A surprising party has joined the race for TikTok, as Walmart joined forces with Microsoft to buy the U.S. assets of the popular short video app. The bid could total $30B or even more, and as odd as that coupling seems, CNBC reports that Walmart originally sought majority ownership of TikTok in a consortium with Alphabet and SoftBank. "We believe a potential relationship could provide Walmart with an important way for us to reach and serve omnichannel customers as well as grow our third-party marketplace and advertising businesses," the company said in a statement. Oracle is another U.S. company vying to acquire the assets of TikTok, and parent ByteDance is expected to pick a bidder to enter into exclusive talks as early as today. (SA)
Gold and silver have outshone most assets, but another commodity is shaping up to be this year’s best performer: lumber. Prices for the wood have hit a record high after demand surged as homeworking as a result of Covid-19 spurred a wave of renovation projects, from fences to sheds, at a time when inventories were running low. Lumber prices have soared 104 per cent this year — almost four times gold’s percentage increase — to $828 per thousand board feet. In early August, prices broke through the previous record of $651 set in 2018 when harsh winter weather in Canada caused transportation problems for months. Last week alone, they gained 13 per cent. (FT)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.