ByteDance Tells U.S. It Won’t Sell Tiktok’s Algorithm: SCMP

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Ghana Raises Cocoa Farmers’ Pay by 21% After Premium Surcharge

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Ghana has raised its farm gate price for cocoa by 21% after implementing a $400 per metric ton premium on futures prices for the 2020-21 harvest, according to two people familiar with the matter.

Growers of cocoa beans in the world’s second-largest producer of the crop will receive 625 cedis ($108) per 64-kilogram bag, or 10,000 cedis per ton, for the harvest season that begins Oct. 1 and continues through Sept. 2021 after the so-called Living-Income Differential (LID) was charged on the beans. This compares to 515 cedis per a bag and 8,240 cedis per a ton in the current season that ends Sept. 30, the people said, asking not to be named as the information is not yet public.

Ghana and neighboring Ivory Coast, the world’s largest grower of the crop, announced in July last year that the LID would raise the pay of farmers. The pricing mechanism received mixed reactions from traders as the premium couldn’t be hedged.

The farm gate price increase for Ghana’s estimated 800,000 cocoa farmers may boost President Nana Akufo-Addo’s chances of re-election in December’s election. He is running against former leader and main opposition candidate John Dramani Mahama.

Five more dead with coronavirus as another 3,330 cases recorded in UK

There have been another five deaths and 3,330 cases of coronavirus recorded in the UK.

The total number of cases now stands at 368,504.

Data is updated every afternoon by the Department of Health.

More follows.

Five things we learnt from this week’s Sophy Ridge On Sunday

With Brexit well and truly back on the agenda, the government is having to balance the fallout over its controversial bill and coronavirus at the same time.

Here are five things we learnt from this week’s Sophy Ridge On Sunday:

Lord chancellor believes in the rule of law

Private Equity Suitors Eye Britain’s Beloved Breadmaker: Sky

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Hovis Holdings Ltd., an iconic U.K. breadmaker, is the subject of a number of bids from private equity and turnaround investors, according to a report from Sky News.

The baker could be sold for over 100 million pounds ($128 million), with suitors including Endless LLP, Epiris LLP and Aurelius Equity Opportunities SE & Co KGaA, Sky said, citing anonymous sources. The firms are among about six parties that have lodged indicative bids for the company, according to the report.

Spokespeople for Hovis and Epiris declined to comment in emailed responses to Bloomberg. Aurelius and Endless declined to comment on the details of the process to Sky.

Founded in Macclesfield in the late 1800s, the baker was put up for sale by its controlling shareholder, The Gores Group, three months ago, Sky said. The brand is also part-owned by Premier Foods Plc.

SoftBank Officials Revive Talks to Take Company Private: FT

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SoftBank Group Corp. executives are reviving discussions about taking the technology company private, the Financial Times reported, citing people with direct knowledge of the matter.

The talks are driven by frustrations over the persistent discount in SoftBank’s $115 billion equity valuation compared with the value of its individual holdings, the Financial Times said. A number of fundamental changes to SoftBank’s long-term business strategy also accelerated the talks.

Internal opposition to a management buyout, however, remains strong, because there is strong prestige in Japan attached to being a listed company, the newspaper said.

SoftBank declined to comment to the paper.

SoftBank had briefly explored a take private with the support of activist hedge fund Elliott Management and Abu Dhabi state fund Mubadala, the FT reported in March. SoftBank is nearing a deal to sell its chipmaker Arm Ltd. to Nvidia Corp in a deal that could value Arm at about $40 billion in cash and stock, people familiar with the matter told Bloomberg.

ByteDance Tells U.S. It Won’t Sell Tiktok’s Algorithm: SCMP

TikTok’s parent ByteDance has decided it won’t sell or transfer the algorithm behind the video-sharing app in any sale or divestment, the South China Morning Post reported, citing a source briefed on the Chinese company’s boardroom discussions.

The company will not hand out the source code behind the social media platform but the company’s U.S. based technology team would be free to develop a new algorithm, the newspaper said, adding that this would be a condition for a sale of the company’s U.S. assets.

ByteDance and TikTok didn’t immediately respond to the newspaper’s request for comment.

Separately, Fox reporter Charles Gasparino tweeted on Sunday that any TikTok deal would probably require negotiations between the U.S. government and its Chinese counterpart to succeed.

TikTok Pushing Forward With Deal to Meet Looming Deadline (1)

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