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3/11/21: What’s Going On

News from around the business world.
(Colleen Michaels)
(Colleen Michaels)
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“AMC Entertainment Holdings Inc. has reopened many of its theaters in recent weeks after a winter surge of coronavirus cases prompted the company to re-close several cinemas at the end of 2020 when sales fell 89%. The world’s largest movie theater chain said roughly 527 out of its 589 domestic theaters were open as of Friday, including those in New York City. Cinemas in Los Angeles are expected to open shortly, Chief Executive Adam Aron said Wednesday. Internationally, only around 78 out of its 356 theaters were open.”

“A major trade association for Chinese semiconductors is forming a working group with its U.S. counterpart, signaling greater cooperation between the two countries in a vital industry. The move could be a sign of a thaw in relations between the U.S. and China, which have been fighting over access to key technologies like chips as they move to decouple their economies from each other.”

“BuzzFeed appears to be edging closer to its public debut. The media company is in talks with a SPAC led by venture capitalist Adam Rothstein to go public. The SPAC includes a number of media executives on its board or as advisors, including former BuzzFeed president Greg Coleman, former ESPN digital chief John Kosner and current NBCUniversal ad chief Linda Yaccarino.”

Companies Raising Capital
NameAmountDescriptions
Snyk$300 MillionDeveloper Of Application Security Technology
Forward Health$225 MillionTech-Powered Personalized Primary Care Startup
Nimble Robotics$50 MillionWarehouse Automation and Fulfillment Tech
Section4$30 MillionA Platform For Employee “Upskilling”

“Apple Inc. has a tried-and-true approach to launching new products: The company designs in-house, sources its own components, and works with a contract manufacturer to assemble it for sale. As the tech giant plots a foray into the car market, it could adopt a similar strategy — working with a lesser-known contract manufacturer — after talks with some brand name automakers stalled.”

“The European Central Bank said it would ramp up the pace of its purchases of eurozone debt after a recent rise in bond yields, diverging from the Federal Reserve as it seeks to support the region’s flagging economic recovery.”

“Facebook today is asking US District Judge James Boasberg in Washington, DC to throw out a pair of antitrust cases filed by the Federal Trade Commission and a New York-led group of 46 state attorneys general, arguing that neither lawsuit has sufficiently alleged its monopoly power in the social media market.”

“Twitter is developing a tipping feature for its Clubhouse rival called Spaces, which if released would allow users to send each other money for participating in audio chats that can potentially reach thousands of people.”

“Alibaba launched a hiring spree for its new neighborhood grocery delivery business, jumping into a battle that has already seen rivals pledge billions of dollars to win the latest front in Chinese e-commerce.”
“SpaceX now has 60 more Starlink satellites in orbit – it launched its latest full complement of the internet broadband spacecraft early this morning from Cape Canaveral in Florida.”

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