UFC sold for $4 billion, White stays on to run promotion + MORE Jul 12th

BEIJING, China – European Union and Chinese leaders kick off a summit Tuesday at a time of global uncertainty over Brexit and pressure from European companies for better access to China’s market.
EU leaders are expected to press their Chinese counterparts to accelerate their efforts to reduce overcapacity in sectors including steel amid complaints in Europe that low-cost Chinese competition is putting European steelworkers’ jobs at risk.
President Xi Jinping and Premier Li Keqiang will meet with European Council President Donald Tusk and European Commission President Jean-Claude Juncker on Tuesday. The EU leaders are likely to face questions on the future of the bloc following the U.K.’s referendum vote to leave three weeks ago that has caused economic and political uncertainty.
Also high on the agenda during the two-day summit in Beijing will be a push for progress on an investment agreement between the two sides. The EU, which is China’s largest trading partner, says this is to enable fair competition between Chinese and European companies…

CTV NewsStimulus hope leads to jump in Japanese stocksCTV NewsHONG KONG — Japanese stocks jumped again, leading gains in Asian markets Tuesday as investors remained hopeful about the prospects of more stimulus following a stronger-than-expected election victory by the country's ruling coalition. KEEPING …Asian Markets Higher On Stimulus HopesNasdaqShinzo Abe's expanded mandate to rule fuels speculation of more stimulusThe Australian Financial ReviewSE Asia Stocks-Most gain after Wall Street rallyReutersBarron’s -Seeking Alpha -Times of India -Asahi Shimbunall 707 news articles »

LOS ANGELES, Calif. – In less than 16 years, the UFC has grown from a money-losing company in a widely reviled sport into a global entertainment property worth $4 billion.
While the UFC and its new owners figure out the company’s next steps, Lorenzo and Frank Fertitta are tapping out of mixed martial arts with a remarkable return on a $2 million investment.
The UFC has been sold for approximately $4 billion to a group led by Hollywood entertainment conglomerate WME-IMG, both companies confirmed Monday.
The sale will spectacularly benefit the Fertitta brothers and UFC President Dana White, who first persuaded his wealthy high school buddies to buy the cage fighting promotion in 2001. White also owned 9 per cent of the company, and he isn’t going anywhere despite his own windfall: He’ll remain the boss and public face of the UFC while keeping an ownership stake.
“No other sport compares to UFC,” White said. “Our goal has always been to put on the biggest and the best fights for our fans, and to make this the biggest sport in the world…

NEW YORK, N.Y. – It’s a new record for stocks, but it sure doesn’t feel like it.
The biggest gainers in the past year are fuddy-duddy utilities. Investors are cowering for cover in gold. And the best they’re hoping for in the current earnings season is that profits don’t fall as much as they initially feared.
It’s the second-longest bull market in history, and its old age is showing.
Still, stocks have rewarded investors who had faith to hold on. With a new high for the Standard and Poor’s 500 index on Monday, it has tripled since its low in March 2009 during the financial crisis.
“This is one of my favourite days. There’s nothing like a new high,” says John Manley, chief equity strategist for Wells Fargo Fund Management.
No matter what you think of the stock market — love it, fear it — you’ve got to admire its resilience.
The market has been hit with a string of bad news in the past year. Plunging oil prices. Falling corporate earnings…