fbpx

11/6/20: What’s Going On

U.S. employment growth was better than expected in October, Chinese commerce bolstered several American firms through the pandemic and more from around the business world.
(Mykola Komarovskyy)
(Mykola Komarovskyy)
Share on facebook
Share on twitter
Share on linkedin
Share on email

“Employment growth was better than expected in October and the unemployment rate fell sharply even as the U.S. faces the challenge of surging coronavirus cases and the impact they could have on the nascent economic recovery. The Labor Department reported Friday that nonfarm payrolls increased by 638,000 and the unemployment rate was at 6.9%. Economists surveyed by Dow Jones had been looking for a payroll gain of 530,000 and an unemployment rate of 7.7% a touch lower than the September level of 7.9%.”

“China is bolstering American firms grappling with a surge in Covid-19 cases that is tempering demand in the U.S. and Europe. Companies including Coca-Cola Co., General Motors Co. and Estée Lauder Cos. said they got a lift in the September quarter from Chinese consumers who spent big on soda, perfume, SUVs and other products.”

“Kuaishou Technology, an operator of a popular short-video and live-streaming platform that competes with ByteDance Ltd. in China, filed for an initial public offering in Hong Kong that could take place in the coming months. The Beijing-based company is aiming to raise about $5 billion and earn a valuation of roughly $50 billion by listing in the international financial hub.”

Companies Raising Capital
NameAmountDescription
Starling£200 MillionU.K. Challenger Bank
Vimeo$150 MillionA Possible Spin-Off for the Video Tools Business
All Iron Ventures€66.5 MillionInvestor in B2C Marketplaces and E-Commerce Plays
Slintel$4.2 MillionBuilding A Sales Intelligence Tool

“Japanese car makers led by Toyota Motor Corp. have picked up a bigger share of the Chinese market in recent months, turning China into a second pillar of global sales alongside the U.S.”

“Regulators in India granted Facebook Inc.’s WhatsApp permission to expand its digital payments service, a win for the company after a delay of nearly three years in its largest market by users.”

“Alibaba and Swiss luxury group Richemont have agreed to invest a total of $1.1 billion in London-based online fashion retailer Farfetch and a new joint venture the companies are setting up in China.”

“Lionsgate’s Starz premium service has 9.2 million U.S. subscribers, a gain of 1.8 million for the quarter, in yet another sign of how people are increasingly opting to subscription streaming services over cable and satellite to watch their favorite shows and movies.”

“Upstart, an artificial intelligence-powered lending service, filed with the Securities and Exchange Commission to go public on Thursday. The financial technology startup uses non-traditional variables like employment status and education to determine creditworthiness.”

“BuzzFeed is providing restoration payments to employees who had to take pay cuts this year as a result of the downturn in business and expects to be profitable for the full year, CEO Jonah Peretti announced in an internal memo.”

“ByteDance Ltd. is in discussions to raise $2 billion before listing some of its businesses in Hong Kong, people familiar with the matter said, even as it seeks to avoid a ban on its TikTok service in the U.S.”

“Amazon will invest about $2.8 billion in Telangana to set up a new AWS Cloud region in the southern state of India, a top Indian politician announced on Friday.”

Share on facebook
Share on twitter
Share on linkedin
Share on email

Responses

Your email address will not be published. Required fields are marked *

Related Posts