SoFi to acquire payment software company Galileo for $1.2 billion
Deal conversations began before "things got challenging" due to coronavirus, but they were able to continue despite the current economic slowdown, according to Noto and Galileo CEO Clay Wilkes. The cash-and-stock deal will help the companies launch new products, expand internationally and capitalize on consumers' shift to digital finance, according to the CEOs of both companies.
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Elon Musk Gains $8 Billion to Become World’s Fourth-Richest Person
Elon Musk’s financial upswing shows no signs of slowing. The rise vaulted the Tesla co-founder past French luxury tycoon Bernard Arnault, the wealthiest non-American on the Bloomberg Billionaires Index. Musk’s fortune has grown by $57.2 billion this year, the second-biggest increase on the index after Amazon.com Inc. founder Jeff Bezos’s.
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China’s exports jumped 7.2% against an estimated 0.2% fall
Dollar-denominated exports in China jumped 7.2% year-on-year, economists at Reuters predicted a fall of 0.2%. In July, China posted a trade surplus of $62.33 billion, beating the $42 billion economists had expected. China’s trade surplus was $46.42 billion in June. Despite the coronavirus pandemic hitting global demand, exports from China have held up as exports in medical supplies jumped in the first half of the year
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US posted the worst-ever GDP plunge
US posted the worst-ever GDP plunge
US GDP dropped 32.9% in the second quarter, the worst ever posted in the Q2. Economists surveyed by Dow Jones had been looking for a drop of 34.7% but still, it was the worst drop ever, with the closest previously coming in mid-1921. The report comes amid a recession that began in February and pulled first-quarter growth down 5%. On a quarterly basis, the Q2 decline was 1.8%
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China tries to find a new economic partner in South Korea
According to the latest media reports, South Korea and China are set to hold bilateral talks on the economy later this week. The talks will be held on Saturday in Qingdao, eastern China, where deputy ministers of the two sides will hold annual economic cooperation talks, South Korea’s Yonhap news agency said. The meeting comes amid escalating China-US trade and security tensions
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