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U.S.-China Audit Deal in the Works, Though Potential for Delisting Remains
Despite a preliminary agreement that would permit U.S. officials to review audit documents of Chinese companies that trade in the States, Goldman Sachs Group Inc. analysts say a 50% chance of delisting those businesses still exists. The expectation for delisting was 95% in March...
Amazon to Buy Roomba Manufacturer iRobot in $1.7B Deal
Amazon has said it will acquire Roomba-maker iRobot for $1.7 billion, in an all-cash transaction at $61 per share. The purchase, which would increase Amazon’s presence in the consumer robotics space, would be the company’s fourth-largest by market value, behind Whole Foods, MGM, and One Medical...
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Thoma Bravo to Acquire Australian Tech Firm Nearmap
Private equity firm Thoma Bravo is set to take over Australian aerial imagery company Nearmap Ltd. for $728.5 million, the company said. The offer represented a premium of close to 39% over Nearmap’s stock closing price the day before the deal was disclosed...
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Water-Related Disasters May Cost $5.6 Trillion by 2050
If water-related disasters continue to wreak havoc on the world’s largest economies, $5.6 trillion in losses may result by 2050, according to a new study by GHD, which provides environmental and engineering consulting for sustainability challenges. Worsening storms, flooding due to torrential rains, and drought are profound threats to the global economy, according to the report...
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The Message from Jackson Hole: Get Used to an Unsettled Economic...
The volatility of recent years may persist, according to top economic policymakers who converged in August on Jackson Hole, Wyoming for their annual symposium. Up-and-down growth, supply chain disruptions, and inflation—all of which have caused global uncertainty—may not disappear in the next few years, many in attendance said...
U.S. Banks Fined for Using Unapproved Communications Tools
Big U.S. banks in the crosshairs of the federal government for using unapproved messaging tools and are facing more than $1 billion in regulatory fines following probes by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)...
Groundbreaking Laser Maker to Merge with SPAC and Go Public
Laser leader Nuburu Inc. and Tailwind Acquisition Corp., a special purpose acquisition company (SPAC), will merge and go public, the companies announced. The transaction values Nuburu at a pre-money enterprise value of approximately $350 million, at a price of $10 per common share...
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Avalara to Go Private in $8.4 Billion Deal with Vista
In one of the largest take-private deals this year, tax software platform Avalara Inc. said it has agreed to be acquired by private equity firm Vista Equity Partners for $8.4 billion including debt. Vista secured a $2.5 billion loan from private lenders and has brought in institutional investors as co-investors, according to Reuters...
Top Companies Choosing Caution During Uncertainty, Despite Robust Earnings
Strong earnings and hopes for less aggressive interest rate hikes have spurred a Wall Street rally, but top companies are playing it safe, according to NPR. All but about 50 of the S&P 500 companies reported earnings in the second quarter, with about 75% of them doing better than they anticipated...
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We Are Not in a Recession
Economic wins in August have boosted confidence among analysts, following two quarters of negative growth. Still, recession fears loom for now. The economy added 528,000 jobs just in July and the unemployment rate fell to 3.5%, the lowest it has been since 1969...
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Hertz Appoints Scott M. Haralson as Chief Financial Officer
Hertz Global Holdings, a prominent global rental car company, has announced the appointment of Scott M. Haralson as Chief Financial Officer. "His deep expertise in financial management and leveraging the capital markets to drive business transformation will be invaluable to Hertz as we rotate our fleet, deliver operational excellence, build greater cost discipline and undertake other key initiatives to improve our financial performance", stated Hertz CEO Gil West...
Navan Appoints Amy Butte as Chief Financial Officer
Navan, the comprehensive super app simplifying travel and expense management, announced the appointment of Amy Butte as Chief Financial Officer effective June, 2024. Butte, who joined Navan's Board of Directors in April 2024, has resigned from her role as Audit Committee Chair to assume this executive position...