Lyft, Japan, Nestle: This Week's Top Trending Financial Tweets - Week 13
#7. Lyft goes public
On Friday, rideshare company Lyft went public. Lyft debuted on the Nasdaq in what’s been one of the most anticipated IPOs of the year, CNBC reports. Despite its net loss of $911 million last year and no clear plan as to how they expect to make a profit, the company’s value was more than $20 billion on Friday.
As we await Lyft's first trade, catch up here on everything you need to know about the company going public. ⚡️ “Lyft IPOs, beating Uber to the punch”https://t.co/EaRxlkZVmy— CNBC (@CNBC) March 29, 2019
#6. PSA and Fiat explore partnership
Carmakers Peugeot and Fiat are exploring the possibility of collaborating on a ‘super platform’, Bloomberg reports. The idea is to share the investments necessary to build cars in Europe and hence reduce their costs in a region that is known to be very competitive.
According to Bloomberg, car manufacturers are increasingly joining forces as a result of the technological disruption in the industry driven by both electric and self-driving cars.
French carmaker PSA and Fiat Chrysler are exploring a partnership to share investments to build cars in Europe, according to sources https://t.co/ny1FqMOiOv— Bloomberg (@business) March 30, 2019
#5. Japan’s debt policy
While Japan has a government debt of $10 trillion and an economy that’s half that size, some people believe that the best policy is to borrow more, the Wall Street Journal reports. The IMF has set the country’s debt at around 240% of its GDP and yet the anti-austerity movement in Japan argues it should borrow more.
According to the WSJ, this reasoning is based on, among other things, the fact that Japan is issuing 10-year government bonds at a negative interest rate and a very low inflation.
The IMF puts Japan’s debt at roughly 240% of GDP, but an antiausterity movement there argues now is the time to borrow more https://t.co/Fg2LUsh6Oo— The Wall Street Journal (@WSJ) March 30, 2019
#4. Grab’s financial focus
There was more news coming from ride-hailing land this week. Grab, the ride-hailing company that’s valued at $16 billion and that bought Uber’s Southeast Asia business last year, appears to be talking with Alibaba’s Ant Financial and PayPal, TechCrunch reports.
According to TechCrunch, Grab is thinking of expanding its financial services and hoping to become the ‘everyday app’ for consumers in Southeast Asia where online spending is expected to triple by 2025.
Grab is placing an increased focus on financial services as it seeks to become the ‘everyday app’ for consumers in Southeast Asia https://t.co/nIRL7bQ5Pw— TechCrunch (@TechCrunch) March 29, 2019
#3. Nestle eyes the ‘mom business’
Swiss food giant Nestle is expanding its business. After selling baby formula for more than 150 years, the company is now going to offer products for expecting and lactating women that will help to reduce health risks related to motherhood, Bloomberg reports.
According to Bloomberg, this new part of Nestle’s business could generate somewhere between $500 million and $1 billion in 10 years.
After spending 150 years selling baby formula, Nestle realized it’s neglected another potential customer: mom https://t.co/38oLxr2Ijd— Bloomberg (@business) March 30, 2019
#2. Inter RAO seeks deal with GE
On Saturday, the CEO of Russian company Inter RAO said he hopes to make a deal with General Electric Co by October, Reuters reports. Inter RAO would like to produce powerful gas turbines in Russia, either as a joint venture or by buying a license from GE.
According to Reuters, Russia recently launched a $29 billion program aimed at modernizing a quarter of the country’s power generation (41 gigawatts of coal-and gas-based plants).
#1. Italian handbags are booming
Big luxury brands such as Gucci, Prada, and Burberry are investing in a small town just outside Florence in Italy, the Wall Street Journal reports. Expensive leather handbags are one of the luxury industry’s most important products and Scandicci happens to be the hub of the Italian leather-goods production - and workers with the necessary know-how.
The sewing machines in this Italian town are working overtime to feed the world's appetite for luxury handbags https://t.co/ztWKpDvreh— The Wall Street Journal (@WSJ) March 30, 2019
Well, there you have it, the thirteenth week of 2019 all captured in Tweets. As always, we'll continue to track Twitter and bring you the top financial micro-messages from the web. See you back here next Friday.