Aug 14, 2019

Brookfield to buy majority stake in Canadian unit of Genworth Financial

Brookfield Business Partners (NYSE: BBU) agreed to buy a 57% stake in the listed Canadian unit of insurer Genworth Financial (NYSE: GNW) for C$2.4 billion, or C$48.86 per share (5.1% premium over yesterday's closing price).

Why it matters: It's been nearly three years since Genworth agreed to be taken over by China Oceanwide Holdings, but Canadian regulators have been unwilling to sign off. This divestiture should let Genworth jump that hurdle.

The bottom line: "The sale of the Canadian subsidiary comes at a sensitive time for Canadian-Chinese relations. The government is currently studying whether to ban Huawei from its 5G networks. U.S. charges late last year against the Chinese telco saw its CFO detained in Vancouver... Since then, Beijing has detained two Canadians, halted imports of canola and is now turning away meat shipments from Canada." Bloomberg

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Orion Rummler

10 hours ago - Health

15 states broke single-day coronavirus records this week

Data: Compiled from state health departments by Axios; Map: Danielle Alberti/Axios

At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.

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Axios

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

Global: Total confirmed cases as of 3 p.m. ET: 11,143,945 — Total deaths: 527,681 — Total recoveries — 6,004,593 — Map.
U.S.: Total confirmed cases as of 3 p.m. ET: 2,818,588 — Total deaths: 129,584 — Total recoveries: 883,561 — Total tested: 34,213,497 — Map.
States: Photos of America's pandemic July 4 — ICU beds in Arizona's hot spot reach near capacity.
Public health: U.S. coronavirus infections hit record highs for 3 straight days.
Politics: Trump extends PPP application deadline — Kimberly Guilfoyle tests positive.
World: Mexican leaders call for tighter border control as infections rise in U.S.
Sports: 31 MLB players test positive as workouts resume.
1 📽 thing: Drive-in movie theaters are making a comeback.

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Rashaan Ayesh

11 hours ago - Health

In photos: America celebrates July 4 during global pandemic

Photo: Francine Orr/Los Angeles Times/Getty Images

The U.S. has already celebrated Easter, graduations and so much more during the coronavirus pandemic, and now it can add July 4 to the list.

The state of play: Axios' Stef Kight writes public parades and fireworks displays around much of the country are being canceled to prevent mass gatherings where the virus could spread. Hot-dog contests and concerts will play to empty stands and virtual audiences — all while American pride treads an all-time low.