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4/6/21: What’s Going On

News from around the business world.
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“Credit Suisse Group AG reported a $4.7 billion hit from the meltdown of Archegos Capital Management, slashed its dividend and said its investment banking and risk chiefs would leave the bank. The Swiss lender has been the hardest hit by the collapse late last month of Archegos, a U.S. family investment firm, suffering a major loss in its unit that services hedge funds. The Archegos crisis emerged just weeks after Greensill Capital, a U.K. finance firm that was deeply entangled with Credit Suisse, filed for insolvency and left the bank on the hook for losses.”

“Oil giant BP PLC said it had a solid start to the year, aided by higher energy prices and strong results from its trading division, giving the first indication that major oil companies are on the road to recovery after pandemic-induced losses across the industry last year. The company said Tuesday it was on track to lower net debt to $35 billion in the first quarter, a level it has said could trigger share buybacks. BP previously said it expected to reach the target between the fourth quarter of 2021 and the first quarter of 2022.”

Companies Raising Capital
NameAmountDescriptions
CRED$215 MillionIndian App That Rewards Paying Off Credit Card Bills
OneStream$200 MillionEnterprise-Focused Financial Software
Sendbird$100 MillionStartup That Builds Communication APIs
MPB$69 MillionBrighton-Based Used Camera Equipment Marketplace

“Hitachi Ltd.’s $9.6 billion purchase of digital-engineering firm GlobalLogic Inc. amounts to a big bet that enterprise software will unleash the power of big data on heavy industry.”

“Tipping has arrived in Clubhouse, the audio-only social network that exploded in popularity during pandemic lockdowns. But Clubhouse itself isn’t making money, at least initially, by enabling payments between its users.”

“SoftBank Group Corp. agreed to pay $2.8 billion for a 40% stake in Norwegian warehouse-automation company AutoStore, marking another big bet by the Japanese conglomerate on robot-enabled technology.”

“The value of the cryptocurrency market topped $2 trillion for the first time on Monday driven by a rally in ether, the second-largest digital coin.”

“Topps, which is best known for its baseball cards and Bazooka candy line, has agreed to go public through a merger with Mudrick Capital Acquisition Corporation II, a special purpose acquisition company, that values Topps at $1.3 billion.”

“Contract drug manufacturer Catalent Inc. is expanding its U.S. production of the Covid-19 vaccine from Moderna Inc., a development that could ensure the U.S. has ample supply as it ramps up vaccinations.”

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