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11/30/20: What’s Going On

Snowflake, Moderna and more from around the business world.
(Tada Images)
(Tada Images)
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“The chances that Jack Ma’s Ant Group Co. will be able to revive its massive stock listing next year are looking increasingly slim as China overhauls rules governing the fintech industry. Ant is still in the early stages of reviewing changes needed to appease regulators, who demand that its business comply with a slate of new and proposed guidelines in areas including lending to consumers, the officials said. With so much work needed and some rules not yet spelled out, the officials said the initial public offering may not get done before 2022.”

“The U.S. Department of Health and Human Services has signed on dozens of grocery and pharmacy chains to provide Covid-19 vaccines once the inoculations are approved by the Food and Drug Administration. Among the retailers are Kroger Co., Albertsons Cos. and CVS Health Corp. These businesses are part of “Operation Warp Speed,” which also includes drugmakers, medical distributors and federal agencies.”

“Shares of Snowflake rose more than 10% ahead of the database company’s third-quarter earnings on Dec. 2–its first report since going public in September. After reaching an all-time high of $334 in the regular session, Snowflake shares were trading above $330 in after-hours, showing that investors’ enthusiasm hasn’t waned since the IPO.”

Companies Raising Capital
NameAmountDescription
HungryPanda$70 MillionFood Delivery App Aimed at Chinese Customers
Primer£14 MillionU.K. Fintech Helping Merchants Consolidate Their Payments Stack
WeGift$8 Million‘Incentive Marketing’ Platform
Cast.ai$7.7 MillionRemoving Barriers Between Public Clouds

“Moderna Inc. said it will on Monday ask U.S. and European health regulators to authorize use of the company’s Covid-19 vaccine after it was shown to be 94.1% effective in a full analysis of a pivotal study.”

“AstraZeneca Plc’s Covid-19 vaccine looks like it’s headed for an additional global trial as the drugmaker tries to clear up uncertainty and confusion surrounding favorable results in its current study.”

“S&P Global Inc. agreed to acquire IHS Markit Ltd. for about $44 billion, the companies said Monday, a landmark deal that would combine two of the largest providers of data to Wall Street.”

“[Chinese electric-vehicle startup] NIO’s brush with bankruptcy and its subsequent revival to become the world’s fourth most valuable automaker — only Tesla Inc., Toyota Motor Corp. and Volkswagen AG are worth more by market capitalization — is a measure of investors’ seesawing faith in Chinese EV startups, which for years promised a high-tech automotive revolution that proved elusive.”

“By some measures, the pandemic hit the energy industry harder than any other major segment of the U.S. economy in 2020. While crude prices have staged a rally in recent weeks, the sector is still going through one of the most brutal years in its history.”

“The UK will soon have a new tech regulator dedicated to digital markets as part of the government’s plans to help news publishers and rein in the power of Facebook and Google.”

“President-elect Joe Biden intends to nominate a team of liberal and centrist economic advisers to serve alongside planned Treasury Secretary nominee Janet Yellen, as he prepares to confront the economic fallout from the coronavirus pandemic.”

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