GlobalFoundries, the third-largest microchip maker by volume, has filed documents ahead of its initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The manufacturer is wholly owned by Mubadala, effectively Abu Dhabi's sovereign wealth fund. GlobalFoundries notes in the prospectus that Mubadala will retain significant control of the company after the IPO on the...

Representatives of the law firm conducting the audit into China's possible over-reporting in the World Bank's Doing Business rankings have met with the board of directors of the International Monetary Fund (IMF), said Gerry Rice, a spokesperson for the fund. He said the board was interested in a thorough, objective and timely investigation. Recall that irregularities in the 2018 and 2020 reports...

US startup Rivian has reported a $1 billion loss for the first half of the year before going public, Bloomberg reports. Such financial results are due to minimal revenues from the company's first sales of its R1T pickup, while other developments have yet to turn a profit. Despite such figures, the company is counting on investor interest in its IPO and a valuation at $80 billion in the...

US pharmaceutical company Merck has announced acquisition of its competitor Acceleron Pharma. The deal will be done through a subsidiary of Merck, which will buy all of Acceleron's shares at $180 each. This brings the total purchase price to $11.5bn. This deal is one of the largest acquisitions in Merck's history. Acceleron itself specializes in the development of drugs for respiratory diseases...

The Lego Group reported strong growth in its financial results in the first half of the year. Net income rose 140% to more than $990 million, operating income rose 104% to $1.3 billion, revenues rose 46% to $3.6 billion and consumer sales showed growth of 36%. The Lego Group business was one of the few that weathered the COVID-19 pandemic unscathed and even reached record levels thanks to...

Video game developer Activision Blizzard said it had reached an agreement with the US Equal Employment Opportunity Commission (EEOC) over complaints of sexual harassment, wage inequality and other corporate culture violations. Under the terms of the agreement, the company will pay $18 million in compensation to eligible individuals. The company will direct the unclaimed funds to internal...

Chinese Huawei CFO Meng Wanzhou has flown home from Canada after being released from custody, local media reported. Meng was released after striking a deal with US prosecutors the day before. She admitted concealing violations of sanctions against Iran in exchange for withdrawing her extradition request. "The Air China plane with Meng Wanzhou on board took off from Vancouver airport," a...

China's Evergrande, which is on the verge of bankruptcy, has promised to pay $35.9m on bonds on 23 September. The main unit of major Chinese property developer Evergrande Group has promised to make payments on some of its debts on September 23, Reuters wrote. The company will pay interest to bondholders totalling $35.88 million, the agency said, citing data from its Refinitiv service. The...

The US Securities and Exchange Commission (SEC) has asked video game developer Activision Blizzard, its CEO Bobby Kotick and other executives for information related to allegations of sexual harassment and discrimination by company employees, The Wall Street Journal (WSJ) reported, citing sources. A spokesperson for Activision confirmed to the publication that the SEC had opened an investigation...