International News 28/08
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Edgar Bronfman Cancels US$6 Billion Paramount Acquisition Bid
Edgar Bronfman Jr., former CEO of Warner Music Group, has stepped back from the competition to purchase Paramount Global, allowing Skydance Media to proceed with its plans unimpeded. This move is significant, given the changing ownership landscape of major media assets.
Bronfman has been a prominent figure in the media and entertainment industry, having been involved in notable transactions such as Warner Music Group's acquisition. His interest in acquiring Paramount was driven by his aspiration to expand his influence in the industry.
During the final stages of the acquisition process, Bronfman made a $6 billion offer to acquire National Amusements, the majority stakeholder in Paramount. However, Skydance Media, led by David Ellison, outbid Bronfman with an offer of over $8 billion. Skydance Media, founded by Ellison, is a key player in the media and entertainment industry.
Domestic Sales Sluggish, Thailand's Car Production Drops 16.6% in July 2024
In July 2024, car production in Thailand declined by 16.62% compared to the previous year, with 124,829 units produced. The Federation of Thai Industries attributed this decline primarily to lower domestic sales. The decline in July was more pronounced than that observed in June, which saw a 20.11% reduction in production. For 12 consecutive months, Thailand has experienced a contraction in car production.
From January to July, car production contracted by 17.28% year-on-year, with 886,069 units produced. Mr. Surapong Paisitpattanapong, spokesperson for the Federation of Thai Industries' automotive industry division, stated that domestic sales have decreased, particularly for pickup trucks.
The Federation attributed the decline in domestic sales to the tightening of credit by banks due to concerns about high household debt. Domestic car sales in July declined by 20.58% year-on-year, following a 26.04% decline in June.
Thailand is a major car production centre in Southeast Asia, supporting leading automotive manufacturers such as Toyota and Honda. Pickup trucks represent a significant portion of the vehicles manufactured and exported from the country.
Oil prices close up 3%, Libya production cut adds to concerns
Oil prices rose by 3% at the start of the week on concerns over supply issues caused by escalating conflicts in the Middle East and production cuts in Libya. Brent crude futures for October 2024 delivery rose 3.05% to $81.43 per barrel, while West Texas Intermediate (WTI) crude futures for the same delivery period rose 3.5% to $77.42 per barrel. The closure of all oil fields in Libya by the eastern government contributed to the halt in production and exports were also affected. The National Oil Corp (NOC), which oversees oil resources, did not confirm the shutdown, but its subsidiary Waha Oil Company said it planned to gradually reduce production and warned of a complete shutdown due to protests and pressure. These factors, along with tensions in the Middle East and low oil inventories in the US, have led to justified short-term buying of oil.