UBS has completed its takeover of Credit Suisse. And just to make sure every Credit Suisse banker is feeling as unwelcome as possible, UBS has come up with a list of red lines for Credit Suisse bankers to stop any ‘cultural contamination.’ Hopefully your week is off to a better start.

The lowdown

• ✅ UBS completes takeover of Credit Suisse.

• 🛢️ UK to scrap windfall tax on oil and gas companies if prices continue to fall.

• 🧬 Illumina CEO Francis Desouza resigns weeks after activist investor Carl Icahn failed to oust him.

Flex your finance muscle

Double click

The term ‘double click’ has been popping up more and more frequently in earnings calls. Users of this phrase are not referring to the act of quickly pressing and releasing the left mouse button in rapid succession while the cursor is over an object. Instead, it is a request to go into something in greater detail or ‘drill down.’

If you are not familiar with the term, then check out this article from the FT (who find it nauseating) which contains various examples of the phrase being used in the real world.

Featured stories

Private equity eyes a stake in Italy’s Serie A

Italy’s top football league Serie A is in discussions with PE firms about selling a stake in its media rights business ($). Serie A is being advised by Lazard on the deal, which may see PE firms grab a 10 to 20 per cent stake.

It’s too early for an exact figure but the transaction could result in a multibillion-euro investment for Serie A which is in desperate need of cash to keep pace with the EPL and Germany’s Bundesliga.

Despite the interest from investors in the media rights, any deal is expected to face complications from individual clubs which have traditionally been hesitant to sell ownership of their media rights. A €1.6 billion offer from PE firm CVC to buy a minority stake was rejected by the clubs in 2021. PE firms now have another scoring opportunity.

The content we're consuming today

• NY Times: Their Crypto Company Collapsed. They Went to Bali ($).

• Matt Bruenig: Are Price Subsidies Price Controls?

• The Economist: The world’s oil-price benchmark is being radically reformed ($).

Off-balance sheet items

• Some inspiration for your next Parkrun: Faith Kipyegon broke the women’s 5km world record in Paris over the weekend with a time of 14:05. That’s a ridiculous 2:49 per km!

The bottom line