Amazon.com’s stock market value hits $900 billion, threatens Apple

Amazon.com’s stock market value reached $ 900 billion on Wednesday for the first time, marking a major milestone in its 21-year trajectory as a publicly listed company and threatening to dislodge Apple as Wall Street’s most valuable jewel.


Reuters: Technology News

BEST DEAL UPDATE:

Save 25% Off Full Size Kaplan MD Skincare (Excludes Lip and Skincare Sets)!

Google slapped with $5 billion fine by EU for Android antitrust breach

TwitterFacebook

European antitrust regulators have fined Google with a 4.34 billion euro ($ 5.04 billion) fine for abusing its position in the smartphone market to increase the dominance of its search engine, the European Commission announced in a statement Wednesday. 

Google was ordered to stop the practice within 90 days or face further penalty payments of up to 5% of the average daily global turnover of its parent company, Alphabet. 

European regulators say Google has required manufacturers to pre-install the Google Search app and Chrome app as a condition for licensing Google’s Play Store. The company also made payments to “large manufacturers and mobile network operators” in order for them to exclusively pre-install the Google Search app on their devices. Finally, Google has prevented manufacturers wishing to pre-install Google apps from selling “even a single smart mobile device” running on alternative, non-Google-approved versions of Android, the regulators have found.  Read more…

More about Google, Eu, Fine, Tech, and Consumer Tech


Tech

ENTERTAINMENT DEAL UPDATE:

Hedge fund Tiger Global takes $1 billion stake in Softbank: source

U.S. hedge fund Tiger Global has built a stake worth more than $ 1 billion in Japan’s Softbank Group which it considers to be under-valued, a source with direct knowledge of the matter said on Wednesday.


Reuters: Technology News

BEST DEAL UPDATE:

Save 25% Off Full Size Kaplan MD Skincare (Excludes Lip and Skincare Sets)!

Japan’s GPIF posts $50 billion loss in first-quarter as trade tensions hit stocks

Japan’s Government Pension Investment Fund, the world’s largest pension fund, lost 5.5 trillion yen ($ 49.7 billion) on its investments in the first quarter as worries about U.S.-China trade friction…


Reuters: Money

BEST DEAL UPDATE:

Save $ 50 on select PCs with coupon code 50OFF499.

China announces retaliatory tariffs on $34 billion worth of US goods, including agriculture products

In a quick response to U.S. tariffs, Beijing announced on Friday its own duties on American products, including agriculture products and automobiles.
Politics

BEST DEAL UPDATE:

Save 50% Today! Get 24/7 Access to Your Credit Scores & Reports with TransUnion

Trump sets tariffs on $50 billion in Chinese goods; Beijing strikes back

WASHINGTON/BEIJING (Reuters) – U.S. President Donald Trump said he was pushing ahead with hefty tariffs on $ 50 billion of Chinese imports on Friday, and the smoldering trade war between the world’s two largest economies showed signs of igniting as Beijing immediately vowed to respond in kind.


Reuters: Business News

SPECIAL DISCOUNT UPDATE!

Jos. A. Bank: Daily Deals From Jos. A. Bank – Get Up to 75% Off!

Trump sets tariffs on $50 billion in Chinese goods; Beijing strikes back

WASHINGTON/BEIJING (Reuters) – U.S. President Donald Trump said he was pushing ahead with hefty tariffs on $ 50 billion of Chinese imports on Friday, and the smoldering trade war between the world’s two largest economies showed signs of igniting as Beijing immediately vowed to respond in kind.


Reuters: Technology News

BEST DEAL UPDATE:

Save 25% Off Full Size Kaplan MD Skincare (Excludes Lip and Skincare Sets)!

Trump ready to impose tariffs on about $50 billion in Chinese goods: official

WASHINGTON (Reuters) – U.S. President Trump has made up his mind to impose “pretty significant” tariffs on Chinese goods, an administration official said on Thursday, as Beijing warned that it was ready to respond if Washington chose to ratchet up trade tensions.


Reuters: Top News

BEST DEAL UPDATE:

South Africa’s Black Economic Empowerment Law To Earn Black Investors $1.3 Billion

Vodacom Group, Africa’s second largest mobile communications company, will pay out approximately $ 1.3 billion to its black investors as part of the company’s participation in the black economic empowerment (BEE) effort, enforced by South African law.

The company said on Monday that it had “entered into an agreement of up to R17.5 billion with its existing black economic empowerment (BEE) partners and a newly formed staff scheme” that will see the partners swap their current holdings in Vodacom South Africa for shares in its parent company, Vodacom Group.

Vodacom Group has agreed terms with Royal Bafokeng Holdings (RBH), Thebe Investment Corporation (Thebe), YeboYethu (existing BEE partners) and a newly formed staff scheme, whose combined interests will be consolidated into a new YeboYethu BEE structure that will own shares in Vodacom Group,” the company said in a news release.

In the approximately $ 1.3 billion agreement, BEE partners will exchange their current holdings in Vodacom South Africa for a shareholding of between 5.8% and 6.25% in Vodacom Group, the company said.

WHAT EXACTLY IS BEE?:

After its transition from Apartheid in 1994, South Africa’s African National Congress government decided to address the inequalities of Apartheid by redistributing assets and opportunities to South African blacks, Coloreds and Indian citizens, not available to them under White rule.

From South Africa’s own Treasury:

It is an integrated and coherent socio-economic process. It is located within the context of the country’s national transformation programme, namely the RDP (Reconstruction and Development Programme). It is aimed at redressing the imbalances of the past by seeking to substantially and equitably transfer and confer the ownership, management and control of South Africa’s financial and economic resources to the majority of the citizens. It seeks to ensure broader and meaningful participation in the economy by black people to achieve sustainable development and prosperity.”

In essence, BEE attempts to “create a degree of economic equality which would not itself be a natural market outcome” of the newly created political and socio-economic climate in the country. In plain English, the affirmative program is meant to level the playing field and spread the wealth to the historically oppressed people during Apartheid.  

VODACOM’S SHARE EXCHANGE:

Vodacom Group Limited, solely known as Vodacom, is a South African telecommunications company which provides voice, messaging and data services to over 55 million customers operating in over 40 African countries. The company is wholly owned by Vodafone Group plc, a British multinational telecommunications conglomerate.

In 2007, South Africa instituted the Broad-Based Black Economic Empowerment. The goal is to spread the wealth across a broad spectrum of disadvantaged South Africans, which is in contrast to the original BEE which was narrow-based and focused only on equity ownership and management representation. The new law ensured that black employees and citizens were able to purchase shares in privately held and public corporations.

The three investment groups named in the $ 1.3 billion share swap: Royal Bafokeng Holdings (RBH), Thebe Investment Corporation (Thebe), YeboYethu (existing BEE partners) are all community, South African and black-controlled investment groups. Royal Bafokeng Holdings (RBH), for example is a community investment company, entrusted with the unique responsibility of preserving and growing the financial capital of the Royal Bafokeng Nation (RBN), an ethnic homeland of the Bafokeng people. Although Thebe Investment Corporation’s ownership structure has changed over the years, the ANC still has a controlling stake in the empowerment group (investment firm) through Batho Batho Trust, founded in 1992 as an ANC investment company, ensuring that black wealth is passed down to generations of black South Africans.

The third investment group, YeboYethu Limited, a publicly traded company, was formed in 2008 as an employee stock ownership plan to buy and hold Vodacom SA shares for the benefit of its shareholders. When Vodacom formed the company in 2008, it issued 14.4 million YeboYethu ordinary shares at R25 each ($ 1.88 in 2018 USD) and as a result a public offer, more than 102,000 qualifying black investors bought a stake in Vodacom SA.

WHAT BLACK INVESTORS GET:

When October comes around, Vodacom will unwind the empowerment transaction it initiated in 2008 and there will be R3 billion ($ 226 million) dividends for participants to share. At R67.28 per share, that represents a return of 2.7 times on their original investment, Vodacom said. Also, investors will now have shares in Vodacom International group rather than Vodacom SA.

  • YeboYethu will remain listed on the BEE segment of the Johannesburg Stock Exchange
    5.8% – 6.25% deal that consolidates the BEE shareholding, through YeboYethu, at Vodacom Group level
  • Transaction delivers R7.5Bn of value to existing BEE shareholders, 6.7 times the original capital investment
  • R3.0bn special dividend to current BEE shareholders, representing 2.7 times their original equity contribution
  • Will increase Vodacom Group’s effective BEE ownership to 20%

The post South Africa’s Black Economic Empowerment Law To Earn Black Investors $ 1.3 Billion appeared first on Black Enterprise.

Money | Black Enterprise

FASHION DEAL UPDATE:

Shop select Free People sale and clearance items at Bloomingdales.com!

Toyota will invest $1 billion in Southeast Asian tech company Grab

Japan's Toyota Motor will invest $ 1 billion into Southeast Asian ride-sharing app Grab, the Singapore-based company said Wednesday.
Top News & Analysis

COMMUNITY NEWS UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Exclusive: U.S. may soon claim up to $1.7 billion penalty from China’s ZTE – sources

(Reuters) – The Trump administration may soon claim as much as $ 1.7 billion penalty from ZTE Corp , as it looks to punish and tighten control over the Chinese telecommunications company before allowing it back into business, according to people familiar with the matter.


Reuters: Technology News

BEST DEAL UPDATE:

Save 25% Off Full Size Kaplan MD Skincare (Excludes Lip and Skincare Sets)!

WellCare Health to buy Meridian Health Plans for $2.5 billion

WellCare Health Plans said on Tuesday it would buy Meridian Health Plans of Michigan and Illinois for $ 2.5 billion in cash.
Health Care

U.S.HEALTHCARE UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Qualcomm to meet China regulators in push to clear $44 billion NXP deal: sources

BEIJING (Reuters) – Qualcomm Inc is expecting to meet this week in Beijing with China’s antitrust regulators in a final push to secure clearance for its proposed $ 44 billion acquisition of NXP Semiconductors NV , three sources told Reuters.


Reuters: Business News

SPECIAL DISCOUNT UPDATE!

Jos. A. Bank: Daily Deals From Jos. A. Bank – Get Up to 75% Off!

Sony to Buy Additional 60% Stake in EMI Music Publishing for $2.3 Billion

Sony Corporation announced today that is has signed a deal to acquire Mubadala Investment Company’s 60% equity interest in EMI Music Publishing. The deal will raise Sony’s stake in EMI to around 90%, based on an enterprise value of $ 4.75 billion. As a result of the transaction, Sony will indirectly own approximately 90% of the […]

Variety

SHOPPING DISCOUNT UPDATE:

Executive Matthew Thornton III To Oversee $6.4 Billion FedEx Freight Business

Matthew Thornton III, cited on the Black Enterprise 2017 list of the Most Powerful Executives in Corporate America, has been promoted to executive vice president and chief operating officer of FedEx Freight.

In his new role, Thornton’s duties will include overseeing all operations for FedEx Freight, which offers extensive less-than truck (LTL) coverage across North America. A unit of Memphis-based FedEx Corp., FedEx Freight had fiscal 2017 annual revenue of $ 6.4 billion, according to FedEx’s website.

The business operates in the U.S., Canada, Mexico, Puerto Rico, and U.S. Virgin Islands. It has 370 service centers, 40,000 employees, 20,000 vehicles, and an average daily shipment volume of 105,000.

Thornton, previously senior vice president of U.S. Operations for FedEx Express, has been with the delivery company for 40 years. His track record of success, experience leading diverse teams, and knowledge of FedEx’s global operation will be vital for this new role at FedEx Freight, the company reported.

“Matthew Thornton has proven himself time and again in his leadership at FedEx Express, and his thorough knowledge of all aspects of operations make him an excellent addition to the FedEx Freight leadership team,”  stated David J. Bronczek, president and chief operating officer.

Thornton’s promotion in late April came the same day FedEx Freight named John A. Smith as CEO, to succeed Mike Ducker who is retiring in August. Smith and Thornton will begin transitioning into their new positions this month.

Featured in the September/October issue of Black Enterprise and honored at a special recognition ceremony earlier this year, FedEx senior managers Thornton, Gloria R. Boyland and Shannon A. Brown were all listed on the Most Powerful Executives in Corporate America roster. The list includes the 300 most powerful Black CEOs, COOs and other top-ranking executives at some of the nation’s largest companies.

Earlier this year, Black Enterprise also recognized the inclusion of FedEx Corp. on its annual Best Companies for Diversity List.

 

The post Executive Matthew Thornton III To Oversee $ 6.4 Billion FedEx Freight Business appeared first on Black Enterprise.

Career | Black Enterprise

EMPLOYMENT UPDATE:

China agrees to import more from U.S., no sign of $200 billion figure

WASHINGTON (Reuters) – China has agreed to significantly increase its purchases of U.S. goods and services, the two countries said on Saturday, but made no mention of a $ 200 billion target the White House had touted earlier.


Reuters: Business News

SPECIAL DISCOUNT UPDATE!

Jos. A. Bank: Daily Deals From Jos. A. Bank – Get Up to 75% Off!

Migraine prevention drug could be worth $1 to $2 billion over next five years: Wall Street analyst

Aimovig from Amgen and Novartis may become a $ 1 billion to $ 2 billion business in five years, say a Wall Street analyst.
Health Care

U.S.HEALTHCARE UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Canada’s Brookfield makes $3.3 billion offer for Australia’s Healthscope, sparking hopes for a bidding war

Canadian investment firm Brookfield Asset Management made a $ 3.3 billion approach for Australian hospital group Healthscope.
Health Care

U.S.HEALTHCARE UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Mel Gibson’s Next Directing Effort Revealed, Courted for Role in Six Billion Dollar Man

Mel Gibson is preparing his next projects both behind and in front of the camera.

Gibson’s next directorial feature will be Destroyer, which tells the real-life story of the USS Laffey, which defended itself against 22 kamikaze attacks during World War II. The film is based on the nonfiction book by John Wukovits, Hell From the Heavens: The Epic Story of the USS Laffey and World War II’s Greatest Kamikaze Attack. The screenplay was written by Rosalind Ross, Gibson’s girlfriend.

Gibson’s last directing effort, Hacksaw Ridge, also told a story about WWII. Gibson received an Oscar nomination for best director for the film.

Continue reading…

IGN All

SHOPPING DISCOUNT UPDATE:

GameStop, Inc.

Trump’s next $100 billion tariff dilemma: hit Wal-Mart or Apple Store?

WASHINGTON (Reuters) – U.S. consumers may be about to directly feel the effects of the trade fight started by U.S. President Trump with China and other countries this year when a new list of Chinese imports to be taxed is announced in coming days.


Reuters: Business News

SPECIAL DISCOUNT UPDATE!

Jos. A. Bank: Daily Deals From Jos. A. Bank – Get Up to 75% Off!

SpaceX is now worth $24 billion

SpaceX is circling an astronomical valuation. Elon Musk’s rocket company is raising $ 507 million in new funding, which will see it valued at nearly $ 24 billion, according to US regulatory filings from Lagniappe Labs. The new valuation — which different data services estimate at between $ 23.7 and $ 27 billion — is up from $ 21 billion…
Business | New York Post

SPECIAL SHOE DISCOUNT UPDATE:

“Despacito” Becomes First YouTube Video With Five Billion Views

Smash hit “Despacito” by Luis Fonsi has broken yet another record following its three billion views on YouTube, now earning over five billion–the first video in the platform’s history to reach that number. The official video featuring Daddy Yankee hit the number on Wednesday, making the Spanish-language track more popular than the official audio version featuring Justin Beiber, which currently sits at 617 million views.

Previously Wiz Khalifa‘s “See You Again“ surpassed PSY‘s global hit “Gangnam Style” as the most viewed video in YouTube history before “Despacito” took the crown last summer. The music video was directed by Carlos Perez and shot in San Juan during December 2016.

In related news, Justin Bieber and Jay Electronica join forces on a new track, “Hard 2 Face Reality.”

Read more at HYPEBEAST




HYPEBEAST

BEST DEAL UPDATE:

Trump proposes $100 billion in new tariffs on Chinese goods

WASHINGTON (AP) — President Donald Trump instructed the U.S. trade representative to consider slapping an additional $ 100 billion in tariffs on Chinese goods on Thursday in a dramatic escalation of the trade dispute between the two countries.
World Headlines

BEST DEAL UPDATE:

Save Up to 77% On Select Musical Instruments and Accesories

Trump escalates China trade fight, threatening $100 billion more in tariffs

WASHINGTON (Reuters) – President Donald Trump said on Thursday he had instructed U.S. trade officials to consider $ 100 billion in additional tariffs on China, fueling an already heated trade dispute between the world’s two biggest economies.


Reuters: Business News

SPECIAL DISCOUNT UPDATE!

Jos. A. Bank: Daily Deals From Jos. A. Bank – Get Up to 75% Off!

US proposes tariffs on $50 billion in Chinese imports

WASHINGTON (AP) — The Trump administration on Tuesday escalated its aggressive actions on trade by proposing 25 percent tariffs on $ 50 billion in Chinese imports to protest Beijing’s policies that require foreign companies to hand over their technology.
Technology Headlines

BEST DEAL UPDATE:

Discover high-quality men’s and women’s wear and accessories carefully selected for impeccable make and lasting quality.

France to spend $1.8 billion on AI to compete with U.S., China

PARIS (Reuters) – French President Emmanuel Macron promised 1.5 billion euros ($ 1.85 billion) of public funding into artificial intelligence by 2022 in a bid to reverse a brain drain and catch up with the dominant U.S. and Chinese tech giants.


Reuters: Science News

BEST DEAL UPDATE:

Spire.io – Over 50 Million Minutes of Calm Discovered!

Amazon sheds $53 billion in market value after report on Trump threat

(Reuters) – Amazon.com Inc shares fell as much as 7.4 percent on Wednesday, wiping about $ 53.6 billion from its market value after U.S. President Donald Trump reportedly indicated he wanted to rein in the U.S. technology and retail group.


Reuters: Technology News

BEST DEAL UPDATE:

Save 25% Off Full Size Kaplan MD Skincare (Excludes Lip and Skincare Sets)!

China to build massive $1.5 billion panda conservation area

BEIJING (AP) — The Bank of China has pledged at least 10 billion yuan ($ 1.5 billion) to create a massive giant panda conservation park in southwestern Sichuan province, the forestry ministry said Thursday.
Science Headlines

BEST DEAL UPDATE:

Pricefalls is an online marketplace offering consumers great deals and the ability to efficiently set budgets while shopping online.

Health insurer Cigna to buy Express Scripts in $67 billion deal

Cigna said it would buy pharmacy benefit manager Express Scripts in a $ 67 billion cash-and-stock deal, including debt.
Health Care

U.S.HEALTHCARE UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

With $116 billion cash, Buffett says Berkshire needs ‘huge’ deals

NEW YORK (Reuters) – Warren Buffett on Saturday lamented his inability to find big companies to buy and said his goal is to make “one or more huge acquisitions” of non-insurance businesses to bolster results at his conglomerate Berkshire Hathaway Inc.


Reuters: Top News

BEST DEAL UPDATE:

With $116 billion cash, Buffett says Berkshire needs ‘huge’ deals

NEW YORK (Reuters) – Warren Buffett on Saturday lamented his inability to find big companies to buy and said his goal is to make “one or more huge acquisitions” of non-insurance businesses to bolster results at his conglomerate Berkshire Hathaway Inc.


Reuters: Business News

SPECIAL DISCOUNT UPDATE!

Jos. A. Bank: Daily Deals From Jos. A. Bank – Get Up to 75% Off!

No, Kylie Jenner didn’t wipe out $1.3 billion of Snap’s market value

TwitterFacebook

On Thursday, the business news site Bloomberg published a story under a shocking headline: “In one tweet, Kylie Jenner wiped out $ 1.3 billion of Snap’s market value.”

The story was pegged to a 7 percent decline in Snap Inc.’s stock price, and it would have you believe that one tweet — just 88 characters — was able to destroy a significant portion of the company’s market valuation.

For reference, here’s the tweet in question:

sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad.

— Kylie Jenner (@KylieJenner) February 21, 2018

Yes, Kylie Jenner, the 20-year-old reality TV star, is one of the most popular Snapchat users. And yes, the Kardashian family is incredibly powerful. But let’s not crown Kylie the queen of Snap’s stock decline despite how fun this image is: Read more…

More about Snapchat, Kylie Jenner, Apps And Software, Snap Inc., and Snapchat Redesign


Tech

ENTERTAINMENT DEAL UPDATE:

Broadcom trims Qualcomm offer to $117 billion after new NXP deal

(Reuters) – Broadcom Ltd cut its bid for Qualcomm Inc on Wednesday by 4 percent to $ 117 billion, after the latter raised the stakes in the chipmaker takeover battle with a sweetened $ 44 billion agreement to acquire NXP Semiconductors NV .


Reuters: Technology News

BEST DEAL UPDATE:

Save 25% Off Full Size Kaplan MD Skincare (Excludes Lip and Skincare Sets)!

Beyoncé Becomes The First Woman To Have Three Albums Surpass One Billion Streams On Spotify

Ever since her husband, Jay Z, has launched his own streaming service, TIDAL, Beyoncé has remained loyal and only had her full discography available via that service. That hasn’t stopped her albums from gaining more listens than those whose albums …

MadameNoire

BEST DEAL UPDATE:

Emerging markets suffer $4 billion outflows, biggest since U.S. election, IIF says

LONDON (Reuters) – Investors have pulled nearly $ 4 billion out of emerging markets since Jan. 30, according to data from the Institute of International Finance (IIF) – the biggest slump since the…


Reuters: Money

BEST DEAL UPDATE:

Save $ 50 on select PCs with coupon code 50OFF499.

Broadcom Raises Offer for Qualcomm to Over $121 Billion. Investors Don’t Bite

Broadcom Ltd. made a sweetened offer for Qualcomm Inc. that valued it at $ 121 billion but did little to convince investors the would-be buyer could seal a deal with a company facing challenges from regulators and prominent customers.
WSJ.com: WSJD

SHOPPING DISCOUNTS UPDATE:

Buy.com (dba Rakuten.com Shopping)

How Apple CEO Tim Cook and CFO Luca Maestri Gave Apple a $50 Billion Boost

Apple had a tremendous quarter of holiday sales at the end of 2017, as revenue jumped 13% to an all-time record of $ 88.3 billion and earnings per share rose 16% to $ 3.89, also a record. Both numbers were slightly better than Wall Street expected.

But amid growing reports of slowing demand for iPhones, Apple also provided a big disappointment to Wall Street in its forecast for sales in early 2018. Expected revenue is $ 60 billion to $ 62 billion for the quarter, well below the $ 65.4 billion average analyst forecast.

At first, it seemed investors’ worst fears had come true. Apple’s shares, which have lost about 7% over the past two weeks, fell another 2% in after-hours trading on Thursday night.

Then CEO Tim Cook and CFO Luca Maestri got on the phone with analysts and turned the whole narrative around. By the time they were done talking, Apple’s stock price had erased the initial loss and gained as much as 4%–a roughly $ 50 billion swing in market value in less than an hour.

Get Data Sheet, Fortune’s technology newsletter.

The stock gains came as Morgan Stanley’s longtime Apple analyst Katy Huberty challenged Cook and Maestri to explain the softer-than-expected forecast. That prompted the two executives to provide more detail than they typically provide about future iPhone sales.

“Just how should we read into a modest slowdown,” Huberty asked, going on to question whether sales might be slumping due to higher prices or Apple’s recent decision to charge $ 29 to replace batteries in older iPhones and perhaps prolonging their useful life.

Maestri explained that the forecast didn’t really indicate slower iPhone sales to customers. Each quarter Apple reports in sales how many phones it ships ready for sale. That includes phones shipped but not yet sold being held in inventory. Apple was able to make so many iPhones at the end of 2017 and stash them in inventory that even with continued strong sales, it won’t have to replenish its inventories as much as usual in the beginning of this year. Part of the reason is that the iPhone X didn’t go on sale until November, instead of the usual September sale date, giving the company more time to build up inventory.

“Our guidance for iPhone, we’ve got double-digit year-over-year growth,” Maestri explained, offering a product level of detail not usually disclosed by Apple about its quarterly forecasts. Apple’s $ 60 billion to $ 62 billion forecast for total revenue represents 13% to 17% growth from the same quarter last year.

Investors also likely were pleased with Apple’s plans for its vast cash hoard of $ 285 billion, most of which is stuck overseas but can now be brought back into the country with a lower tax bite. Cook and Maestri said Apple would aim mostly to pay dividends and buy back stock at a pace that would bring the cash level down to about the level of Apple’s $ 122 billion of debt. “Given the increased financial and operational flexibility from the access to our foreign cash we are targeting to become approximately net cash neutral over time,” Maestri said.

Cook was careful in talking about demand for the iPhone X specifically, however, saying only that it was the best-selling model in the company’s line up. “Since the launch of iPhone X it has been the most popular iPhone every week, every week since and that is even through today, officially through January,” he said. “We feel fantastic about the results.”

Apple’s results appeared to vindicate Cook’s bet on higher prices, as the company not only added the $ 1,000 iPhone X to its line up in 2017 but also raised prices on both iPhone 8 models compared to the prior year’s line up.

The number of iPhones Apple


aapl



sold in the holiday quarter actually dipped 1% to 77.3 million. But the average selling price jumped over $ 100 from last year to almost $ 800. Net net, iPhone revenue increased 13% to $ 61.6 billion.

The rest of the smartphone industry wasn’t so fortunate. Overall, fourth quarter phone shipments plunged 9% to 400 million devices, the largest drop in history, according to market tracking firm Strategy Analytics.

Fortune

SPECIAL NEWS BULLETIN:

http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

CHARITY UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Japan’s Fujifilm to take over Xerox in $6.1 billion deal, create joint venture

(Reuters) – Japan’s Fujifilm Holdings is set to take over Xerox Corp in a $ 6.1 billion deal, combining the U.S. company into their existing joint venture to gain scale and cut costs amid declining demand for office printing.


Reuters: Technology News

BEST DEAL UPDATE:

Save 25% Off Full Size Kaplan MD Skincare (Excludes Lip and Skincare Sets)!

WRAPUP 1-Saudi Arabia says it has seized over $100 billion in corruption purge

RIYADH, Jan 30 (Reuters) – Saudi Arabia’s government has
arranged to seize more than $ 100 billion through financial
settlements with businessmen and officials detained in its
crackdown on corruption, the attorney general said on Tuesday.


Reuters: Company News

SPECIAL DISCOUNT DEAL:

Find the Best Daily Deal in Your Neighborhood

More than 10 percent of $3.7 billion raised in ICOs has been stolen: Ernst & Young

NEW YORK (Reuters) – More than 10 percent of funds raised through “initial coin offerings” are lost or stolen in hacker attacks, according to new research by Ernst & Young that delves into the risks…


Reuters: Money

BEST DEAL UPDATE:

Save $ 50 on select PCs with coupon code 50OFF499.

Flu’s price tag: This season could cost employers more than $9 billion

With a nasty flu season, businesses can expect to see billions of dollars in lost productivity, according to Andy Challenger.
Health Care

U.S.HEALTHCARE UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Apple to Pay $38 Billion in Taxes on Cash Overseas, Build U.S. Campus

Apple said it would pay a one-time tax of $ 38 billion on its overseas cash holdings and ramp up spending in the U.S., as the world’s most valuable public company seeks to emphasize its contributions to the American economy after years of criticism for outsourcing manufacturing to China.
WSJ.com: WSJD

SHOPPING DISCOUNTS UPDATE:

Buy.com (dba Rakuten.com Shopping)

Johnson & Johnson trying to sell its diabetes care business to Chinese buyers for up to $4 billion

Chinese bidders are circling a diabetes care business owned by the world’s largest healthcare company, Johnson & Johnson.
Health Care

U.S.HEALTHCARE UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Apple to pay $38 billion in repatriation tax

Apple will make about $ 38 billion in tax payments to bring funds kept overseas back to the United States under new federal tax laws, the company said on Wednesday. Apple said it expected to invest over $ 30 billion in the United States over the next 5 years, and would create 20,000 jobs through hiring at…
Tech | New York Post

SPECIAL SHOE DISCOUNT:

Online graphic design startup Canva is now worth $1 billion

TwitterFacebook

Canva is Australia’s first unicorn of 2018, after raising $ 40 million (AUD$ 50.9 million) to push the design startup’s value over $ 1 billion.

Now available in 190 countries, with over 10 million users, the online design and publishing platform was launched in 2012 by CEO and co-founder Melanie Perkins — now the youngest female entrepreneur to have reached unicorn status. 

“It’s still extremely early days for us yet, and we feel like we’ve done one percent of what we believe is possible but it’s quite exciting to get to this point in time, and it’s been a huge journey,” Perkins told Mashable. Read more…

More about Business, Startups, Startup, Unicorns, and Businesswoman


Business

BREAKING NEWS:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Bristol-Myers sees $3 billion tax hit in fourth quarter 2017

The expense is primarily related to taxes on unremitted offshore earnings, the company said.
Health Care

U.S.HEALTHCARE UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Roche to buy US cancer drugmaker Ignyta for $1.7 billion

The move will broaden Roche's oncology portfolio globally, the companies said on Friday.
Health Care

U.S.HEALTHCARE UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Penn National buys Pinnacle in $2.8 billion casino merger

US casino operator Penn National Gaming said on Monday it would buy Pinnacle Entertainment in a cash and stock deal valued at about $ 2.8 billion to create a larger-scale gaming platform. Pinnacle’s shareholders will receive $ 20.00 in cash and 0.42 shares of Penn National common stock for each Pinnacle share. According to Reuters calculations, the…
Business | New York Post

SPECIAL DISCOUNT UPDATE:

Disney buying Fox film, TV units for $52 billion in digital push

(Reuters) – Walt Disney Co has struck a deal to buy film, television and international businesses from Rupert Murdoch’s Twenty-First Century Fox Inc for $ 52.4 billion in stock, giving the world’s largest entertainment company an arsenal of shows and movies to combat growing digital rivals Netflix Inc and Amazon.com Inc.


Reuters: Business News

SPECIAL DISCOUNT UPDATE!

Jos. A. Bank: Daily Deals From Jos. A. Bank – Get Up to 75% Off!

Qatar Is Buying 24 Typhoon Jets From BAE in a $6.7 Billion Deal

BAE Systems


bae-systems-plc



and Qatar have entered into a contract valued at around 5 billion pounds ($ 6.7 billion) for the country to buy 24 Typhoon combat aircrafts, the British defense group said on Sunday.

The company said delivery was expected in late 2022 and that the contract was subject “to financing conditions and receipt by the company of first payment, which are expected to be fulfilled no later than mid-2018.”

At a ceremony in Doha British Defence Minister Gavin Williamson and Qatari Minister of State for Defense Affairs Khalid bin Mohammed al Attiyah, oversaw the signing of a deal which the British minister called a “massive vote of confidence, supporting thousands of British jobs and injecting billions into our economy.”

“We are delighted to begin a new chapter in the development of a long-term relationship with the State of Qatar and the Qatar Armed Forces, and we look forward to working alongside our customer as they continue to develop their military capability,” Charles Woodburn, BAE’s chief executive, said in a statement.

In September Qatar’s defense minister was reported to have signed a letter of intent to buy the 24 Typhoon jets from BAE in a move that could anger other Gulf countries boycotting Doha.


Fortune

SPECIAL NEWS BULLETIN:

http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

CHARITY UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

UnitedHealth to buy DaVita clinics for $4.9 billion

UnitedHealth has struck a $ 4.9 billion deal to acquire the DaVita Medical unit of kidney dialysis firm DaVita.
Health Care

U.S.HEALTHCARE UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

New York City Spends Over Record $1 Billion with Minority and Women-Owned Businesses

 

For the first time, New York City has awarded more than $ 1 billion in city contracts with minority and women-owned businesses, according to the office of Mayor Bill de Blasio.

That spending for fiscal 2017 is more than double the $ 400 million awarded to those businesses for 2015, and up from $ 700 million in 2016.

 

(Image: iStock/Neustockimages)

 

The contracting activity was recently announced by Deputy Mayor Richard Buery at an event marking the one-year anniversary of the city’s Office of Minority and Women-Owned Business Enterprises (M/WBE).

 

$ 30 Million in Funding for Loan Programs

 

Buery told Bloomberg News that M/WBE firms now make up 11% of city procurement. To help reach de Blasio’s goal of 30%, Buery added the city is allocating $ 30 million of funding to three loan programs to help small businesses compete for city contracts.

Mayor de Blasio took some bold actions after critics maintained the city was not doing enough to award contracts and boost spending with M/WBE businesses.

 

Plans to Boost M/WBE Spending Criticized

 

Some critics blasted de Blasio’s administration for setting unpretentious goals for contracting with those firms. De Blasio pledged to allot $ 16 billion in minority contracting over a decade when he took office.

In September 2016, de Blasio created the Mayor’s Office for Minority and Women-Owned Business Enterprises (M/WBE) to address the disparity between city contracts awarded to certain ethnic and gender groups and their overall representation in city contracting. The mayor appointed Buery, an African American, as director of the office whose responsibilities include oversight, policy, interagency coordination, and accountability of the city’s M/WBE program.

Plus, the mayor established a goal of awarding at least 30% of the dollar amount of city contracts to M/WBEs by 2021. In May 2017, de Blasio’s office reported the city reached 5,000 city-certified M/WBEs, ahead of plans to reach 9,000 of those firms by 2019.

The mayor announced plans to enhance the city’s Contract Financing Loan Fund, an effort to make sure minority and women-owned firms have access to city capital. The loan program will be a revolving fund capped at a 3% APR, the lowest of its kind in the entire state among government-funded programs.

 

Up to $ 500,000 in Loans Available

 

Eligible M/WBEs will be able to apply for loans of up to $ 500,000. The loan program will be available to companies that are certified M/WBEs or in the process of M/WBE certification, as well as small businesses that cannot access financing from traditional sources.

The city can spend up to $ 150,000 on purchase contracts (goods and services) with minority and women-owned businesses without requiring those firms enter a formal competitive bidding process. The city claims the increased discretionary spending limit for goods and services is now closer to the state’s $ 200,000 limit in this area.

The city now has $ 20,000 and $ 35,000 in discretionary spending limits for purchase contracts and construction, respectively.

The M/WBE Certification Program connects certified businesses with opportunities to sell their products and services to New York City agencies.  The application process and more details about the program can be found here.

 

Small Business – Black Enterprise

FASHION DEALS UPDATE:

Black Friday raised Jeff Bezos’ net worth to $100 billion

TwitterFacebook

Jeff Bezo$ made out like Scrooge McDuck on Black Friday after rising Amazon share prices lifted his personal fortune to more than $ 100 billion. 

That’s billion, with a “b.” His 78.9 million shares of Amazon got a boost thanks to investor optimism over Black Friday sales. Basically, your desire to buy cheap stuff from your couch made the richest man in America even richer. 

Now, that $ 100 billion estimate only comes from Bloomberg; Forbes still has him at $ 99.6 billion. Either way, he is worth around 1.7 million times the median household income in the United States. Read more…

More about Amazon, Jeff Bezos, Black Friday, Business, and Big Tech Companies


Business

BREAKING NEWS:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Chinese shoppers spent $25 *billion* on Alibaba’s Singles Day

TwitterFacebook

Singles Day is like if Amazon Prime Day was a real national holiday. And this year, shoppers in China spent $ 25 billion in 24 hours. 

The 8-year-old e-commerce holiday promoted by Alibaba—Amazon’s biggest competitor and an e-commerce force in China—started as an anti-Valentine’s Day encouraging single people to buy gifts for themselves every Nov. 11. Now, it comes with crazy deals and nationally televised concerts. This year, Nicole Kidman and Pharrell Williams made appearances. 

Shoppers spent $ 25.3 billion, or 168.2 billion yuan, this year—a 40 percent jump from last year’s $ 17.8 billion. That’s 1.48 billion transactions, or 256,000 transactions per second at the day’s peak.  Read more…

More about Amazon, China, Asia, Alibaba, and Jack Ma


Business

BREAKING NEWS:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

An app where teenagers lip synch reportedly got bought for $1 billion

TwitterFacebook

$ 1 billion. That was the price tag for what’s cool, according to Justin Timberlake Sean Parker’s conversation with Facebook cofounder Mark Zuckerberg.

Apparently, it’s still true. 

Musical.ly just sold to Beijing Bytedance Technology, the companies announced Friday. The price tag was between $ 800 million to $ 1 billion, the Wall Street Journal reported. If you haven’t heard of Musical.ly, you may be old — or perhaps you just forgot about it. 

After launching three years ago, the smartphone app quickly became a viral sensation. The concept was simple: Create 15-second music videos. Tweens and teens became obsessed with lip-syncing to their favorite songs. By 2016, it had attracted 100 million users. It even launched some new social media stars like Jacob Sartorius.  Read more…

More about Facebook, China, Online Video, Creators, and Musical.Ly


Business

BREAKING NEWS:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Alibaba Sales Went up $12 Billion USD in Just Two Hours on Singles Day

Singles Day is considered to be one of the busiest shopping days of the year in China, commencing on midnight before November 11. For the annual holiday, Alibaba racked up a whopping $ 12 billion USD in sales in just two hours as per Business Insider. Customers from about 192 countries took to the e-commerce giant’s website to order $ 1 billion USD worth of goods in the first two minutes alone. Not to mention, “In the first hour, Alibaba processed 325,000 orders per second and more than 60 brands recorded sales of more than $ 15 million,” BI reported.

Pharrell Williams recently performed at Alibaba’s 11.11 Countdown Gala alongside tennis superstar Maria Sharapova who attended the event to help amplify purchases. Conclusively, Alibaba’s billionaire founder Jack Ma is utilizing this year’s Singles Day event as an experiment to help revamp China’s $ 4 trillion USD traditional retail sector with technology.

Read more at HYPEBEASTClick here to view full gallery at HYPEBEAST




HYPEBEAST

BEST DEAL UPDATE:

45 Great Moments in Black Business – No. 25: Black Investment Banks and Facebook’s $104 Billion IPO

This year, BLACK ENTERPRISE celebrates the 45th anniversary of its roster of the nation’s largest black-owned businesses—the BE 100s. To commemorate the significance of this collective’s widespread impact on black business and economic development as well as American industry over four decades, we have presented 45 milestones moments. As part of this tribute, we continue our yearlong countdown.  

Today we reveal No. 25 in the web series “Great Moments in Black Business.” 

2012: BE 100s investment banks CastleOak Securities, Loop Capital, and Williams Capital serve as some of the underwriters for the $ 104 billion Facebook IPO.

 

(Image: iStock/oneinchpunch)

 

When Facebook set the price for its initial public offering at $ 38 a share five years ago, that provided the social networking powerhouse a valuation of $ 104 billion—at the time, making Facebook the largest U.S. company based on market value.

Five BE 100s firms—CastleOak Securities, Loop Capital, M.R. Beal & Co., Williams Capital, and Blaylock Robert Van—were invited to the dance. They were among investment banks that Facebook requested to take part in the historic transaction, according to BLACK ENTERPRISE reports. Prior to that offering, the last high-profile transaction of a Silicon Valley company had been the $ 2.7 billion IPO of Google—now renamed Alphabet Inc.—in 2002 with Blaylock Partners, one of the leading black investment banks at the time, serving as co-manager.

 

(Ronald Blaylock. Image: Black Enterprise Magazine; June 1998)

 

Biggest Tech IPO in History

 

The deal was colossal as Facebook was among the most-hyped IPOs of all time. It listed on May 1, 2012, raising just over $ 16 billion. Yet the offering was impaired with trading issues and questionable information-sharing accusations. Still, it became one of the largest technology IPOs in American history.

James Reynolds Jr. (Loop Capital CEO James Reynolds. Image: File)

 

Investment banks entered the game when they were among 25 additional underwriters asked to participate in the IPO about a month after an initial list of book runners were named. They included J.P. Morgan, Goldman Sachs, Bank of America Merrill Lynch and Barclays Capital. All told, there were 33 underwriters, according to ZDNet.

Facebook’s bid to minority and women-owned investment banks succeeded similar actions taken by General Motors and Goldman Sachs Group Inc. during their own IPOs. “Wall Street tries to do what looks good on high-profile IPOs, and it will not go unnoticed that Facebook has chosen to bring in minority underwriters,” says Scott Sweet, senior managing partner at IPO Boutique. “It’s not going to make or break the deal, but it will show that they’re not nonchalant about the opportunities that smaller firms can offer distribution-wise.”

Yet with Facebook and other IPOs, diverse firms only landed book runner positions. In contrast, their large Wall Street counterparts were recruited for the more lucrative lead spots.

Black Politicians Advocate for Black-Owned Firms

 

Reuters reported in 2010 that Rep. Maxine Waters, D-California, disputed General Motors’ decision not to include any underwriters from minority- or women-owned financial institutions. The massive Detroit automaker ultimately added some diverse banks as underwriters, including Chicago-based Loop Capital and CastleOak Securities, both of which have been named BLACK ENTERPRISE Financial Company of the Year in recent years for their stellar long-term performance.

Two years after the Facebook IPO, the Rev. Jesse Jackson said at the 17th Annual Wall Street Project Economic Summit that it’s crucial that corporations stop locking out minorities on corporate boards and financial transactions. The civil rights leader founded the Wall Street Project in 1996 with the Citizenship Education Fund.

He emphasized that while a handful of minority firms were involved in Facebook’s IPO, they only collected less than 1% of the investment banking fees.

The Facebook IPO and Jackson’s actions, in part, served as catalysts for more BE 100s black investment banks to become involved in transactions with other iconic tech companies. Among the most notable: The participation of Loop Capital and Williams Capital in Hewlett-Packard’s $ 15 billion offering in 2015, enabling it to split into two companies, HP Inc. and Hewlett Packard Enterprise; Loop Capital and CastleOak Securities serving as co-managers in a three-tranche, $ 3.5 billion bond offering of Apple. Inc. in 2016; and this year Williams Capital’s inclusion in the underwriting pool of the $ 28 billion IPO of Snap Inc., the parent company of the mobile app Snapchat—the firm, however, represented only one of two minority firms involved in the transaction.

Loop Capital’s Chairman and CEO James R. Reynolds told BE of such transactions: “For corporate finance, Silicon Valley is one of the biggest things that’s out there right now. Apple, Hewlett-Packard, Google, Uber…that is a frontier that’s huge.”

Small Business – Black Enterprise

FASHION DEALS UPDATE:

45 Great Moments in Black Business – No. 29: Ariel Investments’ $16 Billion Milestone

Mellody Hobson, President of Ariel Investments

This year BLACK ENTERPRISE celebrates the 45th anniversary of its roster of the nation’s largest black-owned businesses—The BE 100s. To commemorate the significance of this collective’s widespread impact on black business and economic development as well as American industry over four decades, we have presented 45 milestones moments. We now resume this tribute with the continuation of our yearlong countdown.  

Today we reveal No. 29 in the web series “Great Moments in Black Business.” 

2003: Ariel Investments, No. 1 on the BE ASSET MANAGERS list and the first black money manager to launch a family of mutual funds, achieves an investment milestone when 17 major corporations select its mutual funds for their 401(k) plans.

Led by Ariel founder, CEO, and Chief Investment Officer John W. Rogers Jr., the firm broke new ground with that landmark achievement despite a hypercompetitive environment and greater compliance pressure from the newly enacted Sarbanes-Oxley legislation. Due to the relentless efforts of Rogers, Mellody Hobson, the firm’s president, and the rest of the team, Ariel snared new accounts while applying a value investment style to produce hefty returns for individual and institutional investors. The results: Assets under management grew in 2003 to $ 16.1 billion, an explosive 58% increase from the previous year.

(John Rogers, center, with Mellody Hobson. Image: File)

 

Rogers, listed among BE’s Most Powerful Blacks on Wall Street, has broken barriers in the nation’s asset management industry and helped paved the way for other African Americans to gain entry into a business dominated by non-diverse firms.

A New Approach to Investing

 

Like the tortoise of Aesop’s fable, he took a slow-and-steady approach to investing in undervalued small and medium-sized companies over the long term and has built wealth for investors, including millions of African Americans. It was an approach that was in contrast to many of his growth-oriented peers as Rogers would recount in an April 1992 BLACK ENTERPRISE cover story.

The journey for Rogers began in 1983 when he launched Ariel Capital Management, now Ariel Investments. In that 1992 BLACK ENTERPRISE article, Rogers, who worked more than two years for the brokerage firm William Blair, used a connection to gain his first account: $ 100,000 investment from the Howard University endowment fund.  He also developed The Patient Investor, a newsletter describing his stock-picking philosophy —complete with a picture of a tortoise and the “slow and steady” tagline gracing its cover. Due to his performance, assets under management grew to $ 2 million by 1986.

(John Rogers. Image: File)

 

As Rogers built his mutual fund family—the first was Ariel Fund—he brought on Calvert Group Inc., a financial services company, in 1986 to serve as the distributor and transfer agent. Yet eight years later, in a bold move to gain independence, he paid $ 4 million to separate from Calvert and assumed responsibility for all operations. “We went from managing $ 2.3 billion to $ 1.1 billion over a short period of time, and it was extraordinarily uncomfortable and frightening,” Rogers told BE at the time.  

Steering Through the Great Recession

 

Ariel persevered through such rough patches and learned valuable lessons from business volatility and severe market downturns, including the financial crisis in 2009. Rogers, an investment icon and former captain of the basketball team when he attended Princeton University, has repeatedly demonstrated his resilience. In 2010, Crain’s Chicago Business reported Ariel emerged from the financial crisis with its best performance ever.

The firm’s flagship Ariel Fund rose 56% for the past 12 months, beating the 38% average rise for rivals, according to investment rating firm Morningstar. Most recently, as of Sept. 30, 2017, the Ariel Fund produced an annualized return of 11.34% since its Nov. 6, 1986, inception date, according to Ariel’s website. That compares with the same period for the Russell 2500 Value Index, a 10.86% return for the Russell 2500 Index, and a 10.32% return for the S&P 500 Index.

With offices in New York and Sydney, the Chicago-based Ariel offers investors six no-load mutual funds and nine separate accounts, and as of Feb. 28, 2017, the firm reported assets under management of $ 11.5 billion.

Fierce Diversity Advocate

 

When not operating Ariel, Rogers and Hobson have been active in the business, philanthropic, and social fronts. For instance, Rogers, a board member of McDonald’s Corp. and Exelon Corp., and Hobson, who serves on the boards of Starbucks Corp. and Estée Lauder Cos., can be found on the BLACK ENTERPRISE Registry of Corporate Directors. As such, they represent some of the fiercest advocates for diversity in corporate governance.

black directors

 

Despite the milestone that Ariel achieved some 14 years ago, Rogers is still actively fighting for greater opportunities for black firms to gain access to opportunities to manage corporate, pension fund, and endowment dollars. According to a 2015 Wall Street Project Asset Management study released at the annual summit created by civil rights leader Rev. Jesse L. Jackson, minority firms have been unable to gain a foothold in a sector in which assets under management totaled a whopping $ 68.7 trillion and profits grew to $ 93 billion in 2013. Using data from the BE ASSET MANAGERS list, the study further revealed that top black firms manage a total of $ 118.4 billion in assets—a mere 0.3% of the total $ 36 trillion in domestic institutional assets under management. Rogers believes greater boardroom diversity will make the difference in the creation of a more equitable asset management selection process.

It is fitting, however, that Ariel has been able and will continue to break barriers in asset management, in great part, due to Rogers’ vision, tenacity, and investment prowess. In 2013, he was featured with legendary investors Warren Buffett, Sir John Templeton, and Benjamin Graham in the book, The World’s 99 Greatest Investors.

 

 

 

Small Business – Black Enterprise

FASHION DEALS UPDATE:

Former HSBC Executive Mark Johnson Found Guilty of Fraud in $3.5 Billion Currency Trade

A U.S. jury on Monday found a former HSBC Holdings


hsea



executive guilty of defrauding Cairn Energy


crnzf



in a $ 3.5 billion currency trade in 2011.

U.S. prosecutors have said that Mark Johnson, formerly head of HSBC‘s global foreign exchange cash trading desk, schemed to ramp up the price of British pounds before executing a trade for Cairn, making millions for HSBC at Cairn’s expense.

“They’ve convicted an innocent man,” John Wing, a lawyer for Johnson, told reporters as he left the courtroom in Brooklyn federal court, where Johnson was on trial for nearly four weeks.

Johnson, a 51-year-old British citizen, was the first banker to be tried in the United States as a result of worldwide investigations into the multi-trillion-dollar per day currency market.

The probes have led to about $ 10 billion in fines against several banks and the firing of dozens of traders.

According to court filings, Cairn hired HSBC in 2011 to convert $ 3.5 billion into British pounds sterling in connection with the sale of an Indian subsidiary.

Prosecutors said that Johnson and another former HSBC executive who is also facing charges, Stuart Scott, devised a scheme to drive up the price of pounds by executing a series of trades before carrying out the trade for Cairn.

For more on fraud cases, watch Fortune’s video:

Such trading in advance of a client’s order to make a profit is known as “front-running.”

During the trial, jurors heard numerous tape recorded phone calls between Johnson and others discussing the trade.

In one call, Scott and Johnson told Cairn and its financial advisor after the trade that a “Russian buyer” had been responsible for a spike in the price of pounds. Prosecutors said that was a lie.

In his closing argument last week, Wing told jurors there was no way to do a massive currency transaction like the one HSBC did without affecting the price. He said that Johnson and his colleagues had tried to get a fair price for Cairn and even given Cairn a rebate.

A lawyer for Scott, who is in Britain and fighting extradition to the United States to face charges, declined to comment. Scott was HSBC‘s former head of cash trading for Europe, the Middle East and Africa.

A HSBC spokesman in London declined to comment. HSBC spokesman Robert Sherman said before the trial that Johnson left HSBC earlier this year, and Scott left in 2014.


Fortune

SPECIAL NEWS BULLETIN:

http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

CHARITY UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Here’s the $30 billion startup you’ve probably never heard of

TwitterFacebook

China’s Meituan Dianping just became the world’s fourth-most valuable startup, reaching a $ 30 billion valuation that puts it ahead of high-fliers like Airbnb Inc. and Space X.

Never heard of Meituan? You’re not alone. The Beijing-based company, led by Wang Xing, is almost unknown beyond its home country. It delivers food to people’s homes, sells groceries and movie tickets, provides reviews of restaurants, and markets discounts to consumers who buy in groups. It’s a sort of mashup of Groupon, Yelp, Foodpanda and Uber Eats.

Meituan’s appeal for investors is its dominant position in a market of more than a billion people. It was formed through the 2015 merger of Meituan.com and Dianping.com, creating the leading player for internet-based services ordered via smartphone apps. It raised $ 4 billion in the latest round from Tencent Holdings Ltd., Sequoia Capital and U.S. travel giant Priceline Group Inc. Read more…

More about Startups, China, Asia, Meituan, and Business


Business

BREAKING NEWS:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Netflix now plans to spend $8 billion to keep you glued on your couch

TwitterFacebook

Netflix just keeps raising the ceiling on its content aspirations. 

The company officially announced that it could spend up to $ 8 billion on original video in 2018—a cool billion dollars more than it had previously planned

Ted Sarandos, head of content at Netflix, recently said publicly that the company could hit the $ 8 billion mark, but Monday’s quarterly earnings report made it official.

“With $ 17 billion in content commitments over the next several years and a growing library of owned content ($ 2.5 billion net book value at the end of the quarter), we remain quite comfortable with our ability to please our members around the world. We’ll spend $ 7-8 billion on content (on a P&L basis) in 2018,” Netflix wrote in its earnings release. Read more…

More about Netflix, Business, and Media Industry


Business

BREAKING NEWS:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Ivascyn’s Pimco Income fund surpasses $100 billion despite fee hike: sources

NEW YORK (Reuters) – The Pimco Income Fund (PIMIX), widely seen by investors and analysts as Pacific Investment Management’s new flagship fund, surpassed $ 100 billion in assets under management this…


Reuters: Money

BEST DEAL UPDATE:

Save $ 50 on select PCs with coupon code 50OFF499.

Exclusive: Spotify’s valuation turned up to $16 billion in private trades – sources

LONDON/STOCKHOLM (Reuters) – Private trades in Spotify shares are valuing the music streaming company at about $ 16 billion, according to people familiar with the deals, raising the prospect of a bumper flotation next year.


Reuters: Technology News

BEST DEAL UPDATE:

Save 25% Off Full Size Kaplan MD Skincare (Excludes Lip and Skincare Sets)!

Two Chinese executives get life in prison for $7.6 billion Ponzi scheme

A Beijing court sentenced two men who led a $ 7.6 billion Ponzi scheme to life imprisonment on Tuesday, Xinhua reported.
Top News & Analysis

COMMUNITY NEWS UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Amazon opens bidding to cities for $5 billion ‘HQ2’, a second headquarters

(Reuters) – Amazon.com Inc said on Thursday it would build a $ 5 billion second headquarters in North America, kicking off a competition between cities and states to offer tax cuts and incentives that could bring 50,000 new jobs.


Reuters: Business News

SPECIAL DISCOUNT UPDATE!

Jos. A. Bank: Daily Deals From Jos. A. Bank – Get Up to 75% Off!

Senate passes bill that gives $15 billion to Harvey aid, raises debt limit

WASHINGTON — The Senate on Thursday overwhelmingly backed a $ 15.3 billion aid package for victims of Harvey, nearly doubling President Donald Trump’s emergency request, and adding a deal between Trump and Democrats to increase America’s borrowing authority and fund the government.

The 80-17 vote sends the massive package to the House for a Friday vote, with emergency accounts running out of money and Hurricane Irma barreling toward the East Coast. Trump is expected to sign the measure.

The must-do legislation would provide money to government agencies through Dec. 8, eliminating the threat of a government shutdown when the new fiscal year starts next month.

The must-do legislation would provide money to government agencies through Dec. 8, eliminating the threat of a government shutdown when the new fiscal year starts next month.

Thursday’s vote came a day after Trump stunned GOP leaders by siding with House Minority Leader Nancy Pelosi, D-Calif., and Senate Democratic Leader Chuck Schumer of New York, by backing a short-term extension to the debt limit increase and the spending bill.

The need to raise the debt limit to ease a looming cash crunch that is worsening because of unanticipated Harvey spending was a major headache for GOP leaders like House Speaker Paul Ryan, R-Wis., who had urged a longer extension to spare Republicans multiple votes ahead of next year’s midterm elections.

GOP leaders are fuming, but Ryan backed the idea on Thursday, telling reporters that the president didn’t want to have “some partisan fight in the middle of the response.”

MORE: Trump makes a debt ceiling deal with Democrats, complicating work for Republicans

The aid money comes as Harvey recovery efforts are draining federal disaster aid coffers and Irma is taking aim at Florida. It’s just the first installment on a recovery and rebuilding package for the twin hurricanes that could eclipse the more than $ 110 billion cost to taxpayers of Hurricane Katrina.

In a surprise move late Wednesday, Senate Majority Leader Mitch McConnell added $ 7.4 billion in rebuilding funding to Trump’s $ 7.9 billion request to deal with the immediate emergency in Texas and parts of Louisiana.

“It will provide certainty and stability for first responders, state officials, and the many others involved in preparing for and recovering from these storms, with critically needed emergency resources that will not be interrupted by the prospect of a shutdown or default,” McConnell said Thursday. “The recovery effort for a record-setting storm like Harvey has strained resources to the limit already.”

McConnell also added a temporary extension of the federal flood insurance program, which otherwise would have expired at the end of the month.

The additional community block grant money is to jump-start rebuilding efforts. The money can cover costs the Federal Emergency Management Agency can’t.

The aid money comes as Harvey recovery efforts are draining federal disaster aid coffers and Irma is taking aim at Florida.

“This funding will serve as an initial first step toward helping Texans begin the process of rebuilding,” said Sen. John Cornyn, R-Texas, who requested the additional funding be adding to the measure.

The $ 15 billion-plus aid package is also crafted in such a way to free up another $ 7 billion in Federal Emergency Management Agency disaster relief funds.

Trump’s move is galling to many GOP conservatives. Pelosi used a Thursday news conference to take a victory lap, telling reporters that her deal with Trump ensured that Democrats would have leverage during upcoming Washington debates this fall on health care, government spending, and immigration.

Just before the final vote, the Senate easily voted 87-10 to kill a move by Sen. Rand Paul, R-Ky., to pay for the aid package by cutting foreign aid accounts.

“Why don’t we pay for this? Why don’t we simply take some money that we were going to spend somewhere else for something not as valuable in another country, and why don’t we spend it here?” Paul said.

READ MORE: These lawmakers will drive Congress’ biggest battles this month

Sen. Ben Sasse, R-Neb., fared only slightly better in losing a 72-25 vote to kill a bid to remove the debt limit language and all spending above Trump’s request.

“Do your constituents know that we’re using the hurricane as an excuse to extend the debt ceiling?” Sasse said. “We can’t pay our credit card bill, so we’re just going to take over the credit card company and change our credit limit without any discussion.”

Earlier he railed against the deal between the Republican president and Democrats.

“Yesterday we saw Washington’s swamp continue to rise: Chuck Schumer wrote the art of the steal by taking hurricane relief hostage to guarantee a December showdown that favors Democratic spending priorities,” Sasse said.

In the meeting with Republican and Democratic leaders on Wednesday, Trump also suggested doing away with the debt ceiling entirely.

“It complicates things. It’s really not necessary because you’re talking about budget, so it’s really not necessary,” Trump said Thursday.

Pelosi and Schumer indicated that it was an issue they would discuss with their respective rank and file.

The post Senate passes bill that gives $ 15 billion to Harvey aid, raises debt limit appeared first on PBS NewsHour.


PBS NewsHour

BEST DEAL UPDATE:

United Technologies buys Rockwell Collins for $22.75 billion

Airplane makers Boeing and Airbus raised concerns Tuesday about the proposed tie-up between aerospace parts makers United Technologies and Rockwell Collins, saying that they are worried the deal could raise costs or slow the production of planes.
ABC News: Money

BEST DEAL UPDATE:

Fast Funding. Lower Interest. More Personal. Up to $ 4K tomorrow with OppLoans!

United Tech defends $23 billion Rockwell deal as shares slide

NEW YORK (Reuters) – Aerospace and industrial company United Technologies Corp defended its $ 23 billion acquisition of avionics maker Rockwell Collins Inc on Tuesday, saying it would yield cost savings and not force it into quick sales of other big businesses.


Reuters: Business News

SPECIAL DISCOUNT UPDATE!

Jos. A. Bank: Daily Deals From Jos. A. Bank – Get Up to 75% Off!

Dow Chemical and DuPont Have Completed a $130 Billion Merger

Dow Chemical Co and DuPont said on Friday the companies had successfully completed their planned $ 130 billion merger to form DowDuPont.

Shares of DuPont and Dow stopped trading at the close of Aug. 31 and will now trade on the New York Stock Exchange under the ticker symbol “DWDP.”

Dow and DuPont announced the merger in December 2015.

“The true value of this merger lies in the intended creation of three industry powerhouses that will define their markets,” Andrew Liveris, executive chairman of DowDuPont, said in a statement on Friday.

Post-merger, Dow and DuPont are expected to break up into three independent, publicly traded units.


Fortune

SPECIAL NEWS BULLETIN:

http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

CHARITY UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Bain brings in Apple for last-minute $18 billion bid for Toshiba chip unit: sources

TOKYO (Reuters) – A consortium led by Bain Capital has made a revised last-ditch offer for Toshiba Corp’s chip unit worth about $ 18 billion, bringing in Apple Inc to help bolster its bid, sources with direct knowledge of the matter said.


Reuters: Technology News

BEST DEAL UPDATE:

Save 25% Off Full Size Kaplan MD Skincare (Excludes Lip and Skincare Sets)!

How Kids’ Sports Became a $15 Billion Industry

Joey Erace knocks pitch after pitch into the netting of his $ 15,000 backyard batting cage, the pings from his metal bat filling the air in the south New Jersey cul-de-sac. His private hitting coach, who’s charging $ 100 for this hour-long session, tells Joey to shorten his stride. He’s accustomed to such focused instruction: the evening batting practice followed a one-on-one fielding lesson in Philadelphia earlier in the day, which cost another $ 100.

Relentless training is essential for a top player who suits up for nationally ranked teams based in Texas and California, thousands of miles from home. But Joey has talents that scouts covet, including lightning quickness with a rare knack for making slight adjustments at the plate–lowering a shoulder angle, turning a hip–to drive the ball. “He has a real swagger,” says Joey’s hitting coach, Dan Hennigan, a former minor leaguer. “As long as he keeps putting in this work, he’s going to be a really, really solid baseball player at a really, really high level.”

Already, Joey has a neon-ready nickname–Joey Baseball–and more than 24,000 followers on Instagram. Jewelry and apparel companies have asked him to hawk their stuff. On a rare family vacation in Florida, a boy approached Joey in a restaurant and asked for his autograph. But Joey Baseball has yet to learn cursive. He is, after all, only 10 years old. They snapped a picture instead.

Joey Erace is an extreme example of what has become a new reality for America’s aspiring young athletes and their families. Across the nation, kids of all skill levels, in virtually every team sport, are getting swept up by a youth-sports economy that increasingly resembles the pros at increasingly early ages. Neighborhood Little Leagues, town soccer associations and church basketball squads that bonded kids in a community–and didn’t cost as much as a rent check–have largely lost their luster. Little League participation, for example, is down 20% from its turn-of-the-century peak. These local leagues have been nudged aside by private club teams, a loosely governed constellation that includes everything from development academies affiliated with professional sports franchises to regional squads run by moonlighting coaches with little experience. The most competitive teams vie for talent and travel to national tournaments. Others are elite in name only, siphoning expensive participation fees from parents of kids with little hope of making the high school varsity, let alone the pros.

The cost for parents is steep. At the high end, families can spend more than 10% of their income on registration fees, travel, camps and equipment. Joe Erace, who owns a salon and spas in New Jersey and Pennsylvania, says Joey’s budding baseball career has cost north of $ 30,000. A volleyball dad from upstate New York spent $ 20,000 one year on his daughter’s club team, including plenty on gas: up to four nights a week she commuted 2½ hours round-trip for practice, not getting home until 11:30 p.m. That pales beside one Springfield, Mo., mom, who this summer regularly made a seven-hour round-trip journey to ferry her 10- and 11-year-old sons to travel basketball practice. Others hand their children over entirely. A family from Ottawa sent their 13-year-old to New Jersey for a year, to increase his ice time on the travel hockey circuit. A sponsor paid the teen’s $ 25,000 private-school tuition. This summer, 10 boys from across the U.S. stayed with host families in order to play for a St. Louis–based travel baseball club.

“It’s definitely taken over everything,” says Magali Sanchez, a legal records clerk from San Diego whose daughter Melanie Barcenas, 9, and son Xzavier Barcenas, 8, play travel soccer. To help pay for their fees, Sanchez’s husband Carlos, a gas-station attendant, will spend 12 hours on a Saturday carting supplies at tournaments. Practice and tournaments overtake nights and weekends like kudzu–Sanchez says they often have to skip family weddings and kids’ birthday parties. “This sports lifestyle is crazy,” she says. “But they’re your kids. You do anything for them.”

A range of private businesses are mining this deep, do-anything parental love. The U.S. youth-sports economy–which includes everything from travel to private coaching to apps that organize leagues and livestream games–is now a $ 15.3 billion market, according to WinterGreen Research, a private firm that tracks the industry. And the pot is rapidly getting bigger. According to figures that WinterGreen provided exclusively to TIME, the nation’s youth-sports industry has grown by 55% since 2010.

The numbers have been catnip for investors. A top NBA star and the billionaire owner of the NFL’s most valuable team own equity in youth-sports startups. Major media and retail companies are investing in technology that manages peewee schedules. And municipalities that once vied for minor-league teams are now banking on youth sports to boost local economies, issuing bonds for lavish complexes that they hope will lure glove-toting tykes and their families.

There are upsides to the frenzy. Some kids thrive off intense competition, and the best players receive an unprecedented level of coaching and training. The travel circuit can also bring people of different backgrounds together in a way that local leagues by definition do not.

But as community-based teams give way to a more mercenary approach, it’s worth asking what’s lost in the process. Already, there are worrying signs. A growing body of research shows that intense early specialization in a single sport increases the risk of injury, burnout and depression. Fees and travel costs are pricing out lower-income families. Some kids who don’t show talent at a young age are discouraged from ever participating in organized sports. Those who do often chase scholarships they have a minuscule chance of earning.

“For better or worse, youth sports is being privatized,” says Jordan Fliegel, an entrepreneur who has capitalized on the shift. Whatever the answer is, the transition has been seismic, with implications for small towns, big businesses and millions of families.

Joey Erace, 10, at home in Mullica Hill, New Jersey on Aug. 8, 2017.
Finlay MacKay for TIME“I love working hard,” says Joey Erace, 10, who lives in southern New Jersey but has suited up for baseball teams based in California and Texas. His Instagram account 
@joeybaseball12 has more than 24,000 followers.

 

The United States Specialty Sports Association, or USSSA, is a nonprofit with 501(c)(4) status, a designation for organizations that promote social welfare. According to its most recent available IRS filings, it generated $ 13.7 million in revenue in 2015, and the CEO received $ 831,200 in compensation. The group holds tournaments across the nation, and it ranks youth teams in basketball, baseball and softball. The softball rankings begin with teams age 6 and under. Baseball starts at age 4.

Entering June, Joey Erace’s Dallas-area team, the Texas Bombers, was third in the USSSA’s 10-and-under baseball power ranking. The Alamo (Texas) Drillers were No. 1. This summer, Luke Martinez, 10, played second base for the Drillers. His family lives in a well-appointed mobile home in south San Antonio. Luke’s mom Nalone cooks for a food truck. Luke’s dad Jerry is a logistics coordinator at a printer and copier company. He works overtime whenever possible to save for Luke’s frequent overnight trips across Texas and to Louisiana, North Carolina and Florida. The family has skipped car payments and put off home repairs to help.

Like millions of sports parents, the Martinezes hope that Luke’s quick bat will lead to a college scholarship. There may be no single factor driving the professionalization of youth sports more than the dream of free college. With the cost of higher education skyrocketing–and athletic-department budgets swelling–NCAA schools now hand out $ 3 billion in scholarships a year. “That’s a lot of chum to throw into youth sports,” says Tom Farrey, executive director of the Aspen Institute’s Sports & Society program. “It makes the fish a little bit crazy.”

The odds are not in anyone’s favor. Only 2% of high school athletes go on to play at the top level of college sports, the NCAA’s Division I. For most, a savings account makes more sense than private coaching. “I’ve seen parents spend a couple of hundred thousand dollars pursuing a college scholarship,” says Travis Dorsch, founding director of the Families in Sport Lab at Utah State University. “They could have set it aside for the damn college.”

Still, the scholarship chase trickles down to every level. College coaches are now courting middle-schoolers, and competitive high school teams scout the club ranks. In some places, travel teams have supplanted high school squads as the priority for top players. Kids learn early that it’s imperative to attend travel tournaments–and impress. Katherine Sinclair, 12, has played basketball games in Philadelphia and New York City on the same day, but she embraces the grind. “I don’t have that long until I’m in eighth grade,” she says. “That’s when college scouts start looking at me. It’s when I have to work my butt off.”

The Internet has emerged as a key middleman, equal parts sorting mechanism and hype machine. For virtually every sport, there is a site offering scouting reports and rankings. Want to know the top 15-and-under girls’ volleyball teams? PrepVolleyball.com has you covered (for a subscription starting at $ 37.95 per year). The basketball site middleschoolelite.com evaluates kids as young as 7 with no regard for hyperbole: a second-grader from Georgia is “a man among boys with his mind-set and skill set”; a third-grader from Ohio is “pro-bound.”

Social-media-savvy parents now build Twitter and Instagram feeds around their young athletes. One such account calls itself “a brand inspired by my 11 yr old son’s unique style and attitude on and off the Baseball Field.”

Children sense that the stakes are rising. In a 2016 study published in the journal Family Relations, Dorsch and his colleagues found that the more money families pour into youth sports, the more pressure their kids feel–and the less they enjoy and feel committed to their sport.

Even well-meaning parents, meanwhile, can find themselves swept up. “You say to yourself, Am I keeping up?” says Rosemary Brewer, a nonprofit executive in Portland, Ore., who has mixed feelings about placing her two sons, 11 and 15, on travel lacrosse teams. “There’s pressure, especially if your kids have some talent. You feel it a little more. But we want the kids to have fun and be with their friends. We have to take a step back and keep asking ourselves, What’s the end goal?”

This parenting experience is new, given that the hypercharged kids’ sports scene didn’t exist on this scale just a few years ago. “When parents enter the youth-sports development complex, they’re naive,” says sports psychologist Jim Taylor. “They absorb the message they hear most: ‘You mean, your kid’s not playing on a travel team? She’s not playing all the time? What’s wrong?’” Taylor, who’s writing a book about youth-sports parenting, has two daughters, 12 and 10, who ski and swim. “It’s hard not to get sucked in,” he says. “Even for someone like myself, a quote-unquote expert on this stuff. Because I’m human. I’m a dad.”

King-Riley Owens, 9, who is ranked as a five-star prospect by the National Youth Basketball Report, lives in L.A. but has already played in tournaments in Utah, Texas and Nevada. His parents have used GoFundMe to help pay for the travel. If the NBA doesn’t work out, King-Riley wants to be a veterinarian. Here King-Rily is photographed at home on Aug. 2, 2017
Finlay MacKay for TIMEKing-Riley Owens, 9, who is ranked as a five-star prospect by the National Youth Basketball Report, lives in L.A. but has already played in tournaments in Utah, Texas and Nevada. His parents have used GoFundMe to help pay for the travel. If the NBA doesn’t work out, King-Riley wants to be a veterinarian. Here King-Rily is photographed at home on Aug. 2, 2017.

 

There are few better places to take the measure of the youth-sports industrial complex than the Star, the gleaming, 91-acre, $ 1.5 billion new headquarters and practice facility of the Dallas Cowboys. Turn left upon entering the building and you’ll find the offices of Blue Star Sports, a firm that has raised more than $ 200 million since April 2016 to acquire 18 companies that do things like process payments for club teams, offer performance analytics for seventh-grade hoops games and provide digital social platforms for young athletes.

Blue Star’s investors include Bain Capital; 32 Equity, the investment arm of the NFL; and Cowboys owner Jerry Jones, who leases Blue Star space in his headquarters. The company’s goal is to dominate all aspects of the youth-sports market, and it uses an affiliation with the pros to help. Blue Star’s logo bears a not-coincidental resemblance to the one seen on national TV every Sunday, and the company’s conference room has a view of the Jones family boardroom. The connection is clear for kids and investors alike.

Other major companies have also entered the fray. The national retailer Dick’s Sporting Goods has acquired companies that specialize in online scheduling and score tracking for youth sports. Last year NBC bought Sport Ngin, a scheduling and social app that had raised $ 39 million in venture funding, and rechristened it SportsEngine. In August, SportsEngine launched a searchable directory of more than 100,000 youth-sports camps, teams and leagues. Time Inc., TIME’s parent company, launched Sports Illustrated Play after acquiring three youth-sports-software startups. SI Play’s apps now have 17 million monthly unique users. In the past 18 months, investors have plowed over $ 1 billion into the youth-sports market, according to SI Play CEO Jeff Karp.

The boom has given rise to countless entrepreneurial efforts, from new facilities to recruiting sites to private-coaching outfits. Even during the depths of the Great Recession, revenue for Travel Team USA, a company that books youth-sports travel, continued to double year over year. In 2012, entrepreneur Fliegel launched CoachUp, an app that connects young athletes with coaches. The NBA star Stephen Curry is an investor. “It doesn’t hurt to say Steph’s one of the bosses,” says Victor Hall, a New York City teacher and coach who calls the private hoops lessons he offers through the app a “thriving” side business.

Across the U.S., the rise in travel teams has led to the kind of facilities arms race once reserved for big colleges and the pros. Cities and towns are using tax money to build or incentivize play-and-stay mega-complexes, betting that the influx of visitors will lift the local economy.

That was the thinking in Westfield, Ind., which was hunting for ways to expand the commercial tax base of the small city some 20 miles north of downtown Indianapolis. “We wondered, Is it conceivable to create an industry around family travel sports?” says mayor Andy Cook. Concluding that it was, Westfield issued $ 70 million in bonds to build Grand Park Sports Campus, a 400-acre complex that opened in 2014 and includes 31 grass and synthetic fields for soccer, lacrosse and other field sports, 26 softball and baseball diamonds, and a 370,000-square-foot indoor facility. The city is hoping that tax revenue generated by new hotels, retail outlets and medical facilities near the park will eventually pay off the debt.

Westfield officials had considered attempting to draw a minor-league baseball team to the city. “That gives you some prestige,” says Cook. “But it’s not really our moneymaker. Our moneymaker is regional tournaments, under 16 years of age. Because they bring Mom, Dad, brother, sister, grandparents.”

The pioneer of this trend is the ESPN Wide World of Sports Complex, which opened in 1997 on the grounds of Disney World in Orlando. The 220-acre venue allows Disney to collect revenue from tournament fees, hotel stays and theme-park tickets, while giving it another way to win the hearts–and future wallets–of its youngest customers. Business is thriving. Wide World of Sports hosted 385,285 athletes in 2016, up 28% since 2011.

Sometime this winter, the Sports KingDome, a facility with 347,000 sq. ft. of indoor space–enough to fit a dozen multisport fields, or six Little League baseball fields–is slated to open on the site of a former IBM campus in East Fishkill, N.Y., some 70 miles north of New York City. It will become one of the largest domes on the planet, and the owner plans to auction naming rights to the highest bidder. The $ 25 million, all-weather complex will allow families in the populous northeastern U.S. to play travel soccer, lacrosse and baseball 12 months a year, just like they do in the Sun Belt.

Melanie Barcenas, 9, practicing in her San Diego backyard, hopes to follow in the footsteps of the superstar Neymar. “He plays just like me,†she says. Melanie plays multiple soccer games most weekends. To save money, her family stays in a hotel only if a game is more than a four-hour drive from home. Here Melanie is photographed at home where her father Carlos made a practice field for her in their backyard, on Aug. 3, 2017.
Finlay MacKay for TIMEMelanie Barcenas, 9, practicing in her San Diego backyard, hopes to follow in the footsteps of the superstar Neymar. “He plays just like me,” she says. Melanie plays multiple soccer games most weekends. To save money, her family stays in a hotel only if a game is more than a four-hour drive from home. Here Melanie is photographed at home where her father Carlos made a practice field for her in their backyard, on Aug. 3, 2017.

 

Would that be so bad? Many families say they enjoy the travel-sports experience. Parents bond with one another. Kids make new friends. “We have friends and family tell us that it’s too much, too soon,” says Jerry Martinez, Luke’s father. “But this is his passion. I’m not going to stomp on it.”

There are mounting concerns, however, over the consequences of such intensity, particularly at young ages. The average number of sports played by children ages 6 to 17 has dipped for three straight years, according to the Sports & Fitness Industry Association. In a study published in the May issue of American Journal of Sports Medicine, University of Wisconsin researchers found that young athletes who participated in their primary sport for more than eight months in a year were more likely to report overuse injuries.

Intense specialization can also tax minds. According to the American Academy of Pediatrics, “burnout, anxiety, depression and attrition are increased in early specializers.” The group says delaying specialization in most cases until late adolescence increases the likelihood of athletic success.

Devotion to a single sport may also be counterproductive to reaching that holy grail: the college scholarship. In a survey of 296 NCAA Division I male and female athletes, UCLA researchers discovered that 88% played an average of two to three sports as children.

Other consequences are more immediate. As expensive travel teams replace community leagues, more kids are getting shut out of organized sports. Some 41% of children from households earning $ 100,000 or more have participated in team sports, according to the Sports & Fitness Industry Association. In households with income of $ 25,000 or less, participation is 19%.

 

One weekend in early June, all eyes were on Joey Baseball. “Is that him?” a rival player asked his coach. Yes, indeed, it was Joey Erace of southern New Jersey in the flesh, warming up on a field in the town of Sulphur, La., where he had flown to play for the Texas Bombers at a regional tournament.

In addition to Joey, the Bombers imported two star players from California and a power hitter from Mexico, who smacked a moonshot home run in a preliminary-round game. Bombers coach Lale Esquivel, who won the College World Series at the University of Miami in 1999, makes no apologies for running his team like a professional outfit. “I can see talent at a young age,” Esquivel says. “My son is special. I want to surround him with the best kids from across the country. In return, playing on my team is going to help your son. Do we win? Of course we win. If I’m going to be investing all this time and money, we might as well win.”

Still, amid the plane rides, autograph requests and high-pressure tournaments, there are moments when things lurch into perspective. At one point during the weekend in Louisiana, Joe Erace tucked Joey’s pants in for him and paused. “Sometimes when I’m getting on him a bit,” he says, “my wife reminds me that Joey still thinks a big fat guy in a red suit delivers presents all around the world.”

–With reporting by ABIGAIL ABRAMS AND TARA JOHNSON/NEW YORK


This appears in the September 04, 2017 issue of TIME.
Sports – TIME

ENTERTAINMENT DEAL UPDATE:

Wells Fargo Commits $60 Billion to Increase African American Homeownership

homeownership

Wells Fargo has announced a $ 60 billion lending commitment, to create at least 250,000 new African American homeowners, in an effort to address the lower homeownership rates in the black community. The banking and financial services holding company seeks to lend $ 60 billion to qualified African American consumers for home purchases by 2027, as well as to increase the diversity of the Wells Fargo Home Lending sales team, with $ 15 million to support a variety of initiatives that promote financial education and counseling over the next ten years.

According to the U.S. Census Bureau, by the year 2024, 75% of the expected 14 million new households (renters and owners) in the U.S. will be diverse. African Americans are projected to represent 17%, or the third largest segment, of the new households.

 

Boosting Black Homeownership

 

“Wells Fargo’s $ 60 billion lending goal can contribute to economic growth by making responsible homeownership possible for more African Americans in communities across the country,” says Brad Blackwell, executive vice president and head of housing policy and homeownership growth strategies for Wells Fargo, in a press statement. “We are proud to be the first mortgage lender to make a public commitment to help increase African American homeownership. And, we are grateful for the support of key housing and civil rights organizations, who work alongside us to increase economic prosperity in our communities.”

Joining Wells Fargo in this effort in the National Association of Real Estate Brokers (NAREB). Composed of African American real estate professionals, the organization has set a homeownership goal, along with two of the nation’s most influential civil rights organizations, the NAACP and the National Urban League (NUL).

The NUL provides homebuyer education and counseling through its network of affiliate offices across the country. “Homeownership has become an indispensable part of being a full participant in American society,” says National Urban League President and CEO Marc H. Morial, in a released statement. “An erosion of homeownership rates among African Americans represents not only a devastating financial loss, but a barrier to full participation in the American dream.”

 

Removing Barriers to Wealth Building

 

NAREB gave kudos to Wells Fargo’s $ 60 billion loan commitment. “The bank is the first financial institution to acknowledge publicly black Americans’ wealth building potential, which could be greatly improved through homeownership,” says Ron Cooper, president of the National Association of Real Estate Brokers, in a statement.“NAREB welcomes their entry into the struggle to close the ever widening wealth gap for black Americans, and looks forward to having Wells Fargo as a partner in NAREB’s ‘Two Million New Black Homeowners in Five Years’ program.”

According to NAREB’s 2016 commissioned study, The State of Housing in Black America, housing finance industry barriers, such as credit-scoring models, the lack of affordable housing inventory, and economic constraints, like unemployment and under employment, contributes to low homeownership among African Americans. In addition, barriers to homeownership in black communities include the costs associated with accessing mortgage credit, limited funds for downpayments, and lender averseness to extending credit to consumers with lower credit scores and smaller downpayments. Additional research concludes that the lack of exposure to generations of long-term homeownership and the persistence of myths about homebuying may keep future homebuyers on the fence.

 

Home Financing Options

 

Despite these factors, Wells Fargo has learned, through a series of consumer surveys with Ipsos Public Affairs, that African Americans view homeownership positively. The 2016 survey reveals 86% of all Americans say homeownership is a “dream come true”;  with 79% of the African Americans surveyed saying it’s essential for building families, and 51% considering buying a home in two years.

Wells Fargo offers a number of home financing options, including its Your First Mortgage, a homebuyer education incentive that offers a downpayment as low as 3% for fixed-rate loans. For veterans, a VA loan requires no downpayment. Moreover, Wells Fargo is the exclusive provider of the Union Plus mortgage program, which offers benefits for most union members and their families. The Neighborhood LIFT program offers down payment assistance to low- and moderate-income homebuyers.

Money – Black Enterprise

FASHION DEAL UPDATE:

Shop select Free People sale and clearance items at Bloomingdales.com!

Wisconsin Assembly set to approve $3 billion for Foxconn

MADISON, Wis. (AP) — The Wisconsin Assembly planned to approve a $ 3 billion tax break Thursday for Taiwan-based Foxconn Technology Group to build a massive display panel factory in the state, a project President Donald Trump touted as a transformational win for the U.S. economy.
Technology Headlines

BEST DEAL UPDATE:

Discover high-quality men’s and women’s wear and accessories carefully selected for impeccable make and lasting quality.

Bill Gates Just Gave Away $4.6 Billion, His Biggest Donation Since 2000

And he’s still the richest person in the world.

Lifestyle – Esquire

SHOPPING DEALS UPDATE:


GM blasts $1 billion deal between ignition switch plaintiffs, creditor trust

(Reuters) – Plaintiffs suing General Motors Co over faulty ignition switches and other alleged vehicle defects have reached a $ 1 billion settlement requiring the automaker to turn over that amount of stock, a lawyer for the plaintiffs said in a court hearing on Friday.


Reuters: Business News

SPECIAL DISCOUNT UPDATE!

Jos. A. Bank: Daily Deals From Jos. A. Bank – Get Up to 75% Off!

Bond investors give Tesla a $1.8 billion endorsement

NEW YORK (Reuters) – Bond investors on Friday gave a $ 1.8 billion boost to Tesla Inc’s balance sheet by snapping up the electric car maker’s first foray into the U.S. junk bond market, where yield-hungry investors have raced to lock in relatively higher returns.


Reuters: Technology News

BEST DEAL UPDATE:

Save 25% Off Full Size Kaplan MD Skincare (Excludes Lip and Skincare Sets)!

Bond investors give Tesla a $1.8 billion endorsement

NEW YORK (Reuters) – Bond investors on Friday gave a $ 1.8 billion boost to Tesla Inc’s balance sheet by snapping up the electric car maker’s first foray into the U.S. junk bond market, where yield-hungry investors have raced to lock in relatively higher returns.


Reuters: Business News

SPECIAL DISCOUNT UPDATE!

Jos. A. Bank: Daily Deals From Jos. A. Bank – Get Up to 75% Off!

BANCO DO BRASIL: Adjusted Income Grows 47.1% In Q2 To R$ 2,649 Billion

Banco do Brasil reported an adjusted net income of R$ 2.649 billion (US$ 839.91 million) in the second quarter of this year, a 47.1% increase compared to the same period of last year and in line with analysts forecasts.
RTT – Economic News

BEST ECONOMIC DEAL UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL REQUEST DONATION UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

OI: Company Is Still Reviewing Plans To R$ 8 Billion Capital Increase

Brazil’s telecom company Oi is still studying alternatives to raise R$ 8 billion (US$ 2,54 billion) in capital under its bankruptcy recovery plan. There were rumors that the capital increase could be considerably lower, at R$ 5 billion (US$ 1,59 billion).
RTT – Economic News

BEST ECONOMIC DEAL UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL REQUEST DONATION UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Amazon’s big rival in India just got $2.5 billion

TwitterFacebook

Japanese telecom and investment giant Softbank just made sure Flipkart has plenty of cash to fight off Amazon’s aggressive push into India.

The firm poured $ 2.5 billion into the e-commerce giant in what the company claims is the biggest ever private funding deal for a tech company based in India. 

The move comes after Microsoft, Ebay, and Chinese tech giant Tencent all lined up behind Flipkart with a then-record-breaking $ 1.4-billion investment of their own earlier this year. Between the two infusions, Flipkart now has a war chest of around $ 4 billion. Read more…

More about Amazon, Softbank, Flipkart, Business, and Consumer Tech


Business

BREAKING NEWS:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Tesla is looking to raise $1.5 billion for Model 3 ramp-up

Tesla said Monday it intends to raise about $ 1.5 billion in a bond offering as the US automaker seeks to ramp up production of its newest electric sedan, the Model 3. The debt offering comes as Tesla receives thousands of reservations for the Model 3, which were averaging about 1,800 per day since the car’s…
Business | New York Post

SPECIAL DISCOUNT UPDATE:

JBS: Company Sells Stake In Vigor To Grupo Lala For R$ 1.1 Billion

The Brazilian meatpacker JBS will sell its 19.43% stake in Vigor Alimentos to the Mexican Grupo Lala for R$ 780 million – R$ 1.1 billion including the transfer of debts. JBS will use part of the proceeds to reduce its leverage.
RTT – Economic News

BEST ECONOMIC DEAL UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL REQUEST DONATION UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

U.S. Trade Deficit Narrows More Than Expected To $43.6 Billion In June

Reflecting an increase in exports and a decrease in imports, the Commerce Department released a report on Friday showing that the U.S. trade deficit narrowed by more than expected in the month of June. The report said the trade deficit narrowed to $ 43.6 billion in June from $ 46.4 billion in May.
RTT – Economic News

BEST ECONOMIC DEAL UPDATE:

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL REQUEST DONATION UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Michael Kors acquires Jimmy Choo for $1.2 billion

Are the Jimmy Choos worth it? Michael Kors is going to find out. Michael Kors shelled out $ 1.2 billion to buy the Jimmy Choo shoe brand on Tuesday —a price tag that struck some analysts as staggeringly high, like a pair of $ 750 Jimmy Choo pumps. Kors Chief Executive John Idol called London-based Choo a…
Business | New York Post

SPECIAL DISCOUNT UPDATE:

NYC Pension Funds Aims to Top $12 Billion Invested with Black Asset Management Firms

The New York City Pension Funds is beefing up its diversity activity, including enhancing how the nation’s fourth largest pension fund selects black asset management firms.

(Image: iStock/shironosov)

 

The plan is part of the Diversity Working Group (DWG) that New York Comptroller Scott Stringer has created in his office’s Bureau of Asset Management.

The group’s mission is to come up with new ideas and approaches to help NYC’s Pension Funds increase how much it invests with minority and women managers. As of the start of 2017, that amount was $ 12 billion, up 25% since 2013. The group will establish new ways to include diverse investment staff, asset managers, and suppliers in the city’s pension funds.

The DWG’s strategies will consist of imposing fresh ideas for employment, investment manager selection, and supplier diversity.

The group, with roughly 12 members, will work with the Comptroller’s equal employment opportunity officer, chief diversity officer, and bureau of administration. Stringer is custodian of the city’s pension funds. Valued at $ 175 billion, the NYC Pension Funds have more than 700,000 members. They include current and retired teachers, firefighters, police officers, and other city employees in the Big Apple.

Stringer says protecting New Yorkers’ retirement security aligns with supporting minority and women business enterprises and diversifying boardrooms.

“We’re doubling down on that model,” Stringer stated in a press release, referring to the Diversity Work Group’s launch. “We’re working to ensure the firms we work with and those who invest our pension dollars reflect the extraordinary diversity of New York.

Stringer announced the new group at the Comptroller Office’s annual conference this month for investment managers. The group aims to add to efforts Comptroller Stringer achieved over the last three years to grow the pension funds’ portfolio, increase investments with minority- and women-owned investment firms and inspire all money managers to diversify their companies.

Some of the accomplishments his office reported reached over that period include:

-Boosting private equity investments with Minority and Women-owned Business Enterprises (MWBE) managers from 14% to 20%;

-Raising investments with MWBE-run hedge funds from 0% to 13%. That growth came despite the fact that 97% of hedge funds are owned by white men.

At the event, Stringer named New York-based Neuberger Berman and Austin, Texas-based Vista Equity Partners, (No. 1 on the BE 100s Private Equity Firms list), winners of the 2017 Diverse Practitioner Award.

 

 

 

 

 

Money – Black Enterprise

FASHION DEAL UPDATE:

Shop select Free People sale and clearance items at Bloomingdales.com!

Alphabet’s profit slumps on $2.7 billion EU fine

Alphabet Inc. reported a 27.7 percent drop in quarterly profit as the company recorded a previously announced charge related to a record $ 2.7 billion fine imposed on its Google unit by the EU. The company’s net income fell to $ 3.52 billion, or $ 5.01 per Class A and B share and Class C capital stock, in…
Business | New York Post

SPECIAL DISCOUNT UPDATE:

‘Fate Of The Furious’ Becomes The Second ‘Fast And The Furious’ Movie To Earn $1 Billion

The “Fast and the Furious” pedal earned another medal this weekend, with “The Fate of the Furious” grossing $ 1 billion.

As of Sunday, the eighth “Furious” installment has earned $ 192.7 million domestically and a whopping $ 867.6 million overseas, according to Universal Pictures’ estimates. It’s the 30th movie in history ― and the second in the franchise, after 2015’s “Furious 7” ― to join the billionaires’ club. 

“The Fate of the Furious” pulled this off after just 17 days in theaters, the same amount it took “Furious 7.” The year’s first billion-dollar release, “Beauty and the Beast,” required almost a month to hit that mark. “Fate” is also the highest-grossing film directed by an African-American. 

This news comes as no surprise, given the increasing international fervor surrounding these high-octane movies. Since “Fast & Furious,” the fourth movie in the series, was released in 2009, each installment has outpaced its predecessor domestically and globally. Universal, which is enjoying a bang-up year at the box office thanks to “Fate,” “Get Out” and “Split,” already has two more “Fast and the Furious” sequels planned, and studio executives have reportedly discussed a potential spin-off surrounding Dwayne Johnson’s and Jason Statham’s characters. Plus, as we pointed out a couple of weeks ago, “The Fate of the Furious” introduces a certain baby who could extend the story’s shelf life far beyond its current expiration date

Other franchises with multiple $ 1 billion earners include “Star Wars,” “The Avengers,” “Transformers” and “Pirates of the Caribbean.”

In other weekend box-office news, “How To Be a Latin Lover” opened to a decent $ 12 million, while the big-screen adaptation of Dave Eggers’ popular cyber-panic novel “The Circle” collected $ 9.1 million, a drowsy figure for a title released on more than 3,000 screens. The weekend’s big surprise was the Indian fantasy “Baahubali 2: The Conclusion,” which took in an estimated $ 10 million despite a mere 425-theater opening. 

The rest of the Top 10 includes “The Boss Baby,” “Beauty and the Beast,” “Going in Style,” “Gifted,” “Smurfs: The Lost Village” and “Born in China.”

— This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

Entertainment – The Huffington Post
Entertainment News-Visit Adults Playland today for the hottest adult entertainment online!

Severe Obesity Costs Medicaid $8 Billion Annually, Study Finds

And health care expenses for heaviest adults is nearly $ 2,000 more a year per patient
healthfinder.gov Daily News
SPECIAL NEWS BULLETIN!-http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News-
HEALTH SPECIALS!!-

Save up to 50% at Walgreens