Barry Rosenstein’s Jana to shut down two of its equity funds

Barry Rosenstein’s Jana hedge fund is slimming down in the new year. Following years of lackluster returns, the fund told investors Tuesday that it was closing two of its equity funds to focus on its better-performing activist strategies. “This is where we have delivered our best returns for investors, developed a genuine competitive advantage, made…
Business | New York Post

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Kardashian Sisters ‘Made the Difficult Decision’ to Shut Down Apps in 2019

New year, new beginnings … and endings! Kim Kardashian, Khloé Kardashian, Kourtney Kardashian and Kylie Jenner revealed on Wednesday, December 19, that they are shutting down their apps.

“We’ve had an incredible experience connecting with all of you through our apps these past few years,” Kim, 38, wrote in a statement on her site. “But have made the difficult decision to no longer continue updating in 2019.”

The post — titled “To My Subscribers” — concluded: “We truly hope you’ve enjoyed this journey as much as we have, and we look forward to what’s ahead.”

Kim Kardashian Khloe Kardashian Kourtney Kardashian Kylie Jenner Shutting Down Apps 2019
Khloe Kardashian, Kendall Jenner, Kourtney Kardashian, Kim Kardashian West and Kylie Jenner attend Kanye West Yeezy Season 3 at Madison Square Garden on February 11, 2016 in New York City. Kevin Mazur/Getty Images

The news comes more than three years after the sisters, as well as Kendall Jenner, launched their apps in September 2015, which was founded to give an intimate look into their lives. (The Victoria’s Secret model, 23, announced in December 2017 that she was ending her own site.)

“We wanted to change our digital platform and make it more than just a blog that we had before,” Kim said as they began their app journey. “I just felt like there was no other platform that could do it all unless we do it ourselves.”

The famous family will not be bored, however, sans this project. Kim still has her KKW Beauty ventures, as well as being a mom of three children with husband Kanye West.

Khloé, 34, for her part is founder of clothing company Good American, and has recently embarked on the journey of motherhood when she welcomed a baby girl, True, in April with boyfriend Tristan Thompson. A source told Us Weekly earlier this month that the pair “are actively trying” for baby No. 2.

Kourtney, meanwhile, will remain a part of Keeping Up With the Kardashians — alongside her sisters — while raising her three children, sons Mason and Reign and daughter, Penelope, whom she shares with ex Scott Disick.

For Kylie, 21, she continues to challenge the status quo being the founder and owner of her successful Kylie Cosmetics makeup line. The former Life of Kylie star is also mom of 10-month-old daughter, Stormi, whom she shares with boyfriend Travis Scott.

Us Weekly

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Legal weed-grower temporarily shut down over pesticides

A marijuana firm in Massachusetts was temporarily shutdown by state health officials for spraying plants with harmful pesticides, according to a report. In a buzz-killing move, the company Triple M — which cultivates medical weed near Plymouth — used unapproved chemicals that could sicken smokers, Department of Public Health officials told The Boston Globe. The…
News | New York Post

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Google+ will shut down sooner than planned

Newsy

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Hit by Fraud, Venmo Suffered a Big Loss and Shut Down Features, Report Says

Fraud hit Venmo hard in early 2018, leading the PayPal division for peer-to-peer payments to take an unexpectedly large loss due to fraudulent transactions and to shut down some of its features, according to a Wall Street Journal report.

Losses weighed in 40% higher than budgeted, at $ 40 million for the first quarter of 2018. That was reportedly 0.40% of volume, instead of an anticipated 0.24%.

In response, the company limited and shut down certain features, while blacklisting tens of thousands of accounts. This included pausing an instant-deposit feature, which allowed transfer of funds in a Venmo account to a bank account in as little as 30 minutes for $ 0.25. The feature returned later in the year with a 1% transaction fee.

Venmo also stopped allowing transactions from its Web site, requiring all payments to happen via its app. While 98% of users relied on the app already and only 2% used the Web site for transfers, 15% of net losses occurred via the Web site.

The Journal wasn’t able to determine what led to the elevated fraud. Venmo didn’t reply to a request for comment from Fortune.

The company has had few revenue sources in the past and has taken losses on operations since its start. However, it’s slowly shifting into more fee-based services, including letting customers pay for Uber and other services directly from their account balance.

Venmo is one of several companies contending for a vast market of money transfers between people for casual expenses like splitting the cost of a meal to much larger expenses like rent. Competitors include Zelle, run by a consortium of 30 major U.S. banks, and Square Cash, a system operated by the credit-card processing company Square.

Zelle handled $ 28 billion in transfers in the second quarter of 2018. Venmo managed about half that, or $ 14 billion, in the same period. Zelle has an estimated 23 million U.S. users, and Venmo about 27 million.

Fortune

SPECIAL NEWS BULLETIN:

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Sears to shut 40 more stores early next year

The new store closures are in addition to the 142 stores Sears is already expected to close toward the end of 2018.
Top News & Analysis

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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!