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12/07/20: What’s Going On

Chick-fil-A, Exxon Mobil and more from around the business world.
(Ken Wolter)
(Ken Wolter)
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“The U.S. government won’t enforce its December 4 deadline requiring TikTok’s operations in the country to be divested from its parent company ByteDance…The ban won’t be enforced because government officials are confident a deal can be reached to restructure TikTok in the U.S. to satisfy national security concerns, the person said. Both sides are still working out some specifics of the deal but agree in broad strokes.”

“In the span of a year, Ant Group Co. originated loans to half a billion people in China and accounted for nearly a fifth of the country’s outstanding short-term consumer debt as of June. The staggering figures, disclosed by the company in August, showed how Jack Ma’s financial-technology giant has quickly become one of China’s biggest originators of unsecured loans to individuals, and why Ant is now under intense regulatory scrutiny. Chinese authorities last month stopped Ant from raising more than $34 billion in record-breaking initial public offerings in Shanghai and Hong Kong, and are planning to implement rules that would sharply curb the company’s growth ambitions.”

“Bob Dylan is tangled up in green. The 79-year old legendary pioneer of modern rock music, and the only songwriter to win a Nobel Prize for Literature, has sold his entire publishing catalog—more than 600 copyrights spanning 60 years—to Universal Music Publishing Group, according to the company. While terms of the deal weren’t disclosed, it is likely worth hundreds of millions of dollars—rivaled in value and influence only by the Beatles. The move helps Mr. Dylan set up his musical legacy and cash in on his life’s work.”

Companies Raising Capital
NameAmountDescription
Highland Europe€700 MillionTech Fund Backing Late-Stage Startups
Luko$60 MillionHome Insurance Products
Wonder$11 MillionWandering Video Chat
Singapore Blockchain Innovation Programme$8.9 MillionResearch Program For Blockchain Technology

“Apple Inc. is planning a series of new Mac processors for introduction as early as 2021 that are aimed at outperforming Intel Corp.’s fastest.”

“JD.com Inc., China’s second-biggest online retailer, will become the country’s first virtual mall to use digital yuan, the cryptocurrency backed by the central bank.”

“After a delay due to inclement weather, SpaceX had a successful launch for its cargo resupply mission to the International Space Station. The Dragon spacecraft is scheduled to autonomously dock to the station’s Harmony module Monday afternoon.”

“Exxon Mobil Corp. is facing the threat of a proxy fight from a newcomer activist investor with a sustainability bent that wants the beleaguered energy giant to act faster to remake itself.”

“Chick-fil-A Inc., the leading U.S. chicken chain, sued major poultry producers, accusing them of price-fixing that the Atlanta-based company says led to inflated prices for billions of dollars worth of its chicken purchases.”

“Israeli technology companies raised $9.5 billion so far this year, a 23% increase over 2019, as the coronavirus outbreak spurred demand for innovative solutions to overcome challenges posed by the pandemic.”

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