Two of the many energy related shares in Carl Icahn portfolio's plunged on Monday trade causing the activist investors a paper loss of $90 million. The two companies are Chesapeake Energy Corp. and Transocean Ltd.
Sectors
Company Lawsuit: Burberry Sued J.C. Penney for Selling Infringed Products Using Its Trademark Pattern
Burberry filed a lawsuit over the claim that U.S. retailer J.C. Penney sold infringed products. The retailer was accused of copying Burberry’s century-old pattern trademark and kept selling the product for up to two months after Burberry raised its objections.
Company Collaboration: Swatch Teams Up With Safilo to Design and Distribute Sunglasses Collection
Swatch will help design the sunglasses collection while Safilo will be in charge of production. The two companies will distribute the products in both their stores worldwide. The five-year agreement aligns with both the companies' strategic plan to create a new design concept.
Facebook Deletes Medical Marijuana Homepages Without Any Prior Warning
Facebook deleted medical marijuana hopepages on Tuesday, without any prior warning. People that relied on the site for updates on the cannibis for medicinal purposes are said to have been greatly affected by the social media giant's initiative.
Software Releases: Adobe Launches Flash Professional Successor, Animate CC
Adobe rebranded its animation tool Flash Professional as Animate CC. The name-change reflects the shifts in the tool's concept and focus. Animate CC still supports the older formats but is expanded to enable users to save and share their content in newer other formats, including 4+K video and SVG. Animate CC will also support CreativeSync, enabling users to directly share their works with other Adobe users.
Latest News
Reeling under pressure, the hedge fund segment is facing talent crunch to render its services more qualitatively. Considering the need of the hour, billionaire Steve Cohen-owned hedge fund Point72 Asset Management is investing in grooming the talent pool. It's offering two programs to train young graduates.
The bonds are gaining momentum amid sluggish financial markets and uncertainty about the global economy. Majority of hedge funds are betting on the $4.5 trillion market as the safest for US corporate debt. Some hedge funds forecast the concerns may go beyond energy and junk bonds.
The suspected Pakistani hackers have allegedly taken down the official website of Indian Revenue Service (IRS). The website of Income-Tax (I-T) Department, a part of IRS, was down on early Saturday (6 February) and the site is still offline.
Volkswagen's heavy truck division is exploring several options for enhancing business growth. The trucks division is studying initial public offer (IPO) plan and acquisition route to achieve higher growth rate. Trucks division is keen on expanding in the US and Chinese markets.
Google CEO Sundar Pinchai received his first equity award granted by Google's parent company, Alphabet, Inc. The $199 million amount was one of the biggest ever given by a U.S. company, making him one of the world's highest-paid executives. Besides Mr. Pinchai, other executives, including Diane Greene and Ruth Porat also received the award worth $42.8 million and $38.8 million respectively.
Amplats revealed a shocking 86% loss in its 2015 earnings report. The world's largest metal producer is facing a grim situation of reduced capital expenditure, mine closure, employment cutbacks, and shelving of projects.
India’s internet regulator, the TRAI, had officially banned Facebook’s Free Basics program. The program has been banned for a few months now, but TRAI has been willing to reevaluate the terms until it came up with the decision that the program would not be allowed in the country. The Free Basics program was banned due to concerns over internet neutrality.
An MIT research team has introduced a new computer chip, Eyeriss, that will allow IoT devices to go through deep learning process. Data collected by the devices, is currently uploaded to the internet for processing by power servers. Eyeriss chip processes the collected data locally using the neural technology and thus ensures data security and reduces power consumption.
The company announced that it had broken even in India and six other foreign countries, making the Indian e-commerce the first to achieve that milestone. Zomato, valued at over $1 billion, is going to start another funding round before becoming profitable by mid-2016.
