Ericsson AB said Tuesday that it continues to work closely with the Committee on Foreign Investment in the U.S. as it reviews its proposed acquisition of Vonage Holdings Corp.

The Swedish telecom-equipment company announced the $6.2 billion deal to buy cloud-communications provider Vonage in November last year. The merger has cleared all other requisite foreign and U.S. regulatory approval requirements, and the parties are working to conclude the regulatory process as expeditiously as possible, it said.


Pennon Shares Fall as Watchdog Launches Probe Into South West Water

Shares in Pennon Group PLC fell Tuesday morning after the U.K. regulator for the water industry said it has opened an enforcement case against its subsidiary South West Water as part of an investigation into wastewater treatment works.

Ofwat said continuing concerns and the latest performance data on the company's environmental performance prompted the move. South West Water has been served with a formal notice to gather further information for enforcement purposes, joining Anglian Water, Northumbrian Water, Thames Water, Wessex Water and Yorkshire Water on the list of companies the watchdog has opened cases into.


Russian Missiles Hit Ukraine Shopping Mall, Zelensky Says, as G-7 Leaders Pledge More Aid

Russian missiles hit a shopping mall in central Ukraine on Monday, President Volodymyr Zelensky said, as Russia's forces sought to surround the last major city in the eastern Luhansk region still under Kyiv's control despite Western efforts to squeeze Moscow.

The strike came as Mr. Zelensky, in a virtual address to Group of Seven leaders meeting in Germany on Monday, made clear he wants to shorten the war, according to U.S. national security adviser Jake Sullivan, and the U.S. said it would provide more support for Ukraine's military.


GLOBAL NEWS

China to Loosen Quarantine Requirements for International Travelers

China will loosen its strict quarantine requirements for international travelers entering the country, in a bid to balance its zero-Covid policy and rising pressures on the world's second largest economy.

China's National Health Commission on Tuesday said in a statement that it will shorten the total quarantine period to 10 days from 21 days for both travelers entering the country and people who have come into close contact with Covid-19 patients. The government body also loosened its testing requirements for people in quarantine.


Rising Rates, Tech Pullback Pummel Convertible Bonds

The collapse of a pandemic-era boom in bonds that can turn into stocks is punishing investors and pressuring some rapidly growing companies to start delivering profits.

New sales of so-called convertible bonds have all but dried up, and the ICE BofA U.S. Convertible Index has slid about 18% this year, roughly matching the S&P 500.


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This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

06-28-22 0536ET