World Street | Reddit IPO, Bitcoin ETF influx, Google’s $1 billion London investment, Macy’s layoffs, Spirit Airlines bankruptcy

Reddit plans to launch an IPO in March. US bank profits fall in the fourth quarter. New US Bitcoin ETF attracts $1.9 billion in 3 days. Figure is partnering with BMW to deploy humanoid robots at the company’s U.S. facilities. Google CEO hints at further layoffs in 2024. Following Netflix’s lead, YouTube and Spotify have also avoided integrating with Apple’s mixed reality headsets. Macy’s is cutting staff and closing stores to cut costs. Google invests $1 billion in data center near London. Spirit Airlines is on the brink of bankruptcy. This edition of World Street has it all.

IPO bound

Social media platform Reddit reported that it has developed a detailed plan to launch an initial public offering (IPO) in March, moving forward with a listing it has been aiming for for more than three years. Reuters. This would be the first IPO of a major social media company since Pinterest’s debut in 2019, and comes as Reddit and its peers face stiff competition for ad dollars from the likes of TikTok and Facebook.

earnings express

Several U.S. banks reported sharp declines in fourth-quarter profits on Jan. 18, hit by lower interest income and fees from replenishing deposit insurance funds. Across the industry, banks’ net interest margins, which until recently benefited from Federal Reserve rate hikes, have declined as they have raised the amount they pay for deposits to discourage customers from pursuing higher-yielding alternatives. Shrunk.

crypto central

A new crop of U.S. Bitcoin exchange-traded funds (ETFs) is attracting strong investor interest, but it’s unclear whether they can maintain the pace of inflows in the coming weeks.according to Reuters Investors poured $1.9 billion into nine new ETFs tracking Bitcoin’s spot price in the first three days of trading, with fund giants BlackRock and Fidelity accounting for the bulk of the money, according to a report. ing.

robot trading

Robotics startup Figure has joined BMW Manufacturing to deploy its humanoid robots at U.S. automaker facilities as more companies rely on human-like robots to perform certain physical tasks. announced that it has entered into a partnership with The company did not say how many robots BMW will use, but the partnership will start with a small number and expand once performance goals are met.

tough times

Google CEO Sundar Pichai told employees that more job cuts are expected at the Alphabet-owned company this year. The Verge The report cited an internal memo. Pichai said this year’s job cuts will focus on removing layers to simplify execution and increase speed in some areas.

headset hitch

YouTube and Spotify are following Netflix’s lead in avoiding integration with Apple’s mixed reality headsets. YouTube has no plans for new apps for Apple Vision Pro or compatibility with iPad apps on the device. bloomberg said the report. Both platforms recommend using your web browser for content access to maintain independence from Apple’s immersive technology.

cut & close

American department store chain Macy’s will cut about 3.5% of its workforce and close five shopping malls with the same name, as traditional department stores seek to cut costs and rebuild sluggish sales. The move will impact approximately 2,350 positions throughout the company’s headquarters and stores. CNBC report. The move comes as Bloomingdale’s CEO Tony Spring prepares to take over as CEO of Macy’s from outgoing Jeff Gennette.

Google’s BritBase

In its latest investment in the UK, Google will invest $1 billion to build a data center outside London to meet growing demand for internet services in the region. The data center will be located in the town of Waltham Cross, about 25 miles north of central London, on a 33-acre site purchased by the US tech giant in 2020.

Saudi Arabia scrutiny

Saudi Arabia reportedly considering extending invitation to BRICS countries last year Reuters. In August, the BRICS group invited Saudi Arabia, the United Arab Emirates, Egypt, Iran, Argentina, and Ethiopia to become members starting January 1, but Argentina announced in November that it would not accept the invitation. The report said Saudi Arabia will evaluate the benefits and then make a decision.

An energetic setback

A federal court’s decision to block a proposed sale to JetBlue Airways could force Spirit Airlines into bankruptcy and out of business, reports say. CNN. Unlike other bankruptcies, where a bankrupt airline either reduces its debt and emerges as a financially healthier company, or is ultimately acquired and integrated into operations by another airline, this is a more likely scenario for Spirit. The higher scenario is asset liquidation, the report said. He cited a memo from Cowen analyst Helaine Becker.