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American Business News for 10 Jun 2015

Spotify raises $526M to take on Apple

New York Post - 10 Jun 2015 17:17
Spotify raises $526M to takeSpotify isn't giving an inch to Apple's soon-to-launch music streaming service. The nine-year-old Swedish company on Tuesday closed a $526 million equity cash-raising -- money that will help fund... what...
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NEW YORK (The Deal) -- RadioShack  has reached agreements with AT&T's AT&T Mobility, Verizon's  Verizon Wireless and Standard General's General Wireless that will allow a sale of its intellectual... property and customer information to move forward. Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware in Wilmington on Monday signed an interim order preventing RadioShack from selling, transferring or disclosing confidential customer or commercial information of Verizon and AT&T users. Must Read: Warren Buffett's 7 Secrets to Dividend Investing Revealed The interim order will become final if the court receives no objections to it before noon on June 14. The interim stipulation includes a 16-page AT&T document and a 29-page Verizon document that list stock...
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How the American Black FilmThis year marks the American Black Film Festival's 19th anniversary. Meet the founder who struggled to get it started--but ultimately figured out a way to make it endure.
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Americans work an average of roughly 1,836 hours each year, up nearly ten percent from 1,687 in 1979. Labor economists expect this number to keep growing, especially in competitive fields with high... pay.
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Costco is becoming a hugeCostco is becoming a huge force in the auto world. The warehouse retailer sold 400,000 vehicles in 2014, twice as many as in 2008, Bloomberg Business reports. "Without fanfare, the membership-only... merchant better known for selling flatscreen TVs and jumbo-size boxes of cereal has pulled within spitting distance of No. 1. car retailer AutoNation, which sold 533,000 vehicles last year," according to Bloomberg.  Customers prefer Costco over traditional car dealerships for one reason: prices are fixed.  This means there's none of the notorious haggling or upselling of traditional auto dealers. Many buyers told Bloomberg this results in less anxiety during the process. Costco also offers deals: one of the most popular models, the 2015 Toyota Highlander, is offered for $4000 below the...
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Billy Graham's son urges WellsThe CEO of the Billy Graham ministry is switching to BB&T after Wells Fargo ran a same-sex ad.          
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McDonald's hired Gibbs toMcDonald's on Tuesday hired former Obama press secretary Robert Gibbs -- not to flip burgers but possibly, to fend off a move on Capitol Hill to empower franchisees, DC insiders...
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The big pizza lobby doesn'tThe trade group for Domino's, Papa John's, and other big pizza chains is fighting to throw out Food and Drug Administration regulations that will soon require restaurants to display calorie counts on... their menus. The American Pizza Community -- which lobbies for Domino's, Papa John's, Pizza Hut, Godfather's Pizza, and Little Caesar's -- argues the calorie display mandate will be labor-intensive and costly. "What I don't want to do is put ranges that consumers will not understand and make my small businesses pay for it," Lynn Little, executive vice president of communications for Domino's Pizza, said in a Congressional hearing last week. Little said that listing calorie ranges for a single slice of pizza, as the FDA has suggested, doesn't help consumers because toppings, crust, and other...
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Wall Street analysts say GoProGoPros may end up just being huge with tech nerds and not everyone else. In a note on Wednesday, Citi's Jeremy David and Ehud Gelblum lowered their forecasts for the company's growth and earnings on... concerns that the GoPro's point-of-view cameras may not catch on with a big mainstream audience. The firm slashed its forecasts for product growth to 13.5 million units by 2018 from 16 million units. The stock fell by up to 5% in early trading to around $55.67 per share. The analysts have a 12-month price target of $56 with a "Neutral" rating. Citi's annual action camera survey of US consumers showed that fewer people are planning to buy GoPro cameras during the next 12 months than had been from last July until now. "Only 5% of US consumers plan on purchasing an action camera in the next...
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Spotify gets investment as itMusic streaming company Spotify said Wednesday it has gotten a new investment from a Nordic telecommunications company as it looks to compete globally, particularly with a rival service that Apple is... due to launch this month.
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Think you have the best boss? Think again. Google's Larry Page is the highest-rated CEO in the United States, according to career review website Glassdoor. The site on Wednesday announced the winners... of its third annual CEO ranking, compiled based on anonymous, voluntary company review surveys. To collect its data, Glassdoor encourages feedback on whether employees approve or disapprove of how their CEO is leading the company, along with insight into their job, work environment and more. "This ranking comes directly from employees," Scott Dobroski, Glassdoor's career trends analyst, told The Huffington Post. "It's according to the people who really know their CEOs best." Page, who topped the list with a 97 percent approval rating, rose from 11th place last year. Dobroski told HuffPost that...
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Intel wants to give millionsA new $125 million fund will invest in technology companies led by women and underrepresented minorities over the next five years.
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Billionaire Jack Ma whinesAlibaba's IPO last September made Jack Ma the richest man in China -- but the money hasn't bought the executive happiness. "If I had another life, I would keep my...
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Here are the plans for theShake Shack started out as a hot dog cart in New York City's Madison Square Park. Three years into serving hot dogs, restaurateur and Shake Shack founder Danny Meyer came up with an idea to turn the... cart into a permanent burger stand, and he sketched the plan onto the back of a napkin. That sketch laid the blueprint for Shake Shack's original location in Madison Square Park. Ten years later, the burger chain is now a billion-dollar business with more than 60 locations across the US. Here's the napkin that started it all, courtesy of Shake Shack: Shake Shack CEO Randy Garutti explained the story behind the napkin sketch to Forbes earlier this year. Here's what he said: "For three years, we ran the hot dog cart, never thinking beyond that. Then, the city was fielding proposals to fill a...
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Amy Winehouse's Dad Calls MeAmy Winehouse's father, Mitch, had a few words he wanted to share with me after he read my review of "Amy," the new documentary about his daughter.
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See How Much Paternity LeaveAs Virgin founder Richard Branson announces a one-year policy
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13 hilarious and creative21-year-old Jacob Catalano felt like Snapchat was doing a poor job highlighting all the amazing talent that has flocked to the app in the last few years. To fix this problem, he created the site Snap... Stars to keep track of all the funniest and most creative Snapchat personalities. We scoured the site and rounded up a list of the top Snapchatters to follow, with an example of some of their best Stories. (Note: these Stories are filmed on and for smartphones, so either watch on your cell, or excuse the black bars on either side.) Sara Hopkins -- also known as @Sayhop -- makes sassy Snapchat Stories that sometimes include her cute pup. RAW Embed   You'll be impressed by @Salliasnap's Stories, which show off her intricate artistic skills. RAW Embed   If you're a Blink182 fan, this Story of...
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Billionaire warns of nextThe CEO of private equity behemoth Blackstone is the latest to warn of a coming 'liquidity crisis.'
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NEW YORK (TheStreet) -- Shares of Newmont Mining were falling 2.6% to $23.78 on heavy trading volume Wednesday after the gold miner priced the 29 million shares of common stock in its underwritten... offering. Newmont Mining said it will sell the 29 million shares of common stock in the offering to Citigroup and JPMorgan , which are acting as underwriters for the offering, for gross proceeds of about $682 million. The company expects the offering to close on June 15, 2015. The mining company said it will use the proceeds from the offering, along with other cash from its balance sheet, to fund the acquisition of the Cripple Creek & Victor mine in Colorado from AngloGold Ashanti . Until the acquisition closes the company will put the proceeds in its short-term liquid investments. About 24.1...
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Your Company's Networks Might Matter More than Its Strategy

Harvard Business Review - 10 Jun 2015 17:00
Lessons from the Special Forces and Blockbuster.
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Each year, Philadelphia cops take millions of dollars in cash from city residents under the state's civil asset forfeiture laws. Roughly one-third of these residents -- 1,500 of them -- are never... convicted of a crime. And much of their money -- about $2.2 million a year -- goes directly into the coffers of the Philadelphia district attorney's office, which oversees the forfeiture process.
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Boeing Co Could Receive NewEmirates Airlines said on the sidelines of the International Air Transport Authority's (IATA) meeting yesterday that it is interested in ordering up to 15 777 aircraft manufactured by Boeing Co... (NYSE:BA), reports The Wall Street Journal. Emirates president Tim Clark said in an interview that the order is "under the microscope," but there's no urgency of placing it.
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Kim Dotcom says he plans toKim Dotcom, the controversial founder of MegaUpload, just revealed some interesting new details about his latest project and how he's been funding it. Dotcom, who is currently living under house... arrest in New Zealand while US officials try to extradite him for money laundering and copyright allegations, announced a few years back his plans to build a privacy-centric network for communicating securely. So far he's launched a cloud storage service called Mega.co.nz, similar to Dropbox. Following that, Dotcom announced his idea for an entire decentralized networking protocol called MegaNet, which will offer people a secure and private network for communicating. Since the first mention of MegaNet some years back, details about the upcoming service have been scant. Now we have learned that...
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European stock markets clawed back some recent losses Wednesday as Greece tried again to break the deadlock with its international creditors. The big mover across financial markets was the yen, which... surged after Japan's central bank chief said further falls in the currency's value were unlikely...
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Animal rights organization PETA owns stock in more than 70 companies so that it can submit shareholder resolutions at their annual meetings.
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