Financial investment power house Goldman Sach (GS); is in negotiations to aquire B&B Hotels and all its subsidiary chains. They will be acquiring the chain from PAI Partners (French hospitality investment firm).
The purchase will happen in the latter part of 2019. The deal is supposed to be worth around $2.2 billion (USD). B&B Hotels has over 486 hotels (in total). The company was founded in 1990 and operates in the hospitality market in countries such as Brazil, Morrocco, and many Euro countries.
GS merchant banking division will be pursuing the close of the transaction, which is supposedly going to happen later this year (2019). -SB
1 ) Hewlett Packard is buying the supercomputer maker Cray for $1.4 billion dollars. HP is intent on strengthening it position against IBM by expanding its high end computer line, expanding into AI (Artificial Intelligence), Internet of things and distributed computing offerings, and is expecting to see a return on investment in the next two years.
2) There are reports that the U.S. China trade talks have been put on hold, causing a reversal of the markets. The holdup is the increased scrutiny of Chinese telecom companies. This scrutiny is making it harder for Chinese companies such as Huawei to do business with U.S. companies.
3) Airline baggage fees is becoming an increasingly lucrative source of income. The U.S. airlines brought in $4.9 billion dollars from luggage fees, an 80% increase from 2009. Typical fees is $30 for the first bag, $40 for the second and $150 for the third. There are also expensive payments for heavy or oversize bags.
4) 17 MAY 19 Stock markets closing:
Dow 25,764.00 down 98.68 Nasdaq 7,816.28 down 81.76 S&P 500 2,859.53 down 16.79