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An unproven small launch startup is partnering with a severely depleted SPAC trust to do the impossible: go public in a deal they say will be valued at $400 million. Innovative Rocket Technologies Inc. (iRocket) and BPGC Acquisition Corp., a special purpose vehicle company founded by former Commerce Secretary Wilbur Ross, is aiming to close … Read more
This report is from this week’s CNBC’s UK Exchange newsletter. Each Wednesday, Ian King brings you expert insights on the most important business stories from the U.K. and other key developments you won’t want to miss. Like what you see? You can subscribe here. The dispatch Some 31 years after they were privatized, the U.K.’s railways … Read more
As a bishop in Peru, Robert Prevost was often on the lookout for used cars that he could buy cheap and fix up himself for use in parishes around his diocese. With cars that were really broken down, he’d watch YouTube videos to learn how to fix them. That kind of make-do-with-less, fix-it-yourself mentality could … Read more
Tom Hanks addressed his daughter E.A. Hanks’ recent memoir where she recalled the tough moments of her childhood. “There is a pride because she shares it with me,” the Oscar winner, 68, said in an interview with Access Hollywood while on the red carpet for his new movie The Phoenician Scheme on Thursday, May 29. … Read more
Will UnitedHealth Group’s new CEO get the hefty pay package the board wants to give him? That eight-figure question rises amid UHG’s unprecedented loss of value in the past several weeks. UHG is America’s largest healthcare company, No. 3 on the Fortune 500, but in April it reported surprisingly terrible first-quarter performance. The stock price … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The value of French grocer Casino’s debt has slumped to deeply distressed levels, as fears grow that continued weak earnings could trigger a breach of its loan covenants next year. Casino, which has lost market … Read more
CaaStle, the embattled fashion startup whose board of directors accused its founder, Christine Hunsicker, of financial misconduct, is starting to face lawsuits from a partner and a supplier over missed payments and more allegations of fraud. As first reported by Axios and by suits seen by TechCrunch, CaaStle is being sued by P180, a vehicle … Read more
Key Takeaways Justin Sun provided emergency funding to stabilize TrueUSD amid a $456 million liquidity crisis. TUSD issuer Techteryx claims large-scale fraud led to unauthorized investments by its fiduciary. Share this article Justin Sun, the founder of TRON, quietly provided emergency funding to stabilize TrueUSD (TUSD) after $456 million of the stablecoin’s reserves became illiquid, Hong … Read more
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Bolt’s controversial co-founder Ryan Breslow, who returned as CEO earlier this month, spoke on Monday about the $30 million personal loan he took out of his company that sparked legal battles and contributed to his (temporary) ouster. Breslow also announced that Bolt will launch an “everything app” that will integrate one-click checkouts for everything from … Read more
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