Uber could go public as soon as 18 months from now.
That was the news delivered to Uber’s 16,000-person workforce today by the embattled transportation company’s new chief executive, outgoing Expedia CEO Dara Khosrowshahi, according to an employee who attended the meeting.
Khosrowshahi wasn’t definitive, the person said. In a meeting that was broadcast from San Francisco across the world, he said the 8-year-old company could go public in a timeline of 18 to 36 months, but he would have to see.
In addressing the issue at his first all-hands meeting, Khosrowshahi appeared to be trying to allay one of the biggest concerns not only for investors but also for employees. With a $68 billion valuation by private investors, Uber is the most valuable startup Silicon Valley has produced over the last decade, but funders have grown frustrated by the lack of timeline for getting their payouts. Employees have also felt pent up, as many are compensated with options in the company.
The loose timeline also gives Uber’s incoming leader an opportunity to resolve many of the controversies facing the company. That includes litigation with Google in a major case in which Uber is accused of stealing trade secrets from Google’s self-driving car program, as well as two pending federal investigations.
WASHINGTON — President Donald Trump is promising billions to help Texas rebuild from Harvey-caused epic flooding, but his Republican allies in the House are looking at cutting almost $1 billion from disaster accounts to help finance the president’s border wall.
The pending reduction to the Federal Emergency Management Agency’s disaster relief account is
In this Aug. 1, 2017 file photo, Senate Majority Leader Mitch McConnell of Ky. meets with reporters on Capitol Hill Washington. Congressional aides say President Donald Trump will meet House and Senate leaders at the White House next week, as lawmakers return from an August break and plunge into a daunting pile of work. (AP Photo/J. Scott Applewhite, File)
part of a massive spending bill that the House is scheduled to consider next week when lawmakers return from their August recess. The $876 million cut, which is included in the 1,305-
page measure’s homeland security section, pays for roughly half the cost of Trump’s down payment on the U.S.-Mexico border wall that the president repeatedly promised Mexico would finance.
It seems sure that GOP leaders will move to reverse it next week as floodwaters cover Houston, the nation’s fourth-largest city, and tens of thousands of Texans have sought refuge in shelters. There’s only $2.3 billion remaining in federal disaster coffers.
The disaster relief cut was proposed well before Harvey and the politically bad optics are sure to lead lawmakers to do an about face, though that would create a money crunch in homeland security accounts.
The FEMA cut is the handiwork of House Appropriations Committee Chairman Rodney Frelinghuysen, R-N.J. — the major force behind a $50 billion-plus 2013 Superstorm Sandy recovery package — and Rep. John Carter, whose home state of Texas is suffering badly from Harvey.
Aides to GOP leadership offices, the Appropriations Committee and Rep. Carter did not immediately respond on the record to messages seeking comment.
Harvey aid is a fresh addition to an agenda already packed with must-do tasks and multiple legislative deadlines: Passing a stopgap spending bill to avert a government shutdown; increasing the government’s borrowing authority to prevent a market-quaking default on U.S. obligations; and paving the way for a GOP rewrite of the U.S. tax code.
Trump is slated to meet with congressional leaders next Wednesday. The meeting follows a recess that has seen Trump lambast several top Republicans, especially Senate Majority Leader Mitch McConnell, R-Ky., after the collapse of the GOP health care bill in his chamber. That has wounded the president’s relationship with his own party, and the coming weeks should offer a test of how much clout he has with fellow Republicans.
“You’re not going to bully United States senators, this isn’t the Apprentice,” said Rep. Tom Cole, R-Okla. “You can’t look at them and say you’re fired, you’re going to need their vote and you oughtta remember that they’re going to be at the table in every major deal you need for the next three years. So I just don’t think that’s a productive way to proceed.”
McConnell is scheduled to attend next Wednesday morning’s White House meeting, according to congressional aides. Also going are House Speaker Paul Ryan, R-Wis., Senate Minority Leader Chuck Schumer, D-N.Y., and House Minority Leader Nancy Pelosi, D-Calif., the aides said.
“We expect to hear their proposal for getting done all that we have to get done in September,” said Schumer spokesman Matt House.
Texas Sen. John Cornyn, the chamber’s No. 2 Republican, is pressing for an emergency infusion of disaster aid pending estimates of longer-term rebuilding costs.
Despite Trump’s promise at a rally in Phoenix last week to build a wall along the U.S.-Mexico border even “if we have to close down our government,” congressional Republicans are optimistic of averting a politically damaging shutdown after the fiscal year ends Sept. 30.
For one thing, most Republicans, including Trump, want to move on to a sweeping revamp of the tax code, and a shutdown debacle would only make tax legislation more difficult. A tax overhaul, cutting rates for individuals and businesses while erasing numerous tax breaks and loopholes, is difficult enough as it stands.
Like the failed push to repeal former President Barack Obama’s health care law, the tax effort is likely to encounter strong Democratic opposition and divisions among Republicans, leaving its fate uncertain.
The massive, ongoing flooding caused by Harvey means that officials still don’t know how much aid the metropolis will need to recover, but it’s expected to be many billions of dollars. A possible outcome is one or even two infusions of immediate aid next month, with a longer-term recovery package coming by year’s end.
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Congressional correspondent Erica Werner contributed to this report.
On its first visit to America, China’s Olympic surf team picked up its first U.S. corporate sponsorship in San Clemente and engaged in a friendly surf competition with the NSSA champion San Clemente High School surf team.
“It was a learning curve for them,” SCHS surf coach John Dowell said of the Aug. 16 visit. “It was their second day in California. I think it was eye-opening for our kids too, interacting with another culture. They’ve invited us to go to Hainan Island next year. We’ll see if we can put something together.”
Electric, an action sports eyewear and accessories brand based in San Clemente, hosted the team at its headquarters. San Clemente High surfers stopped in to greet the visitors and play some ping-pong.
Eric Crane, Electric’s CEO and a former San Clemente High surfer, handed out endorsement sunglasses and accessories to the visiting surfers.
“We gave them some custom SurfMore leashes,” Dowell said. After a picnic lunch overlooking Calafia Beach, the assembled surfers paddled out at Riviera Beach for a friendly surf-off.
China, where surfing as a homegrown sport is just beginning to take hold, has formed its team to compete in the 2020 Olympic Games in Japan. Surfing will make its Olympic debut then. Coaching the Chinese team is Peter Townend, a former world professional surfing champion from Australia who settled in Orange County decades ago.
Electric announced in a news release that it provided the visitors with a fully branded, decorated Chinese Olympic team van for the duration of their travels in Southern California, and Electric will continue its support for the team as Townend helps to raise China’s talent level in preparation for the Olympics..
NEW YORK — Under Armour is working to create buzz for its new sleep recovery product that it’s hoping will be a big hit this holiday season.
Under Armour officially unveiled its Athlete Recovery Sleepwear powered by TB12 apparel and related app at the CES show in Las Vegas in January and on Tuesday night, it hosted a media event at Inscape, an immersive mediation studio here, to allow influencers to experience the product.
Athlete Recovery Sleepwear, which was developed with New England Patriots quarterback Tom Brady, uses bioceramics particles in the lining of the garments that absorb infrared wavelengths emitted by the body and reflect them back. The technology is intended to promote better sleep, which in turn helps the body recover faster.
Dan Leraris, vice president of men’s training apparel, said the initial launch on the Under Armour web site and in the company’s Brand House stores has been successful and a larger rollout is slated for fall and holiday. In addition to the company’s own platforms, the collection will also be offered at select retailers around the world, he said.
Because the men’s and women’s line is pricey — $100 for long-sleeve tops and pants and $80 for T-shirts and shorts
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SOZZANI’S LEGACY: Fashion 4 Development will honor the late Franca Sozzani, former editor in chief of Vogue Italia and Goodwill Ambassador for F4D from 2011 to 2016, at the seventh annual official First Ladies Luncheon. The event will take place on Sept. 19 during the 72nd session of the United Nations General Assembly at the Pierre Hotel in New York.
Sozzani’s son, Francesco Carozzini, will present the first Franca Sozzani Award that will be given to Precious Moloi-Motsepe, founder of African Fashion International and pioneer of African luxury fashion initiatives who will take on the role of Goodwill Ambassador for the African region to continue Sozzani’s work.
Hosted by Evie Evangelou, founder of F4D, the luncheon will gather first ladies, fashion industry professionals, influencers and diplomats from more than 100 nations to celebrate the progress made to drive positive social change worldwide in support of the UN Sustainable Development Goals.
This year’s F4D Award will be presented to Iman for her work with The Children’s Defense Fund, Action Against Hunger and the Raise Hope for Congo campaign, which aims to build a permanent and diverse constituency of activists who advocate for protection and empowerment of Congolese women and girls. She will also be honored for
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As iconic Paris retailer Colette winds down operations, Sacai is prepping as one the brands that’s assuming a monthlong takeover of the store. Beginning Sept. 4, the Jardin Sacai, inspired by Parisian gardens, will be installed in Colette. The interior design includes trompe l’oeil hedges, a pop-up café serving Japanese Toriba coffee and toraya, a traditional Japanese dessert, and small bites made with Japanese Balmuda toasters.
The elevated area in the back of the store that’s typically used for art and photo exhibitions will display art pieces by Gelchop, the studio that makes all of Sacai’s store furniture and fixtures for the first half of September, after which the space will switch to a Craig McDean photo exhibit. There’s also a space dedicated to Fragment Design and its founder Hiroshi Fujiwara. Exclusive products and collaborations include pieces from Sacai’s men’s, women’s and children’s lines, ceramics by Astier de Villatte, Ambush, Be@rbrick by Medicom Toy, Charlotte Chesnais, Converse, Globe-Trotter, House of Voltaire, Lacoste, Levi’s jeans, Olympia Le-Tan, The North Face, Zucca and organic beauty products by Shigeta. The Lacoste collaboration merchandise will be available Sept. 4-9; The North Face merch will be available Sept. 11-16 and the Converse items will be for
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HONG KONG — David Tang, founder of Chinese luxury brand Shanghai Tang, has died.
The 63-year-old businessman had been suffering from health problems, which Tang revealed in an advice column he penned regularly for The Financial Times.
Ewan Venters, chief executive officer of Fortnum & Mason, wrote in a tweet that Tang had passed away on Tuesday evening.
Gilbert Harrison, chairman of Financo, said he knew Tang for more than 25 years.
“He was a pioneer and one of the most interesting people I have known — very creative, fun and ambitious. As a somewhat aristocrat, he knew his Asian and English heritage. He always said he was ‘yellow on the outside and white on the inside,’” Harrison said.
Furniture designer Viscount David Linley said they met in 1987 through a friend named Charles Butter – while Linley in Hong Kong – and touted Tang as “an amazing polymath.”
“He was so accomplished in so many things,” said Linley. “From being an art collector to being a crossword puzzle doer to understanding about education, the arts, and fashion. He’s the only person I know to get Wellington boots made by Lobb. And that’s just one side of him. Style, elegance, with, bon rapport and bringing people together…”
“He
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