To spur growth for the brands Lazada and AliExpress, Alibaba's international online retail division is contemplating a U.S. IPO. Around $9.5B, or 7% of Alibaba's total income, came from the International Digital Commerce Group (IDCG) during the previous fiscal year. More: - The IPO size for the unit is yet to be determined, with valuations ranging from $29B (Morgan Stanley) to $39B (CICC).
- In Q4 2022, the unit's total orders from Lazada, AliExpress, Trendyol, and Daraz increased by 3% yearly.
- Alibaba's subsidiaries, Cainiao Network Technology Co. (the logistics arm of Alibaba) and Freshippo (its grocery chain), have begun the process of IPOs in Hong Kong.
- In 2022, Alibaba considered raising $1B for Lazada before halting negotiations due to disagreements over its value, having bought it from Rocket Internet SE and competing with Amazon and Sea Ltd.'s Shopee in Southeast Asian markets.
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The American fast casual restaurant chain Sweetgreen reported a net loss of $33.7M in Q1 2023, but its revenue of $125.1M exceeded expectations. Its restaurant-level profit margins increased by 1%, and its shares rose 7% in after-hours trading. More: - The salad chain's Q1 net sales rose 22% to $125.1M, and same-store sales increased 5%, driven by a 2% growth in traffic.
- 61% of sales were made through digital transactions, a slight decline from their two-thirds share in revenue a year earlier.
- The business established nine new eateries in Q1, and it intends to open 30 to 35 more in 2023, including two Infinite Kitchens with automated kitchens using the technology from its Spyce acquisition.
- Sweetgreen CEO Jonathan Neman said, "Green's Chicken + Chipotle Pepper Bowl, renamed after a legal dispute with Chipotle, attracted new customers and generated excitement."
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Gold prices have surged to record highs due to increased Chinese demand and U.S. banking concerns. Investors have turned to gold as a safe-haven asset, driving prices to an all-time high of $2,072 on Comex. More: - In 2022 and Q1 2023, central banks purchased 1,087 tonnes and 228 tonnes of gold, respectively.
- In Q1 2023, ETF outflows decreased to a manageable 29 tonnes, and demand for gold increased 1% YoY to 1,174 tonnes.
- Unidentified bidders who purchased significant amounts of central bank gold in H2 2022 and Q1 2023 have been speculated to be Chinese, Russian, and Middle Eastern companies.
- Due to high gold prices, the jewelry sale declined 17% YoY in Q1 2023 in India.
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The U.S.-based online used car retailer Carvana reported adjusted losses of $1.51 per share in Q1 2023, beating analyst expectations of $2 per share. Carvana expects to become profitable in Q2 2023, thanks to $1B in quarterly cost-cutting and restructuring. More: - The highest first-quarter GPU in company history, Carvana's gross profit per unit surged by 61% YoY to $4,303 in Q1 2023.
- In the first quarter of 2023, the business sold 79,240 units, above its earlier estimate of 76,000-79,000 units.
- The Arizona-based company's net loss decreased to $286M from $506M YoY.
- Carvana's stock surged 24% to close at $8.96 on Friday, despite its failure to capitalize on the pandemic trend.
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Victus Nox, which means "conquer the night" in Latin, is an experimental satellite that the U.S. Space Force's Los Angeles-based Space Safari team will launch in the near future, providing an opportunity to two upstart space companies. The Tactically Responsive Space program of the Space Force has a $60M budget and aims to develop "the capability to quickly respond to on-orbit needs" on "very short timelines." More: - An Alpha rocket from Firefly Aerospace will launch a satellite made by Millennium Space Systems.
- The program aims to collaborate with spacecraft and rocket manufacturers to respond to a threat or crisis to the nation's security in the shortest time possible.
- It will be the 14th satellite flown by Boeing subsidiary Millennium, but for Firefly, it's only the third launch of the Alpha rocket.
- After the Victus Nox mission, Firefly CEO Bill Weber plans seven more flights on Alpha, allowing the company to "emerge ready to go at a much quicker pace."
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A sports entertainment juggernaut valued at over $21B will be created due to the WWE-UFC merger. Concerns about the merger among wrestling fans include the prospect of a return to the pay-per-view model for WWE's signature event, WrestleMania. More: - WWE shares have seen a significant boost of over 50% this year following the announcement of a new deal in April, reaching their highest point in four years.
- The WrestleMania streaming rights that are part of the WWE's exclusive streaming agreement with Peacock, the streaming service of NBCUniversal, are scheduled to expire in 2026.
- Along with Endeavour (who owns UFC) CEO Ari Emanuel, WWE CEO Vince McMahon will serve as executive chairman of the merged business, which has yet to be given a name.
- Some fans are concerned about the shift in the company, speculating whether McMahon will still have control over the creative decisions, which could turn off parts of their fanbase.
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- SF Express has chosen Goldman, Huatai, and JPMorgan to manage its upcoming $3B Hong Kong listing, which could occur as soon as 2023.
- The U.S. SEC has awarded a whistleblower a record-breaking $279M, the largest award ever granted by the SEC since its whistleblower program began in 2011, with over $1B being paid out in total.
- Disney no longer requires reservations for date-based tickets, reinstating dining plans for hotel guests, and extending early park hours through 2024, with plans to address Genie and Genie+ itinerary programs.
- After years of delays and over $1.5B in losses, Virgin Galactic aims for a space tourism launch.
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 |  | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. |   | | 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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