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With the year’s most talked-about IPO finally underway, the question is: does Arm [ARM] have legs? The chip design firm priced its offering at $51 per share, at the top of its expected price range, putting its total value at $54bn. It is offering at least 95.5 million shares on the Nasdaq. Majority owner SoftBank [9984.T] will hold 90% of remaining shares. The IPO was 12 times oversubscribed, Reuters reported; according to CNBC, Arm customers including Apple [AAPL], Google [GOOGL] and Nvidia [NVDA] said they would buy shares.
Maersk Launches Green Vessel
On Thursday the world’s largest shipping firm, Denmark’s Maersk [MAERSK-B.CO], unveiled a green methanol-powered ship. Ordered in 2021, it was the first of 125 such vessels that have subsequently been ordered by different firms. Shipping is one of the world’s most polluting industries, responsible for 3% of carbon emissions. Meanwhile, in Australia, industrial action has escalated at Chevron’s [CVX] two liquefied natural gas facilities, which together process more than 5% of global supply.
Volkswagen, Volvo, Verkor
After an electric vehicle (EV) subsidy was phased out in Germany, demand has dropped, and Volkswagen [VOW.DE] is now cutting 269 temporary workers from its Zwickau plant in the country. Volvo [VOLV-B.ST] said on Thursday that it is to start producing heavy battery electric trucks at its factory in Ghent, Belgium. French EV battery group Verkor has raised over €2bn in financing towards its first plant; this includes €650m in subsidies from the government.
CNBC reported that Google is to axe hundreds of jobs as part of a broader slowdown on hiring. The lay-offs will come at its global recruiting organisation; affected employees have already begun to receive notice. This comes after Google earlier this year announced it was to axe 12,000 jobs, or some 6% of its full-time employees, across the entire company.
UK start-up Wayve has developed a “first of its kind”, artificial intelligence-based self-driving system which is capable of explaining its decisions to drivers. “We recognised the challenge of interpretability and safety for these systems, and we thought that language would be a great way to solve it,” CEO Alex Kendall told the Financial Times. Founded in 2017, Wayve raised some $200mn in a series B round last year; investors included Eclipse Ventures and Microsoft [MSFT].