Innovations never cease to bring us a new lease on life. Finance is at the heart of global developments and never ceases to make our heads spin. Focus on the latest international news.
Arm: valuation close to $52 billion!
Arm, the British chip designer whose processors are found in 99% of smartphones, is targeting a valuation of around $52 billion for its initial public offering (IPO) on the New York Stock Exchange. This IPO is the largest in nearly two years, since Rivian’s arrival on Wall Street, so Arm’s share price has been set at the highest level of the initial range, between $47 and $51 per share. The operation, launched by SoftBank Group, Arm’s majority shareholder, which will sell around 10% of the shares of the technology company based in Cambridge, England. Arm’s valuation far exceeds the $32 billion SoftBank spent to acquire the company in 2016, but remains below the $60 to $70 billion SoftBank was targeting a few weeks ago.
600 to 700 aircraft need to be revised for Airbus
Pratt & Whitney, the American engine manufacturer, has identified a defect in the engines powering Airbus’ A320neo. In fact, this discovery requires the recall and revision of 600 to 700 aircraft, immobilizing them for a while. The cost of this situation is between $3 billion and $3.5 billion over the “next few years” by RTX, Pratt & Whitney’s parent company. Approximately 1,200 aircraft could be affected, including 3,000 equipped with this PW1100 GTF engine. These expenses will include compensation to airlines that own A320neos, a critical time as air traffic recovers after the Covid-19 pandemic. The problem stems from a defect in a metal powder used to make high-pressure turbine discs. This defect does not pose an immediate danger, but it can lead to premature wear. Airbus indicates that it does not anticipate any disruption in its deliveries for 2023 or in its ramp-up plan in 2024.
The USB type C cable is essential and will be mandatory from 2024
The USB type C cable is essential and will be mandatory from 2024 The European directive of October 4, 2022 imposes the obligation to integrate the USB-C port on all electronic devices from December 28, 2024. In particular, it will have to be integrated on mobile phones, tablets, e-readers, headphones, speakers, earphones, digital cameras and portable game consoles. Computers will follow this requirement in 2026. In addition, this measure aims to reduce waste related to new technologies and save European consumers 250 million euros each year. As a reminder, USB-C is a standard 24-pin connector, thinner and more efficient than its predecessors. For example, it is commonly used on Android smartphones. It can supply a charging voltage of up to 240 Watts. Note: Apple has integrated the USB-C port into its new range of iPhones.
Birkenstock has filed for an IPO on the New York Stock Exchange
This move aims to continue the growth of the company, which has gained popularity in recent years, thanks to a bold marketing strategy and luxury collaborations. The document filed is preliminary. It does not specify the number of shares offered to investors. Shareholders, including L Catterton, affiliated with LVMH and led by Bernard Arnault, are targeting a valuation of over $7 billion for Birkenstock. The company achieved a turnover of 1.24 billion euros during its fiscal year ending in September 2022, with a net profit of 187 million euros. In the first six months from October 2022 to March 2023, revenue increased by 18% to reach 644 million euros.
Paris 8th best city for teleworking
The world leader in co-working spaces, IWG, has published a ranking of the 25 cities most conducive to “workations”. Barcelona was ranked first for its dynamism and Mediterranean climate. Toronto, Canada is in second place, followed by Beijing, China. IWG used nine criteria to evaluate these destinations, including climate, culture, access to transportation, cuisine, happiness level, high-speed internet speed, and availability of flexible workspaces. Other cities such as Milan in Italy, New York in the United States, Rio de Janeiro in Brazil, and Amsterdam in the Netherlands are also included in the ranking. Paris ranks eighth, but gets low marks for the cost of food and beverages..
Wilko store closures
Wilko store closures The bankrupt chain Wilko plans to close all of its stores by the beginning of October. These closures will result in the layoff of an additional 9,100 employees, according to PwC, the firm administering the bankruptcy. It has become apparent that no significant part of Wilko’s business can continue in its current form. These layoffs are in addition to the more than 1,600 job cuts announced in recent weeks. In addition, many employees have chosen to leave the company early. Ultimately, nearly all of the 12,500 jobs the retailer had before its bankruptcy will disappear. Investor Doug Putman, owner of HMV music stores, has given up his attempt to take over the Wilko stores. In fact, due to the inability to reduce the costs of the central infrastructure quickly enough, the transaction could not be finalized. Wilko filed for bankruptcy in early August given the cost of living crisis and inflation in the UK.
Nintendo will open its own museum
A museum dedicated to Nintendo is expected to open in 2024 in an old factory of the company in Japan. This company, specializing in the creation of video game consoles and games since 1977, has an increasingly rich history to share. During a Nintendo Direct conference, the company’s CEO, Shinya Takahashi, gave details on the ongoing project of the Nintendo Museum, formerly known as the “Nintendo Gallery”. The exact opening date of the museum remains a secret, but Nintendo assures that it will offer a wide range of elements related to Nintendo’s history, including historical objects and potentially forgotten, unknown or extremely rare games today. In recent years, Nintendo has sought to offer a more immersive experience for fans and players, notably by opening two theme parks based on its universes in Japan and the United States. In France, a similar initiative would be in preparation.
Ban on clothing that “offends feelings”
China plans to ban clothing deemed offensive to public sentiment. Beijing authorities have drafted a bill to punish clothing deemed harmful to the Chinese people’s spirit, which could result in fines or even imprisonment. This reform follows several incidents related to the wearing of Japanese clothing in historical places or on memorial days. In 2021, a state-owned tabloid, the Global Times, reported that a woman was heavily criticized for wearing a kimono in public on December 13, the national day of commemoration for the victims of Japanese war crimes committed in 1937
