business

Nissan recalls about 105K cars to replace Takata air bags

Nissan is recalling nearly 105,000 small cars to replace Takata passenger air bag inflators that can explode and hurl shrapnel at drivers and passengers. Included are the 2011 Versa sedan and the 2011 and 2012 Versa hatchback. It only applies to cars that have been registered in 42 states and Washington, D.C., as part of a coordinated phase-in of Takata recalls. Takata uses the chemical ammonium nitrate to create a small explosion to inflate the air bags in a crash. But the chemical can deteriorate due to high temperatures and humidity and blow apart a metal canister. At least 23 people have died worldwide and about 300 have been hurt. Owners will be notified by mail and dealers will replace the inflators for free. The recall starts this month.

Bulletproof clothing designers say US demand is on the rise

A Florida husband and wife duo who developed a fashion line of bulletproof clothing say they have seen the demand for their products in the U.S. increase exponentially — and amid growing security concerns, they believe the market still has untapped potential. Miguel Caballero created MC Armor, a branch of his Colombian based company that focuses on ballistic-resistant clothing that includes items from jackets and accessories to children’s apparel. Leading the U.S. market efforts is his wife, Carolina Ballesteros. “It’s fashion,” Ballesteros told ABC News. “But it’s fashion with protection.” Since starting the business in 1992, Ballesteros said the profile of MC Armor’s customers has already changed. “Now we get a lot more celebrities and politicians,” she explained. Ballesteros...

Hip-Hop Artist Shy Glizzy Signs With ICM Partners

ICM Partners will represent the rising star in all areas worldwide. Platinum-selling, Grammy-nominated hip-hop artist Shy Glizzy (aka Young Jefe) has signed with ICM Partners for worldwide representation in all areas. ICM announced today that the Washington D.C.-born rapper will be represented by an international team of agents led by Mari Davies. A growing presence in the hip-hop scene since his breakout single “Awwsome” went viral in 2014, Shy Glizzy graced the cover of XXL’s 2015 “Freshman Issue,” released two mixtapes, and appeared on GoldLink’s 2017 Grammy-nominated hit “Crew.” “Shy Glizzy is a rising talent who continues to impress with each successive release,” Davies said in a release. “We’re proud to welcome him back to ICM and look ...

Life as you know it is IPOver

DEAR chief executive. First, congratulations. You have decided to float your firm’s shares on the stockmarket. After years of toil behind the scenes, it’s time for the big stage. You probably feel pretty good right now, especially after those insightful bankers from Goldman Sachs said that your firm is one of the most impressive that they have ever seen in their careers and that they are generously going to give you a discount on their normal fee and charge you only 4% of the IPO proceeds. Unfortunately, though, things will now get much worse before they get better. An IPO is like having children: months of waiting, an agonising delivery and afterwards your world is never the same again. At least you are not alone. American IPO volumes are at their highest level for three years. In New Yor...

A Chinese music-video app is making WeChat sweat

A PUBLIC spat between two warring and wildly popular Chinese apps has had the feel of a teenage dance-off. “Sorry, Douyin Fans”, ran an article from the short-video app on its WeChat account, in which it accused the mobile-messaging service of disabling links to Douyin’s most popular videos. “All hail Douyin the drama queen,” retorted Tencent, WeChat’s parent, which said it had acted because the content was “inappropriate”. Get our daily newsletter Upgrade your inbox and get our Daily Dispatch and Editor’s Picks. On June 1st Tencent sued Douyin’s parent company, Bytedance, for 1 yuan (15 cents) and demanded it apologise for its accusations—on its own platforms (and presumably without the snark). Tencent also alleged unfair competition. Within hours Douyin counter-sued for 90m yuan. B...

Law firms climb aboard the AI wagon

LONG hours have been the bane of the legal profession for ages; few of them involve thrilling courtroom antics. As a junior corporate lawyer at Davis Polk & Wardwell, a law firm in New York, John Bick remembers spending most of his waking hours poring over contracts looking for clauses that could complicate or kill off a deal. Even once he became a partner he still had to pitch in on due diligence for large transactions. In 2015 nearly a third of British lawyers were looking to leave the profession, according to the job searches of more than 1,000 of them by Life Productions, a career-change consultancy, perhaps because of the drudgery. Such dissatisfaction may recede in future. Now on his firm’s management committee, Mr Bick is drafting in artificial intelligence (AI) to do the gruntw...

Despite falling foul of the #MeToo movement, Lululemon is soaring

BOSS wanted for firm with tarnished reputation in troubled industry. On the face of it, the vacancy to become chief executive of Lululemon doesn’t ooze appeal. It is a clothing company, an industry that has been battered in recent years. And its previous two bosses have both left under a cloud. In February its chief executive, Laurent Potdevin, resigned for conduct that the firm said fell short of its standards on integrity and showing respect for all employees. Industry observers considered his sudden departure to fit into a succession of corporate resignations sparked by the #MeToo movement against impropriety in the workplace. Mr Potdevin’s exit came three years after Lululemon’s founder, Chip Wilson, left the firm after more than a decade running it. Mr Wilson won notoriety for his on-...

Big corporates’ quest to be hip is helping WeWork

WITH his flowing locks and hip clothes Adam Neumann, co-founder and chief executive of WeWork, looks less like a property baron than the frontman of a rock group. He speaks expansively on the subjects of character, destiny and God. His four-year-old daughter wanders through his office during an interview with The Economist. Yet Mr Neumann, a veteran of the Israeli navy, also has a reputation for being an intense and demanding businessman. Both sides to his character come together in WeWork. Mr Neumann thinks of his property startup as a profit-making version of Israel’s famed communal farms—a sort of “capitalist kibbutz”. Shaking up the market for commercial offices globally is the firm’s mission. WeWork’s “co-working” offices, in more than 250 locations and over 70 cities worldwide, are a...

MoviePass’s useful financial horror show

EVEN by the standards of Hollywood, it sounds an unlikely pitch—an app that offers almost unlimited access to cinemas for $10 a month. The service, called MoviePass, pays cinemas full price for nearly every ticket that filmgoers use. By design, it loses more money the more people use it. The ending seems to be predictable. But might it have a twist? MoviePass has burned far more cash even than its executives anticipated since introducing the unlimited plan in August last year. It has attracted more than 3m subscribers and will lose “at least” $45m this month, according to a filing to the Securities & Exchange Commission on July 10th by Helios & Matheson, a data firm which bought a majority stake in MoviePass last year and now owns 92% of it. Helios & Matheson reported it had lo...

A welcome upgrade to apprenticeships

THE Advanced Manufacturing Research Centre (AMRC) in South Yorkshire, England, looks like the very model of a modern industrial site—bright, shiny, airy and clean. In June 1984 it was the site of a traumatic moment in British history—the Battle of Orgreave, when picketing miners clashed with police as they tried to stop lorries collecting supplies from a coking plant. The incident symbolised Britain’s post-war record of industrial decline and bitter strikes. The old coking plant is long gone. In its place is a promising attempt to create jobs for a new generation of workers, and to tackle an ancient and ridiculous British class divide. An important part of this divide is that universities have long been seen as a place for academic subjects, calling for essays and equations. People who got...

A new $124 million for Brazil’s Movile proves that investors still see promise in Latin American tech

Brazil’s macroeconomic picture may be gloomy, but technology investors still see hope in the nation’s burgeoning technology sector — and a recent $124 million financing for the mobile conglomerate Movile is the latest proof that that the pace of investment isn’t slowing down. Brazil was already the hottest spot for technology investment throughout Latin America — with Sao Paulo drawing in the majority of the record-breaking $1 billion in financing that the region’s startups attracted in 2017. And with this latest funding for Movile, led by Naspers, that trend looks likely to continue. Indeed, Naspers investments in Movile (supplemented by co-investors like Innova, which participated in the most recent round) have been one of the driving forces sustaining the Brazilian startup community. In...

BMG’s BBR Music Group Absorbs Red Bow as Part Of Nashville Restructuring

As part of an ongoing restructuring of its Nashville operations, BMG’s BBR Music Group has absorbed its Red Bow Records imprint into its other three labels. Five BBR staffers have been let go in the restructuring, with a broader staff restructuring to come, possibly later this week, according to sources. BBR Music Group, which BMG purchased for more than $100 million in January 2017, now comprises Broken Bow Records, Wheelhouse Records and Stoney Creek Records. Red Bow was established in 2012 as a joint venture between BBR and Sony Music’s now-shuttered RED Distribution. Red Bow’s artist roster, which includes Craig Campbell, Joe Nichols and Chase Bryant, is being evaluated, according to sources. In the meantime, Wheelhouse’s promotion staff will work Campbell’s current single, “See You Tr...