The Sacramento Kings announced a tech startup contest for local entrepreneurs. Supported by local investment firm Velocity Venture Capital, finalists will get an opportunity to pitch their ideas to judges and a chance to win a cash prize and consultation sessions with the Kings executives.
Firm Management
$80 Million ‘Golden Parachute’ Package For Dow And DuPont CEOs
DuPont and Dow Chemical Co. have agreed for a $130 million merger reflecting ‘merger on equals’. Following the merger, Dow CEO, Andrew Liveris will enjoy the lion share of $52.8 million while Edward Breen, DuPont’s CEO, will get $27.2 million. However, this appears as a true “Golden Parachute’ only for Liveries since Breen has secured job in the proposed merged entity.
Uber Launched Improved Food Delivery Service App UberEats in Los Angeles
Los Angeles is the first city in the U.S. to enjoy Uber’s new service, UberEats. Uber launched the new feature as a standalone app whereas a special, food-handling-certified driver will handle food orders and delivery from hundreds of restaurants across the city.
SunEdison’s Vivint Acquisition Efforts May Face Limbo
SunEdison has announced on Wednesday suspending quarterly dividend followed by earlier decision for making delay in disclosing quarterly earnings report. Following these revelations, the banks deciding earlier to extend loan facility, have pulled out from the loan commitments. Delay in disclosing earnings violate prior loan agreement which has been cited as the reason for pulling back.
Track 22 Plan will Implement McLaren’s £1 billion Expansion Program For Tripling Production by 2022
Intending the erase the image of lavish supercar maker, McLaren has introduced its 570 GT model. The auto manufacturer has pledged to continue producing cheaper cars for broadening its arena in the UK automobile market. The car maker has adopted an expansion strategy involving £1 billion fund aiming to triple the yearly production.
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Facebook’s WhatsApp announced that they will stop supporting older mobile platforms, including BlackBerry, Nokia, as well as older Android and Windows operating systems. The decision would allow the app to further improve its features beyond older smartphones’ capabilities.
Danske Bank has reportedly spent $60 million against its workforce compared with a year earlier. Meanwhile, the bank company has recently achieved an average ‘buy’ rating from most of the analysts. To retain the achievement with further upgrading, the bank has adopted cost cutting measures which include job cuts in 46 positions of mostly the IT portfolio.
Converse is adopting a new approach to update its Chuck Taylor shoes. The shoemaker revealed its newest Chuck II Reflective Print collection with an improvement in functionality and visual features to offer users a brand-new style and experience.
Bikes maker Palo Alto Bicycles, which Silicon Valley startups have often contacted to purchase high-end custom bikes for their employees, have confirmed a decline in sales. The declining sales are likely to be an indicator that startups are being more careful in spending money as investors got tighter in demanding profitability.
Opportunity Network introduces its eligible anonymous members in its platform to facilitate deals. The membership subscription fees generate sufficient revenue to grow the networking site up to a valuation of $150 million. Surprisingly, the network startup has grown up to a valuation of $150 million from $100 million in just a year without any fund from VC.
China has represented itself as a familiar lender to the Latin American Countries and businesses fighting for debts. In a similar approach, it has extended loan facility to Brazilian indebted oil giant Petrobras for $10 billion securing oil for Chinese companies. The announcement has appeared just after the latest downgrading by Moody’s to junk status following several other credit rating agencies.
Robots are the best performer in repeating predefined tasks while lags behind in adapting with changes. Offering changed features in versatile range of models appear as the trend for recent day’s automobile industry, where human surpasses robots. Following the industry trait, Mercedes-Benz has brought back humans in S-Class production replacing robots.
Gap Inc. has announced its fourth quarter earnings on Thursday. The clothing retailer has represented a comparative feature with its year ago performances. It has also predicted for weaker earnings during the current year.
The London City Airport has now new owners as a group of investors led by Canadian pension plan acquire the facility for £2 billion. Some expressed a concern over the airport’s plan to expand the service, also over the high price that could cause the new owners to increase airport charges.
