EY boss Carmine Di Sibio has been happily married to wife Amy for more than three decades. So it was pretty clear from the start that he was not the right person to put in charge of one of the biggest break-ups in the history of the accounting industry. EY needed someone like Rupert Murdoch – now there is a man who knows how to unlock shareholder value.

The lowdown

• 🗑️ EY scraps plans to split its audit and advisory businesses, for now.

• 🛬 IMF warns of hard landing for global economy made worse by banking crises.

• 💪 SoftBank to sign off on a Nasdaq listing for Arm this week.

Featured stories

Arrival desperate for cash as valuation tumbles

EV manufacturer Arrival is a glaring example of both how far valuations have fallen and how hard it is to raise capital right now.

Arrival has agreed to a second SPAC deal, this time with Kensington Capital Acquisition Corp V, valuing the company at $524 million. This comes after Arrival already went public through a merger with CIIG Merger Corp two years ago, with an enterprise valuation of $5.4 billion – 10 times its current valuation.

Arrival has struggled to reach its targets and has nearly exhausted the $700 million in cash reserves it raised in its first SPAC. The deal with Kensington aims to secure up to $283 million in cash, allowing Arrival to continue its operations. For a company whose vehicles do not work on combustion, they sure do burn a lot of cash.

The content we're consuming today

• Acquired: Nintendo: The console wars.

• WSJ: Tyson Foods Heir Looks to Help Right the Family Business After His Arrest ($).

• NY Times Magazine: The R.T.O. Whisperers Have a Plan ($).

Off-balance sheet items

• I know I’m always going on about how good Succession is, but after the most recent episode, I can’t help but say it again. Here is some analysis of what some (me) are calling the best episode of television in years.

The bottom line