Indian Billionaires Paying 10% for Cash Shows Muddled RBI

Billionaires Paying 10% for Cash Shows Muddled RBI: India Credit

Just when India’s biggest stimulus package in a decade was close to paying off, a cash crunch engineered by the central bank to shore up the rupee has pushed borrowing costs for leading companies back above 10 percent.

Billionaire Anil Ambani’s Reliance Capital Ltd. sold three-month commercial paper at 10.35 percent this week, compared with the 8.95 percent it paid for one-year funds in June. Three-month CP yields surged 249 basis points this month to a 16-month high of 10.91 percent yesterday, data compiled by Bloomberg show. Similar U.S. rates were at 0.23 percent. Read more of this post

World’s cheapest computer costing just $25 has astonished its British creators by selling almost 1.5 million units in 18 months

World’s cheapest computer gets millions tinkering

By Judith Evans | AFP News – Sun, Jul 21, 2013

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Japanese engineer Shota Ishiwatari displays the humanoid robot “Rapiro” which works with a “Raspberry Pi” in Tokyo on July 8, 2013. Raspberry Pi, the world’s cheapest computer, costing just $25 (£17, 19.50 euros), has astonished its British creators by selling almost 1.5 million units in 18 months

It’s a single circuit board the size of a credit card with no screen or keyboard, a far cry from the smooth tablets that dominate the technology market. But the world’s cheapest computer, costing just $25 (£17, 19.50 euros), has astonished its British creators by selling almost 1.5 million units in 18 months. The Raspberry Pi is now powering robots in Japan and warehouse doors in Malawi, photographing astral bodies from the United States and helping to dodge censorship in China. “We’re closing in on one and and half million (sales) for something that we thought would sell a thousand,” said Eben Upton, executive director of the Raspberry Pi Foundation. “It was just supposed to be a little thing to solve a little problem. “We’ve sold many more to children than we expected to sell, but even more to adults. They’re using it like Lego to connect things up.” The device, which runs the open-source Linux operating system, was designed as an educational tool for children to learn coding. But its potential for almost infinite tinkering and customisation has fired up the imaginations of hobbyists and inventors around the world. Read more of this post

Data Sabotage to Moldy Toilets Rerate India’s Wockhardt

Data Sabotage to Moldy Toilets Rerate Wockhardt: Corporate India

Wockhardt Ltd. (WPL), India’s worst performing drug stock this year, is poised to extend its fall from a 15-month low as analysts cut recommendations following U.S. allegations that it blocked inspectors and destroyed data.

When U.S. Food and Drug Administration officials inquired about unlabeled vials at Wockhardt’s Waluj facility in Maharashtra state, employees immediately dumped the contents into drains, the regulator said in a letter dated July 18. The FDA also found torn quality control records in the trash. The note posted on the FDA’s website on July 23 prompted Macquarie Group Ltd. to cut its recommendation on the stock the same day, while CIMB Securities India Pvt. said it’s reviewing its rating. Read more of this post

How much is Fed aid to U.S. corporate profits worth?

How much is Fed aid to U.S. corporate profits worth?

1:10am EDT

By Herbert Lash

NEW YORK (Reuters) – Many on Wall Street believe the Federal Reserve’s monetary policy is behind record corporate earnings and the stock market’s surge to all-time highs this year.

But how much is a burning issue for investors who wonder how the economy and stocks will perform once the Fed eventually eases its buying of $85 billion a month in bonds and eventually allows short-term rates to climb. Read more of this post

As Canada’s junior miners flounder, long-term damage looms

As Canada’s junior miners flounder, long-term damage looms

1:07am EDT

By Allison Martell and Euan Rocha

TORONTO (Reuters) – Hundreds of small mineral exploration companies may have their stock delisted by Canada’s TSX Venture Exchange in the coming months, choking off a development pipeline that has long supplied major miners with new projects.

As commodity prices boomed in the last decade, a flood of new issuers swelled the ranks of the Venture, TMX Group Inc’s exchange for small-capitalization companies, burnishing Canada’s reputation as the center of global mining finance. Read more of this post

Hong Kong Appetite for $100 Mangoes Boosts ANA Cargo: Freight

Hong Kong Appetite for $100 Mangoes Boosts ANA Cargo: Freight

ANA Holdings Inc. (9202), Japan’s largest airline, is targeting Hong Kong’s appetite for next-day delivery of $100 mangoes and other food to boost its cargo as shipments of Panasonic Corp. (6752) and Sony Corp. televisions slump.

Hong Kong, the biggest destination for food and live animals exported by air from Japan, is buying more Japanese beef, cherries and other premium items as the number of rich in the city increases. Expanding demand is prompting the airline to add more cargo flights in the region. Read more of this post

Arctic Ice-Melt Cost Seen Equal to Year of World Economic Output

Arctic Ice-Melt Cost Seen Equal to Year of World Economic Output

The cost to the world from melting Arctic ice is equal to almost a year of global economic output as releasing methane trapped in the frozen continent leads to extreme weather, flooding and droughts, scientists said.

The methane emissions are an “economic time-bomb” that may cost $60 trillion from effects on the climate, according to research published today by the University of Cambridge and the Rotterdam School of Management at Erasmus University. Extreme weather events would mainly affect developing nations. Read more of this post

The secretive families behind some of Australia’s best known brands

The secretive families behind some of Australia’s best known brands

PUBLISHED: 2 HOURS 45 MINUTES AGO | UPDATE: 0 HOUR 0 MINUTES AGO

Despite choosing to run their $2.3 billion plumbing business as a listed company, the Wilson family are never photographed and rarely interviewed.

ANDREW HEATHCOTE

Would you recognise a member of one of the country’s richest families if you walked past them in the street? Probably not. That’s because they are a highly private group who work hard at staying that way. Self-made billionaires like Clive Palmer and Gerry Harvey may speak freely and develop prominent public profiles, but for wealthy families, ownership can be split across dozens of people, each with their own expectations and egos. Tensions mount quickly when one relation is seen to be speaking on behalf of another. Unwritten rules dictate that people from rich families keep their mouths shut. But many of the richest people you have never heard of are responsible for well-known brands. Here are some of them:

CAROMA TOILETS

Toilet makers the Anderson family have almost no public profile. They are major shareholders in GWA, a listed supplier of household fixtures and fittings. Among the brands in the GWA stable is Caroma, distributors of bathroom necessities including baths, basins and toilets.

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Anderson family net wealth: $335 million.

REECE PLUMBING

Despite choosing to run their Reece plumbing business as a listed company, leading members of the Wilson family are never photographed and rarely interviewed. Peter Wilson is Reece’s chief executive and son of company chairman, Alan Wilson. Alan’s brothers Bruce and John are also directors. Reece is a $2.3 billion company. The family’s fondness for secrecy has attracted criticism from corporate governance experts but investors in Reece rarely complain – under the Wilsons’ leadership, Reece shares have risen 23 per cent over the past 12 months.

Wilson family net wealth: $1.83 billion. Read more of this post

5 Weird (But Effective) Ways You Can Conquer Chronic Procrastination

JULY 24, 2013 by ERIC BARKER

5 Weird (But Effective) Ways You Can Conquer Chronic Procrastination

How to beat chronic procrastination

I’ve posted a fair amount of research related to procrastination in the past, let’s round it up so we have a useful list to refer to when willpower gets low.

1) “Positive” Procrastination

Yes, that’s right, procrastination can be a good thing. Dr. John Perry, author of The Art of Procrastination, explains a good method for leveraging your laziness: The key to productivity, he argues in “The Art of Procrastination,” is to make more commitments — but to be methodical about it. At the top of your to-do list, put a couple of daunting, if not impossible, tasks that are vaguely important-sounding (but really aren’t) and seem to have deadlines (but really don’t). Then, farther down the list, include some doable tasks that really matter. “Doing these tasks becomes a way of not doing the things higher up on the list,” Dr. Perry writes. A similar tip is described by Piers Steel, author of The Procrastination Equation“My best trick is to play my projects off against each other, procrastinating on one by working on another.” Dr. Steel says it’s based on sound principles of behavioral psychology: “We are willing to pursue any vile task as long as it allows us to avoid something worse.” Read more of this post

Family Business: How to Spot a Problem Patriarch; Sometimes it’s the most successful leaders who sow the seeds for the downfall of a family business

Family Business: How to Spot a Problem Patriarch

by Josh Baron and Rob Lachenauer  |  12:00 PM July 24, 2013

Sometimes it’s the most successful leaders who sow the seeds for the downfall of a family business. Carl was one of the most talented leaders of his generation. When he took over the family business, it was a struggling $10 million automotive parts distributor. Now after thirty years of being at the helm, Carl has developed a $2 billion company that is a leader in logistical services to hospitals in Europe, and also owns four other distribution businesses. At one point, Carl had 48 direct reports and had personally hired each one. At the same time, he cared deeply about his family and made sure that everyone was well taken care of. But there was a darker side to Carl’s success. Read more of this post

Charlie Munger: Energy Independence Is A Dumb Idea

CHARLIE MUNGER: Energy Independence Is A Dumb Idea

ROB WILE JUL. 24, 2013, 11:15 AM 3,820 16

Some surprising people, including the CEO of Exxon, think true American energy independence is actually a bad idea. Add Berkshire Hathaway Vice-Chairman Charlie Munger’s name to that list. Munger recently spoke at the Committee of 100 U.S.-China relations conference (via Farnam Street Blog’s Shane Parrish notes and Tim Harford). The moderator asked Munger a basic question about which sectors Berkshire believes are ripe for growth. He responded by begging off that question and launched instead into a critique of America’s energy policy, especially the continued insistence on independence. But unlike other commentators who’ve refuted the concept, Munger approached the question from a more apocalyptic angle: Read more of this post

After Billionaire Steven Cohen’s Hedge Fund Turned Focus to Market-Moving Info to ramp up “Deep Value” Investing, Regulators Grew Wary

July 24, 2013, 6:40 p.m. ET

For SAC, a Shift in Investing Strategy Later Led to Suspicions

After Steven Cohen’s Hedge Fund Turned Focus to Market-Moving Info, Regulators Grew Wary

JAMES STERNGOLD and JENNY STRASBURG

As SAC Capital Advisors LP was preparing for the 2004 launch of a new division,Steven A. Cohen had a number of portfolio managers and traders driven up from the firm’s New York offices in private cars for a gathering at SAC’s Stamford, Conn., headquarters. At a catered dinner, Mr. Cohen explained his desire to ramp up the firm’s “deep value” investing, according to people familiar with details of the gathering. He floated ideas, and traders asked questions about how money would be allocated and research teams organized. The gathering led to the formation of a new unit within SAC called CR Intrinsic—and marked the continuation of a striking shift in the firm’s investing style. Read more of this post

Bond Investors Turn to Cash; Investors are cashing out of bonds but remain hesitant to plunge into stocks

July 24, 2013, 8:28 p.m. ET

Bond Investors Turn to Cash

Investors are cashing out of bonds but remain hesitant to plunge into stocks

CHRIS DIETERICH

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Investors are cashing out of bonds but remain hesitant to plunge into stocks, preferring instead to buy money-market mutual funds despite their low returns. The surprise move highlights persistent investor anxiety with equities even as stock indexes reach new highs. Investors withdrew an estimated $43 billion from taxable bond mutual funds last month, the largest-ever monthly outflow, according to the Investment Company Institute. The debt-market swoon was fueled by worries that the Federal Reserve was softening its commitment to keeping interest rates low. Rising interest rates mean lower bond prices. Read more of this post

Finance group McMillan Shakespeare’s share price has almost halved after it said the Rudd government’s flagged changes to fringe benefit tax (FBT) laws had created uncertainty

The business of loopholes

July 22, 2013

Nathan Bell

On just about every number you care to inspect, McMillan Shakespeare is a stunningly effective business. In the float in 2004 the company raised $10.5 million at 50¢ a share. It last traded at $15.36, an increase of about 3000 per cent in nine years. The company’s return on equity has consistently been around 40 per cent, juiced up somewhat by debt, and it makes operating margins in the high 20s. Revenue since listing has increased from about $66 million a year to more than $300 million in 2012. It’s written in the stars that such businesses become darling stocks, and McMillan duly did – at least until last Tuesday. On that day it was announced that, horror of horrors, salary-packaged new cars will only get a fringe benefits tax break if a logbook can prove they are used for, you know, business. Before entering a trading halt, the company’s share price tumbled. McMillan is in the salary-packaging business, exploiting loopholes cleverly, systematically and legally. Read more of this post

Up to 9,000 Singapore private property owners could be forced to sell their homes if interest rates rise in the city-state

9K units of private property could be forced sold if interest rates rise

July 24th, 2013 |  Author: Contributions

Up to 9,000 Singapore private property owners could be forced to sell their homes if interest rates rise in the city-state, according to an analyst report published today.

On the back of news that up to 10 percent of Singapore households may have already over-leveraged their private property purchases beyond the new 60 percent limit that was recently imposed by the Monetary Authority of Singapore (MAS), wealth management firm Religare Enterprises has cautioned its clients to avoid investing in Singapore property developers. Read more of this post

Stalled Project Shows Why China’s Economy Is Wobbling; The $91 Billion Caofeidian Industrial Zone in Beijing Is Mired in Debt and Unfulfilled Promise

July 24, 2013, 5:41 p.m. ET

Stalled Project Shows Why China’s Economy Is Wobbling

The $91 Billion Caofeidian Industrial Zone Is Mired in Debt and Unfulfilled Promise

By DINNY MCMAHON and BOB DAVIS

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Buildings, some incomplete, in China’s Caofeidian industrial park.

CAOFEIDIAN, China—A $91 billion industrial project here, mired in debt and unfulfilled promise, suggests part of the reason why China’s economy is wobbling – and why it will be hard to turn around. The steel mill at the heart of Caofeidian, which is outside the city of Tangshan, about 225 kilometers (140 miles) southeast of Beijing, is losing money. Read more of this post

Is China’s debt nightmare a province called Jiangsu?

Is China’s debt nightmare a province called Jiangsu?

5:16pm EDT

By Koh Gui Qing

WUXI, China (Reuters) – The nightmare scenario for China’s leaders as they try to wean the country off a diet of easy credit and breakneck expansion is a local government buckling under the weight of its own debt. Few provinces fit that bill quite like Jiangsu, home to China’s most indebted local government.

Hefty borrowings through banks, investment trusts and the bond market by Jiangsu’s provincial, city and county governments have saddled the province north of Shanghai with debt far higher than its peers, public records show.

Read more of this post

Inner Mongolia Property Mogul Bites the Dust; The real estate empire Li Guomin built in Bayan Nur has withered in the heat of a corruption scandal

07.24.2013 19:13

Inner Mongolia Property Mogul Bites the Dust

The real estate empire Li Guomin built in Bayan Nur has withered in the heat of a corruption scandal

By staff reporter Wang Heyan

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Bayan Nur is a city nestled in the crook of a crescent-shaped valley, between the Yellow River and a desert, and surrounded by productive farms. It’s name is Mongolian for “fertile lake,” owing to the swampy Lake Wuliangsu on the crescent’s eastern edge. Bayan Nur is also an economic hub for north-central Inner Mongolia Autonomous Region that’s prospered in recent years on the back of a local real estate boom. But these days, unlike the fertile crescent’s well-watered farms, Bayan Nur’s real estate industry as well as its economy are gathering dust in the dry heat of a corruption scandal. Read more of this post

Private Retirement Funds Find Malaysia a Tough Sell

July 24, 2013, 9:40 a.m. ET

Private Retirement Funds Find Malaysia a Tough Sell

People Are Slow to Sign Up to Program Meant to Supplement Government Pension Plan

JASON NG

Malaysia’s voluntary private-retirement savings program has gotten off to a slow start since being launched last year, despite lures of tax breaks for contributions and a high overall savings rate in the country. Employees in Malaysia are required by law to contribute to the separate Employees Provident Fund, or EPF, which holds assets valued at more than 536 billion ringgit ($169 billion). Returns on that government-run pension fund have been at least 4.5% annually over the past decade, while one-year fixed deposits in banks earn up to 3.2%. Read more of this post

IMAX to Build Up to 120 New Theaters in China

July 25, 2013

IMAX to Build Up to 120 New Theaters in China

Deal With Dalian Wanda Follows Pact With South Korean Partner

BEIJING—IMAX Corp. IMX.T -0.15% is joining with China’s largest cinema chain to build as many as 120 new theaters in the country, dwarfing a deal that the company announced with a Korean partner last week. The Chinese deal is IMAX’s latest to target Asian consumers’ increasing demand for watching Hollywood blockbusters on bigger, more immersive screens. Under the agreement, IMAX will add between 40 and 120 theaters. At most, it would bring to 381 the number of IMAX theaters open or planned in China, with Wanda Cinema Line Corp. running up to 210 of them. Read more of this post

The next Google: LeadBolt dominates app advertising, serving five billion ads a month in 100 different countries. Now, Microsoft has come knocking

Found: the next Google

July 19, 2013

Christopher Niesche

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LeadBolt dominates app advertising, serving five billion ads a month in 100 different countries. Now, Microsoft has come knocking.

Andrew Scarborough is driving LeadBolt’s domination of the global market for app ads. Google might rule the massive online advertising market at the moment. But Australian company LeadBolt is hot on its heels and starting to dominate the fast-growing app advertising market. The business is a mobile advertising network that runs a platform that allows advertisers to put ads into free mobile phone apps. The advertising revenue goes to the app developers with LeadBolt taking a commission along the way. This year, smart phone users around the world will download 80 billion (yes, billion) apps, and that number is forecast to double to 160 billion by 2017. Read more of this post

Online Shopping Site ModCloth’s Vintage Threads Lift Sales Past $100 Million

ModCloth’s Vintage Threads Lift Sales Past $100 Million

For Eric and Susan Koger, the husband-and-wife duo who founded online shopping site ModCloth Inc. as high school sweethearts, a division of labor has always been clear: he’s tech and she’s fashion.

That balance helped ModCloth stand out in a sea of e-commerce rivals and expand sales to “well over” $100 million last year, according to Chief Executive Officer Eric Koger, 29. It also informed a push into wireless devices, which now account for nearly half of visits to its store, he said. Read more of this post

Google’s New $35 Chromecast Device Streams to TVs; Google gets deeper into hardware with new tablet, TV gadget

July 24, 2013, 1:40 PM

Google’s New $35 Chromecast Device Streams to TVs

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Mario Queiroz, Vice President of Product Management at Google, holds up a new Google Chromecast SDK as he speaks during a special event at Dogpatch Studios on July 24, 2013 in San Francisco.

By Amir Efrati and Greg Bensinger

Google GOOG -0.10% unveiled a device to help people connect their TVs to mobile devices so that they can view and listen to Web content on the biggest screen in their homes. The two-inch device, called Chromecast, looks like a thumb drive and is based on Google’s ChromeOS software. The device, available today for $35 at Bestbuy.com Amazon.com AMZN -0.70% and the Google Play store, also works with Apple mobile devices. Chromecast will allow people to select YouTube video content using their Web-connected tablet, for instance, and have it play on their television. It echoes similar technology from Apple called Airplay and from Microsoft MSFT +0.44% called Smartglass. Read more of this post

Chinese Consumption Goes Digital; In the U.S., e-commerce is the icing for retailers. In China it is the cake

July 24, 2013, 12:46 p.m. ET

Chinese Consumption Goes Digital

In the U.S., e-commerce is the icing for retailers. In China it is the cake.

FRANK LAVIN

Speculation over when Chinese online giant Alibaba will launch its initial public offering is again drawing attention to the country’s burgeoning e-commerce industry. Alibaba’s sales are larger than Amazon’s and eBay‘s EBAY +0.89% combined, and its retailing site Tmall boasts more than 500 million registered customers. If China is going to rebalance its economy toward domestic consumption, clearly the Internet will play a big role. This poses a challenge for foreign firms: How can they get in on this act, too? In important respects, e-commerce will fuel China’s greater opening to foreign consumer products. There is no simpler, faster or less expensive way for foreign firms to establish a national retail presence in this sprawling continental market. But online retailing can also be a trap for the unwary. Read more of this post

Cracking the Mysteries of the Male Shopper; As More Men Shop Online, Retailers Like East Dane Try to Understand Them

July 24, 2013, 7:06 p.m. ET

Cracking the Mysteries of the Male Shopper

As More Men Shop Online, Retailers Like East Dane Try to Understand Them

CHRISTINA BINKLEY

The male clothes shopper, long an enigma, is increasingly being spotted online, and the folks at ShopBop are ready for the chase. The women’s-clothing site, owned by Amazon, has been observing the way guys shop online. As a result, its new men’s site, East Dane, which is to debut in September, will look and function very differently from ShopBop. For instance, it will show models mostly from the neck down, present bigger product photos, and include in every order a strip of packing tape to ease a potential return. Read more of this post

Mining Silicon Valley’s Culture: Big Companies Set Up Outposts in Search of New Ideas but Some Falter

July 24, 2013, 7:49 p.m. ET

Mining Silicon Valley’s Culture

Big Companies Set Up Outposts in Search of New Ideas but Some Falter

RACHAEL KING and STEVEN ROSENBUSH

In roughly the past two years, Target Corp., TGT +0.10% General Electric Co.,GE -0.36% Ford Motor Co., F +2.54% Johnson & Johnson JNJ -0.06% and other big companies have opened outposts in or near Silicon Valley in search of ideas and exposure to new technologies not likely to be created in places like Fairfield, Conn., or Detroit. Such companies spent decades watching from the sidelines as Silicon Valley startups developed into some of the fastest-growing and most influential companies of their time. Not surprisingly, companies from around the world—including retailers and old-line industrial giants—ventured to California to tap some of Silicon Valley’s culture based on risk taking, speed, innovation and both hypercompetition and collaboration. Read more of this post

Corporate investment: A mysterious divergence; Experts are struggling to explain a great puzzle of the US economy

July 24, 2013 7:09 pm

Corporate investment: A mysterious divergence

By Robin Harding

Experts are struggling to explain a great puzzle of the US economy, writes Robin Harding

Robert Grant made a solid career out of Botox and breast implants. With a broad smile, he looks like Hollywood’s version of a US corporate executive, perhaps because he admits to using some of the rejuvenating products he sold. Treatments to tauten an ageing population are the quintessential – and highly profitable – products of the US economy in the 21st century. Mr Grant has flown high at some of the industry’s top companies, such as Allergan and Bausch & Lomb, which have operations, together with their most ardent customers, in California’s Orange County. Read more of this post

Banks should keep out of mines and warehouses; When Goldman Sachs bought the commodity trading house J Aron in 1981, it also took on Lloyd Blankfein, then a salesman of silver coins

July 24, 2013 6:49 pm

Banks should keep out of mines and warehouses

By John Gapper

When Wall Street launches into unlikely enterprises, it is time, once again, to start worrying

When Goldman Sachs bought the commodity trading house J Aron in 1981, it also took on Lloyd Blankfein, then a salesman of silver coins. Thirty-two years later, Mr Blankfein is Goldman’s chairman and chief executive and the bank owns, among other commodity assets, some aluminium warehouses near the ailing city of Detroit.

The process by which some of the biggest US banks came to own not only physical commodities but infrastructure such as oil tankers and pipelines is a fine example of mission creep since they were split up by the Glass-Steagall Act of 1933. One can see how they got there, but it is a peculiar – and not very desirable – outcome. Read more of this post

Monumental ambitions: Efforts are afoot to tackle the poor planning that busts budgets and wastes time on big projects

July 24, 2013 5:26 pm

Monumental ambitions

By Andrew Hill

Thinking ahead: better Olympics planning has cut budget over-runs, although the London games overshot by 100%

Frank Gehry, the architect, does not like project managers, but over his career he has learnt a lot about project management. His acclaimed Walt Disney Concert Hall in Los Angeles, completed in 2003, fell into a mire of lawsuits about cost overruns, settled five years later with none of the parties admitting blame. The Guggenheim Museum in Bilbao, however, came in 18 per cent under budget and, as important, has yielded greater benefits for the Spanish city than forecast. Mr Gehry urges fellow architects to take more control of the execution of their work: “Don’t be the baby, be the parent and better things will happen,” he said in a 2010 lecture in Oxford. Read more of this post

Billion-Dollar E-Commerce Flash Sales Startup Zulily Hires Banks For Possible IPO

Billion-Dollar E-Commerce Startup Zulily Hires Banks For Possible IPO

ALISTAIR BARRREUTERS JUL. 24, 2013, 3:40 PM 1,286

SAN FRANCISCO (Reuters) – Zulily hired investment banks in recent weeks to advise the fast-growing e-commerce company on a possible initial public offering, according to two people familiar with the situation.

Zulily, a “flash sales” company founded by former Blue Nile executives Mark Vadon and Darrell Cavens, tapped Goldman Sachs, Citigroup’s investment bank and Bank of America Merrill Lynch, for the IPO push, according to one of the people. Read more of this post

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