In the words of Gospel Singer Kirk Franklin…Do you want a revolution? Whoop Whoop! Do you want a revolution? Whoop Whoop!
Former AOL Founder and CEO Steve Case unveiled a new credit card called Revolution Money this week. Case who now runs the investment firm Revolution LLC says the new credit card and a free money exchange service will compete against eBay’s PayPal.
The RevolutionCard will also feature an unusual security element: The card will not contain a customer name or account number. Opting instead for PIN-based encrypted technology.
The new RevolutionCard will carry merchant fees that are 75 percent less than traditional payment networks. If Case’s new card catches on, Visa & Mastercard will both need a revolutionary change to keep from losing market share. Read.
According to reports, Facebook CEO Mark Zuckerberg was spotted in Seattle earlier this week. Sources say he was in town to meet with Microsoft execs.
There has been talk that Microsoft is looking to invest around $500 million for a 5 percent state in Facebook. If this is true, it means that Microsoft is putting a $10 billion valuation on the social networking company. Zuckerberg’s trip to Seattle has caused widespread speculation that there might indeed be some truth to the rumor.
The Wall Street Journal reports that Zuckerberg is holding out for a valuation of $15 billion, either from Microsoft or other potential investors possibly including Google…So this meeting could be just a teaser to wet Microsoft’s appetite.
Take our advice Mark, take the $10 billion. $10 billion in the hand is worth $15 billion in the bush.
Children’s Place CEO Ezra Dabah has resigned after reportedly violating the company’s stock-trading policies.
According to reports, Dabah failed to report an increase in his wife’s holdings of Children’s Place stock. Ezra also pledged shares to a margin account during a “blackout period” without board approval on two separate occasions.
Still, the company says that Dabah did not improperly benefit from the violations.
Children’s Place runs 328 Disney Stores and 889 Children’s Place clothing stores.
The company’s Chief Creative Officer was also demoted for violating company expense policies.
Nikon has named Yasuyuki Okamoto President and CEO. With the move, Okamoto assumes responsibility for sales, marketing and customer service in the Americas.
With 29 years in Nikon’s photo and imaging business the company is hopeful that Okamoto can lead the charge to keep up with rival Canon who recently released the new segment leading Canon 40D 10 megapixel DSLR.
According to reports Nikon has plans to relase the new D300 and the new D3 in response to Canon. The D3 will be the company’s first foray into the world of full frame sensors. Nikon’s lack of a full frame sensor camera line has been cited as a primary reason for Canon’s camera dominance amongst sports pros and as well as among many other serious photographers.
Michio Kariya will continue as CEO of Nikon worldwide.
Ford Motor Company’s new factory in China began operations today. The new joint-venture factory will produce both Ford and Mazda small cars for the Chinese market.
The factory reportedly cost $510 million to build and is located in the eastern city of Nanjing. Production capacity will be around 160,000 vehicles per year bringing Ford’s annual production capacity in China to 410,000 vehicles.
In addition, Ford CEO Alan Mulally said the company may also consider exporting the Chinese manufactured automobiles to other countries outside of China…but only after Chinese demand is met.
I wonder if Mattel CEO Bob Eckert called and told him to make sure they’re not using lead paint. Read.
Home Depot’s CEO Frank Blake announced earlier this week that his compay will be closing its 11 Landscape Supply stores. This follows the closing of a significant number of its Expo Design Centers.
Blake says that unlike Countrywide who announced plans to lay off 12,000 employees, his company does not plan to make any significant job cuts or reduce the number of its retail stores as a result of the lingering housing slump.
Blake says the company’s focus on customer service means more employees, not fewer, will be needed.
“We’re making investments, notwithstanding the downturn,” Blake said. “I think that’s absolutely the right thing to do for the business. It’s going to lead to long-term success.”
Blake said there are no plans to close any of the company’s more than 2,000 core retail stores. “We’re not going to shut stores to save costs,” Blake said. “We don’t need to.” Read.
