U.S. factory shutdown
Mitsubishi will shut down its only factory in the U.S., in Normal, Illinois, about 100 miles southwest of Chicago, on November 30, so that it can focus on production in Asian markets. The company hopes that it can find a buyer that will continue to employ all the 1,200 workers already working there. Officials maintain that the factory is closing because of dramatically falling sales and not labor issues. Illinois state Sen. Brady says Mitsubishi officials have assured him that:
[Mitsubishi’s effort to sell the plant] will not be about getting top dollar for the sale but about doing the right thing. We are going to do everything we can to make sure people know that Mitsubishi no longer needs the facility, but that this is a facility that has a very efficient, world-class workforce and a supplier network that’s second to none.
Acquires Compose
IBM acquires Compose’s database as a service startup for an undisclosed sum. The company services about 3,600 clients that have created more than 100,000 databases. Compose offers services around MongoDB, Elasticsearch, RethinkDB, Redis and PostgreSQL allowing mobile and web developers to create apps without having to concern themselves with database backends. Co-founders MacKey and McKay:
Compose will be part of the IBM Cloud Data Services (CDS) group. It’s a great fit. We’ll be able to continue building what we think is important, with a brand we really like, and the same team that works so well together. All with the backing of a major company.
IBM:
Compose furthers IBM’s commitment to ensuring developers have access to the right tools for the job by offering the broadest set of DBaaS service and the flexibility of hybrid cloud deployment.
JFK adds ARK pet terminal
The Spot Experience and Racebrook Capital are building The ARK — the world’s only animal terminal — at JFK international airport. The ARK is the first USDA-approved, full-service, 24-hour, privately owned airport quarantine operation for the import and export of horses, pets, cats and dogs, birds , exotic specialty animals, zoo animals and livestock. The facility is at Building 78 and spreads across 14 acres. The ARK is projected to transport about 70,000 animals a year.
Spot is thrilled to sign on as the exclusive operator of such a cutting-edge animal facility as The ARK at JFK. All airline passengers deserve the highest quality of care, including animals.
Nikkei acquires Financial Times
In a surprise move, Nikkei acquires the Financial Times for $1.3bn from Pearson Plc. The deal does not include either the FT’s London headquarters or its 50% stake in The Economist. Pearson’s CEO Fallon says
We have reached an inflection point in media, driven by the explosive growth of mobile and social. In this new environment, the best way to ensure the FT’s journalistic and commercial success is for it to be part of a global, digital news company.
Announces SMASHD Labs tech accelerator
Carter announces SMASHD Labs, an LA-based accelerator. SMASHD Labs will take between five and seven young tech companies whose focus is entertainment and culture and house them for 10 weeks in Atom Factory’s office, providing them with $50,000 in funding for 3% of the company, as well as providing a weekly “curriculum” in order to focus and define their idea.
Closes
After 25 years, Bocci’s goes out of business. The spaghetti shop recently had mediocre reviews on Yelp; most customers rating it two stars or lower. Representatives of ownership group CFC of Charleston could not be reached for immediate comment. An outgoing message on Bocci’s voicemail thanks customers for their past patronage. According to a former employee, staffers were notified last night of the impending closure.
Stock down 7%
Apple stocks fall 7% after it releases its third quarter financial report showing that iPhone sales were lower than investors expected. Even though revenue is up 33% at $49.6 billion, iPhone sales are short 1.3 million units than expected in part due to low inventory. iPhone sales make up half of Apple’s revenue. CEO Cook:
Channel was down by 600,000. We sold more units than we thought we would. We always run with just the inventory we thought we need. In this quarter, we were able to end right at the bottom end of our range. Revenue would have been higher if we expanded channel, but that’s not how we think of the business.
Natural gas overtakes coal energy use
A report from SNL Energy shows that coal has dropped from providing 44% of the county’s energy needs to 30%. Due to rapid advancements in fracking technologies, natural gas production, 31%of America’s electricity is now coming from natural gas, up from 22 percent in 2010.
Malaysian economy stable
Malaysia still remains stable despite weaknesses coming from the external front, including lower oil prices and the situation in the eurozone. The government has since revised the fiscal deficit projection to a manageable target of 3.2 per cent of GDP for 2015.
Issues profit warning as advertisers cut spending
Johnston Press reports that full-year profits would be down by around 5.5% and half year profits by around 5% after it saw a fall in advertising revenues and circulation sales in the 26 weeks to 4 July 2015. The company said advertisers chose to hold off and slash spending across print and online amid the uncertainty caused by the election. The share price falls by more than 16%. CEO Highfield:
Trading conditions in the first half of 2015 have undoubtedly been challenging, especially in the period around the general election – a time when there was also a high degree of uncertainty in the wider market.
Beyond Type 1 launch
Jonas, de Baubigny, Lucas and Talbot launch Beyond Type 1, a non-profit organization dedicated to “bringing a new level of respect, understanding and support” to the global Type 1 diabetes community. Each of the founders has a personal connection to the disease: Jonas was diagnosed age 13, de Baubigny’s son was diagnosed at the age of five in 2012, Lucas’ daughter was diagnosed in 1998, age seven, and Talbot was diagnosed age 12. Lucas is the organization’s CEO. A website (http://www.beyondtype1.org/) has been set up to raise awareness. Jonas:
Nearly ten years ago my life changed dramatically when I was diagnosed with Type 1 diabetes. Since then, I learned how to manage and live well with this disease and made it my mission to speak openly about it with the hope of helping others deal with the struggles of managing diabetes in their own life. When I share my personal story, the questions I most often hear are, ‘What did you eat that gave you diabetes?’ or ‘Does that mean you were lazy as a kid?’ Although it’s been difficult to deal with the misinformation out there, I always found a way to not let the lack of knowledge surrounding diabetes affect me. I can’t do that any longer, and that is why I’m excited to join Juliet, Sarah and Sam in BEYOND TYPE 1…With BEYOND TYPE 1, we will create a community for diabetics where they can share real-life stories about how they are living beyond Type 1 diabetes, and how they have shown that living with the disease has not slowed them down.
‘Technical issue’ stops trading
The Exchange stops trading, saying that it has experienced a “technical issue” that it is working to resolve. Before the market opened at 9:30 this morning, the Exchange had sent out notices to members saying that it was experiencing a “gateway connectivity issue.” All trades meant for the NYSE are currently moving through other stock exchanges with no perceptible delay.
(1 of 2) We’re experiencing a technical issue that we’re working to resolve as quickly as possible.
— NYSE 🏛 (@NYSE) July 8, 2015
Computer glitch grounds all flights
A computer system glitch grounds and delays 3500 United Airlines flights, causing a ripple effect of heavy delays throughout major airports. Aviation experts said that delays of even 90 minutes could have a snowball effect triggering flight delays at each late flight’s destination. The FAA specifically blames the ground stop on “automation issues”. Passengers complain of system backups and long lines. Gate agents at some locations are forced to write tickets by hand.
We experienced a network connectivity issue this morning. We are working to resolve this and apologize to our customers for any inconvenience.
$35 million funding
Sweetgreen receives $35 million in additional investments from T. Rowe Price and Revolution Growth bringing the company’s total funding to $95 million. The investment will be used for technology, building its supply chain and building the sweetgreen team, both at the corporate level and hiring employees for new stores.
We’re making huge investments in training and development. . . . We want to bridge the gap between health and convenience, but do it at a national scale.
Record ticket sales
The California lottery has the highest sales total during the fiscal year in the state’s lottery history with $5.5 billion dollars in ticket sales, which beats the previous record by about $500 million. Growth in sales may be linked to the introduction of $20 scratcher tickets which seem to be on the rise. Source on scratchers says:
It’s good business. Customers come in and buy other items when they get [the lotto tickets]. We’ve got a lot of regulars.
Launches Sidewalk Labs
Google creates a new start-up company called Sidewalk Labs. Its purpose is to use technology and innovation to improve urban life. Page:
Sidewalk will focus on improving city life for everyone by developing and incubating urban technologies to address issues like cost of living, efficient transportation and energy usage
Dorsey replaces Costolo
Costolo steps down from the CEO position, but will remain on the board. Dorsey becomes Interim CEO.
https://twitter.com/dickc/status/609090180725678080
Logo update
The company unveils a logo that replaces the ‘frown’ design with a smile.
Our guests have told us for many years that coming to IHOP, and in many cases just thinking about our world famous pancakes, makes them smile.
Sanders hires Weaver
Sanders hires Weaver to manage his presidential effort. Weaver says they’re looking to open satellite offices in Ohio and New Hampshire soon:
This campaign is going to be a grassroots campaign. It’s going to take advantage of the tens and tens of thousands of volunteers we already have, and the tens and tens of thousands more we’re going to get, and he is going to go from one end of Iowa to the other, one end of New Hampshire to the other, and we’re going to be in a whole bunch of other states as well.
Caprara to lead Priorities USA
Caprara, the vice president of campaigns at Emily’s List, moves to Priorities USA as its executive director. That job was vacated this week by Buffy Wicks, a veteran of President Obama’s 2008 and 2012 campaigns. Guy Cecil, who managed Mrs. Clinton’s 2008 campaign after a shake-up in that race, is coming into Priorities as the co-chairman of the board and the chief executive officer. His functional role will be chief strategist running the operation. He says:
Buffy has been a strong leader and smart strategist for Priorities and I have no doubt she will continue to be a valuable ally and supporter of Hillary Clinton.
Anne Caprara has led some of the toughest campaigns and was critical to the success of so many Senate races across the country. I have complete confidence in her leadership. My focus is on building a big tent for all of our work.
Stephanie Schriock, the head of Emily’s List and a former Priorities board member says:
While we will absolutely miss having Anne here at Emily’s List every day, I couldn’t be prouder to see her step up and lead Priorities. She’s had huge success in early recruitment and built a strong foundation for Democratic women up and down the ballot in 2016 – and I know she’s going to be the same kind of force of nature in her next role.