• Authentic Brands Group has canceled its plans for an IPO and instead has planned to sell significant equity stakes in its business to private equity firm CVC Captial, and other current shareholders which value the company at $12.7 Billion
• The CEO of Authentic Brands, Jamie Salter said that that the company will move its IPO target date to 2023 or 2024 

Electric boating start-up, Pure Watercraft sells 25% share to GM

• On November 22, General Motors acquired a 25% share of Pure Watercraft, a start-up that makes fully electric outboard motors for all kinds of boats
• With this investment, General Motors will become a supplier for Pure watercraft and a co-developer of fully electric boating products

Shares of Astra increased by 30% after the company reached orbit successfully

• A rocket-building company called Astra has its stock surge by 30% in trading on Monday after the company reached orbit for the first time on November 20
• Astra’s rocket LV0007 launched from the Pacific Spaceport Complex in Kodiak, Alaska
• Astra is currently trading at $11.39, up from its previous price of $9.53

Target to keep its stores closed on Thanksgiving going forward

• In an announcement from Target, the company will no longer open its stores on Thanksgiving Day and will make a permanent shift to the unofficial start of the holiday season
• On November 22, Target said its distribution and call centers will have some staff on thanksgiving Day but stores will remain closed

More visa-holders will be allowed back into Australia as it recovers from a skills shortage

• Taking place on December 1, Australia will allow eligible vis shoulders to enter without needing to apply for a travel exemption 
• This announcement was made on November 22 by Prime Minister Scott Morrison and he says that those eligible include: skilled workers, students, and refugees

The post Business News – 11-22-2021 appeared first on Easy Ad - Local Small Business Resources.

• On August 31, sustainable shoe maker Allbirds said that they have lost money since the start and expect to be unprofitable in the foreseeable future as they file for an initial public offering
• Allbirds is hoping to cash in on increasing demand, especially among younger shoppers, for products that are sustainably sourced

Worker wages at Walgreens to increase by November 2022

• Walgreens Boot Alliance plans to raise wages for their hourly workers to $15 per hour by November 2022
• The pay increases are reported to start this October and Walgreens said it will cost $450 million over the next three years to increase its pay

National Restaurant Association find hiring increasingly challenging 

• The National Restaurant Association projects restaurant and food service industry sales will jump nearly 20% to $789 billion this year, from $659 billion in 2020
• The estimate is still far below pre-pandemic sales of $864 billion
• Labor challenges have intensified this year, according to restaurant owners. They also are concerned about rising food costs and the potential for the Covid delta variant to stall recovery

The post Business News – 08-31-2021 appeared first on Easy Ad - Local Small Business Resources.

• Chinese companies that seek to go public in the United States will still be allowed by China as long as they meet listing requirements according to the country’s securities regulator
• Companies like Tencent and Alibaba have seen their shares decrease drastically in the last several days with Chinese authorities increasing scrutiny on tech companies over their data security and monopolistic practices

Rivian to invest $5 billion into a 10,000-acre production plant

• According to company documents, Rivian will be breaking ground on a new facility in Mesa, Arizona alongside their first production facility in Normal, Illinois
• On the 10,000 acre plot, Rivian’s initial investment will be $5 billion which exceeds many other production plants in the country

Founder of Nikola, Trevor Milton is indicted by grand jury on three counts of fraud

• Trevor Milton now has federal criminal fraud charges as the grand jury accuses him of lying about “nearly all aspects of the business”
• Shares of Nikola Motors has decreased significantly after the indictment was announced
• In an emailed statement, the company has said they have, “cooperate with the government throughout the course of its inquiry.”

Disney sued by Scarlett Johansson over the release of “Black Widow”

• After Walt Disney Company has released “Black Widow, Scarlett Johansson sues the company as it appeared on streaming and in theaters simultaneously 
• Johansson has claimed that her agreement with Disney had guaranteed an exclusive theatrical release for the film and her salary was based on box office performance, not on the Disney+ streaming platform

The post Business News – 07-29-2021 appeared first on Easy Ad - Local Small Business Resources.