Naresh Goyal, wife Anita resign from Jet board. Special counsel Robert Mueller ends investigation into Trump-Russia collusion case.
Uber likely to announce a $3.1bn deal to buy Careem this week. Delhivery raises $400m from SoftBank, Carlyle and Fosun, enters unicorn club.
Moving on to the top Business stories of the week.
Special counsel Robert Mueller ends investigation into Trump-Russia collusion case.
"Let it Come Out, Let People See it": After a 22-month investigation, charges against 37 defendants, seven guilty pleas and one conviction at trial, Special counsel Robert Mueller has concluded that President Trump and his campaign didn’t conspire or coordinate with Russia to interfere in the 2016 election.
Zoom Out: Mueller had been examining since 2017 whether Trump's campaign conspired with Moscow to try to influence the 2016 presidential election and whether Trump later unlawfully tried to obstruct his investigation.
Witch Hunt: Trump has however, repeatedly denied collusion and obstruction, calling the investigation a "witch-hunt". Russia has denied election interference.
Markets React: US stock index futures opened higher on Monday’s pre-market session in reaction to the news. The move however, was short-lived with stock futures declining marginally on back of concerns of a global recession.
Naresh Goyal, wife Anita resign from Jet board.
End of an Era: Founder Naresh Goyal and his wife Anita have stepped down from the board of Jet, notified the debt-ridden airline.
The notification also stated that the airline will get an immediate funding support of INR1,500cr by lenders by way of issue of appropriate debt instrument against security of its assets.
Jet's stock surged c. 15% before closing at INR261.
Flying Away: Saddled with debt worth more than $1bn, Jet is struggling to stay afloat. However, this time around, Etihad is neither in a position nor in a mood to repeat history by injecting more cash into Jet or helping Goyal as it did earlier. Read this to know why.
Uber likely to announce a $3.1bn deal to buy Careem this week.
Arriving Early: US ride-hailing giant Uber is likely to announce a $3.1bn cash-and-share deal to acquire its Dubai-based rival Careem this week.
Uber will pay $1.4bn in cash and $1.7bn in convertible notes for Careem. The notes will be convertible into Uber shares at a price equal to $55 per share.
Who’s Careem?: Careem was valued at about $1bn following its 2016 funding round, making it one of the most valuable technology startups in the Middle East at the time. It now has over a million drivers operating in more than 90 cities in 15 countries. Careem has also branched out into food and package deliveries, bus services, scheduled rides and credit transfers.
To Invest or to Wait: Levi Strauss last week made its debut in the public markets. Ride-sharing businesses Lyft and Uber are also geared up to go public in the coming months.
If you’re thinking to invest in these stocks, experts generally have one word of advice: Wait.
Delhivery raises $400m from SoftBank, Carlyle and Fosun, enters unicorn club.
Joining the Club: Logistics startup, Delhivery has raised $413m in its latest round of equity financing led by SoftBank’s Vision Fund, and existing investors private equity firm Carlyle Group and Chinese conglomerate Fosun, marking its entry into the unicorn club.
The financing round is likely to value the company at about $1.5bn, post-money, giving SoftBank around 25% stake in the firm.
The proceeds from the funding round is likely to be used to scale warehousing and freight operations, invest in building large multi-tenant fulfilment centres, integrated with parcel and freight transportation networks.
Rare Breed: Pinterest which recently file for an IPO is one of the rarer unicorns. Read this article to know how.
India-born former McKinsey Chief, Rajat Gupta says the jury that convicted him in a high-profile insider trading case in 2012 was “suspicious of immigrants”. Finance people will eat you for lunch – Gupta recalls his wife’s warning.
Mind Without Fear: After years of reticence, Rajat Gupta has a lot to say—and some regrets about what he wishes he’d said sooner. Read his interview with Quartz India here.
Rajat Gupta, former McKinsey MD and former Goldman Sachs Director in his memoir, "Mind Without Fear," explains how one of the most influential men in corporate America found himself convicted for insider trading in the throes of the financial crisis. Read more about the memoir here.
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