Posts belonging to Category Board Directors



Uber warns it may never make a profit

IPO filing indicates how far Uber remains from turning a profit

Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its IPO filing.The document gave the first comprehensive financial picture of the decade-old company which was started after its founders struggled to get a cab on a snowy night and has changed the way much of the world travels.TheUber S-1 filing underscores Uber’s rapid growth in the last three years but also how a string of public scandals and increased competition from rivals have weighed on its plans to attract and retain riders.

The disclosure also highlighted how far Uber remains from turning a profit, with the company cautioning it expects operating expenses to “increase significantly in the foreseeable future” and it “may not achieve profitability.”

https://www.reuters.com/

Disney Closes $71 Billion 21st Century Fox Deal

Birth of a preeminent global entertainment company

Before the end of the East Coast airing of “Jimmy Kimmel Live!”, Disney has formally sealed the deal on its $71 billion acquisition of 21st Century Fox.

“This is an extraordinary and historic moment for us — one that will create significant long-term value for our company and our shareholders,” Disney chairman-CEO Bob Iger said in a statement on Tuesday afternoon. “Combining Disney’s and 21st Century Fox’s wealth of creative content and proven talent creates the preeminent global entertainment company, well positioned to lead in an incredibly dynamic and transformative era.”

Disney took possession of 21st Century Fox at 12:02 a.m. ET. Assets changing hands in the deal include: Twentieth Century Fox, Fox Searchlight Pictures, Fox 2000 Pictures, Fox Family, and Fox Animation; Fox’s television creative units, Twentieth Century Fox Television, FX Productions, and Fox21; FX Networks; National Geographic Partners; Fox Networks Group International; Star India; and Fox’s interests in Hulu, Tata Sky, and Endemol Shine Group.

https://www.variety.com/

Amazon, GM in talks to invest in electric pickup truck maker Rivian

Rivian Automotive LLC valued up to $2 billion

Amazon.com Inc and General Motors Co are in talks to invest in Rivian Automotive LLC in a deal that would value the U.S. electric pickup truck manufacturer at between $1 billion and $2 billion, people familiar with the matter.

The deal would give Amazon and GM minority stakes in Rivian, the sources said. It would be a major boost for the Plymouth, Michigan-based startup, which aspires to be the first carmaker to the U.S. consumer market with an electric pickup.

If the negotiations conclude successfully, a deal could be announced as early as this month, the sources said, asking not to be identified because the matter is confidential. There is always a chance that deal talks fall through, the sources cautioned.

http://www.reuters.com

Bio-Pharma: BMS Buys Celgene

The new year is starting off with a $74 billion bang

Bristol-Myers Squibb will acquire Celgene Corporation to create a pharma giant with a significant pipeline focused on oncology, inflammatory and immunologic diseases, and cardiovascular disease.

The deal comes days ahead of the 37th annual J.P. Morgan Healthcare Conference and, in some ways, mirrors Celgene’s significant $9 billion acquisition of Juno Therapeutics and $7 billion acquisition of San Diego-based Impact Biomedicines at the beginning of 2018. The BMS deal for Celgene is a cash and stock transaction. Celgene shareholders will receive one share of BMS stock and $50 in cash for each share of Celgene stock they own. Celgene shareholders will also receive one tradeable Contingent Value Right (CVR) for each share of Celgene. The CVR will entitle the holder to receive a payment for the achievement of future regulatory milestones.

Shares of Celgene have shot up more than 31 percent on the news, rising to $87.90 in premarket trading. Celgene closed at $66.64 on Wednesday. Shares of BMS, on the other hand, are down 11.5 percent to $46.40 in premarket trading.

https://biospace.com/

IBM to acquire Red Hat

Deal valued at $34 billion

IBM is acquiring Red Hat, a major distributor of open-source software and technology, in a deal valued around $34 billion, the companies announced on Sunday.
According to a joint statement, IBM will pay cash to buy all shares in Red Hat at $190 each. Shares in Red Hat closed at $116.68 on Friday before the deal was announced.
The open source, enterprise software maker will become a unit of IBM’s Hybrid Cloud division, with Red Hat CEO Jim Whitehurst joining IBM’s senior management team and reporting to CEO Ginni Rometty.
http://www.cnbc.com

White House meets tech executives on future of jobs

Bold ideas to ensure American dominance on AI

The Trump administration, which has had strained relations with technology companies, met on Thursday with top tech executives to discuss ways to “ensure American dominance” of innovation and the future of high tech jobs. Chief executive officers who participated included Microsoft Corp’s (MSFT.O) Satya Nadella, Alphabet Inc’s (GOOGL.O) Sundar Pichai, Qualcomm Inc’s (QCOM.O) Steven Mollenkopf and Oracle Corp’s (ORCL.N) Safra Catz, the White House said.

President Donald Trump briefly stopped by the meeting that focused on the latest and next-generation technology, including artificial intelligence (AI), a White House official confirmed. “We would like their bold ideas to ensure American dominance” on AI, 5G wireless communication, quantum computing and advanced manufacturing, a senior White House official said.

http://www.reuters.com

artificial intelligence, Board Directors, China, entrepreneur, Europe, global economy, global finance, jobs, stock exchange, stocks, taxation, Unemployment, USA

IBM to acquire Red Hat in deal valued at $34 billion

Red Hat is a major distributor of open-source software

IBM is acquiring Red Hat, a major distributor of open-source software and technology, in a deal valued around $34 billion, the companies announced on Sunday.
According to a joint statement, IBM will pay cash to buy all shares in Red Hat at $190 each. Shares in Red Hat closed at $116.68 on Friday before the deal was announced.
The open source, enterprise software maker will become a unit of IBM’s Hybrid Cloud division, with Red Hat CEO Jim Whitehurst joining IBM’s senior management team and reporting to CEO Ginni Rometty.

http://www.cnbc.com

Major Facebook investors want Mark Zuckerberg out as chairman

Zuckerberg holds absolute control of the board with a majority of the voting power

Major Facebook investors, including public pension funds and state officials, are pushing for Mark Zuckerberg‘s ouster as chairman of the company’s board.
The proposal is largely symbolic, since Zuckerberg holds absolute control of the board. But it comes at a difficult time for Facebook, as security breaches plague the company and spur questions around corporate oversight.
“We need Facebook’s insular boardroom to make a serious commitment to addressing real risks — reputational, regulatory, and the risk to our democracy — that impact the company, its share owners, and ultimately the hard-earned pensions of thousands of New York City workers,” New York City Comptroller Scott Stringer said in a statement to CNBC.
http://www.cnbc.com

Paul Allen, co-founder of Microsoft, is dead at 65

Cancer of the lymphatic system

Paul Allen, the billionaire co-founder of Microsoft, died Monday. He was an investor, entrepreneur and philanthropist who influenced many aspects of modern life — from technology and science to sports and music.
Allen was 65, his investment firm Vulcan said in a statement announcing his death. He died in Seattle from complications related to non-Hodgkin’s lymphoma two weeks after Allen said he was being treated for the disease.
Non-Hodgkin’s lymphoma, like the less-common Hodgkin’s disease, is a cancer of the lymphatic system.
http://www.cnn.com

Sears files for bankruptcy

Massive debt load

Sears has filed for Chapter 11 bankruptcy protection, buckling under its massive debt load and staggering losses. Sears once dominated the American retail landscape. But the big question is whether its shrunken version can be viable or will be forced to go out of business, ending the final chapter for an iconic name that originated more than a century ago.
Sears filed in U.S. Bankruptcy Court in White Plains, N.Y. Sears says it will “close 142 unprofitable stores near the end of the year. Liquidation sales at these stores are expected to begin shortly. This is in addition to the previously announced closure of 46 unprofitable stores that is expected to be completed by November 2018.”
Chairman and CEO Edeard Lampert is giving up his CEO role but will remain as chairman. Three executives will take over the CEO functions for now. The filing came just before Sears would have had to repay $134 million in loans later on Monday.
http://www.cbsnews.com

Co-working is just getting started

Investors think highly of buildings that include 15%-30% co-working space

In just the last year, co-working spaces have tripled their share of Manhattan’s office-leasing activity to around 10%, according to real estate brokerage firm Avison Young. Across the country, the number of square feet they occupy has jumped nearly 400% over the last eight years. As the market for flexible and customized offices continues to boom, it’s not just startups and small businesses that stand to benefit. More and more, larger companies that don’t want to be locked into decades-long leases are considering the upsides of flexible spaces.

In August, WeWork launched HQ by WeWork to serve the needs of medium-sized businesses. And other giants (think: Amazon, Verizon, and more) have already begun turning to co-working spaces to house entire divisions of their companies. In 2017, IBM struck a deal with WeWork to occupy its 88 University Place building in Manhattan.
http://www.angel.co

Chinese bitcoin mining giant Bitmain had revenues of $2.8 billion in the first half of the year

IPO plan despite slump in bitcoin

After months of speculation about the company’s plans, Bitmain released its first-ever public disclosures, confirming its intention to list on the Hong Kong stock exchange. Bitmain Technologies, founded by billionaires Jihan Wu and Micree Zhan, came on the scene five years ago and rode the cryptocurrency boom to a $12 billion valuation after its most recent funding round.
The financial statements released Wednesday, which were the result of an audit by KPMG, answer key questions about the company’s financial health as the price of bitcoin and other cryptocurrencies have plummeted. Bitmain made $742.7 million in profit during the first half of this year, marking a nine-fold increase from a year earlier, according the heavily redacted documents. Revenue was up tenfold in the same period, to $2.8 billion as of the end of June, and adjusted return on equity was 58.8 percent.
http://www.cnbc.com

Deutsche Bank mulls merger scenario with UBS

Deutsche Bank (DBKGn.DE) has looked at a theoretical scenario of merging with UBS (UBSG.S), the German business daily Handelsblatt reported on Wednesday, citing people familiar with the matter. The scenario, along with a potential merger with Commerzbank (CBKG.DE), was discussed at the bank’s strategy meeting with the supervisory board earlier this month, Handelsblatt said.
On paper, a potential merger with UBS fares better than a deal with Commerzbank as Deutsche Bank and the Swiss lender would complement each other well in the areas of investment banking and wealth management, the report said. A merger with Commerzbank, in contrast, might lead to high restructuring costs due to large overlap, the paper said.
http://www.reuters.com

Lehman Brothers went bust 10 years ago

Can it happen again?

In early 2007, the then chairman of the Federal Reserve, Ben Bernanke, dismissed the idea that the slowdown in the US housing market had profound implications. It was, according to the man running the world’s most powerful central bank, just a local affair. Everybody knows what happened next. Within 18 months the local problem in the US subprime mortgage market had ballooned into the biggest global financial crisis since the 1930s. When Lehman Brothers went bankrupt 10 years ago this week, it was the catalyst for a month of turmoil in which no financial institution was considered entirely safe.
Inevitably, the anniversary of those tumultuous weeks in late September and early October 2008 has prompted speculation about whether it could happen again. And, if so, what will be the cause? Looking around the global economy, there are plenty of potential candidates…

Jack Ma to Hand Alibaba’s Helm to CEO Daniel Zhang Next Year

His retirement caps a 19-year run for Asia’s largest company

Alibaba is heralding the end of the Jack Ma era. A former English teacher who helped found Alibaba Group Holding Ltd. two decades ago, Ma outlined plans to hand the executive chairman role to Daniel Zhang, a finance veteran who’s presided over an ambitious expansion and won over investors in three years as chief executive officer.

Ma will officially pass the baton in exactly 12 months’ time, on his 55th birthday, but remain on the board until 2020. He now intends to focus on philanthropy and education but also pursue unspecified “new dreams,” he said in a statement Monday.