Tag: Yahoo Finance

30 Oct by Vitaliy Dadalyan Tags:

SoftBank Wires $1.5 Billion to WeWork Before Cash Runs Out

(Bloomberg) -- WeWork said it received an early payment of $1.5 billion from SoftBank Group Corp., as the co-working company was weeks away from running out of money.As a result, a slate of governance changes went into effect Wednesday, including the replacement of co-founder Adam Neumann as chairman and the assignment of five board seats to SoftBank, which will take a majority stake. WeWork also said it appointed a new independent director to the board, Jeff Sine, co-founder of financial firm Raine Group.“This financing package enables the company to accelerate the path to profitability,” Marcelo Claure, WeWork’s new executive chairman, said in a statement.The $1.5 billion investment was announced in January and was originally scheduled for April 2020. The deal was accelerated as part of a bailout package for WeWork from SoftBank to rescue the troubled co-working startup after a failed initial public offering.WeWork’s need for funds was much more dire...
30 Oct by Vitaliy Dadalyan Tags:

COSCO SHIPPING Q3 Operating Profit More Than Doubles

COSCO SHIPPING Holdings Co. Ltd. (HK:1919) reported operating profit of 1.57 billion yuan renminbi ($221 million) in the third quarter of 2019, more than double the 600 million yuan earned in the third quarter of 2018. Total revenue from operations in the third quarter of 2019 amounted to 39.51 billion yuan, compared with 37.05 billion yuan in the same period last year. COSCO SHIPPING Holdings is the parent of COSCO SHIPPING Lines as well as the owner of 75% of Orient Overseas (International) Ltd. (OOIL), the parent company of Orient Overseas Container Line (OOCL)....