Thursday newspaper round-up: Twitter, Newport Wafer Fab, Heathrow runway

by | May 26, 2022

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Elon Musk has secured additional funding to purchase Twitter, according to financial filings made public on Wednesday, moving the billionaire closer to completing the high-profile deal. The Tesla CEO said in the regulatory filings he has increased his personal funding of the purchase from $27.3bn to $33.5bn and secured an additional $6.25bn in equity financing, reducing the amount of debt the entrepreneur would take on in the $44bn purchase. – Guardian
The business secretary, Kwasi Kwarteng, has launched an inquiry into the proposed takeover of the UK’s largest microchip manufacturer Newport Wafer Fab by Chinese-backed Nexperia. Kwarteng said on Wednesday that the deal will be scrutinised under the new National Security and Investment Act, which was introduced at the start of the year. – Guardian

Boris Johnson has opened the door for Heathrow to build its third runway as ministers commit to support necessary airport expansion. In a move that risks angering opponents of Heathrow’s £14bn expansion, ministers are vowing to “support growth in airport capacity where justified” in a ten-point plan for aviation. The programme will be unveiled by aviation minister Robert Courts at Heathrow today. Other commitments include the setting up of an aviation council designed to allow industry executives to influence Government policy. – Telegraph

For exhausted parents, nothing quite rounds off the day like staggering about the house retrieving toys from the living room floor or groping around the back of the sofa for lost puzzle pieces. Well, not for much longer. Dyson, the technology company founded by the billionaire inventor Sir James Dyson, unveiled plans to create cleaning robots that will perform a range of mundane domestic tasks. – The Times


Frasers Group, which recently promoted founder Mike Ashley’s son-in-law as chief executive, is selling Bob’s Stores and Eastern Mountain Sports for $70 million to GoDigital Media Group. The company bought the two discount sporting goods chains out of bankruptcy for $101 million in 2017, in a move that pushed Frasers, then known as Sports Direct, into the US for the first time. However, it announced last August that it would be launching a strategic review of Bob’s Stores after Nike said that it would close a string of wholesale accounts including Bob’s. – The Times

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