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Sat, 22nd July 2017

Anirudh Sethi Report

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Archives of “July 5, 2017” Day

50 Smartest Companies in 2017

Top 10 of 50

1) Nvidia Continues to tweak its chips, originally developed for gaming, to help develop breakthrough technologies like deep learning and autonomous driving.

$3 billion: spending on R&D to create its new data-center chip

2) SpaceX Changing the economics of space travel with its successful landing and recycling of rockets to be recycled for multiple trips

10 percent: price discount being considered for customers who agree to fly their payloads on reused rockets

3) Amazon Creating an AI-powered store of the future with Amazon Go while expanding intelligent voice assistant Alexa into phones, cars, and more.

12,000: number of programs that software developers have published for Alexa

4) 23andMe Vindicated this year when the U.S. FDA granted permission to tell customers whether their DNA puts them at higher risk for some diseases.

1 million plus: number of customers who have consented to have their genetic information used for scientific research

5) Alphabet Continues to dominate research into AI while expanding innovation in phone systems, virtual reality, and self-driving cars.

40 percent: amount of energy the company says it saves applying machine-learning algorithms from its DeepMind subsidiary to cooling its data center.

6) iFlytek Its voice assistant technology is the Siri of China, and its real-time portable translator puts AI to remarkable use, overcoming dialect, slang, and background noise to translate between Chinese and a dozen other languages with surprising accuracy.

70 percent: iFlytek’s share of China’s market in voice-based technologies

7) Kite Pharma Nearing FDA approval of its experimental immunotherapy that uses a patient’s own blood cells to combat cancer.

39 percent: proportion of study participants very sick with lymphoma who showed no sign of the disease six months after a single treatment with Kite’s therapy

8) Tencent Turning its insanely popular chat platform WeChat into a virtual operating system featuring mini programs.

50 percent: proportion of WeChat’s 770 million daily users who are on the service at least 90 minutes a day

9) Regeneron The biotech company has a strong drug pipeline and track record treating eye and other diseases, and it’s testing treatments for rheumatoid arthritis, asthma, and pain.

500,000: number of U.K. volunteers whose genetic data it is helping sequence

10) Spark Therapeutics Its blindness treatment could be the first gene therapy approved in the U.S. to treat an inherited disease.

1 in 30,000: estimated number of individuals affected by the disease, Leber hereditary optic neuropathy

Full list at: MIT Technology Review

True Religion Files For Bankruptcy

Image result for true religionNearly one year after rumors about its upcoming bankruptcy first emerged, overnight US-based denim retailer True Religion Apparel finally threw in the towel when it filed for bankruptcy protection, signing a pre-packaged restructuring agreement with most of its lenders.

True Religion, a company whose denims Reuters says have “gradually fallen out of style”, filed for Chapter 11 creditor protection in the U.S. bankruptcy court in the District of Delaware (case Case 17-11463), and listed assets and liabilities in the range of $100 million to $500 million (see full filing below). According to the prepack agreement agreed upon by lenders, including TowerBrook Capital Partners, will slash the company’s debt by over $350 million. The jean vendor also said it has secured DIP financing from Citizens Bank for up to $60 million.

 True Religion Brand Jeans is pleased to announce it has secured critical stakeholder support for a comprehensive financial recapitalization of the Company’s capital structure. In signing a Restructuring Support Agreement (“RSA”) with the substantial majority of its Term Loan Lenders and its Sponsor, TowerBrook Capital Partners, the Company will reduce its debt by over $350 million and convert it into the substantial majority of the reorganized Company’s equity. To implement the terms of the pre-arranged restructuring expeditiously, the Company filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware, and expects it will take 90 to 120 days to obtain confirmation of its pre-arranged plan by the Bankruptcy Court. Throughout the implementation of this process, True Religion will continue to operate its business without interruption to customers, employees and business partners.

European Indices finish the day mixed

closing changes for the main European bourses

  • German DAX +0.2%
  • French CAC +0.2%
  • Spain IBEX -0.3%
  • UK FTSE +0.15%
  • Italy MIB -0.3%

The euro is catching a small bid late in European trading. It’s at the best levels since New York arrived but still down 6 pips on the day.

IMF: China’s debt build-up a ‘rising vulnerability’

IMF on the world economy

  • Global growth momentum ‘remains on track’
  • Outlook for emerging markets picking up
  • Still sees world GDP growth about 3.5% this year and next
  • Expects slightly firmer economic growth in Europe and Asia
  • US growth prospects somewhat weaker than in April outlook
  • European bank balance sheets still need repair

The IMF had already hinted it would cut US growth but it looks like better growth elsewhere will pick up the slack.

Lagarde said nations need “tangible policy action” to boost g