRegister now for FREE unlimited access to Reuters.com RegisterBad BunnyBeyonceDrakeHarry StylesTaylor SwiftThe WeekndNEW ARTIST OF THE YEARDove CameronGAYLELattoManeskinSteve LacyCOLLABORATION OF THE YEARCarolina Gaitan, Mauro Castillo, Adassa, Rhenzy Feliz, Diane Guerrero, Stephanie Beatriz & Encanto Cast -- "We Don’tTalk About Bruno"Elton John & Dua Lipa -- "Cold Heart"Future featuring Drake & Tems -- "Wait for U"Lil Nas X ft. Jack Harlow -- "Industry Baby"The Kid LAROI & Justin Bieber -- "Stay"FAVORITE TOURING ARTISTBad BunnyColdplayEd SheeranElton JohnThe Rolling StonesFAVORITE MUSIC VIDEOAdele -- "Easy On Me”Bad Bunny featuring Chencho Corleone -- "Me Porto Bonito"Harry Styles -- "As It Was"Lil Nas X featuring Jack Harlow -- "INDUSTRY BABY"Taylor Swift -- "All Too Well (Taylor’s Version)"FAVORITE MALE POP ARTISTBad BunnyDrakeEd SheeranHarry StylesThe WeekndFAVORITE FEMALE POP ARTISTAdeleBeyonceDoja CatLizzoTaylor SwiftFAVORITE POP DUO OR GROUPBTSColdplayImagine DragonsManeskinOneRepublicFAVORITE POP SONGAdele -- "Easy On Me"Carolina Gaitan, Mauro Castillo, Adassa, Rhenzy Feliz, Diane Guerrero, Stephanie Beatriz & Encanto Cast -- "We Don’tTalk About Bruno"Harry Styles -- "As It Was"Lizzo -- "About Damn Time"The Kid LAROI & Justin Bieber -- "STAY"FAVORITE MALE COUNTRY ARTISTChris StapletonCody JohnsonLuke CombsMorgan WallenWalker HayesFAVORITE FEMALE COUNTRY ARTISTCarrie UnderwoodLainey WilsonMaren MorrisMiranda LambertTaylor SwiftFAVORITE COUNTRY DUO OR GROUPDan + ShayLady AOld DominionParmaleeZac Brown BandFAVORITE MALE HIP-HOP ARTISTDrakeFutureKendrick LamarLil BabyLil DurkFAVORITE FEMALE HIP-HOP ARTISTCardi BGloRillaLattoMegan Thee StallionNicki MinajFAVORITE ROCK ARTISTImagine DragonsMachine Gun KellyManeskinRed Hot Chili PeppersThe LumineersFAVORITE K-POP ARTISTBLACKPINKBTSSeventeenTomorrow X TogetherTwiceRegister now for FREE unlimited access to Reuters.com RegisterReporting by Lisa Richwine; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

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☆ American Music Awards 2022: See the full list of nominees
▼ + stars: | 2022-10-13 | by ( Sandra Gonzalez | ) edition.cnn.com time to read: +3 min

The Puerto Rican performer is the most-nominated artists for the 2022 American Music Awards, earning eight nominations, among them his first-ever for artist of the year. Beyoncé, Drake and Taylor Swift each earned six nominations, while Adele, Harry Styles and The Weeknd came in with five a piece. And elsewhere, Elton John made history for what the show called being “the longest-recognized artists” in the show’s history. The show also boasted about the addition of a new category dedicated to the K-Pop genre, favorite K-Pop artist. The American Music Awards will air Sunday, November 20 at 8 p.m.

☆ Sept FOMC showed agreement on higher rates for longer
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +6 min

Many officials said they had raised their assessments of the path of interest rate increases that would likely be needed to achieve the committee's goals. Ultimately, they do think that you need to reach some very high interest rates in order to really cool down the economy. While inflation has peaked, the path to a 2% inflation rate will be long, windy and bumpy." "The Federal Reserve's current tone suggests it is committed to raising interest rates until the snake of inflation is dead." CHRIS ZACCARELLI, CHIEF INVESTMENT OFFICER, INDEPENDENT ADVISOR ALLIANCE, CHARLOTTE, NC"For the most part there's nothing to earth shattering in the Fed minutes.

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