Hedge fund Starboard Value LP announced Thursday morning it will nominate nine directors to Yahoo’s board, making good on a threat made this year that it would seek to shake up the board if it felt directors weren’t making changes fast enough. The move sets the stage for a battle over the future of the faded Web giant. According to Starboard Yahoo’s board and management have continually failed to live up to their promises and shouldn’t be trusted to make decisions on whether Yahoo should remain an independent company. Starboard’s move will add pressure to both Yahoo and its CEO Marissa Meyer as they attempt to turn around Yahoo. The board has already launched the sale process for its core business, while Meyers has been seeking to reignite its results through costs and improve its focus on areas including search and content.
Would You Like Fries With That?…
Yum brands, owner of KFC and Taco Bell, is considering selling a stake of its Chinese operations as part of a plan to spin off the once fast growing business. Yum has started discussions with several financial firms about selling as much as a 20% stake, valued at $10 billion. In return for the moolah, the buyer would receive the rights to brand KFC, Pizza Hut, and Taco Bell which aren’t yet open in the country. Yum announced its wish to spin off its Chinese operations back in October in hopes it could insolate its core U.S. business from the turbulence stemming from food safety scares and stronger competition. Shares of YUM closed higher in Wednesday trading.
Asia: Asian markets closed down on Thursday amid fresh declines in oil prices and concerns that the Federal Reserve will raise rates sooner rather than later.
Europe: European markets closed lower on Wednesday as the pound lost ground against the dollar.
U.S: U.S. shares closed down on Wednesday as oil prices declined. DJIA: -79.98 17,502.59 S&P: -13.09 2,036.71 NASDAQ: -52.80 4,768.86
Word of The Day:
Liquidity Coverage Ratio (LCR)
Refers to the highly liquid assets held by financial institutions in order to meet their short-term obligations. The ration is designed to help ensure financial institutions have the necessary assets on hand to ride out short-term liquidity disruptions.
Dinner or Drink:
Limoncello Citrus Sangria
- 1 Orange
- 1 Pink Grapefruit
- 2 lemons
- 750 ml bottle chilled white wine (I used Sauvignon Blanc)
- 1½ cups Limoncello
- 3 cups sparkling water or sparkling wine
Clean the orange, grapefruit and lemons thoroughly then cut into ¼ inch thick slices.
In a large pitcher combine white wine, sliced citrus and limoncello. Refrigerate at least 4 hours or overnight.
When ready to serve, stir in the sparking sparkling water (or sparkling wine). Pour into individual glasses. If desired, garnish glasses with sliced fruit from the pitcher.
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Have a safe and wonderful Easter weekend!