NBA all-star Baron Davis wants to prep athletes and entertainers for the startup game
- The Business Inside the Game (BIG) Power Summit, which took place during the NBA All Star Game weekend extravaganza in Los Angeles, saw Ice Cube and Lyft co-founder John Zimmer talk about disruption with Upfront Ventures board partner and Moviepass co-founder Hamet Watt; basketball stars Chris Paul and Chris Robinson and mega-producer Chris Budnick (the producer of “The Hangover” and “Old School”) shared insights on making an impact beyond sports and entertainment; and a panel of rising startup stars discussed how new technology trends are changing things for sports, entertainment, and culture at large.
- Two Bit Circus founder Brent Bushnell talked about his company’s vision for a new kind of live event space that could leverage the latest technology to be a proving ground and test bed for the latest and greatest in experiential entertainment.
Guitar company Gibson reportedly facing bankruptcy
- Gibson's Chief Financial Officer Bill Lawrence recently left the firm just six months before $375 million of senior secured notes were due to mature, according to a report by the Nashville Post earlier this month.
- Gibson, which has annual revenues of more than $1 billion, has another $145 million in bank loans that will be due immediately if those senior secured notes are not refinanced by mid-July, the report said.
- The U.S.-based company has hired investment bank Jeffries to help with its current financial situation.
- On Thursday, Gibson issued a statement that said an ongoing streamlining strategy would soon help it record the "best financial results the company has seen in its history within the next year." It also said the firm would have the ability to pay back the company's debt in whole within seven years.
Cryptocurrency Insurance: More Companies Join The Bandwagon
- The rise of theft, fraud, and hacking associated with bitcoin trading has pushed insurance firms to offer insurance packages to investors in the digital currency space.
- Apart from the above, another firm offering insurance covers to merchants and retailers who accept bitcoin as payment is bitFlyer, which offers packages for any payment transaction associated with bitcoin in Japan.
- Insurance companies are doing their best to cover all the cryptocurrency trading companies, but the firms have first to invest in good security features to reduce cases of fraud.
- Similarly, insurance firms should come up with good mechanisms for doing due diligence to companies before offering their insurance covers to prevent covering shady companies which are after stealing from investors.
- More insurance companies are also planning to offer their services to the cryptocurrency trading companies which will enable competitive offers to be readily available for the traders and investors.
The Real History of TechCrunch
- At the time I was working with Keith Teare on another project called Edgeio, a company that he founded.
- Because founders actually have to do something to help start or build a company, and Keith never did anything but to first try to actively stop me from writing TechCrunch, and afterward to try to get credit for it.
- I’m still gathering information on all of the ones that list Keith as a founder or cofounder of TechCrunch, and my lawyer will be reaching out to all of them to ask that they correct their documents and notify token holders.
- I’m also asking Keith to cease stating that he founded or cofounded TechCrunch, and donate any tokens or currency he has received while saying he did so to a mutually agreeable charity.
- Unlike Keith, she helped build that company, and gave way more value than she ever took.
5G is helping make this the most high-tech Olympics ever
- Major companies like Samsung and Intel are showing off their technology, including self-driving cars, virtual-reality viewing stations and super-fast video streaming.
- Intel is hoping to dazzle fans with the technology by offering new ways of watching Olympic athletes.
- It's set up 5G stations to track cross-country skiers, deployed dozens of cameras inside an ice arena, and made this the first Winter Olympics to be broadcast live in virtual reality.
- The company says it's running simulated snowboarding and cross-country skiing competitions for fans, as well as a virtual reality "space mission" designed to let guests experience the feeling of lunar gravity.
- But in just a few years' time, he envisions the Olympic Village becoming a "smart city," where cars can send real-time data to traffic lights, and display boards can transmit information people are looking up on their phones.
Noble Group Warns Losses May Near $5 Billion as It Pursues a Deal
- Noble Group, (noble-group) the commodity trader battling to survive, warned that it’ll report another vast loss including from the operations meant to sustain a revamped business, and while it signaled progress in debt-restructuring talks, hurdles to a deal remain.
- Noble Group announced the deal to restructure $3.5 billion in debt last month, fending off bankruptcy after a three-year crisis marked by losses, writedowns and controversial accounting.
- As part of the proposed deal, Noble Group has reached an in-principle agreement with an ad hoc creditors’ group and ING Groep NV (ing) , as a fronting bank, for a three-year $700 million finance facility, it said in the statement.
- For now, given talks with creditors and finance provided by its banks, “the board is, on balance and on the basis of legal advice, satisfied that the group can continue as a going concern, until such time as the restructuring is completed,” the company said.
Big Un revelations as ASX market darling goes into trading halt
- Big Review TV, a subsidiary of ASX listed Big Un Limited, granted security over its assets to FC Capital, the small business lender that is advancing funding to facilitate the company's sales, according to filings.
- First Class Securities, a subsidiary of Sydney-based lender FC Capital, has listed collateral over Big Review TV's assets as "all present and after acquired property – no exceptions," according to a filing with the Personal Property Securities Register.
- He said it did not secure the payment obligation of Big's customers who have received video content and agreed to pay by instalments.
- Earlier this month, after questions were sent to the company, Big admitted that FC Capital was advancing payments on behalf of Big's small business customers, that include salons and coffee shops, in relation to the production of online videos.
Brambles CEO Graham Chipchase takes the pallet company digital
- A year after taking over as chief executive of supply-chain logistics company Brambles, Graham Chipchase, is talking up the digitisation of the business and working hard to lift its top line growth.
- Chipchase, who was previously CEO of global consumer packaging company, Rexam PLC from 2010 to 2016, found a number of short comings in the Brambles organisational structure and its operating model.
- Brambles had tended to run its European, Australian and United States pallet operations in isolation from each other and not share enough information.
- Chipchase is a big fan of experimenting with different ways of using technology to make the business more efficient and achieving higher returns on capital invested.
- He says the Brambles digital team, called BXB Digital and based in Palo Alto, California, are planning to tag about 2 per cent of the pallets in America and track them to gather information to create greater capital efficiency.
There's a lot of blockchain hype, but money-transfer start-up Veem is using it today
- Veem, formerly known as Align Commerce, uses three methods of sending money: Treasury, SWIFT and blockchain.
- SWIFT (Society for Worldwide Interbank Financial Telecommunication) is the decades-old system that banks use for sending international payments, which can take days to settle.
- In the fourth quarter, Veem's blockchain-based volume more than doubled from a year earlier and accounted for 62 percent of its total transactions, Forzley told CNBC.
- In order for Veem to move money on blockchain from the U.S. to Mexico, for example, the company transfers dollars to bitcoin locally and then from bitcoin to pesos on the other side.
- While blockchain now accounts for the bulk of Veem's transactions, it only handled 10 percent of the total amount of money sent in the fourth quarter.
These Firms Are Milking the Cryptocurrency Markets for Astronomical Profits -- And You’ve Probably Never Heard of Them
- What US cryptocurrency-related company makes the highest amount of legal revenue per employee?
- These institutional trading firms do not make their revenue figures available to the public, but they quietly handle billions of dollars in volume on a monthly basis.
- In December, a New York Times article said that Coinbase had 180 customer support specialists and that the company hoped to expand its customer support team to 400 by the end of the Q1 2018 — and these figures do not include the firm’s other employees.
- Additionally, Coinbase and other retail-focused firms are constant targets for fraud, while institutional trading desks serve a smaller stable of KYC-compliant clients with much deeper pockets.
- Because of these factors, Swanson estimated that these trading desks bring in between $30 million to $40 million worth of revenue per employee, making them the burgeoning industry’s true cash cows.