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.
Sectors
IEA warns of worse than expected oil glut
The International Energy Agency (IEA) has warned that short-term risks downside have increased as oil glut is expected to be worse than anticipated. With Iran resuming oil production, the sluggish global demand is adding further to the woes. OPEC's continuation of oil production is keeping pressure on oil prices.
Obama’s final budget of more than $4 trillion expectedly faces a hostile Republican front
US President Barrack Obama has finally disclosed the 2017 US budget details. Never to shy away from what he deems right, even in the last year of presidency, he has included his long-term liberal plans that have been widely criticized by the Congress. The highlighted ones are his global climate change initiative, fee levied on crude oil, and enhanced medical care for cancer patients and drug addicts.
Online Publishing: Wired Magazine Will Offer Ad-Free Experience for $3.99 per Month
The offer is part of the company's strategy to gain income amid the increasing use of ad-blocking softwares. Websites had been losing significant advertisement revenues and develop other alternatives to bring ad-free experience while keeping the business going. The offer will start next week for $3.99 per month or $1 weekly.
Transportation: The FAA Warned Airlines that Lithium-Ion Batteries Could Cause Fire and Explosion in Airplanes
The FAA issued an official warning to airlines that lithium-ion batteries powering most mobile devices including smartphones are dangerous to be brought and transported in the aircraft’s cargo. The warning was stated following a series of study involving previous incidents involving lithium ion batteries overheating.
Latest News
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.
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.
Parker Conrad, co-founder and CEO of Zenefits steps down from his post as the company is under lots of pressure to meet its revenue projection. Besides that, the company also is under investigation for breaking few insurance regulations in at least seven different states.
Ford is reportedly intending to start a new plant in Mexico with an aim to boost its production capacity of US plants. This move by the company reflects its rival General Motors' investment plan of $5 billion to multiply the production capacity in Mexico within 2018.
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.
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.
