Honest Co was accused for a fraudulent labeling in its home and personal care products. The plaintiffs claim that more than 40 of its products contained chemical and toxic ingredients.
Industry
Seed CX, Proposed Hemp Derivatives Trading Startup Raises $3.42 Million Fund
Kentucky and 26 other US states consider hemp cultivation and processing as legal. Industrial hemp and its derivatives are widely used in fabrics, shampoo, plastics, building materials etc. To avail the potential business opportunity, Seed CX has raised fund for $3.42 million aiming to run a platform for hemp and its derivatives.
Elon Musk Invests $10 Million In SolarCity Stock, Makes Paper Profit of $1.8 Million On Wednesday’s Price
SolarCity has left modest growth plan in the US market due to withdrawal of subsidy from renewable energy sector. Investment of $10 million by billionaire entrepreneur Elon Musk has surprised many. This acquisition is believed to bring back confidence among the investors of SolarCity as a long term investment.
NetApp to Layoff 15,000 Employees Due to Lower Than Expected Performance
On Wednesday, the data storage specialist NetApp reported its revenue at a lower than expectation. The company suffered a low demand of its product and will cut 12% of its employees.
Yahoo Cut Another Employment and Shutting Down Digital Magazines
Yahoo announced another round of layoff after early February cutoff. Around 300 employees in California office will lose their jobs.
Latest News
Abengoa SA has been witnessed to tatter since Spain government has withdrawn subsidy on renewable energy sector. The company has been battling with a debt burden of €8.9 billion and seeks fresh cash injection of €1.66 billion by the next two years. However, analysts doubt on the Spanish energy producer’s cash requirements.
Indian Rupee further fell in a narrow range and was nearing its record low. On the other hand, stocks on the Indian bourses staged a recovery. The S&P BSE Sensex was up 0.8 percent paring intraday loss of 1.2 percent. Overseas investors continued to offload in the Indian stock markets.
The largest mining company's shares dropped as nickel and metal price plunge, following order reduction from China. Last week, nickel reached its lowest price in 13 years.
Crédit Agricole SA has been widely criticized for its complex cross-shareholding between listed entity and cooperative parent banks. Finally it has announced plans for simplification of its capital structure. The French Green bank has also announced dividend of €0.60 per share while recording €882 million in net profit.
Fairchild board rejected acquisition proposal from Chinese firms over fears of US regulatory approval. After a thorough review process and consultation with its financial and legal guides, the board of Fairchild decided to forbid the takeover offer.
Oil and gas prices have continued to slashing down in 2016. Due to lower commodity prices, Oil and gas companies are adopting cost reductive measures including job cuts. After job cut spree in Sandridge Energy, Devon Energy has announced 1,000 job cuts on Tuesday. The company has forecast for another 600 job cuts ahead.
Yello Mobile, South Korean fastest growing mobile app company has received $30 million more fund from SBI Holdings Inc. With the recent investment, the fund grows to $73 million in total. However, the $4 billion enterprise expects further investments before closing the financial round in the coming months.
Knight Vinke removed a majority of his UBS shares from many investment institutions after his failure in convincing the bank to modify its strategy.
The volume of maturities of US investment-grade companies during 2016 and 2020 will be $864 billion. This is record high for the US investment-grade companies. However, they can easily access financial markets for refinancing their debt, observes global rating agency Moody's Investors Service.
