Wal-Mart CEO and President Mike Duke will officially step down on Feb 1, 2014 and will be replaced by Doug McMillon who is the head of Wal-Mart's international division. Duke will continue his role as Chairman and will be advising the new CEO for a year.
Sectors
CharityBuzz raises USD100 million for good causes
New York-based online auction site CharityBuzz has raised USD100 million in funding for good causes such as UNICEF, Breast Cancer Research Foundation, St. Jude's Children's Research Hospital, by auctioning off time and possessions of famous people.
Flipboard raising additional USD50 million
Palo Alto, California-based digital magazine app Flipboard might be raising an additional USD50 million in funding as continuation to its first USD50 million capital, according to sources cited in a Fortune report.
Jones Energy inks definitive agreement to buy USD 195 million worth of assets in Anadarko Basin
Jones Energy Inc has signed a deal to purchase oil and gas assets in the Andarko Basin from a private seller. The price tag for the producing and undeveloped assets is USD 195 million.
Kayne Partners gives growth capital to ColdLight Solutions
Big Data firm ColdLight Solutions has obtained growth capital from Kayne Partners. The amount of funding was not disclosed but ColdLight said it will help expand operations and scale their business solutions.
Latest News
Russia's state-backed private equity investment fund and Italy's strategic state investment fund have agreed a deal to invest up to 1 billion euros ($1.35 billion) in companies and projects in the two countries, officials said on Monday.
Kingsoft Office Software, a China-based software company, which was recently incorporated in the U.S, has secured USD 50 million in new funding from Morningside Group, GGV Capital, and Shunwei China Internet Fund.
Optoro Inc, a Washington, DC-based reverse logistics company has raised an undisclosed further Series B funding from Swan & Legend Venture Partners. Earlier this year, they have secured an earlier Series B funding amounting to USD 23.5 million from Revolution LLC and Grotech Ventures.
People who were familiar with the auction process told Reuters that KKR & Co LP had dropped out of the race to acquire talent agency IMG Worldwide Inc, while buyout firms have partnered up in the hopes of gaining a strategic advantage in the auction.
Bank of America Merrill Lynch has bought a small package of loans from Spain's so-called 'bad bank' Sareb, helping the vehicle to surpass year-end sales targets, two sources familiar with the situation said on Monday.
The potential merger between the California-based Orrick Herrington & Sutcliffe and Pillsbury Winthrop Shaw Pittman in New York would have created the ninth-largest firm in the country.
Allies of Russian President Vladimir Putin will reportedly get upset about the Russian state chief's latest economic policy to freeze prices starting next year, Bloomberg said in its report.
WePopp, a social planning app based in Paris, France, announced that it has secured EUR 130,000 from a small group of France-based angel investors. The newly injected funds will then be used to lure in more users to its system.
VMware's newest product called the vCloud service was said to be a testament to the software company's bet in hybrid cloud technologies, according to a VentureBeat article.
