Money Times

Designer Paul Smith reorganized his fashion empire after worst performing annual profit

Britain fashion icon Sir Paul Smith revamped his company after annual profits plunged 50 percent into the lowest levels since its 40-year existence. This Is Money reported that Smith said his fashion empire needs a "kick up the backside." He said been streamlining the brand's clothing ranges, shut down to stores, and made some managers redundant. The company's pre-tax income went down £9.7million this year ending June, a decrease from last year's £20.7million.

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SuperAwesome, Poki online games develops safe ads platform for kids, ensures VTech Hack won't happen again

London-based SuperAwesome collaborated with the Poki online games to develop AwesomeAds that offers a safe advertisement program for kids. Venture Beat reported that the project targets the U.S. family gamers and aims to provide a safer advertisement campaign for children.

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Qualcomm requires Three-Year stake holding before nominating for proxy

Qualcomm Inc. altered its proxy process requiring shareholders to have their stake in the company for at least three years before nominating people for the board.

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Elon Musk's Open A.I. reached $1 billion funding in hopes to develop Artificial Intelligence

Tesla Motors Inc CEO Elon Musk and other prominent tech company executives raised $1 billion through an initiative called Open A.I. to fund an artificial intelligence research company.

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Samsung Electronics and Baidu to form auto team in search of growth driver

Samsung has taken a decision a take an alternative business of automobile. The reason behind this is the declining profit generated from its Samsung handsets.

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Painkillers, Heroin increase US overdose cases

A powerful type of opioid painkillers and Heroin are the leading causes of drug overdose in the US, according to new federal statistics. Yahoo News reported that opioid painkillers have long been the leading reasons for overdose deaths in the US, but cases of death with heroin use have recently grown.

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YouTuber creates Lego Chicken McNugget vending machine

YouTuber Astonishing Studios created a vending machine made out of LEGO toys that dispenses McDonald's chicken McNugget.

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Air Force to double drone squadrons in US, abroad

The Air Force announced Thursday that it plans to more than double its drone squadrons and spread them in and out of the United States. According to the Washington Times, this will add 3,000 more personnel, 700 pilots, and 700 sensor operators. Langley Air Force Base U.S. Air Combat Command head Gen. Herbert Carlisle said adding squadrons in Langley and Davis-Monthan Air Force Base in Arizona could help in the intelligence-gathering tasks.

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US billionaire Douglas Tompkins dies in kayak accident in Chile

Adventure brand and Esprit owner and co-founder of the North Face outdoor company, Douglas Tompkins, died in a kayaking accident in Chile. He spent a large percentage of his wealth on environmental conservation.

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Airbnb confirms $1.5 billion fund raising round

Airbnb, the US home-sharing startup, has confirmed closing of $1.5 billion fund-raising round. The latest closure of fundraising puts the unicorn startup at staggering valuation.

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South Africa's inflation up at 4.8% in November

Falling in line with the economists' forecast, the inflation rate in South Africa rose to 4.8 percent in November, registering its highest since July 2015. Consumer prices marginally rose 0.1 percent during the month. South Africa's currency Rand fell against US dollar, euro and pound. The currency depreciation is likely to be a major risk to the inflation outlook.

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Verizon considers buying Yahoo's internet business

Buying Yahoo seems to be a pretty good option for Verizon, as apparently wants to be an owner of all the old school internet portals. According to Reuters, Verizon Communications Inc is the No. 1 U.S. wireless carrier company. On December 7, its finance chief, Fran Shammo revealed that they have a deep interest in purchasing Yahoo Inc's core business.

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China's capital outflows tripling in November

The capital outflows from the world's second-largest economy registered record level in November. The capital outflow grew almost three times in November from October.

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Jakarta greenlights Uber operations

Uber Technologies Inc. said it had been given approval from Jakarta governor to operate as a fully legal entity in the Indonesian capital, assuming it meets local tax rules and other requirements laid out by the government.

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Norovirus outbreak in Seattle sickens 200 people

The U.S. health officials announced on Monday that as many as 200 people who attended a catered event at a downtown Seattle's Russell Investments Center have become ill with norovirus.

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