EU probes Bayer’s planned buyout of Monsanto

ANTITRUST

EU agency to probe Bayer’s acquisition of Monsanto

The European Union’s antitrust watchdog said Tuesday that it has launched a probe into German chemical maker Bayer’s planned acquisition of US seed and weed-killer company Monsanto. The European Commission, which polices competition in Europe, said it has concerns that the merger may reduce competition in areas like pesticides and seeds. Monsanto last year accepted an offer from Bayer to pay $57 billion to its shareholders and assume $9 billion in debt. Were it to go ahead, the buyout would create the world’s largest integrated pesticides and seeds company. The commission says it will also look into whether the move would hinder the access of competitors to distributors and farmers. — ASSOCIATED PRESS

ANTITRUST

Brazilian watchdog questions
AT&T’s deal
for Time Warner

Brazil’s antitrust watchdog said AT&T Inc.’s $85.4 billion deal for Time Warner Inc. poses a high risk to competition, a potential complication that threatens to delay the final approval process. The transaction as originally presented should be rejected unless the companies agree to some changes that may include asset sales, according to a recommendation published Tuesday by the staff of Cade, as the antitrust agency is known. It didn’t specify what properties might need to be divested. The Cade board has until its Nov. 22 session to issue a final ruling, though that deadline can be extended by 90 days under Brazilian law. The merger combines one of the world’s largest telecommunications providers with the owner of media properties like Warner Bros. and HBO. It would also create a TV powerhouse in Brazil that may run afoul of a law that prohibits pay-TV providers from owning programming content. — BLOOMBERG NEWS

FAST FOOD

McDonald’s to close nearly 170 outlets in India

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McDonald’s India has announced it will close nearly 170 McDonald’s outlets in northern and eastern India after the American fast food giant decided to terminate a franchise agreement with its Indian partner. McDonald’s said its partner Connaught Plaza Restaurants violated the terms of the franchise agreement, including reneging on payment of royalties. Connaught Plaza Restaurants, which runs 169 McDonald’s outlets in northern and eastern India, said Tuesday it is considering legal action in the long-drawn legal battle. In June, it shut 43 McDonald’s outlets in the capital, New Delhi, after it failed to renew their licenses. — ASSOCIATED PRESS REAL ESTATE Home prices up
6.6 percent in second quarter Home prices in the United States increased 6.6 percent in the second quarter from a year earlier as buyers competed for a shrinking supply of listings. Prices rose 1.6 percent on a seasonally adjusted basis from the previous three months, the Federal Housing Finance Agency said in a statement Tuesday. In June, prices climbed 0.1 percent from May, less than the 0.5 percent average estimate of 12 economists. The United States has been starved for inventory, in part because builders slowed production after the last decade’s property crash and many seniors are choosing to remain in their houses rather than downsize.
— BLOOMBERG NEWSBANKING Bank of America
to charge as much as $80,000
for research Get Today's Headlines in your inbox: The day's top stories delivered every morning. Bank of America Corp. plans to charge asset managers as much as $80,000 a user annually for its research division’s full package of services when a European ban on free analysis for clients is imposed, according to a pricing document seen by Bloomberg News. The premium package includes speaking directly to analysts, attending conferences, and meeting senior executives of major companies and policy makers, according to the offer sent to clients on Tuesday. Clients opting for the premium offer will pay from $15,000 to $80,000, depending on how much they tap those services. Bank of America is also planning to carve out separate prices for investors interested only in fixed income. It will charge $100,000 per firm for the “ultra high service” deal, which it expects to make available to just 30 clients, according to the proposal. A cheaper “limited service” offer will cost $15,000.
— BLOOMBERG NEWSTAX PREPARATION H&R Block hires former Uber exec as CEO H&R Block Inc. has named a former Uber executive as its new CEO. The tax services company said Tuesday that Jeffrey J. Jones II will assume the post on Oct. 9. He succeeds Tom Gerke, who will serve as interim president and CEO until October. Gerke will remain as general counsel and chief administrative officer. Jones most recently served as president of ride sharing at Uber. He was executive vice president and chief marketing officer at Target Corp. from 2012 to 2016. — ASSOCIATED PRESS FAST FOOD Panera to begin listing calories
on drink cups Panera Bread will start listing the amount of added sugar and calories on the cups for seven drinks, including cola and iced teas. The move is the latest by the company to appeal to Americans who are increasingly concerned about what’s in their food and drinks. Panera and other restaurant chains have been tweaking their recipes and removing artificial ingredients to match consumer’s changing tastes. Panera said the new cups will be available in eight cities this week, including New York, Chicago, and St. Louis. They will be in all the chain’s more than 2,000 locations by the middle of September. — ASSOCIATED PRESS TRAVEL Paris tourism rebounds following drop after 2015
terror attacksAdvertisement The Paris region registered 16.4 million hotel guests during the first half of the year, a 10-year high following a plunge in tourism after the 2015 terror attacks in the French capital. The Regional Tourism Committee said the number of foreign visitors increased by 14.9 percent compared to the same period last year, boosted by a rise in Japanese, Chinese, and American tourists. The committee said the figures indicate that visitors who put off Paris trips after the attacks are now coming to the city and surrounding area. The Foundation Louis Vuitton, the Arc de Triomphe, and the Palace of Versailles especially enjoyed a resurgence of visitors. The 2016 numbers also could have been affected by street protests against a labor law and the Seine river flooding in June. — ASSOCIATED PRESS RETAIL Brits can have
a sleepover in
a department store to test out
a mattress What’s the best way to try out a mattress? Sleep on it, of course. In fact, sleep on it for an entire night. In an apartment. That’s the idea from a big British retailer. John Lewis, a well-known and beloved department store in the United Kingdom, sells lots of home furnishings, including mattresses. But like many retailers big and small, the company is battling against tough competitors and online merchants for business. Management has come up with an idea: why not let its customers test out a mattress overnight? And why not in a fully furnished apartment too? This autumn, the department store chain will launch these ‘‘residences’’ at branches in London, Liverpool, and Cambridge. — WASHINGTON POST STREAMING SERVICE Petition for Disney to reconsider removing shows and films
from Netflix More than 11,000 people have signed an online petition asking Disney to reconsider its decision to remove its shows and films from Netflix as it launches its own streaming service. Their argument? Disney’s decision restricts the entertainment choices they can pick from on a limited budget. Americans are increasingly subscribing to multiple streaming services. Some customers are happy with the plethora of services available to them. This month alone, there have been at least three new streaming announcements, including Disney’s. But for those looking for a one-stop-shop model, it is becoming harder to find, and the costs of separate subscriptions are adding up. Disney has not given details on how much its service would cost. — BLOOMBERG NEWS