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(Reuters) -China’s Full Truck Alliance Co Ltd (FTA) said on Tuesday it is aiming for a valuation of over $20 billion in its U.S. initial public offering, marking another high-profile Chinese stock market listing in New York this year. Chinese vaping firm RLX Technology Inc raised $1.4 billion in its U.S. IPO in January. Last year, Chinese companies raised $12 billion from U.S. listings, nearly triple the amount raised in 2019, according to Refinitiv data. Chinese companies have so far raised $5.82 billion in the United States this year, according to Refinitiv data. The company plans to list on the New York Stock Exchange under the symbol “YMM”.
Persons: Uber, Didi Chuxing, Didi, Peter Hui Zhang, Morgan Stanley, CICC, Goldman Sachs Organizations: Reuters, Co Ltd, U.S, RLX Technology Inc, Consultancy, SoftBank’s Vision, Sequoia Capital, Permira, Fidelity, Tencent Holdings, underwriters, FTA’s, New York Stock Exchange Locations: New York, China, U.S, Hong Kong, United States
FTA, which styles itself as the “Uber for trucks”, said it is offering 82.5 million American Depositary Shares (ADS) at a range between $17 and $19 per ADS. The top end of that range would mean the company could raise as much as $1.57 billion from the IPO. Chinese vaping firm RLX Technology Inc raised $1.4 billion in its U.S. IPO in January. In November, FTA was valued at nearly $12 billion after a $1.7 billion investment, Reuters reported. The company will list on the New York Stock Exchange under the symbol “YMM”.
Persons: Uber, Peter Hui Zhang, Zhang, Morgan Stanley, CICC, Goldman Sachs, Niket, Krishna Chandra Eluri Organizations: Co Ltd, RLX Technology Inc, U.S, Holding, Reuters, SoftBank’s Vision, Sequoia Capital, Permira, Fidelity, China’s Tencent Holdings, underwriters, New York Stock Exchange Locations: United States, U.S, Hong Kong, Shanghai, Bengaluru
Big Tech critic Khan becomes U.S. FTC chair
  + stars: | 2021-06-15 | by ( David Shepardson | Nandita Bose | Diane Bartz | ) www.reuters.com + 0.00   time to read: +3 min
Graeme Jennings/Pool via REUTERSHours earlier, the U.S. Senate had confirmed Khan, with bipartisan support. The Information Technology and Innovation Foundation (ITIF), whose board includes representatives from tech companies, issued a statement warning that a “populist approach to antitrust” would “cause lasting self-inflicted damage that benefits foreign, less meritorious rivals.”The federal government and groups of states are pursuing various lawsuits and investigations into Big Tech companies. The FTC has sued Facebook and is investigating Amazon. Biden previously selected fellow progressive and Big Tech critic Tim Wu to join the National Economic Council. Khan previously worked at the FTC as a legal adviser to Commissioner Rohit Chopra, Biden’s pick to be director of the Consumer Financial Protection Bureau.
Persons: Lina Khan, Lina M, Kahn, Graeme Jennings, Khan, , Biden, Elizabeth Warren, , ” Warren, Tim Wu, Rohit Chopra Organizations: WASHINGTON, U.S . Federal Trade Commission, REUTERS, U.S . Senate, Columbia Law School, Amazon.com Inc, Apple Inc, Facebook Inc, Google, Inc, Public Citizen, Information Technology, Innovation Foundation, Big Tech, FTC, Facebook, Amazon, The, Apple, National Economic Council, Yale Law, Consumer Financial, Bureau
Big Tech critic Lina Khan to be named U.S. FTC chair - sources
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com + 0.88   time to read: +2 min
FILE PHOTO: FTC Commissioner nominee Lina M. Khan testifies during a Senate Commerce, Science, and Transportation Committee hearing on the nomination of Former Senator Bill Nelson to be NASA administrator, on Capitol Hill in Washington, U.S., April 21, 2021. Graeme Jennings/Pool via REUTERSWASHINGTON (Reuters) - President Joe Biden will name Lina Khan, an antitrust researcher who has focused on Big Tech’s immense market power, to chair the U.S. Federal Trade Commission, sources said on Tuesday. The decision to tap her followed the selection of fellow progressive and Big Tech critic Tim Wu to join the National Economic Council. She joins the commission as the federal government and groups of states have an array of lawsuits and investigations into Big Tech companies. Khan previously worked at the FTC as a legal adviser to Commissioner Rohit Chopra, Biden’s pick to be director of the Consumer Financial Protection Bureau.
Persons: Lina M, Khan, Bill Nelson, Graeme Jennings, Joe Biden, Lina Khan, Tim Wu, Rohit Chopra Organizations: Commerce, Science, NASA, Capitol, REUTERS WASHINGTON, . Federal Trade Commission, FTC, Columbia Law School, Inc, Apple Inc, Facebook, Big Tech, National Economic Council, Amazon, The, Alphabet’s Google, Yale Law, Consumer Financial, Bureau Locations: Washington , U.S
AmEx to allow staff to work from home two days a week
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +1 min
REUTERS/Brendan McDermid/File Photo(Reuters) - American Express Co will allow most employees to work from home for up to two days a week permanently, unveiling a hybrid back-to-office approach in contrast to that of some major Wall Street banks. Most of the U.S. and U.K. staff of the credit card issuer will have the choice to work remotely on Mondays and Fridays starting October, AmEx Chief Executive Officer Stephen Squeri said in an internal memo. AmEx will begin bringing back employees to the office starting Sept. 13, with an aim to fully adopt the hybrid model in the week of Oct. 4. The first three weeks will be a “transition period” to allow employees to “get used to” going to office. Occupancy will be restricted to 50% and most of the staff will work in the office only two days a week during the period, the memo said.
Persons: Brendan McDermid, Stephen Squeri, AmEx, Morgan Organizations: New York Stock Exchange, REUTERS, American Express, AmEx, JPMorgan Chase &, Goldman Sachs, Inc, The, Bloomberg News Locations: New York, U.S, Manhattan, The New York
Draftkings shares fall as short-seller Hindenburg bets against firm
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
(Reuters) - Short-seller Hindenburg Research said on Tuesday it has taken a short position on Draftkings Inc, sending the online gaming firm’s shares down more than 7% in early trading. "We think Draftkings has systematically skirted the law and taken elaborate steps to obfuscate its black market operations from the investing public," Hindenburg said. In the United States, it has live betting operations in states including Colorado, Illinois and Indiana. EV maker Lordstown Motors and Nikola Corp, which both went public via SPAC acquisitions, have also been targeted by Hindenburg. Shares of Draftkings have more than doubled in value since it went public in a reverse merger in April last year.
Persons: Draftkings, Hindenburg Organizations: Reuters, Hindenburg Research, Draftkings Inc, Lordstown, Nikola Corp, Hindenburg, U.S . Securities, Exchange Commission Locations: United States, Colorado , Illinois, Indiana
U.S. senator says working on companion bills to House antitrust measures
  + stars: | 2021-06-15 | by ( Diane Bartz | ) www.reuters.com sentiment -0.99   time to read: +1 min
Tasos Katopodis/Pool via REUTERS/File PhotoWASHINGTON, June 15 (Reuters) - Senator Amy Klobuchar, who chairs the Senate antitrust subcommittee, said that work is underway on companion legislation to antitrust bills introduced in the U.S. House of Representatives last week. While none of the four tech-focused House antitrust bills introduced Friday have a Senate companion, Klobuchar said late Monday that she expected that to change. "I think you'll see a number of bills introduced in the Senate," she said, but declined to elaborate. Two of the bills introduced last week address the issue of giant companies, such as Amazon.com Inc (AMZN.O) and Alphabet Inc's (GOOGL.O) Google, creating a platform for other businesses and then competing against those same businesses. A fourth would require platforms to allow users to transfer their data elsewhere if they desire, including to a competing business.
Persons: Sen, Amy Klobuchar, Tasos, Klobuchar, Diane Bartz Organizations: Privacy, Technology, U.S, Capitol, WASHINGTON, U.S . House, Amazon.com Inc, Google, Thomson Locations: Washington DC, U.S
CANADA STOCKS-TSX hits record high on energy boost
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
* The energy sector climbed 1% tracking crude prices, which were buoyed by expectations that demand will recover rapidly in the second half of 2021. ET (1338 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 77.55 points, or 0.38%, at 20,235.2, an all-time high. * On the TSX, 163 issues were higher, while 61 issues declined for a 2.67-to-1 ratio favoring gainers, with 17.47 million shares traded. * The largest percentage gainer on the TSX was BRP Inc , which jumped 4.6%, after the insurance distribution company issued a $350 million worth substantial issuer bid. * Across all Canadian issues there were 102 new 52-week highs and five new lows, with total volume of 32.21 million shares.
Organizations: Energy, U.S, U.S . Federal, Toronto Stock, Statistics Canada, TSX, BRP Inc, Aritzia Inc, Quantum Minerals, Hudbay Minerals Inc, Natural Resources, Inc, Auxly Cannabis Locations: U.S ., Canada
Top senator fears Big Tech at home as Alexa, Nest dominate
  + stars: | 2021-06-15 | by ( Diane Bartz | ) www.reuters.com + 0.67   time to read: +1 min
The hearing takes place at a time of extraordinary interest in tougher antitrust enforcement, much of it focused on the biggest U.S. technology companies. Senator Amy Klobuchar, who chairs the antitrust subcommittee, is hoping to act before the existing tech giants, in this case Amazon and Google, establish themselves as unassailable. In the smart speaker market, she cited data that showed that Amazon was at 53 percent market share while Google was at 31 percent. “We know that this is a growing market.”Smart home technology can be smart speakers like Amazon’s Echo or Google’s Nest, security systems or televisions. Last year, Sonos CEO Patrick Spence told a congressional committee that Google and Amazon used their dominance of search and online retail, respectively, to subsidize the smart speaker market and, potentially, dominate the market for other smart home devices.
Persons: Amy Klobuchar, , Ryan McCrate, Wilson White, Eddie Lazarus, Patrick Spence Organizations: U.S, Congress, Google, Sonos Inc, Facebook, ” Smart Locations: WASHINGTON
(Reuters) - Lyft Inc said on Tuesday it will launch an electric vehicle rental pilot program for ride-hail drivers in a part of the San Francisco Bay Area in partnership with a local utility. FILE PHOTO: A Lyft logo is seen in the Driver Hub in Los Angeles, California, U.S., March 20, 2019. REUTERS/Lucy Nicholson/File PhotoThe EV rental program in San Mateo County south of San Francisco is scheduled to begin this fall. Lyft already offers EV rentals in Seattle, Atlanta and Denver, where drivers are able to rent Kia Niro and Chevy Bolt EVs. Peninsula Clean Energy CEO Jan Pepper in a statement said the San Mateo program might eventually lead to more drivers switching to EVs.
Persons: Lucy Nicholson, San Mateo, Lyft, Lyft’s, Kia Niro, Chevy Bolt, Jan Pepper Organizations: Reuters, Lyft, San Francisco Bay Area, REUTERS, Peninsula Clean Energy, Clean Energy, San, San Mateo, Uber Technologies Inc, U.S, California Air Resources Board, Uber Locations: San Francisco Bay, Los Angeles , California, U.S, San Mateo County, San Francisco, Seattle, Atlanta, Denver, . Utilities, United States, California
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.) The benchmark S&P 500, the blue-chip Dow Jones and the tech-stocks focused Nasdaq have gained 13.3%, 12.3% and 10%, respectively so far this year, largely driven by optimism about an economic reopening. ET, Dow e-minis were up 17 points, or 0.05%, S&P 500 e-minis were up 4 points, or 0.09%, and Nasdaq 100 e-minis were up 10 points, or 0.07%. Drug developer Ocugen jumped nearly 20% as it prepares for potential commercial manufacturing of the Covaxin for the U.S. and Canadian markets. Halliburton Co, Occidental Petroleum Corp and Exxon Mobil added between 0.8% and 1.7% as oil prices hit multi-year highs on positive demand outlook.
Persons: Dow Jones, , Larry Adam, Raymond James, , Ocugen, Shashank, Maju Samuel Organizations: U.S, Dow, Nasdaq, Federal Reserve, Treasury, Dow e, Biogen Inc, Halliburton Co, Occidental Petroleum Corp, Exxon Mobil Locations: U.S, pare, Bengaluru
The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. Data showed an acceleration in producer prices last month as supply chains struggle to meet demand that is being unleashed by the reopening of the economy. Energy stocks (.SPNY) added 1.5% as oil prices hit multi-year highs on positive demand outlook. Declining issues outnumbered advancers for a 1.64-to-1 ratio on the NYSE and for a 2.28-to-1 ratio on the Nasdaq. The S&P index recorded 31 new 52-week highs and one new low, while the Nasdaq recorded 66 new highs and 17 new lows.
Persons: Carlo Allegri, Ocugen, Sam Stovall, Dow Jones, advancers, Shashank, Maju Samuel Organizations: New York Stock, REUTERS, U.S, Dow, Nasdaq, Federal, Assurance, Treasury, CFRA, Dow Jones, Energy, Biogen Inc, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, United States, Canada, Bengaluru
Draftkings shares slide as Hindenburg takes short position
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
June 15 (Reuters) - Short seller Hindenburg Research said on Tuesday it has taken a short position on Draftkings Inc , sending the online gaming firm’s shares down 7% in premarket trading. DraftKings was not immediately available to comment. (Reporting by Nilanjana Basu in Bengaluru; Editing by Ramakrishnan M.)
Persons: DraftKings, Nilanjana Basu, Ramakrishnan Organizations: Hindenburg Research, Draftkings Inc Locations: Bengaluru
JPMorgan, Other Major U.S. Banks Excluded From Landmark European Bond Program
  + stars: | 2021-06-15 | by ( Anna Hirtenstein | ) www.wsj.com sentiment -1.00   time to read: +1 min
The European Union excluded some of the world’s largest banks from working on a huge new debt-issuance program, citing recent cases in which regulators punished them for forming cartels in the bond and currency markets. The banks include Barclays PLC, JPMorgan Chase & Co., Nomura Holdings Inc., UniCredit SpA, Bank of America Corp. , Citigroup Inc. and Credit Agricole SA, according to an EU official. Nomura, JPMorgan, Citigroup, Barclays, Bank of America and Crédit Agricole declined to comment. The program, the first major pan-European debt program, will eventually raise around 800 billion euros, equivalent to nearly $1 trillion, over five years. The first deal raised €20 billion from the sale of 10-year bonds at a yield of 0.086%.
Persons: won’t, Nomura Organizations: European Union, Barclays PLC, JPMorgan Chase &, Nomura Holdings Inc, UniCredit, Bank of America Corp, Citigroup Inc, Credit Agricole SA, EU, European, JPMorgan, Citigroup, Barclays, Bank of America, Crédit Locations: UniCredit SpA
WASHINGTON—The Senate on Tuesday confirmed Lina Khan for a seat on the Federal Trade Commission, giving Democrats at least a temporary majority that could pursue aggressive enforcement of U.S. antitrust and consumer-protection laws. Ms. Khan, a 32-year-old Columbia University professor who has been a vocal critic of powerful technology companies, was confirmed on a 69-28 vote. She has been the leader of a progressive movement that favors changes to antitrust enforcement, saying the current decades-long approach has done too little to restrain corporate dominance and stop mergers that have eroded competition. The vote was bipartisan, at a time when many in the GOP have argued the government should do more to rein in dominant tech firms. Still, some Republicans have criticized her approach as too interventionist and potentially burdensome for other industries.
Persons: WASHINGTON, Lina Khan, Khan Organizations: Federal Trade Commission, Columbia University, GOP, Inc, Yale Law School
DraftKings Shares Fall After Hindenburg Unveils Short Position
  + stars: | 2021-06-15 | by ( Amrith Ramkumar | ) www.wsj.com sentiment -1.00   time to read: +1 min
Shares of DraftKings Inc. slid as much as 12% on Tuesday after short seller Hindenburg Research said that the sports-betting firm’s gambling-technology subsidiary SBTech operates in countries where gambling is banned and said it is positioned for DraftKings shares to fall. Hindenburg published a report early Tuesday that said DraftKings’ gambling-technology subsidiary SBTech makes about half of its revenue in countries where gambling is banned. According to the report, SBTech created a new entity for what Hindenburg says are its black-market operations ahead of last year’s merger with DraftKings and a blank-check company that took the combination public. DraftKings shares slid in early trading, then recovered. DraftKings CEO Jason Robins has said publicly that SBTech gives the company a technological advantage and provides better user experiences.
Persons: Hindenburg, SBTech, , , hasn’t, Jason Robins Organizations: DraftKings Inc, Hindenburg Research, SBTech, DraftKings Locations: ” New York
Futures hold steady with Fed meeting in focus
  + stars: | 2021-06-15 | by ( Shashank Nayar | ) www.reuters.com sentiment -1.00   time to read: +2 min
The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File PhotoFutures tied to the S&P 500 and the Nasdaq held near record highs on Tuesday as investors looked for comments from the Federal Reserve about whether a recent jump in inflation would prompt a sooner-than-expected tapering in monetary policy. Assurance from the Fed that rising prices are transitory coupled with falling U.S. Treasury yields have helped ease some concerns over inflation but investors remain cautious as they await the Fed's commentary on its inflation stance. ET, Dow e-minis were down 10 points, or 0.03%, S&P 500 e-minis were up 2.75 points, or 0.06%, and Nasdaq 100 e-minis were up 16.75 points, or 0.12%. Later in the day, investors would turn to purchaser price numbers and retail sales data to assess the state of the economy and inflation levels.
Persons: Carlo Allegri, Dow Jones Organizations: New York Stock, REUTERS, Nasdaq, Federal Reserve, Treasury, Dow e, Biogen Inc, Thomson Locations: Manhattan, New York City , New York, U.S, pare
Battery maker Solid Power to go public via $1.2 billion SPAC deal
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: 1 min
(Reuters) - Solid Power Inc, a battery maker for electric vehicles backed by Ford Motor Co and BMW, said on Tuesday it will go public through a merger with a blank-check firm in a deal valuing the combined entity at around $1.2 billion. Reporting by Sohini Podder in Bengaluru; Editing by Ramakrishnan M. Our Standards: The Thomson Reuters Trust Principles.
Persons: Sohini, Ramakrishnan M Organizations: Reuters, Power Inc, Ford Motor Co, BMW, Thomson Locations: Bengaluru
Ford-backed battery maker Solid Power to go public via $1.2 billion SPAC deal
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
(Reuters) -Solid Power Inc, an electric-vehicle battery maker backed by Ford Motor Co and BMW, said on Tuesday it would go public by merging with a blank-check firm in a deal that values the combined entity at around $1.2 billion. A string of electric-vehicle makers including Lucid Motors, Fisker Inc and Nikola Corp went public through SPAC mergers or have announced plans for the same over the past year. Volkswagen AG-backed battery maker QuantumScape Corp went public through a blank-check merger in a $3.3 billion deal in 2020. The transaction is expected to close in the fourth quarter, after which Solid Power would be listed on the Nasdaq under the new ticker symbol “SLDP”. Stifel, Nicolaus & Co Inc is serving as a financial adviser to Solid Power, while Citigroup Global Markets Inc and J.P. Morgan Securities LLC advised DCRC.
Persons: Neuberger Berman, SPACs, Nikola Corp, QuantumScape Corp, Stifel, DCRC Organizations: Reuters, Power Inc, Ford Motor Co, BMW, Decarbonization, Koch, Riverstone Energy, Van Eck Associates Corporation, Ford, Lucid Motors, Fisker Inc, Nikola, Volkswagen AG, QuantumScape, Nasdaq, Inc, Citigroup Global Markets Inc, Morgan Securities
Neiman Marcus Rides a Rebound in Luxury Shoppers
  + stars: | 2021-06-15 | by ( Suzanne Kapner | ) www.wsj.com + 0.96   time to read: +1 min
Neiman Marcus Group Inc.’s sales have rebounded from last year when Covid-19 closed its stores and briefly pushed the chain into bankruptcy protection, though the results aren’t yet to pre-pandemic levels. “We saw a rebound in demand starting in March and April and it has continued to accelerate,” CEO Geoffroy van Raemdonck said in an interview. Neiman Marcus emerged from bankruptcy protection in September having eliminated $4 billion in debt that was the result of two successive leveraged buyouts. As of April, Neiman Marcus had $1.1 billion of debt, down from $5.1 billion a year ago. It had $850 million in cash and availability under its revolving credit facility, up from $132 million last year.
Persons: Marcus, Geoffroy van Raemdonck, Neiman Marcus Organizations: Inc, Stylyze Inc
JPMorgan, Other Major Banks Excluded From Landmark European Bond Program
  + stars: | 2021-06-15 | by ( Anna Hirtenstein | ) www.wsj.com sentiment -1.00   time to read: +1 min
The European Union excluded some of the world’s largest banks from working on a massive new debt issuance program, citing recent cases in which regulators punished them for forming cartels in the bond and currency markets. The banks include Barclays PLC , JPMorgan Chase & Co , Nomura Holdings Inc. , UniCredit SpA , Bank of America Corp. , Citigroup Inc. , and Credit Agricole SA , according to an EU official. Pending the assessment’s completion, these institutions “will not be invited to tender for individual syndicated transactions.”JPMorgan, Nomura, Citigroup and Bank of America declined to comment. The EU was set Tuesday to begin issuing bonds to fund its fiscal spending plans to support member states to recover from the pandemic. The program, the first major pan-European debt program, will eventually raise around 800 billion euros, equivalent to nearly $1 trillion.
Organizations: European Union, Barclays PLC, JPMorgan Chase & Co, Nomura Holdings Inc, UniCredit, Bank of America Corp, Citigroup Inc, Credit Agricole SA, EU, European, JPMorgan, Nomura, Citigroup, Bank of America Locations: UniCredit SpA
RPT-New plant proposals on the table as power outages threaten Texas again
  + stars: | 2021-06-15 | by ( Liz Hampton | ) www.reuters.com sentiment -0.99   time to read: +2 min
June 15 (Reuters) - A proposal to spend $8 billion on new power plants in Texas has stalled, Starwood Energy Group’s chief executive said on Monday, as the state’s grid operator called for conservation amid record demand. In April, the Connecticut investment firm proposed the construction of 11 natural-gas fired power plants, aiming to improve grid reliability during times of extreme demand. Starwood’s proposal to build “peaker plants” for such outages was the second presented to Texas this year. Both proposals were presented to the Texas legislature during a session that ended on May 31, according to the PUCT spokesperson. Texas lawmakers in May approved bills to overhaul the power grid, including requiring some plants to weatherize systems.
Persons: , , Himanshu Saxena, Saxena, ” Saxena, Liz Hampton, Karishma Singh Organizations: Starwood Energy Group’s, Electric, of Texas, Monday, Berkshire Hathaway Inc, Starwood Energy, Commission, Texas Locations: Texas, Connecticut, Denver
Geely's EV brand Zeekr sells out of deliverable cars for this year
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: 1 min
FILE PHOTO: Visitors check a Zeekr 001, a model from Geely's new premium electric vehicle (EV) brand Zeekr, at its factory in Ningbo, Zhejiang province, China April 15, 2021. REUTERS/Yilei Sun/File PhotoBEIJING (Reuters) - Zeekr, a new premium electric vehicle (EV) brand launched this year by Geely, has sold out of deliveries for this year, Chief Executive An Conghui said on Tuesday. Geely, the owner of Volvo Cars, in April launched Zeekr to target growing Chinese demand for premium EVs that has boosted sales for Tesla Inc and Chinese peer Nio Inc.Parent Zhejiang Geely Holding Group and Geely Automobile jointly invested 2 billion yuan ($306 million) in the Zeekr venture. Executives said that Zeekr would use a direct sales model to manage pricing and inventory. Geely is making Zeekr 001 cars in China’s eastern city of Ningbo.
Persons: Geely, Conghui Organizations: REUTERS, Yilei, Volvo, Tesla Inc, Inc, Parent Zhejiang Geely Holding, Geely Automobile Locations: Ningbo, Zhejiang province, China, BEIJING
BRUSSELS—The U.S. and the European Union agreed to suspend their trade dispute over government subsidies to Boeing Co. and Airbus SE, significantly easing trade tensions amid a broader effort to improve trans-Atlantic relations. The agreement would suspend for five years tariffs that have been authorized by the World Trade Organization, U.S. Trade Representative Katherine Tai told reporters on Tuesday. Defusing the aircraft trade fight would mark a tangible achievement for his week of European diplomacy. Setting aside trans-Atlantic differences on the aviation dispute allows the allies to jointly focus on China. “Instead of fighting with one of our closest allies, we are finally coming together against a common threat,” Ms. Tai said.
Persons: Katherine Tai, ” Ms, Tai, Ursula von der Leyen, Ms, von der Leyen, Biden, kenzo tribouillard, Donald Trump, Antony Blinken, Gina Raimondo, Trump, WSJ’s Jaden Urbi, George Downs, — Paul Hannon, Daniel Michaels, Andrew Restuccia, Doug Cameron Organizations: European Union, Boeing Co, Airbus, World Trade Organization, . Trade, EU . European, Twitter, Biden, Agence France, Seven, Boeing, Street, EU, U.S, WTO, Delta Air Lines Inc, Ryanair Holdings PLC’s Boeing, MAX, Ryanair Locations: BRUSSELS, The U.S, Brussels, China, Russia, Iran, U.S, Washington, France, Germany, doug.cameron
Wealth-management software provider Addepar Inc. more than doubled its valuation to $2.17 billion from seven months ago in its latest funding round, the company said Tuesday. It was previously valued at nearly $1 billion after its last funding round in November, according to a person familiar with the deal. Addepar currently tracks about $2.7 trillion of assets and has added an average $15 billion in assets a week since mid-2020. The company says it thinks the total market demand for investible assets is more than $200 trillion globally. Clients include AllianceBernstein Holding LP, Morgan Stanley and Stifel Financial Corp. , whose investment arm previously invested in Addepar.
Persons: Addepar, Joe Lonsdale, Eric Poirier, , Mr, Poirier, Morgan Stanley Organizations: Addepar Inc, D1 Capital Partners, Palantir Technologies Inc, Equity Partners, WestCap, AllianceBernstein, Stifel Financial Corp Locations: New York, Addepar, Calif
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