2/24/21: What’s Going On

News from around the business world.
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“President Biden plans to sign an executive order Wednesday directing a broad review of supply chains for critical materials from semiconductors to pharmaceuticals and rare-earth minerals, aiming to spur domestic production while strengthening ties with allies. A chip shortage is squeezing automakers in the U.S. and worldwide, and Biden administration officials have been working with industry to free up supplies. Cars use chips for numerous systems, including engine management, automatic braking and assisted driving.”

“Texas’s deregulated electricity market, which was supposed to provide reliable power at a lower price, left millions in the dark last week. For two decades, its customers have paid more for electricity than state residents who are served by traditional utilities, a Wall Street Journal analysis has found.”

“Lowe’s said Wednesday its fourth-quarter same-store sales climbed 28.1%, as consumers spent more on home projects during the pandemic. That’s higher than the 22% growth that analysts expected, according to StreetAccount. Even with the strong results, Lowe’s continues to expect that sales could moderate as the pandemic eases. Lowe’s shares were down nearly 3% early Wednesday.”

Companies Raising Capital
Reddit$116 MillionSocial Discussion Platform
RecargaPay$70 MillionBrazil-Based Fintech Firm That Allows Users To “Top Off Their Prepaid Cell Phones Online”
Emotive$50 MillionMaking Text Marketing More Conversational
Blueshift$30 MillionAI-Based Integrated Approach To Marketing
Everdrop$21.8 MillionMunich-Based Startup Producing A Dissolvable Cleaning Tablet
Workiz$13 MillionProductivity Tools Aimed At Home Services Professionals

“Sony says it is developing a new virtual reality product for its latest console, the PlayStation 5, a move likely intended to quash doubts about the game giant’s commitment to VR.”

“Logistics automation provider Berkshire Grey Inc. is planning to go public through a merger with special-purpose acquisition company Revolution Acceleration Acquisition Corp. that would value the robotics company at $2.7 billion.”

“Australian legislation effectively requiring Facebook Inc. and Google to pay news outlets for content cleared its last major parliamentary hurdle, capping a multiyear effort that could set a global precedent for regulating the tech giants’ relations with publishers.”

“India announced close to $1 billion in incentives to persuade companies to make more computers within India, hoping to shrink its trade deficit and attract manufacturers trying to diversify away from production in China.”

“State officials across the U.S. have grappled for months with the budgetary effects of the coronavirus pandemic. Now, some governors are proposing tax increases.”
“MicroStrategy announced Wednesday it bought just over $1 billion worth of additional bitcoin, just days after finalizing another sale of convertible debt.”

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