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3/15/21: What’s Going On

News from around the business world.
(zhu difeng)
(zhu difeng)
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“India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class…The measure is in line with a January government agenda that called for banning private virtual currencies such as bitcoin while building a framework for an official digital currency. But recent government comments had raised investors’ hopes that the authorities might go easier on the booming market.”

“China’s government has asked Alibaba Group Holding Ltd. to dispose of its media assets, as officials grow more concerned about the technology giant’s sway over public opinion in the country. Discussions over the matter have been held since early this year, after Chinese regulators reviewed a list of media assets owned by the Hangzhou-headquartered company, whose mainstay business is online retail. Officials were appalled at how expansive Alibaba’s media interests have become and asked the company to come up with a plan to substantially curtail its media holdings.”

“It took Google eight years to reach $10 billion in sales, the fastest ever for a U.S. startup. In the current SPAC frenzy, a spate of electric-vehicle companies planning listings are vowing to beat its record—in some cases by several years. Among the most ambitious are luxury-car maker Faraday Future, U.K.-based electric-van and bus maker Arrival Group, and automaker Fisker Inc. FSR -6.05% Each has disclosed plans to surpass the $10 billion revenue mark within three years of launching sales and production.”

Companies Raising Capital
NameAmountDescriptions
ElevateBio$525 MillionLeading Biotech Firm Focused On Gene-Based Therapies
DeepSee.ai$22.6 MillionAI-Centric Process Automation Platform

“Leonardo SpA, Italy’s largest aerospace company, is set to raise as much as $807 million from the initial public offering of its U.S.-based defense electronics systems manufacturer.”

“The suspended rollout of AstraZeneca Plc’s Covid-19 vaccine in some European Union countries over concerns about possible side effects could delay a goal of immunizing three-quarters of their populations against the resurgent coronavirus by as much as a month.”

“Blackstone Group Inc. and Starwood Capital Group have agreed to acquire hotel owner and operator Extended Stay America Inc. for $6 billion, a bet that a rare bright spot for the lodging industry during Covid-19 can shine brighter as the U.S. emerges from the pandemic.”

“Rivals Gilead Sciences Inc. and Merck & Co. are joining forces to develop a long-acting HIV therapy, the next frontier in treating the disease.”

“The NHL agreed to a seven-year deal with ESPN this week and media pundits suggest its rights package could be worth $625 million if NBC Sports returns.”
“Air travel over the weekend hit the highest levels in over a year as vacationers return, boosting outlooks at several major carriers.”

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