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11/3/20: What’s Going On

Jack Dorsey's his Twitter CEO job for now, the U.S. Treasury Department dials back government borrowing estimates, regulators postpone Ant Group's IPO and more from around the business world.
(Sattalat Phukkum)
(Sattalat Phukkum)
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“Jack Dorsey’s job as CEO of Twitter appears safe. Twitter said in a securities filing on Monday that a board committee formed this spring recommended that the current management structure remain in place. The announcement gives Mr. Dorsey a reprieve after his leadership of the company drew scrutiny earlier this year from Elliott Management Corp., which is known as one of Wall Street’s toughest activist investors.”

“The Treasury Department on Monday dialed back its estimates for government borrowing through the end of the year as negotiations over another large fiscal stimulus bill remain stalled. The Treasury estimated the government would borrow $617 billion from October through December, down from its $1.216 trillion estimate in early August. Senior Treasury officials said they continue to assume that Congress eventually will pass another economic-relief package with about $1 trillion in new spending—the same assumption they made in August—but that much of that borrowing would likely be pushed back to early 2021.”

“The Shanghai Stock Exchange postponed Ant Group Co.’s blockbuster initial public offering, a day after a quartet of regulatory agencies summoned Jack Ma, the company’s controlling shareholder, and top executives to a closed-door meeting. The meeting with regulators and changing regulatory environment have disqualified Ant from listing this Thursday, the bourse said in a statement on Tuesday. The recent developments are material events that haven’t been properly disclosed to investors, the exchange said.”

Companies Raising Capital
NameAmountDescription
REEF Technology$700 MillionRemaking Parking Lots
Logisly$6 MillionDigitizing Truck Shipments

“A Joe Biden presidency could open the door to the first major revision in 15 years to the nation’s consumer bankruptcy laws, a critical financial backstop for Americans overwhelmed by debt.”

“Coupa Software, a publicly-traded company that helps large corporations manage spending, announced that it was buying Llamasoft, an 18-year-old Michigan company that helps large companies manage their supply chain. The deal was pegged at $1.5 billion.”

“Bayer AG on Tuesday posted a loss in the third quarter as the coronavirus pandemic compounded problems the German chemical and drug giant has been facing since its acquisition of agriculture giant Monsanto just over two years ago.”

“TikTok announced this morning it has signed a new licensing agreement with Sony Music Entertainment that will allow the short-form video app to continue to offer songs from Sony  Music artists for use by creators on its platform.”

“Saudi Aramco, the world’s largest oil producer, said it remains committed to paying its quarterly dividend, amounting to $18.75 billion every three months, despite a sharp drop in profit driven by lower crude prices.”

“Mondelez International Inc. said sales of its snacks and candy are improving in emerging markets after months of lockdowns and economic turmoil stemming from Covid-19.”

“Aeva, a Mountain View, California-based lidar company started by two former Apple engineers and backed by Porsche SE, is merging with special purpose acquisition company InterPrivate Acquisition Corp., with a post-deal market valuation of $2.1 billion.”

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