Daily Brief - 15 Mar 2024

Bitcoin retreats from record high as ‘Bubble’ talk grows louder

Bitcoin recently fell by 5.6% in Asia, moving away from its new record high of nearly $73,798, amid growing concerns that its rapid growth might be a bubble.

The worry comes as global stocks and cryptocurrencies have been boosted by expectations of relaxed monetary policies from the Federal Reserve, despite persistent inflation in the US. Bank of America's chief strategist suggests that both tech stocks and cryptocurrencies might be in bubble territory.

This retreat also saw a big sell-off in optimistic crypto bets and a decrease in the cost to hold Bitcoin futures, pointing to a more cautious approach from investors.

BNP Paribas eyes Fosun's share in Ageas

BNP Paribas, a leading French bank, is in talks to buy a stake in Belgian insurer Ageas from Fosun International. Fosun, aiming to reduce its debt, holds about 10% of Ageas, worth around €750 million.

While discussions are ongoing, there's no guarantee of a deal yet. This move is part of BNP Paribas's strategy to boost returns to investors and comes as Ageas attempts to acquire Direct Line Insurance, which has faced resistance.

Fosun's sell-off reflects its broader effort to lighten its debt load after a period of global acquisitions.

KKR to seal Telecom Italia network buyout by summer

KKR has reassured everyone that its massive €22 billion deal to purchase Telecom Italia's network is on track to wrap up in the summer. They've got the financing sorted, both equity and debt, which is a big relief for folks watching the deal.

Last week, Telecom Italia's shares took a nosedive due to worries about its debt predictions, but the company is confident it'll stick to its financial plans. The sale of Telecom Italia's prized landline network to KKR aims to cut down the telecom giant's debt.

Plus, the groundwork to get the new network business, NetCo, up and running with Telecom Italia's team is moving forward smoothly.