Coca-Cola’s share price fell because of Cristiano Rolando, and real estate markets show bubble warnings.
The world housing market has been experiencing exponential growth, but red flags are starting to show. Meanwhile, Botswana showcases the world’s third largest diamond, the UK and Australia commit to a new free-trade pact, and shareholder activists call for Microsoft board to declare sexual harassment allegations against executives on an annual basis.
Open water
Soccer celebrity Cristiano Ronaldo’s removal of two Coca-Cola bottles during a press conference at the European Championship has coincided with a $4 billion (R56.25 billion) fall in the share price of the drinks company.
The Portugal captain is a renowned health fanatic and made it clear what he thinks of the carbonated soft drink during a press conference in the prelude to his country’s Group F game against Hungary.
The 36-year-old then held up a bottle of water, saying “agua”, appearing to encourage people to choose that instead, reported The Guardian.
Coca-Cola is one of the official sponsors of Euro 2020.
Red flags for real estate boom
Real estate prices around the world are flashing the kind of bubble warnings that haven’t been seen since the run up to the 2008 financial crisis, according to Bloomberg Economics.
The dashboard compiles five indicators to estimate a country’s ‘bubble rank,’ with a higher reading indicating greater risk of a correction. Among the indicators, price-to-rent and price-to-income ratios help assess the sustainability of price gains. House price growth measures current momentum.
For many countries in the Organisation for Economic Co-operation and Development, the price ratios are higher than they were ahead of the 2008 financial crisis, according to the Bloomberg Economics analysis.
Another diamond record for Botswana
A diamond believed to be the third largest ever found has been put on display in Botswana, Africa’s largest producer of diamonds.
The stone, at 1.098 carats, is only slightly less heavy than the world's second-largest diamond, which was also found in Botswana in 2015.
It was unearthed by mining firm Debswana, which is a joint venture between the government and global diamond giant De Beers.
A price has not yet been revealed, however the second-largest diamond ever found, Lesedi La Rona, was sold for $53 million (R745.45 million), reports the BBC.
Shareholder activist call for board resolution on sexual harassment policies
Microsoft Corporation shareholder and activist Arjuna Capital said it has introduced a resolution seeking a report on the “effectiveness of the company’s workplace sexual harassment policies” in the wake of allegations co-founder Bill Gates sought to have inappropriate relationships with employees and other claims of sexual harassment.
The group, which has pressed large companies on issues such as gender and racial pay gaps, suggested the board issue a report annually that would include the results of any probes into allegations against executives and the measures taken to hold workers and leadership accountable, reports Bloomberg.
UK, Australia trade pact
The UK and Australia have struck a new free-trade agreement, the details of which have not yet been published.
The deal is expected to boost the size of the UK economy by 0.02 percent over 15 years. Its completion is a political boost to British Prime Minister Boris Johnson’s post-Brexit agenda, although there may be a backlash from farmers concerned over opening up access to the British market, reports Bloomberg.
