What is a SPAC?
In-vogue shell companies offer firms a shortcut to a public listing but carry risks for investors
THE INVESTMENT boom in special-purpose acquisition companies (SPACs), a controversial species of shell business, keeps scaling new heights. On April 13th a new record was set when Grab, South-East Asia’s answer to Uber that provides ride-sharing, food-delivery and digital-payment services, agreed to merge with a SPAC founded by Altimeter, an American investment manager, in a deal that values Grab at around $40bn. This grants Grab a shortcut onto the Nasdaq and is the latest in a string of such deals (Lucid, a maker of electric cars, provides another notable example).
How drones and video-game techniques are coming together in Ukraine’s war
The idea of the body count evolves
Why are India and Pakistan fighting over water?
After terror attacks India has suspended a water-sharing treaty
How will mines dropped by drones change warfare?
They make attacks on tanks more precise and troops easier to trap
What do Greenlanders think of being bought?
Donald Trump’s desire for Greenland, and a shabby visit by his son, reignite the independence debate
What would Donald Trump gain from seizing the Panama Canal?
The president-elect claims the crossing is controlled by China and rips off American consumers
Where does Santa come from?
How a miracle-working Greek bishop, Dutch folk figure and early New York icon became the ubiquitous symbol of Christmas