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Hi there,
Here's what we're watching in business and tech news this week:
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Apple’s annual Worldwide Developers Conference kicks off virtually. This is the first time the conference is being held entirely online since it was launched more than 3 decades ago. Look for news around how the tech giant is diversifying beyond the iPhone. Check out Apple’s shifting priorities in this infographic highlighting its largest acquisitions.
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New York City begins Phase 2 of its reopening today. Offices, hair salons, and retail stores will be allowed to operate at half-capacity, and outdoor dining at restaurants will be allowed as well. However, some brokers and landlords estimate that just 10% to 20% of Manhattan office workers will return to work.
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Albertsons will likely go public. It is reportedly looking to price its IPO at between $18 and $20 a share, which would value the grocery chain operator at more than $10B. The second-largest grocer in the US after Kroger, Albertsons has seen sales surge 47% in March and 21% in April as consumers stockpiled food amid Covid-19.
- Look for news around where a chunk of the $500B+ in PPP loans went. On Friday, the US Small Business Administration and the Treasury announced that it would publish the names and loan amount ranges for all the businesses which received loans of $150,000 or more — a group representing 75% of all PPP recipients. SMBs are typically one of the hardest hit groups amid economic downturns. We take a look at what SMBs’ cash flow crisis means for fintech here.
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