FT News Briefing US Senate on the cusp of approving Biden’s $1tn infrastructure package
Aug 10, 2021
The U.S. Senate is nearing approval of a $1 trillion infrastructure package, highlighting bipartisan support for much-needed improvements. As oil prices decline due to Delta variant concerns in China, analysts remain cautiously optimistic about the market. Meanwhile, DraftKings makes waves by acquiring Golden Nugget Online Gaming for $1.56 billion, shifting the dynamics of online sports gambling. The landscape of sports sponsorship is evolving too, with a notable push from cryptocurrency companies targeting younger audiences.
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Bipartisan Infrastructure Bill
- The US Senate is expected to pass a $1 trillion infrastructure bill due to bipartisan support.
- Public opinion and Republican involvement in the bill's creation are key factors.
Oil Price Dip
- Oil prices have recently dipped due to concerns about the Delta variant's impact, especially in China.
- However, the overall price remains relatively high, suggesting continued economic growth and demand.
DraftKings Acquisition
- DraftKings is acquiring Golden Nugget Online Gaming for over $1.5 billion, a significant valuation for a SPAC-listed company.
- This acquisition helps DraftKings reduce customer acquisition costs and expand its market reach.