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11/16/20: What’s Going On

Walmart, SpaceX and more from around the business world.
(Sundry Photography)
(Sundry Photography)
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“Walmart said it is selling a majority stake in its wholly-owned Japanese unit to private equity firm KKR and Japanese e-commerce company Rakuten. The sale of the Japanese unit, the Seiyu supermarket chain, is part of Walmart’s effort to revise its global strategy and divest its assets in markets where it has struggled to expand. In China, Walmart in 2016 sold its local e-commerce business to Chinese online retailer JD.com. Meanwhile, the U.S. company is focusing its efforts on fast-growing markets such as India, where it made an additional investment in local e-commerce subsidiary Flipkart earlier this year.”

“China’s economic activity posted a broad-based recovery in October, paving the way for a faster economic rebound in the final quarter of the year. Both investment and consumer spending grew at faster year-over-year rates in October than the month before, while industrial production, the first sector to emerge from this year’s coronavirus-induced slump, remained solid.”

“Federal officials have granted TikTok and its Chinese parent ByteDance Ltd. a 15-day extension of a deadline for completing a divestiture deal, in another delay of the Trump administration’s efforts to turn the social-media app into an American company. The deadline extension to Nov. 27 was granted by the Committee on Foreign Investment in the U.S., a U.S. panel that monitors cross-border mergers and acquisitions, according to a filing by TikTok in U.S. District Court in Washington, D.C., on Friday. TikTok declined to comment. The video-sharing app has challenged the legality of a Trump administration order requiring its shutdown if it isn’t sold.”

Companies Raising Capital
NameAmountDescription
MindTickle$100 MillionSales Readiness Platform (Investment From SoftBank Vision Fund 2)
NextView Ventures$89.6 MillionBoston-Based VC Firm Raising For Its Fourth Fund
Harbr$38.5 MillionHelp Enterprises Securely Exchanged and Share “Big Data Troves”
Urban Ladder$24.4 MillionFurniture and Decor Platform (Sold Majority Stake To Reliance Retail)

“Elon Musk’s SpaceX launched four astronauts into orbit Sunday evening, marking the company’s first full-fledged operational mission with humans on board and beginning regularly scheduled commercial flights to the International Space Station.”

“High-end mall developer Taubman Centers Inc. has agreed to accept a price cut in its takeover by Simon Property Group Inc., in a move that will allow the companies to avoid a drawn-out legal battle that was set to start Monday.”

“For nearly two years, allies of President Trump have been exploring ways to build up a formidable competitor to Fox News. One target they recently zeroed in on: the fledgling pro-Trump cable channel Newsmax TV.”

“Comcast is folding its venture capital arm into its corporate business development division as it seeks to focus its investments more on its business initiatives.”

“PNC Financial Services Group Inc. agreed to buy the U.S. arm of Spain’s BBVA for $11.6 billion, the companies said Monday, in one of the largest bank tie-ups since the financial crisis.”

“European Union regulators are poised to hand the U.K. responsibility over an antitrust review of Liberty Global Plc’s tie-up with Telefonica SA this week as British and EU negotiators wrangle over a potential Brexit accord before the end of the year.”

“Morgan Stanley strategists said an expected “V-shaped” economic recovery, greater clarity on Covid-19 vaccines and continued policy support offer a favorable environment for stocks and credit next year.”

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