This is what you need to know:.

In general, it is ordinary persons, employees or even investors who benefit from an IPO before the IPO.

Brian Cheskey, co-founder of Airbnb, in 2018. Usually normal people, employees or even pre-IP investors do not benefit from IPOs…Credit…Eric Risberg/Associated Press

The dirty secret of IPOs is that even the coolest can only get a handful of people rich – and that can’t be ordinary people, employees or even investors who were fashionable before the IPO and get unexpected benefits.

DoorDash and Airbnb are expected to record impressive first sales in public markets this week and to trade at a much higher level than expected a few weeks ago.

But buying shares in relatively young and unproven companies – which is usually described by technology companies selling their shares to the public for the first time – is often a bet on a currency. Even professional investors who buy shares of fashionable companies before going public don’t always get rich unless they throw their money away and get lucky. Companies you might have heard of, like Uber, Lyft, Snapchat and Slack, were at best my investments.

Look at Airbnb. Among investors who had a special opportunity to buy Airbnb stock nearly four years ago, each of the $10,000 they bought would be worth about $11,500 if Airbnb started selling its stock to the public at $60 a share. Awesome!

But if your aunt had invested $10,000 nearly four years ago in a simple fund that reflected the ups and downs of the S&P 500 stock market index, she’d have $15,600 now. Even better.

The pandemic damaged Uber and Life’s company, but their shares have already been lost. The Uber share price has recovered and has risen by 30% since the spring. Yet anyone who bought Uber shares in 2019 – and even professional investors who bought four years earlier – would have made a lot more money buying an index fund. Managers hired prior to O.P.I. and paid partly in the warehouse would also have been better paid into the index fund.

People who bought Snapchat shares at the IPO in 2017 had to wait more than three years to not lose money for their price. Slack has just sold for a price not much higher than its first public sale last year.

These are examples from the cherry sector. There are companies whose shares of their IPOs have risen and made people rich – Zoom Video is a striking example of technology. And people who have already bet on the delivery of the DoorDash restaurant application will be able to make more profit when the company goes public this week.

Will Airbnb be the winning O.P.I.? That depends. This will at least be the case for venture capital firm Sequoia, which has already invested in Airbnb. And it’s certainly better than what was expected when the travel was frozen earlier this year. But no one can predict with certainty whether the share price will rise to the moon like Zoom’s from 2019, or how Lyft will collapse after the IPO.

It’s a lesson. Cool companies don’t always make good investments. People yelling at Robinhood to spend money on hot P.I.s might not know what they’re talking about.

A nurse injected Pfizer BioNTech's Covid-19 vaccine at Cardiff Medical Center in the UK on Tuesday.

A nurse injected Pfizer BioNTech’s Covid-19 vaccine at Cardiff Medical Center, U.K., on Tuesday. Credit:… A picture of Justin Tallis in the pool.

  • Global stocks fell Tuesday and Wall Street futures followed, as the spread of viruses and restrictions on the movement of people and businesses outweighed optimism about the use of vaccines.
  • The Stoxx Europe 600 index fell for the second day in a row, with a loss of 0.6% in the middle of the day. The FTSE 100 in the UK and the DAX in Germany were 0.5% lower. In Asia, Japan’s Nikkei 225 Index fell 0.3%, while Hong Kong’s Hang Seng Index fell 0.8%.
  • The S&P 500 is expected to fall by 0.6% if it starts trading today, suggesting futures.
  • In the United States, an increase in the number of virus cases has prompted California to introduce new residency rules in a large part of the state. In New York City, the number of people admitted to hospitals with coronaviruses is increasing, which could lead to a new ban on eating indoors.
  • In Europe, countries are struggling to emerge from the second wave of the pandemic. Infection rates in France are threatening plans to relax restrictions for the holidays, while in Greece the blockade has been extended until early January.
  • On a positive note, however, on Tuesday the UK launched a massive vaccination campaign and carried out the first vaccinations with Pfizer-BioNTech Covid-19. This is the start of a long journey to vaccinate tens of millions of people in the country. There is finally a bright light at the end of a very dark tunnel, wrote HSBC economist James Pomroy in a note to clients. And this joy should also be reflected in some economic data for the coming year.
  • The Pound Sterling saw a small change against the major currencies after a fall on Monday amid signs that trading in Braxite is at an impasse. Prime Minister Boris Johnson will travel to Brussels at the end of the week to continue negotiations with the President of the European Commission, as the time for both parties to reach agreement on their future trade relations is almost over.
  • Oil prices have fallen. Forward contracts on the West Texas interim fell by 0.5% to $45.54 per barrel. The price of gold fell by 0.2% and ended five days in a row.
  • On Tuesday, Tesla announced that it would sell up to $5 billion worth of shares and return to the markets for the third time in 10 months, and that the money will be used for additional investments, including the construction of the plant. Tesla’s shares fell by 2% in pre-market trading. This year, the company’s shares for electric cars increased by approximately 670% and later this month the company will be included in the S&P 500.

The UK's main competition authority has recommended the creation of a new technology regulator.

Google offices in London. The leading UK competition authority has recommended the new Watchdog.credit….Ben Stansall/Agence France-Presse – Getty Images.

Governments around the world are trying to limit the power of large technology companies. In the United States, the Department of Justice recently opened an antitrust investigation against Google. The European Union has enacted an antitrust law and adopted stricter data protection laws. The Australian government is promoting new rules to make Google and Facebook pay for certain content.

However, many question the appropriateness of this tactic, especially when protracted lawsuits and lawsuits delay action against high-growth and highly profitable companies.

On Tuesday, the leading UK antitrust authority recommended a new approach. The Competition and Markets Authority has made recommendations for the establishment of a new regulatory authority, the Digital Markets Division, which will deal with the main technological platforms.

The idea of creating a regulatory body for the technology industry is becoming increasingly important among scientists and politicians around the world. The goal is to treat giants like Amazon, Apple, Facebook, Google and Microsoft as the largest banking and healthcare companies – with dedicated regulators who have the expertise to act as watchdogs and respond quickly to crime, such as the Securities and Exchange Commission and the FDA.

Britain is probably the most remote country in the world. The new regulator will be responsible for enforcing a legally binding code of conduct to prevent large companies from using their dominant position to exploit consumers and businesses or to drive out new competitors. Officials said that only companies of a certain size would be subject to rules tailored to specific types of business. Google and Facebook may have certain restrictions regarding digital advertising, while Amazon may have other restrictions regarding e-commerce.

To improve competition, the regulator may require companies to share certain data with their competitors and review acquisitions.

The proposals are based on recommendations made last year by a British panel of experts and are part of a process launched by the government to legislate on the digital economy by next year. Britain is preparing for its withdrawal from the European Union, which will publish its own legislative proposals next week to tighten controls on the technology industry in the block’s 27 countries.

The UK authorities have expressed particular concern about the digital advertising market dominated by Google and Facebook. In July, the Authority for Competition and Markets published a 437-page study concluding that the two companies have such a wide reach and unparalleled access to user data that potential competitors can no longer compete on a level playing field.

In some British ports, goods are piling up because lorries and railways cannot keep up with companies trying to supply themselves with brexite.

In some British ports, goods are piling up because trucks and railways are unable to keep up with companies trying to stockpile brexite. Andrew Test for the New York Times…

The UK and EU economies are responding to the warning of economic disruption caused by the brexite, which is blocking ports and disrupting cross-Channel trade on 31 December. The month of December threatens to be disruptive if the heads of state and government do not reach a compromise to resolve their future trade relations.

However, according to trade experts, the economic gap can only have a relatively limited impact on trade with the United States.

Since the United States does not have a free trade agreement with the European Union, Britain’s withdrawal from the block will not make much difference to trade relations with the United States. According to Brexit, the terms of trade between the United States and Great Britain continue to be subject to the rules of the World Trade Organization.

The direct impact on both trading partners should be minimal as there is no change in tariffs, said Christopher Rogers, a Panjiv-based global trade and logistics analyst.

However, he said that significant customs violations between Europe and the UK could affect supply chains, for example if UK companies exporting to the US took longer to source parts from abroad. In some British ports, goods are piling up because trucks and railways are unable to keep up with companies trying to stockpile brexite.

Although trade conditions between the United Kingdom and the United States do not deteriorate significantly, they are unlikely to improve.

The two countries have been negotiating a free trade agreement since May. But with the election of Joseph R… Biden Jr., however, the prospect of this agreement, which many Britons after Braxite saw as a source of strength, has diminished considerably.

This summer the congressional mandate that makes it easier to have trade agreements approved by Congress, the so-called trade facilitation powers, expires, and Biden has promised not to conclude any major new trade agreements until the United States has made major investments in its territory.

Goldman Sachs entered into an agreement to purchase a minority stake in a Chinese securities joint venture, which could have made it the first global bank to acquire full ownership of its securities business since the Communist Party took control of foreign operations in mainland China in the 1950s.

In a note to its employees on Tuesday, Wall Street Bank announced that it had reached a final agreement to buy 49 percent of the shares of Goldman Sachs Gao Hua, still held by its local partner Beijing Gao Hua Securities. Goldman Sachs didn’t disclose the price of the deal.

This agreement follows the pledge made by Chinese leaders in 2017 to relax or lift restrictions on foreign bank ownership in the context of deteriorating trade relations with the United States. The decision is part of China’s failed attempt to involve Wall Street in the fight against President Trump’s plans to impose tariffs on Chinese products.

Goldman Sachs could become the first company to gain full control of the securities industry in China, subject to regulatory approval and the speed of completion of the transaction.

JP Morgan Chase already owns all Futures activities in China, but still has a joint venture for other onshore activities. Other investment banks such as JP Morgan Chase, Morgan Stanley, UBS and Nomura are at various stages of increasing their involvement in Chinese securities transactions.

Commercial banks, on the other hand, have avoided increasing their share of commercial banking activities in mainland China to more than 25%. These transactions would therefore be subject to new global banking regulations.

Goldman Sachs announced it on the 27th. The company announced in March that it had received regulatory approval to increase its stake in Goldman Sachs Gao Hua from 33% to 51%. Tuesday’s memo was previously published in the Wall Street Journal.

Since film theatres in the United States are generally closed, traditional film companies such as Warner Bros.

With the closure of cinemas in the United States, traditional film companies such as Warner Bros. had to take out a loan to finance the film. Aaron P/Bauer-Griffin, about Getty.

When WarnerMedia CEO Jason Kilar announced last week that a further 17 Warner Bros. films would be released simultaneously at HBO Max and in cinemas, the company’s new release is expected to take place in the coming months. To prevent the news of a report in 17 movies from coming out (and to act quickly instead of getting caught up in the expected setback), WarnerMedia kept the major agencies and talent management companies in limbo for about 90 minutes before the press release was issued, according to Brooks Barnes and Nicole Sperling.

Surprise left the agencies during the war. Major Warner Brothers representative. Discussions began within the Guild of Directors of America about a boycott of the Warner Brothers. A partner in a talented agency spent part of the weekend with lawyers. Some people got angry and called the ex-brother in the studio.

The 97-year-old studio, the birthplace of Humphrey Bogart (Casablanca) and Bette Davis (now Voyager), suddenly finds itself in the uncomfortable centre of Hollywood and changes with the speed of light. Even before the pandemic, streaming services such as Netflix, Apple TV+ and Amazon Prime Video have improved the way films are watched and how their creators are paid. Now that cinemas are fighting for the coronavirus and audiences are usually stuck at home, the traditional film companies must also expand.

It’s not like all the actors and directors are against the broadcast. Many celebrities make films for Netflix. But the decision Warner Brothers made last week raised fundamental financial questions. If the old studios are no longer aiming for maximum revenue per film, but switch to a hybrid model in which success is measured partly by ticket sales and partly by the number of subscriptions to the streams sold, what does that mean for the talent packages?

The way the studios pay the actors, directors, writers and producers on the A-list is difficult because the contracts are made per film and per person. But it comes down to two checks. One is guaranteed (substantial advance) and the other is the bet: part of the ticket sales after the studio has paid its costs.

If the movie fails, there will never be a second payday. When a movie becomes a hit, as is often the case with superheroes and other fantasy stories, costs can be added to the cars full of money.

Garage in Aurora's office in Palo Alto, California.

Garage in Aurora’s office in Palo Alto, California. Jason Henry for The New York Times.

Uber, who has spent hundreds of millions of dollars on a self-propelled car project that executives once believed to be the key to profitability, is handing over his efforts to create a self-propelled car to the start-up of Silicon Valley, the company said Monday.

Uber is also going to invest $400 million in a start-up called Aurora, so he is effectively paying the company to take over the autonomous operation of the car, which has become a financial and legal problem. But it is very likely that he will license any technology that Aurora can develop.

The deal boils down to a sale in the order of the fire department, but with crossed stars to replace Uber’s human drivers with cars that can drive alone. It also shows the problems of other stand-alone car projects that have received billions in investment from Silicon Valley and car manufacturers, but have not produced a fleet of robots that some believe should have been commissioned long ago.

Aurora CEO Chris Urson said Aurora’s first product wouldn’t be a robotic taxi that could help Uber’s passenger transportation company. Instead, it is likely to be a self-propelled truck which, according to Urmsson, has a better chance of success in the short term because truck traffic on the motorway is more predictable and does not involve long-distance passengers.

In his statement, Deputy Director General Dara Khosrovshahi said that he was looking forward to bringing the Aurora technology to the market in the coming years. Uber refused to comment further on the agreement.

  • Rashida Jones, senior vice president of news at MSNBC and NBC News, will be the first black woman to lead a major news television network. His promotion, announced by César Condé, President of NBCUniversal News Group, is another major change in the management of the television company. She will succeed Phil Griffin, president of MSNBC, whose left-wing shows enjoyed a strong audience during the Trump years, and media brands such as The Rachel Maddow Show and Morning Joe will appear on January 1. February after 12 years in office, the television company announced Monday.
  • The Japanese advertising giant, the Dentsu Group, plans to cut about 6000 jobs to combat the effects of the coronavirus pandemic. At a securities announcement in Tokyo on Monday, Deng explained the details of his restructuring strategy, which will cost 88 billion yen (about $850 million) over two years and will involve a 12.5 percent reduction in the international workforce of 48,000 people. The timing will vary depending on the location, the company said.

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