Restoration of the Notre Dame Cathedral could take years and cost upward of $1 billion, experts say

Many priceless items were saved from Notre Dame Cathedral on Monday after a massive fire tore through the structure. The restoration project could take years and likely millions more than the funds donated thus far — and is unlikely to unfold without controversy, experts say. “I would presume just because of the scale of [Notre Dame], this would be at least three to four times that,” she said. The large paintings being stored in the church suffered smoke damage, he said, and will be removed from


Many priceless items were saved from Notre Dame Cathedral on Monday after a massive fire tore through the structure. The restoration project could take years and likely millions more than the funds donated thus far — and is unlikely to unfold without controversy, experts say. “I would presume just because of the scale of [Notre Dame], this would be at least three to four times that,” she said. The large paintings being stored in the church suffered smoke damage, he said, and will be removed from
Restoration of the Notre Dame Cathedral could take years and cost upward of $1 billion, experts say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: nadine el-bawab, christophe petit tesson, pool
Keywords: news, cnbc, companies, restoration, scale, items, cathedral, notre, upward, billion, million, dame, krusche, church, cost, experts, say


Restoration of the Notre Dame Cathedral could take years and cost upward of $1 billion, experts say

Many priceless items were saved from Notre Dame Cathedral on Monday after a massive fire tore through the structure. But the 12th century Parisian landmark itself has a long — and expensive — road ahead to full restoration.

Another half-hour and the blaze could have entirely collapsed the cathedral, French authorities told The Guardian. It left behind damages the scale of which is still unknown. The restoration project could take years and likely millions more than the funds donated thus far — and is unlikely to unfold without controversy, experts say.

Pledges toward the restoration efforts surpassed 700 million euros, or $790 million, in the first few days. But the full extent and cost of the damages remains to be seen.

Investigators haven’t been able to enter the cathedral to assess what might have caused the fire. The Paris public prosecutor’s office has stated that it appears to have been an accident, and that it has no reason to believe it was arson.

The first fire alert was sounded at 6:20 p.m. local time on Monday evening. The inferno brought as many as 400 firefighters to the scene and it was nearly 15 hours before they were able to put out the flames.

Before restoration can begin, a team of architects, engineers and preservation specialists will likely go in and assess what is there, and what needs to be replaced — stone by stone — said Kevin Murphy, a professor of humanities at Vanderbilt University.

Structural engineers will have to assess the strength of the building and scaffolding will be set up on the inside and outside of the church to ensure that it is safe for experts to go in, according to Krupali Krusche, an associate dean at the University of Notre Dame School of Architecture and expert on historical preservation.

“The assessment part takes some time — at least a year or a year and a half of assessing the project,” Krusche said.

Krusche worked on the reconstruction of the Dresden Frauenkirche, a church in Germany that was reconstructed between 1998 and 2006 after being bombed during World War II.

“Nothing remained. The whole church was completely reconstructed. The heat levels were 1,000 degrees so mostly everything burned down,” Krusche said. According to Krusche, that project cost 118 million euros, or $133 million.

“I would presume just because of the scale of [Notre Dame], this would be at least three to four times that,” she said. “This depends on the quality of the reconstruction. There are preservation techniques that allow you to get the aesthetic look but are not as expensive. The more authentic, in terms of the materials, you get the more expensive things get.”

The nearly $800 million pledged so far would provide for a good reconstruction, but an expert restoration would likely require more, Krusche said. She estimated costs could balloon to $1 billion.

There will also be much to decide in terms of restorations to be carried out on the building including which of the 19th century additions, such as the spire that was destroyed in the fire, will be replicated or replaced. Renovators will be consulting with scholars, architects and church officials in order to determine how to proceed, Murphy said.

Krusche said the consensus among experts is usually to return the building to the way it looked the day before the fire. “There will be older and newer stones with different color and that’s the historical contribution of this event,” she said.

Then there are the costs to move and restore items held within the cathedral.

Precious items including the Crown of Thorns, believed to have been placed onto Jesus’ head during the crucifixion; Le Grand Orgue, an instrument which dates back to the 1730s; and the Tunic of Saint Louis, a long garment dating to the 13th century, were all spared from the flames.

These items, along with other treasures, are now being held at the Paris City Hall, said French Culture Minister Franck Riester on Tuesday outside of the cathedral. Sixteen statues of saints were removed from the cathedral last Thursday for cleaning and therefore escaped the fire.

The rest of the treasures will be stored in the Louvre Museum as soon as they can be retrieved, Riester added. The large paintings being stored in the church suffered smoke damage, he said, and will be removed from Notre Dame on Friday morning. They will then be conserved and restored.

Not everything that was lost can be restored to exactly the way it was. France will launch an international architectural competition to design a new spire for the cathedral, Prime Minister Edouard Philippe announced Wednesday. Most notably, the roof of the cathedral that was made of wood went up in flames and suffered severe damages.

“The timber that was used [in the roof] was cut down hundreds of years ago from forests that don’t exist anymore in the quantity they would need for that huge of a structure,” Murphy highlighted. “It would be difficult if not impossible to obtain timber on the scale that was in the roof.”

On Tuesday French President Emmanuel Macron vowed to complete restoration within the next five years. Krusche thought that was feasible, assuming a team of experts as large as 100 people.

Murphy isn’t as convinced.

“If it were to be renovated in 10 years that would be ambitious,” he said.

WATCH: It could take ‘decades’ to rebuild Notre Dame, expert says


Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: nadine el-bawab, christophe petit tesson, pool
Keywords: news, cnbc, companies, restoration, scale, items, cathedral, notre, upward, billion, million, dame, krusche, church, cost, experts, say


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Jeff Bezos warns Amazon will have ‘multibillion-dollar failures’

Amazon CEO Jeff Bezos warned on Thursday that the company will have large, failed experiments. “Amazon will be experimenting at the right scale for a company of our size if we occasionally have multibillion-dollar failures,” Bezos said in his annual shareholder letter. Bezos mentioned the creation of the Amazon Fire phone and Echo, which developed around the same time. Bezos’ letter seems to be a warning that not all of these big bets will work out. Amazon’s new brick-and-mortar stores were ment


Amazon CEO Jeff Bezos warned on Thursday that the company will have large, failed experiments. “Amazon will be experimenting at the right scale for a company of our size if we occasionally have multibillion-dollar failures,” Bezos said in his annual shareholder letter. Bezos mentioned the creation of the Amazon Fire phone and Echo, which developed around the same time. Bezos’ letter seems to be a warning that not all of these big bets will work out. Amazon’s new brick-and-mortar stores were ment
Jeff Bezos warns Amazon will have ‘multibillion-dollar failures’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: jessica bursztynsky, joshua roberts
Keywords: news, cnbc, companies, letter, failures, plans, amazon, bezos, mentioned, scale, warns, work, company, jeff, multibilliondollar, bets, phone


Jeff Bezos warns Amazon will have 'multibillion-dollar failures'

Amazon CEO Jeff Bezos warned on Thursday that the company will have large, failed experiments.

“Amazon will be experimenting at the right scale for a company of our size if we occasionally have multibillion-dollar failures,” Bezos said in his annual shareholder letter. “We will work hard to make them good bets, but not all good bets will ultimately pay out.”

As the company grows, he said, it only makes sense for their failures to grow at a larger scale. Bezos mentioned the creation of the Amazon Fire phone and Echo, which developed around the same time.

The former, he said, was a “failure.” Amazon discontinued the phone in 2015 and took a $170 million write-off.

“(We) were able to take our learnings (as well as the developers) and accelerate our efforts building Echo and Alexa,” Bezos said.

The annual letter has been published since 1997 and is often looked at for glimpses into the company’s long-term plans. This year’s focus was on the growth of third-party sellers, up 4% from last year in comparison to the company’s first-party sales.

“We could not foresee with certainty what those programs would eventually look like, let alone whether they would succeed, but they were pushed forward with intuition and heart, and nourished with optimism,” Bezos said.

Amazon has plans to increase its reach into new sectors like health care, health insurance, internet delivery from outer space and even consumer robotics. Bezos’ letter seems to be a warning that not all of these big bets will work out.

Amazon’s new brick-and-mortar stores were mentioned too, as Bezos wrote the company had to “imagine the impossible.”


Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: jessica bursztynsky, joshua roberts
Keywords: news, cnbc, companies, letter, failures, plans, amazon, bezos, mentioned, scale, warns, work, company, jeff, multibilliondollar, bets, phone


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Jeff Bezos warns Amazon will have ‘multibillion-dollar failures’

Amazon CEO Jeff Bezos warned on Thursday that the company will have large, failed experiments. “Amazon will be experimenting at the right scale for a company of our size if we occasionally have multibillion-dollar failures,” Bezos said in his annual shareholder letter. Bezos mentioned the creation of the Amazon Fire phone and Echo, which developed around the same time. Bezos’ letter seems to be a warning that not all of these big bets will work out. Amazon’s new brick-and-mortar stores were ment


Amazon CEO Jeff Bezos warned on Thursday that the company will have large, failed experiments. “Amazon will be experimenting at the right scale for a company of our size if we occasionally have multibillion-dollar failures,” Bezos said in his annual shareholder letter. Bezos mentioned the creation of the Amazon Fire phone and Echo, which developed around the same time. Bezos’ letter seems to be a warning that not all of these big bets will work out. Amazon’s new brick-and-mortar stores were ment
Jeff Bezos warns Amazon will have ‘multibillion-dollar failures’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: jessica bursztynsky, joshua roberts
Keywords: news, cnbc, companies, letter, failures, plans, amazon, bezos, mentioned, scale, warns, work, company, jeff, multibilliondollar, bets, phone


Jeff Bezos warns Amazon will have 'multibillion-dollar failures'

Amazon CEO Jeff Bezos warned on Thursday that the company will have large, failed experiments.

“Amazon will be experimenting at the right scale for a company of our size if we occasionally have multibillion-dollar failures,” Bezos said in his annual shareholder letter. “We will work hard to make them good bets, but not all good bets will ultimately pay out.”

As the company grows, he said, it only makes sense for their failures to grow at a larger scale. Bezos mentioned the creation of the Amazon Fire phone and Echo, which developed around the same time.

The former, he said, was a “failure.” Amazon discontinued the phone in 2015 and took a $170 million write-off.

“(We) were able to take our learnings (as well as the developers) and accelerate our efforts building Echo and Alexa,” Bezos said.

The annual letter has been published since 1997 and is often looked at for glimpses into the company’s long-term plans. This year’s focus was on the growth of third-party sellers, up 4% from last year in comparison to the company’s first-party sales.

“We could not foresee with certainty what those programs would eventually look like, let alone whether they would succeed, but they were pushed forward with intuition and heart, and nourished with optimism,” Bezos said.

Amazon has plans to increase its reach into new sectors like health care, health insurance, internet delivery from outer space and even consumer robotics. Bezos’ letter seems to be a warning that not all of these big bets will work out.

Amazon’s new brick-and-mortar stores were mentioned too, as Bezos wrote the company had to “imagine the impossible.”


Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: jessica bursztynsky, joshua roberts
Keywords: news, cnbc, companies, letter, failures, plans, amazon, bezos, mentioned, scale, warns, work, company, jeff, multibilliondollar, bets, phone


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Goldman Sachs: ‘It is the dawn of a new era at Disney’

With the closing of the 21st Century Fox acquisition and its upcoming streaming services, Walt Disney is turning over a new leaf, Goldman Sachs said. “It is the dawn of a new era at Disney,” said Goldman analyst Drew Borst in a Thursday note. Goldman expects Disney to roll out a “mass market streaming bundle” with Disney+, Hulu, ESPN+ for a competitive price. The Fox takeover is poised to be a headwind for Disney, Goldman noted, estimating $2 billion in cost synergies by the two-year anniversary


With the closing of the 21st Century Fox acquisition and its upcoming streaming services, Walt Disney is turning over a new leaf, Goldman Sachs said. “It is the dawn of a new era at Disney,” said Goldman analyst Drew Borst in a Thursday note. Goldman expects Disney to roll out a “mass market streaming bundle” with Disney+, Hulu, ESPN+ for a competitive price. The Fox takeover is poised to be a headwind for Disney, Goldman noted, estimating $2 billion in cost synergies by the two-year anniversary
Goldman Sachs: ‘It is the dawn of a new era at Disney’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-04  Authors: yun li, drew angerer, getty images
Keywords: news, cnbc, companies, dawn, saidthe, fox, borst, era, streaming, scale, million, acquisition, goldman, disney, sachs, service


Goldman Sachs: 'It is the dawn of a new era at Disney'

With the closing of the 21st Century Fox acquisition and its upcoming streaming services, Walt Disney is turning over a new leaf, Goldman Sachs said.

The bank on Thursday reinstated its buy rating on Disney and its 12-month price target of $142, which would translate into a 26 percent gain for the stock. Goldman analysts see benefits from the acquisition of Fox, which is expected to bring in more international viewers and dial up the company’s economic scale, and they are bullish on the new streaming service Disney+, seeing it reaching 7.5 million global subscribers by 2020 and 73 million by 2025.

“It is the dawn of a new era at Disney,” said Goldman analyst Drew Borst in a Thursday note. “The $70 bn acquisition of Fox is now closed and the approaching debut of Disney+ streaming service in late CY19 marks a momentous shift in the company’s content monetization model from third-party licensing to direct-to-consumer streaming.”

Goldman expects Disney to roll out a “mass market streaming bundle” with Disney+, Hulu, ESPN+ for a competitive price.

It has not been easy for Disney trying to compete with streaming giants like Netflix.The media company recently revealed in a filing that its investment in Hulu was the primary contributor to a $580 million loss in equity investments. Shares of Disney have significantly underperformed the market this year with a 2.6 percent gain, versus the S&P 500’s more than 13 percent surge.

“Despite our expectation for near-term investment headwinds, we view Disney+ as a positive long-term strategy given the rising importance of developing direct to consumer relationships, with higher long-run margins and better customer data about consumption,” Borst said.

The Fox takeover is poised to be a headwind for Disney, Goldman noted, estimating $2 billion in cost synergies by the two-year anniversary.

“We see the Fox acquisition resulting in economies of scale, increased bargaining power with distributors, content diversification and increased international reach,” Borst said.


Company: cnbc, Activity: cnbc, Date: 2019-04-04  Authors: yun li, drew angerer, getty images
Keywords: news, cnbc, companies, dawn, saidthe, fox, borst, era, streaming, scale, million, acquisition, goldman, disney, sachs, service


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Lyft isn’t concerned with offering cheaper rides than Uber, co-founders say

Lyft co-founders are focused on offering the best service, not just a cheaper one 5 Hours Ago | 02:17Lyft isn’t concerned with offering cheaper on-demand rides than rival Uber, according to the company’s co-founders. “It’s about getting the best service, having the best software and real world operations.” The dueling ride-hailing companies have drawn increasing comparison in recent months, as each company has raced toward a public offering practically in tandem. “In 2016 and prior, there was a


Lyft co-founders are focused on offering the best service, not just a cheaper one 5 Hours Ago | 02:17Lyft isn’t concerned with offering cheaper on-demand rides than rival Uber, according to the company’s co-founders. “It’s about getting the best service, having the best software and real world operations.” The dueling ride-hailing companies have drawn increasing comparison in recent months, as each company has raced toward a public offering practically in tandem. “In 2016 and prior, there was a
Lyft isn’t concerned with offering cheaper rides than Uber, co-founders say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: sara salinas
Keywords: news, cnbc, companies, uber, best, focused, service, cofounders, offering, zimmer, say, public, rides, lyft, isnt, scale, cheaper, rival, concerned


Lyft isn't concerned with offering cheaper rides than Uber, co-founders say

Lyft co-founders are focused on offering the best service, not just a cheaper one 5 Hours Ago | 02:17

Lyft isn’t concerned with offering cheaper on-demand rides than rival Uber, according to the company’s co-founders.

CEO Logan Green and President John Zimmer spoke to their fiercest competition in an interview with CNBC’s Andrew Ross Sorkin on “Squawk Box” ahead of the stock’s public market debut Friday.

“It’s not about a price battle between the two players anymore,” Zimmer said. “It’s about getting the best service, having the best software and real world operations.”

The dueling ride-hailing companies have drawn increasing comparison in recent months, as each company has raced toward a public offering practically in tandem. Uber and Lyft announced their confidential IPO filings on the same day, though Lyft has now beaten its larger rival to the official debut.

Historically, Lyft has benefited from Uber’s stumbles. Lyft claimed a 60 percent week-over-week jump in passenger activations during #deleteUber movement in January 2017 that stemmed from scandals within Uber around driver conditions and rider safety.

“In 2016 and prior, there was a need for us to get up to scale — scale in our business is a three-minute pick-up time,” Zimmer said. “Now what we have is 80 percent of our passengers are coming in organically. They’re coming in because of the brand, because of the service, [and] because of our driver community.”

Lyft claimed 39 percent of the U.S. ride-hailing market at the end of 2018, according to its IPO prospectus, an increase of 17 percentage points from two year prior. Uber has a significantly larger international presence than Lyft, which is currently only operating in the U.S. and Canada.

“People are choosing Lyft,” Zimmer said. “Lyft is focused on consumer transportation, focused on North America, and focused on taking care of our drivers and passengers, and that’s paying off.”

WATCH: Lyft goes public but has no clear path to make a profit


Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: sara salinas
Keywords: news, cnbc, companies, uber, best, focused, service, cofounders, offering, zimmer, say, public, rides, lyft, isnt, scale, cheaper, rival, concerned


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Lyft isn’t concerned with offering cheaper rides than Uber, co-founders say

Lyft co-founders are focused on offering the best service, not just a cheaper one 9:25 AM ET Fri, 29 March 2019 | 02:17Lyft isn’t concerned with offering cheaper on-demand rides than rival Uber, according to the company’s co-founders. “It’s about getting the best service, having the best software and real world operations.” The dueling ride-hailing companies have drawn increasing comparison in recent months, as each company has raced toward a public offering practically in tandem. “In 2016 and p


Lyft co-founders are focused on offering the best service, not just a cheaper one 9:25 AM ET Fri, 29 March 2019 | 02:17Lyft isn’t concerned with offering cheaper on-demand rides than rival Uber, according to the company’s co-founders. “It’s about getting the best service, having the best software and real world operations.” The dueling ride-hailing companies have drawn increasing comparison in recent months, as each company has raced toward a public offering practically in tandem. “In 2016 and p
Lyft isn’t concerned with offering cheaper rides than Uber, co-founders say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: sara salinas
Keywords: news, cnbc, companies, offering, say, isnt, cheaper, focused, public, uber, best, rides, zimmer, scale, concerned, lyft, rival, cofounders, service


Lyft isn't concerned with offering cheaper rides than Uber, co-founders say

Lyft co-founders are focused on offering the best service, not just a cheaper one 9:25 AM ET Fri, 29 March 2019 | 02:17

Lyft isn’t concerned with offering cheaper on-demand rides than rival Uber, according to the company’s co-founders.

CEO Logan Green and President John Zimmer spoke to their fiercest competition in an interview with CNBC’s Andrew Ross Sorkin on “Squawk Box” ahead of the stock’s public market debut Friday.

“It’s not about a price battle between the two players anymore,” Zimmer said. “It’s about getting the best service, having the best software and real world operations.”

The dueling ride-hailing companies have drawn increasing comparison in recent months, as each company has raced toward a public offering practically in tandem. Uber and Lyft announced their confidential IPO filings on the same day, though Lyft has now beaten its larger rival to the official debut.

Historically, Lyft has benefited from Uber’s stumbles. Lyft claimed a 60 percent week-over-week jump in passenger activations during #deleteUber movement in January 2017 that stemmed from scandals within Uber around driver conditions and rider safety.

“In 2016 and prior, there was a need for us to get up to scale — scale in our business is a three-minute pick-up time,” Zimmer said. “Now what we have is 80 percent of our passengers are coming in organically. They’re coming in because of the brand, because of the service, [and] because of our driver community.”

Lyft claimed 39 percent of the U.S. ride-hailing market at the end of 2018, according to its IPO prospectus, an increase of 17 percentage points from two year prior. Uber has a significantly larger international presence than Lyft, which is currently only operating in the U.S. and Canada.

“People are choosing Lyft,” Zimmer said. “Lyft is focused on consumer transportation, focused on North America, and focused on taking care of our drivers and passengers, and that’s paying off.”

WATCH: Lyft goes public but has no clear path to make a profit


Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: sara salinas
Keywords: news, cnbc, companies, offering, say, isnt, cheaper, focused, public, uber, best, rides, zimmer, scale, concerned, lyft, rival, cofounders, service


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Bank of America, Tory Burch to offer $100 million in loans to women

Bank of America is pledging $100 million to the Tory Burch Foundation Capital Program to help female entrepreneurs get access to much needed capital. “Women entrepreneurs face many obstacles, access to capital being the biggest and the most common,” Tory Burch, founder of the Tory Burch Foundation, told CNBC Make It via email. In 2018, 40 percent of privately held firms in the U.S. were women-owned, according to the American Express 2018 State of Women-Owned Business Report. More than 2,500 wome


Bank of America is pledging $100 million to the Tory Burch Foundation Capital Program to help female entrepreneurs get access to much needed capital. “Women entrepreneurs face many obstacles, access to capital being the biggest and the most common,” Tory Burch, founder of the Tory Burch Foundation, told CNBC Make It via email. In 2018, 40 percent of privately held firms in the U.S. were women-owned, according to the American Express 2018 State of Women-Owned Business Report. More than 2,500 wome
Bank of America, Tory Burch to offer $100 million in loans to women Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: harriet taylor, source, tory burch
Keywords: news, cnbc, companies, program, america, scale, businesses, burch, 100, loans, business, capital, million, offer, womenowned, women, tory, bank


Bank of America, Tory Burch to offer $100 million in loans to women

Bank of America is pledging $100 million to the Tory Burch Foundation Capital Program to help female entrepreneurs get access to much needed capital.

“Women entrepreneurs face many obstacles, access to capital being the biggest and the most common,” Tory Burch, founder of the Tory Burch Foundation, told CNBC Make It via email. “I was incredibly fortunate — we were able to launch after a personal investment and one round of fundraising. This, of course, is not the case for most women.”

In 2018, 40 percent of privately held firms in the U.S. were women-owned, according to the American Express 2018 State of Women-Owned Business Report. Still, just 2 percent of venture capital dollars went to female founders last year, according to Pitchbook.

“This has to change,” said Burch. “It takes more than a great idea and determination to start a business; it takes resources.”

More than 2,500 women business owners have received $46 million in loans through the program over the past five years. Over 90 percent of the businesses receiving capital through the program are still in business and current on their loan repayment.

“We want to continue to scale this support by committing another $50 million in capital,” Andrew Plepler, global head of environmental, social and governance at Bank of America, told CNBC Make It via email. “By empowering more women to start and scale a business, we are contributing to the economic progress in communities across the country.”

“I am so proud of what these women have been able to achieve, and watching their success manifest in concrete, tangible ways — hiring more employees, leasing bigger office spaces, expanding their product lines — is incredibly gratifying,” said Burch.

Borrowers can take loans between $500 and $100,000 through the program, which offers a 2 percent interest rate reduction. To qualify, applicants must already be running a business for a least two years, and have positive revenue and a satisfactory credit rating.

“This model is more scalable than providing grant funding alone and helps these women and their businesses to build credit at the same time,” said Plepler.

The Tory Burch Foundation says the loans have gone to women-owned businesses across all sectors and industries — from bakeries to manufacturing plants, doctors to chefs — some with annual revenues of $10,000, and a few with annual revenues of as much as $500,000.

“It is rewarding to see the impact these loans are having in womens’ lives,” said Burch. “I could not be more proud, watching these women scale their businesses and become leaders in their communities.”

Like this story? Subscribe to CNBC Make It on YouTube!

Don’t miss: Venture capital has a gender problem. Here’s what needs to change to fix it


Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: harriet taylor, source, tory burch
Keywords: news, cnbc, companies, program, america, scale, businesses, burch, 100, loans, business, capital, million, offer, womenowned, women, tory, bank


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Bank of America, Tory Burch to offer $100 million in loans to women

Bank of America is pledging $100 million to the Tory Burch Foundation Capital Program to help female entrepreneurs get access to much needed capital. “Women entrepreneurs face many obstacles, access to capital being the biggest and the most common,” Tory Burch, founder of the Tory Burch Foundation, told CNBC Make It via email. In 2018, 40 percent of privately held firms in the U.S. were women-owned, according to the American Express 2018 State of Women-Owned Business Report. More than 2,500 wome


Bank of America is pledging $100 million to the Tory Burch Foundation Capital Program to help female entrepreneurs get access to much needed capital. “Women entrepreneurs face many obstacles, access to capital being the biggest and the most common,” Tory Burch, founder of the Tory Burch Foundation, told CNBC Make It via email. In 2018, 40 percent of privately held firms in the U.S. were women-owned, according to the American Express 2018 State of Women-Owned Business Report. More than 2,500 wome
Bank of America, Tory Burch to offer $100 million in loans to women Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: harriet taylor, source, tory burch
Keywords: news, cnbc, companies, businesses, million, program, 100, bank, loans, america, burch, women, tory, scale, capital, offer, womenowned, business


Bank of America, Tory Burch to offer $100 million in loans to women

Bank of America is pledging $100 million to the Tory Burch Foundation Capital Program to help female entrepreneurs get access to much needed capital.

“Women entrepreneurs face many obstacles, access to capital being the biggest and the most common,” Tory Burch, founder of the Tory Burch Foundation, told CNBC Make It via email. “I was incredibly fortunate — we were able to launch after a personal investment and one round of fundraising. This, of course, is not the case for most women.”

In 2018, 40 percent of privately held firms in the U.S. were women-owned, according to the American Express 2018 State of Women-Owned Business Report. Still, just 2 percent of venture capital dollars went to female founders last year, according to Pitchbook.

“This has to change,” said Burch. “It takes more than a great idea and determination to start a business; it takes resources.”

More than 2,500 women business owners have received $46 million in loans through the program over the past five years. Over 90 percent of the businesses receiving capital through the program are still in business and current on their loan repayment.

“We want to continue to scale this support by committing another $50 million in capital,” Andrew Plepler, global head of environmental, social and governance at Bank of America, told CNBC Make It via email. “By empowering more women to start and scale a business, we are contributing to the economic progress in communities across the country.”

“I am so proud of what these women have been able to achieve, and watching their success manifest in concrete, tangible ways — hiring more employees, leasing bigger office spaces, expanding their product lines — is incredibly gratifying,” said Burch.

Borrowers can take loans between $500 and $100,000 through the program, which offers a 2 percent interest rate reduction. To qualify, applicants must already be running a business for a least two years, and have positive revenue and a satisfactory credit rating.

“This model is more scalable than providing grant funding alone and helps these women and their businesses to build credit at the same time,” said Plepler.

The Tory Burch Foundation says the loans have gone to women-owned businesses across all sectors and industries — from bakeries to manufacturing plants, doctors to chefs — some with annual revenues of $10,000, and a few with annual revenues of as much as $500,000.

“It is rewarding to see the impact these loans are having in womens’ lives,” said Burch. “I could not be more proud, watching these women scale their businesses and become leaders in their communities.”

Like this story? Subscribe to CNBC Make It on YouTube!

Don’t miss: Venture capital has a gender problem. Here’s what needs to change to fix it


Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: harriet taylor, source, tory burch
Keywords: news, cnbc, companies, businesses, million, program, 100, bank, loans, america, burch, women, tory, scale, capital, offer, womenowned, business


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Kroger makes another bold move in bid to woo grocery shoppers

Kroger has made its latest bold move to win over U.S. grocery shoppers. Kroger, founded at 66 East Pearl Street in Cincinnati, Ohio in 1883, has in the past two years eyed global and technological expansion. It launched grocery delivery service Kroger Ship and struck a partnership with driverless car company Nuro. Walmart racing is reoutfitting its stores to support grocery delivery and racing to bring it to 1,600 locations by the end of fiscal 2020. Target, which has struggled with its grocery


Kroger has made its latest bold move to win over U.S. grocery shoppers. Kroger, founded at 66 East Pearl Street in Cincinnati, Ohio in 1883, has in the past two years eyed global and technological expansion. It launched grocery delivery service Kroger Ship and struck a partnership with driverless car company Nuro. Walmart racing is reoutfitting its stores to support grocery delivery and racing to bring it to 1,600 locations by the end of fiscal 2020. Target, which has struggled with its grocery
Kroger makes another bold move in bid to woo grocery shoppers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: lauren hirsch
Keywords: news, cnbc, companies, delivery, walmart, grocery, makes, scale, grocer, street, woo, shop, bid, service, shoppers, bold, kroger


Kroger makes another bold move in bid to woo grocery shoppers

Kroger has made its latest bold move to win over U.S. grocery shoppers.

The grocer is, for the first time, looking to an outside advertising agency to help oversee its marketing efforts. The move is the latest in a string of actions the grocer has taken to make sure shoppers know it is more than a local shop to pick up essentials. Kroger, founded at 66 East Pearl Street in Cincinnati, Ohio in 1883, has in the past two years eyed global and technological expansion.

It bought meal kit company Home Chef and a stake in British online supermarket Ocado. It launched grocery delivery service Kroger Ship and struck a partnership with driverless car company Nuro. It inked a partnership with Walgreens in the U.S. and Alibaba in China.

These are big moves for the grocer that first made its splash by being first to offer in-house bakeries and meat departments. They are also a different than the one previously forged by Kroger.

For years, Kroger spent money on growth, but the money was predominantly put toward buying competitors, not transforming its business. Previous deals include Harris Teeter and Fred Meyer. Scale gave it the power to navigate the infamously thin-margin grocery industry.

But things changed over the past five years, and scale is no longer the singular defense. Shoppers increasingly like their food fresh, organic and natural. Amazon’s infiltration into the industry has forced all grocers to expedite their technology investments. Walmart has kept grocery a focus, even as its fortified its larger discount store business.

Seventy percent of shoppers will be buying some portion of their groceries online within five to seven years, according to Nielsen. That equates to $100 billion in total sales.

Changes have rippled throughout the industry. Walmart racing is reoutfitting its stores to support grocery delivery and racing to bring it to 1,600 locations by the end of fiscal 2020. Target, which has struggled with its grocery business, paid $550 million to buy same-day delivery service Shipt in 2017.

So far, some of Kroger’s investments appear to have born results: shares of Kroger are up nearly 5 percent this year, giving it a market capitalization of $23 billion. Its digital sales grew more than 60 percent the third quarter of 2018. But that growth came at a cost: its profit fell 20 percent.

Whether the sacrifice was worth it is yet to be seen. Regardless, the grocer looks far different than the original shop on Pearl Street.


Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: lauren hirsch
Keywords: news, cnbc, companies, delivery, walmart, grocery, makes, scale, grocer, street, woo, shop, bid, service, shoppers, bold, kroger


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Tencent says it will not scale back on investments this year

China’s Tencent Holdings will not scale back on investments this year after a record high of 16 companies it invested in launched IPOs last year, President Martin Lau said at a closed-door investor conference in Beijing. Lau said 2018 was the best year for the company in terms of investment, according to a transcript of his speech made last month and seen by Reuters on Wednesday. Tencent invested in more than 700 companies in the past 11 years, Lau said, and 63 of those are now listed, while 122


China’s Tencent Holdings will not scale back on investments this year after a record high of 16 companies it invested in launched IPOs last year, President Martin Lau said at a closed-door investor conference in Beijing. Lau said 2018 was the best year for the company in terms of investment, according to a transcript of his speech made last month and seen by Reuters on Wednesday. Tencent invested in more than 700 companies in the past 11 years, Lau said, and 63 of those are now listed, while 122
Tencent says it will not scale back on investments this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: vcg, getty images
Keywords: news, cnbc, companies, according, valued, wednesdaytencent, tencent, 2018, scale, transcriptshares, transcript, companies, lau, investments, invested


Tencent says it will not scale back on investments this year

China’s Tencent Holdings will not scale back on investments this year after a record high of 16 companies it invested in launched IPOs last year, President Martin Lau said at a closed-door investor conference in Beijing.

Lau said 2018 was the best year for the company in terms of investment, according to a transcript of his speech made last month and seen by Reuters on Wednesday.

Tencent invested in more than 700 companies in the past 11 years, Lau said, and 63 of those are now listed, while 122 are valued at more than $1 billion, according to the transcript.

Shares of Tencent fell 23 percent in 2018.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: vcg, getty images
Keywords: news, cnbc, companies, according, valued, wednesdaytencent, tencent, 2018, scale, transcriptshares, transcript, companies, lau, investments, invested


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post