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3/8/21: What’s Going On

News from around the business world.
(Asif Islam)
(Asif Islam)
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“Microsoft Corp. is in danger of losing a contract to provide $10 billion of cloud computing services to the Pentagon, a deal the government has threatened to scrap altogether after years of legal squabbling. The U.S. Defense Department said it will reconsider the controversial procurement if a federal judge declines to dismiss Amazon.com Inc.’s allegations that former President Donald Trump’s meddling cost the company the winner-take-all contract. That means the fate of a cloud project the Pentagon considers critical for its war fighters may rest in the hands of the U.S. Court of Federal Claims, which could soon issue a ruling on Amazon’s accusations.”

“Chinese drone giant DJI Technology Co Ltd built up such a successful U.S. business over the past decade that it almost drove all competitors out of the market. Yet its North American operations have been hit by internal ructions in recent weeks and months, with a raft of staff cuts and departures, according to interviews with more than two dozen current and former employees.”

“Chinese online retailer JD.com, Alibaba’s e-commerce rival, will abandon plans to list its digital finance affiliate JD Technology on the stock domestic market, the South China Morning Post reported. JD.com’s apparent decision to withdraw listing its financial affiliate in China’s stock market is a fallout from the Chinese government’s killing the Ant Group mega initial public offering.”

Companies Raising Capital
NameAmountDescriptions
Starling$376 MillionU.K. Challenger Bank
WeLab$75 MillionHong Kong Fintech Unicorn
Planted$18 MillionSwiss Maker Of Meat Alternatives
Praava Health$10.6 MillionCompany Combining Telemedicine With Physical Clinics

“The $1.9 trillion Covid-19 relief bill faces what is expected to be a very close vote in the House as early as Tuesday after the Senate narrowly approved the aid package over the weekend with concessions to accommodate centrist Democrats.”

“The U.S. is on course for an employment boom this year once pandemic restrictions ease and the economy reopens, according to economists at Goldman Sachs Group Inc.”

“American Airlines said Monday it is planning to issue $5 billion in bonds and seek a $2.5 billion loan backed by its frequent flyer program, funds it intends to use to pay back some of its debt used to help weather the coronavirus pandemic.”

“A significant provision making any student loan forgiveness tax-free has been included in the $1.9 trillion federal stimulus package that’s working its way through Congress and will likely soon be signed into law.”

“Shares of GameStop jumped 11% in premarket trading after the company announced Monday that it has tapped Chewy co-founder Ryan Cohen to lead its shift to e-commerce.”
“The United States administered a record number of Covid-19 vaccines over the weekend as public health officials call on state leaders to keep social distancing measures in place in order to avoid a new surge that could undermine progress in fighting the virus.”

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