Month: May 2020

Luckin, a major rival to Starbucks in China, revealed in April that much of its 2019 sales of about 2.2 billion yuan ($310.77 million) were fabricated by its COO and other employees, who had been suspended while the company carried out its investigation. Jenny Zhiya Qian and Jian Liu, who were CEO and COO respectively, will also exit the company’s board. Meanwhile, Luckin’s chairman, Charles Zhengyao Lu, and Qian handed over shares in the coffee chain to lenders after a company controlled by Lu’s family defaulted on a $518 million margin loan. …read more […]

Uber is said to have approached Grubhub with a buyout offer. Dan Ives, Wedbush Securities Managing Director joins Yahoo Finance’s On The Move to discuss the possible deal. …read more […]

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Luckin Coffee terminated its CEO & COO following an internal fraud probe of annual sales. Yahoo Finance’s Ines Ferre discusses. …read more […]

(Bloomberg) — JPMorgan Chase & Co.’s asset-management arm has launched a new fund to take advantage of dislocations in the public and private real estate credit markets, according to a person familiar with the matter.JPMorgan Asset Management is looking to raise $2 billion to $3 billion from institutional investors for the Real Estate Credit Opportunity Fund, according to the person, who asked not to be identified because the information is private.The vehicle will target 10% to 15% net returns investing in bonds and pools of loans tied to commercial real estate, according to documents viewed by Bloomberg. The fund will …read more […]

(Bloomberg) — Billionaire Anil Agarwal plans to take Indian commodities giant Vedanta Ltd. private as the tycoon continues to simplify his investments.The businessman is proposing a price of 87.5 rupees ($1.16) per share to buy the 49.9% he doesn’t own of the company from minority investors, a 9.9% premium over Monday’s closing price, his holding company said in a statement Tuesday. The announcement confirmed an earlier story by Bloomberg News.Vedanta shares have fallen more than 40% this year, giving the company a market value of about $4.4 billion. Taking the company private is the “next logical step” in its simplification …read more […]

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