Home » Top Stories

Instacart the Grocery Delivery Startup Raises $210 Million

San Francisco, California based Instacart, which provides a delivery service for groceries, has raised close to $210 million in a round of funding says documents that were filed on Tuesday with the regulatory agency the Securities and Exchange Commission. The latest round of funding, which could jump up to $220 million if every allotted share is sold, has more than quadrupled the previous valuation of the startup that was $400 million, which was based upon other regulatory filings. One online research firm suggested that the new round of investment... 
 

China Will Relax Regulations on Banks Renminbi Trading

China will be relaxing the restrictions it has on renminbi trading by the country’s banks starting on January 1, in a small yet significant step by the central government towards relaxing capital controls. The new changes replace the daily caps banks have for foreign exchange positions with limits weekly and for only the first time, establish new unified standards for the total foreign exchange positions banks are allowed to hold. The State Administration of Foreign Exchange, which is the government’s regulator, published online a set of new... 
 

Subway in Safety Scandal in China over Food

Subway is the latest brand of foreign fast food to become involved in China in a scandal over food safety. This came after the sandwich chain based in the United States said it was carrying out an investigation of local media claims that its workers at a franchise in Beijing had altered the dates of expiration on certain food ingredients. Subway markets itself overseas including in China as a healthy alternative to other traditional forms of fast food. However, it now joins competitors Yum’s KFC and McDonald’s in finding its brand reputation... 
 

UPS and FedEx Make Improvements During Holiday Season

Christmas this year was on time for most everyone. After UPS and FedEx were unable to deliver some gifts last year prior to Christmas day, the two shipping companies improved their performance during this holiday shopping season. UPS delivered more than 99% of its express packages as was promised on December 22 and 23, and FedEx delivered over 99% of its express packages on those same days. Last year the two companies’ percentage of express packages that were delivered on time was in the low 90s. ShipMatrix, which supplied this data, did not have... 
 

MasterCard Spending Report for Holidays Shows Weak Electronics

Consumers spent strongly on eating out and lodging during the holiday shopping season, while sales were flat in electronics, reflecting a shift that is ongoing toward spending on different experiences instead of on goods, said MasterCard in a spending report from the holidays. Overall, retail sales were up 5.5% during the time from the day after Thanksgiving known as Black Friday through the day of December 24, in comparison to one year ago. MasterCard announced that growth of sales during that period was in line with what it had forecasted for... 
 

Gift Cards Have Become Hugely Popular, but Have Risks

Gift cards are widely popular gifts for the holidays as they give the receiver what he or she wants, a chance to pick out his or her very own gift. The popularity of the gift card is undisputable. That segment saw over $31.75 billion spent on purchasing gift cards, said the National Retail Federation. Four out of every five shoppers during the holiday are planning to purchase at least one gift card. The average shopper will spend over $172 for gift cards. While gift cards certainly have their advantages, which card you purchase and what you end... 
 

French Company Fined by U.S. for Bribery

A company based in France was hit with a criminal fine by the United States. The fine, which set a new record for the U.S. for foreign bribery, was announced on Monday by the U.S. Department of Justice. Alstom an industrial conglomerate agreed to a guilty plea and to pay $772 million in fines for its bribes that exceeded the tens of millions of dollars to win new business in different locations around the globe, including the Bahamas, Saudi Arabia, Egypt and Indonesia. James Cole a deputy U.S. attorney general said that the size of the fine should... 
 

Saudis See Recovery in Oil While UAE Urges Cuts by Non-OPEC

The United Arab Emirates and Saudi Arabia reiterated their pledges to maintain the same production of crude, blaming the producers who are non-OPEC for the oil glut that has driven the price down to its lowest of nearly 5 years. Suppliers that are non-members of the Organization of Petroleum Exporting Countries need to cut the irresponsible output, said Suhail Al Mazrouei the Energy Minister from the UAE yesterday in Abu Dhabi. Even if the producers who are non-OPEC were to cutback, OPEC likely would not do the same, said Ali Al-Naimi the oil minister... 
 

Last Shopping Weekend for Holidays Off to Good Start

Shoppers filled malls as well as department stores on the holiday season’s last weekend prior to Christmas. The weather has cooperated to help increase the prospect for a strong finish to this year’s holiday shopping season that has thus far produced a mixed bag across the U.S. Crowds in large metropolitan areas such as Los Angeles, Chicago, Philadelphia and New York were building in stores by early afternoon on Saturday. Some holiday shoppers said they had been drawn by large discounts, which have become deeper and longer this year. Some shoppers... 
 

Instagram Valued at $35 Billion Passing Twitter

Instagram is the favorite little social media network. However, it is not so little any longer. On Friday, the valuation of the company was raised by Citigroup to $35 billion from its previous $19 billion. The news comes after the video and photo-sharing network announced it now has more than 300 million active monthly users. The social network world is constantly in flux, with some of the social networking sites increasing in popularity, while others either stagnate or drop. Instagram is only the most recent example. On the Internet, tastes are... 
 

German Gas Deal Killed by Russian Crisis

Fallout continues to spread from the crisis in Russia with a big gas deal involving Germany being cancelled. BASF said it dropped its plans to hand complete control of its gas trading and storage business to Gazprom from Russia in exchange for a stake in two gas fields in Siberia. Gazprom, which is state controlled, is the biggest supplier to western Europe of natural gas and has looked at developing its distribution and marketing activities across the region. However, the problem in relations between Russia and Germany killed the swap of assets... 
 

BlackBerry Launches New Smartphone the Classic

On Wednesday, BlackBerry unveiled its newest mobile handset device, which is made with the same qualities the smart phone maker traditionally uses with features like a track pad and a physical keyboard. The new device is called the Classic and is what the company, based in Canada, hopes will reignite sales. Blackberry once was a leading seller of smartphones in the consumer space, but has had to focus on the businesses as their device fell out of favor with consumers. The company, in its plan to return to profitability focuses on software and other... 
 

Olive Garden Sees Growth in Same Store Sales

Darden Restaurants Inc started to show progress in turning its ailing chain of Olive Garden restaurants around posting the first positive quarter on Tuesday for sales in same stores in over a year and beating expectations of analysts. Eugene Lee the interim CEO told Darden investors that moving from the deep discounts to instituting an everyday value menu for $9.99 has helped to attract more customers to Olive Garden and to ordering online for carryout. Shareholders of Darden in October cast their votes to replace the entire board of directors with... 
 

Airlines Take in Close to $1 Billion for Baggage Last Quarter

Most air passengers hate them, but airlines are in love with them. There is now just one air carrier based in the U.S. that is not charging any baggage fees. That started early in December when discounted airfare carrier Jet Blue announced it would start charging fees for baggage to consumers using the airline. That left just Southwest as the only U.S. airline that still lets its customers check bags for free. The reason that so many of the airlines have started charging fees is quite simple. It creates a cash cow. The 27 air carriers brought in... 
 

PetSmart Accepts Buyout of $8.7 Billion

The largest 2014 private equity deal, during a year of large takeovers of drug makers and cable providers, is a bet on catnip and dog food being lucrative PetSmart on Sunday agreed to be taken over by a group of investors led by BC Partners an investment firm for close to $8.7 billion just months after the pet retailer came under pressure from a pair of hedge funds. This agreement is the largest leverage buyout of a company in the U.S. this year, which has been defined by large mergers most of them being done by corporate buyers and not private... 
 
Advertisement
Advertisement
© 2006-2015 Leoncheng.