Posts belonging to Category entrepreneur



Uber IPO Could Be One of Five Biggest NYSE Listings in History

Uber chooses the New York Stock Exchange

Uber Technologies has selected the New York Stock Exchange for its imminent initial public offering, handing the trading floor what could be one of the five biggest listings of all time, according to a person familiar with the matter, who asked not to be identified as the details aren’t public.

The ride-hailing giant is expected to publicly file for its offering in April, kicking off a listing that could value the company at as much as $120 billion and is likely to be the biggest of the year, people familiar with the plans have said previously. At that valuation, Uber would only have to float about 16% of its shares to make the top five, according to data compiled by Bloomberg.

https://www.fortune.com/

Levi Strauss valued at $6.6 billion

IPO prices above target

Levi Strauss & Co fetched a higher price than expected in its initial public offering (IPO) on Wednesday, selling $623.3 million in shares as the U.S. jeans maker looks to return to the stock market after 34 years as a family-owned company.
The success of the IPO underscores the diverging fortunes of retail companies over the last few years. Vendors like Levi with consistently popular offerings have flourished as they reach more shoppers through online channels, while tens of thousands of brick-and-mortar stores have closed under pressure from e-commerce giants such as Amazon.com Inc.

With the stock market hovering near all-time highs, Levi said it priced its IPO at $17 share, just above its target range of $14 to $16, valuing the company at about $6.6 billion.

https://www.reuters.com/

Fiat-Chrysler and PSA mull a merger

Objective: becoming a global player

Fiat Chrysler Automobiles NV Chief Executive Officer Mike Manley gave the clearest response to PSA Group’s nascent overtures for a possible cross-border car alliance: we’re ready to look at anything.

Manley, who took over from late CEO Sergio Marchionne in July and is under pressure to deliver a turnaround for the carmaker’s business in Europe, said Tuesday the U.S.-Italian manufacturer would look at “any deal that would make Fiat stronger.”

Manly was responding to a question at the Geneva Motor Show on whether Fiat Chrysler would engage with PSA. The French carmaker of Peugeot, Citroen and DS cars has started sounding out advisers for a possible deal that would turn the company led by Carlos Tavares into a global player, according to people familiar with the matter. Fiat is among possible targets considered, the people said.

https://www.apnews.com/

Brexit could be stopped by the end of the week, warns Jeremy Hunt

Europhile MPs could be two thirds of the way to win

Europhile MPs could be two thirds of the way to stopping Brexit by the end of this week, Jeremy Hunt has warned. The Foreign Secretary said there was now “wind in the sails” of Remain-backing MPs as he issued a direct plea to Tory Eurosceptics to vote for Theresa May’s deal on Tuesday.

He said Leave voters would ultimately hold the Conservative Party responsible for failing to deliver on the 2016 EU referendum result and the electoral consequences would be “devastating”. Mr Hunt’s intervention came as the UK and EU remained locked in a Brexit stalemate with no immediate prospect of a solution being agreed on the crunch issue of the backstop.

http://www.telegraph.co.uk

Haven, or how to tackle rising health-care costs

The joint health-care venture between Amazon, J.P. Morgan and Berkshire Hathaway finally has a name

Amazon CEO Jeff Bezos, J.P. Morgan CEO Jamie Dimon and Berkshire Hathaway CEO Warren Buffett last January announced they were teaming up to tackle rising health-care costs. They formed a nonprofit company and named renowned surgeon, author and speaker Dr. Atul Gawande as CEO in June.
“We want to change the way people experience health care so that it is simpler, better, and lower cost,” Gawande said in a statement on Wednesday. “We’ll start small, learn from the experience of patients, and continue to expand to meet their needs.”

http://www.cnbc.com/

China’s government sets growth target of at least 6%

China will slash taxes and boost lending

China will cut billions of dollars in taxes and fees, increase infrastructure investment, and step up lending to small firms, Premier Li Keqiang said Tuesday, as the world’s second-largest economy looks set to slow further this year.

The government aims to expand its economy by 6.0 to 6.5 percent in 2019, Li said at the opening of the annual meeting of China’s rubber-stamp parliament, less than the gross domestic product growth of 6.6 percent reported last year.

Sources said earlier this year that China would cut its 2019 growth target to 6.0 to 6.5 percent from the 2018 target of 6.5 percent amid growing economic headwinds.

https://www.japantimes.co.jp

TikTok, Facebook rival

Watch out, Facebook.

The social video app TikTok just hit a major milestone as it sets its sights on global teen domination. TikTok has just crossed the 1 billion mark for worldwide installs on the App Store and Google Play, according to data from Sensor Tower, an analyst group that focuses on the mobile market.

“Approximately 663 million of these installs occurred in 2018,” Sensor Tower’s founder Oliver Yeh said in a statement. “To put this into perspective, the Facebook app was installed an estimated 711 million times last year and Instagram saw about 444 million new downloads.”

The 1 billion download figure is also only part of the story, as it does not include the number of downloads the app has received on Android in China, according to Sensor Tower, which also reported that TikTok was the No. 1 non-game app in the U.S. in January.

https://www.usatoday.com/

 

Pinterest confidentially files for IPO

Valuation of at least $12 billion

Online image search site Pinterest Inc has confidentially filed with the Securities and Exchange Commission for an initial public offering, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The company and its underwriters, led by Goldman Sachs Group Inc and JPMorgan Chase & Co are planning for a late-June listing and is seeking a valuation of at least $12 billion, the newspaper reported.

http://www.reuters.com

Huawei founder says Huawei CFO arrest was politically motivated

Huawei equipment could be used to spy on Americans

The U.S. Justice Department denied the charges were politically motivated. “The Justice Department’s criminal case against Huawei CFO Meng Wanzhou is based solely on the evidence and the law. The Department pursues cases free of any political interference and follows the evidence and rule of law in pursuing criminal charges,” spokeswoman Nicole Navas said in an email to Reuters.
Huawei, along with another Chinese network equipment company, ZTE Corp, has been accused by the United States of working at the behest of the Chinese government. The United States has said their equipment could be used to spy on Americans. Huawei has repeatedly denied the claims.

http://www.reuters.com

Tesla Gigafactory in Shangai To Be Complete In Summer Of 2019

10% of the total planned capacity of the plant

The breakneck pace of work at Tesla’s Shanghai Gigafactory continues with the announcement that the company has started an energy conservation assessment in cooperation with several governmental agencies. In a further update, Chinese media noted that the project would be completed in the summer of 2019.

The first phase of the Tesla Gigafactory in Shanghai is only an estimated 10% of the total planned capacity of the plant and will be producing the first cars by the end of this year.

The factory will produce Tesla’s smaller Model 3 and Model Y vehicles, launching with the Model 3 and starting production of Model Y essentially in parallel with production in the United States (at Tesla’s Gigafactory 1 in Nevada).

http://www.cleantechnica.com

Apple iPhone sales in China fell by 20% in fourth quarter

Sales by Chinese rival Huawei soared by 23% 

Apple Inc iPhone sales in China fell 20 percent year-on-year in the fourth quarter of 2018, while sales for smartphones made by home-grown rival Huawei soared by 23 percent, data from industry research firm IDC showed on Monday.

The report is the first to put a firm number on the scale of a recent decline in Apple’s fortunes in the world’s second largest economy, after Chief Executive Officer Tim Cook pointed to China as a big factor in a rare cut in the company’s quarterly sales forecast last month.

http://www.reuters.com

Jeff Bezos Accuses National Enquirer of ‘Extortion and Blackmail’

International intrigue, White House politics, nude photos and amorous text messages

The richest man on earth accused the nation’s leading supermarket tabloid publisher of “extortion and blackmail” on Thursday, laying out a theory that brought together international intrigue, White House politics, nude photos and amorous text messages.

Jeff Bezos, the founder of Amazon and the owner of The Washington Post, made his accusations against American Media Inc., the company behind The National Enquirer, in a lengthy post on the online platform Medium. Last month, The Enquirer published an exposé of Mr. Bezos’ extramarital affair with Lauren Sanchez, a former host of the Fox show “So You Think You Can Dance.”

http://www.nytimes.com

Tesla to buy energy tech company Maxwell Technologies

The deal represents a 55% premium over Maxwell’s closing stock price

Tesla plans to acquire energy technology company Maxwell Technologies for about $218 million, the company said Monday. Tesla will buy the company’s 45.9 million shares for $4.75 a share in an all-stock transaction. The deal represents a 55 percent premium over Maxwell’s closing stock price of $3.07 a share Friday and would value the company at around $218 million. 

Maxwell makes ultracapacitors, devices that can store and rapidly deliver surges of energy. Tesla CEO Elon Musk is a fan of the technology for electric cars. Musk has said in the past that the technology could be a more likely source of a breakthrough in electric vehicle technology than batteries. Musk even once said on Twitter that he had planned to conduct research on them at Stanford University.

http://cnbc.com

At Davos, pessimism is dramatically rising among global CEOs

Record jump

Chief executives from the world’s leading companies have expressed a record jump in pessimism about global growth prospects, according to a PwC survey released alongside the World Economic Forum (WEF) in Davos.

The survey of 1,300 plus CEOs around the world revealed that nearly 30 percent of business leaders believe global growth will decline in the next 12 months, approximately six times the level of last year. The dramatic shift is coming off an extremely high base, however, with 2018 marking a record jump in confidence among corporate bosses.

The new risks this year are “the trade conflicts which are outside of their (CEOs) control per say, the policy issues when you think about the EU and Brexit and a combination of climate change and other aspects like that,” Bob Moritz, the global chairman of PwC, told CNBC Tuesday.

http://www.cnbc.com

Amazon CEO announced he and his wife, MacKenzie Bezos, were divorcing

Will Mackenzie Bezos get half of $160-billion in Amazon’s shares?

The news of Amazon CEO Jeff Bezos’ impending divorce has taken a dramatic turn.

On Wednesday, the billionaire technology exec announced he and wife of 25 years, MacKenzie Bezos, were splitting up. Hours later, the National Enquirer, a well-known celebrity-gossip tabloid, said it had conducted a four-month investigation into an affair between Bezos and Lauren Sanchez, a former TV host — and that it plans to publish the full story on Thursday.

The Enquirer said its reporters tracked Bezos and Sanchez“across five states and 40,000 miles, tailed them in private jets, swanky limos, helicopter rides, romantic hikes, five-star hotel hideaways, intimate dinner dates and ‘quality time’ in hidden love nests.” The front-page headline, the Enquirer revealed, will be “The cheating photos that ended his marriage.”

https://www.timesunion.com/