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The economy - oops
WarnerMedia is preparing a restructuring plan to reduce costs by up to 20% that could lead to thousands of layoffs:
The Kansas City economy has rebounded quicker than expected, but experts predict it will be years before the region regains the thousands of jobs lost during this year’s coronavirus pandemic:

Quote:So far, the metro has regained more than half the 125,700 jobs lost at the height of economic lockdowns, according to an analysis from Frank Lenk, an economist at the Mid-America Regional Council.

“But it’s going to be slower going from here on. That’s true here and nationally,” he said.

Specifically, Lenk predicts the region’s jobs recovery won’t be complete until the first quarter of 2023.

There are still encouraging signs: jobs have bounced back here faster than the nation at large — in juxtaposition to the region’s sluggish recovery following the Great Recession. Companies, particularly those in e-commerce, continue to be drawn to the region’s central location.

But scores of cash-strapped small businesses here and across the nation are teetering.

And the local recovery has so far been uneven: middle class and upper-income workers have largely been unaffected while those working in low-wage jobs continue to face widespread unemployment.

“We call them essential workers but in the past we treated them more like disposable workers,” Lenk said. “The tendency will be for the recovery to make the disparities in income and opportunity even wider.”

Lenk’s analysis, completed on behalf of the regional economic development effort KC Rising, shows arts, entertainment, recreation, food service and accommodation industries continue to suffer the most. From the first quarter of 2020 to the second quarter, employment in those sectors was cut nearly in half.

And this current recession, fueled by a public health crisis, is unlike any other. The ongoing recovery will be heavily impacted by unpredictable factors such as rates of infection, effectiveness of treatment and the development of a successful vaccine.
Hey, that isn’t Easter of 2020 at all! What gives?!?!

The biggest IPO of all time:

Quote:Ant Group would raise $34.5 billion in its dual initial public offering after setting the price for its shares on Monday, making it the biggest listing of all time.

The Chinese financial technology giant previously said it would split its stock issuance equally across Shanghai and Hong Kong, issuing 1.67 billion new shares in each location.

Ant Group’s Shanghai-listed shares will be priced at 68.8 yuan each. The issuing of 1.67 billion shares would raise 114.94 billion yuan or $17.23 billion, according to the exchange rate listed in the official filings.

The Hong Kong-listed shares have been priced at 80 Hong Kong dollars each, raising 133.65 billion Hong Kong dollars or $17.24 billion.

The listing would raise a total of just under $34.5 billion, with the possibility for that figure to go higher if the so-called over-allotment option is exercised, depending on demand. It would make it the largest IPO of all time, putting it ahead of previous record holder Saudi Aramco, which raised just over $29 billion.

Ant’s valuation based on the pricing would be $313.37 billion, larger than some of the biggest banks in the U.S., including Goldman Sachs and Wells Fargo.

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