Virgin Orbit, an offshoot of Galactic, inked a blank-cheque deal valuing it at $3.2 bln. With just three successful satellite launches, the projections are a leap of faith. But Orbit is using Galactic’s inflated multiples for validation. It underscores SPACs’ otherworldliness.

Kuaishou has shed $190 bln from a peak struck shortly after its February listing. Its adjusted net loss is forecast to hit $3 bln this year as it struggles with regulators and TikTok’s owner. Barring a turnaround, it may prove to be China tech’s shortest-lived flash in the pan.

The online shopping service is valued at nearly $40 bln. Going public is on the firm’s list, and tech unicorns like their price tags to ratchet upward. New ex-Facebooker boss Fidji Simo hopes to justify that with lots of advertising dollars. She’ll need to grab market share fast.

Virgin Orbit, an offshoot of Galactic, inked a blank-cheque deal valuing it at $3.2 bln. With just three successful satellite launches, the projections are a leap of faith. But Orbit is using Galactic’s inflated multiples for validation. It underscores SPACs’ otherworldliness.

NEW YORK, Aug 23 (Reuters Breakingviews) - Pfizer (PFE.N) is taking its Covid-19 vaccine cash bounty and putting it to use . The U.S. drugmaker, valued at $273 billion at Friday's market close, on Monday agreed to buy Trillium Therapeutics (TRIL.TO) for $2.3 billion. At $18.50 per share, the price represents a more than 200% premium to Trillium’s stock price on Friday. That may seem lofty, even by the biotechnology sector's standards, but Pfizer had already bought a $25 million stake last year and, as of Friday, Trillium's stock was down nearly 60% so far in 2021.

It’s also part of Pfizer's broader strategy to develop its portfolio, even though the present is dominated by the coronavirus: The United States on Monday gave its full official approval to the vaccine co-developed with BioNTech to be marketed as Comirnaty read more . Trillium develops treatments for blood cancers like leukemia, which represent about 6% of all cancer cases worldwide last year. Even if the virus...

Virgin Orbit, an offshoot of Galactic, inked a blank-cheque deal valuing it at $3.2 bln. With just three successful satellite launches, the projections are a leap of faith. But Orbit is using Galactic’s inflated multiples for validation. It underscores SPACs’ otherworldliness.

WASHINGTON, Aug 23 (Reuters Breakingviews) - Uber Technologies' (UBER.N) effort to avoid treating drivers as employees has hit a pothole read more . A California Superior Court judge said on Friday that a measure affecting gig-economy workers approved by the state's voters is unconstitutional because it limits the power of California's legislature.

Nearly 60% of Golden State voters last year approved Proposition 22 , which exempted certain companies from having to recognize drivers as full-on employees provided they get some benefits like healthcare. That's a middle way that allows Uber, smaller rival Lyft (LYFT.O), food-delivery app DoorDash (DASH.N) and grocery service Instacart to avoid higher costs . Similar initiatives are under way elsewhere, like in Massachusetts.

The new ruling puts that effort on a shakier footing. It will be appealed to higher courts and, for now, Prop 22 remains in effect. But President Joe Biden’s pro-labor administration presents...

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More policy and regulatory pressure has hit Chinese markets hard, whomping several former investor darlings. But many state-owned stocks are hurting less, and Monday cheer for a new way to hedge risk suggests more rethinking than a general retreat, says Jennifer Hughes.

The online shopping service is valued at nearly $40 bln. Going public is on the firm’s list, and tech unicorns like their price tags to ratchet upward. New ex-Facebooker boss Fidji Simo hopes to justify that with lots of advertising dollars. She’ll need to grab market share fast.

The British supermarket’s shares jumped 12% on Monday on rumours of a private equity bid of over 7 bln pounds. The feeding frenzy around rival grocer Morrisons guarantees thwarted bidders on the rebound. As with that saga, buyers should fear overpaying as much as missing out.

The British supermarket’s shares jumped 12% on Monday on rumours of a private equity bid of over 7 bln pounds. The feeding frenzy around rival grocer Morrisons guarantees thwarted bidders on the rebound. As with that saga, buyers should fear overpaying as much as missing out.

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More policy and regulatory pressure has hit Chinese markets hard, whomping several former investor darlings. But many state-owned stocks are hurting less, and Monday cheer for a new way to hedge risk suggests more rethinking than a general retreat, says Jennifer Hughes.

LONDON, Aug 23 (Reuters Breakingviews) - Luxury goods companies are having a wobble, and Xi Jinping’s to blame. The Chinese president wants to rein in the super-rich and redistribute wealth to boost the middle class. Companies like $95 billion Gucci-owner Kering (PRTP.PA) and $362 billion LVMH (LVMH.PA) lost as much as 14% of their value last week on fears their best client is tightening its belt. The worries are excessive.

China will represent some 40% of global luxury demand this year, according to Euromonitor. The world’s most populous nation also offers consumer companies the best shot at growth – Bain consultants reckon China will become the industry’s biggest market in the coming years. That’s why efforts to demonise spending $40,000 on a Birkin bag or $3,000 on a Saint Laurent tuxedo jacket rattled share prices. There’s a precedent too: high-end cognac maker Remy Cointreau (RCOP.PA), which produces the prized tipple of corrupt officials, tanked on Chinese efforts...

LONDON, Aug 23 (Reuters Breakingviews) - Luxury goods companies are having a wobble, and Xi Jinping’s to blame. The Chinese president wants to rein in the super-rich and redistribute wealth to boost the middle class. Companies like $95 billion Gucci-owner Kering (PRTP.PA) and $362 billion LVMH (LVMH.PA) lost as much as 14% of their value last week on fears their best client is tightening its belt. The worries are excessive.

China will represent some 40% of global luxury demand this year, according to Euromonitor. The world’s most populous nation also offers consumer companies the best shot at growth – Bain consultants reckon China will become the industry’s biggest market in the coming years. That’s why efforts to demonise spending $40,000 on a Birkin bag or $3,000 on a Saint Laurent tuxedo jacket rattled share prices. There’s a precedent too: high-end cognac maker Remy Cointreau (RCOP.PA), which produces the prized tipple of corrupt officials, tanked on Chinese efforts...

MILAN, Aug 23 (Reuters Breakingviews) - Fincantieri (FCT.MI) is seeking to grow where it counts. The 1.2 billion euro Italian shipbuilder is talking to 3.9 billion euro defence group Leonardo (LDOF.MI) about a possible acquisition of its OTO Melara unit, which makes naval guns, Reuters reported on Saturday read more . Expanding its capabilities beyond traditional shipbuilding might give Fincantieri greater negotiating power in defence contracts. After the impact of Covid-19 on building cruise ships, Chief Executive Giuseppe Bono needs all the help he can get.

Leonardo does not disclose OTO Melara’s figures. But defence analysts reckon its revenue could be around 500 million euros. If the unit traded on the 0.6 times sales multiple that both Fincantieri and Leonardo enjoy, and Bono was prepared to pay a 30% premium, his target would have an enterprise value of 390 million euros. Leonardo boss Alessandro Profumo’s naval segment is more marginal than the group’s flagship...

President Xi Jinping’s plans to rein in the super-rich may mean more, not less, conspicuous consumption. With China accounting for 40% of designer demand, LVMH and others are nervous. But wealth reallocation may swell the ranks of bourgeoisie. The luxury selloff looks excessive.

More policy and regulatory pressure erased $560 bln of market value in a week. Some investors may flee as former darlings are hit. But many state-owned stocks are hurting less, and Monday cheer for a new offshore futures contract suggests more rethinking than a general retreat.

More policy and regulatory pressure erased $560 bln of market value in a week. Some investors may flee as former darlings are hit. But many state-owned stocks are hurting less, and Monday cheer for a new offshore futures contract suggests more rethinking than a general retreat.

HONG KONG, Aug 23 (Reuters Breakingviews) - Hollywood's China fantasy is waking up to ugly political realities. Films like Disney's (DIS.N) "Black Widow" have been conspicuously absent as cinemas in the People's Republic reopen. The delay coincides with Beijing's renewed censorship campaign and rising nationalism. Local studios are also steadily pushing Tinseltown aside.

Hollywood has spent decades wooing the Chinese market with mixed success. Lucrative franchises such as the "Fast & Furious" and the "Marvel Cinematic Universe", hugely popular in the country, have been meticulously tailored and sanitised to appease both local audiences and censors. Despite that, bureaucrats in Beijing have yet to roll out the red carpet. The annual quota for imported films has remained stubbornly stuck at 34 for nearly a decade, while box office takings for foreign studios are capped at 25%. In video streaming, strict media and foreign investment rules have effectively shut out...

HONG KONG, Aug 23 (Reuters Breakingviews) - Hollywood's China fantasy is waking up to ugly political realities. Films like Disney's (DIS.N) "Black Widow" have been conspicuously absent as cinemas in the People's Republic reopen. The delay coincides with Beijing's renewed censorship campaign and rising nationalism. Local studios are also steadily pushing Tinseltown aside.

Hollywood has spent decades wooing the Chinese market with mixed success. Lucrative franchises such as the "Fast & Furious" and the "Marvel Cinematic Universe", hugely popular in the country, have been meticulously tailored and sanitised to appease both local audiences and censors. Despite that, bureaucrats in Beijing have yet to roll out the red carpet. The annual quota for imported films has remained stubbornly stuck at 34 for nearly a decade, while box office takings for foreign studios are capped at 25%. In video streaming, strict media and foreign investment rules have effectively shut out...