Peter Jackson’s Weta Digital tech division sold for $1.6 billion
The tech division of Weta Digital, the special effects firm known for its work on The Lord of the Rings, Avatar and Game of Thrones, was sold for $1.6 billion, Forbes reported.
Unity Software, an American video game software development company, has acquired Weta’s assets after a deal with Hollywood film director Peter Jackson. Jackson owns the 60% controlling stake in Weta Digital along with his life partner Fran Walsh. The sale would bring the acclaimed film director $600 million in cash and $375 million in Unity stock, making him a billionaire, Forbes noted.
EU greenlights Microsoft’s takeover of Activision Blizzard
Not so long ago, Microsoft Corp. announced plans to acquire Activision Blizzard Inc., a leader in game development and interactive entertainment content publisher. To do so, Microsoft had to convince regulators that the merger would not hurt competition. The company was able to overcome this obstacle. The European Commission approved Microsoft’s $68.7 billion acquisition of Activision Blizzard.
14:56 2023-05-26 UTC+00
Investors to sell US stocks as AI forms bubble
Bank of America Corp. strategist Michael Hartnett supposes that investors should sell US stocks as “tech and artificial intelligence are forming a bubble.”Notably, in 2022, Michael Hartnett predicted a massive outflow of money from US stocks amid concerns about the approaching recession. The forecast came true and traders switched to some other assets.
12:53 2023-05-26 UTC+00
UK billionaires see their wealth shrink
According to The Sunday Times Rich List, the number of billionaires in the UK has decreased for the first time since the 2007–2008 crisis.The updated list includes 171 billionaires. Their combined wealth expanded by as much as £30.7 billion ($38.2 billion) to £683.9 billion ($851 billion). However, in the face of double-digit inflation, the real fortune of British billionaires shrank.
11:45 2023-05-26 UTC+00
China unveils ambitious development plan for Central Asia
According to Reuters, Chinese President Xi Jinping has unveiled an ambitious plan for Central Asia’s development. It includes a number of important missions, from building infrastructure to expanding trade ties. Thereby, China is trying to take on the role of a leader in the region, which is traditionally Russia's sphere of influence.
08:22 2023-05-26 UTC+00
Even if US debt limit settled, markets will be badly bruised
Analysts at Bloomberg warn that market participants are unaware of serious repercussions, even if US legislators pass a deal on the federal debt ceiling. Other Wall Street experts are on the same page, saying that the last-minute deal will prevent the US government from defaulting on its debt but will entail devastating consequences for the US economy.
16:06 2023-05-25 UTC+00
JPMorgan expands algo trading into US bond market
One of the largest investment banks, JPMorgan Chase, is expanding its algorithmic trading offers to US Treasury investors, betting on the high potential of this trading strategy. Analysts at JPMorgan believe that computing power can help its clients succeed in the world’s biggest bond market. Algorithmic technology analyzes bond prices in various venues to determine the best way to trade them.
12:26 2023-05-25 UTC+00