A weaker Arm
Arm hopes to price its forthcoming IPO on the Nasdaq exchange at between $47 and $51 a share, according to a new filing. That would give the chip designer a market value of up to $52bn, considerably less than the $64bn implied in a transaction by SoftBank, its owner, a month ago. Some analysts now wonder if Arm will even reach a valuation of $52bn, given its latest drop in quarterly revenue.
Alan Joyce stepped down with immediate effect as chief executive of Qantas Airways.
He was supposed to retire in November, but growing public anger over a series of scandals, including claims that the Australian airline sold thousands of tickets for cancelled flights, has forced him into an early departure.
Saudi Telecom Company, which is controlled by the Saudi government, acquired a 9.9% stake in Telefónica, Spain’s leading telecoms provider. The news was a surprise for the company, and for the Spanish government, which made rumblings about defending its strategic interests.
Novo Nordisk became Europe’s most valuable listed company, after its treatment for weight loss, Wegovy, was made available in Britain. The Danish pharmaceutical group’s market capitalisation stood at $428bn at the close of business on September 4th, putting it ahead of LVMH, the world’s biggest luxury-goods firm.
After coping with the pandemic and a supply-chain crisis, Detroit’s big three carmakers—Ford, General Motors and Stellantis—are now confronted with a more traditional problem: a workers’ strike. Contracts with the United Auto Workers must be renewed by September 14th and the bosses and unions remain far apart on reaching a deal. The most recent UAW strike was in 2019.
New York began enforcing new curbs on renting properties through platforms such as
Airbnb. Homeowners who want to rent now have to register with the city, and the platforms must verify that registration. Hosts who repeatedly violate the rules could face fines of up to $5,000. Many have simply pulled their property from the listings. Airbnb says it has in effect been banned from the Big Apple.