Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
- Porsche unveils IPO valuation target
- Apple to increase App Store prices in some countries
- We have our next job cutter – GAP Inc.
- OpenSea to give an immersive minting experience for creators
- Leoparda Electric to launch battery swapping stations in Latin America
Porsche Unveils IPO Valuation Target: Check Details 🎯
German automaker Volkswagen AG is moving ahead with its plan to list a minority stake in luxury brand Porsche, paving the way for what could be one of Europe’s biggest initial public offerings in more than a decade.
- Volkswagen is looking to raise as much as 9.4 billion euros (nearly $9.41 billion) from the IPO.
- The price range for preferred shares is set at 76.50 to 82.50 euros per share.
- The automaker is seeking a valuation of 70 billion to 75 billion euros from the listing.
- The offer period will start on September 20, with a planned trading start on September 28.
Investors will be able to subscribe to 25% of Porsche’s preferred shares; however, these shares don’t carry voting rights.
The Porsche-Piech family, who lost control of the sports-car maker after a protracted takeover battle with VW, will buy 25% plus one of Porsche’s common shares with voting rights, indicating they will get a minority blocking stake and influence future key decisions.
Apple to Increase App Store Prices in Some Countries 🔺️
Apple Inc. is set to hike the prices of apps and in-app purchases on its App Store from next month.
What should you know?
- The iPhone maker will increase the prices in the eurozone and some countries in Asia and South America.
- The new prices, excluding auto-renewable subscriptions, will be effective as early as October 5.
- All Euro markets, except Montenegro, will see the base €0.99 app pricing move to €1.19 next month, a 20% hike.
- Japan will see a hike of over 30%.
Why has Apple increased the App Store prices?
While the company hasn’t detailed exactly why prices are going up, it looks like the company has increased the prices considering the downfall of the euro and yen against the strong dollar.
Why does this matter?
Generally, Apple adjusts its prices in different regions and reduces prices for eurozone countries; however, a rapid rise in inflation, interest rates, and energy prices in 2022 has caused the downfall of the euro and most emerging economy currencies.
We Have Our Next Job Cutter – GAP Inc. ✂️
Gap Inc is cutting about 500 corporate jobs as the company is struggling to protect margins and battling weak sales of outdated clothes at brands.
- Gap is laying off employees and eliminating positions that are currently open across different departments.
- The eliminated roles are mainly at its offices in San Francisco, New York, and Asia.
- The layoffs come as the apparel company cuts back on spending amid declining sales and ends its partnership with Kanye West’s Yeezy brand.
Gap has experienced several setbacks recently, including issues with the product assortment at its Old Navy brand, which accounted for over half the company’s sales in its fiscal 2021.
The company’s most recent earnings report in August noted declining sales across most of its brand portfolio.
At that time, interim CEO Bob Martin suggested a need to reduce operating costs, stating, “We are taking actions to better optimize profitability and cash flow in the near term, reducing operating costs as well as impairing unproductive inventory.”
OpenSea to Give an Immersive Minting Experience For Creators 🎉🎊
NFT marketplace OpenSea has upgraded its process for minting NFTs with a new “immersive” drop experience.
- With the new UX of OpenSea, creators will be able to launch their collections with dedicated drop pages and greater discoverability.
- The update will allow collectors to mint directly from an OpenSea page.
- The drop pages will contain key details about the drop, the minting schedule, a countdown clock, and an NFT gallery.
Interestingly, the drops on the platform will have access to SeaDrop, a secured open-source contract so that creators don’t need to create custom smart contracts.
Why did OpenSea build this?
“With our new drops experience, we are providing creators with the technical foundation to mint their projects without compromising creativity,” the company wrote in a blog post.
“Also, collectors can come to one trusted destination for both minting and future sales and purchases,” it added.
Leoparda Electric ⚡ to Launch Battery 🔋 Swapping Stations in Latin America
São Paolo–based startup Leoparda Electric is looking to build a network of battery swapping stations in the Latin American region.
While Latin America is the second largest two-wheeler market after Southeast Asia, electrification in the region has been slow to develop.
Therefore, the network of battery swapping stations should help spread the adoption of electric two-wheelers in the region.
That’s a wrap for today, ladies & gents. See ya next week!
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This is a daily newsletter that covers the top business, tech and finance stories for today.