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12/11/20: What’s Going On

Airbnb, Apple and more from around the business world.
(Lester)
(Lester)
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“Airbnb Inc. shares more than doubled in their trading debut, propelling the home-rental company to about a $100 billion valuation and one of the biggest first-day rallies on record. The shares closed Thursday at $144.71 up 113% from the $68 initial public offering price. The listing came 10 months after the Covid-19 pandemic upended travel and 24 hours after DoorDash Inc. soared in its public debut.”

“The attempt to draw up a pandemic relief package hit another roadblock Thursday as Senate Majority Leader Mitch McConnell’s top lieutenants said key portions of a compromise proposal from a bipartisan group of lawmakers aren’t likely to get backing from a majority of Republicans. Senator John Thune, the chamber’s No. 2 Republican, said the group of GOP and Democratic senators trying to forge a compromise likely cannot produce a solution to limiting the liability of employers in connection with Covid-19 infections that will satisfy Republicans. Democrats probably won’t like the result either, he added.”

“Amazon announced an effort Thursday aimed at helping 29 million people world-wide retrain by 2025, giving them new skills for cloud-computing roles as the pandemic upends many careers. The online giant committed $700 million last year to reskilling 100,000 of its own workers in the U.S. The new effort will build on existing programs and include new ones in partnership with nonprofits, schools and others.”

Companies Raising Capital
NameAmountDescription
Swell$450 MillionResidential Renewable Energy Developer
Tink$103 MillionSwedish Open Banking Platform
Gorillas$44 MillionBerlin-Based On-Demand Grocery Delivery Startup
Gorgias$25 MillionCustomer Support Startup
Cosmo Video$2.6 MillionA ‘Club Penguin For Adults’ To Socialize And Work

“Apple Inc. has started building its own cellular modem for future devices, a move that would replace components from Qualcomm Inc., Apple’s top chip executive told staff on Thursday.”

“Hyundai Motor Co. is acquiring Boston Dynamics, a company that makes human- and canine-like robots, from SoftBank for $921 million, The Korea Economic Daily reported.”

“Alphabet unit Google and digital advertising firms were hit with fresh privacy complaints to national watchdogs in six EU countries on Thursday over the way they sell ads to potential advertisers through a bidding process.”

“AMC Entertainment Holdings Inc. needs to raise at least $750 million to stay open and might go bankrupt if the effort doesn’t succeed.”

“European Union leaders have agreed on a goal to cut greenhouse gas emissions by at least 55% by the year 2030 compared with 1990 levels. The previous target had been a reduction of at least 40% by 2030.”

“Sanofi and GlaxoSmithKline said clinical trials of their COVID-19 vaccine showed an insufficient immune response in older people, delaying its launch to late next year and marking a setback in the global fight against the pandemic.”

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