Greece to Increase Minimum Wage by €50 a Month From April 1
Greek Prime Minister Kyriakos Mitsotakis announced an increase of €50 ($53.9) a month to the country’s minimum wage for employees, lifting the amount to €830 from €780.
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Greek Prime Minister Kyriakos Mitsotakis announced an increase of €50 ($53.9) a month to the country’s minimum wage for employees, lifting the amount to €830 from €780.
One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
The owners of Saks Fifth Avenue are in talks to raise financing to bolster the cash portion of an offer to buy competitor Neiman Marcus, according to people familiar with the matter, moving two of America’s biggest high-end department stores closer to a deal after years of on-and-off courtship.
Jefferies Financial Group Inc.’s revenue jump — due to strong capital markets and rebounding investment banking — bodes well for the bigger banks due to report in weeks to come.
Blackstone Inc. sold 48 warehouses in Southern California to Rexford Industrial Realty Inc. for $1 billion.
Sep 15, 2020
Bloomberg News
,(Bloomberg) -- Opendoor is going public through a merger with Social Capital Hedosophia Holdings Corp. II in a deal that gives the property technology startup an enterprise value of $4.8 billion.
The deal will provide as much as $1 billion in cash, including up to $414 million held by Social Capital II, the blank-check company led by chairman Chamath Palihapitiya, according to a statement on Tuesday that confirmed earlier reporting from Bloomberg.
Social Capital’s shares surged as much as 30% to $17 in early trading in New York before paring the gains. The stock was up 14% as of 8:38 a.m.
Opendoor is the latest startup to go public through a special purpose acquisition company, or SPAC. The investment vehicles have gained popularity this year, offering a faster route for companies seeking to go public without the scrutiny or risks of an initial public offering.
The deal marks the latest milestone in a tumultuous year for Opendoor, which buys homes digitally, makes minor repairs and lists the properties for sale. After the pandemic forced the company to pause operations, Chief Executive Officer Eric Wu announced plans to layoff 35% of its staff.
A booming housing market, however, has lifted the tide of residential real estate companies, especially those that have developed technology to let home buyers and sellers transact in a socially distanced manner. Shares in Zillow Group Inc., Opendoor’s chief competitor, have more than tripled since bottoming out in March.
Opendoor was valued at $3.8 billion in a March 2019 fundraising round, and at the time said it had raised $1.3 billion from investors including Softbank Vision Fund, General Atlantic, Khosla Ventures, NEA and Norwest Venture Partners.
The company is a partnership between venture capitalist Palihapitiya and longtime investor Ian Osborne. Last year, Social Capital’s first blank-check company agreed to merge with billionaire Richard Branson’s space company Virgin Galactic.
(Updates shares.)
©2020 Bloomberg L.P.