Meet the founders behind HelloAva, an innovative company utilizing AI to personalize your skincare routine.
Meet the founders behind HelloAva, an innovative company utilizing AI to personalize your skincare routine.
The CNN host assailed the Florida senator for maligning expertise and experience.
The British government on Thursday will set out which COVID-19 restrictions each local authority in England will face when a national lockdown ends next week allowing businesses to reopen in areas where infection rates are lower. Prime Minister Boris Johnson ordered England into a month-long lockdown in early November after coronavirus cases and deaths started to rise again, angering businesses and some of his own political party over the economic consequences. Health secretary Matt Hancock will on Thursday tell parliament which of three tiers, ranging from the lowest at tier 1 to the highest at 3, each English local authority will fall under.
Toronto, Ontario--(Newsfile Corp. - November 25, 2020) - Media Central Corporation Inc. ("Media Central" or the "Corporation") announced today the cancellation of the special meeting of shareholders of the Corporation (the "Meeting"), scheduled for December 30, 2020.Cancellation of the MeetingThe Meeting was announced further to a requisition (the "Requisition") submitted by certain shareholders of the Corporation (the "Concerned Shareholders"), in order to change the board of directors (the "Board") of the Corporation. Following ...
Bank of Montreal and Canadian Imperial Bank of Commerce said employees currently working from home will continue to do so until at least April. Most office-based employees at Canadian banks have not been working from offices since the start of the coronavirus pandemic in March. A resurgence in cases in many parts of the country, including Toronto, has prompted the resumption of lockdowns and tighter safety measures.
Joss Whedon is exiting his HBO series "The Nevers," Variety has confirmed. An HBO spokesperson said the show is still scheduled to premiere next summer. "We have parted ways with Joss Whedon. We remain excited about the future of The Nevers and look forward to its premiere," said the premium cabler in a statement. “The Nevers,” which […]
Welcome to the Capital Note, a newsletter about business, finance and economics. On the menu today: Palantir shares skyrocket, a giant of labor economics passes away, Slack in acquisition talks with Salesforce, and Yellen’s plans for Treasury-Fed cooperation.The Palantir Bump: Politics or Product?Palantir, the data-analytics firm co-founded by Peter Thiel, went public in early October at a $21 billion valuation. The company’s shares, initially priced at $10, dipped on the day of its direct listing and were flat in the weeks thereafter. Analysts doubted that Palantir could grow quickly enough to paper over the hundred of millions in losses incurred in recent years.The stock has nearly tripled since then -- up 20 percent today alone.What explains the $50 billion valuation for a company that reported more than $1 billion in losses this year? Some are chalking it up to the election of Joe Biden, whose personnel decisions suggest a return to a more muscular U.S. defense policy. The material effect of policy decisions on Palantir’s bottom line is hard to quantify. On the margin, a more active foreign policy expands Palantir’s potential revenue from government contracts, but not nearly enough to account for the $30 billion that has been added to the company’s market cap in the past month. Palantir’s market cap dwarfs those of competitors in government IT, such as Booz Allen Hamilton and Leidos; even if investors expect it to become the dominant contractor, that alone cannot justify the $50 billion valuation.Not to mention that Palantir is disrupting the national-security establishment by competing with defense contractors that have entrenched relationships in Washington. We’re talking about a company that sued the U.S. Army in 2016 and won -- not exactly a friend of the defense establishment. A return to the pre-Trump status quo should benefit defense majors such as Boeing and Lockheed Martin, not a young software firm. There’s also the inconvenient fact that the company’s co-founders both supported Donald Trump, and Thiel has been a vocal critic of foreign intervention.As always, the real story of Palantir’s surge is less intriguing than the media narrative: It’s a very promising business.Palantir reported higher-than-expected revenues in the fourth quarter, driven by a large contract with the U.S. Army and 15 sizeable deals struck with commercial customers. Revenue from new customers grew 177 percent from last year, diversifying Palantir’s customer base, which previously depended on a handful of big-ticket clients.For a company like Palantir, the addition of a new customer returns a high multiple to the actual revenue generated by that customer because (1) new deals prove new use cases and (2) Palantir’s operating-system business model generates high returns to scale.The foundation of Palantir’s commercial business model is its “Foundry” operating system, a central repository where customers can access, manage, and analyze their data. A large portion of the company’s recent growth resulted from the “modularization” of Foundry; i.e., Palantir began to sell bits and pieces of the platform rather than requiring customers to integrate it entirely. That’s crucial because the dominance of legacy data systems such as Oracle and SQL led investors to question whether Foundry would find a receptive market. Each new Foundry customer provides further evidence that there is a real market for new data-management tools.And new commercial contracts improve the underlying product: As more businesses adopt the Foundry OS, more apps will be built on top of it, and the cost of switching to a different software provider will be higher. As the Foundry user base grows, so does Palantir’s ability to improve the operating system and identify additional use cases for it. Investors in the company are betting that Foundry will be adopted by a sufficiently large number of businesses to become a standard system for data analytics.As usual with high-growth tech firms, this is a risky proposition: If Palantir achieves massive commercial adoption, it can take market share from standard data platforms and build high-margin products on top of its operating system. That can generate more growth in the form of consulting projects, new products, etc. If the company doesn’t take enough commercial market share, it will still be a niche, high-value IT firm, but it will not trade at 30 times revenue.Bottom line: It’s not politics, it’s the product.Around the WebPalantir shareholders aren’t having all the fun: Slack gained nearly 40 percent today after the Wall Street Journal reported that Salesforce is interested in buying the instant-messaging company:> The companies could reach a deal within days—possibly by the time Salesforce reports its third-quarter financial results Tuesday, some of the people said. Slack, with a market value of more than $17 billion as of Wednesday morning, would be Salesforce’s largest acquisition ever. There is no guarantee the companies will reach an agreement.Economists have long argued that only an independent central bank can conduct effective monetary policy. Otherwise, political pressures will lead central bankers to boost growth with excessive money printing and ultimately devalue their currency. Bloomberg reports today that “Yellen May Boost Treasury-Fed Cooperation.” While this cooperation seems limited to Treasury-backed lending programs, we hope it doesn’t become a new norm.Earlier this week, National Review’s Ramesh Ponnuru evaluated Trump’s economic record for Bloomberg Opinion.Edward P. Lazear, R.I.P.Economist Ed Lazear died of pancreatic cancer this week at the age of 72.A professor at Stanford University and chairman of the Council of Economic Advisors, Lazear transformed the field of labor economics by applying microeconomic methods to human-resource management within firms. The result was “personnel economics,” a sub-discipline founded by Lazear that studied the optimization of labor productivity through efficient employment contracts, compensation structures, and other HR tools.Outside of the academy, he was a dedicated public servant. At the helm of the CEA during the 2008 financial crisis, Lazear was a key architect of the Economic Stimulus Act of 2008. Throughout his life, Lazear was among the most devoted and convincing proponents of free markets both in academia and in the popular press. We were honored to count him as an early contributor to National Review’s Capital Matters.A portion of his eulogy, via Stanford News:> Recognized as the founder of the field of personnel economics, Lazear’s boundless energy and entrepreneurial spirit have led to contributions in many domains. At Stanford University, he served as the Morris Arnold and Nona Jean Cox Senior Fellow at the Hoover Institution, the Davies Family Professor of Economics at Stanford Graduate School of Business and senior fellow at the Stanford Institute for Economic Policy Research.> > “Ed was a pioneering labor economist, a gifted teacher, an accomplished public servant and an extraordinary colleague,” said Condoleezza Rice, director of the Hoover Institution.> > “Eddie brought a love of economics to generations of students and colleagues,” said Jon Levin, Philip H. Knight Professor and Dean of Stanford GSB. “His classes invariably were oversubscribed, and Stanford GSB students recognized him with both the MBA and PhD teaching awards. His infectious enthusiasm for ideas made him an all-time great seminar participant and an active convener of his colleagues. His colloquium (the ‘Eddie Lunch’) brought faculty together from across Stanford for two decades…”> > Since 2017, Lazear has served as an adviser to the Federal Reserve Bank of Minneapolis. He was a frequent contributor to the Wall Street Journal and other news media. He was an avid traveler, bike rider and skier.> > Lazear was born in 1948 and grew up in Los Altos, California. He graduated from UCLA and received his PhD in Economics from Harvard University. He taught at the University of Chicago for nearly 20 years before joining the Stanford faculty.> > Lazear is survived by his wife, Victoria, his daughter, Julie Lazear, and son-in-law Dustin Dupuis.> > -- D.T.To sign up for the Capital Note, follow this link.
The most sought-after video game console of 2020 is baaaaack—and it comes with Mario Kart 8 Deluxe for free!
Comcast’s plan to increase fees for a range of services, including broadband internet and pay-TV, in January is eliciting a wave of online customer complaints. As more parts of business and society move fully online, the Philadelphia-based cable and broadband giant is also expanding a 1.2-terabyte home internet data cap to all 39 states where […]
The Baby Car Seat Market will grow by USD 2.28 bn during 2020-2024
Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of JOYY Inc. (NASDAQ: YY), between April 28, 2016 and November 18, 2020, inclusive (the "Class Period") of the important January 19, 2021 lead plaintiff deadline in the securities class action commenced by the firm. The lawsuit seeks to recover damages for JOYY investors under the federal securities laws.
“I can’t imagine the past year of my life without this man right beside me,” Sadie Robertson wrote
This Black Friday 2020 deal on the Apple AirPods Pro is the lowest price we've ever seen on these true wireless earbuds—get the details.
Princeton economist Cecilia Rouse also emerges as a leading candidate for a role on Biden's economic team.
Comcast is expanding its 1.2TB data cap to more residential customers as folks continue to work and school from home. Here's what its rivals are doing.
George Coulam is accused of hiring a woman to facilitate his online dating profiles and firing her when he wasn't satisfied with the results.
(Bloomberg) -- The Pebble mine in Alaska was dealt a potentially lethal blow after the U.S. Army Corps of Engineers rejected an essential permit for the project.The proposed mine in southwestern Alaska, which would tap one of the world’s largest undeveloped copper and gold deposits, has been dogged by protests for years, as conservationists warn industrial mining operations near Bristol Bay threaten a flourishing sockeye salmon fishery.The Army Corps issued a record of decision Wednesday denying Pebble’s permit, after determining the project “is contrary to the public interest,” said Col. Damon Delarosa, the agency’s Alaska district commander.In August, the Army Corps concluded the mining plan from Northern Dynasty Minerals Ltd. “would likely result in significant degradation of the environment,” and the agency demanded a mitigation plan to offset the project’s effects on nearby wetlands. Northern Dynasty’s subsidiary Pebble Limited Partnership submitted the mitigation plan earlier this month, though the details weren’t released to the public.Northern Dynasty called the decision “politically motivated” and said it was not supported by the Corps’ recently released environmental impact statement. The company said it intends to launch an appeal within 60 days. Developers also could challenge the rejection in federal court.Delarosa said the Army Corps’ decision was “based on all available facts and complies with existing laws and regulations,” following “an in-depth analysis” of the project and roughly three years of review.Pebble is in a remote area in southwestern Alaska that drains into Bristol Bay. Conservationists, local activists and fishing operations have fought the project for years, citing potential impacts on the environment and native cultures in the region. More recently, Pebble has drawn opposition from prominent Republicans including the president’s son, Donald Trump Jr. and skepticism from some prominent local politicians.The decision was heralded by Alaska’s two Republican senators, Lisa Murkowski and Dan Sullivan. “This is the right decision, reached the right way,” Murkowski said in an emailed statement. “It will help ensure the continued protection of an irreplaceable resource – Bristol Bay’s world-class salmon fishery – and I hope it also marks the start of a more collaborative effort within the state to develop a sustainable vision for the region.”But there were also voices in opposition. “Canceling Pebble Mine is disastrous for the unemployed and destitute people in southwest Alaska who need the high-paying jobs and economic activity the mine would provide for many decades,” said Myron Ebell, director of the Competitive Enterprise Institute’s Center for Energy and Environment. Alaska “urgently needs to diversify its economy away from oil and gas production. Canceling Pebble means that many other potential mining projects in Alaska will never be attempted,” he said.If developed, the mine would be one of the largest producers of both copper and gold in the U.S., according to a recent presentation by Northern Dynasty, potentially producing an average of about 318 million pounds of copper, 1.8 million ounces of silver and 362,000 ounces of gold annually over a 20-year mine life.Tim Bristol, executive director of SalmonState, a group dedicated to protecting Alaska’s salmon habitat, heralded the move Wednesday.“Sometimes a project is so bad, so indefensible, that the politics fall to the wayside and we get the right decision,” Bristol said.Northern Dynasty’s U.S. shares plunged 50% in New York, more than erasing its entire gain this year.“How many other projects are strongly opposed by both Alaskan senators, by 80% of the people that live in the region, by commercial fishermen, by recreational fishermen, by Donald Trump Jr., and by Jane Fonda?” said Joel Reynolds, a senior attorney with the Natural Resources Defense Council. “It’s astonishing the range of opposition, and that, I think, puts it in a unique category. This project really has no friends, other than a Canadian company and its shareholders.”Pebble TapesThe project took a further public-relations blow in September after the release of covertly taped comments revealed a top mining executive boasting of his ties to state and federal leaders. The so-called Pebble Tapes incensed the project’s critics and led to the resignation of Pebble head Tom Collier.Regardless of the Army Corps’ verdict, conservationists are pressing the Environmental Protection Agency to even more definitively kill the proposed mine by wielding its broad authority under the Clean Water Act to veto projects involving the discharge of dredged material. President-elect Joe Biden has promised to block the project, calling the area “no place for a mine” and noting the government reached the same conclusion while he was vice president.“The Biden administration should take the next step and use the Clean Water Act to place permanent limits on mining in Bristol Bay to protect the salmon fishery and the communities that depend on it,” Bonnie Gestring, Northwest program director of environmental group Earthworks, said in a statement.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Autotech Co Hong Kong Limited has concluded a two-year research project exploring how autonomous cars handle rural roads.
From 16 to 19 November, over 8,000 leaders from Asia and beyond gathered virtually for the Leadership Energy Summit Asia (LESA) 2020, organized by the Asia School of Business (ASB) Iclif Executive Education Center.
Tricor has received the "Best SME's Partner Award 2020" by the Hong Kong General Chamber of Small and Medium Business ("HKGCSMB"), a prominent local trade association established to represent and protect the interests of small and medium-sized businesses ("SMEs") in Hong Kong. This is the first time Tricor has won the coveted accolade, which recognizes Tricor's long-standing commitment in providing a comprehensive range of products and services to facilitate the development of local SMEs.
Hard Rock International appoints Murray L. Aitken as new General Manager of Hard Rock Hotel® Desaru Coast. Boasting 30 years of experience, Murray will be leading and developing a robust team, driving strategies and implementing programs that prioritize guests' health and safety during their stay.