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Business

On-line funds firm Paysafe makes SPAC debut Tuesday

London-based online payment company Paysafe will begin trading in the US public markets with CNBC on Monday following its merger with blank check company Foley Trasimene Acquisition II Corp, billionaire and sports manager Bill Foley.

Foley, who founded the Special Purpose Acquisition Company (SPAC), announced in December that it would target Paysafe in a deal valued at approximately $ 9 billion, including debt.

“Paysafe … is ubiquitous. It’s just everywhere in terms of the gaming world and digital wallets, e-cash solutions,” he said in a “Mad Money” interview. “We’ll go public tomorrow when we trade on the New York Stock Exchange.”

Foley is the chairman of Fidelity National Financial and the majority owner of the Vegas Golden Knights.

Paysafe, which includes brands like Income Access, Paysafecard, Skrill and Neteller, is backed by Blackstone and CVC. Companies use Paysafe products to digitally process credit card, cash and direct debit transactions. Prepaid cards and digital wallets are other offers.

Foley, whose SPAC raised $ 1.47 billion in August, said the company plans to penetrate the domestic gaming market, including brick and mortar stores, and help casinos go cashless. Paysafe’s business is mostly done internationally, he said.

The North American gaming market also offers an opportunity as the company hopes to become the “preeminent I-gaming leader” on the continent.

“I love Paysafe. It’s a really great company,” said Foley. “We’re pretty far along with a couple of different ideas that we were working on at the same time that Paysafe was released.”

The shares of Foley Trasimene Acquisition Corp. II rose 5.77% to $ 15.39 on Monday, a valuation of around $ 2.8 billion at close of trading.

Categories
Business

Tesla CEO Elon Musk tweeted on Tuesday: “I kinda love Etsy.”

Etsy executives welcome the opening of Nasdaq MarketSite ahead of Etsy going public on April 16, 2015 in New York.

Michael Nagle | Bloomberg | Getty Images

Etsy stocks pop after Tesla CEO Elon Musk sent a simple tweet about the e-commerce company.

Ety’s stock rose as much as 8% after Musk tweeted, “I kind of love Etsy.”

The e-commerce company’s stocks weren’t at all ahead of Musk’s callout at 6:25 a.m. ET. The share recently gained 1.5%.

“I bought a hand-knitted woolen Marvin oar for my dog,” Musk tweeted, apparently referring to why he’s a fan of Etsy.

While Musk’s opinion certainly carries a lot of weight with investors, the stock’s surge in his short message is yet another sign of wild, speculative trading in the market. Musk is no stranger to wildcat activity on Twitter, with a history of swaying stock prices, especially Tesla shares, with bold statements on the social media platform.

Musk infamously tweeted last year that Tesla’s shares were “too high” and sent even higher shares a week later.

Etsy stocks are up more than 340% in the past 12 months as the shopping market emerged as the top winner in the coronavirus pandemic. Etsy helped small businesses with no online presence reach consumers during the lockdown.

The stock is up 25% this year alone.

Also on Tuesday, Jefferies raised its 12-month price target for Etsy to a street high of $ 245 per share.

“We believe that behavioral changes triggered by the pandemic will allow ETSY to tap a broader portion of its $ 1.7 billion addressable market, resulting in higher frequency and higher spending,” said John Colantuoni, analyst at Jefferies. towards customers.

“Our DCF-derived PT climbs to $ 245 (down from $ 205) as the accelerated traffic and our deep dive into the long-term GMS improve our confidence in ETSY’s ability to continue to grow faster than all e-commerce grow, “added Colantuoni.

Correction: Updated the headline to correct that Musk was tweeting about the company in general.

– with reports from Michael Bloom of CNBC.

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Categories
World News

Your Tuesday Briefing – The New York Instances

(Would you like to receive this briefing by email? Here is the registration.)

Good Morning.

We cover something A Biden presidency means for Europe, As Leaders around the world failed their citizens and why thieves continue to prefer a 17th century Dutch painting.

After four years of a sometimes turbulent transatlantic relationship, the European Union is striving to achieve “political climate change” and cooperation under President-elect Joe Biden. But if the new president, as European leaders suspect, is consumed by domestic problems, the continent will not put its own agenda on hold.

Governments and public health organizations around the world were slow and ineffective in responding to the coronavirus outbreak. This emerges from an interim report by a panel of the World Health Organization, which is to be published today.

Faulty assumptions, ineffective planning, and sluggish responses all contributed to a pandemic that killed more than two million people and infected more than 95 million. Time and again, the report says, those responsible for protecting and guiding have often failed to do both.

Investigators said they failed to understand why WHO had waited until January 30 to declare an international health emergency and why these clear warning signs were often ignored.

Quote: “We have failed in our collective ability to come together in solidarity to create a safety net for human security,” wrote the Independent Panel on Pandemic Preparedness and Response.

Here are the latest updates and maps of the pandemic.

In other developments:

A video showing the chaos in a Covid ward at a hospital in El Husseineya, Egypt went viral on social media this month and has sparked outrage across the country. Footage of Ahmed Nafei, a relative of one of the four patients who died in a single night, appeared to show the hospital had run out of oxygen. The government rushed to deny the episode.

Through talking to witnesses and analyzing the footage, our investigators discovered that the lack of oxygen was the result of an avalanche of problems in the hospital. By the time the patients suffocated in the intensive care unit, an ordered oxygen release was hours too late and a backup oxygen system had failed.

Quote: “The whole world can admit that there is a problem, but not us,” said a doctor at the hospital.

In August the painting “Two Laughing Boys with a Mug of Beer”, a 17th-century painting by Frans Hals, disappeared for the third time since 1988. The conservatively valued work, valued at more than 10 million US dollars, is usually located in a tiny Dutch museum has become a magnet for burglars.

Does the brushwork contain a hint of a hidden treasure or a secret code? Could it be coveted by a cult that adores the throat, or maybe beer? Experts say the answer is more likely for pedestrians: “They know they can make money from someone,” said the founder of Art Recovery International.

Aleksei Navalny: A judge ordered the Russian opposition leader to be detained for 30 days pending trial. Mr Navalny was arrested from Germany late Sunday after arriving in Moscow, where he was recovering from a nerve agent attack.

China: With most nations around the world grappling with new lockdowns and layoffs during the pandemic, China’s economy has recovered after the country got most of the coronavirus under control.

Snapshot: Former climbing master Lai Chi-wai climbed a skyscraper in Hong Kong on Saturday. Within 10 hours, Mr. Lai climbed 800 feet up the glass facade of the 1,050 foot Nina Tower and raised $ 735,000 to fund research on a robotic exoskeleton for patients with spinal cord injuries.

NASCAR goes virtual: When the pandemic brought motorsport to a standstill, the industry turned to simulated racing. Ten months later, the gambling seems to be paying off.

Judicial drama: Black artists and activists in Birmingham, England, say the city’s largest playhouse, the Birmingham Repertory Theater, is sold out by renting out its auditoriums to the criminal justice system.

What we read: That long reading from the Financial Times about how lockdown caused a creativity crisis. It’s a powerful reminder of the value of serendipity and spontaneity.

Cook: Loosely inspired by spanakopita, the classic Greek spinach and feta cake, this comfortably baked pasta is possibly the most delicious way to eat your greens.

Listen: Take a trip back in time with rapper MF Doom’s 1999 debut album “Operation: Doomsday”. Our reviewer calls it “one of the most idiosyncratic hip-hop albums of the 90s”.

Interference suppression: Embrace the immediate, exhilarating relief of the annoying bag. Give up trash that gets on your nerves, then throw it in the trash.

Do not lose heart. At Home offers a comprehensive collection of ideas on what to read, cook, see, and do while staying safe at home.

How do you mark the key events when the news is already so relentlessly remarkable? One way with the New York Times is to get the headlines very big.

A banner headline usually spans the front page or website of a newspaper. It uses jumbo letters and bold face type to convey the size of a message and get other articles out of the way.

The Times front pages made headlines this winter – far more than usual, according to Tom Jolly, the newspaper’s print editor.

“It’s remarkable,” he said. “It is definitely a reflection of our world and all of the major news events that made 2020 so memorable – and will make 2021 unforgettable too.”

An “event headline” is even bolder than a banner. The only word that appeared in the print paper on Jan. 14 – “Impeached” – was discussed by several of the Times’ top editors in late-night conversations, Tom said.

While such headlines are usually reserved for presidential election results, this is an extraordinary time. This ultra-dramatic layout has been used three times in the past three months. And rising.

Here are some of the big headlines:

When former Vice President Joe Biden took the lead in Pennsylvania, the fog of a too-close election began to lift.

After President Trump falsely claimed that widespread electoral fraud stole his victory, the Times called election officials in every state.

And two days after Mr. Trump’s siege at the Capitol, the Democrats laid the groundwork to indict the president for the second time.

That’s it for today. See you tomorrow with the latest update from The Times.

– Natasha

Many Thanks
Theodore Kim and Jahaan Singh took the break from the news. You can reach Natasha and the team at briefing@nytimes.com.

PS
• There is no new episode of “The Daily” as we celebrate Martin Luther King’s birthday. Instead, we recommend The Sunday Read about how a group of climate activists decided to fight global warming by doing whatever it takes.
• Here is our mini crossword puzzle and a hint: “Later!” (Five letters). You can find all of our puzzles here.
• The word “legend” – here referring to figure skating champion Dick Button – appeared for the first time in The Times yesterday, according to the Twitter bot @NYT_first_said.

Categories
World News

Britain, Trump, Coronavirus: Your Tuesday Briefing

There are many more ideas at home about what to read, cook, see, and do while being safe at home.

Steve Kenny, the Times’ senior editor for nights, briefs the newsroom about what happened while many of us were asleep. Five evenings a week, Mr. Kenny sends an email to editors and reporters around the world, summarizing the news and preparing others for the day ahead. Here are some of his “late notes” telling the story of 2020.

THURSDAY, JAN. 9, 2020. 2:08 pm

Sui-Lee Wee and Donald McNeil gave us the latest news that researchers in China have identified a new virus that is behind a mysterious pneumonial disease that has caused panic in the central China region. “There is no evidence that the virus, a coronavirus, is easily spread by humans and is not tied to death,” they write. “But health officials in China and internationally are watching it closely.”

THURSDAY, MARCH 12, 3:52 am

Within five minutes tonight, President Trump concluded his coronavirus speech. Tom Hanks announced on Instagram that he and his wife Rita Wilson had tested positive, and the NBA said it would put their season on hold until further notice.

TUESDAY, JUNE 23rd, 12:40 am

White House Trade Advisor Peter Navarro raised the alarm tonight when he told Fox News the trade deal with China was “over”. He took it back pretty quickly – or rather said that what he said had been “wildly out of context” – but not before Asian stock markets began to plunge.

TUESDAY, OCT. 6. 01:58 am

We got off to a hectic start with Trump’s return to the White House and his dramatic maskless salute on the balcony overlooking the South Lawn. Then he released a video recorded in the White House telling Americans that Covid-19 was nothing to fear.

That’s it for this briefing. Until next time.

– Victoria

Many Thanks
To Theodore Kim and Jahaan Singh for the break from the news. You can reach the team at briefing@nytimes.com.

PS
• We listen to “The Daily”. Our last episode is about the Georgia runoff elections.
• Here is our mini crossword puzzle and a clue: pond foam (five letters). You can find all of our puzzles here.
• Jeffrey Henson Scales spoke to ABC News about the Times year in photos.