Cineworld Group, the owner of Regal Cinemas, filed a chapter 11 bankruptcy petition in the U.S. Bankruptcy Court in Houston on Wednesday. The company has previously stated the recovery in movie theater attendance after the pandemic had fallen short of the company’s financial needs. More: - Cineworld is the world’s second-largest movie theater chain behind AMC Entertainment Holdings.
- The London-based company has more than $5B in debt and faces a roughly $1B legal judgment related to its failed merger with Canadian movie theater chain Cineplex.
- Cineworld said it has about $1.94B committed from lenders to carry it through the bankruptcy restructuring process and cover operating expenses.
- According to bankruptcy filings, the company plans to drop leases for 20 of its 505 U.S. cinema locations and may close more sites as it reviews its operations.
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The FDA has approved Daxxify, Revance Therapeutics Inc.’s new antiwrinkle treatment. Revance hopes Daxxify would rival the popular antiwrinkle treatment Botox, which has dominated the market for about 20 years. Daxxify promises its treatment lasts six months, two months longer than Botox. More: - Daxxify’s clinical name is daxibotulinumtoxinA, prescribed to temporarily improve frown lines in adults.
- Analysts expect Daxxify to generate about $1B in sales by 2030.
- According to the Aesthetic Society, the global aesthetics market was worth $14.6B in 2021.
- The market has been growing 10% annually over the last several years.
- In 2020 AbbVie acquired Botox manufacturer Allergan PLC for $63B.
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 A message from HIRED Hired’s 2022 State of Tech Salaries: Navigating an Uncertain Hiring Market. The State of Tech Salaries report provides an in-depth analysis of the 2022 hiring environment – detailing insights on global compensation trends, benefits, and remote work shifts. Based on data from 900,000+ interview requests our key findings include: - A global increase in salaries across nearly all tech roles, driven primarily by the growth in salaries among experienced professionals.
- Remote salaries have outpaced local salaries for the first time, paying $3,000 more on average globally.
- Time to acquire tech candidates has slowed across the US, UK, and Canada as companies and jobseekers are taking more time to evaluate offers.
Read the report
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Rivian is partnering with Mercedes-Benz to build a new European factory to produce electric vans for both automakers. The new factory would use an existing Mercedes location in central or eastern Europe. Rivian and Mercedes said they had signed a memorandum of understanding to establish a joint venture to invest in and operate a factory. More: - The agreement is subject to Rivian and Mercedes entering into final, binding contracts and obtaining the necessary regulatory approvals.
- On the partnership news, Rivian shares rose more than 7% in early trading on Thursday.
- The stock closed at $36.88 a share, up ~11% for the day.
- Both companies hope the partnership will help them scale their respective EV production quickly while benefiting from operations synergies and lower costs.
- Rivian produced 4,401 EVs in Q2 and aims to build 25,000 this year.
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Online sports gambling operator BetMGM plans to open its first sports-betting location on the same grounds as the Arizona Cardinals’ State Farm Stadium. It would be the first sportsbook facility at an NFL stadium. The BetMGM sportsbook is scheduled to open Sunday at the Cardinals’ first regular-season game this year. More: - Arizona is one of 36 states that has legalized betting on sports.
- According to the American Gaming Association, the sports-betting industry generated more than $4B in revenue in 2021.
- BetMGM is a joint venture between global hospitality and entertainment company MGM Resorts International and sports betting and gambling company Entain PLC.
- In July, FanDuel Group opened the first sportsbook inside a Major League Soccer stadium at D.C. United’s Audi Field in Washington, D.C.
- In Major League Baseball, DraftKings says it plans to open a sportsbook at Wrigley Field in Chicago next year.
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Twitter is currently testing its "edit tweet" feature it began rolling out on Sept. 1. The social media company said it is observing user behavior, and the number of edits available to users in the approved time frame could change. Currently, Twitter allows certain users to edit their tweets for up to 30 minutes from posting. More: - Users can only edit their posted tweets five times within that 30-minute window.
- The "edit tweet" feature will be first available to users who pay for the Twitter Blue subscription but not to all users who have the subscription.
- Twitter Blue users in New Zealand are getting the feature first, with later rollouts planned for Twitter Blue users in Australia, Canada, and the U.S.
- Twitter initially announced it had been working on an edit button on April 1.
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The European Central Bank (ECB) raised its interest rates by 75 basis points on Thursday to tackle record-high inflation. All 25 of ECB’s governing council members voted in favor of the rate hike. More: - ECB president Christine Lagarde said there would be more rate increases in the coming months as the bank aims to bring inflation down from 9.1% recorded in July to its 2% target.
- Lagarde said there are probably two or more increases, including this one, but also probably fewer than five increases.
- In the late afternoon, the Euro lost 0.4% against the U.S. Dollar to trade at $0.996.
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Quick Hits - Origin Investments' IncomePlus Fund has seen its 27th consecutive month of positive returns, generating 18.7% over the past 12 months.*
- Queen Elizabeth II, Britain's longest-serving monarch, has died at 96 years old after 70 years on the throne. Her son, Prince Charles, is now King Charles III. According to a Buckingham Palace statement, the Queen died peacefully at Balmoral Castle in Scotland on Thursday afternoon British time.
- Kim Kardashian is teaming up with former Carlyle Group partner Jay Sammons to launch a new private-equity firm, SKKY Partners. SKKY will invest in consumer products, hospitality, luxury, digital commerce, media, consumer media, and entertainment businesses.
- During an appearance on Thursday, Federal Reserve Chair Jerome Powell said the central bank was firmly committed to fighting inflation. His statements signaled another possible 75-basis-point interest rate hike at a meeting scheduled for Sept. 20-21.
- Austin-Bergstrom International Airport in Austin, Texas, suffered a power outage for about three hours on Wednesday morning, causing flight delays and cancellations as no planes were allowed to take off during the outage. The city's utility, Austin Energy, said the power outage was caused by malfunctioning underground equipment.
*This is sponsored content.
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Upcoming Events - September 09 - AMA with Jay Ryan (U.S. Federal Government Program Manager at Security Compass) (Register Here)
- September 14 - What Do Developers Think of Threat Modeling? (feat. security experts from Security Compass, Dell, and Tricentis) (Register Here) *
- September 14 - AMA with Brian Dean (Founder of Backlinko) (Register Here)
- September 21 - AMA with Kristen Ruby (Founder of Ruby Media Group) (Register Here)
- September 28 - AMA with Leigh-Ann Buchanan (Founder of aīre ventures) (Register Here)
- October 05 - AMA with Ram Bartov (Chief Accounting Officer at TripActions)* (Register Here)
- October 12 - AMA with Bill Glenn (Executive Chairman at Crenshaw Associates) (Register Here)
- October 19 - AMA with Zecca Lehn (Responsibly VC) (Register Here)
- October 25 - Meet Our Fund 4, an Inside.com Summit (Register Here)
*This is a sponsored listing.
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 |  | Vanessa Omeokachie is a Freelance Writer for Inside.com. She writes the Inside Business and Inside Cloud newsletters. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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