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Oil and Gas Giant Pivots to Lithium
ExxonMobil [XOM] on Monday announced that, starting in 2027, it is to begin producing lithium, with a view to becoming a player in the electric vehicle (EV) battery supply chain. The oil major said it had already begun work on its underground saltwater reservoirs in the US state of Arkansas, where it has bought rights to 120,000 acres of land.
US Opens Airwaves to Commercial 5G
The US government on Monday launched its National Spectrum Strategy, which calls for government agencies to work towards ceding space in telecommunications airwaves, so that commercial providers like AT&T [T] and Verizon [VZ] can meet demand for 5G. Lael Brainard, Director of the National Economic Council, told Bloomberg the plan allows for “more transparent, more coordinated” airwave management.
Wise Sees 280% Jump in Profit
UK fintech Wise [WPLCF] on Tuesday reported bumper half-year results. Revenue was at £498.2m, a 25% year-on-year jump, while before-tax profit was at £194.3m, a 280% jump. The firm mentioned higher interest rates as a tailwind in this regard. Elsewhere, crypto media group The Block has been valued at $70m in a sale to Singapore-based venture capital group Foresight Ventures.
New Financing for Rivian Plant in Georgia
On Monday Rivian [RIVN] announced that it is to raise nearly $15bn in debt to fund a manufacturing plant in the US state of Georgia. The EV maker has previously said that the plant would be commissioned by 2024 and put out 400,000 vehicles a year. The bonds will be issued by the Georgia Department of Economic Development and the Joint Development Authority of Jasper, Morgan, Newton and Walton Counties.
Tencent Music’s Modest Beat
Tuesday saw Tencent Music Entertainment [TME] report third quarter (Q3) results. Growth in paid subscriptions to its music streaming platform helped the company beat revenue estimates: revenue fell to RMB6.57bn, above analyst consensus of RMB6.31bn, according to LSEG, formerly Refinitiv. This comes despite a 24% revenue decline for the company’s social entertainment segment in Q2, following a Beijing crackdown on online gambling.
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