Here is our roundup on what is happening on the business front around the web.
Casino mogul Steve Wynn confident on Macau concession extension
HONG KONG (Reuters) – U.S. casino magnate Steve Wynn, head of the eponymous Wynn Resorts WYNN.0, said he was confident his casino business in the world’s largest gambling hub of Macau would continue after casino contracts start to expire by 2020. The Chinese-controlled territory has been a goldmine for […]
Fewer and fewer A-listers were attending the WEF, the argument invariably went, and the young, agile start-ups that were “truly” changing the world eschewed the annual event, preferring their own conferences, which were often cheaper and more accessible.
This year, the WEF has silenced its critics – with an all-star line-up that will once again put the small Swiss town in the spotlight. Young tech firms are no longer turning their nose up at the older Davos crowd, he adds, especially those looking for an injection of cash.
“In 2014 less than 15% of all tech company acquisitions were made by non-tech companies,” he explains. “Last year it was 58%”.
CHICAGO (Reuters) – Archer Daniels Midland Co’s (ADM.N) proposed takeover of Bunge Ltd (BG.N) could signal a change in the company’s strategy on oilseeds, giving the top U.S. grain merchant a much bigger capacity to crush soy just months after ADM’s chief executive said the firm would cut spending on the sector. The potential strategic change comes as the world’s biggest agricultural merchants search for new ways to offset four years of bumper harvests that are hurting their ability to make money through the traditional channels of buying, selling and shipping crops.
Bank of America wants more brokerage clients to be bank clients
NEW YORK (Reuters) – Bank of America (BAC.N) is offering cash and interest rate incentives to Merrill Lynch clients for opening first-time checking and savings accounts as it tries to seize the large chunk of wealth that brokerage customers hold at other institutions. The bank is missing out on as much as $200 billion in deposits and other assets from the roughly half of Merrill Lynch clients who bank elsewhere, a source familiar with the matter said on Monday. Clients with both bank and wealth management accounts have on average 15 percent more assets at Bank of America, according to a study the bank conducted last September.
Netflix crosses $100 billion market capitalization as subscribers surge
(Reuters) – Netflix Inc (NFLX.O) snagged 2 million more subscribers than Wall Street expected in the final three months of 2017, tripling profits at the online video service that is burning money on new programming to dominate internet television around the world. The results drove Netflix to a market capitalization of more than $100 billion for the first time. Shares jumped 9 percent to over $248 in after-hours trading on Monday after rallying throughout the month and rising 53 percent last year. (tmsnrt.rs/1Ry82wG)
The millionaires’ club with too few women
Amid the ongoing fallout from widespread sexual assault and harassment allegations and the ##MeToo campaign, gender equality is high on the Davos agenda this year, but the elite annual gathering still has its own issues to solve. As the chief executive of online accommodation website Booking.com she’s in charge of a staggering 15,000 employees in 70 countries around the world.