The Los Angeles-based fashion retailer Nasty Gal is reducing the number of employees by 10 percent as part of its strategic restructuring. The increasing market competition and uncertainty in financing aspects are forcing the company to reduce the costs. Several former employees moved court against Nasty Gal against layoffs.
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Verizon CEO showed interest in Yahoo acquisition
It was confirmed by Verizon CEO Lowell McAdam that Verizon is interested in acquiring Yahoo. The Internet search company had difficult times in the past years as many other companies had their market share in the online and mobile business. This promts Yahoo to reconstruct its business including cutting jobs.
Boosting Electricity Power In Nigeria Needs Widening of Grid Says Azura
Nigeria as biggest economy of Africa is not able to meet demands for power supply for various reasons. Azura which generates power for Nigeria, is of view that for supply to increase the power transmission the grid must be expanded. And terms of the management of transmission grid which is run by a Canadian Company needs to be reviewed.
Swiss Attorney General Suspects $4 bln Misappropriated From Malaysian State Companies by Malaysian State Fund IMDB
The office of Swiss Attorney General began criminal investigation in August 2015 into former officers of Malaysia's Development Fund 1MDB. Charges relate to bribery of foreign officials, dishonest mismanagment of public interest and others. The Attorney General's office has revealed serious indications of $4 Bil having been misappropriated from State Companies of Malaysia.
The First Rolls Royce Dawn Convertible Auctions For $750,000, Insurance Mogul Julian Movsesian Wins The Bid
Rolls has been participating in the Naples Winter Festival for the last 15 years with the first production of any new version placed for auction. The first copy Dawn Convertible has been auctioned in January 31 for $750,000 and thus collects $4.8 million in total. The amount received from auction is dedicated for Naples Children & Educational Foundation (NCEF).
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Honda said it recalled a total of 442,997 vehicles in Japan. The automaker will also recall 2.2 million cars in the US.
Gary Le Sueur, an expert venture capitalist, has been appointed as director of Inspiring Scotland’s board. Gary's experience coupled with his desire to utilize venture capital-skill for social cause will enable the company to boost its ability to deliver the highest return on investment.
Terming the daily fantasy sports as illegal gambling, the New York Attorney General has filed a lawsuit against DraftKings and FanDuel. While the lawsuit proceeds in its own pace, banking giant Citigroup has imposed a ban on transactions to the DFS sites by the New Yorkers. Some US states express reluctance while some declare the sites as legal.
Index Ventures, known for funding Skype, Dropbox and Candy Crush Saga online game is starting a new biotech venture capital firm named Medicxi Ventures. GlaxoSmithKline Plc. and Johnson & Johnson have funded $230 million to Medicxi Ventrue and would reportedly contribute 25 percent of the investment.
Reliance Infrastructure Ltd has sold Reliance Cement Company Pvt. Ltd to Birla Corporation for Rs. 4,800 crore. Anil Ambani's Reliance has made this decision to cut down the debts the company has accumulated over the years that range between Rs 20,000 and 25,000 crore.
Weatherford International Plc lays-off 6,000 workers due to plunging oil prices. The company believes diminishing supply would influence the oil prices for good.
Lions Gate Entertainment Corp. continues the discussion with Starz regarding the possibilities of the two companies to merge. The talk had been started three years ago, and now it is looking for a further agreement.
Last December, German factory orders dropped worse than what experts had forecasted. There was a weaker growth in the local demand, and the overseas market was not so much helping eventhough there was a slightly slow increase.
Samsung has released 4K Blu-ray player, UBD-K8500/ZA at selective stores of Santa Monica. The product has been expected to get released sometime in March. The new video player for $399 is believed to offer a superb content viewing experience.
