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2/19/21 What’s Going On

News from around the business world.
(rafapress)
(rafapress)
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“WeWork Cos. cut prices across the U.S. in the past few months, indicating that a post-pandemic recovery will come slowly for office rentals. The New York-based company reduced the price of most rental units—from individual desks to small offices—in early November and again in January, according to data compiled for Bloomberg by an independent researcher. The average price reduction overall was about 10%, the data show. Some locations declined by as much as 25%.”

“Lawmakers lined up to blast Robinhood CEO Vladimir Tenev at a financial services committee hearing on Thursday for the stock trading app’s decision to restrict trading in meme stocks like GameStop last month during a frenzied rally. Robinhood said at the time it had to restrict trading to deal with regulatory capital requirements. It subsequently raised $3.4 billion in fresh funds. But its move to restrict trading brought widespread criticism.”

“International Business Machines Corp. is exploring a potential sale of its IBM Watson Health business, according to people familiar with the matter, as the technology giant’s new chief executive moves to streamline the company and become more competitive in cloud computing. IBM is studying alternatives for the unit that could include a sale to a private-equity firm or industry player or a merger with a blank-check company, the people said. The unit, which employs artificial intelligence to help hospitals, insurers and drugmakers manage their data, has roughly $1 billion in annual revenue and isn’t currently profitable, the people said.”

Companies Raising Capital
NameAmountDescriptions
Photomath$23 MillionMobile App That Helps You Solve Equations
Podimo€11.2 MillionPodcast And Short Form Audio Service
AccountsIQ€5.8 MillionFinancial Management Software For Multi-Entity SMEs

“The tech sector continues to be a key priority for Congress in the coming year. Congressional legislators on Thursday announced a hearing in March with the CEOs of Facebook, Google and Twitter to discuss misinformation online, as well as a series of antitrust hearings starting next week.”

“News publishers are lobbying the European Union to copy parts of a proposed law in Australia that would force Facebook Inc. and Alphabet Inc.’s Google to pay an agreed price for their content.”

“Tencent Holdings Ltd., the creator of the messaging platform WeChat, has raised $8.3 billion in the biggest offshore syndicated loan in Asia for a Chinese firm since 2016.”

“Chinese community grocery shopping app Xingsheng Youxuan has raised about $2 billion in a new funding round that values the company at $6 billion prior to the fresh capital injection.”

“Factories in Europe and Japan reported a faster pickup in activity during February, even as service providers saw deeper declines, reflecting the increasingly selective impact of the Covid-19 pandemic on global economic activity.”

“The Covid-19 vaccine developed by Pfizer Inc. and BioNTech SE generates robust immunity after one dose and can be stored in ordinary freezers instead of at ultracold temperatures, according to new research and data released by the companies.”

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