Tech

Chinese phone maker Xiaomi picks Morgan Stanley, Goldman Sachs for est. $100bn IPO

(FinancialPress) —  Chinese tech manufacturer Xiaomi has put megabanks Goldman Sachs Group Inc. and Morgan Stanley, among other major financial institutions, in charge of their planned initial public offering – an inside source has revealed. Credit Suisse Group AG and Deutsche Bank AG have also been linked to the IPO operation, which the anonymous source revealed is poised to target a valuation as high as $100 billion. Chinese underwriters are still under consideration by the Beijing-based company, which has still not finalized details of date and location for the share sale. The company has already led a previous money raise in 2014, when it tapped a $45 billion valuation. This IPO operation could be the largest since AliBaba‘s $25 billion debut. After 2016 saw its market share take...

Ripple is on the fast track to crypto podium

(FinancialPress) — Bitcoin‘s burst into the spotlight has trickled down to several other cryptocurrencies, such as ethereum and litecoin. Now, it‘s time for ripple to be put on the main stage. The last few weeks have seen ripple‘s value rapidly increase – all the way to the #2 spot among digital currencies. This, expectedly, attracted plenty of newfound attention from investors and media alike. Coinmarketcap has the obscure cryptocurrency‘s market cap at over $100 billion at the moment – with each unit being currently worth $2.60. In early December, it was trading at $0.25/unit. Even with the impressive rice in price, ripple – AKA XRP – is still worth far less than bitcoin. A turbulent end of 2017 shook things for the top dog of the crypto market, which is currently...

Former Uber CEO Kalanick to sell 30% off stake

(FinancialPress) — Travis Kalanick, one of the brain fathers of Big Tech‘s Uber and former CEO for the company until the past June, is poised to sell 1/3 of his stake in the transportation service company. The source which revealed the information stated that the estimated value of the operation verges on $1.4 billion. The sale is part of a deal landed with a SoftBank Group Corp-led consortium, which is biting up a 17.5% stake in Uber. They are mostly acquiring said stake from purchasing shares from employees and early investors. The deal, which is aimed to be closed early this year, was materialized when SoftBank secured agreements with shareholders that are willing to sell through last week. The deal is being developed with a valuation of $48 billion for the company – roughly a 30%...

Gamble: Citi analysts see 40% chance of Apple acquiring Netflix

(FinancialPress) — Jimi Suva and Asiya Merchant, analysts for Citi, see a 40% probability of Apple Inc. (AAPL) acquiring online video streaming service Netflix (NFLX) as 2018 rolls in. The observation stems from the potential for capital repatriation that President Trump brings about with his newly-passed corporate tax cut.  The cut, alongside the one-time allowance of cash repatriation without a major tax hit for companies, will fill the loot box for Steve Jobs‘ brainchild to buy new companies.  Apple‘s cash availability is at an estimated $252 billion – much of it outside of the U.S. and previously difficult to bring back into its main jurisdiction.  Suva and Merchant ranked the most likely M&A candidates for when Apple‘s war chest is filled up – and Netflix got the pole ...

China‘s Huawei sets sights on Apple-dominated North America

(FinancialPress) — Huawei, the giant chinese phone manufacturer, is ready to set sail towards the U.S. in partnership with AT&T. Reports state that they are gearing up to launch their flagship phone in American soil during February 2018. The Huawei/AT&T deal has been in the works for over a year now. During the process, both companies held confidential meetings and sent undercover researchers to get to know the U.S. market. The partnership marks the first time a major U.S. phone carrier will bundle a Huawei along with its main service. The Huawei Mate 10 – the phone in question – has been modified to meet U.S. standards. Part of the undercover research process consisted of the company‘s U.S.-based employees surveying telecom stores, Best Buy and Walmart to observe the b...

British MP to Facebook: “Look harder“ for Russian meddling in Brexit

(FinancialPress)— Facebook issued a response to the UK‘s Electoral Commision request for comment on Russian interference through ad campaigns in the platform targeted at  British voters. A Russian troll farm did, in fact, create an ad campaign that tackled not Brexit itself, but the topic of immigration. However, they only spent $0.97 boosting it. The same farm has been linked to the Kremlin, and spent $100,000 on Facebook ads attempting to influence Americans in the run-up to the U.S. presidential election. While the response from the Silicon Valley firm confirms their suspicions, the head of the parliamentary commission investigating the fake news phenomena is not satisfied – having gone on record stating that the company has done a lackluster effort in its attempts to crack down o...

SpaceX and Budweiser team up in efforts for space beer

(FinancialPress) — Elon Musk‘s SpaceX will send barley seeds to space and back in the name of galactic exploration and beer – and some of the most remarkable branding efforts possible for Anheuser. The project is born as a research project requested by Budweiser – in pursuit of guaranteeing that the first Mars foragers will be able to crack open a cold one with the boys once they get there. The launch will happen today from Cape Canaveral’s Air Force station. It was originally slated for Tuesday, but SpaceX opted for a delay to carry out additional checkups. The launch is part of SpaceX‘s ongoing partnership with NASA, in which they periodically complete unmanned trips to the ISS as a way to send supplies for scientific purposes to the crew that it hosts. The Internationa...

Ford and Alibaba team up in search for new horizons

(FinancialPress) —Cloud computing, retail and connectivity are some of the areas that Alibaba Group Holding Ltd (BABA) and Ford Motor Co (F) will look to explore cooperatively with a recently-inked agreement between the companies. The deal could also branch out towards the sale of Ford cars on Alibaba‘s online retail platform Tmall. In a statement, the Asian company said that its operating system firm AliOS and its digital marketing branch Alimama would be a couple of the units that will become involved in the three-year deal with Ford. The aforementioned sale of Ford cars via Tmall was also broached by an Alibaba spokeswoman. The move is in line with Ford‘s general overhauling of its China strategy in favor of stimulating business growth. In the same statement mentioned earlier, Alibaba s...

Yale Expert: Bitcoin a ‘dangerous speculative bubble‘

(FinancialPress) — While many in the market remain bullish on Bitcoin as it rallies towards the $12,000 mark, a top economist said on Tuesday that investors must remain wary as the cryptocurrency is in “dangerous speculative bubble.” Stephen Roach, a Yale University Senior and former Morgan Stanley chairman and chief economist for Asia, said that “This is a toxic concept for investors.“ Roach is revered as one of the most influential economists in Wall Street, and spent the entirety of his 30-year tenure in Morgan Stanley as head of the pack of a cream-of-the-crop team of economists from around the world. His take on the explosion of the most blossoming cryptocurrency in the world is nothing short of hot. On an interview for CNBC‘s “The Rundown“, he stated: “This is a dan...

Wall St. analysts give Amazon $1,500 price target

(FinancialPress) — Wall Street‘s enthusiasm for Amazon (AMZN) is showing – the hot tech stock got its most bullish price target yet – $1,500 after several analysts raised their forecasted pricings. This hinges on the experts‘ reliance on its capability to retain dominance over the retail and cloud computing markets. “We continue to think Amazon is the best long-term growth story available to large-cap investors today,” wrote an MKM Partners‘ analyst on a Tuesday note. D.A. Davidson gave the most bullish rise on price target – going from $1,300 to $1,500 – a 29% upside to Wednesday‘s close of the stock. Out of the 41 analysts who cover Amazon, his was the highest. “We are focusing on the company’s physical store efforts as we believe its incre...

Uber attempts to appease global regulators after scandals

(FinancialPress) — A group of Uber execs is on the globetrotting endeavor of appeasing regulators regarding the way it conducts its business, reassuring them that it‘s changing after the massive data breach cover-up scandal that hit the newswaves last week. Brooks Entwistle – Uber‘s newly-appointed chief business officer for Asia Pacific, also revealed that the company is in continuous talks with SoftBank Group Corp of Japan regarding an investment. Dara Khorowshahi, Uber‘s new CEO, made the reveal public in a blog post. The news triggered governments of countries such as Australia, Mexico, the United States, Britain and the Philippines to investigate the breach and how it was handled in their regions by the company. Last week, Uber was forced to go public about a 2016 data breach it...

Skype gets booted from China app stores

(FinancialPress) — China‘s laying down the law on Skype The video calling app has been yanked from Apple‘s App Store in China, as have been several other voice over internet protocol (VoIP) products. “We have been notified by the Ministry of Public Security that a number of VoIP apps do not comply with local law, therefore these apps have been removed from the App Store in China. These apps remain available in all other markets where they do business,“ said Apple in a statement published on Wednesday. The massively popular video chat platform has also been removed from other major third-arty app providers, such as the virtual stores ran by Chinese phone makers Xiaomi and Huawei. The news was first reported by The New York Times. The Microsoft-owned (MSFT) Skype is one of a select few...

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