Posts belonging to Category entrepreneur



60 satellites to change the internet

STARLINK, an internet satellite network

SpaceX CEO Elon Musk shared a first look on Saturday of his company’s internet satellites packed and ready for launch in a few days.

These satellites represent SpaceX’s ambitious plan to build an internet satellite network, known as Starlink. The company is one of several, including Jeff Bezos’ Amazon, which are building these so called “constellations” of interconnected satellites to deliver high speed internet from space.

http://www.cnbc.com

Amazon’s warehouse-worker tracking system can automatically fire people without a human supervisor’s involvement

Amazon has fired more than 300 workers, citing productivity, at a single facility in Baltimore in a single year 

Amazon’s demanding culture of worker productivity has been revealed in multiple investigations. But a new report indicates that the company doesn’t just track worker productivity at its warehouses — it also has a system that can automatically fire them.

Amazon has fired more than 300 workers, citing productivity, at a single facility in Baltimore in a single year (August 2017 through September 2018), The Verge’s Colin Lecher reported. The Verge cited a letter by an Amazon attorney as part of a case with the National Labor Relations Board.

An Amazon spokesperson confirmed to Business Insider, “Approximately 300 employees turned over in Baltimore related to productivity in this timeframe. In general, the number of employee terminations have decreased over the last two years at this facility as well as across North America.”

Amazon’s system tracks a metric called “time off task,” meaning how much time workers pause or take breaks, The Verge reported. It has been previously reported that some workers feel so pressured that they don’t take bathroom breaks.

http://www.businessinsider.com

Tesla will roll out 1 million robot-taxis next year

Tesla to compete with Uber

On Monday, CEO Elon Musk revealed the company’s plans to compete with incumbents like Uber with the company’s strategy for an autonomous ride-hailing fleet. Robo-taxis are essentially any Tesla vehicle with autonomous-driving functionality. To turn a Tesla into a robo-taxi, a car’s owner simply adds it to the Tesla Network platform by way of the company’s app.
Musk said that by “next year for sure, we will have over 1 million robo-taxis on the road.” Riders will be able to summon a robo-taxi via the same Tesla app – similarly to how they call for an Uber or Lyft today. The key difference, of course, is that there won’t be a driver in the car.
http://www.msn.com/

Zoom Video Communications in its public market debut

The video-conferencing provider  valued at  $9,2 billion

Profitable video-conferencing provider Zoom Video Communications Inc.  is valued at more than $9 billion in its public market debut Thursday, more than nine times the amount it fetched in a private funding round just two years ago.

Zoom raised $751 million in an initial public offering Wednesday, selling 20.9 million shares Wednesday for $36 each, according to data compiled by Bloomberg.

http://www.bloomberg.com/

Small enterprises (SMEs) are turning to non-bank financing sources

SMEs account for 60% of total value added

Small and medium-sized enterprises (SMEs) are turning to non-bank financing sources at a faster pace than in the past, as bank lending to them has risen less than expected given today’s favourable credit conditions and business environment.

‘Financing SMEs and Entrepreneurs 2019: An OECD Scoreboard‘ finds that online peer-to-peer lending and equity crowdfunding increased significantly in 2017, especially in countries with small markets. China, the United Kingdom and the United States continued to have the biggest online alternative finance markets for businesses. Venture capital investments were up in most countries, and the number of SME listings expanded by more than 13% in 2017, with total SME market capitalisation up 16.7%.

SMEs and entrepreneurs constitute the backbone of OECD economies, accounting for 60% of total employment and 50-60% of value added. They are key to strengthening productivity, delivering inclusive growth and helping economies adapt to changes like the digital transition, ageing populations and the changing future of work. This eighth annual edition of the OECD’s SME financing Scoreboard provides data on debt, equity, asset-based finance and financing conditions in 46 countries and an overview of policy measures to ease SMEs’ access to finance.

http://www.oecd.org/

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/

Uber plans to sell around $10 billion worth of stock in IPO

Uber is seeking a valuation of between $90 billion and $100 billion

Uber Technologies has decided it will seek to sell around $10 billion worth of stock in its initial public offering, and will make public the registration of the offering on Thursday, people familiar with the matter said on Tuesday.

An IPO of this size would make Uber one of the biggest technology IPOs of all time, and the largest since that of Chinese e-commerce giant Alibaba Group Holding in 2014.

Uber is seeking a valuation of between $90 billion and $100 billion, influenced by the poor performance of smaller rival Lyft’s shares following its IPO late last month, the sources said. Investment bankers previously told Uber it could be worth as much as $120 billion.

https://www.cnbc.com/

Jeff Bezos: World’s richest man agrees $35bn divorce

McKenzie Bezos says she is  grateful for the past

Ms Bezos will retain a 4% stake in online retail giant Amazon which her husband of 25 years founded.

She will also give up her interests in the Washington Post newspaper and Mr Bezos’ space travel firm Blue Origin.

The deal dwarfs a previous $3.8bn record set by art dealer Alec Wildenstein and his wife Jocelyn.

Ms Bezos made the announcement in a tweet – her first and only one since joining the microblogging website this month – stating that she was “grateful to have finished the process of dissolving my marriage to Jeff with support from each other”.

https://www.bbc.com/

Linus Torvalds Thinks Facebook Is A Disease

Geared to serve even the lowest common denominator

Fake News was crowned as the word of the year in 2017. In an era where we need quality journalism, social media sites are bent on destroying it. In a recent interview with Linux Journal’s first publisher, Robert Young, Linus Torvalds — Creator of Linux — revealed the true nature of social media.
Linus pulled no punches as he brandished social media websites like Facebook, Twitter, and Google as the enabler of bad behavior. Linus’ comments on the ‘liking and sharing’ model on Facebook hold weight as it degrades the quality of what we consume online.
According to Linus, Facebook’s clickbait content is geared to serve even the lowest common denominator. This type of content is designed only to provoke an emotional response, often of anger and outrage.

https://www.fossbytes.com/

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