Latest new updates: Biden inks temporary US funding deal

Video conferencing platform Zoom will no longer acquire call centre software company Five9, after the two companies mutually agreed to terminate a deal that would have been worth $14.7bn.

Five9 said on Thursday that the deal had not received enough votes from its shareholders to pass. It added that the two companies would still proceed with their previously announced partnerships, which include communication and service centre solutions, and joint go-to-market efforts.

In a separate statement issued shortly after the announcement of the termination, Five9 said it was positioned to “drive industry-leading growth and profitability for shareholders as a standalone company”.

The acquisition would have been one of the biggest for Zoom, which grew rapidly as the world transitioned to remote working over the course of the pandemic.

“While we were excited about the benefits this transaction would bring to both Zoom and Five9 stakeholders, including the long-term potential for both sets of shareholders, financial discipline is foundational to our strategy,” said Eric Yuan, Zoom chief executive and founder.

President Joe Biden signed a temporary deal to avert a US government shutdown on Thursday evening, giving the government 9 weeks’ leeway to avoid a default.

The bill extends government funding until December 3 and suspends its debt limit until December 17, averting a government shutdown that would otherwise have begun on Friday.

The bill was passed by both chambers of Congress earlier on Thursday. It does not, however, make long-term provisions for raising the debt ceiling.

The measure comes in the wake of weeks of wrangling between Democrats and Republicans over increasing the limit to the amount of debt the federal government can take on, which is crucial to ensuring it can continue to fund itself. On Monday and Tuesday, efforts to raise and then suspend the debt ceiling were thwarted by Senate Republicans, leaving democrats to attempt to raise the limits themselves.

Treasury secretary Janet Yellen said that the US risked running out of money if it did not raise the limit by October 18.

Eurozone inflation figures September inflation data due today is expected to reach a 13-year high, boosted by surging energy costs and strong demand as economies reopened.

Japan unemployment rate August jobless figures will be released today. With economic policy support for businesses, Prime Minister Yoshihide Suga was able to keep unemployment relatively low during the pandemic. His successor, Fumio Kishida, will be tested on this front.

Manufacturing PMIs Gauges of manufacturing activity for Spain, Italy and the UK in September will all be released today. UK manufacturing is expected to continue to expand, but at a slower rate than in August.

More UK data The Office for National Statistics will release quarterly business investment figures, Q2 balance of payments, quarterly economic accounts and quarterly consumer trends data today.

The weekend will see the start of UK Black History Month and the beginning of the Conservative party conference.