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LVMH is in talks to renegotiate its $16.6bn takeover of US jeweller Tiffany, transferring nearer to salvaging a deal struck shortly earlier than the pandemic and avoiding a courtroom showdown, stated 4 folks with direct information of the matter.

The world’s largest luxurious items group had agreed to pay $135-a-share in money for Tiffany final November, however has been pushing to chop the value because the coronavirus disaster erupted.

An more and more bitter disagreement between LVMH, led by billionaire founder Bernard Arnault, and Tiffany, finest identified for its engagement rings encased in robin’s-egg blue packing containers, escalated final month after the French group threatened to stroll away from the deal. That triggered competing lawsuits within the US industrial courtroom in Delaware, establishing the prospect of a bruising courtroom battle.

Nevertheless, Tiffany just lately signalled that it was keen to contemplate a revised worth so long as it was above $130 a share and the French firm agreed to shut the transaction with out additional modifications, two folks stated. (FT)

Coronavirus digest

As France stories its highest one-day demise toll since April, observe together with our live coverage.

Within the information

India and US signal defence settlement to counter China Mike Pompeo, US secretary of state, has vowed to work carefully with India to counter an increasingly aggressive China, as Washington and New Delhi agreed to deepen their defence ties. In the meantime, China stated it can sanction three American defence contractors over proposed arms gross sales to Taiwan. (FT, WSJ)

US secretary of state Mike Pompeo, left, and India’s defence minister Rajnath Singh in New Delhi on Tuesday © AFP by way of Getty Photographs

Activist searching for asylum detained in Hong Kong Nineteen-year-old Tony Chung, on bail after a nationwide security-related arrest, was detained together with two different activists whereas making an attempt to hunt asylum on the US consulate. Four additional individuals searching for asylum in a while Tuesday had been reportedly “turned away”. (Guardian, SCMP)

US election early voting surge With one week till election day, greater than 66m People have already forged their ballots within the presidential election, pointing to massive turnout. Because the campaigns line up lawyers for a contested consequence, Demetri Sevastopulo explains why Donald Trump’s path to victory runs through Pennsylvania, the place Democrat Joe Biden at the moment leads, based on our poll tracker. (FT)

Lengthy queues have fashioned exterior early voting places, equivalent to this one in Columbus, Ohio, as tens of millions of voters forged their ballots earlier than election day © AP

Embattled Malaysia PM will get a life line A key political ally to Prime Minister Muhyiddin Yassin, Parti Islam SeMalaysia, pledged its “undivided loyalty” to the nation’s chief after Mr Muhyiddin’s request for emergency energy was rejected. Mr Muhyiddin additionally received the help of the Umno management. (Straits Occasions)

Barrett confirmed to Supreme Courtroom Amy Coney Barrett has been confirmed by the US Senate, with only one Republican voting in opposition to Donald Trump’s third Supreme Courtroom justice. Her affirmation cements the courtroom’s 6-3 conservative majority forward of doable election-related circumstances. (FT, WaPo)

Massive Hit Leisure traders hit with patrons’ regret A brand new pattern on Okay-Pop message boards: how to get your money back in case you are regretting your funding in South Korea’s most well-known music company, which listed final month to a lot pleasure. In the meantime, one other well-known boy band member, Harry Types of One Path, has launched his first business venture. (FT)

The seven members of BTS accounted for greater than 97% of Massive Hit’s gross sales final yr © Frederic J.Brown/AFP/Getty

Spain and Gibraltar search last-minute Brexit deal Arancha González, Spain’s international minister, and Fabian Picardo, Gibraltar chief minister, individually informed the Monetary Occasions that the 2 sides might attain a “practical” deal that would limit disruption for cross-border staff when the UK leaves the EU’s single market on December 31. (FT)

Hold updated with the most recent developments on the UK’s exit from the EU with our weekly Brexit Briefing newsletter. Enroll here.

AMD’s $35bn takeover of Xilinx Superior Micro Units has agreed to buy rival Californian chipmaker Xilinx in a $35bn all-stock transaction, taking the worth of semiconductor dealmaking to greater than $100bn in 2020 in a blockbuster yr for the sector. (FT)

The day forward

Australia inflation figures Third-quarter figures will likely be released on Wednesday when the quarterly shopper worth index is forecast to be 1.5 per cent, which might mark a restoration from the earlier 1.9 per cent. (FX Avenue)

Massive Tech testifies earlier than US Senate Chief executives of Twitter, Alphabet and Fb will seem earlier than the Senate on Wednesday to testify just about in a listening to about part 230 of the Communications Decency Act. A brand new pattern for Massive Tech: live shopping, which is already big in China. (FT, The Verge)

Earnings round-up Japan’s Sony, ecommerce platform eBay, picture search platform Pinterest and craft web site Etsy report earnings on Wednesday. Nomura and Deutsche Financial institution, which expects to close one in five branches in Germany to attempt to return to profitability, additionally publish outcomes on the identical day. Plus, we’re anticipating outcomes from pharmaceutical firm GSK. (FT)

What else we’re studying

Beijing and Wall Avenue deepen ties A rare positive front in Sino-US relations as Beijing makes an attempt to hurry up market reforms and entice international capital. In the meantime, US efforts to strengthen ties in south-east Asia are misfiring. (FT, Reuters)

US world function at stake on this election With a lot trial and error, US President Franklin Delano Roosevelt saved democracy, at residence and overseas. The re-election of Donald Trump would undo a lot, if not all, of that legacy, writes Martin Wolf. (FT)

© FT montage

Nagorno-Karabakh battle heads to the purpose of no return Russia and Turkey could also be dragged into the fray if Azerbaijan traps Armenia’s diaspora within the Caucasus area, writes Carey Cavanaugh of Worldwide Alert and the College of Kentucky. Time is of the essence. (FT)

US shale tries to win again Wall Avenue Some traders hope that if oil costs stay round $40 a barrel, a wave of consolidation amongst operators will ship a much more environment friendly trade — and yet another engaging to Wall Avenue. Here’s what a Donald Trump or Joe Biden victory could mean for crude prices. (FT)

Learn extra in our special report: The Energy Transition.

Nigeria’s future is within the palms of its younger protesters The nation’s mass rallies are about greater than police brutality — they’re a demand for leaders fit for the 21st century, writes Pulitzer Prize winner Dele Olojede. “The Nigerian state has turned on its folks,” says author Chimamanda Ngozi Adichie. (FT, NYT)

‘Very good’: Kazakhstan embraces Borat The ex-Soviet state of Kazakhstan has warmed to its fictional journalist Borat Sagdiyev, utilizing the film character’s signature catchphrase to attract tourists. (Al Jazeera)

The Metropolis confronts its function within the slave commerce Metropolis of London guides are providing “slavery in the City” walking tours to mark Black Historical past Month. The strolling tour of London’s monetary district explores an uncomfortable legacy. (FT)

Monetary disaster style If Wall Avenue loves something, it’s worth appreciation. Shirts, hats and “banker bags” from now-defunct corporations like Lehman Brothers, Merrill Lynch or Bear Stearns — even Enron and Bernie Madoff — are fetching important sums. (FT)

An ex-Lehman worker along with his company-branded satchel in Paris’s La Défense monetary district throughout a job search in 2009, a yr after the financial institution’s collapse © Reuters

Video of the day

How the US election will decide the stability of energy in Asia The safety umbrella supplied by the US army has helped maintain peace and stability across Asia. US President Donald Trump’s risk to withdraw troops from components of the area if governments like Seoul and Tokyo refuse to cowl extra of the prices might dramatically alter the dynamics of energy within the western Pacific.

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