Abu Dhabi state fund Mubadala Investment Co and Abu Dhabi Catalyst Partners, partowned by Mubadala, said on Tuesday they had invested a combined 150 million in messaging app Telegram. Mubadala invested 75 million in fiveyear, preinitial public offering IPO bonds of Telegram, while Abu Dhabi Catalyst Partners invested a further 75 million. Telegrams user base […]

BEIJING Reuters Chinese autonomous driving startup Momenta said on Friday it has received 500 million from SAIC Motor, Toyota Motor and auto parts supplier Bosch, as the global auto industry pursues the autonomous future. Other investors in the funding round include Daimler AG, Temasek, Yunfeng Capital and Tencent, Momenta said in a statement. It did […]

Wall Street thought 2020 was a frenetic year for special purpose acquisition companies SPACs. Yet with more than nine months to go until the end of 2021, initial public offerings IPOs of U.S. SPACs this week surpassed the 83.5 billion the sector raised in all of 2020, data from industry tracker SPAC Research showed. This […]

Wall Street and Silicon Valley poured billions of dollars into electricvehicle and related companies in 2020, betting on their future dominance and in many cases fueling valuations that bear little relation to the companies current or expected production and sales. There is little doubt that the automotive industry is trending toward electric vehicles amid the […]

Volkswagen is confident that cost cuts will help it raise profit margins in the coming years, the worlds secondlargest carmaker said on Tuesday, a day after outlining an ambitious electric mobility expansion. Our good performance in 2020, a year dominated by crisis, will give us momentum for accelerating our transformation, Chief Executive Herbert Diess said […]

Payments firm Wirecard collapsed last year in Germanys biggest postwar fraud scandal. A parliamentary inquiry is in progress, with German Chancellor Angela Merkel and Finance Minister Olaf Scholz due to testify in April. The German government examined the possibility of bailing out Wirecard just three days before it collapsed, according to documents seen by Reuters. […]

Credit Suisse on Tuesday warned it might incur charges following the collapse of its Greensilllinked supply chain finance funds and other dealings with the specialty firm. The lender has been facing the fallout from the collapse of 10 billion worth of funds linked to British financial services firm Greensill Capital, which last week filed for […]

MILAN, March 15 Reuters Italys Cassa Centrale Banca CCB is reconsidering the terms at which it could take a controlling stake in rival Carige in light of mounting losses at the Genoabased bank, three sources close to the matter said on Monday. Unlisted CCB currently holds 8 of Carige following a rescue in 2019 led […]

FRANKFURT, March 15 Reuters Former Commerzbank Chief Executive Martin Blessing has launched the Amsterdam initial public offering of a blankcheque company targeting the acquisition on a financial technology firm, the bookrunner of the deal said on Monday. The European FinTech IPO Company 1 EFIC1 is planning to raise up to 415 million euros and seeking […]

SYDNEY, March 15 Reuters Around 10 UBS Australia bankers, including top banking analyst Jonathan Mott, mining analyst Glyn Lawcock and head of financial sponsors advisory Justin Dwyer, have resigned, two sources with knowledge of the matter said. The majority of the departing staff have been hired by startup Barrenjoey Capital Partners, which is partly owned […]