Business news in brief

Klarna goes public in largest IPO of 2025Klarna, the Swedish buy-now-pay-later company, has made its highly anticipated public debut on the New York Stock Exchange (NYSE), the latest in a run of high-profile initial public offerings this year.Klarna sold 34.3 million shares to investors at US$40 a share late on Tuesday and was listed on the exchange on Wednesday. That is above the forecast range of US$35 to US$37 a share and values the company at more than US$15bn.Shares of Klarna opened 30 per cent above their offer price in their NYSE debut on Wednesday, giving the Swedish fintech a valuation of US$19.65bn.The amount of money raised in Klarna’s initial public offering – approximately US$1.37bn – is the largest IPO this year, according to Renaissance Capital. That is notable because 2025 has been one of the busier years for companies going public.Other IPOs this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin. Investors are also looking forward to the expected market debuts of ticket exchange StubHub and the cryptocurrency exchange Gemini, which is majority-owned by twins Cameron and Tyler Winklevoss. – Al JazeeraAnalysts predict a Krugerrand boom as gold values soarAnalysts are predicting an extraordinary boom year for Krugerrands. This optimism stems not only from rising gold prices but also from expectations of the highest sales figures the iconic coin has seen in decades.In South Africa, the Krugerrand remains a vital link between everyday savers and institutional investors, all seeking refuge in these uncertain economic times.“Since it was first minted in 1967, the Krugerrand has been more than just a coin; it has become a global symbol of accessible gold investment,” explains Aziz Moti, Chief Operating Officer at regulated gold trading platform ISA Gold.“The coin dominated the international gold market, accounting for over 90 per cent of global demand by the 1980s. Today, it remains one of the most recognised and traded bullion coins worldwide.”The 22-carat Krugerrand, which contains one ounce of pure gold, was originally intended to empower individuals across the globe to legally own a gold coin without financial barriers. This year, sales are projected to surge by 15 to 20 per cent compared with 2016, a year that previously set sales records with 1.1 million ounces sold, according to data from Rand Refinery, a leading precious metals smelter and refinery. – IOLOracle’s Ellison surpasses Tesla’s Musk to be world’s richest manOracle co-founder Larry Ellison has wrested the title of the world’s richest person from longtime holder Elon Musk.On Wednesday, as stock in Ellison’s software giant rocketed by more than a third in just a few minutes of trading, Ellison’s net worth surpassed that of the Tesla CEO, according to wealth tracker Bloomberg. As of 15:00 in New York, Oracle stock was up 34.4 per cent for the day.Ellison, 81, is now worth US$393bn, according to Bloomberg. That is several billion more than Musk, who had been the world’s richest person for four years running. Stock in one of Musk’s biggest holdings, Tesla, has been moving in the opposite direction, dropping 14 per cent so far this year as of Tuesday.The change in ranking came after a blockbuster earnings report from Oracle, powered by multibillion-dollar orders from customers as the AI race heats up.Ellison’s net worth is largely derived from his 41 per cent stake in Oracle.Alibaba to raise US$3.2bn via convertible bond to fund cloud growthChinese e-commerce leader Alibaba said on Thursday it plans to raise US$3.2bn through the sale of a zero-coupon convertible bond to fund international expansion and strengthen cloud computing.The bond will be the largest of its kind this year, according to Dealogic data, eclipsing DoorDash 's US$2.75bn deal in May.Alibaba said it would use nearly 80 per cent of the proceeds to expand data centres, upgrade technology and improve services to meet demand for cloud computing solutions.It will invest the remainder in enhancing market presence and improving efficiency in e-commerce ventures.Alibaba will offer the bond with a 27.5 to 32.5 per cent conversion premium above its US-listed share price, according to a term sheet seen by Reuters. The bond will mature on 15 September 2032 and convert into US-listed shares.The firm’s Hong Kong-listed shares fell as much as 2.6 per cent on Thursday to HK$139.10, outpacing a 0.7 per cent decline in the benchmark Hang Seng Index. Its New York-listed stock fell 2.2 per cent on Wednesday. Still, the Hong Kong stock has risen 71.6 per cent year to date and its US stock is up 71.1 per cent. – Reuters

Business news in brief

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Republikein 2025-09-12

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Business news in brief

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