Notable business headlines include the Saudi Arabia Crown Prince Mohammed bin Salman Al Saud weighing an investment in Credit Suisse, New Zealand seeking to require Facebook and Google pay for news, and Delta Air Lines offering pilots at least 34% pay raises.
- Let's get down to business now and check in on some of the other headlines that we are watching. Saudi Arabia's crown prince reportedly considering investing in Credit Suisse's new investment bank. The Saudi Prince potentially putting in approximately $500 million to back that new unit CS First Boston and its CEO designate Michael Klein. Other investors at play may also reportedly include Bob Diamond's Atlas Merchant Capital. Those Credit Suisse shares here in the US up by 5 and 1/2%.
New Zealand is seeking to make online platforms such as Google and Facebook pay news publishers for content. New Zealand's proposal will be designed to act as an incentive for voluntary deals between digital platforms and local news outlets, allowing for platforms like Google and Facebook to negotiate with publishers without government intervention. However, the law would plot out a mandatory negotiating process in the case of no agreement being reached.
And Delta Airlines is offering pilots a 34% raise over the term of a proposed deal that's pending approval. The proposal includes an 18% raise when the deal is signed followed by 3 further pay increases in subsequent years. In addition, pay rates for Delta pilots would exceed those at United and American Airlines by at least a percent. Sozz.