Robinhood's existing investors, including venture capital firms Sequoia Capital and Ribbit Capital, will provide emergency funding. AFP
Robinhood's existing investors, including venture capital firms Sequoia Capital and Ribbit Capital, will provide emergency funding. AFP
Robinhood's existing investors, including venture capital firms Sequoia Capital and Ribbit Capital, will provide emergency funding. AFP
Robinhood's existing investors, including venture capital firms Sequoia Capital and Ribbit Capital, will provide emergency funding. AFP

Robinhood reportedly raises $1bn from its investors


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Trading platform Robinhood Markets is raising an infusion of more than $1 billion from its existing investors, having been strained by high volumes of trading this week, according to a New York Times report on Friday.

The company contacted its investors, including venture capital firms Sequoia Capital and Ribbit Capital, who then came together on Thursday night to offer the emergency funding, the report said, citing people involved in the negotiations.

Investors who provide new financing to Robinhood will receive additional equity in the company, it added.

These investors will get that equity at a discounted valuation tied to the price of Robinhood shares when the company goes public. Robinhood plans to hold an initial public offering later this year, the report said.

Bloomberg had earlier reported that Robinhood has drawn down some of its credit lines with banks, tapping at least several hundred million dollars from lenders including JPMorgan Chase and Goldman Sachs.

The Silicon Valley venture, with the wildly popular no-fee trading app, has come to a crossroads. It reined in the risk to itself by banning certain trades and unwinding client bets - igniting an outcry from customers and even the US political leaders.

“Look, it is not negotiable for us to comply with our financial requirements and our clearinghouse deposits,” Robinhood chief executive Vladimir Tenev said while defending his firm’s decisions. “We have to do that.”

The capital injection is “a strong sign of confidence from investors that will help us continue to further serve our customers,” a Robinhood spokesperson said in an emailed statement. The money will allow the firm to “continue to invest in record growth”.

Robinhood said after markets closed that it plans to allow “limited buys” to resume in affected securities. It also tried to assuage customer concerns with an email that said, “this was a temporary decision made to best continue serving you, and was not an easy one to make”.

(With inputs from Bloomberg)

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Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House

Scoreline:

Cardiff City 0

Liverpool 2

Wijnaldum 57', Milner 81' (pen)

The Saga Continues

Wu-Tang Clan

(36 Chambers / Entertainment One)

Favourite things

Luxury: Enjoys window shopping for high-end bags and jewellery

Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount

University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China

Masters: Studying part-time for a master’s degree in international business marketing in Dubai

Vacation: Heads back home to see family in China

Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs

How much do leading UAE’s UK curriculum schools charge for Year 6?
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1) Phishing

Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

2) Smishing

The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

3) Vishing

The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

4) SIM swap

Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

5) Identity theft

Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

6) Prize scams

Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

Spider-Man: No Way Home

Director: Jon Watts

Stars: Tom Holland, Zendaya, Jacob Batalon 

Rating:*****

COMPANY%20PROFILE
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WWE TLC results

Asuka won the SmackDown Women's title in a TLC triple threat with Becky Lynch and Charlotte Flair

Dean Ambrose won the Intercontinental title against Seth Rollins

Daniel Bryan retained the WWE World Heavyweight Championship against AJ Styles

Ronda Rousey retained the Raw Women's Championship against Nia Jax

Rey Mysterio beat Randy Orton in a chairs match

Finn Balor defeated Drew McIntyre

Natalya beat Ruby Riott in a tables match

Braun Strowman beat Baron Corbin in a TLC match

Sheamus and Cesaro retained the SmackDown Tag Titles against The Usos and New Day

R-Truth and Carmella won the Mixed Match Challenge by beating Jinder Mahal and Alicia Fox

Awar Qalb

Director: Jamal Salem

Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman

Two stars

The specs: 2018 Mazda CX-5

Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
​​​​​​​Fuel consumption, combined: 7.1L / 100km

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• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

AWARDS
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