Rivian Automotive Inc. is seeking a valuation in a range just above $60 billion in its initial public offering next week, one of the biggest and most-anticipated deals yet in a blockbuster year for new issues.
pple may expand advertising to more apps, the report says. The company generates $4 billion a year in ad revenue. Apple already shows ads in Apple News, Stocks, Podcasts, Books, and Apple Maps. Apple wants to grow its ad revenue into the "double digits," the report says, citing analysts.
DoorDash is testing a service that lets drivers deliver Facebook Marketplace items. The service is currently being tested in several U.S. cities. Facebook's parent company, Meta, is also testing the service. The partnership could help Facebook reach younger users. It would also help DoorDash compete with Uber Eats.
Russia has shared a model of its future space station, nicknamed ROSS. The orbital facility would launch in two phases, beginning with four modules and expanding to six. The design would accommodate four people in rotating tours and would reportedly provide better surveillance of Earth than Russia is getting from the ISS today. The first phase of the station would start sometime between 2025 and 2030. The second would arrive between 2030 and 2035.
China's central bank unexpectedly cut a key interest rate for the second time this year. The People's Bank of China said it was lowering the rate on 400 billion yuan of one-year lending facility loans. Analysts believe Chinese authorities are keen to support the sluggish economy.