REUTERS: Shares of online scrapbook company Pinterest Inc surged 25 percent in their debut on Thursday, giving it a market capitalization of US$15.8 billion and signalling increased investor appetite for new tech listings.The offering of 75 million shares was priced at US$19, above the expected range of US$15 and US$17, and raised US$1.4 billion in net proceeds.The shares opened at US$23.75 and touched a high of US$24.89 at of 1548 GMT.The company breezed past the US$12 billion valuation it commanded in its last private fundraising round in 2017 after the final pricing on Wednesday.Shares of Zoom Video Communications, another technology company that debuted on Thursday, opened 80 percent above the IPO price of US$36.Pinterest is a social-scrapbooking website that allows users to search for various topics, from home improvement projects to travel tips, with results often showing handy infographics.It also lets users to create social "boards", which relate to certain topics or theme, and … [Read more...] about Pinterest shares soar 25 percent in market debut
New Toyota Yaris: ‘A class-above, high-status image’
UMW Toyota Motor (UMWT) Sdn Bhd launched the all-new Toyota Yaris today. The model is the second vehicle after the current Toyota Vios, to come from UMWT’s new assembly plant at Bukit Raja in Klang, Selangor. At the launch UMWT president Ravindran K said it had been a while since the last time UMW Toyota Motor has a hatchback model in its line-up. The last Toyota Yaris was sold from 2006 until 2012 which was a Completely-Built-Up (CBU) from Japan and was competitively priced. More than 1,000 units of the Yaris were sold during that period. “Consumer preferences have changed. We now see that many customers, especially from the younger generation like the hatchbacks because they represent a sportier image. “Looking at the trend, we decided to add back the Yaris to our model line-up and it will be UMW Toyota Motor’s first Completely-Knocked-Down (CKD) hatchback produced at our new Bukit Raja manufacturing plant.” Ravindran added that the new addition … [Read more...] about New Toyota Yaris: ‘A class-above, high-status image’
Strong 6.5 earthquake off Australian coast: USGS
HONG KONG: A strong 6.5 earthquake hit off the southern coast of Australia on Thursday, the US Geological Survey said, but there were no immediate reports of damage and no tsunami warning. The shallow quake occurred 1,040km southwest of Geeveston in Australia in the western Indian-Antarctic Ridge, the agency said, at a depth of about 10km. — AFP … [Read more...] about Strong 6.5 earthquake off Australian coast: USGS
New York City defends measles vaccination order in court
NEW YORK: New York City's Department of Health defended its mandatory measles vaccination order in a state court on Thursday after a group of anonymous Brooklyn parents sued, arguing that the order was unconstitutional.The department issued the order last week, saying it was an unusual but necessary step to contain the worst outbreak of the highly contagious virus seen in the city since 1991. The outbreak has infected 329 people so far, most of them children from Orthodox Jewish communities in Brooklyn.The order, which was extended this week, requires unvaccinated people living in certain affected Brooklyn neighborhoods to get the measles-mumps-rubella vaccine if they cannot otherwise demonstrate immunity to measles, or face a US$1,000 fine.Five people who said they were parents living in the affected neighborhoods sued the department this week in Brooklyn's Supreme Court, filing their lawsuit anonymously in order, their lawyers said, to protect their children's privacy.Their lawyers … [Read more...] about New York City defends measles vaccination order in court
Sears sues Lampert, claiming he looted company and drove it into bankruptcy
Business Sears Holdings Corp sued longtime Chairman Eddie Lampert, his hedge fund ESL Investments, and former directors including Treasury Secretary Steven Mnuchin, accusing them of allowing the retailer to be looted of billions of dollars before its October 2018 bankruptcy. 18 Apr 2019 11:45PM Bookmark NEW YORK: Sears Holdings Corp sued longtime Chairman Eddie Lampert, his hedge fund ESL Investments, and former directors including Treasury Secretary Steven Mnuchin, accusing them of allowing the retailer to be looted of billions of dollars before its October 2018 bankruptcy.The lawsuit, made public on Thursday, was filed by the restructuring team winding down what remains of the pre-bankruptcy Sears following Lampert's US$5.2 billion purchase in February of most of its assets.Sears accused Lampert of ordering the creation of bogus financial plans showing the retailer would turn itself around even as it racked up huge losses, enabling the transfer of five major assets … [Read more...] about Sears sues Lampert, claiming he looted company and drove it into bankruptcy