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3/29/21: What’s Going On

News from around the business world.
(Corona Borealis Studio)
(Corona Borealis Studio)
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“Shipping companies rerouted vessels, refused to take on new customers and forecast long delays—and longer-term port congestion around the world—raising the global trade and economic stakes of the grounding of the Ever Given in the Suez Canal…Allianz, the German insurance giant, estimated the blockage could reduce global trade by as much as $10 billion a week. It figured for every week the canal was immobilized, it could shave 0.2 to 0.4 percentage points off annual trade growth.”

“Dominion Voting Systems sued Fox Corp.’s Fox News, seeking $1.6 billion in damages for what the company alleges were defamatory on-air comments about its products in the aftermath of the U.S. presidential election. The suit, filed Friday in Delaware state court, focuses on a series of segments about the voting-machine company on Fox News and Fox Business. The remarks, made by network hosts and guests, gave credence to inaccurate statements about Dominion, fueling a “demonstrably false preconceived narrative” about the company, the lawsuit said.”

Companies Raising Capital
NameAmountDescriptions
Chainalysis$100 MillionBlockchain Analysis Company
Ajaib$65 MillionIndonesian Investment App
Benitago Group$55 MillionStartup Focused On Growing Amazon Brands

“President Biden plans to split up his next big government-spending push into two programs and will lay out his vision for an infrastructure-focused first proposal, including green-energy programs, at an event in Pittsburgh this week, a top administration official said Sunday.”

“Slack, in its latest effort to diversify beyond workplace chat, is building a service similar to Clubhouse that will let users drop into conversations instead of setting up phone calls, CEO Stewart Butterfield said in a Clubhouse chat hosted by reporter-turned-venture capitalist Josh Constine.”

“British online car retailer Cazoo Holdings Ltd. said it would go public through a deal with a blank-check company that values the combined entity at $8.1 billion, as it capitalizes on a shift to online car buying during the pandemic.”

“As Apple Inc. moves ahead with long-promised plans to make it harder to target certain iPhone users with ads, advertising companies and software developers are preparing for major disruptions to the $400 billion digital advertising industry.”

“A low-cost battery touted by Elon Musk is disrupting the electric-vehicle business in China, grabbing nearly half of the market and spurring the rise of more affordable EVs.”

“The U.S. isn’t ready to lift tariffs on Chinese imports in the near future, but might be open to trade negotiations with Beijing, according to U.S. Trade Representative Katherine Tai.”

“Southwest Airlines on Monday said it agreed to buy 100 of Boeing’s 737 Max 7 planes as it plans to retire older jets, sticking with the manufacturer that has been the backbone of its fleet for 50 years.”

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