North American Morning Briefing : Traders Await -2-
Summary
Battery maker LG Energy Solution and Australian lithium company Liontown Resources will jointly consider developing a refinery for producing battery-grade lithium, as companies plot new supply chains that bypass China even amid a collapse in prices for the critical mineral.The collaboration is part of an expanded partnership between the pair that includes an investment of $250 million by LG Energy Solution in Liontown via convertible notes, and an expanded supply deal for lithium-rich spodumene concentrate from the Australian companys Kathleen Valley project.The owner of Redbox has filed for bankruptcy with nearly $1 billion in debt, saying a group of lenders led by HPS Investment Partners was unwilling to consent to potential refinancings.Chicken Soup for the Soul Entertainment, which owns streaming services as well as a network of 24,000 DVD rental kiosks stationed at retailers, filed for chapter 11 protection Friday in the U.S. Bankruptcy Court in Wilmington, Del.The eurozones annual rate of consumer-price inflation eased a little in June, but the rapid rise in services prices will likely reinforce the European Central Banks cautious approach to lowering its key interest rate.Consumer prices were 2.5% higher in June than a year earlier across the 20 nations that share the euro, the European Unions statistics agency said Tuesday. That marks a slight decrease from the 2.6% rate of inflation recorded in May.Why Kamala Harris Would Be Bidens Likeliest ReplacementWASHINGTON-Vice President Kamala Harris is under a fresh spotlight as Democrats buzz about who should replace President Biden were he to drop his re-election bid.So far, Biden has shown no interest in exiting the race following a halting debate performance that raised questions about his age and abilities. But while some Democrats ponder a variety of governors or lawmakers who could step in as nominee, the likeliest alternative to the current ticket remains one led by Harris.Bombardier said it reached a confidential agreement to settle a bondholder lawsuit which alleged that the company breached certain covenants under the indenture governing certain senior notes. The lawsuit, which was filed in January 2022 by a group of bondholders, is pending in the New York State Supreme Court.RBI disclosed two transactions that accelerate its growth in China. RBI is also co-investing in Tims China with Cartesian Capital with the goal of developing more restaurants in one of its largest markets globally.All times in GMT.