Commentary:The U.S.-China relationship is once again defined by ideology. “A relationship that has, in recent decades, been organized around the pursuit of shared interests appears to be reverting to one increasingly defined by differences in worldview,” writes Peter Marino. American political scientists are warning about the dangers of Chinese influence, and U.S. universities “that were enticed to China with promises of academic freedom have now been forced to establish Communist party units… and to give high-level decision-making powers to party officials.”
General Motors has offered to convert debt of around $2.2 billion owed by its ailing South Korean operation into equity in exchange for financial support and tax benefits from Seoul, four sources with direct knowledge of the matter said.
U.S. grocery chain operator Albertsons Companies said it would buy drugstore chain Rite Aid in a cash-and-stock deal to create a company with $83 billion in revenue.
Under a deal Philadelphia Energy Solutions (PES) signed in 2015, the refiner paid minimum quarterly payments of $30 million to terminal owner North Yard Logistics LP - even if little crude arrived. Much of that cash, in turn, flowed to the investors that own both PES and North Yard, led by the Carlyle Group, a global private equity firm with $178 billion in assets.
U.S. stock index futures fell more than half a percent as Wall Street returned from a long holiday weekend, a rise in bond yields and underwhelming results from Walmart halting a six-day winning streak for the major indexes.
