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Business, Financial & Legal Posts - Page 5

Bitcoin stock takes dive after hackers steal $65 million

By: Sean Ridgeley | More News: Business, Financial & Legal | Posted: Aug 3, 2016 9:32 pm

After hackers stole approximately $65 million worth of Bitcoins this week, Bitfinex's price plunged 15 percent. Though the losses have since been erased, customers are still suffering.




"We will look at various options to address customer losses later in the investigation," Bitfinex wrote in a blog post. "We ask for the community's patience as we unravel the causes and consequences of this breach."


The US dollar is confirmed to have not been affected.

Continue reading 'Bitcoin stock takes dive after hackers steal $65 million' (full post)

HTC posts $133 million loss for Q2 2016, even with strong Vive sales

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Aug 3, 2016 9:31 am

HTC has just posted its Q2 2016 financials, with the Taiwanese giant bleeding another $133 million for the quarter, even with strong Vive and HTC 10 smartphone sales.




Compared to the same quarter of 2015, HTC's sales are down 42.7%, but not as bad as the quarter that just passed, where HTC sales plummeted by 64%. This is the fifth quarter in a row that HTC has had troubles financially, but when the company saw that it was going to have a hit with the Vive headset, it creates its own subsidiary company known as HTC Vive Tech Corporation in order to manage it.


The company received a $100 million fund to expand the Vive ecosystem, and sales from this division count towards HTC's overall earnings. HTC has been shy on revealing the amount of Vive headsets that it has shipped, which would be nice to know right about now.

Uber merges with Chinese ridesharing rival in a $35 billion deal

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Aug 2, 2016 5:23 am

Uber has pulled a surprising move in China, merging with its biggest competitor in the country in a mammoth $35 billion deal with Didi Chuxing.




Didi Chuxing is Uber's biggest competitor in China, with Bloomberg and Recode reporting that Didi will scoop up Uber's operations in China with the deal, which will create a combined value of $35 billion. Uber and its investors in the Chinese business will receive a 20% stake in the new entity, which pre-merger was balued at $28 billion. Uber's Chinese operations are valued at around $7 billion, with the US company losing $1 billion per year in China as it couldn't compete against Didi Chuxing.


The new deal will see Didi investing $1 billion into Uber, with Uber valued at $68 billion. Didi also just secured $7.3 billion in a new financing round, which included Apple throwing $1 billion into the hat. Uber CEO Travis Kalanick has said: "As an entrepreneur, I've learned that being successful is about listening to your head as well as following your heart. Uber and Didi Chuxing are investing billions of dollars in China and both companies have yet to turn a profit there. Getting to profitability is the only way to build a sustainable business that can best serve Chinese riders, drivers and cities over the long term".

Newegg celebrates second anniversary in Australia by teaming with eBay

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Aug 1, 2016 10:00 pm

Newegg is a huge force in the e-tailer market across the world, but down in Australia the company has announced that it's celebrating its second anniversary Down Under with a discounted Newegg Premier, with a new store that will "fuel growth in the country".




Newegg started selling to Australian consumers in Q2 2014, and has continued towards dominance in the country with a 300% growth in Australian revenue since November 2015. Danny Lee, Newegg CEO said: "The strategy to expand Newegg's international presence hinges on successfully reaching customers in key markets such as Australia. In two short years our Australian operation has grown significantly, and we are committed to continuing growth in the months and years ahead".


Even though the company opened up operations in Australia two years ago, product availability was limited, and international shipping costs made products more expensive to deliver to consumers. Newegg has improved the product availability, and in November 2015 the company began local order fulfillment from within Australia. Now, over 7000 product SKUs are sold within Australia, while another 41,000 products are available to Australian consumers through Newegg's North American channel.

Continue reading 'Newegg celebrates second anniversary in Australia by teaming with eBay' (full post)

Washington sues Comcast for $100 million over 'deceptive practices'

By: Sean Ridgeley | More News: Business, Financial & Legal | Posted: Aug 1, 2016 6:56 pm

Washington state's Attorney General Bob Ferguson (pictured below) has filed a $100 million consumer lawsuit against internet and cable giant Comcast.




The suit cites Comcast's "pattern of deceptive practices" that have seen 500,000 customers unnecessarily pay for what's described as as a misrepresented, limited, and worthless protection plan, and alleges over 1.8 million individual violations of the Washington Consumer Protection Act.


It also says the "Comcast Guarantee" program which affects almost 1.2 million WA residents is in violation of the Act, and that it charged for technical issues that were said to have been covered, and took deposits that were supposed to have been waived for those with high credit scores.

Continue reading 'Washington sues Comcast for $100 million over 'deceptive practices'' (full post)

Uber spends $500 million to make pickups and drop-offs more efficient

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Aug 1, 2016 10:32 am

Uber is continuing its path towards world domination of the ride sharing world, with the Financial Times reporting that Uber is investing a huge $500 million into its global mapping project.




What is Uber's global mapping project exactly? It will provide a huge amount of ridesharing-specific geographic details, so we should see a worldwide mapping initiative that will take countless cars on every street in the world. The deal includes high-res mapping data from DigitalGlobe, that could be expensive for Uber to use in the long run.

Nintendo financials plunge, even with Pokemon GO's immense success

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Jul 27, 2016 11:25 pm

Pokemon GO might have exploded in popularity in its mere weeks on the market, but Nintendo's financials for their recent quarter are not good, at all.




Nintendo's net sales are down 31% compared to the same quarter of 2015, hitting $587 million. Nintendo also had an operating loss of $48 million, and only sold 220,000 Wii U consoles in the quarter, bringing the total number of Wii U consoles sold to over 13 million.


The Nintendo 3DS had another 1 million sales, and in regards to Pokemon GO - remember that Nintendo only owns parts of the game and not the entire game as Niantic steers that ship. Nintendo announced that it has delayed the Pokemon Go Plus accessory, which will now be released in September.

Continue reading 'Nintendo financials plunge, even with Pokemon GO's immense success' (full post)

Vizio acquired by LeEco, a Chinese electronics giant for $2 billion

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Jul 27, 2016 8:36 pm

Vizio has made a name for itself as budget TV maker in the US, with the company getting acquired by Chinese electronics maker LeEvo in a deal worth $2 billion.




The US-based budget TV maker will continue its day-to-day operations in California, where Vizio will now act as a subsidiary of LeEco. Vizio founder and CEO William Wang will be leaving the company in a way, with Vizio's data business, Inscape, being spun off into a privately held company where LeEco will hold 49% ownership.


Wang will act as chairman and CEO of Inscape where he will hold a controlling 51% stake. During the press event, Wang said he had mixed feelings regarding the deal, and as the owner and CEO of Vizio, he was reluctant to let it go. But, he said the acquisition deal was the best decision for Vizio's hard-working staff and loyal shareholders.

Continue reading 'Vizio acquired by LeEco, a Chinese electronics giant for $2 billion' (full post)

Carpool Karaoke fan? Yeah, Apple signs 16 episodes for Apple Music

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Jul 27, 2016 4:20 pm

Carpool Karaoke has been a huge hit for The Late Late Show with James Corden, and now Apple is jumping into the driver's seat signing an exclusive deal with CBS for a 16-episode series.




Apple's upcoming 16-episode series of Carpool Karaoke will hit Apple Music subscribers with celebrity guests, with no host assigned to the show just yet. The show will still appear on Corden's show, reports Engadget, especially when it has smash hit segments with Adele and over 119 million views.


The latest Carpool Karaoke segment had Michelle Obama, the First Lady of the United States, who showed the world that she isn't just charismatic, but she has some singing skills, too.

Verizon reportedly buying Yahoo for $5 billion

By: Anthony Garreffa | More News: Business, Financial & Legal | Posted: Jul 24, 2016 10:00 pm

It looks like Yahoo is going to be acquired by Verizon in the very near future, with Recode reporting that while the terms of the acquisition haven't been finalized, Yahoo's board have decided on Verizon as its new owner.




Verizon would be acquiring Yahoo for $5 billion, and while it might not sound like much in the world of other acquisitions worth many times more than that, Yahoo does own companies like Tumblr and Flickr. Verizon acquiring Yahoo sees them also receive those companies, which begins to make more sense.


But the most interesting part of Verizon's reported acquisition of Yahoo is that Verizon isn't interested in keeping Yahoo's current boss, Marissa Mayer. AOL boss Tim Armstrong is expected to take over the Yahoo ship once the acquisition is done. Adding fuel to the fire is that Armstrong proposed an AOL-Yahoo merger to Meyer years ago, with Meyer denying the deal.

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