- Senate votes to extend small biz loan program for 2 months (AP) - The Senate passed a bill 92-7 on Thursday to extend the deadline for business owners to apply for forgivable loans through the Paycheck Protection Program, giving applicants two more months to apply for federal aid.
- Nike, Adidas join brands feeling Chinese social media heat over Xinjiang (Reuters) - The sportswear companies were the latest caught up in a backlash prompted by a Chinese government call to stop foreign brands from tainting China’s name as internet users found statements they had made in the past on Xinjiang.
- Analysis: Money no object as governments race to build chip arsenals (Reuters) - Governments around the world are subsidizing the construction of semiconductor factories as a chip shortage hobbles the auto and electronics industries and highlights the world’s singular dependence on Taiwan for vital supplies.
- WeWork has agreed to go public via a SPAC merger. The deal values it at $9 billion, less than a quarter of its 2019 valuation. (Business Insider) - A SPAC is a company created solely to merge or acquire another business and take it public, making it a cheaper, faster alternative to an IPO.
- In related news, The SEC is looking into Wall Street's SPAC craze and is seeking voluntary information from market participants, report says (Business Insider) - SPACs are shell companies known for being set up with the sole purpose of raising money through an IPO to ultimately acquire another company.
- Written by Herb Scribner
- Category: Business