TITAN Financial

2022-06-04 15:00:04 Rimac raises $537 mln in new funding round, CEO talks potential IPO

Rimac has raised 500 million euros ($537 million) in a new funding round, it said on Wednesday, but the Croatian carmaker's chief executive cautioned sales would have to be twice as high before he would consider a stock market listing.

The new funding, led by Softbank and Goldman Sachs as well as existing shareholders including Volkswagen's Porsche unit, brings the carmaker's total valuation to over 2 billion euros.

Taking the step of an initial public offering would depend on revenue reaching over a billion, Rimac CEO Mate Rimac said, adding the company was around halfway there.

The Rimac Group comprises a Bugatti-Rimac joint venture, producing electric sportscar Nevera and the Bugatti Chiron and owned 45% by Porsche AG - and a separate technology business which supplies batteries and powertrain components to other car companies, Reuters.

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2022-06-04 12:00:13 #quotes Open / Comment

2022-06-04 09:00:04 Twitter clears US antitrust review on $44 billion Musk deal

Twitter Inc. has passed the US antitrust review, clearing a hurdle for its acquisition by Elon Musk in a proposed $44 billion deal.

Approval was largely expected but the transaction is still subject to acceptance by Twitter shareholders and other regulatory reviews.

Under US merger law, Musk was required to notify the Federal Trade Commission and the US Department of Justice antitrust division to allow an investigation into potential antitrust concerns. The 30-day review period expired Thursday night. It may still be months before Twitter fully comes under Musk’s control as the billionaire continues to seek additional financing commitments.

Separately, Musk is facing regulatory scrutiny over how he has handled filings for the deal.

Twitter shares were up 1.8% on news, Bloomberg.

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2022-06-03 19:30:05 Feeling 'super bad' about economy, Musk wants to cut 10% of Tesla jobs

Allianz to take $430 million hit due to retreat from Russia

Nikola founder Trevor Milton blocks company share sale

New owner of McDonald's in Russia intends to reopen the chain and expand it

Global food prices remain at record levels

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2022-06-03 17:00:12 Elon Musk says Tesla may have ‘Optimus’ robot prototype within months

Tesla Inc. may have a functioning humanoid robot up and running within months, CEO Elon Musk said on Twitter, as he postponed the electric carmaker’s second AI Day until Sept. 30 for that reason.

Optimus, first unveiled in August 2021 during Tesla's first AI Day, is a human-sized robot that Musk envisions will be able to perform mundane tasks.

Optimus will be around 173 centimeters tall, weigh around 57 kilograms and have a carrying capacity of 20 kilograms. It will be controlled by the same artificial intelligence systems that Tesla is developing for use in its electric vehicles.

Musk believes that the Optimus robotic business will "become more significant than Tesla's car business over time", Bloomberg.

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2022-06-03 15:00:17 Block to integrate Square payments with Apple iPhone's 'Tap to Pay' feature

Block Inc will work with Apple Inc to integrate Square payments with "Tap to Pay" feature on iPhones and launch it later this year, the fintech company said on Thursday.

The San Francisco-based company's shares rose 7% on the news.

The company said sellers would be able to accept in-person contactless payments with only their iPhone and a Square Point-of-Sales (POS) app, without the need for additional hardware.

Block said an Early Access Program will help sellers test the integration with iPhones this summer.

Apple had earlier said its "Tap to Pay" feature would launch later this year, with Stripe and Shopify Point being the first to offer the feature to business customers in the United States.

The iPhone-maker has been beefing up its fintech services. It launched its own credit card with Goldman Sachs in 2019 and is reportedly working on a "buy now, pay later" service, Reuters.

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2022-06-03 12:00:04 #quotes Open / Comment

2022-06-03 09:00:04 Toshiba received eight offers to go private

Toshiba Corp, the troubled Japanese conglomerate, said it had received eight initial offers to take the company private, as well as two offers in which the company would remain publicly traded.

Toshiba has been plagued by the crisis since 2015, and in April it set up a special committee to gather proposals for restructuring.

The company said it would evaluate financing arrangements and the feasibility of the proposals and then select potential investors, who would be given the opportunity to conduct due diligence, after the annual shareholder meeting on June 28.

Toshiba also said it expects operating profit to more than double to 360 billion yen ($2.8 billion) in the year through March 2026 from last fiscal year.

The company intends to boost services related to data, production of power management chips and research on next-generation nuclear power reactors, Reuters.

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2022-06-02 19:30:07 Microsoft shares fall after revenue and earnings forecasts
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Ford to invest $3.7 billion in car and electric vehicle production

Saudi Arabia to raise oil production if Russian output falls under sanctions

World's biggest truck manufacturer says chip shortage is easing

Teetering on default, Russia misses $1.9 mln payment

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2022-06-02 17:10:02 GameStop sales beat estimates with shift to crypto and NFTs

GameStop Corp's sales for the three months ended April 30 rose 8% to $1.38 billion, the company said in a statement Wednesday, better than the $1.33 billion projected by analysts. But the company also said its net loss more than doubled to $157.9 million. The adjusted loss was $2.08 per share, below the average analysts' forecast of a loss of $1.16. The stock initially rose 9% in extended trading, but then gave up.

Earlier this month, GameStop launched a digital asset wallet that will allow gamers to store, send and receive cryptocurrencies and NFTs without leaving their Web browsers. The wallet will be used on GameStop's new NFT marketplace, which is expected to launch this quarter.

The company's stock has fallen about 52% over the past year, compared to the S&P 500 Index's decline of about 2%, Bloomberg.

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