Flutter Entertainment, the parent company of FanDuel, has now started trading on the New York Stock Exchange (NYSE).
Flutter maintains its primary listing on the London Stock Exchange (LSE) and inclusion in the FTSE 100 index but wants to focus on the lucrative U.S. market, where FanDuel currently holds a 43% market share based on gross revenue and 51% based on net revenue for the fourth quarter of the previous year.
Sports betting is legal in 36 states, and the online sports betting and gaming market in the U.S. is projected to exceed $40 billion by 2030, with Flutter estimating 80% of the U.S. population having access to sports betting and one-quarter having access to iGaming products including online casino games, by 2030.
China's largest real estate Group
The Hong Kong High Court has issued a liquidation order for Evergrande, once China's largest real estate seller, as it failed to present a concrete restructuring plan after more than two years of defaulting on its offshore debt.
Evergrande defaulted on its debt in 2021, sparking a broader property crisis in China. The company has total liabilities of $333 billion, making it the most heavily indebted property developer globally.
The decision follows unsuccessful attempts to restructure the company's massive debt, leading the court to opt for liquidation to protect the interests of creditors.
Amazon and iRobot Merger
Amazon and iRobot have decided to abandon their $1.4 billion merger plans in the face of regulatory resistance from both the European Union (EU).
The proposed acquisition faced challenges as it failed to gain regulatory approval in the EU, with the EU's preliminary investigation showing concerns about Amazon restricting or degrading access to iRobot's rivals in Amazon stores
Given the regulatory obstacles, iRobot's founder, Colin Angle, has stepped down as CEO, along with a 31% reduction in its workforce, cutting approximately 350 jobs.
Amazon will pay iRobot a $94 million termination fee as stipulated in the merger agreement.
Jeff Bezos's ex-wife, MacKenzie Scott, has reportedly sold approximately $10.4 billion worth of Amazon shares in 2023. The sale accounts for about 25% of Scott's total stake, amounting to 65.3 million shares.
Following her divorce from Bezos in 2019, she obtained roughly 4% of Amazon's shares, valued at around $37 billion at the time, making her one of the world's wealthiest women.
In December 2023, she announced on the Giving Pledge website that she had donated $2.1 billion to 360 organizations, bringing her total charitable contributions to over $16 billion since 2019.
And
One of the most iconic pieces of tech history is now up for sale – the Bellevue, Washington house. Located at 10704 NE 28th Street, Bellevue, Washington, with a price of $2.3 million, this is the house where in 1994 at the age of 30, Jeff Bezos started the company.
French Farmers Protest
French farmers blocked major highways leading to Paris on Monday, intensifying their protests against a range of grievances. The farmers, representing the European Union's largest agricultural producer, voiced concerns over inadequate payment and burdensome environmental regulations.
But Why?
Farmers argue that efforts by the government and retailers to reduce food inflation have left them unable to cover increasing expenses for energy, fertilizers, and transport. The government's plan to phase out a tax break on diesel fuel further fueled tensions.
Large imports, especially from Ukraine and ongoing EU-Mercosur trade deal negotiations, have fueled resentment among farmers who argue that these imports don't meet the same environmental standards imposed on EU producers.
Farmers oppose EU subsidy rules, such as the requirement to leave 4% of farmland fallow and criticize France's complex implementation of EU policies, especially related to environmental protection.
Discontent extends to issues like food price negotiations, irrigation projects, criticism of animal welfare, and pesticide use, heightening frustration among an aging French farmer population.
Government Response:
In an attempt to defuse the crisis, Prime Minister Gabriel Attal announced the cancellation of diesel tax increases for farmers and offered aid for farmers affected by cattle disease. But farmers' unions call for ongoing protests.
Holcim $30 Billion US IPO
Holcim, the world's largest cement maker based in Switzerland, has unveiled a plan to separate its burgeoning North American business, aiming for a New York Stock Exchange (NYSE) listing with a valuation surpassing $30 billion.
The Swiss building materials giant has appointed Miljan Gutovic, the current head of its European operations, as the new CEO effective May 1. Jenisch will retain the position of chairman.
Holcim's shares experienced a 38% surge in 2023, reaching their highest level since 2015. Jenisch expressed confidence in the $30 billion valuation for the North American unit, considering it to be in the "right ballpark."
The decision to spin off the North American business comes as a result of the company's extensive global acquisitions, influenced by diverging regulatory frameworks in North America and Europe. North America contributed $11 billion in revenue last year, accounting for over a third of Holcim's total revenue.
Holcim has shifted away from traditional cement, and focusing on sustainability amid increasing pressure to reduce carbon footprints. Notable acquisitions include the purchase of Duro-Last Inc. in a $1.3 billion deal and acquiring Bridgestone Corp.'s Firestone Building Products unit for $3.4 billion.