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Deep Instinct Inks $150 Million Deal To Secure HP Laptops

HP CEO Dion Weisler Photograph by Kevin Moloney/Fortune Brainstorm Tech Israeli cybersecurity company Deep Instinct has secured a deal to protect HP laptops from advanced cyber attacks. The deal covers the launch of HP Sure Sense on HP’s latest EliteBook and ZBook laptops, and is worth more than $150 million over few years according to Reuters . HP Sure Sense utilizes AI and deep learning techniques to predict and prevent cyber attacks, the same approach also taken by top cybersecurity companies like Tanium, CrowdStrike, Cylance and Darktrace. The cybersecurity solution works both online and offline. image: HP With more than 350,000 new malware forms being discovered daily, HP says it sought for a new line of cyber defence to protect customers from threats with minimal impact on system performance. HP Sure Sense will be bundled with the new HP EliteBook 800 G6 series, as well as the HP ZBook 14u and HP ZBook 15u.

Intel Debuts Special Edition 9th Gen Core i9 Processor

Special edition 9th Gen Intel Core i9-9900KS processor image: Intel This year's Computex event has been the stage for the launch of new Asus ZenBooks , 17 laptops from Nvidia , and new chipsets from AMD . There's also an addition to the list from Intel. The Santa Clara headquartered chip manufacturer has unveiled a new special edition desktop gaming processor: the 9th Gen Intel Core i9-9900KS.  The special edition chip is the first to come with all 8 cores running at a turbo frequency of 5.0 GHz, making a powerful chip even more powerful. The normal Intel Core i9-9900K chip has 8 cores, some of which run at the maximum 5.0 GHz. This special edition set makes it more powerful by running all of the cores at the maximum turbo frequency. Just for a glance, features of the normal Intel Core i9-9900K chip include: 3.6 Ghz base clock speed 16 MB Intel Smart Cache Supports more than 220 FPS display on some PC games Up to 8 cores and 16 threads Up to 40 platfor

Apple Begins Survey Of Canada For Its Maps

A customer tries out an iPad at an Apple store image: Apple Apple has announced  that it'll begin surveying Canada for Apple Maps, driving its cars around the country throughout the summer. It'll be capturing road details, landmarks, and signage to improve the use of Apple Maps in the country. The data collected from the survey will be worked on by Apple's teams in Cupertino, California where it's headquartered. The company says it plans to publish this data in a future product update. Apple says it's working closely with local regulators to ensure it abides by laws and regulations related to privacy. All of its vehicles will be marked with an "Apple Maps" emblem for easy identification. The vehicles used by Apple for its survey are equipped with four LiDAR arrays, a GPS rig and eight cameras that take high-resolution images. image: Apple Apple didn't clearly state when it plans to round up its survey in the country. What exactly the

Asus Debuts New ZenBooks

Asus ZenBook Pro Duo image: Asus This year's Computex event has seen the debut of a new line-up of chips from AMD and a new line-up of laptops from Nvidia. At the same event, Asus has unveiled two new ZenBook laptops: the ZenBook Pro Duo and Zenbook Duo . The company also unveiled a limited-edition smartphone, leather and gold laptops to mark its 30th anniversary, and a lightweight monitor at the event. But the focus here is on the laptops. Features of the new ZenBooks are listed below: ZenBook Pro Duo 9th Generation Intel Core processors Up to 32GB RAM Nvidia GeForce RTX 2060 Up to 1 Terabyte storage 4K UHD display (15.6-inch) 89% screen-to-body ratio USB/Thunderbolt 3 ports Infrared camera Amazon Alexa and Microsoft Cortana support Harman Kardon audio Wi‑Fi 6 with Gig+ (802.11ax) Dual-function touchpad ZenBook Duo Up to Intel Core i7 processor Up to 16GB RAM GeForce MX250 graphics Up to 1 Terabyte storage FHD display (14-inch) 90% screen-

King CEO Riccardo Zacconi To Step Down

King Digital CEO Riccardo Zacconi Image by LeWeb2012 Conference After nearly two decades -- 16 years to be precise -- of leading King Digital, the gaming studio behind the Candy Crush hit game, chief executive Riccardo Zacconi is stepping down from his position as recently announced by King's parent company Activision Blizzard in an SEC filing . Zacconi will transition to position of chairman, effective on the 1st of July. Zacconi has led King since 2003 -- through its $5.9 billion acquisition by Activision Blizzard in 2016 -- till date. The game studio's Candy Crush is one of the most profitable smartphone apps of all time, having maintained a position in the top 10 highest grossing games in the U.S. for over five years. King Digital had revenues of $2.1 billion in 2018, contributing nearly a third of Activision's $6.8 billion total revenue during the year. Candy Crush image: King Digital But Candy Crush's popularity has declined since King's ta

Nvidia Debuts 17 RTX Studio Laptops

Nvidia CEO Jensen Huang image: Nvidia At this year's Computex,  where AMD has just unveiled a new line-up of chipsets , its competitor Nvidia has debuted a new line of laptops aimed at content creators. Nvidia would not manufacture the laptops itself but has assembled a group of manufacturing partners including Razer, HP, MSI, Asus, Acer, Dell, and Gigabyte. The laptops would retail for at least $1,600. The new laptops are paired with Nvidia Studio , a new software-hardware stack the company also unveiled at Computex that promises "to dramatically improve performance and reliability" for online and studio-based creatives. These category of persons normally depend on high-performance PCs for their craft. Mellanox CEO Eyal Waldman (left) and Nvidia CEO Jensen Huang. Nvidia recently acquired Mellanox Technologies for $6.9 billion . image: Nvidia All new laptops under the Nvidia Studio platform will come with a unique badge for easy identification. They&

AMD Debuts New Chipsets

AMD CEO Lisa Su image: AMD AMD has announced a new line-up of high-performance 7nm-based computing and graphics products. The company's CEO Lisa Su unveiled the products at the Computex 2019 event Keynote and was joined by executives from Asus, Acer, and Microsoft to do this. AMD unveiled five new chipsets, but the attraction of the event was the 12-core Ryzen 9 3900X , a competitor to Intel's Core i9 9920X chipset that comes at half the price. It'll retail at $500, less than half the price of Intel's $1,189 competing chipset. The other chipsets debuted by the company include the: Ryzen 7 3800X CPU Ryzen 7 3700X CPU Ryzen 5 3600X CPU and Ryzen 5 3600X CPU In their respective orders, they'll retail for $400, $330, $250, and $200 and will become available on the 7th of July. That's also the release date of AMD's new Intel Core i9 competitor. More on Chips : Samsung To Invest $116 Billion In Chip Businesses Through 2030 Qualcomm CEO

Ahrendts Rebuffs Criticisms Of Dwindling Customer Service At Apple

Ex-Apple retail chief Angela Ahrendts image: Apple Apple's former retail chief Angela Ahrendts recently shunned and put down criticisms of declining customer service at Apple stores at an interview with Bloomberg TV at the C2 business conference in Montreal, Canada. This is just a while after she joined the board of Airbnb , serving as the company's third independent non-affiliated board member alongside former American Express CEO Ken Chenault and former Pixar Studios CFO Ann Mather. Tons of Apple customers have taken to customer forums, social media, and conversations with reporters to complain of dwindling customer service at Apple stores. This is important given that Apple stores are one of the company's major revenue sources and make up a large part of its brand. Several current and former Apple employees have blamed the influx of complaints  on a combination of factors including slipping quality of staff as Apple expanded rapidly, and stores having become

Hellobike Said To Be Raising New Funding

Hellobike -- a Chinese bike-sharing startup that operates the country's third largest bike-sharing app according to Analysys data -- is seeking new funding at a $4 billion valuation, nearly double its previous valuation of $2.2 billion according to a report from The Information . But the company is said to be struggling to get investors to pour in cash at that high valuation amid bike-sharing woes in China whose poster boy Ofo burned through a massive $2.2 billion in funding before heading downwards. Hellobike is backed by the likes of Alibaba's Ant Financial (also an investor in Ofo), Fosun Group, GGV Capital, and Chengwei Capital. The Information reports the company is seeking to raise hundreds of millions of dollars with no specific amount disclosed, but the company may face hard times trying to prove skeptics of the capital-intensive bike-sharing industry wrong, especially in China where there's much competition and huge piles of abandoned bikes . Several bi

Cisco Reportedly Held Acquisition Talks With HashiCorp

Hashicorp co-founder Mitchell Hashimoto image: Hashicorp According to a piece from The Information , Cisco -- an active buyer of tech startups and companies -- held preparatory talks to acquire HashiCorp, a company valued at $1.9 billion  whose software manages applications that run on multiple cloud providers. But the deal appears to have not proceeded very far. Although there's no word on why the discussions derailed, one theory could be the price Cisco would have to pay which would likely be a good premium to its recent $1.9 billion valuation. HashiCorp is one of the top cloud infrastructure startups out there with impressive statistics. These include: $174 million total funding.  More than 300 employees. Partnerships with leading cloud providers like AWS, Google Cloud, Microsoft Azure, Oracle Cloud, Alibaba Cloud, and VMware. 45 million downloads of its open source products in 12 months (leading up to November 2018). More than 50 of the Fortune 500 and over 100 o

uBiome And Nurx's Troubles

uBiome co-founder Jessica Richman Photograph by Stuart Isett for Fortune Brainstorm Health If there's been any hot cake as of late in the health tech industry, it definitely may be uBiome and Nurx, both Y Combinator incubated health technology startups that have recently been accused of using questionable tactics. Late last month, uBiome's offices were raided by the FBI which is investigating the company's billing practices, leading to its two co-founders -- Jessica Richman and Zac Apte -- being placed on administrative leave soon after. Co-founder Jessica Richman also allegedly repeatedly lied about her age , presenting herself as years younger than she actually was. Nurx on the other hand has also allegedly cut corners  with moves like sending returned prescription medications to other customers and trying to revise a policy on birth control for women over 35 even when state laws prevent persons without medical licenses from influencing medical policy. Accord

A Look At Rigetti Computing

Rigetti Computing CEO Chad Rigetti Photo by Steve Jennings/Getty Images for TechCrunch Quantum Computing is not yet a mature field although IBM has said it expects commercialization in 3-5 years . They're several established companies and young startups working in the field, all looking towards future use for solving complex problems that can't be normally solved by today's computers. Some started so early in the industry while some came in late. For example, IBM has been researching quantum computing since 1996. In the midst of the various quantum computing companies lies a noteworthy one, Rigetti Computing, a Berkeley, California based Y Combinator incubated startup backed by the likes of of Andreessen Horowitz, Bloomberg Beta, AME Cloud Ventures, Data Collective, WTI, Lux Capital, and Sutter Hill Ventures. The startup -- founded in 2013 -- has offices in Fremont and Berkeley, California, and is working on a cloud quantum computing platform for AI and computati

Amazon Facial Recognition Ban Inked Only 2% Of Shareholder Votes

Even amid backlash from Amazon employees over the company's sale of facial recognition technology to law enforcement, a recent proposal to stop the company from selling it to government agencies won just 2.4% of total shareholder votes, with a second proposal calling for a study of the degree to which Amazon's facial recognition tech has impacted on civil rights and privacy garnering 27.5% support. The e-commerce giant is at the center of growing debate over facial recognition which critics have warned may lead to false matches and arrests while supporters argue it ensures public safety. Amazon has sold facial recognition tech to law enforcement in Florida and Oregon , amid a recent ban of its use by law enforcement in the city of San Francisco. Use of Amazon's facial recognition software comes at cheaper costs to law enforcement agencies, with the Washington County Sheriff's Office in Oregon stating it spent about $700 to upload its initial large collecti

GM Cruise Was Reportedly Eyeing Blackmore

GM CEO Mary Barra image: General Motors GM Cruise reportedly looked into acquiring lidar startup Blackmore, one that was recently acquired by its competitor Aurora for an undisclosed sum. This is according to TechCrunch , citing two sources familiar with the discussions. Prior to its acquisition, Blackmore Sensors and Analytics as its full name goes had raised $21.5 million from investors including BMW i Ventures, Toyota AI Ventures, and Next Frontier Capital. The company takes a different approach to producing lidars, making use of frequency-modulated continuous wave (FMCW) which enables distance measurement with a higher dynamic range and instant velocity, meaning speed of objects coming to and moving away from its lidars can be measured. The company's tech is ideal for use in mission critical, military, industrial, and automotive scenarios where cost and performance specs limit the use of traditional sensors. GM Cruise CEO Dan Ammann image: General Motors

Three Customers Accuse Apple Of Selling iTunes Listening Data

An Apple customer strikes a pose with an Apple team member image: Apple Three iTunes customers from Michigan and Rhode Island have accused Apple of disclosing and selling information about people's iTunes purchases and also personal data. The customers sued Apple on Friday in a federal court in San Francisco, and are seeking to represent hundreds of thousands of residents of their states who they claim had their personal listening data disclosed without their consent. According to the filed complaint, disclosure of ITunes users' data is unlawful and can also be dangerous because it leaves room for targeting vulnerable members of society. "For example, any person or entity could rent a list with the names and addresses of all unmarried, college-educated women over the age of 70 with a household income of over $80,000 who purchased country music from Apple via its iTunes Store mobile application," the customers alleged. A customer gets welcomed at the lau

VW Launches Personalized Offers And Recommendations Service

The Volkswagen ID.3 electric vehicle image: Volkswagen Volkswagen has launched We Experience , a new service that locates user's vehicles via a smartphone and identify offers and personalized recommendations -- such as tips and deals for restaurants -- around the user's vicinity. The proprietary algorithm behind the recommendations and offers is developed by IBM. Volkswagen has partnered with companies like Domino's, Shell, and Tank & Rast, to display individual offers from these partners that a user will be able to redeem online or on site. The automaker says the new service will be constantly expanded with new partners to be added. Volkswagen CEO Herbert Diess is shown the interior of the company's pre-production ID.3 electric vehicle image: Volkswagen 'We Experience' is available on the VW Connect free smartphone app , one that the company says is used by more than 560,000 customers in 17 countries. The app works with a piece of har

BMW Launches Electric Scooters

BMW Kids Scooter image: BMW It seems the electric scooter game has been on a tear as of late. Boosted -- known for its electric skateboards -- recently debuted a $1,600 electric scooter . Now, automaker BMW has followed suit, debuting three electric scooters in collaboration with Micro Mobility (maker of the Micro Scooter). The three electric scooters comprises of a main e-scooter, a scooter built for city riding, and another built for kids. The main scooter, the BMW E-Scooter, has a range of 7.5 miles (12 km) and up to 12 mph (20km/h) top speed. Other of its features include a 150-watt motor and lithium-ion battery, two separate braking systems, two hours full charge, and the ability to be folded up easily. It's lightweight, weighing just 9 kg. BMW City Scooter image: BMW BMW E-Scooter image: BMW The one built for use in cities, the BMW City Scooter, features a triple-secured folding and locking mechanism, large wheels, and a low footplate, allowing

Baidu And Citic Seek Up To $1 Billion For Digital Bank

A fleet of Baidu driverless vehicles image: Baidu aiBank -- a joint venture between Chinese company Baidu and China CITIC Bank -- is seeking up to 7 billion yuan ($1 billion) in funding according to a Bloomberg report . Bloomberg says discussions are on-going and details of the deal are subject to change, citing people with knowledge of the matter. aiBank is an online lender set up in 2015 that provides personal loans of up to 300,000 yuan ($43,500) without requiring collateral, according to its website. It also sells financial products, offers e-wallet systems, and operates deposit services. CITIC Bank holds majority (70%) stake in aiBank while Baidu owns the rest. A Baidu driverless vehicle image: Baidu CITIC is one of the largest lenders in China in terms of total assets, managing close to $300 billion as of 2017. Amid competition from digital payments companies, traditional lenders like CITIC have reduced headcount and decreased its bank networks. A joint v

Mexican Tax Scheme For Ride-Hailing Firms May Soon Be Mandatory

image: Cabify A new plan from the Mexican Government to retain tax from drivers and delivery riders at ride-hailing companies could soon become compulsory in 2020, Cabify said on Friday. This is after Cabify and Uber agreed to participate in the scheme while Chinese competitor Didi Chuxing declined, stating it will continue to analyse possibility of future participation, depending on the impact for drivers. The scheme is due for implementation on the 1st of June. It foresees a monthly value-added tax (VAT) withholding rate of 8% and an income tax range between 3% to 9%, according to Uber. image: Cabify “What’s been discussed with the finance ministry is that this year it’ll be a voluntary program ... and it’s very likely that next year it’ll be part of ... the budget spending plan or a new law,” Cabify's Mexico director Ramon Escobar told reporters in a conference call. When asked if that entailed it would become mandatory, he replied “that’s the conversation we’re ha

Cnex Accuses Huawei Executive Of Trade Secrets Theft

Cnex Labs -- a developer of solid state drive (SSD) controllers backed by the likes of Dell Technologies, Microsoft, and Sierra Ventures -- is accusing a top Huawei executive, deputy chairman Eric Xu, of conspiring to steal its trade secrets. The Wall Street Journal reported this on Wednesday citing court documents. The allegations were made in a suit set for trial on the 3rd of June in federal court in the Eastern District of Texas. Cnex -- whose co-founder Ronnie Huang formerly worked at Huawei -- is alleging Huawei enlisted a Chinese university professor working on a research project to inappropriately access its technology. This is response to a suit filed by Huawei against the startup in 2017, accusing it of stealing Huawei trade secrets and poaching its employees. Huawei Deputy Chairman Eric Xu image: Huawei Huawei has called the allegations against Xu "groundless"in a statement on Thursday. This lawsuit occurs amid hiccups for the company stemming from a

SpaceX Raised More Than $1 Billion In Six Months

image: SpaceX According to filings, SpaceX -- which just launched the first 60 of a planned 12,000 strong constellation of satellites for broadband internet service -- has raised more than $1 billion in funding in the last six months as it aims to roll out its ambitious internet service by beaming signals from space from its satellites. Regulatory filings show the company raised $486 million last December and another $536 million in a share sale that kicked off in April. Musk has said the Starlink mission is an important new revenue stream for the company whose launch service revenue he expects to come at around $3 billion per year. At least 12 launches carrying similar payloads to the one just launched by SpaceX are required to achieve constant internet coverage for most of the world. But for now, Starlink has only been approved for operation in the U.S. image: SpaceX Starlink satellites are designed such that 95% of all components will quickly burn in Earth's a

Project xCloud Can Stream Over 3,500 Xbox Games

Crackdown 3 image: Sumo Digital/Microsoft Studios Project xCloud, the game streaming project unveiled by Microsoft last fall, has been tested by the company's employees through a take home program and is capable of streaming more than 3,500 games, without any changes or mods required by a developer. Custom blade servers have been deployed to data centers in 13 Azure regions, with an emphasis on proximity to key game development centers. Game developers are now able to test their games directly from Project xCloud without having to port to a new platform. There are currently more than 1,900 games in development for the Xbox One, all of which could run on Project xCloud. There's an API dubbed “IsStreaming” API that Microsoft provides to allow games to know if it's streaming from the cloud. In response to this, it can then cue features are functionality -- for example, adjusting font sizes for smaller displays or hosting multiplayer matches on a single server to reduc

Apple Acquired Tueo Health Last Year

Electrocardiogram (ECG) monitoring on the Apple Watch Series 4 image: Apple Apple is known for stealthily acquiring companies without making any announcements. In fact CEO Tim Cook recently said the company has acquired 20-25 companies in the last six months and snaps up a company every few weeks. Most of Apple's acquisitions are of small startups, with Cook stating that the company is “primarily looking for talent and intellectual property.” In today's news, Apple acquired Tueo Health -- a startup that was working on an asthma monitoring system aimed for use with sleeping children -- some-time last year. Tueo's CEO  Bronwyn Harris and COO Anura Patil changed their employers on their LinkedIn profiles to Apple late last year, which is likely the time Apple fully acquired the company. Tueo Health was based in San Francisco and had raised $1.1 million in seed funding from investors including Launchpad Digital Health and Plug and Play. Tueo Health co-founder

Meet goPuff, A Low-key Delivery Company Worth $1 Billion

image: goPuff The food-delivery market is one with intense competition. The likes of DoorDash, Uber Eats, Postmates, Deliveroo, Swiggy, Just Eat, Yelp Eat 24, and more are steadily competing for global market share while also raising huge funding. Just recently, Deliveroo raised $575 million in a round led by Amazon. DoorDash has also raised $600 million Series G funding at a $12.6 billion valuation . Amid the intense battle, it turns out there's one hot startup that has stayed low key to avoid the eye of rivals, but it seems word is getting out. That low-key hot startup is goPuff, an on-demand delivery service that was valued at $1 billion last November (after an investment), according to regulatory filings reviewed by The Information . goPuff ships products to customers from centrally located facilities -- as opposed to direct pickup from stores -- in 81 U.S. cities. goPuff delivers beer, wine, liquor and even Juul pods The company -- based in Philadelphia -- stocks

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US Sanctions First Crypto Exchange For Alleged Ransomware Ties

The US government has moved to blacklist a Russian crypto exchange in what seems to be the first time the government is taking such an action against a crypto exchange; The US Treasury Department has announced sanctions against a crypto exchange named  Suex  for allegations of facilitating transactions for ransomware operators based in Russia. The department therein claims that over 40% of Suex's known transaction history was associated with illicit and criminal operations. The US has faced a wave of ransomware attacks over the past year with victims including a major oil pipeline company ( Colonial Pipeline ) that paid a $5mn ransom and a major food supplier ( JBS ) that paid an $11mn ransom . Both attacks are suspected to have been carried out by Russian criminal groups, making it a major point of concern that US President Joe Biden pressed Putin to address  in a July phone call; Out of many, the most infamous ransomware group globally appears to be a Russian organization name

Law: Ex-Quant Analyst Indicted For Front-Running Employer's Trades

Insider trading is like the most common crime on Wall Street or the crime most prosecuted. Every now and then, there's always a new insider trading case pursued by the appropriate American authorities; the Securities and Exchange Commission (SEC) and Justice Department (DOJ). To the unaware, insider trading is deemed as trading a public company's stock or other types of regulated securities based on material, nonpublic information about the company. The latest insider trading saga now making the rounds is that of a former quant analyst who has just been indicted for front-running his employer's trades and making a killing to the tune of over $8mn. Sergei Polevikov , the former quant analyst, allegedly bought securities he knew his employer ordered in large blocks on behalf of clients and then profited from little price bumps of the securities that typically occurred when the large orders were executed. He's said to have done this with a brokerage account opened in his

Deal: DraftKings Bids $22B For UK Betting Giant Entain

A certain American company has been on a tear ever since going public last year. It's DraftKings , a sports betting company that's riding the high waves of increased legalization of mobile sports betting in the US and tearing its way into more business as time goes. In the US where DraftKings is based, there's been a wave of legalization of sports betting spurred by the Supreme Court striking down a federal ban on it in 2018. It's such that sports betting is now legalized in more than two dozen US states and more states are considering it. The wave has vaulted DraftKings to high growth thanks to the company being an early mover and working hard to build this growth, DraftKings has spent big money on acquisitions to expand. For example, just last month, the company bought online casino Golden Nugget in a $1.6bn all-stock deal that marked its biggest acquisition to date. Right now and shortly after making its biggest acquisition, it appears that DraftKings is even push

Antitrust: US Sues To Block JetBlue-American Airlines Alliance

American antitrust actions against big companies have been brewing under President Biden, particularly against big tech companies like Faceboo k and Google . But the latest one from the government is targeting an industry far away from tech, the airline industry; The US Justice Department (DOJ) has filed a lawsuit  seeking to block an alliance between American Airlines , a major transnational and domestic airline, and JetBlue , a low-cost domestic airline. The alliance was for JetBlue to handle domestic flights between  Boston and New York City  on behalf of American Airlines with ticket sharing between both airlines. Now, the DOJ appears to be very opposed to the alliance along with the Attorneys General of six US states plus Washington, D.C. that followed it to file the lawsuit. The suit's core allegation is that such an alliance discourages airline competition and may cause fare hikes for everyday flyers. Given its statement, the DOJ actually has a point to make as an alliance

Deal: Blackstone Buys Condor Hospitality's Hotel Assets For $305M

Blackstone , the private equity giant, is yet again adding to its massive commercial real estate portfolio with a big purchase. It's agreed to buy the hotel assets of the  Condor Hospitality Trust , a publicly traded real estate investment trust that's liquidating all its assets and winding down its business. Blackstone will pay $305mn in cash to buy Condor's entire hotel portfolio. The PE firm won't be assuming any debt from the purchase. Condor's portfolio includes 15 hotels in 8 American states, some franchised under prestigious brands like Hilton and Marriott . Hotels are the trust's only business from which it gets all its revenue, and now that it's selling them, the trust has instituted a plan to distribute the sale proceeds to shareholders and close down its operations. Notably, Condor is shutting down after a tumultuous year for hotel operators caused by the pandemic's restrictions on travel and recreation. It, in fact, saw annual sales slip f

Alert: Coding Platform GitLab Files For US IPO

Catching us as a surprise late on Friday, GitLab , a popular coding platform and rival to GitHub,  has filed for an IPO in the US. GitLab is a popular code repository hosting service for software developers and is the 2nd-largest of its kind only beaten by GitHub.  While GitHub sold to Microsoft for $7.5bn three years ago, GitLab has remained independent and now is about to test the waters as a publicly-traded company. GitLab has unveiled its S-1 filing with the US SEC as is usual for companies looking to go public in the US and the S-1 document provides great insight into the GitLab's business with information not publicly disclosed before. Therefore, we'll be extracting some of the most important info from the bulky filing, mostly on its revenue stats. By the Numbers GitLab reported  $152mn in revenue in the fiscal year ended January 2021, compared to $81mn in the preceding year. In the first half of 2021, the company brought in $108mn in sales, compared to $64mn in t

Markets: Korea's Kakao Pay Delays $1.3B IPO To November

In South Korea, Kakao is one of the leading tech giants, best known for its  KakaoTalk messenger app. But like many tech companies, it's long branched out from messaging into other sectors such as gaming and fintech and made strides there. In fintech, Kakao has a separate digital bank ( KakaoBank ) and mobile payments and wallet app ( Kakao Pay ). The Korean tech giant took KakaoBank public this July with an IPO that raised $2.2bn and didn't just stop there. It then sought to take Kakao Pay public in a separate IPO but has hit some obstacles trying to do so. Just as it sought to take Kakao Pay public, the South Korean government toughened regulations on fintech apps. It made Kakao Pay suspend some services like insurance though the suspended services accounted for a minor part of its revenue. Then, Kakao Pay adjusted its IPO fundraising target to $1.3bn , 6% lower than it previously sought. But even with the hiccups, Kakao Pay still sought to go public by October this year

Markets: Covid Testing Provider Cue Health Goes Public

A diagnostics startup that found treasures amid dirt from the Covid-19 pandemic has stamped its success with a successful initial public offering (IPO). It's Cue Health , a little-known startup from San Diego that rapidly switched its focus to making Covid-19 testing kits on the onset of the pandemic and has built a big business with that. Cue Health debuted on the Nasdaq exchange on Friday, the 24th of September, raising $200mn before commissions and other underwriting expenses. Its stock climbed 25% on that day to end trading at $20, giving it a market cap of $2.9bn . Cue Health is one of the significant startup success stories to emerge from the pandemic. Before it started providing Covid testing kits, its annual sales were numbered in the low-digit millions but shot up to $23mn in 2020  on the pandemic's onset and $202mn in the first half of 2021 . Because of its fast pivot to providing Covid testing kits, Cue Health was an early mover. Thus, it got lucrative testing contr

Earnings: Nike's Sales Falter, Shares Drop 6%

Sports apparel giant Nike has dropped its latest quarterly results , showing that its earnings still stand firm despite sales challenges intensified by the Covid pandemic. But though its earnings beat analyst expectations, Nike's stock fell by a significant percentage during trading on Friday due to its sales outlook. Nike posted $12.2bn in sales in the three months ended August 31, 2021, its fiscal 2022 first quarter. Sales were up 12% year-over-year and slightly unchanged from $12.3bn in the preceding quarter. Nike's sales have dropped significantly due to the Covid pandemic that led to widespread closures of its physical retail centers. Even as the pandemic effects gradually wear off, the company is still battling supply chain disruptions caused by it. As usual, most of Nike's quarterly sales came from the  Nike brand ( $11.6bn ), while a minority was from the Converse brand ( $630mn ). For the quarter, Nike's net profit was $1.9bn , up 23% year-over-year and 27%

Deal: Hollywood Agency CAA To Buy Rival ICM

In a historic deal in the talent agency industry, two of the biggest entertainment and sports talent agencies operating in the US are about to merge to become one. It's so that Creative Artists Agency (CAA) , a powerhouse talent agency with a roster of stars, has reached a deal to buy ICM Partners , a rival powerhouse agency. CAA buying ICM is a blockbuster deal that'll see two of Hollywood's most powerful talent agencies merge into one more robust powerhouse. The combined agency would be a more formidable one for arch-rivals such as William Morris Endeavor (WME) and United Talent Agency (UTA) . Normally, CAA, ICM, WME, and UTA are considered the "big four" talent agencies in Hollywood and sports, representing the most significant share of A-list talent across both industries. Now, it appears that the "big four" would soon become the "big three."  CAA is the bigger one of the two agencies, commanding a bigger roster of talent and business tha