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The Labour Run Council is struggling to pay off a huge bill for equal pay claims that dates back more than a decade. It has also had major issues with a new it system. Our Midlands Correspondent navteonhal is there. The first thing to say is that the city council here has not stopped functioning, it has a legal duty to provide Certain Services and they will continue, but this is a signal to government ofjust how dire the financial situation is here, and admission that the council here cannot pay its bills. The people i have spoken to around birmingham say they are worried about what the future may hold. But for those who have been watching the saga closely, in some ways today has felt inevitable. The pressure on this citys finances has been rising and rising, and europes biggest local authority is now in bi ....
Youre watching daybreak asia coming to you live from new york, sydney and hong kong. Counting down to the major market opens in asia. Australia has just opened, the top stories this hour, asia stocks extending losses within escalation of the middle east conflict and the feds policy outlook. Rates will still stay on hold while not withholding the possibility of a future hike. It does not feel like it is too tight right now, there is no evidence that policy is too tight. President biden set to deliver an address on the israel hamas war. Xi jinping calling for a ceasefire in his first Public Comments since the conflict broke out. We have the opening of the asx 200 at the start of the session, the first market coming online. What will be driving sentiment is geopolitics, and also jay powell kicking off what we heard from the fed chairman earlier, saying that they will not necessarily see a rate hike in november, but the outlook is a ....
House. Power lunch starts right now welcome everybody to power lunch. When i buy, it is the peak when i sell it is the bottom. Thats my life story stocks, they are down this hour. The dow and s p 500 both on trek for a second straight down week, but the nasdaq is on pace to finish the week higher watch the bond market, folks yields on the twoyear treasury note hitting the beginning of the financial crisis a 1. 71 . Check out the etf that tracks energy we are on pace now for the first week in more than a year big moves in retail to tell you about. Abercrombie fitch up 25 on earnings ross is up 10 footlocker up 25 on its earnings more on that ahead the death of retail may be exaggerated. Were watching apple, the tech giant delaying a key launch of a crucial holiday product. More on this coming up melissa . Ty, im melissa lee twentyfirst century fox is reporting that verizon is also reported in acquiring them disney was interested in buying assets now it is at 30 and changeup by 3. 7 . Ve ....
Bob iger is about to join us as disney buys a big chunk of 21st century fox. Retail sales up 0. 8. But we know what the lead is today. Yep, we finally got the deal weve been talking about now for more than a month, of course disney buying those fox assets that weve detailed time and again over this last, lets call it, five weeks or so since we first brought the story to you of the talks between the two it is a large deal, to say the least. Depends on how you want to value the equity right now, at current prices, and if you take into the considerations that minority interests, its about 55 billion in equity. Some 515 million shares of disney will be exchanged for the fox businesses that are going to be sold to disney. Were talking about a deal with an enterprise value of 69 billion. Theyll take on 14 billion worth of debt. Tax liability which i finally got clarity on, 8. 5 billion to fox. That is the spinco, could come down as a result of tax reform, the lower tax rate and that will hav ....