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3/3/21: What’s Going On

News from around the business world.
(nikkimeel)
(nikkimeel)
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“Samsung Electronics Co. revealed additional details about its plans to build a cutting-edge semiconductor facility in the U.S. in a filing with the Texas government, making the disclosure as the Biden administration vows to make the security of the U.S. chip supply a national priority. The South Korean company plans to invest about $17 billion in its Project Silicon Silver and create about 1,800 jobs over the first ten years, according to an economic impact study prepared by a local consultant.”

“The U.S. economy has roared back to life in 2021, with first-quarter growth set to defy even the rosiest expectations as another fresh influx of cash looms…The Atlanta Federal Reserve, which tracks data in real time to estimate changes in gross domestic product, now is indicating a 10% gain for the first three months of the year.”

“Disney’s CEO put another nail in the coffin of the traditional theater business. Speaking at the Morgan Stanley conference on Monday, Bob Chapek said that once the pandemic ends (and theater-going returns to near normal levels) he doesn’t expect to uphold the previous tradition of waiting more than two or three months after a movie was released in theaters before making it available to rent.”

Companies Raising Capital
NameAmountDescriptions
Atomic$260 MillionSan Francisco-Based Venture Studio
Volocopter$241 Million‘Flying Taxi’ Startup
Identiq$47 MillionPrivacy-Friendly Fraud Prevention Startup
Dooly$20 MillionAI-Based Tools To Help Salespeople With Busywork

“Connected TV manufacturer Vizio has filed to go public as the company seeks an opportunity to grow amidst the increasing popularity of streaming video and Internet-enabled televisions.”

“Chinese regulators fined five leading online grocery apps owned or backed by some of China’s largest tech giants including Meituan, Pinduoduo, Didi Chuxing, Alibaba and Tencent, citing ‘improper pricing that disrupts market order.’”

“Jack Ma, the embattled co-founder of Alibaba Group Holding Ltd., has lost his title as China’s richest person after the billionaire’s business empire came under regulatory scrutiny, according to a closely watched annual list of China’s wealthy.”

“A tech-market boom has yielded huge gains for China’s Tencent Holdings Ltd., which has invested in hundreds of up-and-coming businesses and is now sitting on a portfolio worth roughly a quarter of a trillion dollars.”

“Las Vegas Sands Corp. said it has agreed to sell its Las Vegas properties, including the Venetian Resort Las Vegas and the Sands Expo and Convention Center, for about $6.25 billion as it looks to reinvest in its core Asia operations.”

“President Biden said the U.S. would have enough Covid-19 vaccines for all American adults by the end of May, two months earlier than he had previously said, after regulators authorized the one-shot Johnson & Johnson vaccine and Merck & Co. agreed to help produce it.”
“Cruise, the self-driving car developer owned primarily by General Motors, is nearing a deal to acquire Voyage, a startup that is developing robo-taxis in a Florida retirement community, The Information has learned.”

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