Financial Daily Dose 10.20.2020 | Top Story: Intel Sells Flash Memory Unit to SKY Hynix for $9 billion

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Intel Corp. has reached a nearly $9 billion deal to sell its NAND flash memory unit to South Korea’s SKY Hynix, a “move that reorient[s] the semiconductor giant away from an area of historical importance that has become increasingly challenged” – WSJ and MarketWatch and Bloomberg and NYTimes

The slow-motion collapse of a pre-election stimulus agreement helped push stocks lower on Monday, as pessimism overtook initial rosiness over news of China’s economic growth – NYTimes and WSJ and Bloomberg and MarketWatch

Landing firmly on her feet after an abrupt departure from Netflix just weeks ago, Channing Dungey will replace longtime exec Peter Roth as chair of the Warner Bros. television studio in early 2021—one of the biggest such operations in the industry – NYTimes and WSJ and Bloomberg

The Times looks at how mergers in the oil industry—like yesterday’s Conoco/Concho deal—are the latest strategy in a once-mighty field that’s “desperately trying to survive a pandemic that has sharply reduced demand for its products” – NYTimes

Mirroring Amazon’s play for Whole Foods, Alibaba has bought its way into the grocery space with a new $3.6 billion investment in Sun Art Retail Group, a super- and hypermarket operator throughout China – MarketWatch

Uber founder and former chief Travis Kalanick’s new venture has been furtively amassing a “mini real-estate empire over the past two years”—snapping up “more than 40 properties in nearly two dozen cities for more than $130 million” to lay the groundwork for his “ghost kitchen” concept. The move is a pretty presciently timed bet on the “fast-growing food-delivery business” – WSJ

United States tax officials and their counterparts from four other countries have “joined forces” to investigate boutique financial firm Euro Pacific Bank, a Puerto-Rico-based outfit with “ties to some famous names in the financial world”—some of whom it may have helped “move money illegally” – NYTimes

SoftBank has backed out of a $185 million consulting deal with WeWork co-founder Adam Neumann that the parties signed upon his departure from the shared workspace startup last year. WeWork executive chair Marcelo Claure—also a top SoftBank exec—revealed on Monday that Neumann’s apparent violation of portions of the agreement may have led to its rescission – WSJ

Yes, the Fed is kicking around plans to issue a digital currency of its own. No, it’s not in any rush—especially as concerns including the “potential for theft and fraud”—especially in the form of cyberattacks—remain unresolved – WSJ

File under good to know. Cat people, it seems, (at least those near Nazca, Peru) have been CAT PEOPLE for a long time. Like no joke long time – NYTimes

Stay safe.

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