Nice clothes may help you look more attractive, but they will not typically have an impact on your blood glucose. Weight loss drug Wegovy on the other hand will boost your attractiveness AND may prevent you getting diabetes. Because of this, Novo Nordisk has dethroned LVMH as Europe’s most valuable company.

The lowdown

• 👑 Wegovy maker Novo Nordisk dethrones LVMH as Europe’s most valuable company.

• 🏡 Chinese property developer Country Garden narrowly avoids default on two bonds.

• 🧠 Elon Musk borrowed $1 billion from SpaceX around the same time he was acquiring Twitter.

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Dominion sells natural gas assets to Enbridge

Many countries are looking at ways to reduce the use of natural gas going forward. Utilities are therefore contemplating how to adapt, repurpose, or sell their natural-gas delivery networks, due to the risk of them becoming stranded assets.

Dominion Energy has thus announced its intention to sell several of its natural gas-distribution companies to pipeline operator Enbridge. Enbridge will pay $9.4 billion in cash and assume $4.6 billion of debt to acquire the companies. Dominion had previously sold its natural gas-distribution business in West Virginia to Hearthstone Utilities for $690 million.

Once the acquisition is finalized, which is anticipated by the end of the next year, Enbridge’s gas utility business will be the largest in North America by volume. Depending on regulation, this may mean they are left holding the largest bag.

The content we're consuming today

• WSJ: Spotify’s $1 Billion Podcast Bet Turns Into a Serial Drama ($).

• FT: Time for the UK to tax inflation ($).

• A Long Time in Finance podcast: The Nine Lives of Credit Suisse: Part One.

Off-balance sheet items

• If you, like me, are terrible at controlling your consumption of coffee, then you may be in need of this article which outlines four ways to fix your sleep schedule ($). The first point actually encourages coffee consumption, provided you do it outside.

The bottom line