Thursday, March 14, 2019

business news

business news


Asian Stocks Edge up on Stimulus Hopes After Chinese Data - U.S. News & World Report

Posted: 13 Mar 2019 08:43 PM PDT

[unable to retrieve full-text content]Asian Stocks Edge up on Stimulus Hopes After Chinese Data  U.S. News & World Report

TOKYO (AP) — Asian shares were lower Wednesday amid continuing global uncertainties that weighed on stocks as some traders took profits from a rally earlier ...

Big Tech Companies Cast as Monopolies in UK Government Study - U.S. News & World Report

Posted: 13 Mar 2019 04:44 PM PDT

[unable to retrieve full-text content]Big Tech Companies Cast as Monopolies in UK Government Study  U.S. News & World Report

LONDON (AP) — A review into competition in the U.K.'s digital market says the country needs tough new rules to help counter the dominance of big tech giants ...

Real Good Foods secures minority investment | 2019-03-13 - Food Business News

Posted: 13 Mar 2019 07:10 AM PDT

LOS ANGELES — The Real Good Food Company, L.L.C., a maker of high-protein, low-carb frozen foods, has received a minority investment from Strand Equity. Financial terms were not disclosed.

Founded in 2016, Real Good Foods manufactures gluten-free, grain-free pizzas, snacks, appetizers and Mexican entrees. The company's flagship product was a single-serve frozen pizza featuring a crust made of chicken and parmesan cheese. Real Good Foods now also offers cauliflower crust pizzas, enchiladas wrapped in "tortillas" made with chicken and cheese, pizza snack bites and recently introduced chicken poppers. The new chicken poppers are chicken and parmesan cheese bites stuffed with cheese. Varieties include jalapeƱo and white cheddar, uncured pepperoni and mozzarella cheese, and artichoke and ricotta cheese.

"Real Good Foods is one of the fastest-growing packaged food brands that we have come across in a long time," said Kevin Chen, vice-president at Strand Equity. "By delivering natural high-protein, low-carb and low-sugar alternatives to everyday frozen food staples — all without sacrificing taste — Real Good Foods is driving innovation in a massive $50 billion category that has been slow to adapt to consumers' changing preferences."

Strand Equity is a growth equity firm focused on "investing in the next generation of iconic consumer brands," the company said. Strand Equity partners with emerging brands to scale their businesses through its marketing and operational capabilities as well as its network of industry relationships. Current and realized investments include Bai Brands, Hippeas, Vita Coco, Chopt, Van Leeuwen Ice Cream and RightRice.

"It's exciting and invigorating to partner with a cutting-edge firm like Strand that both understands the emerging new trends in today's marketplace and Real Good Food's commitment to redefining the high protein, low carb category," said Josh Schreider, founder of Real Good Foods.

Bryan Freeman, chief executive officer of Real Good Foods, added, "The team at Strand is an excellent fit for our organization. They've been a part of a number of category-changing brands, and it's clear they'll add new insights and excitement to Real Good Foods."

Teenage Climate Activist Nominated for Nobel Peace Prize - U.S. News & World Report

Posted: 13 Mar 2019 08:45 AM PDT

[unable to retrieve full-text content]Teenage Climate Activist Nominated for Nobel Peace Prize  U.S. News & World Report

Three Norwegian lawmakers have nominated Swedish teen activist Greta Thunberg, who has become a prominent voice in campaigns against climate change, ...

Business executives out after being charged in college admissions scam - CNBC

Posted: 13 Mar 2019 10:16 AM PDT

Manuel Henriquez has resigned as CEO of Hercules Capital, and private equity firm TPG executive William McGlashan and Willkie Farr & Gallagher co-chairman Gordon Caplan have been placed on leave after they were accused in a scam to help their children get into top colleges.

The three were among 50 people charged in what investigators said was a $25 million bribery scam.

Henriquez, 55, resigned as chairman and CEO of his California-based venture capital firm, according to a company statement, which did not mention the admissions scheme. He was arrested in New York on Tuesday and released on $500,000 bail. Hercules' shares lost 8.9 percent after the arrest announcement, but were slightly higher on Wednesday.

McGlashan, 55, was placed on indefinite leave, TPG said. He managed TPG Growth, which has invested in companies including Airbnb, Spotify and Uber, and led TPG's Rise Fund, which is committed to investing for social and environmental good, according to the website.

"As a result of the charges of personal misconduct against Bill McGlashan, we have placed Mr. McGlashan on indefinite administrative leave effective immediately," TPG said in a statement. It said Jim Coulter, co-CEO of TPG, will be interim managing partner of TPG Growth and The Rise Fund.

Caplan, 52, of Greenwich Connecticut, was placed on indefinite leave, by Willkie Farr, according to reports. The New York-based law firm has 700 lawyers in 10 offices in six countries. Caplan allegedly paid $75,000 to have his daughter's test score changed. He was released on Tuesday on a $500,000 bond.

"I'm not worried about the moral issue here," Caplan said during a phone call that was cited in the indictment. "I'm worried about the — if she's caught doing that, you know, she's finished."

The University of Southern California also reportedly fired two athletic department employees — senior associate athletic director Donna Heinel and water polo coach Jovan Vavic — for allegedly taking bribes of more than $1.3 million and $250,000, respectively, to help kids get in as athletic recruits.

Other business executives charged included Agustin Huneeus, head of Huneeus vineyard in Napa Valley, California; Douglas Hodge, a former CEO of Pimco; and Robert Zangrillo, CEO of Dragon Global, an investment company whose website says it's managed more than $1 billion in companies that have over $500 billion in market value today. The enterprises did not immediately respond to CNBC requests for comment.

William Singer, CEO of the Key Worldwide Foundation who was identified as the leader of the scam, pleaded guilty to four charges Tuesday. Federal prosecutors said his business helped parents bribe college coaches to take their children without any athletic background and to help alter students' answers on SAT and ACT exams.

Prosecutors said Henriquez and his wife paid $400,000 in bribes to get their daughter into Georgetown and hired a cooperating witness to aid their other daughter with her standardized exam. The couple also allegedly bribed Georgetown's head tennis coach to designate their daughter as an athletic recruit. They were each released on $500,000 bond.

Hercules did not respond to CNBC request for comment.

McGlashan was charged with working with a college prep company to create a fraudulent athletic profile for this son in order to be recruited as an athlete at USC. He also allegedly funneled $50,000 in bribes into the nonprofit arm of the company to have a cooperating witness correct his son's wrong answers on the SAT exam, prosecutors said.

Justice Department officials said at a news conference on Tuesday it was the biggest college admissions scandal it has ever prosecuted.

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