The subprime online lender company Elevate Credit delays its IPO scheduled on Thursday. Teetering market has been the main reason of the postponement and high risk of online subprime lending service.
Industry
El Chapo Shirt: Shirt Sales Rise as Mexican Drug Lord gets Recaptured
The store who designed and manufactured the shirt keeps getting surge of orders. El Chapo, the drug lord captured last Friday, was shown wearing that shirt on a photograph with actor Sean Penn.
Volkswagen names Hinrich J. Woebcken for US operations; Michael Horn continues
Hinrich J. Woebcken, a former BMW executive, has been appointed by emission scandal-hit Volkswagen to oversee business operations in the US, Canada and Mexico. Woebcken will assume charge from 1 April 2016. Audi and Porsche brand don't come under Woebcken's area of operations. However, Volkswagen has retained Michael Horn as CEO of Volkswagen Group America Inc. The emission-scandal hit Volkswagen has been facing regulatory investigations in the US.
Royal Dutch Shell to slash 10,000 jobs to trim costs
Royal Dutch Shell is slashing the headcount as part of the cost cutting exercise. Anglo-Dutch company has decided to cut down 10,000 jobs in the wake of continuous drop in oil prices. The global energy major aims at reduction of costs by $3 billion in 2016 and it already reduced operating costs by $4 billion in 2015. Shell is also banking on synergy advantages from the BG Group Plc merger, which is expected to be completed in few weeks.
Prevalent Networks Raised $8 Million in Series B Funding
Leading risk management software developer, Prevalent Inc. received its first Series B funding last week. Led by Spring Mountain Capital Invest, joined by its existing investor, Fulcrum Equity Partners.
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Austin-based tech company, Waldo Photos closes its $5 million seed funding on Thursday. The seed funding round was led by California's venture capital firm Upfront Ventures.
Biotech companies in last 5 years were enjoying easy access to capital. That scenario started to change after stocks started to slide in July 2015 and have not stopped with Nasdaq Biotechnology Index reading 2933 Wednesday which is the lowest level since November 2014. This means biotech startups would be expected to brace for harsher investment climate although experts are assuring that market fundaments are still strong.
The latest food scandal emanating from China revolves on the usage of poppy powder is a banned item by the Food and Drug Administration of China. Five restaurants have been prosecuted and another 30 more are under probe for using ingredients like morphine and heroine in restaurant food. This latest scandal is one in the many high-profile food scandals that has been hitting China in the recent years.
Sprint - the 4th biggest Telco in US - has been taking steps to cut its costs since it first revealed its costs cutting plan in November 2015 to as much as $2.5bil. The latest move saw Sprint's product head leaving after 25 years of service. The reason for his leaving whether it was related to costs cutting measure or something else is still unclear. Sprint praised Owen for his contribution that helped Sprint succeed and evolve into the wireless company it is today. Sprint extended gratitude for all that he has done and wished him best of luck and continued success in future endeavors. CEO Marcelo Claure has indicated more layoffs are in the offing in the coming months. CFO Tarek Robbiate made statement to effect that no one was safe where costs was concerned.
GM with its main Chinese partner have opened a Cadillac plant in Shanghai on Thursday, 21 Jan 2016 to take advantage of the potential growth in the overcrowded luxury market of China. Cadillac plant has capacity to produce 160,000 vehicles annually. Cadillac believe the luxury car market offer a lot margin opportunity notwithstanding pressure in pricing. Shares of GM have been reported trading on NYSE higher by more than 1 percent on Thursday.
Windows and Dropbox, bonded with a partnership, have announced updating of Dropbox through integrating with Windows 10. The Windows 10 compatible app offers some new extraordinary features. But mobile compatibility of the app is widely desired since it will allow to open synced files from the account storage cloud at any moment.
Schlumberger Ltd, on Thursday, reported a net loss of $1 billion for the fourth quarter and also said that it has axed 10,000 additional employees, as an effort to adjust its resource and cost base.
Capital outflows from developing markets were higher than it was anticipated last year, according to a report by Institute of International Finance. The reason behind this oceanic change in emerging markets cash flow is China, which dragged out 676 billion US dollar.
In an Oracle court proceedings against Google, it was revealed that the search engine company could be paying Apple at least $1 billion in revenue-shares. The payment was made to keep Google's search bar on Apple devices. A source named the sharing percentage for Apple to be 34 percent, but it's yet to be officially confirmed nor denied.
