WeWork's future uncertain amidst delayed Softbank financing talks
WeWork, Adam Neumann's co- working and living startup, had its initial public offering pulled from the market by Japanese owners Softbank Group Corp amidst controversy regarding the company's management. Softbank has now failed to secure an additional 3 billion USD needed to keep WeWork afloat as part of a 9 billion USD bailout, with all three of its banks hitting internal limits on loans.
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WeWork set to see profits in 2021
WeWork set to see profits in 2021
Chairman of the New York-based office space sharing company WeWork, the company is set to see positive cash flow and profits in 2021, a year ahead of schedule, company chairman Marcelo Claure said in an interview with the Financial Times published Sunday. “Everybody thought WeWork was mission impossible. And now, a year from now, you are going to see WeWork to basically be a profitable venture ” Claure said
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Jack Ma to resign from SoftBank board
SoftBank announced that the co-founder of Alibaba, Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son. The departure of Ma, who retired as Alibaba’s executive chairman in September, comes as he pulls back from formal business roles to focus on philanthropy
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Governments to bail out coronavirus-hit airlines on verge of bankruptcy
Following emergency bailout programs from the governments of Sweden and Denmark to support national airlines with 300 million USD in loan guarantees, Australia and Taiwan have joined the growing list of world governments who are taking measures to bail out airlines on the verge of bankruptcy due to the coronavirus pandemic, with Australia refunding and waiving charges to domestic airlines and Taiwan approving subsidies and loans for its airlines.
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Legendary GE Chairman Jack Welch dead at 84
Jack Welch, General Electric's iconic chairman and CEO who served the company from 1981 to 2001, and oversaw the company's rise into an industrial and financial stalwart as the most valuable company in the world, has passed away aged 84. Welch was known for his aggressive management style and was named Fortune's CEO of the Century in 1999.
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