Hinrich J. Woebcken, a former BMW executive, has been appointed by emission scandal-hit Volkswagen to oversee business operations in the US, Canada and Mexico. Woebcken will assume charge from 1 April 2016. Audi and Porsche brand don't come under Woebcken's area of operations. However, Volkswagen has retained Michael Horn as CEO of Volkswagen Group America Inc. The emission-scandal hit Volkswagen has been facing regulatory investigations in the US.
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S3 Ventures Raised $8 Million Series B Fund for Datical
Datical, an Austin-based data management company announced on Thursday of its $8 million Series B funding. The funding was led by S3 ventures with its existing investors Mercury Fund and Austin Ventures.
Startups: Queen's University Capital Club is Seeking Canada's Best Student Startup of The Year
The Queen's University Capital Club focuses on fueling the Canadian students entrepreneurial ecosystem. This year, they determined to foster more student startups with this competition where selected applicants can meet venture capitalists and accelerators that could help them develop their startups. All Canadian students are welcome to apply via the club's website.
Indian stock market at bear zone; Asian stocks gain
Despite economy growth rate of over seven percent, the Indian stock markets are suffering from the selloff by foreign investors. The domestic stock markets may enter bear territory soon after the fall in Shanghai and Tokyo markets. The cash-strapped foreign investors are offloading in Indian stocks since November 2015. On the other hand, Asian stocks gaining momentum following the marginal rebound in oil price.
Copper prices dancing to the tunes of China
The stockpiles levels in China, the biggest commodity consumer, are impacting copper prices in the global markets. Copper price is hovering at $4,400 per metric ton and is moving in consolidation phase. Chinese smelters may cut down output and stop increasing capacities this year.
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The falling oil price below $30 per barrel is impacting Canadian economy, which mostly depends upon commodities. Along with oil price, Canadian currency Loonie too declined against the US dollar. The weaker Loonie has eroded the purchasing power of Canada and is making imports costlier. Canada imports vegetables from the US. The surging US dollar made vegetables prices expensive by three folds for Canadian consumers.
Royal Dutch Shell is slashing the headcount as part of the cost cutting exercise. Anglo-Dutch company has decided to cut down 10,000 jobs in the wake of continuous drop in oil prices. The global energy major aims at reduction of costs by $3 billion in 2016 and it already reduced operating costs by $4 billion in 2015. Shell is also banking on synergy advantages from the BG Group Plc merger, which is expected to be completed in few weeks.
Leading risk management software developer, Prevalent Inc. received its first Series B funding last week. Led by Spring Mountain Capital Invest, joined by its existing investor, Fulcrum Equity Partners.
IBM has announced Thursday purchasing live video streaming platform, UStream. Details of the acquiring deal haven’t been disclosed, but the price believed to peg a price not more than $150 million in cash. IBM has furnished a press release in its website, which ends leaving probability for changing its narrated goals on forming cloud video unit.
The New York Times has published its first online edition on Jan 22, 1996. Marking the 20th founding anniversary, the news conglomerate has launched ‘History of NYTimes.com’, narrating chronology of the news website’s evolution and further development. The capsule offers video and audio contents including interviews with people related to the evolution.
The subprime online lender company Elevate Credit delays its IPO scheduled on Thursday. Teetering market has been the main reason of the postponement and high risk of online subprime lending service.
Austin-based tech company, Waldo Photos closes its $5 million seed funding on Thursday. The seed funding round was led by California's venture capital firm Upfront Ventures.
Two of Fiat 500L used by Pope Francis during his visit in U.S. will be auctioned next week in Philadelphia Auto Show. Pope used the car during his historic visit to U.S. last September.
Schlumberger Ltd, on Thursday, reported a net loss of $1 billion for the fourth quarter and also said that it has axed 10,000 additional employees, as an effort to adjust its resource and cost base.
