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3/30/21: What’s Going On

News from around the business world.
(Primakov)
(Primakov)
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“JPMorgan Chase & Co., Salesforce. com Inc. and PricewaterhouseCoopers are among the major firms looking to unload big blocks of office space, the latest sign that remote work is hurting demand for this pillar of commercial real estate. Large companies typically sign office leases for a decade or longer, giving them few options for reducing their footprint beyond trying to sublease floors to other tenants.”

“Spotify is making its move into live audio by acquiring the sports-talk app Locker Room and its maker Betty Labs. The deal values the company, initially backed by Lightspeed Venture Partners, and more recently by Google Ventures and Precursor Ventures, around $50 million, according to a person familiar with the transaction.”

“Food-delivery startup Deliveroo Holdings PLC priced its initial public offering at the bottom of its range, valuing the Amazon. com Inc.-backed company at £7.6 billion, equivalent to around $10.5 billion, after its profit outlook came under increased scrutiny. The company, the U.K.’s answer to DoorDash Inc., said Tuesday it would sell shares at £3.90 apiece, below its initial target of as much as £4.60. Deliveroo had already cautioned the sale would be at the lower end of expectations. It will start trading in London on Wednesday under the ticker ROO.”

Companies Raising Capital
NameAmountDescriptions
Dapper Labs$305 MillionMaker Of NBA Top Shot
Baron App Inc.$100 MillionThe Startup Behind Cameo
Substack$65 MillionNewsletter Platform

“Ships were again moving slowly through the Suez Canal on Tuesday, hours after engineers freed the Ever Given and cleared the waterway for global traffic.”

“Xiaomi, the Chinese smartphone maker, said it will invest up to $10 billion over the next decade to make electric vehicles, the latest Chinese tech giant to make the pivot to cars.”

“Ride-hailing giant Didi Chuxing is raising new funds for its self-driving unit as China’s answer to Uber attempts to supercharge growth beyond its core businesses ahead of an anticipated initial public offering this year.”

“Apple [is] expected to unveil [a] new iPhone, Mac and Watch software on June 7 in [a] virtual event.”

“Japanese auto-chip maker Renesas Electronics Corp. said Tuesday it has found more damage from a recent factory fire and predicted it would take three to four months to recover full production.”

“Canada is betting on a sharp increase in immigration beginning this year as a way to boost the country’s economic recovery from the Covid-19 pandemic.”

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