(Reuters) – Car-sharing company Getaround Inc on Wednesday said it has raised $140 million in additional venture capital funding at a time when its business is seeing growing demand and recovering from a collapse during the early days of the coronavirus pandemic.
The San Francisco-based company, backed by Japan’s SoftBank Group Corp <9984.T>, has raised a total of nearly $600 million since it was founded more than ten years ago and in previous rounds was valued at more than $1.5 billion.
The company allows private vehicle owners to rent out their cars through Getaround’s platform on an hourly or daily basis and operates in over 100 U.S. cities and more than 170 European locations after the company acquired a local competitor in 2019.
Getaround’s business suffered during the initial outbreak of the novel coronavirus in March and April, when demand dropped 75% and the company sought financial support from a
HONG KONG (Reuters) – Huawei Technologies Co Ltd is in talks with Digital China Group Co Ltd <000034.SZ> and other suitors to sell parts of its Honor smartphone unit in a deal that could fetch up to 25 billion yuan ($3.7 billion), people with knowledge of the matter said.
Embattled Huawei is resetting its priorities in the face of U.S. sanctions and will focus on its higher-end Huawei phones rather than the Honor brand which is aimed at young people and the budget conscious, they said.
The assets to be sold have yet to be finalised but could include Honor’s brand, research & development capabilities and related supply chain management business, two of the people said.
The deal may be an all-cash sale and could end up smaller, worth somewhere between 15 billion yuan and 25 billion yuan, one of the people said.
FILE PHOTO: Bottles of prescription painkillers Oxycodone Hydrochloride, 30mg pills, made by Mallinckrodt sit on a counter at a local pharmacy, in Provo, Utah, U.S., April 25, 2017. REUTERS/George Frey/File PhotoReuters
(Reuters) – Mallinckrodt filed for bankruptcy protection on Monday, saddled with lawsuits alleging it helped fuel the U.S. opioid epidemic.
Adding to its woes, the company in March also lost a court battle to avoid paying higher rebates to state Medicaid programs for its top-selling drug.
Mallinckrodt said on Monday it had agreed to pay $1.6 billion over several years to settle opioid-related litigation. About $450 million would be paid as part of its settlement once the company emerged from chapter 11 bankruptcy.
The company would then pay $200 million in the first and second year after its emergence from the bankruptcy, and $150 million subsequently through the seventh year.
FILE PHOTO: An empty street is seen in Little Havana, Miami, after local authorities restricted the activities of restaurants, bars, gyms, movie theaters and other similar businesses for precaution due to coronavirus disease (COVID-19) spread, in Miami, Florida U.S., March 23, 2020. REUTERS/Carlos Barria/File PhotoReuters
(Reuters) – Florida is one of the five best states in the nation in which to do business, according to a new survey. It’s also one of the five worst, according to the same survey, thanks to COVID-19.
Every three years, Development Counsellors International, an economic development marketing firm, surveys executives to rank business climates in the various U.S. states. For the first time since they began doing the survey in 1996, a single state landed in the top five in both categories: Florida. The DCI report was released on Tuesday.
“The rationale for Florida being on both the best and worst lists was
FILE PHOTO: A “We’re Hiring” sign advertising jobs is seen at the entrance of a restaurant, as Miami-Dade County eases some of the lockdown measures put in place during the coronavirus disease (COVID-19) outbreak, in Miami, Florida, U.S., May 18, 2020. REUTERS/Marco BelloReuters
(Reuters) – U.S. small business confidence rose last month to its highest since the onset of the coronavirus pandemic earlier this year with more firms experiencing an uptick in foot traffic and sales, according to a monthly survey released on Tuesday.
The National Federation of Independent Business Optimism Index rose 3.8 points to a reading of 104 in September, the highest level since February. After crashing to a seven-year low in April, the index has rebounded sharply as restrictions imposed on businesses and consumers to contain the spread of COVID-19 have continued easing.
Nine of the index’s 10 components showed improvement, led by a 13 point
COPENHAGEN (Reuters) – The world’s biggest container shipping line, Maersk
, said on Tuesday demand was recovering faster than expected and lifted its earnings outlook, while also announcing plans to cut 2,000 jobs as it streamlines to cut costs.
Maersk, which handles about one in five containers shipped worldwide, said that though cargo volumes were still down on last year they had picked up more than forecast after falling sharply at the height of the coronavirus pandemic a few months ago.
“A.P. Moller – Maersk is on track to deliver a strong Q3 with solid earnings growth across all our businesses, in particular in Ocean and Logistics & Services,” Chief Executive Soren Skou said in a statement.
“Volumes have rebounded faster than expected, our costs have remained well under control, freight rates have increased due to strong demand,” Skou said.
Volumes in Maersk’s Ocean-division declined by around 3% in the
(Reuters) – European shares hit a five-week high on Monday as optimism about a stable economic recovery in China and hopes of more U.S. fiscal stimulus helped offset concerns around surging COVID-19 cases across the continent.
The pan-European STOXX 600 <.STOXX> marked a third straight day of gains to end 0.7% higher, led by utilities <.SX6P>, technology <.SX8P> and autos <.SXAP> stocks.
The Trump administration on Sunday called on the U.S. Congress to pass a stripped-down coronavirus relief bill after talks stalled on a more comprehensive stimulus deal.
“Investors have not lost faith that further stimulus measures will follow and that an effective COVID-19 vaccine will soon be placed on the market,” said Milan Cutkovic, market analyst at Axi.
But a jump in domestic coronavirus cases has raised the spectre of fresh lockdowns and cast a shadow over a nascent economic rebound.
With Italy preparing for nationwide curbs, the European
LONDON/AMSTERDAM (Reuters) – Shareholders in Unilever Plc
have approved the company’s plan to end its 90-year-old dual-headed structure in favour of a single London-based entity, the Anglo-Dutch consumer goods company said on Monday.
The proposal passed with the support of more than 99% of shares voted.
The results were released during shareholder meetings streamed online due to the COVID-19 pandemic. Investors in Dutch-listed Unilever NV
approved the move with 99.4% support last month.
Unilever wants to unify on Nov. 29, ending a hybrid structure that dates back to the merger of British soap maker Lever Brothers and Margarine Unie in the Netherlands.
The maker of Dove soap, Hellmann’s mayonnaise and Ben & Jerry’s ice cream says the dual structure hampers its ability to conduct acquisitions and asset sales quickly, such as the planned sale of its tea business.
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(Reuters) – European stocks posted a second consecutive week of gains on Friday as bumper forecasts from Denmark’s Pandora and Novo Nordisk set a brighter tone for the earnings season, while investors kept an eye out for signs of fresh U.S. stimulus.
The STOXX 600 index <.STOXX> ended up 0.6% to close the week with a gain of 2.1%.
Global equities advanced this week as growing expectations the Democratic party will win U.S. elections next month revived hopes for more economic stimulus there.
In Europe, a string of mergers and acquisitions as well as a rebound in beaten-down sectors like travel & leisure <.SXTP>, banks <.SX7E> and oil & gas <.SXEP> lifted regional markets.
Shares of aircraft engine maker Rolls Royce
have almost doubled in value since Monday, while British Airways owner-IAG
Jewellery maker Pandora
rose 17.2% to the top of STOXX 600 on Friday after hiking its