Lyft beat rival Uber in filing for an initial public offering (IPO) on Thursday looking to bring stability to its uncertain future in the advancement of self-driving cars. Lyft did not specify the number of shares to be sold or the price range. Lyft could go public as soon as the first quarter of 2019.
Huawei chief financial officer Meng Wanzhou was arrested on December 1st and faces extradition to the US. The daughter of the founder is being investigated in connection with possible violations of sanctions against Iran by Huawei. The Chinese embassy in Canada protested her Wanzhou’s arrest. Huawei said it has little information about the charges.
After General Motors announced their decision to make major job cuts and halt production in the US and Canada, President Trump commented he is ‘looking at cutting all GM subsidies.’ Following Trump’s statement, GM’s shares dropped more than 3% on Tuesday. Canadian Prime Minister Justin Trudeau and President Trump discussed the cuts during a phone call.
General Motors said Monday it plans to effectively halt production at a number of plants in the U.S. and Canada next year and cut more than 14,000 jobs in a massive restructuring that will cost up to $3.8 billion. In response, the United Auto Workers vowed to use “every legal, contractual and collective bargaining avenue” to fight the changes. U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau also criticized the automaker’s decision.
The Chairman of Nissan Carlos Ghosn was arrested in Japan after an internal investigation revealed ‘significant acts of misconduct’ over a period of many years. Ghosn was fired as Nissan Chairman on Monday for under-reporting his income to Japan authorities. Nissan board director Greg Kelly was also accused of misconduct and wrongdoing.
Facebook announced on Thursday that it ended its relationship with Washington-based consulting firm Definers Public Affairs after it was revealed the firm spread disparaging information about Facebook critics and competitors. Facebook also announced the creation of an independent content moderating body. Uber lost more than $1 billion in its last quarter after decreased bookings.
IBM will acquire open software company Red Hat in a deal worth $34 billion as announced on Sunday. The enterprise software maker will now be a unit of IBM’s Hybrid Cloud division. Red Hat CEO Jim Whitehurst will join IBM’s senior management team. This is IBM’s largest deal and the third largest deal in US tech history.
Following guidance from Wall Street banks, Uber could target a valuation of $120 billion for next year. The IPO would nearly double Uber’s recent valuation of $70 billion. Netflix exceeded earnings estimates in the latest quarterly report published on Tuesday. The company projects adding 9.4 million net subscribers in the fourth quarter.
Sears Holdings plans to file for bankruptcy on Monday, leading to the closure of approximately 150 stores nationwide. Sears CEO Eddie Lampert stepped in to contribute to a financing package between $500 and $600 million to fund operations during bankruptcy proceedings. Various big banks are expected to provide significant contributions to the package.
Amazon raised the wages of US and UK workers after facing political criticism about working conditions and its founder’s wealth. The change will go into effect November 1st, raising the minimum wage for US workers to $15 per hour, benefitting over 250,000 employees. The wage changes apply to other subsidiary employees including Whole Foods.