World’s second largest cinema chain Cineworld Group Plc. (LON: CINE) has secured commitments of up to $213 million in a new convertible bond deal. The company is seeking to use this cash to lift itself from the plunge inflicted to it by the pandemic. Without a doubt, the theatre industry is among the worst hit […]
Money
ByteDance’s Video Game Unit to Purchase Moonton Technology
The video game unit of ByteDance Nuverse will be purchasing video games studio Moonton Technology. Nuverse says it has already agreed on terms and conditions of this acquisition deal and it will be using the acquisition to expand its influence in the video game industry. “Through cross-team collaboration and drawing on lessons and insights from […]
Insurer Chubb Seeking to Purchase Hartford Group in a $23.24 Billion Deal
Switzerland based property and casualty insurance company Chubb Ltd (CB) is seeking to purchase United States based investment and insurance company Hartford Financial Service Group Inc. (HIG) for $23.24 billion. According to a statement released by the company, the transaction will be a cash and stock deal. On the other end, Hartford acknowledged having received […]
Cyber Insurance Firm Coalition Raises $175 Million in Latest Financing Round
San Francisco based cyber insurance company Coalition Inc. reported having raised $175 million from its latest financing round held on March 17. This financing round leaves the company with a market valuation of $1.75 billion. During the pandemic, demand for protection against data theft, ransom, and hacks has been on a rampant surge due to […]
Hong Kong Scientist Develops a Machine to Detect Early Childhood Autism
A scientist from Hong Kong has developed a retinal scan technology which can be used to detect early autism in children. This technology is modified to use artificial intelligence and machine learning to scan retinas of children as young as six years old to detect early autism. The machine has the ability to capture the […]
Three Chinese EV Makers Aiming a Joint $5 Billion Hong Kong IPO
Three electric vehicle manufactures from China are planning for a joint listing in the Hong Kong Stock Exchange whereby they will raise $5 billion from the IPO. The companies include Nio Inc. (NIO), Xpeng Inc. (XPEV) and Li Auto Inc. (LI). All the three EV makers are listed on United States stock markets. The companies […]
Exxon to Cut Labor Force by 7% in Singapore
Oil and gas company Exxon Mobil Corp. (XOM) will be laying off 7% of its labor force in Singapore which houses its largest oil refining and petrochemical complex. Exxon made the announcement on March 3 clarifying that unprecedented market conditions courtesy of the pandemic fueled the decision. This job cut will be carried out periodically […]
AT&T Selling 30% of its Stake in DirecTV
U.S based telecommunication company AT&T Inc. (T) will be selling around 30% of the stake it holds in its subsidiary DirecTV. The wireless carrier will be selling the stake to buyout firm TPG Capital. This deal gives DirecTV’s business a market value of $16.25 billion. AT&T purchased the stake in DirecTV six years ago for […]
KKR to Purchase Telefonica Fiber Optic in a $1 Billion Deal
United States based Investment Company KKR & Co Inc. (KKR) will be purchasing Chile based telecoms operator Telefonica Fiber Optic Network for $1 billion. This deal will leave KKR as the majority shareholder in the fiber optic network company. After the deal is closed, it will go down as Chile’s first created open access wholesale […]
Discovery Expecting 12 Million Streaming Subscribers by End of February
American mass media company Discovery Inc. (DISCA) is looking forward to have 12 million streaming subscribers by the end of February. Since the pandemic began the company has been recording increasing numbers of new streaming subscribers due to movement restrictions imposed across the world to reduce spread of the deadly virus. Discovery Inc. operates a […]