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Spanx taps Goldman Sachs to explore options including sale - NYT
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -0.89   time to read: +1 min
June 25 (Reuters) - Shapewear maker Spanx has tapped Goldman Sachs to explore options including a sale, New York Times’ DealBook newsletter reported on Friday, citing multiple sources familiar with the matter. The report said Spanx has attracted interest from private equity firms, including Carlyle, and that any deal could value it at $1 billion or more. It also said Spanx's founder Sara Blakely could retain some ownership in the company. Demand for apparel has rebounded in recent weeks as the United States returns to relative normalcy on the back of speedy COVID-19 vaccinations and easing of restrictions. Spanx made between $50 million and $80 million in operating earnings on revenue of $300 million to $400 million over the past year, the NYT report said.
Persons: Spanx, Goldman Sachs, New York Times ’, Carlyle, Sara Blakely, Kim Kardashian West Organizations: New York Times Locations: United States
Sri Lankan shares end higher, book fifth straight weekly gain
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -0.93   time to read: +1 min
June 25 (Reuters) - Sri Lankan shares ended higher on Friday, recording their fifth straight weekly gain, helped by a surge in financials stocks. * Lender LOLC Development Finance surged 25% to record its eighth straight session of gains and was the top boost to the index. * The island nation has fully vaccinated only 3.98% of its population so far, Johns Hopkins data here showed on Friday. * Foreign investors were net sellers in the equity market, offloading shares worth 67.1 million rupees, exchange data showed here. * Equity market’s turnover was 1.2 billion rupees, according to exchange data.
Persons: Johns, Nallur, Aditya Soni Organizations: LOLC Development Finance, Equity Locations: Sri, Sri Lanka, Johns Hopkins, Bengaluru
German fintechs Raisin and Deposit Solutions join forces
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com + 0.99   time to read: +1 min
BERLIN, June 25 (Reuters) - Two of Germany’s largest fintech startups Deposit Solutions and Raisin have agreed to join forces in a deal to create a European group linking banks with savers, both companies said on Friday. Under the name Raisin DS, the merged company will work with around 400 banks and have a deposit volume of around 20 billion euros ($24 billion). “We will keep all options open.”Georgadze said a financing round for the new firm will start soon. It would not be unreasonable to usher in a new round of financing soon,” Georgadze added. Raisin was valued at around 500 million euros in its last major financing round two years ago, while Deposit Solutions has a valuation of around 1 billion euros, according to its major shareholder Finlab.
Persons: Tamaz Georgadze, ” Georgadze, Peter Thiel, Goldman Sachs, Tim Sievers Organizations: Reuters, Raisin, Union, Deutsche Bank, PayPal, Deposit Solutions Locations: BERLIN, fintechs, London, Hamburg
UK retail sales jump in June, stocks dwindle - CBI
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
FILE PHOTO: People shop in the Selfridges department store on Oxford street, as the coronavirus disease (COVID-19) restrictions ease, in London, Britain April 12, 2021. REUTERS/Henry NichollsLONDON (Reuters) - British retailers reported a jump in sales in June as the country’s fast vaccination programme encouraged shoppers to go out and spend, the Confederation of British Industry said on Friday. “This was the latest sign that the success of the vaccination programme is feeding through to stronger consumer confidence,” CBI economist Ben Jones said. The CBI survey also showed stock levels in relation to expected sales sank to their lowest since records began in August 1983 and no improvement was expected next month. The Bank of England is keeping a close eye on whether bottlenecks in supply caused by the pandemic lead to longer-term inflation pressures.
Persons: Henry Nicholls LONDON, Ben Jones Organizations: REUTERS, of British Industry, CBI, Bank of England Locations: Oxford, London, Britain, May’s
FREMONT, California, June 25 (Reuters) - Self-driving tech company Pony.ai, backed by Toyota Motor Corp, is considering going public in the United States to help fund its goal of commercializing driverless ride-hailing services, its chief executive told Reuters. “We’re still debating and considering,” said Peng, when asked about the time frame for a public share sale. Earlier this month, it said it had begun driverless testing on public roads in California’s Fremont and Milpitas ahead of the planned launch of a robotaxi service next year. It has also been testing driverless vehicles in Guangzhou, China. He said the next big challenge is to reduce manufacturing costs for driverless vehicles while expanding into more cities and regions and ensuring safety in different environments.
Persons: Motors Co’s, James Peng, , Lawrence Steyn, “ We’re, Peng, “ It’s, ” ROBOTAXI, Lou Tiancheng, Hyunjoo Jin, Christopher Cushing Organizations: Toyota Motor Corp, Reuters, Motors, JPMorgan Chase &, Google, Baidu Inc, Toyota Locations: FREMONT, California, United States, China, California’s Fremont, Milpitas, Guangzhou, Irvine , California
Taiwan, U.S. to hold long-stalled trade talks next week
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -0.96   time to read: +2 min
TAIPEI (Reuters) - Taiwan and the United States will hold trade talks next week, the de facto U.S. embassy in Taipei said on Friday, resuming long-stalled discussions as Washington seeks to deepen its support for the Chinese-claimed island. FILE PHOTO: Flags of Taiwan and U.S. are placed for a meeting in Taipei, Taiwan March 27, 2018. The Office of the U.S. Trade Representative and Taiwan’s Office of Trade Negotiations will serve as the “chief consultants” for the talks, it added. Taiwan had been cautiously optimistic about resuming the high level trade talks with Washington this year after U.S. Secretary of State Antony Blinken signalled a possible resumption this month. While Taiwan is a member of the World Trade Organization, many countries are wary of signing trade deals with the tech powerhouse fearing objections from China, though Taiwan does have free trade deals with Singapore and New Zealand.
Persons: Tyrone Siu, Barack Obama, Donald Trump’s, Robert Lighthizer, Brent Christensen, Hsiao, , Antony Blinken, Biden Organizations: U.S, REUTERS, Tyrone Siu The Trade, American Institute, U.S . Trade, Taiwan’s, Trade, World Trade Organization, New Zealand, Washington Locations: TAIPEI, Taiwan, United States, Taipei, Washington, U.S, China, Beijing, Singapore, New
HK stocks end higher on tech, materials boost; post weekly gains
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +2 min
** The Hang Seng index ended up 405.76 points or 1.4% at 29,288.22. The Hang Seng China Enterprises index rose 1.88% to 10,878.45. ** Leading the gains, the Hang Seng tech index and the Hang Seng materials index climbed 2.4% and 3.3%, respectively. ** The sub-index of the Hang Seng tracking energy shares rose 1.7%, while the IT sector rose 3.1%, the financial sector ended 0.75% higher and the property sector rose 0.18%. ** The top gainer on the Hang Seng was Meituan, which gained 4.76%, while the biggest loser was Sunny Optical Technology Group Co Ltd, which fell 1.58%.
Persons: HSI, Jerome Powell, Biden Organizations: HK, Shanghai, Stock, Seng China Enterprises, Optical Technology, Co, Hong, U.S . House, Representatives Foreign, Silicon Industry Locations: Shanghai, China, Hong Kong, U.S, Beijing, Xinjiang
European shares near record high as industrials jump
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)June 25 (Reuters) - European shares inched towards a record high on Friday as construction-related stocks tracked a jump on Wall Street on the back of an infrastructure bill, while Credit Suisse rose after a Reuters report it was considering a potential merger with UBS. The scandal-hit Swiss bank was up 2.0% and among the biggest boosts to the STOXX 600 as the report said Credit Suisse’s management was under pressure to come up with an overhaul plan. UBS shares were down 0.1%. German stocks were flat even as a report showed consumer sentiment improved more than expected heading into July. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shounak Dasgupta)
Persons: Joe Biden, Sagarika, Shounak Dasgupta Organizations: Credit Suisse, UBS, Amigo Locations: U.S, Bengaluru
S.Korean stocks end at record high, post sixth straight weekly gain
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: +2 min
The won strengthened and the benchmark bond yield rose. ** The KOSPI closed up 16.74 points, or 0.51%, at 3,302.84, extending gains to a fourth straight session. ** For the week, it gained 1.07%, the sharpest in three weeks and following a 0.57% gain a week earlier. ** It rose 0.41% for the week, rebounding from a 1.90% decline in the previous week. ** The most liquid 3-year Korean treasury bond yield rose by 4.4 basis points to 1.428%, while the benchmark 10-year yield rose by 4.9 basis points to 2.106%.
Persons: Joe Biden, LG Chem, 1,127.3300, Joori Roh Organizations: Korean, U.S, Nasdaq, Samsung Electronics, SK Hynix, LG Locations: Korea, SEOUL, Korean
Japan stocks track Wall Street's solid finish to close week higher
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
The Nikkei share average rose 0.66% to close at 29,066.18, while the broader Topix advanced 0.80% to 1,962.65. For the week, the Nikkei gained 0.35% to climb just above the 29,000-mark, which market participants said has become a psychological barrier as Japan’s outlook of an economic recovery remains uncertain. “Today’s (Friday) market is tracking Wall Street’s strong gains. Technology stocks also advanced, with Tokyo Electron rising 0.7%, Advantest jumping 1.5%, Fanuc gaining 1.66%. Mazda Motor Corp, up 8.7%, gained the most on the Nikkei, followed by Kobe Steel rising 4.8%.
Persons: Dow, Joe Biden, “ Today’s, ” Shoichi Arisawa Organizations: Nikkei, Nasdaq, U.S, IwaiCosmo Securities, , Tokyo Stock, Panasonic, Toshiba, Mazda Motor Corp, Kobe Steel, Mitsui OSK Lines Locations: TOKYO, Japan, U.S, Tokyo
Didi's $4 billion U.S. IPO fully covered - sources
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
FILE PHOTO: A man is seen under a Didi logo at the headquarters of Didi Chuxing in Beijing, China November 20, 2020. REUTERS/Florence Lo/File PhotoHONG KONG (Reuters) - Didi Global Inc’s initial public offering (IPO) to raise up to $4 billion in the United States has been covered on the first day of its bookbuild, according to four sources with direct knowledge of the matter. The sources could not be named as the information has not yet been made public. Didi did not immediately respond to a request for comment.
Persons: Didi Chuxing, Florence, Didi Global, Didi Organizations: REUTERS, KONG, Reuters Locations: Beijing, China, United States
German consumer morale rises more than expected heading into July- GfK
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
"This makes a noticeable recovery in private consumption in the second half of 2021 more likely," Buerkl said. The consumer climate indicator forecasts the development of real private consumption in the following month. An indicator reading above zero signals year-on-year growth in private consumption. According to GfK, a one-point change in the indicator corresponds to a year-on-year change of 0.1% in private consumption. The "willingness to buy" indicator represents the balance between positive and negative responses to the question: "Do you think now is a good time to buy major items?"
Persons: Rolf Buerkl, Buerkl, GfK, Riham, Joseph Nasr Locations: BERLIN, Germans
The yuan opened at 6.4639 per dollar and was changing hands at 6.4642 at midday. The People's Bank of China (PBOC) set the midpoint rate at 6.4744 per dollar prior to market open, firmer than the previous fix of 6.4824. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2% from official midpoint rate it sets each morning. OFFSHORE CNH MARKET Instrument Current Difference from onshore Offshore spot yuan 6.467 -0.04% * Offshore 6.6349 -2.42% non-deliverable forwards ** *Premium for offshore spot over onshore **Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint.
Persons: PBOC, Joe Biden Organizations: U.S, Federal Reserve, People's Bank of China, greenback, HSBC, Fed, Investors, Thomson, SHANGHAI Locations: SHANGHAI, U.S
(Adds comment from Rakuten Securities)June 25 (Reuters) - Shareholders voted out the chairman of the board of Toshiba Corp and one other director on Friday in a stinging rebuke after the company was found to have colluded with the government in suppressing foreign investor interests. Following are comments on the vote, seen by many as a big win for corporate governance in Japan. “We welcome the recent changes to the Board because we are optimistic about the future and Toshiba’s potential. “The AGM proxy materials nominated 13 directors, but only nine were elected. It is not clear who will be chairperson of the board, or who will chair and serve on the all-important nominations committee, which has now lost two members.
Persons: MASAYUKI KUBOTA, Nagamori, ” JUSTIN TANG, ” NICHOLAS BENES, ” HIROSHI KAJIYAMA Organizations: Rakuten Securities, Toshiba Corp, Toshiba, Nidec, TOSHIBA’S SECOND, Board, UNITED FIRST, SINGAPORE, OF JAPAN Locations: Japan
China stocks rise on financials boost, set for weekly gains
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: +2 min
** The CSI300 index rose 1.3% to 5,221.49 points at the end of the morning session, while the Shanghai Composite Index gained 0.83% at 594.79 points. ** Financial firms led gains on Friday, with the CSI300 financials index up 1.7%. ** The golden era for Chinese residents to boost equities assets has arrived, leading to a long-term upbeat cycle for securities firms, SWS Research said in a report. ** For the week, the CSI300 added 2.3% and the SSEC gained 2%, with both set to snap a three-week losing streak. ** In Hong Kong, the Hang Seng index rose 1.1% to 29,210.31 points, while the Hong Kong China Enterprises Index gained 1.6% at 10,846.01.
Persons: Jerome Powell, ” Morgan Stanley, Laura Wang, Luoyan Liu, Andrew Galbraith, Amy Caren Daniel Organizations: HK, Shanghai, Dragon Development Inc, BOC International China, Money Information Co, Hong Kong China Enterprises Locations: Shanghai, China, SHANGHAI, Guangdong, U.S, Hong Kong, Hong
Toshiba investor 3D Investment welcomes board changes
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com + 1.00   time to read: 1 min
TOKYO, June 25 (Reuters) - Singapore-based fund 3D Investment Partners said it welcomed the changes to Toshiba Corp’s board after shareholders voted out board chairman Osamu Nagayama on Friday. “We hope that today’s AGM (annual general meeting) marks the beginning of a new era at Toshiba – one that will be marked by a focus on value creation, transparency to all stakeholders and a renewed commitment to building trust with shareholders,” the fund, one of Toshiba’s largest shareholders, said in a statement. (Reporting by Makiko Yamazaki)
Persons: Osamu Nagayama, , Makiko Yamazaki Organizations: Investment Partners, Toshiba Locations: TOKYO, Singapore
Indian shares rise on financials, post weekly gains
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +2 min
BENGALURU (Reuters) - Indian shares closed higher on Friday, booking their fifth weekly gain in six weeks as falling COVID-19 cases and surge in vaccinations boosted confidence in an economic recovery. FILE PHOTO: A security guard walks past the logo of the National Stock Exchange (NSE) inside its building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas/File Photo/File PhotoDriven by gains in heavyweight financials, the blue-chip NSE Nifty 50 index ended 0.44% higher at 15,860.35 and the benchmark S&P BSE Sensex rose 0.43% to 52,925.04. [MKTS/GLOB]In Mumbai trading, the Nifty Bank index rose 1.54%, with private-sector lenders ICICI Bank and Axis Bank being the top two boosts to the Nifty 50. Ambani added that Aramco Chairman Yasir Al-Rumayyan would join the Indian firm’s board as an independent director.
Persons: Francis Mascarenhas, Joe Biden, Tata Steel, Mukesh Ambani, Ambani, Yasir Al, Rumayyan, Ashok Leyland Organizations: National Stock Exchange, REUTERS, BSE, ICICI Bank, Axis Bank, Tata, Reliance Industries, Saudi Aramco, Indian Locations: BENGALURU, Mumbai, India
Japanese shares track Wall St higher, cautious outlook caps gains
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
TOKYO, June 25 (Reuters) - Japanese shares rose on Friday, led by cyclical and technology stocks, as markets tracked a strong finish on Wall Street, although the gains were capped by a cautious outlook of U.S. equities and worries around the domestic economy’s recovery. “Today’s (Friday) market is tracking Wall Street’s strong gains. Technology stocks also advanced, with Tokyo Electron rising 0.99%, Advantest jumping 2.0%, Fanuc gaining 0.46%. Nikkei’s 29,000-mark has become a psychological barrier as Japan’s outlook of an economic recovery remains uncertain, market participants said. Mazda Motor Corp, up 6.35%, gained the most on the Nikkei, followed by Panasonic and Fujikura which rose 3.91%.
Persons: Dow, Joe Biden, “ Today’s, , Shoichi Arisawa Organizations: Nikkei, Nasdaq, U.S, IwaiCosmo Securities, , Tokyo Stock, Panasonic, Mazda Motor Corp, Eisai, Mitsui OSK Lines, Nippon Yusen Locations: TOKYO, Japan, U.S, Tokyo
S.Korean stocks hit record high, set for sixth weekly gain
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +1 min
The won strengthened and the benchmark bond yield rose. ** The KOSPI rose 26.38 points, or 0.80%, to 3,312.48 by 0206 GMT, extending gains to a fourth straight session. It is set to gain over 1% for the week, after rising 0.57% a week earlier. It is set for a weekly gain, rebounding from a 1.90% decline in the previous week. ** The most liquid 3-year Korean treasury bond yield rose by 4.3 basis points to 1.427%, while the benchmark 10-year yield rose by 4.4 basis points to 2.101%.
Persons: 1,128.5700, Joori Roh Organizations: Korean, U.S, Samsung Electronics, SK Hynix, LG Chem Locations: Korea, SEOUL, Korean
June 25 (Reuters) - The following table shows rates for Asian currencies against the dollar at 0203 GMT. Change on the day at 0203 GMT Currency Latest bid Previous Pct day Move Japan yen 110.900 110.86 -0.04 Sing dlr 1.342 1.3428 +0.04 Taiwan dlr 27.925 28.002 +0.28 Korean won 1128.500 1134.9 +0.57 Baht 31.800 31.84 +0.13 Peso 48.520 48.525 +0.01 Rupiah 14400.000 14435 +0.24 Rupee 74.160 74.16 +0.00 Ringgit 4.156 4.158 +0.05 Yuan 6.466 6.4722 +0.09 Change so far in 2021 Currency Latest bid End 2020 Pct Move Japan yen 110.900 103.24 -6.91 Sing dlr 1.342 1.3209 -1.59 Taiwan dlr 27.925 28.483 +2.00 Korean won 1128.500 1086.20 -3.75 Baht 31.800 29.96 -5.79 Peso 48.520 48.01 -1.05 Rupiah 14400.000 14040 -2.50 Rupee 74.160 73.07 -1.48 Ringgit 4.156 4.0200 -3.27 Yuan 6.466 6.5283 +0.96 (Compiled by Soumyajit Saha in Bengaluru)
Persons: Soumyajit Saha Locations: Taiwan, Bengaluru
Myanmar security forces seize arms cache near Mandalay -state media
  + stars: | 2021-06-25 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
June 25 (Reuters) - Myanmar security forces seized a large cache of weapons on a truck bound for Mandalay this week, after arresting insurgents following a firefight in the country's second-biggest city, state media reported on Friday. The state-run Global New Light of Myanmar newspaper carried a photograph of four arrested people in front of a weapons cache. It reported security forces had seized more than 100 firearms, 10,000 bullets, 499 grenades, along with bombs and detonators. The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) on Thursday estimated 230,000 people have been displaced by fighting in Myanmar and need assistance. read moreReporting by Reuters Staff; Writing by Ed Davies; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.
Persons: Aung, Suu Kyi, Tun Tauk Naing, Ed Davies, Simon Cameron, Moore Organizations: Myanmar, People's Defence Force, National Unity Government, Kachin Independence Army, Mandalay, United Nations Office, Humanitarian Affairs, Reuters Staff, Thomson Locations: Myanmar, Mandalay, Suu, Karen, Thailand, Chin State, India
Below are issues at stake for financial institutions, and where Japan stands on the global debate on assessing financial risks associated with climate change. WHAT’S AT STAKE FOR FINANCIAL INSTITUTIONS? Australian regulators also unveiled plans earlier this month to increase their oversight of climate change reporting by listed companies and financial institutions. Some big insurers have internally conducted calculations on the potential increase in claim payments from climate change. The Bank of Japan has stepped up efforts to raise awareness among financial institutions on climate risks.
Persons: Haruhiko Kuroda, Leika Kihara, Muralikumar Anantharaman Organizations: Force, Finance Initiative, UNEP, JAPAN, Sompo Holdings, The Bank of Japan Locations: TOKYO, Japan, Netherlands
RPT-Brazil's National Monetary Council sets 2024 inflation target at 3.00%
  + stars: | 2021-06-24 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: 1 min
(Repeats story with no change to text)BRASILIA, June 24 (Reuters) - Brazil’s National Monetary Council (CMN) on Thursday set the central bank’s 2024 inflation target at 3.00%, with a tolerance margin of 1.5 percentage points on either side. The CMN, Brazil’s highest economic policy body, which includes the economy minister and central bank president, kept the 2021, 2022 and 2023 targets at 3.75%, 3.50% and 3.25%, respectively. (Reporting by Jamie McGeever)
Persons: Jamie McGeever Organizations: Monetary Council Locations: BRASILIA
U.S. House votes to repeal 'true lender' banking rule issued under Trump
  + stars: | 2021-06-24 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: 1 min
WASHINGTON, June 24 (Reuters) - The U.S. House of Representatives voted Thursday to repeal a contentious banking rule introduced during former President Donald Trump’s administration that Democrats say allows predatory lenders to skirt state consumer protections. The vote to roll back the so-called “true lender” rule, which attempted to clarify what laws applied to lenders like fintechs when partnered with traditional banks, clears the way for its removal, as President Joe Biden is expected to sign it. (Reporting by Pete Schroeder)
Persons: Donald Trump’s, Joe Biden, Pete Schroeder Organizations: U.S . House
UPDATE 1-Harry Sloan's Spinning Eagle SPAC files for $2 bln U.S. IPO
  + stars: | 2021-06-24 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
(Adds details from filing)June 24 (Reuters) - Spinning Eagle Acquisition Corp, backed by former Hollywood executive Harry Sloan, filed for an initial public offering of up to $2 billion on Thursday, in what would be the biggest blank-check offering so far this year. The special purpose acquisition company (SPAC), which will be listed on the Nasdaq, said it would be looking to sell 200 million units at $10 each. If priced successfully, Spinning Eagle will become the biggest SPAC on offer this year amid a slowdown in blank-check dealmaking due to tighter regulatory scrutiny and waning investor appetite. SPACs are shell firms that raise money on the promise of taking a private company public through a merger, typically within two years. Spinning Eagle is also backed by veteran investor Eli Baker, who previously helped lead the SPAC merger with sports betting platform DraftKings Inc.Baker and Sloan also worked together on the SPAC merger with mobile gaming firm Skillz Inc.Goldman Sachs is the sole underwriter for the IPO.
Persons: Harry Sloan, Eli Baker, Baker, Sloan, Goldman Sachs, Niket, Ramakrishnan Organizations: Acquisition Corp, Hollywood, Nasdaq, Skillz Inc Locations: Bengaluru
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