•   
  •   
  •   

Money SoftBank's $375 million bet on pizza went really bad really fast

10:40  14 february  2020
10:40  14 february  2020 Source:   msn.com

Fast & Furious 9 trailer brings back a beloved family member

  Fast & Furious 9 trailer brings back a beloved family member Fast & Furious 9 trailer brings back a beloved family memberDuring Friday’s massive fan event The Road to F9 in Miami, Vin Diesel and company debuted the first extended look at the latest installment in the billion-dollar Fast & Furious franchise, which reveals the return of the presumed-dead fan favorite Han (Sung Kang).

Softbank ’ s $ 375 Million Bet on Pizza Went Really Bad Really “We go after areas of payments that have yet to be digitized, that are often complex and painful.” Goldman Sachs is one of several major banks investing in payments capabilities, as the Wall Street giant seeks to build out a

Softbank ’ s $ 375 Million Bet on Pizza Went Really Bad Really Sign up for Next China, a weekly email on where the nation stands now and where it's going next. China’s currency and bond markets have been devoid of traders as coronavirus cases continue to climb.

Two years ago a truck covered with large photos of pizza pies nosed its way onto a long Bay Area driveway. It was ferrying Alex Garden, the chief executive officer of Zume Pizza Inc., to the home of SoftBank Group Corp. CEO Masayoshi Son. Zume’s pitch was robots that could make pizzas a person would want to eat, so Son climbed aboard in the driveway of his Woodside, Calif., estate to watch as the truck’s ovens fired up some robot-made pies, according to people familiar with the meeting.

Record year for Morocco tourism with 13 million visitors

  Record year for Morocco tourism with 13 million visitors A record 13 million tourists visited Morocco in 2019, up 5.2 percent from the previous year, official figures showed Wednesday. The number includes Moroccans from the diaspora, who account for around half of visitors annually.Tourism revenues hit 78.6 billion dirhams ($8.16 billion) in 2019, up from 73.04 billion dirhams ($7.58 billion) the year before, the Moroccan Tourism Observatory said.It attributed the rise -- for the first crossing the 12-million mark -- to its primary markets, France and Spain.

Softbank ’ s $ 375 Million Bet on Pizza Went Really Bad Really U.S. Adds Racketeering Conspiracy Charge Against Huawei. China’s Record Car-Sales Slump Throws a Curve Ball on Pallad Outcast Cruise’s Ordeal Ends After Cambodia Welcomes Ship.

Softbank ’ s $ 375 Million Bet on Pizza Went Really Bad Really Adjusted earnings before interest, taxes, depreciation and amortization was 8 million , beating the analysts’ average estimate of 1.6 million , according to data compiled by Bloomberg.

By the time Garden headed back down the driveway, he was well on his way to a SoftBank investment of $375 million, with double that money on the table if his business gained traction. But that’s not what happened. Instead, Zume marks one of the biggest recent disappointments in SoftBank’s port­folio. As of this year it no longer makes or ­delivers pizzas. In January, Zume cut 360 jobs, leaving a little over 300 employees, and said it would focus on packaging and efficiency gains for other food delivery companies. In a note to employees, Garden said that improving the global food system required increased focus and that the pizzas had served as “inspiration” for higher-growth businesses. Zume declined to comment for this story.

Max Muncy, Dodgers agree to $26 million, 3-year contract

  Max Muncy, Dodgers agree to $26 million, 3-year contract LOS ANGELES — Infielder Max Muncy and the Los Angeles Dodgers agreed to a $26 million, three-year contract Thursday and avoided salary arbitration. Muncy gets a $4.5 million signing bonus, payable within 30 days of the deal's approval by Major League Baseball, and salaries of $1 million this year, $7.5 million in 2021 and $11.5 million in 2022. The Dodgers have a $13 million option for 2023, when he could be eligible for free agency, with a $1.5 million buyout.

Softbank ’ s $ 375 Million Bet on Pizza Went Really Bad Really The agency has said the goal isn’t to maximize revenue but instead to spur investment in faster data connections.

Softbank ’ s $ 375 Million Bet on Pizza Went Really Bad Really Expedia Jumps After Projecting ‘Double-Digit’ Profit Growth. Active accounts rose by 4.6 million to 36.9 million in the quarter, compared with the average estimate of 35.9 million , according to Bloomberg Consensus estimates.

While Zume’s retooling hasn’t cost SoftBank’s $100 billion Vision Fund nearly as much as the fund’s $4 billion investment in WeWork, both startups—as well as the home-goods seller Brandless Inc., which announced its imminent shutdown on Feb. 10, less than two years after taking $100 million from SoftBank—reflect one of Son’s blind spots. If a founder seems brash enough, charismatic enough, reminiscent enough of a younger Son, some of SoftBank’s rigorous ­business-model tests appear to melt away. “Our large, diversified portfolio will perform well over time,” SoftBank said in an emailed statement. “The fund is less than three years old and we’ve already had eight IPOs and returned $10.6 billion to our limited partners.”

Accounts from 10 current and former Zume employees, plus four people who closely evaluated or worked with the company, suggest that Zume’s predicament, like WeWork’s, offers lessons for the U.S. startups that collected more than $136 billion in venture capital last year. Among those takeaways: A visionary founder with a fire hose of money can’t solve every problem. Often, that combo creates new ones. “I’ve never seen data to suggest that being charismatic and confident and overly brash is linked to a successful business,” says Kellie McElhaney, founding director of the Center for Equity, Gender, and Leadership at the University of California at Berkeley’s business school. Instead, she says, the Vision Fund should seek leaders who combine confidence with humility.

Former pizza delivery driver charged with sexually assaulting three women

  Former pizza delivery driver charged with sexually assaulting three women Former pizza delivery driver charged with sexually assaulting three women while working at a Bank Street pizza parlour and police say investigators are concerned there may be other victims. Azizollah “Sam” Arshadian, 64, of Gatineau was scheduled to appear in court Thursday facing three counts of sexual assault. The incidents are alleged to have happened between 2001 and 2018 while Arshadian worked at a Pizza Pizza outlet south of Heron Road. Investigators with the Ottawa Police Service’s sexual assault and child abuse section ask victims or witnesses to call them at 613-236-1222 ext. 5944.

Softbank ’ s $ 375 Million Bet on Pizza Went Really Bad Really Top-of-the-line GeForce parts cost more than many consumers spend on a whole PC. Profit in the fiscal fourth-quarter was 0 million , or .53 a share, compared with 7 million , or 92 cents a share a year earlier.

Will the Zume Pizza brand take off with this massive investment? Pizza delivery is down according to Foodable Labs. This is partly because the quality of

CEO and co-founder Julia Collins, left, and co-founder Alex Garden stand in front of one of the company's delivery trucks at Zume Pizza in Mountain View, Calif. © AP Photo/Marcio Jose Sanchez CEO and co-founder Julia Collins, left, and co-founder Alex Garden stand in front of one of the company's delivery trucks at Zume Pizza in Mountain View, Calif.

Garden comes from the world of video games. In 2004 he sold his company Relic Entertainment for $10 million. He co-founded Zume with restaurateur Julia Collins (of fusion chain Mexicue) in 2015, but a 2013 patent now held by Zume shows he’s been thinking about food robots and mobile ovens for almost a decade. The patent outlines technology to turn balls of pizza dough into boxed pies without ever using a human hand. And why not go one step further and cook the pizza en route, so it arrives at a customer’s house still piping hot?

Zume did a so-so job delivering its first pizzas in 2016. Although some reviewers on Yelp appreciated the fresh ingredients and speedy delivery—“Clearly better than low end pizza places,” one wrote—several complained about undercooked dough or small amounts of sauce and toppings. Eventually, Collins’s team gave up on the dream of baking the pies while driving to customers, according to two people familiar with the matter. The cheese tended to run everywhere as the trucks turned or hit bumps in the road. Instead, the oven trucks began parking in central locations, with runner cars or mopeds transporting the cooked pies.

The best way to reheat pizza

  The best way to reheat pizza The best way to reheat pizza

Zume Pizza reveals a cash injection of $ 375 million in a securities filing. Media reports suggest it is the first of two payments from Softbank ' s Vision Fund. The company also plans to run trucks that use remote controlled ovens to fire up the pizzas enroute. Switching the ovens on from the cloud allows

SoftBanks ' s $ 375 million investment in pizza -robotics startup Zume dwarfs all previous VC funding that had gone into food-robotics SoftBank ' s latest big bet : Zume's pizza -making robots. For SoftBank , which already has investments in DoorDash and Uber Eats, as well as numerous bets on

The home base in Mountain View, Calif., wasn’t as cutting-edge as hoped, either. Among other things, humans still had to load the racks of assembled, unbaked pizzas into the trucks. Some hires came directly from coding schools that specialize in quick boot-camp-style training courses. One adviser recalls being surprised to learn that some Zume coders had last worked at the porn-and-hookup site Adult FriendFinder, known for a security breach that exposed the data of 412 million users.

A robot places a pizza into an oven at Zume Pizza in Mountain View, Calif. © AP Photo/Marcio Jose Sanchez, File A robot places a pizza into an oven at Zume Pizza in Mountain View, Calif.

Garden’s specialty was pitching to investors. Former employees remember joking about his “jazz hands,” referring to his tendency to spin things as positively as possible. Strategic and retail consultant Brittain Ladd says Garden contacted him in 2017, after Amazon.com Inc. purchased Whole Foods, to ask for help proving to SoftBank that Zume was thinking big enough for Son to invest. “He said, ‘I want to be the Tesla of fresh food, and the Amazon of fresh food,’ ” recalls Ladd, adding that he liked the big thinking but it needed to be backed up by action.

Around this time, say several people familiar with the matter, Garden’s attention began shifting to a grander vision of the company’s place in the food chain. In 2018, Zume applied to trademark the name “Gigaranch,” describing a facility that would create meats and cheeses using plant proteins, like Beyond Meat Inc. Zume’s mid-2018 financial estimates, reviewed by Bloomberg Businessweek, projected revenue of about $250 million in the final quarter of 2020 and almost $1 billion in the last three months of 2021, mostly from providing services to other food companies.

SoftBank stock jumps nearly 12% after US judge approves T-Mobile-Sprint merger

  SoftBank stock jumps nearly 12% after US judge approves T-Mobile-Sprint merger A massive bet on Sprint is finally paying off for Masayoshi Son. Shares in his company SoftBank rallied on Wednesday, after a US court approved the $26 billion merger between T-Mobile and Sprint, the carrier SoftBank acquired nearly a decade ago.SoftBank stock closed up nearly 12% ahead of its quarterly earnings Wednesday in Tokyo.Son has been trying to combine the United States' third- and fourth-largest wireless carriers for years, with the goal of creating a heavyweight challenger to AT&T and Verizon.

Softbank declined to comment for this story. Zume also declined to comment on where the funding came from. The company, which launched in 2015, uses robotics, artificial intelligence, automation and mobile kitchen technologies to predict food trends and serve up freshly cooked foods.

SoftBank invested in another $ 375 million funding round in November 2018 that catapulted Zume to unicorn status with a valuation between billion and "It was all really reckless," one of the former employees said. This employee left Zume after voicing concerns with the machinery, specifically the

In the fall of 2018, SoftBank delivered its Vision Fund cash. After one conversation with Son, Garden choked up relaying the details to a confidant, saying, “Masa says I’m going to change the world,” this person recalls. To celebrate Zume’s supposed momentum, he decided to host a company­wide fete he called Day Z. But by June of last year, when staffers from Zume’s offices in the Bay Area, Southern California, and Seattle arrived at an event space near the company’s San Francisco headquarters for Day Z, Garden’s happy mood seemed to have soured, according to attendees. While rank-and-file employees got a typical Garden pep talk and lavish food and drinks, the CEO gave his executive team a rambling, vague speech about poor values at the company.

By Day Z, co-founder Collins was long gone, and Garden seemed to be having trouble sticking with ideas long enough to execute them, say current and former employees. FedEx, UPS, and Kroger have all rejected his requests for investment and help supplying the 10,000 vans he thought he’d need, according to a person familiar with the matter. (UPS and Kroger declined to comment; FedEx didn’t respond to a request for comment.) Garden spent serious cash to buy and convert a double-decker bus from London into a giant pizza truck named Martha for Day Z, but it wouldn’t fit on the party premises. (Martha is now up for sale.) Zume engineers spent months last year developing proprietary batteries and charging stations for the pizza trucks, as well as sensors to detect when hot food had cooled too much for delivery, but none of these projects went anywhere, say people familiar with them. Zume recorded 2019 revenue well under $1 million, says a person familiar with the company’s finances.

Dodgers pay Maeda $1M trade bonus as part of trade to Twins

  Dodgers pay Maeda $1M trade bonus as part of trade to Twins NEW YORK — The Los Angeles Dodgers agreed to pay Kenta Maeda's $1 million assignment bonus as part of their trade of the pitcher to the Minnesota Twins. Los Angeles also agreed to pay the Twins $3 million to cover part of Maeda's salary and reimburse Minnesota for up to $7 million of his earned bonuses, according to information obtained by The Associated Press. Meada's maximum cost to the Twins would be $3,713,500 this year if he earns $13.15 million, his total if he reaches all his roster and performance and bonus levels. His maximum to Minnesota would be $12,586,500 in 2021 and $13.15 million in both 2022 and '23, a total exposure to the Twins of $42.6 million.

Alphabet Inc. is putting $ 375 million into Obamacare startup Oscar Health, the latest health-care investment from Google’ s parent company. Oscar plans to use the funds to help fuel its entrance into the lucrative market for privately administered health-insurance plans for seniors, known as Medicare

The annuity option would result in million going to the federal government over 30 years, leaving you with 2 million . Since no one hit the Mega Millions jackpot on Friday night, the top prize has climbed to $ 375 million . If you win in the next drawing on Tuesday, you get the choice of taking a

Last June, Zume bought a company called Pivot Packaging to jump-start its ability to sell compostable containers to other businesses. It held a one-day test at a Pizza Hut in Phoenix in October, with the goal of expanding the tests to more locations in January or February of this year. But the boxes can’t legally hold food in some jurisdictions, including San Francisco, because they contain the chemicals known as PFAS, which the Environmental Protection Agency has said can harm humans. No further tests have been publicly scheduled. Pizza Hut declined to comment.

Over the past year, Garden grew distant and spent less time at the company, former employees say. Several suspected he was indulging his well-known love of muscle cars, racing them at a nearby track. Executives started leaving in late summer and fall, by which point it seemed clear no more SoftBank money was coming. Reggie Davis, who joined Zume as chief legal officer in September, resigned in November after sending the board of directors a letter questioning Zume’s leadership and spending, according to three people who read it. Davis declined to comment.

Garden was at Zume headquarters during the mass layoffs in January, hovering as his former staffers packed up their desks. One departing employee asked on behalf of the group whether they could stay through the usual catered lunch. An HR rep said no. Instead, they headed to the nearest bars with their generous severance packages—brought to them, albeit indirectly, by SoftBank. 

Quebec couple startled to find huge live grasshopper in arugula container .
The couple bought the produce at the Provigo supermarket in Saint-Hyacinthe on Feb. 7. The 45-year-old said that the couple had consumed about two thirds of the box before they even noticed.The bright green grasshopper blends in with the colour of the arugula, making it hard to see."At first, I thought it was a praying mantis," said Champigny.After the discovery, Champigny transferred the insect to another container and kept it alive for three more days by feeding it arugula. On Wednesday, the couple found it was dead.

—   Share news in the SOC. Networks
usr: 267
This is interesting!