Franchise News
Union Square Hospitality Group Eliminates Tipping Throughout All Restaurants, Provides Equal Compensation for Employees
Northrop Announces Organizational Changes, Appoints New COO
Northrop Grumman Corporation, a leading global security company, will be undergoing structural changes to better align the company’s businesses, according to a press release issued by Northrop Grumman. The company also announced that it will be appointing Gloria Flach as its new COO.
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Etihad Signs $700 Million Technology Service Agreement with IBM, Enhance Airline's Guest Experience, Develop Infrastructure, Security
Etihad Airways has signed a ten-year technology service agreement with IBM worth approximately $700 million, according to a press release issued by Etihad. The agreement will allow the airline to enhance its guest experience, develop infrastructure and security, and improve efficiency.
Jes Staley Set to be Announced as Barcaly's New CEO, Analysts Concerned that Bank Will Go Back to Focusing on Investment Banking
People familiar with the matter told Financial Times that Barclays is planning to appoint Jes Staley, the former head of investment banking at J.P. Morgan & Chase Co., to be their next CEO. Staley’s appointment, which is awaiting approval from regulators, is set to be announced in the next two weeks. Analysts are concerned that the hiring of Staley would mean Barclays would go back towards investment banking, according to The Wall Street Journal.
Twitter to Cut about 8% of Workforce, Part of Plan to Focus on Product Priorites, Provide Efficiency Company
Twitter, Inc. is planning to lay off up to 336 employees, or about 8 percent of the company’s global workforce, according to a SEC filing by Twitter. The job cuts are part of an overall plan to organize the company around its top priority products and drive efficiencies.
Dell to Acquire EMC for about $67 Billion, Will Create Largest Integrated Technology Company
Dell Inc. has announced in a press release that it will be acquiring EMC Corporation for approximately $67 billion. The combination of the two companies will create the world’s largest privately-controlled, integrated technology company.
Glencore to Sell Two of its Copper Mines as Interest from Potential Buyers are High, Part of Plan to Cut Debt
Glencore Plc has announced in a press release that it is commencing the process of selling its Cobar copper mine in Australia and the Lomas Bayas copper mine in Chile. The sale is a response to the high number of unsolicited expressions of interests for these mines from potential buyers. Reuters adds that the sale is also part of Glencore’s plan to reduce the company’s debt burden that was accumulated during an asset purchase spree.
Deutsche Bank Considering Sale of Abbey Life, Part of Restructuring Plan to Restore Profitability
Several people familiar with the matter said that Deutsche Bank is considering the possibility of selling its insurance unit Abbey Life, according to a report from Bloomberg. The possible sale is part of the company’s plan to restructure itself and restore the company back to profitability.
Ford to Invest $1.8 Billion on Research and Development on Smart Cars in China, Looking to Increase Sales in Asian Country
Ford Motor Co. is investing about 11.4 billion yuan or about $1.8 billion over the next five years on research and development for smart cars that is aimed to attract Chinese buyers, according to a report from The Wall Street Journal. The automaker is looking to increase its sales in the second largest economy in the world with its investment.
Pepsi, Coca-Cola Competing for Investment in Chobani, Shows Beverage Companies' Push to Diversify from Carbonated Beverage Sector
People familiar with the matter told Reuters that PepsiCo Inc. and the Coca-Cola Company are both in talks with Chobani LLC for a possible investment deal that will provide the Greek yogurt maker as much as $3 billion, including debt. The negotiations of both Pepsi and Coca-Cola show that beverage companies are trying to diversify beyond the carbonated beverage sector.
China Tightens Oversight of Private-Car-Hailing Services,Seen as a Major Setback for Companies like Uber
China is planning to tighten the oversight of online private-car-hailing services, like Uber and Didi Kuaidi, according to a report from The Wall Street Journal. The plan, if strictly enforce, will deal a major setback to companies like Uber and Didi Kuaidi, regulating them like traditional taxis, which would fold their carpooling services in China and require them to operate in a higher-cost.
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