Business

McDonald Removes Signature Crafted Burgers from its Menu to Concentrate on Quarter Pounders

McDonald Removes Signature Crafted Burgers from its Menu to Concentrate on Quarter Pounders

Business
McDonald’s Corp has said that it will not be producing its Signature Crafted burgers anymore due to cost and production time. In May 2017, McDonald launched its Signature Crafted burger line in an attempt to keep up with the competition from rival brands like Wendy's and Shake Shack who make premium burgers with fresh ingredients. The company has, however, said that it is discontinuing the production of premium burgers and focusing on the more popular Quarter Pounders. The Signature Crafted burgers according to the company takes more time to prepare and this slowed down services at drive-thrus and stores. The condiments used in making the premium burgers which include maple bacon dijon, sweet BBQ bacon and pico guacamole are harder to put together. This makes the premium burgers mor
Hulu Acquires AT&T’s Stake for $1.43 Billion

Hulu Acquires AT&T’s Stake for $1.43 Billion

Business
Hulu has bought back the 9.5 percent stake of wireless carrier, AT&T three years after Time Warner bought it from them. The deal which was announced on Monday is valued at $1.43 billion and gives Hulu ownership of the stake that Time Warner - now a part of AT&T- bought from them in 2016. At the time, Hulu’s total value was $5.8 billion while their competitor, Netflix, was valued at $41 billion. Hulu which currently has more than 25 million subscribers is expected to record a loss of $1.5 billion in the current fiscal year. Walt Disney Co and Comcast Corp’s NBCUniversal have a joint venture agreement that gives the former a 60 percent stake in Hulu and the later, a 30 percent stake. With the acquisition of AT&T's Stake, Disney and Comcast will need to discuss how they w
American Can Soup Producer, Campbell Soup, Set to Sell Bolthouse Farms for $510 Million

American Can Soup Producer, Campbell Soup, Set to Sell Bolthouse Farms for $510 Million

Business
A few days ago, Campbell Soup, in a press release, announced that it would be selling its Bolthouse Farms unit to Butterfly Equity. Butterfly Equity is an affiliate of Campbell Soup and it is going to pay $510 million to Campbell for the Bolthouse Farms business. This decision was made by Campbell Soup in a bid to pay off some of its debts and manage its remaining assets properly. According to the press release, the deal will be completed in July 2019 and it would put Campbell out of the fresh food production market for good. This isn't the first deal the company is making this year. Two months ago, Campbell soup decided to sell Garden Fresh Gourmet, salsa producer, to Fountain Health USA. After the Bolthouse deal is complete, Jeff Dunn, the current operating partner at Butterfly, wi...
Uber Releases IPO And Reveals That It May Not Make A Profit

Uber Releases IPO And Reveals That It May Not Make A Profit

Business
Uber has unveiled its IPO and things are not looking good for the ride-hailing company. Uber Technologies Inc, on Thursday, said in its IPO filing that growth is slowing for the company and that it may not record profit anytime soon. The decade-old company has 91 million users and has made positive impacts on the global transportation industry. Uber’s IPO filing shows the company's speedy growth in the last three years as well as how competition and public scandals have disrupted its plans of attracting and retaining customers. It also reveals how far Uber is from turning a profit considering that the company predicts increased operating expenses in the future. In 2018, Uber lost $3.03 billion from operations. This is the first time that Uber is revealing its latest user numbe
IBM and Oracle Drop Out of Race for $10 Billion Government Cloud Contract

IBM and Oracle Drop Out of Race for $10 Billion Government Cloud Contract

Business
IBM and Oracle have reportedly been pulled out of the U.S. Defense Department Contract, leaving Amazon and Microsoft as finalists. The Pentagon revealed, on Wednesday, that Amazon and Microsoft were the only candidates left to contest for the $10 billion cloud computing contract. Amazon, Microsoft, IBM, and Oracle had earlier bided for the contract but IBM and Oracle were later dropped because they failed to meet the minimum requirements for the project. The project, which is called the joint enterprise defense infrastructure, or JEDI, would span over a decade. It makes history as one of the biggest federal information technology contracts. The decision of the Pentagon to migrate to the Cloud attracted many big tech companies in 2017 when the announcement was made. The contract woul...