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Weekly news summary for October 29 to November 4

Friday, Oct. 29: Facebook is Now Meta, Aims to Build the Metaverse

The parent company of social network giant Facebook Inc. has been renamed and rebranded as Meta as the US firm takes the metaverse route, which refers to a shared virtual environment accessible to people using different devices.

Looking to be the first company to build or launch the metaverse, Meta will make a $10-billion investment this year alone as part of its plans to build the metaverse, while all its apps and technologies will be under the new brand.

Monday, Nov. 1: Coca-Cola Buys Remaining Bodyarmor Stake for $5.6B

Coca-Cola Co. announced on Monday that it had acquired the remaining stake in Bodyarmor SuperDrink for $5.6 billion, providing the Atlanta, Georgia-based company complete control of the sports drink maker and marking its largest-ever brand acquisition.

Coca-Cola first purchased a 15% stake in Bodyarmor in 2018, making it the second-biggest shareholder, and having the controlling interest in the company helps it grow its market share in the sports drink area, while Bodyarmor’s retail sales this year is estimated to reach over $1.4 billion.

Tuesday, Nov. 2: SoftBank Leads $93M Funding Round in The Sandbox

Chinese non-fungible token (NFT) gaming platform The Sandbox has raised $93 million in a funding round led by Japanese conglomerate SoftBank Group Corp., marking Vision Fund 2’s first investment in a company that provides its own cryptocurrency.

The latest fundraising came about a year after The Sandbox’s last round, as its monthly active users increased rapidly, climbing past $144 million in transaction volume, while the Sandbox coin’s market cap currently stands close to $2 billion.

Wednesday, Nov. 3: Global Stocks Post New Highs Ahead of Fed Meeting

Stock markets worldwide hit new record highs on Wednesday, while US Treasury and eurozone bond yields weakened, as investors expect the Federal Reserve to scale back its $120 billion monthly asset purchases in its latest policy statement.

European stocks reached fresh all-time highs for the second straight day, following the US’s major stock indices’ new records posted on Tuesday, while the MSCI’s all-country index rose 0.02%, just slightly away from a new high.

Thursday, Nov. 4: Sterling, Euro Rise on US Dollar After Dovish Fed

The US dollar weakened against the euro on Thursday after Federal Reserve Chair Jerome Powell said the central bank was not in a hurry to increase its benchmark interest rate even as it started to ease its pandemic-driven stimulus.

The British pound rose to $1.3695, and the euro climbed $1.614 against the greenback, following the Fed’s announcement, while investors will now be focusing on how long the US central bank can hold rate hikes, considering concerns over high inflation lasting longer than initially expected.

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