Foot Locker gains digital expertise with $100 million investment in Goat Group, start-up CEO says

Foot Locker can be found in just about any shopping center. Foot Locker’s multimillion dollar deal with Goat Group is the retailer’s latest move in digital-focused companies. Within the past 13 months, Foot Locker has invested millions in children’s lifestyle brand Super Heroic, women’s luxury activewear brand Carbon38 and footwear design academy Pensole. Goat Group has raised $197.6 million to date. Shares of Foot Locker gained less than 1 percent during Monday’s session.


Foot Locker can be found in just about any shopping center. Foot Locker’s multimillion dollar deal with Goat Group is the retailer’s latest move in digital-focused companies. Within the past 13 months, Foot Locker has invested millions in children’s lifestyle brand Super Heroic, women’s luxury activewear brand Carbon38 and footwear design academy Pensole. Goat Group has raised $197.6 million to date. Shares of Foot Locker gained less than 1 percent during Monday’s session.
Foot Locker gains digital expertise with $100 million investment in Goat Group, start-up CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: tyler clifford
Keywords: news, cnbc, companies, group, investment, startup, lu, million, goat, foot, expertise, retail, deal, locker, industry, digital, gains, sneaker, sneakers


Foot Locker gains digital expertise with $100 million investment in Goat Group, start-up CEO says

We are partnering with one of the “kingmakers” in the industry, says GOAT CEO 6:20 PM ET Mon, 11 Feb 2019 | 03:46

Foot Locker is wading deeper into the digital world with its $100 million investment in the online sneaker resell platform Goat Group, the start-up’s CEO told CNBC.

The partnership with Goat, which was seen as a threat to the footwear industry, marries the leading sportswear retailer with the largest secondary marketplace for authentic sneakers, Goat Group’s Eddy Lu said on “Closing Bell.”

“As we started to chat, we realized that … our consumers shop at both [Goat and Foot Locker], so we really saw the partnership as really bridging the primary and secondary markets,” said Lu, who co-founded the company in 2015. The group also includes the Fight Club consignment shop, which was launched more than 13 years ago.

Foot Locker, which has a market cap of $6.4 billion and runs more than 3,000 brick-and-mortar stores across the globe, is looking to leverage technology to improve the customer experience and target younger shoppers, the company said in announcing the deal last week. Lu said the move also gives Goat the opportunity to build an in-store presence. Foot Locker can be found in just about any shopping center.

“Any time you can have the opportunity to partner with one of the kingmakers in the industry, you’re going to take that call,” he said.

Goat is known among sneaker collectors for delivering “high-heat” and “limited-edition products,” with more than 40 percent of its gear being sold “under retail prices,” Lu said. He hopes the deal can take advantage of online and retail sales as sneakers gain mainstream attention with giants like Nike collaborating with fashion designer Virgil Abloh’s Off-White label and Adidas working with hip hop artists Kanye West and Pharrell.

“So if you think about it, they bring their prowess in retail and we bring our expertise in digital. And because they’re a global marketplace, [there are] a lot of partnerships and a lot of synergies that can happen from that,” Lu said.

Foot Locker’s multimillion dollar deal with Goat Group is the retailer’s latest move in digital-focused companies. Within the past 13 months, Foot Locker has invested millions in children’s lifestyle brand Super Heroic, women’s luxury activewear brand Carbon38 and footwear design academy Pensole.

Goat Group has raised $197.6 million to date.

Shares of Foot Locker gained less than 1 percent during Monday’s session. The stock is up more than 7 percent this year and more than 23 percent over the past year.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: tyler clifford
Keywords: news, cnbc, companies, group, investment, startup, lu, million, goat, foot, expertise, retail, deal, locker, industry, digital, gains, sneaker, sneakers


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Gold firms as rising risk appetite offsets Fed pause views

Gold prices held steady on Monday as expectations that the U.S. Federal Reserve will pause its multi-year interest rate hike cycle, were offset by a recovery in investor appetite for risk. Spot gold was trading up 0.1 percent at $1,282.31 per ounce by 0306 GMT, while U.S. gold futures were steady at $1,282 per ounce. “We have seen very positive conditions in U.S. equities and the dollar has also seen a series of positive trades. Reflecting investor appetite for gold, holdings of SPDR Gold, the l


Gold prices held steady on Monday as expectations that the U.S. Federal Reserve will pause its multi-year interest rate hike cycle, were offset by a recovery in investor appetite for risk. Spot gold was trading up 0.1 percent at $1,282.31 per ounce by 0306 GMT, while U.S. gold futures were steady at $1,282 per ounce. “We have seen very positive conditions in U.S. equities and the dollar has also seen a series of positive trades. Reflecting investor appetite for gold, holdings of SPDR Gold, the l
Gold firms as rising risk appetite offsets Fed pause views Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, views, strong, lu, firms, fed, positive, seen, risk, markets, steady, week, run, spot, pause, offsets, appetite, gold, rising


Gold firms as rising risk appetite offsets Fed pause views

Gold prices held steady on Monday as expectations that the U.S. Federal Reserve will pause its multi-year interest rate hike cycle, were offset by a recovery in investor appetite for risk.

Spot gold was trading up 0.1 percent at $1,282.31 per ounce by 0306 GMT, while U.S. gold futures were steady at $1,282 per ounce.

“Dovish signals (from the Fed) have kept dollar strength in check, helping gold. But on the other hand, we have seen them easing bearish sentiments in equity markets,” said Benjamin Lu, analyst at Phillip Futures, Singapore.

Less than two weeks ahead of the U.S. central bank’s first policy meeting of the new year, Federal Reserve officials have left little doubt that they want to stop raising interest rates – at least for a while.

Slower global growth, a stock meltdown last quarter, and a partial U.S. government shutdown that threatens consumer confidence and spending have many in the Fed worried.

“We have seen very positive conditions in U.S. equities and the dollar has also seen a series of positive trades. All these competing influences have capped the safe-haven appeal,” Lu said, adding that gold was facing strong technical resistance at $1,300 levels.

Gold has risen more than 10 percent since touching 1-1/2-year lows in mid August, mainly due to tumultuous equity markets and a softer dollar.

Asian markets were steady on Monday, after Wall Street posted a fourth straight week of gains last week.

“On the longer run, we are still very positive on gold on a synchronised slowdown in global economic conditions and geopolitical uncertainties,” Lu said.

Data on Monday showed the Chinese economy slowed at the end of last year, underlining the urgent need for more stimulus as Beijing wrestles with the United States over trade.

Investors are also waiting to hear British Prime Minister Theresa May’s ‘Plan B’ for Brexit, which is due to be presented to parliament later on Monday, after her deal was rejected by lawmakers last week.

Reflecting investor appetite for gold, holdings of SPDR Gold, the largest gold based exchange traded fund, rose 1.5 percent on Friday to 809.76 tonnes.

Meanwhile, spot palladium, which hit a record high of $1,434.50 last week, was up 0.4 percent at $1,382 on Monday.

“Palladium has eased lower as investors took profits after the recent strong run,” ANZ analysts said in a note.

Palladium has risen 9.5 percent so far this month on supply concerns in South Africa and Russia, which are keeping the market tight amid strong demand, the note said.

Spot silver was steady at $15.33, while spot platinum fell 2.3 percent to $796.


Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: simon dawson, bloomberg, getty images
Keywords: news, cnbc, companies, views, strong, lu, firms, fed, positive, seen, risk, markets, steady, week, run, spot, pause, offsets, appetite, gold, rising


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Gold inches higher as dollar dips amid risk aversion

Gold edged higher on Thursday as growing risk aversion weighed on the dollar, while palladium held ground at a premium to the bullion. Spot gold was up 0.2 percent at $1,239.86 per ounce, as of 0429 GMT, while U.S. gold futures were 0.2 percent higher at $1,244.9 per ounce. “Markets are trying to consolidate, trying to push up higher for now,” said Benjamin Lu, a commodities analyst with Phillip Futures. The dollar declined against the safe-haven yen as a spike in risk aversion pressured equitie


Gold edged higher on Thursday as growing risk aversion weighed on the dollar, while palladium held ground at a premium to the bullion. Spot gold was up 0.2 percent at $1,239.86 per ounce, as of 0429 GMT, while U.S. gold futures were 0.2 percent higher at $1,244.9 per ounce. “Markets are trying to consolidate, trying to push up higher for now,” said Benjamin Lu, a commodities analyst with Phillip Futures. The dollar declined against the safe-haven yen as a spike in risk aversion pressured equitie
Gold inches higher as dollar dips amid risk aversion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: getty images
Keywords: news, cnbc, companies, palladium, dollar, meeting, higher, analyst, dips, yields, hike, gold, rate, aversion, inches, ounce, risk, amid, lu


Gold inches higher as dollar dips amid risk aversion

Gold edged higher on Thursday as growing risk aversion weighed on the dollar, while palladium held ground at a premium to the bullion.

Spot gold was up 0.2 percent at $1,239.86 per ounce, as of 0429 GMT, while U.S. gold futures were 0.2 percent higher at $1,244.9 per ounce.

“Markets are trying to consolidate, trying to push up higher for now,” said Benjamin Lu, a commodities analyst with Phillip Futures.

A balance between a host of factors such as a rate hike by the U.S. Federal Reserve in December, uncertainty about trade tensions between Washington and Beijing, and a flattening yield curve has helped create a premium for the bullion, Lu added.

Fed policymakers will gather at a Dec. 18-19 meeting, at which the central bank is widely expected to raise interest rates.

“Although a rate hike is already priced in, markets will be closely watching the meeting for clues on rate hike timings in 2019,” said Lukman Otunuga, a research analyst at FXTM, adding that: “if the meeting echoes a similar message to (Chairman Jerome) Powell’s dovish shift, gold has the potential to shine into 2019.”

The dollar declined against the safe-haven yen as a spike in risk aversion pressured equities and U.S. Treasury yields. The spread between the two-year and five-year Treasury yields inverted this week and the two-year/10-year spread was at its flattest in more than a decade amid a sharp fall in long-term rates.

“An yield curve inversion indicates higher borrowing cost in short term, so for safe-haven assets in the longer run it’s going to be very positive,” Phillip Futures’ Lu said.

Spot gold may test a resistance at $1,245 per ounce, a break above which could lead to a gain into a range of $1,253-$1,258, according to Reuters technical analyst Wang Tao.

Meanwhile, palladium continued to be more valuable than gold after outshining the yellow metal for the first time since 2002 on Wednesday, with prices soaring by around 50 percent in less than four months to record levels.

Spot palladium rose 0.1 percent to $1,245.00 per ounce, hovering near its record high hit in the previous session.

The market now awaits Friday’s U.S. non-farm payrolls data for November, which is expected to show unemployment remains at 3.7 percent.

“Investors are seen adopting a cautious stance ahead of the U.S. jobs report which could offer insight over the health of the U.S. labour force,” said FXTM’s Otunuga.

Amongst other metals, silver fell 0.7 percent to $14.41 per ounce, while platinum extended losses into a third session, declining 0.7 percent to $795.00 per ounce.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: getty images
Keywords: news, cnbc, companies, palladium, dollar, meeting, higher, analyst, dips, yields, hike, gold, rate, aversion, inches, ounce, risk, amid, lu


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Trump’s tariff battle with China is spurring record dollar-yuan trading

“Nobody knows how the trade war will end. “The growth in interest in the currency futures is a gradual one, but there is increasing awareness about such risks,” Lu told CNBC. He cited commodity traders as some of those who are concerned about exposure to the U.S-China tariff battle and are consequently looking for various ways to hedge the risk. Proprietary traders also see opportunities for arbitrage between different products as the yuan faces volatility against the dollar, he added. Both meas


“Nobody knows how the trade war will end. “The growth in interest in the currency futures is a gradual one, but there is increasing awareness about such risks,” Lu told CNBC. He cited commodity traders as some of those who are concerned about exposure to the U.S-China tariff battle and are consequently looking for various ways to hedge the risk. Proprietary traders also see opportunities for arbitrage between different products as the yuan faces volatility against the dollar, he added. Both meas
Trump’s tariff battle with China is spurring record dollar-yuan trading Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: huileng tan, afp, getty images, -eugene zhu, ceo, asia pacific exchange
Keywords: news, cnbc, companies, spurring, trading, battle, price, dollaryuan, market, yuan, war, tariff, traders, place, trumps, growth, record, china, lu, trade


Trump's tariff battle with China is spurring record dollar-yuan trading

“Nobody knows how the trade war will end. There’s a lot of fear and panic in the financial market and worries about trade”

Most trading between the two currencies takes place on the spot market, where dollars and yuan change hands as soon as a deal is done. That sort of market has seen volumes surge this year for the currency pair. But futures trading — where the transaction is agreed to take place at a later date at a certain price — is also increasingly catching dollar-yuan traders’ interests, according to Benjamin Lu, an investment analyst with Singapore brokerage Phillip Futures.

“The growth in interest in the currency futures is a gradual one, but there is increasing awareness about such risks,” Lu told CNBC.

He cited commodity traders as some of those who are concerned about exposure to the U.S-China tariff battle and are consequently looking for various ways to hedge the risk. Proprietary traders also see opportunities for arbitrage between different products as the yuan faces volatility against the dollar, he added.

Within China’s mainland borders, the yuan’s price against other currencies is tightly controlled by the People’s Bank of China, while the so-called offshore yuan represents the currency’s value in markets beyond Beijing’s control. Both measures of the yuan have declined against the dollar recently as China’s economy faces headwinds from Beijing’s trade war with Washington, and as the greenback strengthens on the back of robust U.S. growth.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: huileng tan, afp, getty images, -eugene zhu, ceo, asia pacific exchange
Keywords: news, cnbc, companies, spurring, trading, battle, price, dollaryuan, market, yuan, war, tariff, traders, place, trumps, growth, record, china, lu, trade


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Goat CEO explains why sneakers are for more than just sports

Goat CEO: Why sneakers are for more than just sports 8 Hours Ago | 04:18On the sneaker reselling website Goat, one pair of shoes can go for as much as $60,000, according to CEO Eddie Lu. “It’s not just a sports thing, it’s a lifestyle thing,” Lu said in an interview with CNBC’s Wilfred Frost. Goat is the largest resale marketplace for sneakers, with over 35,000 unique styles available on its website and app. Customers “want to touch the shoes, try them on, see what they feel like and even smell”


Goat CEO: Why sneakers are for more than just sports 8 Hours Ago | 04:18On the sneaker reselling website Goat, one pair of shoes can go for as much as $60,000, according to CEO Eddie Lu. “It’s not just a sports thing, it’s a lifestyle thing,” Lu said in an interview with CNBC’s Wilfred Frost. Goat is the largest resale marketplace for sneakers, with over 35,000 unique styles available on its website and app. Customers “want to touch the shoes, try them on, see what they feel like and even smell”
Goat CEO explains why sneakers are for more than just sports Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: carmin chappell
Keywords: news, cnbc, companies, shoes, goat, lu, explains, thing, company, million, sneakers, pair, ceo, sneaker, website


Goat CEO explains why sneakers are for more than just sports

Goat CEO: Why sneakers are for more than just sports 8 Hours Ago | 04:18

On the sneaker reselling website Goat, one pair of shoes can go for as much as $60,000, according to CEO Eddie Lu.

“It’s not just a sports thing, it’s a lifestyle thing,” Lu said in an interview with CNBC’s Wilfred Frost.

Goat is the largest resale marketplace for sneakers, with over 35,000 unique styles available on its website and app. The company authenticates every pair of shoes it receives from sellers in order to prevent counterfeits.

The company recently announced a sponsorship deal with Los Angeles Lakers player Kyle Kuzma, who has previously been sponsored by Nike. The NBA loosened its dress code for the 2018-2019 season, allowing players to wear any color of sneakers for the first time in the league’s history.

Lu acknowledged Kanye West as an “important figure” in elevating sneakers to the level of high fashion with his luxury Yeezy brand, developed in partnership with Adidas. But he reached even further back, pointing to Run-D.M.C.’s 1986 hit “My Adidas” as the birth of sneaker culture.

These days, even the most unlikely brands are entering the sneaker market. “We’ve even seen the luxury companies coming in, with Gucci and Balenciaga creating sneakers of their own,” Lu said.

In February, Goat merged with Fight Club, a brick-and-mortar consignment shop with stores in Los Angeles and New York City. The merger allowed Goat to have a physical retail presence, which Lu said is valuable in the industry.

Customers “want to touch the shoes, try them on, see what they feel like and even smell” the sneakers, he said.

As part of the merger, Goat received a $60 million investment from Index Ventures that values the California-based company at $250 million.


Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: carmin chappell
Keywords: news, cnbc, companies, shoes, goat, lu, explains, thing, company, million, sneakers, pair, ceo, sneaker, website


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Y Combinator to set up China arm with former Baidu executive Qi Lu as chief

American start-up incubator Y Combinator is setting up shop in China, with a new unit to be led by former Baidu chief operating officer Qi Lu. Sam Altman, Y Combinator’s president, said in a company announcement Wednesday that China had been “an important missing piece of our puzzle” when it came to sourcing new start-ups to take under its wing. China’s major tech giants Baidu, Alibaba and Tencent are themselves major investors in various global start-ups. As part of the move to China, Lu will a


American start-up incubator Y Combinator is setting up shop in China, with a new unit to be led by former Baidu chief operating officer Qi Lu. Sam Altman, Y Combinator’s president, said in a company announcement Wednesday that China had been “an important missing piece of our puzzle” when it came to sourcing new start-ups to take under its wing. China’s major tech giants Baidu, Alibaba and Tencent are themselves major investors in various global start-ups. As part of the move to China, Lu will a
Y Combinator to set up China arm with former Baidu executive Qi Lu as chief Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-15  Authors: ryan browne, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, altman, executive, china, set, combinator, baidu, tech, companies, arm, combinators, research, lu, chief, startups, qi


Y Combinator to set up China arm with former Baidu executive Qi Lu as chief

American start-up incubator Y Combinator is setting up shop in China, with a new unit to be led by former Baidu chief operating officer Qi Lu.

Sam Altman, Y Combinator’s president, said in a company announcement Wednesday that China had been “an important missing piece of our puzzle” when it came to sourcing new start-ups to take under its wing.

“We think that a significant percentage of the largest technology companies that are founded in the next decade — companies at the scale of Google, Microsoft, Apple, Amazon, and Facebook — will be based in the U.S. and China,” Altman said.

“YC’s greatest strength is our founder community and with the launch of YC China we believe we have a special opportunity to include many more Chinese founders in our global community.”

The accelerator, set up in 2005, has invested in more than 1,900 start-ups, including notable firms like Dropbox, Airbnb, Reddit, Stripe and Coinbase.

Y Combinator’s entry into China will mark the latest push by U.S. companies and investors to invest in the country’s fledgling tech scene, which has given rise to multi-billion dollar start-ups like ride-sharing firm Didi Chuxing, drone maker DJI, Meituan-Dianping-owned bike sharing company Mobike and AI and face recognition firm SenseTime.

China’s major tech giants Baidu, Alibaba and Tencent are themselves major investors in various global start-ups.

As part of the move to China, Lu will also head up Y Combinator’s research team, Altman said. The accelerator also plans to launch a new research center in Seattle.

Before his time working with Baidu, known for its popular Chinese search engine, Lu served as an executive vice president at Microsoft, leading the division in charge of Office, Bing and Skype. Lu quit Baidu in May for “personal and family reasons,” and said he wished to spend more time in the U.S.


Company: cnbc, Activity: cnbc, Date: 2018-08-15  Authors: ryan browne, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, altman, executive, china, set, combinator, baidu, tech, companies, arm, combinators, research, lu, chief, startups, qi


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

US oil slumps as China threatens duty on U.S. crude imports

U.S. oil prices slumped on Monday after China threatened duties on American crude imports in an escalating trade dispute with Washington. U.S. West Texas Intermediate (WTI) crude futures touched their lowest level since April, falling to $63.59 per barrel before edging back to $63.83 a barrel by 0426 GMT. “Crude oil prices crashed as U.S.-China trade tensions escalated last Friday,” wrote Benjamin Lu of Singapore-based futures brokerage Phillip Futures. China on Friday said it would retaliate by


U.S. oil prices slumped on Monday after China threatened duties on American crude imports in an escalating trade dispute with Washington. U.S. West Texas Intermediate (WTI) crude futures touched their lowest level since April, falling to $63.59 per barrel before edging back to $63.83 a barrel by 0426 GMT. “Crude oil prices crashed as U.S.-China trade tensions escalated last Friday,” wrote Benjamin Lu of Singapore-based futures brokerage Phillip Futures. China on Friday said it would retaliate by
US oil slumps as China threatens duty on U.S. crude imports Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-17  Authors: getty images
Keywords: news, cnbc, companies, including, futures, threatens, escalating, prices, trade, duty, imports, china, slumps, crude, american, lu, oil


US oil slumps as China threatens duty on U.S. crude imports

U.S. oil prices slumped on Monday after China threatened duties on American crude imports in an escalating trade dispute with Washington.

U.S. West Texas Intermediate (WTI) crude futures touched their lowest level since April, falling to $63.59 per barrel before edging back to $63.83 a barrel by 0426 GMT.

That was still down $1.23, or 1.9 percent, from their last settlement.

“Crude oil prices crashed as U.S.-China trade tensions escalated last Friday,” wrote Benjamin Lu of Singapore-based futures brokerage Phillip Futures.

In an escalating spat over the American trade deficit with most of its major trading partners, including China, U.S. President Donald Trump last week pushed ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6.

China on Friday said it would retaliate by slapping duties on American export products, including crude oil.

“Beijing has retaliated … with its position as a top importer from the U.S.,” Lu said.

“These punitive measures on bilateral trade have unnerved investors as it hurts global economic growth.”


Company: cnbc, Activity: cnbc, Date: 2018-06-17  Authors: getty images
Keywords: news, cnbc, companies, including, futures, threatens, escalating, prices, trade, duty, imports, china, slumps, crude, american, lu, oil


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Former Microsoft executive Qi Lu steps down as Baidu COO

Baidu on Friday said its operating chief, former Microsoft executive Qi Lu, will be stepping down in July, less than two years into his tenure there. Baidu hired Lu to take on day-to-day operations on behalf of CEO Robin Li in January 2017. Immediately prior to that, he was an executive vice president at Microsoft, where he was in charge of Office applications. He will retain his role as vice president of Baidu’s board and will focus on research and development, although he won’t be working full


Baidu on Friday said its operating chief, former Microsoft executive Qi Lu, will be stepping down in July, less than two years into his tenure there. Baidu hired Lu to take on day-to-day operations on behalf of CEO Robin Li in January 2017. Immediately prior to that, he was an executive vice president at Microsoft, where he was in charge of Office applications. He will retain his role as vice president of Baidu’s board and will focus on research and development, although he won’t be working full
Former Microsoft executive Qi Lu steps down as Baidu COO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-05-18  Authors: jordan novet, source, scott eklund red box pictures microsoft
Keywords: news, cnbc, companies, office, work, vice, statement, president, lu, reasons, baidu, steps, microsoft, coo, executive, qi


Former Microsoft executive Qi Lu steps down as Baidu COO

Baidu on Friday said its operating chief, former Microsoft executive Qi Lu, will be stepping down in July, less than two years into his tenure there. Baidu stock was down more than 9 percent after the announcement.

The move is a loss for one of China’s leading tech companies, which are racing like American technology companies to enhance services with artificial intelligence.

Baidu hired Lu to take on day-to-day operations on behalf of CEO Robin Li in January 2017. Immediately prior to that, he was an executive vice president at Microsoft, where he was in charge of Office applications. Earlier in his career he worked at IBM and Yahoo. Office is now a key part of Microsoft’s growing Commercial Cloud.

“We have seen many positive changes at Baidu since Qi joined last year. I’m especially impressed by Qi’s integrity, dedication to work and sharp insights into technologies and businesses,” Li said in a statement on the news.

Lu said in the statement that he can no longer work full-time in China for “personal and family reasons” and will spend more time in the U.S. He will retain his role as vice president of Baidu’s board and will focus on research and development, although he won’t be working full-time for Baidu.

“I’m honored to have participated in Baidu’s transition into an AI-first company,” Lu said. Microsoft and Google, among others, have also sought to reshape themselves around AI.

Lu, who has more than 40 U.S. patents, left Microsoft in 2016 for health reasons following a bicycle accident.


Company: cnbc, Activity: cnbc, Date: 2018-05-18  Authors: jordan novet, source, scott eklund red box pictures microsoft
Keywords: news, cnbc, companies, office, work, vice, statement, president, lu, reasons, baidu, steps, microsoft, coo, executive, qi


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Charlie Munger uses this simple productivity hack — and anyone can do it

Warren Buffett’s partner Charlie Munger shares his advice for living a rich and successful life 8:27 AM ET Wed, 16 Aug 2017 | 01:07Charlie Munger has been working alongside Warren Buffett for almost 60 years. To be as efficient as possible, Munger developed a simple productivity hack: using any available downtime to read. When Lu first met Munger, Munger had already finished reading several newspapers. “I arrived on time and found Charlie sitting there, finished with the day’s newspapers. “In my


Warren Buffett’s partner Charlie Munger shares his advice for living a rich and successful life 8:27 AM ET Wed, 16 Aug 2017 | 01:07Charlie Munger has been working alongside Warren Buffett for almost 60 years. To be as efficient as possible, Munger developed a simple productivity hack: using any available downtime to read. When Lu first met Munger, Munger had already finished reading several newspapers. “I arrived on time and found Charlie sitting there, finished with the day’s newspapers. “In my
Charlie Munger uses this simple productivity hack — and anyone can do it Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-05-15  Authors: ali montag, nelson ching, bloomberg, getty images
Keywords: news, cnbc, companies, lu, charlie, sitting, reading, hack, munger, uses, writes, productivity, simple, buffett, times, warren, book


Charlie Munger uses this simple productivity hack — and anyone can do it

Warren Buffett’s partner Charlie Munger shares his advice for living a rich and successful life 8:27 AM ET Wed, 16 Aug 2017 | 01:07

Charlie Munger has been working alongside Warren Buffett for almost 60 years. Together, the business partners, billionaires and friends transformed Berkshire Hathaway from a once failing textile manufacturer into a $490 billion conglomerate.

Buffett, the 87-year-old CEO and chairman of Berkshire Hathaway, and Munger, the 94-year-old vice chairman, have dealt with more responsibility than most over their decades long careers.

To be as efficient as possible, Munger developed a simple productivity hack: using any available downtime to read.

“As long as I have a book in my hand, I don’t feel like I’m wasting time,” Munger said, according to his close friend and the founder of Himalaya Capital, Li Lu.

Lu, who has known Munger for over a decade and wrote an introduction to Munger’s book, “Poor Charlie’s Almanack,” said the billionaire would carry around a book or a newspaper just in case he might be delayed.

For example, Munger once missed a commercial flight out of the airport.

“When he passed through the security detector, it repeatedly set off,” Lu remembered in the introduction. “Charlie returned again and again for the security check. He finally passed through the security checkpoint after along and laborious effort, but by then, his plane had already departed.

“Charlie did not seem upset,” Lu writes. “He took out a book he carried with him and sat down to read while he waited for the next flight.”

The investing legend also uses the same strategy while waiting to take meetings. When Lu first met Munger, Munger had already finished reading several newspapers.

“Charlie likes to meet people for breakfast, usually starting at 7:30 a.m.,” Lu writes in the introduction. “I arrived on time and found Charlie sitting there, finished with the day’s newspapers. It was only a few short minutes before 7:30, but I felt bad letting an older man I respected wait for me.”

So, the next time Lu and Munger arranged to meet, Lu got there 15 minutes earlier.

“[I] still found Charlie sitting there, reading the newspaper,” Lu says. “For our third meeting, I arrived 30 minutes earlier and Charlie was still reading the newspaper, as if he had been waiting there all year round and had never left the seat.”

The morning reading was intentional: “I came to understand that Charlie always arrives early for meetings,” Lu writes. “However, he does not waste time either, because he reads the newspapers he brought along.”

The papers he reads include “The Wall Street Journal,” “The New York Times,” “The Financial Times” and “Los Angeles Times,” according to Munger. He’s also a weekly reader of “The Economist.”

For Munger, the simple habit is the key to wisdom and success. “In my whole life, I have known no wise people who didn’t read all the time — none, zero,” Munger says in author David Clark’s “The Tao of Charlie Munger.” “If you want wisdom, you’ll get it sitting on your a–. That’s the way it comes.”

Indeed, Buffett also reveres reading, and spends up to six hours at it each day. And one of Buffett and Munger’s proteges at Berkshire, Todd Combs, says he spends nearly 12 hours each day reading.

Don’t miss: Warren Buffett: Here’s how much college and grad school matter

Like this story? Like CNBC Make It on Facebook!


Company: cnbc, Activity: cnbc, Date: 2018-05-15  Authors: ali montag, nelson ching, bloomberg, getty images
Keywords: news, cnbc, companies, lu, charlie, sitting, reading, hack, munger, uses, writes, productivity, simple, buffett, times, warren, book


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Charlie Munger uses this simple productivity hack — and anyone can do it

Warren Buffett’s partner Charlie Munger shares his advice for living a rich and successful life 8:27 AM ET Wed, 16 Aug 2017 | 01:07Charlie Munger has been working alongside Warren Buffett for almost 60 years. To be as efficient as possible, Munger developed a simple productivity hack: using any available downtime to read. When Lu first met Munger, Munger had already finished reading several newspapers. “I arrived on time and found Charlie sitting there, finished with the day’s newspapers. “In my


Warren Buffett’s partner Charlie Munger shares his advice for living a rich and successful life 8:27 AM ET Wed, 16 Aug 2017 | 01:07Charlie Munger has been working alongside Warren Buffett for almost 60 years. To be as efficient as possible, Munger developed a simple productivity hack: using any available downtime to read. When Lu first met Munger, Munger had already finished reading several newspapers. “I arrived on time and found Charlie sitting there, finished with the day’s newspapers. “In my
Charlie Munger uses this simple productivity hack — and anyone can do it Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-05-15  Authors: ali montag, nelson ching, bloomberg, getty images
Keywords: news, cnbc, companies, lu, writes, uses, simple, buffett, reading, warren, times, charlie, book, sitting, munger, productivity, hack


Charlie Munger uses this simple productivity hack — and anyone can do it

Warren Buffett’s partner Charlie Munger shares his advice for living a rich and successful life 8:27 AM ET Wed, 16 Aug 2017 | 01:07

Charlie Munger has been working alongside Warren Buffett for almost 60 years. Together, the business partners, billionaires and friends transformed Berkshire Hathaway from a once failing textile manufacturer into a $490 billion conglomerate.

Buffett, the 87-year-old CEO and chairman of Berkshire Hathaway, and Munger, the 94-year-old vice chairman, have dealt with more responsibility than most over their decades long careers.

To be as efficient as possible, Munger developed a simple productivity hack: using any available downtime to read.

“As long as I have a book in my hand, I don’t feel like I’m wasting time,” Munger said, according to his close friend and the founder of Himalaya Capital, Li Lu.

Lu, who has known Munger for over a decade and wrote an introduction to Munger’s book, “Poor Charlie’s Almanack,” said the billionaire would carry around a book or a newspaper just in case he might be delayed.

For example, Munger once missed a commercial flight out of the airport.

“When he passed through the security detector, it repeatedly set off,” Lu remembered in the introduction. “Charlie returned again and again for the security check. He finally passed through the security checkpoint after along and laborious effort, but by then, his plane had already departed.

“Charlie did not seem upset,” Lu writes. “He took out a book he carried with him and sat down to read while he waited for the next flight.”

The investing legend also uses the same strategy while waiting to take meetings. When Lu first met Munger, Munger had already finished reading several newspapers.

“Charlie likes to meet people for breakfast, usually starting at 7:30 a.m.,” Lu writes in the introduction. “I arrived on time and found Charlie sitting there, finished with the day’s newspapers. It was only a few short minutes before 7:30, but I felt bad letting an older man I respected wait for me.”

So, the next time Lu and Munger arranged to meet, Lu got there 15 minutes earlier.

“[I] still found Charlie sitting there, reading the newspaper,” Lu says. “For our third meeting, I arrived 30 minutes earlier and Charlie was still reading the newspaper, as if he had been waiting there all year round and had never left the seat.”

The morning reading was intentional: “I came to understand that Charlie always arrives early for meetings,” Lu writes. “However, he does not waste time either, because he reads the newspapers he brought along.”

The papers he reads include “The Wall Street Journal,” “The New York Times,” “The Financial Times” and “Los Angeles Times,” according to Munger. He’s also a weekly reader of “The Economist.”

For Munger, the simple habit is the key to wisdom and success. “In my whole life, I have known no wise people who didn’t read all the time — none, zero,” Munger says in author David Clark’s “The Tao of Charlie Munger.” “If you want wisdom, you’ll get it sitting on your a–. That’s the way it comes.”

Indeed, Buffett also reveres reading, and spends up to six hours at it each day. And one of Buffett and Munger’s proteges at Berkshire, Todd Combs, says he spends nearly 12 hours each day reading.

Don’t miss: Warren Buffett: Here’s how much college and grad school matter

Like this story? Like CNBC Make It on Facebook!


Company: cnbc, Activity: cnbc, Date: 2018-05-15  Authors: ali montag, nelson ching, bloomberg, getty images
Keywords: news, cnbc, companies, lu, writes, uses, simple, buffett, reading, warren, times, charlie, book, sitting, munger, productivity, hack


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post