Biz/Tech
Etihad Signs $700 Million Technology Service Agreement with IBM, Enhance Airline's Guest Experience, Develop Infrastructure, Security
Twitter to Cut about 8% of Workforce, Part of Plan to Focus on Product Priorites, Provide Efficiency Company
Paypal Announces Expansion of Free Return Service, Hopes to Increase Percentage of Online Holiday Sales
Paypal Holdings Inc., will be expanding its free return service called “Return Shipping On Us,” which is now available in the U.S., according to a report from Techcrunch. Paypal is expanding the service in hopes of increasing its percentage of online holiday sales.
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Ford to Invest $1.8 Billion on Research and Development on Smart Cars in China, Looking to Increase Sales in Asian Country
Ford Motor Co. is investing about 11.4 billion yuan or about $1.8 billion over the next five years on research and development for smart cars that is aimed to attract Chinese buyers, according to a report from The Wall Street Journal. The automaker is looking to increase its sales in the second largest economy in the world with its investment.
Pepsi, Coca-Cola Competing for Investment in Chobani, Shows Beverage Companies' Push to Diversify from Carbonated Beverage Sector
People familiar with the matter told Reuters that PepsiCo Inc. and the Coca-Cola Company are both in talks with Chobani LLC for a possible investment deal that will provide the Greek yogurt maker as much as $3 billion, including debt. The negotiations of both Pepsi and Coca-Cola show that beverage companies are trying to diversify beyond the carbonated beverage sector.
Netflix Increases Most Popular Plan by $1, Cover the Cost of Licensing Shows and Funding Original Programs
The price of Netflix Inc.’s most popular streaming subscription plan has been raised by $1 to $9.99 a month, according to a report from Bloomberg. The price increase is for Netflix to cover the costs of licensing shows and funding its original programs, which is growing in numbers.
Twitter Planning Company-Wide Layoffs, Comes at the Same Time the Company Plans to Restructure Engineering Organization
Multiple sources have told Re/code that Twitter, Inc. is planning to have company-wide layoffs next week, Jack Dorsey’s first move as the new CEO. It is unclear how many people will be cut, but sources say that it will affect all departments. Sources told Re/code that the downsizing comes at the same time the company is making its engineering organization leaner and more efficient.
Blackstone to Acquire BioMed Realty for about $8 Billion, Believes in Long-Term Potential of Sector
The Blackstone Group will be acquiring BioMed Realty Trust, Inc. for $23.75 per share in an all-cash transaction that is valued at $8 billion, according to a press release issued by BioMed Realty. Blackstone believes in the long-term potential of the realty business sector that caters to tenants of life sciences industry.
Amazon Launches Handmade at Amazon, Provides Customers, Artisans Store for Handcrafted Items
Amazon.com announced in a press release that it has launched Handmade at Amazon, a new store that features genuinely handmade items that are crafted and sold directly by artisans. The new store provides customers with a store to buy genuinely handcrafted items and for artisans to feature them.
Peet's Coffee to Acquire Stumptown Coffee, Both Companies Will Still Operate Independently but Stumptown Getting Access to Peet's Resources and Scale
Peet’s Coffee & Tea announced in a press release that they will be acquiring the ownership of Stumptown Coffee Roasters from its shareholders, including TSG Partners LLC, who holds a majority stake at Stumptown Coffee. Both companies will still continue to operate independently from each other with Peet’s Coffee providing Stumptown Coffee with full access to its resources and scale.
Gannett to Acquire Journal Media Group for about $280 Million, Enhances Gannett's Portfolio in U.S., Increase Digital Audience
Gannett Co., Inc., owner of USA Today, has announced in a press release that it will be acquiring Journal Media Group, Inc. for approximately $280 million, net of acquired cash. The acquisition will enhance Gannett’s portfolio in the U.S. and increase its digital audiences.
Jet.com Drops 50 Annual Membership Fee Due to High Adoption Rate of Smart Cart
Marc Lore, the CEO and founder of Jet.com, an online marketplace that is trying to rival Amazon and Costco, said in a blog post that they will be dropping the $50 annual membership fee that they are supposed to charge customers once the free-trial ends. The reason for the change was due to the high adoption rate of its Smart Cart, a feature that lowers prices for each items added.
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