Justice Dept. orders whistleblower to justify in Wells Fargo probe

The U.S. Department of Justice has subpoenaed Wells Fargo banker Yesenia Guitron in its criminal investigation into the bank’s opening of accounts without customer permission.

The U.S. Department of Justice has subpoenaed Yesenia Guitron, a high-profile whistleblower and Wells Fargo banker, in its criminal investigation into the bank’s opening of accounts without customer permission.

Prosecutors in San Francisco asked her to testify before a grand jury in San Francisco on Tueseday, according to a subpoena dated Dec. 12.

Guitron is one of five Wells Fargo employees that sued the bank or filed complaints with regulators claiming that they were fired after reporting the opening.

The bank has acknowledged opening up to two million accounts without customer permission and fire d 5,300 employees for the behavior.

Source: Reuters

Trump, Pence endorse Louisiana senate candidate Kennedy before runoff

Kennedy faces a runoff election next week

Vice President-elect Mike Pence traveled to New Orleans Saturday to endorse Republican Senate candidate John Kennedy – who faces a runoff election in a week.

“I’m really here to say thanks, but we have one more race to win this year.”

-Mike Pence, U.S. Vice President-elect

Kennedy, the five-term state treasurer, is gunning for the Senate seat currently held by retiring Sen. David Vitter. It’s the final outstanding Senate race in the country after no one got a majority of votes in the Nov. 8 general election.

Democrats hope to cut into the Senate’s Republican majority for next year, lending their support behind former Louisiana state senator Foster Campbell.

If Republicans hold the seat, they will maintain a 52-48 Senate lead.

According to Pence, he spoke to Trump before exiting his plane for the rally announcing the endorsement.

“He said, ‘I have one more thing to ask, and that’s to send John Kennedy to the United States Senate.’”

-Mike Pence

Pence reiterated the administration’s need for help in pushing its legislative agenda, focusing on immigration (building a wall along the U.S.-Mexico border) and health care (repealing Obamacare). He also mentioned that President Trump could nominate up to three U.S. Supreme Court justices – who would need to be confirmed by Senators.

“We need one more push. You’re going to put an exclamation point at the end of a great American victory in 2016.”

-Mike Pence

Source: NBC

US Election 2016: Republicans sweep White House, Congress

Donald Trump stuns with upset victory

Republicans swept control of Washington Tuesday, as Donald Trump was elected President and his party took majority control over both houses of Congress.

Trump’s election defied polling that Hillary Clinton had a modest edge and has left much of the world in disbelief. Clinton conceded the race in an address Wednesday morning.

“We must accept this result and look forward to the future. Donald Trump is going to be our president. We owe him an open mind and the chance to lead.”

-Hillary Clinton, Democratic presidential nominee

In his victory speech at the Hilton New York Wednesday, Trump appeared intent on beginning the process of healing the nation after a divisive campaign.

“The forgotten men and women of our country will be forgotten no longer. Now it’s time for America to bind the wounds of division. It is time for us to come together as one united people.”

-Donald Trump, U.S. President-elect

President Obama has invited Trump to the White House to discuss the country’s transition plan Thursday.

“We are all rooting for his success in uniting and leading the country. The peaceful transfer of power is one of the hallmarks of our democracy. And over the next few months we are going to show that to the world.”

-Barack Obama, in an address to the nation at the White House Rose Garden Wednesday

House Speaker Paul Ryan spoke with Trump “twice in the last 18 hours” and pledged that he will “lead a unified Republican government.”

“We talked about the work ahead of us, and the importance of bringing the nation together. This needs to be a time of redemption, not a time of recrimination.”

  • Paul Ryan, Speaker of the House

The Pentagon has also confirmed that Trump will be receiving the same classified intelligence briefings as President Obama. Defense Secretary Ash Carter declared his commitment to an orderly transition of power.

Trump won in key battlegrounds like Florida, North Carolina, Ohio, and Pennsylvania and set financial markets and international allies in jitters. Stocks were down around the world, with Japan’s Nikkei and the U.S.’  Dow Jones average falling over 700 points overnight. The Mexican peso went down to record lows, and the U.S. dollar fell as well.

In the Senate, Republicans retained control – losing only one seat in Illinois early in the evening. Republican Senator Richard Burr of North Carolina easily won re-election in a race that was among the country’s most competitive. A handful of other incumbents in difficult races also fared better than expected.

BREAKING: Five injured after explosions rock Portland

Five people were injured in two explosions Wednesday morning in Northwest Portland.

A four-alarm gas incident is ongoing in Northwest Portland right now after an explosion rocked a bagel shop there.

According to Portland Fire & Rescue, five people including three firefighters were injured in two explosions Wednesday morning. Portland’s Legacy Emanuel Medical Center reports that one police officer was being treated for injuries there.

Dozens of people were evacuated from three buildings in the area of NW 23rd Avenue and Glisan Street just before 9 a.m. after contractors hit a gas line.

Moments later, two explosions were heard, sending plumes of smoke in the air.

The explosion took place at Portland Bagelworks, which is a total loss. According to KATU, all of the shop’s employees have been accounted for.

Sources: KATUThe Oregonian

Orlando shooting: Alabama official refuses to lower flags

Baldwin County, Ala. Commissioner Tucker Dorsey refused to lower flags to half-mast after the shooting in Orlando, despite orders to do so from state governor Robert Bentley and U.S. President Barack Obama.

Baldwin County, Ala. Commissioner Tucker Dorsey refused to lower flags to half-mast after the shooting in Orlando, despite orders to do so from state governor Robert Bentley and U.S. President Barack Obama.

According to Dorsey, the shooting wasn’t a “valid circumstance,” citing the U.S. Flag Code. The code requires flags to fly at half mast on Memorial Day, and after the death of a government official, while also allowing the President to add more rules.

Dorsey also refused to lower the flag following the attacks in San Bernardino, Calif. and Paris last year, according to NBC News.

Source: Talking Points Memo

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Editor’s Note: This is the Paw Print Rewind, a daily recap of the top news headlines.

Lowe’s gains overshadowed by Home Depot

Lowe's Sanford Store #3608 Reopening

Lowe’s fourth-quarter sales at U.S. stores open for over a year rose a healthy 5.5 percent, with expectations for 2016 sales to rise six percent.

“As good as (Lowe’s) numbers are, comparisons will inevitably be drawn with Home Depot’s much stronger results. This takes the shine off (Lowe’s) figures as it indicates that Home Depot is adding market share at a faster pace that Lowe’s.”

-Hakon Helgesen, Conlumino analyst

Overall, the Mooresville, NC-based company’s same-store sales rose 5.2 percent in the quarter ending Jan. 29.

Lowe’s net earnings plunged to $11 million from $450 million, hurt by a $530 million impairment charge related to leaving a joint venture in Australia.

Excluding items, the company earned $0.59/share.

Net sales rose 5.6 percent to $13.24 billion.

Telescope used on Armstrong’s moon landing finds new galaxies

The Parkes telescope, used to broadcast live vision of Neil Armstrong’s first steps on the moon in 1969, has found 883 new galaxies hidden behind the Milky Way by using an innovative receiver measuring radio waves.

The telescope’s findings were reported in the latest issue of Astronomical Journal.

“Hundreds of new galaxies were discovered, using the same telescope that was used to broadcast the TV pictures from Apollo 11. The electronic technology at the back end is substantially different and that is why we can still keep using these old telescopes.”

-Lister Staveley-Smith, University of Western Australia International Center for Radio Astronomy Research professor

The discoveries occurred as scientists were investigating the region’s close proximity to the Great Attractor, a gravity anomaly in intergalactic space.

According to the study, using radio waves has allowed scientists to see beyond dust and stars in the Milky Way that previously blocked the view of telescopes.

According to Staveley-Smith, scientists have been trying to get to the bottom of the mysterious Great Attractor since major deviations from universal expansion were first discovered in the 1970s and 1980s.

“It’s a missing part of the jigsaw puzzle, which is the structure of our local universe. They have managed to pierce through it and complete the picture of what our part of the universe looks like.”

-Michael Burton, University of New South Wales Physics School professor

Target comp sales show turnaround traction

Target discount store exterior
VORHEES, NEW JERSEY, UNITED STATES – 2012/07/25: Target discount store exterior. (Photo by John Greim/LightRocket via Getty Images)

Target’s comparable sales in higher-margin categories rose by over three times the company average in the quarter ending Jan. 30, with women’s apparel, wearable electronics, and food being the fastest growing.

“Signs that CEO Cornell’s strategic initiatives are gaining traction include: ‘signature’ categories re-accelerating to about six percent growth and traffic rising 1.3 percent.”

-Renato Basanta, Sterne Agee analyst

According to Target finance chief Cathy Smith, apparel sales were helped by better in-store and online presentation and the stocking of trendier styles.

“We believe that Target performed somewhat above the market (in apparel) thanks to its more fashion-savvy shopper demographic and its strong marketing efforts around holiday looks.”

-Neil Saunders, Conlumino CEO

Best Buy forecast misses expectations

best_buy_edited

Best Buy forecast revenue between $8.25-$8.35 billion and a profit of $0.31-$0.35/share for the first quarter.

The Richfield, MN-based company will buy back up to $1 billion in shares over the next two years, along with a special $0.45/share dividend.

According to company CFO Sharon McCollam, Best Buy expects revenue declines in the first half of the year, followed by second half growth.

“In this context, we are targeting flat domestic (U.S.) revenue for the full year … but recognize that it will be challenging without a strong mobile cycle.”

-Sharon McCollam, Best Buy CFO

Sales at established stores fell 1.7 percent in the first quarter, while sales of computing and mobile devices fell 6.8 percent in the United States. The category accounts for 43 percent of the company’s total U.S. revenue.

The company’s net income fell 7.7 percent to $479 million ($1.40/share) in the quarter that ended Jan. 30.

Excluding items, Best Buy earned $1.53/share from continuing operations.

Revenue fell 4.1 percent to $13.62 billion.

Dynegy, Energy Capital to buy Engie’s U.S. power plants

Dynegy and Energy Capital will buy Engie’s U.S. power plants, as falling demand for electricity in the United States has led to a spike in utility mergers.

The deal gives Dynegy access to the Texas market, which is currently controlled by grid operator Electric Reliability Council of Texas.

According to Dynegy, the deal will also boost the Houston-based company’s presence in New England, the mid-Atlantic, and parts of the Midwest.

According to Dynegy, the acquisition would add about 8,731 megawatts to its generation capacity.

Dynegy will invest about $770 million, while Energy Capital will invest about $415 million in the joint venture.

According to Dynegy, the partnership has secured financing with $2.25 billion in committed debt facilities and $1.19 billion in equity commitments. Energy Capital will also buy $150 million of Dynegy stock at $10.94/share, raising its holding in the company to about 15 percent.

Energy Capital will have the right to exit the joint venture four years after the deal closes, either through a sales of its interest to Dynegy or a sale of the entire joint venture.

Hasbro looks to girls for turnaround

Hasbro

Hasbro is turning to Disney princesses and its first animated movie to turnaround a five-quarter slump in its girls’ toy sales.

The Pawtucket, RI-based company has begun selling dolls from Disney movies Frozen and Cinderella after getting the license from Mattel. According to company CEO Brian Goldner, Hasbro will also launch My Little Pony toys throughout the year ahead of its 2017 movie release.

“Getting it on the shelves early allows Hasbro to maximize the window in which it can sell.”

-Neil Saunders

“These products are already on shelves in the U.S. and rolling out internationally. Shipments are now ramping up and early consumer indications are positive.”

-Brian Goldner, Hasbro CEO

Hugo Boss CEO steps down after weak China, U.S. sales

Claus-Dietrich Laus
Claus-Dietrich Lahrs

Hugo Boss CEO Claus-Dietrich Lahrs is stepping down after eight years with the German fashion house after weak sales in China and the United States.

According to the Metzingen, Germany-based company, Hugo Boss will start without delay to find a successor to Lahrs, who was leaving with effect of Feb. 29 “upon his request as part of a mutual agreement.”

Laurs joined Boss in 2008.

According to the company, Bernd Hake will take responsibility for sales and retail as a new managing board member starting March 1. Lahrs’ other responsibilities will be taken on by other board members until a successor is found.

McDonald’s launching in Kazakhstan next month

McDonald's

McDonald’s will open its first restaurant in Kazakhstan in March, with another 15 opening afterwards.

According to McDonald’s Russia president Khamzat Khasbulatov, the restaurant will launch in Kazakh capital Astana on March 8 after $3.5 million of franchise project investments.

Halliburton slashing another 5,000 jobs

The company logo of Halliburton oilfield services corporate offices is seen in Houston

According to company spokesperson Emily Mir, Halliburton is slashing another 5,000 jobs, or roughly eight percent of its workforce.

Paw Print Rewind #045

Editor’s Note: This is the Paw Print Rewind, a daily recap of the top news headlines.

U.S. strikes Islamic State in Libya, killing 40 people

U.S. warplanes carried out airstrikes against Islamic State-linked militants in western Libya on Friday, killing as many as 40 people in an operation targeting a suspect linked to two deadly attacks last year in Tunisia.

According to the Pentagon, it targeted an Islamic State training camp and killed a Tunisian militant linked to major attacks on tourists in Tunisia.

According to Sabratha, Libya mayor Hussein Al-Thwadi, the planes struck at 3:30 a.m., hitting a building in the city’s Qasr Talil district. 41 people were killed, with six others being wounded.

According to municipal authorities, the air strikes targeted a house in a residential district about 5 miles west of the center.

“Destruction of the camp and Chouchane’s removal will eliminate an experienced facilitator and is expected to have an immediate on ISIL’s ability to facilitate its activities in Libya, including recruiting new ISIL members, establishing bases in Libya, and potentially planning external attacks on U.S. interests in the region.”

-The Pentagon

According to Thwadi, some Tunisians, a Jordanian, and two women are among the dead. Several Tunisians were among the survivors.

Ringing Bells briefly sells $4 smartphone before website crashes

Ringing Bells launched a $4 smartphone Thursday, before customer demand sent the Indian phonemaker’s website down hours later.

The Freedom 251 is being sold for 251 rupees ($3.66).

“We humbly submit that we are therefore taking a pause.”

-Ringing Bells, in an apology to customers

According to the company, they were receiving 600,000 hits per second to its website.

“It looks like it’s highly subsidized by the company and it’s not clear how they plan to sustain this.”

-Tarun Pathak, Counterpoint Technology Research analyst

Yahoo forms panel to explore strategic options

File photo of a Yahoo logo in front of a building in Rolle

Yahoo’s board has formed a committee of independent directors to explore strategic alternatives.

According to the company, the committee and its advisers are working on a process for reaching out to and engaging with potentially interested strategic and financial parties.

“It seems pretty clear that the only reason this is happening even is because of the threat of the proxy fight.”

-Brian Wiesel, Pivotal Research analyst

“I think a proxy fight would be the right thing to do.”

-Eric Jackson, SpringOwl Asset Management managing director

Citigroup exiting retail banking in Brazil, Argentina

People walk past the Citigroup headquarters in New York

Citigroup plans to exit its retail banking and credit card operations in Brazil, Argentina, and Colombia as part of its efforts to cut costs and boost profitability.

“We have decided to focus our efforts on opportunities with our institutional clients in these countries and throughout the wider region.”

-Michael Corbat, Citigroup CEO

The businesses being sold are part of its consumer banking operations and will be transferred to Citi Holdings, and will report financial results as part of Citi Holdings starting in the first quarter.

Citi Holdings holds all non-core assets that the bank is winding down or selling.

Amazon opening package locker network across Europe

Amazon Prime Air

Amazon wants to set up a network of package lockers across Europe to allow people to pick up their own orders.

These lockers already exist in the United States and Britain in places like shopping centers where customers key in a code to get their package.

Paw Print Rewind #044

Editor’s Note: This is the Paw Print Rewind, a daily recap of the top news headlines.

Dish swing to 2015 loss as subscribers decline

The sign in the lobby of the corporate headquarters of Dish Network is seen in the Denver suburb of Englewood

Dish Network swung to a loss in 2015, hurt by a drop in pay-TV subscribers and a wireless airwaves auction-related expense.

The U.S.’ No. 2 satellite TV provider’s net income attributable to the company fell about 21 percent from a year ago to $747.1 million ($1.61/share).

Dish incurred a $516 million expense related to a government auction of wireless airwaves.

The Englewood, Colo.-based company also had a $123 million asset-impairment charge to weigh on earnings.

Dish ended 2015 with about 13.9 million pay-TV subscribers including streaming service Sling TV, a decline of 81,000 subscribers from the end of 2014.

Churn, the rate subscribers defect to other services, grew in 2015 to 1.71 percent form 1.59 percent in 2014.

For the full year, the company’s revenue grew about three percent to $15.07 billion, with average revenue per user rising to $86.79 in 2015 from $83.77 in 2014.

In the quarter ending Dec. 31, net loss attributable to the company was $125.3 million ($0.27/share), while total quarterly revenue grew to $3.78 billion from $3.68 billion.

Wal-Mart quarterly earnings fall

The Walmart logo is pictured in Los Angeles

Wal-Mart Stores have reported lower quarterly earnings and cut its sales outlook due to a stronger dollar and recent store closures.

The Bentonville, Ark.-based retailer’s sales at U.S. stores open at least a year rose 0.6 percent in the fourth quarter ending Jan. 31 from a year ago for its’ sixth straight quarterly gain.

For the current quarter, Wal-Mart expected a U.S. same-store sales increase of 0.5 percent, down from the 1.1 percent rise a year ago.

“It’s the same old story. They continue to struggle to drive traffic and sales.”

-Brian Yarbrough, Edward Jones analyst

The company’s fourth-quarter net income fell 7.9 percent to $4.57 billion ($1.43/diluted share).

Excluding a charge for store closings and other items, earnings were $1.49/share.

Wal-Mart’s operating income fell 16 percent to $6.6 billion in the quarter.

Consolidated revenue declined 1.4 percent to $129.7 billion, depressed by the stronger dollar’s impact on international operations.

Uber losing $1 billion/year to compete in China

Uber_NY_request-screenshot

Uber is burning through over $1 billion a year in China to compete with local rival Didi Kuaidi, according to the company’s CEO.

“We’re profitable in the USA, but we’re losing over $1 billion a year in China. We have a fierce competitor that’s unprofitable in every city they exist in, but they’re buying up market share. I wish the world wasn’t that way.”

-Travis Kalanick, Uber CEO

“Smaller competitors have to bleed subsidies to make up for their insufficient driver and rider network.”

-Didi Kuaidi spokesperson

“I prefer building rather than fundraising, but if I don’t participate in the funding bonaza, I’ll get squeezed out by others buying market share.”

-Travis Kalanick

T-Mobile profit nearly triples, adds 2.1 million customers

T-Mobile Logo

T-Mobile US nearly tripled its profit in the fourth quarter, as its “Binge On” video streaming program and lower-priced plans helped it add over two million subscribers.

According to the Bellevue, WA-based company, net income jumped to $297 million ($0.34/share) in the quarter from $101 million ($0.12/share) a year ago.

Total revenue rose 1.1 percent to $8.25 billion.

“We aren’t just winning customers, we’re keeping them too. Contrary to the belief that most of the donation (of subscribers) in the industry is coming from Sprint, it’s actually coming to AT&T.”

-John Legere, T-Mobile CEO

T-Mobile added a net 2.1 million customers, including 1.3 million new monthly or postpaid customers in the quarter that ended on Dec. 31. In 2016, the company expects to add a net 2.4-3.4 million postpaid customers, compared with the 4.5 million customers added in 2015.

“Subscriber growth continues to be solid.”

-Craig Moffett, MoffettNathanson analyst

The company’s average revenue per postpaid user fell marginally to $48.05 in the fourth quarter from $48.26 a year earlier.

“T-Mobile was the only operator to not disappoint on ARPU, the monthly phone payments of its customers.”

-Walter Piecyk, BTIG Research analyst

Europe launches satellite to help track global warning

Europe launched the Sentinel-3A satellite Tuesday to help predict weather phenomena such as El Nino and track the progress of global warming as part of the multibillion-euro Copernicus Earth observation project.

The satellite, part of a system of satellites set to monitor Earth, blasted off on board a Rockot launcher from the Plesetsk cosmodrome in Russia’s northwestern Arkhangelsk region at 12:57 p.m. ET Tuesday.

It headed for orbit 506 miles above Earth, where it will collect data on sea surface temperature and height that will contribute to more precise weather forecasts and help forecast the impact of rising temperatures.

“When we speak about global warming, we often focus on rising air temperatures, but 90 percent of the energy put out on our planet ends up in the ocean.”

-Volker Liebig, European Space Agency Earth Observation program director

The Copernicus project has over $9 billion in funding committed until 2020.

Images taken by Sentinel-3A have a lower resolution than those from Copernicus’ first two satellites – Sentinel-1A and 2A. However, the 3A will cover a wider swath of Earth.

It can deliver images of the entire planet within two days, but that will be cut to under a day once its twin 3B launches next year. According to Liebig, that compares to around six days for the twin Sentinel-1 and Sentinel-2 satellites.

AmEx to overhaul management, cut jobs

american_express

American Express will overhaul its management, streamline its marketing operations, and cut jobs as it looks to reduce $1 billion in costs over the next two years.

“At this time, we do not know what the magnitude of those [job cuts] will be, as decisions on specific positions affected are yet to be made.”

-Kenneth Chenault, American Express CEO

According to the New York-based company, chief marketing officer John Hayes will leave the company after over 20 years of service.

According to AmEx, the company is consolidating its marketing operations to avoid duplicate infrastructure, resources, costs, and processes.

The company is creating a global marketing operations unit, which will be led by Mike McCormack.

Paw Print Rewind #043

Editor’s Note: This is the Paw Print Rewind, a daily recap of the top news headlines.

U.N.: Civilian Afghanistan casualties hit record high

Civilian casualties of the war in Afghanistan rose to record levels for the seventh straight year in 2015, according to the United Nations, as violence spread across the country.

According to the organization, at least 3,545 non-combatants died and another 7,457 were injured by fighting last year in a four-percent increase over 2014.

“The harm done to civilians is totally unacceptable.”

-Nicholas Hayson, U.N. assistance mission in Afghanistan head

“In most parts of Afghanistan in 2015, civilian casualties decreased.”

-Danielle Bell, U.N. human rights program in Afghanistan head

Ground engagements were the leading cause of civilian casualties at 37 percent, followed by roadside bombs at 21 percent, and suicide attacks at 17 percent.

Casualties among women spiked 37 percent while deaths and injuries increased 14 percent among children.

Casualties attributed to pro-government forces jumped 28 percent compared to 2014 to account to 17 percent of the total.

A nine-percent rise in civilian casualties caused by international forces was largely attributed to a U.S. airstrike in October on a Doctors Without Borders hospital.

Overall, 103 civilians were killed and 67 were wounded by foreign forces last year, according to the report.

“The report references commitments made by all parties to the conflict to protect civilians, however, the figures documented in 2015 reflect a disconnect between commitments made and the harsh reality on the ground.”

-Danielle Bell

Since the United Nations began recording civilian casualties in Afghanistan in 2009, it has documented nearly 59,000 deaths and injuries.

Scientists bid Philae farewell after radio silence

European scientists have given up hope of restoring contact with the Philae space probe, which successfully landed on a comet in a pinpoint operation only to lose power because its solar-driven batteries were in the shade.

“Unfortunately, the probability of Philae reestablishing contact with our team at the [German Aerospace Center] Lander Control Center is almost zero, and we will no longer be sending any commands.

“It would be very surprising if we received a signal now.”

-Stephan Ulamec, German Aerospace Center Philae project manager

Scientists expect to get a final glimpse of the lander in the European summer, when the Rosetta spacecraft snaps some pictures during close fly-bys, before landing on the comet when its mission ends in September.

In around six years, Philae and Rosetta will near Earth again when the comet returns to circle the sun again.

SoftBank to repurchase up to $4.4 billion in shares

softbank-340

Japanese telecom conglomerate SoftBank announced its biggest buyback Monday, saying it will purchase up to $4.4 billion (14.2 percent) of its own shares.

“Softbank shares have become so cheap now. For the company to say it’s buying back at this time will have an ‘announcement effect’.”

-Naoki Yokota, SMBC Friend Research Center analyst

HSBC keeps London headquarters, rejects Hong Kong move

hsbc_hq_london_99481.jpg

HSBC has decided to keep its headquarters in London, rejecting the option to move to Hong Kong after a 10-month review.

“We had no negotiation with the [British] government. The government was very well aware of our view … but there certainly was no pressure put on, or no negotiation.”

-Douglas Flint, HSBC chairman

Paw Print Rewind #042

Editor’s Note: This is the Paw Print Rewind, a daily recap of the top news headlines.

Zomato breaks even at home, key markets abroad

Zomato

Zomato has broken even in key markets like India, according to the company, and is on track to make a profit as early as next June.

The New Delhi-based restaurant search and food delivery service has hit operational break-even in India, the UAE, Indonesia, and three other Middle Eastern and Southeast Asian markets. According to Zomato co-founder and CEO Deepinder Goyal, they together account for three-fourths of the company’s revenue.

“The fundamental model of our business is that in mature markets we should make profits and they shouldn’t need any more outside money to grow.”

-Deepinder Goyal, Zomato co-founder and CEO

Zomato operates in 17 other countries, including the United States, Britain, and Australia.

India intros net neutrality rules banning Facebook’s Free Basics

Facebook Free Basics

India introduced rules on Monday to prevent Internet service providers from having different pricing policies for accessing different parts of the Web, most notably banning Facebook’s Free Basics Internet service.

“Connecting India is an important goal we won’t give up on, because more than a billion people in India don’t have access to the Internet. We know that connecting them can help lift people out of poverty, create millions of jobs, and spread education opportunities.”

-Mark Zuckerburg, Facebook CEO

According to the Telecom Regulatory Authority of India, Internet service providers would not be allowed to discriminate on pricing for different Web services.

“Essentially, everything on the Internet is agnostic in the sense that it cannot be priced differently.”

-Ram Sevak Sharma, TRAI chairman

“We are delighted by the regulator’s recognition of the irreversible damage that stands to be done to the open Internet by allowing differential pricing.”

-Mishi Choudhary, New York lawyer that led online campaign against Facebook