Santee Cooper's board said the decision to end construction will save customers an estimated $7 billion. Completing the project would have cost an additional $8 billion and $3.4 billion in interest and it likely wouldn't be finished until 2024. The first reactor was supposed to be online in August 2019.
San Francisco-based Opendoor, which we profiled in the latest issue of the magazine (FORBES, Dec. 20), said today that it raised an additional $210 million in venture capital -- a move that likely pushes the company into unicorn territory. FORBES named Opendoor, which is working to upend the way that Americans buy and sell homes, to its 2016 list of next billion-dollar startups. The financing was led by Norwest Venture Partners, with participation from NEA and existing investors, including Khosla Ventures and GGV Capital. All told, the company has now raised $320 million in equity, plus more than $400 million in debt, to pull off its audacious bet that hundreds of thousands of homeowners will value the certainty of a sale over getting the highest price. Opendoor relies on a complex algorithm to bid for homes sight unseen, and it can then close on those deals in as little as three days.
The Australian government has announced a one-billion-dollar aid package for drought-stricken farmers. But economists are questioning whether the handout is better politics than economics - asking if it is worth it to grow crops and raise animals in an increasingly harsh climate. They also doubt whether all farmers entitled to payouts really need them. Al Jazeera's Andrew Thomas reports from near Parkes in New South Wales, which has not seen decent rainfall in two years.