Tag Archives: Strikes
WASHINGTON (Reuters) – Chinese technology company ZTE Corp will be “shut down” in the United States if it engages in one more bad activity, White House trade adviser Peter Navarro warned on Sunday.
ZTE last week agreed to pay a $ 1 billion fine to the United States and to overhaul its leadership in order to end a crippling ban on the Shenzhen-headquartered firm from buying parts from U.S. suppliers and allowing it to get back into business.
The ban, which traces back to a breach of the U.S. embargo on trade with Iran, had prevented China’s second largest telecoms equipment maker by revenue from buying the U.S. components it relies on to make phones and other devices.
“It’s going to be three strikes you’re out on ZTE. If they do one more additional thing, they will be shut down,” Navarro told Fox, adding that everyone within the administration understood this was the policy.
Navarro was speaking as President Donald Trump arrived in Singapore for a historic summit with North Korean leader Kim Jong Un, whose regime is heavily dependent upon neighboring communist ally China.
The United States introduced the ban in April because ZTE broke the terms of an agreement it had entered into with the U.S. government after pleading guilty last year to conspiring to violate U.S. sanctions by shipping U.S. goods to Iran.
The ZTE sanctions became a key focus in trade talks between Washington and Beijing, and a deal to lift the ban was struck as Trump sought concessions from China in order to avoid a trade war between the world’s two largest economies.
Prominent U.S. Democratic and Republican lawmakers last week introduced legislation to try to overturn the deal, saying ZTE posed a threat to America’s national security.
On Sunday, Navarro said Trump’s decision to allow ZTE to continue operating in the United States was a gesture to help build goodwill with China.
“The President did this as a personal favor to the president of China as a way of showing some good will for bigger efforts such as the one here in Singapore,” said Navarro, referring to the summit between Trump and Kim.
He added that ZTE was a “bad actor” but that the deal included safeguards, such as requiring the company to retain a compliance team selected by the Commerce Department for 10 years. The company already has a U.S. court-appointed monitor.
Reporting by Michelle Price; Editing by Lisa Shumaker and Chris Reese
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SAN FRANCISCO/NEW YORK (Reuters) – Uber Technologies Inc’s [UBER.UL] warring board members have struck a peace deal that would allow a multibillion-dollar investment by SoftBank Group Corp to proceed, and would resolve a legal battle between former Chief Executive Travis Kalanick and a prominent shareholder.
Venture capital firm Benchmark, an early investor with a board seat in the ride-services company, and Kalanick have reached an agreement over terms of the SoftBank investment, which could be worth up to $ 10 billion, according to two people familiar with the matter. The Uber board first agreed more than a month ago to bring in SoftBank as an investor and board member, but negotiations have been slowed by ongoing fighting between Benchmark and Kalanick. The agreement struck on Sunday removes the final obstacle to launching the tender offer.
SoftBank, a Japanese conglomerate that has become a heavyweight in Silicon Valley tech investing, is leading a consortium of investors that plans to invest $ 1 billion to $ 1.25 billion in Uber, and in addition, will buy up to 17 percent of existing shares from investors and employees in a secondary transaction. The terms are expected to be signed on Sunday, one of the people said, although the tender offer would likely take weeks to complete.
Uber is valued at $ 68 billion, the most highly valued venture-backed company in the world. SoftBank’s roughly $ 1 billion investment of fresh funding is expected to be at the same valuation. The secondary transaction, or the purchases from employees and existing investors, would be at a lower valuation.
A spokeswoman for Benchmark did not immediately respond to a request for comment, and a spokesman for Kalanick declined to comment. Uber did not immediately respond to a request for comment.
Completing the SoftBank deal would allow Uber to open a new chapter after a year of controversy, including the resignation of Kalanick, the ouster of several top executives, sexual harassment and discrimination allegations, and multiple federal criminal probes. The deal is also tied to new governance rules that aim to more equally distribute power and bring more oversight to the company.
“Uber had a remarkable first six or seven years, a bumpy past two years, and now the Softbank deal allows for a full reset,” said Bradley Tusk, an Uber investor and political strategist who works with tech companies.
It would also be a major victory for Uber’s new CEO Dara Khosrowshahi, who often served as a mediator to help broker the agreement, according to a third person familiar with the matter.
To allow the deal to go forward, Benchmark has agreed to immediately suspend its lawsuit against Kalanick, which it filed in August in an effort to diminish the ex-CEO’s power at the company and force him off the board, one of the sources said.
Upon the successful completion of the SoftBank investment, Benchmark would drop the lawsuit entirely, the person said.
In turn, Kalanick must receive majority board approval should he want to replace the board seats over which he has control, according to the source. In addition to his own seat, Kalanick controls two more, which are occupied by Ursula Brown, the former Xerox Corp CEO, and former Merrill Lynch & CO Inc [BACML.UL] CEO John Thain. Kalanick appointed them in September without first consulting with the board.
“Ending the litigation is a big step forward if it finally ends the specter of Kalanick retaking control,” said Erik Gordon, an entrepreneurship expert at the University of Michigan’s Ross School of Business.
Uber’s board already approved a slate of governance reforms that are contingent on completion of the SoftBank deal. They include removing super-voting rights that gave Kalanick and his allies outsized power, adding new independent directors and increasing the size of the board to 17.
Uber plans to run newspaper ads informing investors about the share purchase, and SoftBank will propose a price at which it will buy stock. The company has threatened to invest in ride-hailing rival Lyft if it doesn’t get the Uber deal done.
The deal gives early investors such as Benchmark, whose Uber stake is worth nearly $ 9 billion, the opportunity to cash out a very lucrative investment.
Reporting by Heather Somerville in San Francisco and Greg Roumeliotis in New York. Additional reporting by Liana Baker in San Francisco.; Editing by Diane Craft
The general public has a very narrow view about what it means to be creative. If you are a “creative person,” people usually assume that you’re an art director, a writer, a maker of crafts, an actor, or interior designer. But as entrepreneurs might agree, creativity is within everyone, it’s just differently applied.
This past week illustrated this point for me. I was working on a project with a brilliant engineer who swore up and down that she was not a “creative person” and yet she had built out a pretty incredible technology for online fraud detection. In order to figure out how to best stop fraud before it happens, she had to to put herself in the shoes of the fraudster – strikingly similar to the way an actor prepares for a role.
Then I watched her design the customer experience in real time as she worked out her equations on a whiteboard. The same way folks in the art department sketch out their ideas.
Creativity is so much bigger than arts and entertainment, its the driving force for business disruption.
No matter your area of expertise, you have a creative process. You know your flow, when you’re having a block to work through, and when you are undeniably on-point. And if you can tap into the formula for your most creative moments, you may start to see just what makes you tick as an entrepreneurial artist. It’s a beautiful thing.
If you want to be continuously successful, you’ll keep creating even in the toughest times.
Case in point, Pam Turkin.
Turkin, whose art happens to be baking, founded a cupcake business out of her home in 2008. By the next year, she had ten employees and over half a million in revenue. Seven short years after that, she had twenty locations, ninety employees, and over three million in revenue, making the INC List of Fastest Growing Companies.
But sadly, this company grew too fast and she lost control.
“Like anything that grows too fast, you just lose control of it,” Turkin said. “Once one domino went down, it was a chain event.”
Devastated, Turkin couldn’t dream of starting over again. “Hello Fresh was still writing to me monthly to work with them as an affiliate because they were lacking a dessert option. No longer running a business that could work with them, it felt like a cruel joke when they would reach out,” she recalls.
But as the emails kept coming, she started wondering just what the universe might be telling her because clearly, there was a gap that needed to be filled. So she researched the market and found that there was not a baking comparable to what Hello Fresh and Blue Apron do for dinner. Slowly but surely, she developed Rise Baking, a subscription service that delivers monthly “Baking Boxes” with pre-measured ingredients and instructions to make gourmet desserts.
Not only did this business encompass Turkin’s baking ability, but also her love for teaching others how to bake. “I knew from my failure at Just Baked what I ‘never wanted to do again,'” she says. “I had fallen into the trap of losing my direction there and ended up running a business not creating.”
Now that Turkin has a greater understanding of scaling a business, she’s been able to grow her new business at a much faster rate than a brick and mortar store would allow.
It’s easy to become paralyzed by failure, but really, we only ever truly fail when we stop doing what we love. As you continue on your own entrepreneurial journey, remember that the presence of failure gives you license to be more creative.
So when you do fail, fail hard and create harder.
As more music streaming services and social media apps announce their transition into original content, the battle for positioning remains unpredictable.
Hoping to snag a few extra strange coins this week to prepare for the The Taken King when it drops in the 15th? You’re out of luck, unfortunately. There’s no daily, weekly, or nightfall events for Destiny coming with the reset tomorrow, but there should still be plenty of new content for anyone looking to get into the game. Bungie is dropping patch 2.00 for all players tomorrow, regardless of whether they’ve purchased The Taken King or not.