Egyptian-Chinese industrial zone in Ain Sokhna may attract $5 billion investments. About 100 companies are expected to set up their operations in the zone paving the way for creation of employment opportunities for about 30,000 people.
eCommerce
EBay Select Shyp as Partner to Handle Pickup and Delivery
The on-demand shippping company startup Shyp was selected as eBay partner. Shyp will handle packing and shipping for eBay sellers.
Cloud-based startup Optimizely to lay off 10% staff
Optimizely, a San Francisco-based cloud-based startup, is slashing its workforce by 10 percent across all the departments. Based on recent round of finance, Otpimizely was valued at $585 million. Since its inception in 2009, Optimizely has raised over $146 million investments including $58 million round in 2015.
Amazon Leased 20 Boeing 767 Aircrafts To Handle U.S. Delivery Service
Amazon said on Wednesday to start its own air delivery in United States. The largest electronic retailer leased 20 Boeing 767 cargo aircraft from Air Transport Services Group Inc.
Gainers and losers of Wednesday, March 9, 2016 stock market
Shares of Blue Buffalo and Air Transport Service gained during the Wednesday trading session while shares of Yelp, Unisys Corp and Zagg Inc lost their shares in the stock market.
Latest News
There is a saying "Strike while the iron is hot". That is what Silicon Valley is doing - investing big in India where the economy grows faster.
Hewlett Packard Enterprises (HPE) has beaten analysts' forecasts for the first quarter earnings. HPE has posted earnings per share (EPS) of 41 cents a share for first quarter as against the 40 cents per share of average forecast made by analysts. Hewlett Packard Enterprises is expected close Tsinghua deal by end of May as soon as it gets Chinese regulatory approval.
Led by energy and banking stocks, equities on Wall Street surged after the latest data buoyed investor confidence. Crude oil price was nearing $35 per barrel. Wall Street is waiting for jobs data to be released on Friday.
The Dell's acquisition of EMC Corp for $59 billion is going ahead as per the schedule. EMC shareholders are expected to vote on the deal in May. Dell's Michael Dell said in a memo that the deal would be completed according to the stipulated schedule.
Israel is witnessing an increasing number of new venture capital (VC) firms coming up. The country registered an inflow of $665 million VC funding during the first two months of the year. Unfazed with the recent market crash, the funds inflows continue for Israel startups.
China is working on a new financial super-regulator mechanism to take care of banking, securities and insurance segments under one umbrella. Recent turmoil in the financial markets are driving the Chinese government to revamp financial monitoring mechanism.
Alibaba plans of expanding and venturing into other business the reason it is seeking $4 billion in loans. It is already in talks with several banks and the request will be finalized by next month.
Indian smart phone market is witnessing robust growth rate and attracting foreign venture capitalists (VCs). The home-grown apps are creating more demand for venture capital. India is second largest market for smartphones after China.
China has unveiled a series of new initiatives to push its economy growth rate. The government is keen on meeting the increasing demand in small and medium-sized homes. Another set of new rules for accelerating reforms at state-owned enterprises will be announced soon.
