TC Roundup: Uber term sheet reveals $470 million in operating loss
Uber bonds term sheet reveals $470 million in operating loss: Uber Technologies Inc is telling prospective investors that it generates $470 million in operating losses on $415 million in revenue, according to a document provided by the company.
The term sheet, which was viewed by Bloomberg News, which is being used to sell $1 billion to $1.2 billion in convertible bonds, doesn't make clear the time period for those results. The document also touts 300 percent year-over-year revenue growth. (Bloomberg)
President Obama overtime rule could raise wages for 5 million: President Barack Obama will this week propose giving millions of Americans a raise. On Tuesday, the White House will begin releasing details of a long-awaited overtime rule aimed at lifting wages for up to five million people as soon as 2016, according to sources familiar with the plans. The president will announce the rule formally during a trip Thursday to La Crosse, Wisconsin. (Politico)
HP's enterprise chief is moving on: As Hewlett-Packard inches toward its November break-up, one of the people leading the charge is on his way out.
Bill Veghte, the head of H-P's business-centric Enterprise Group, is leaving the company to "pursue a new opportunity," H-P said in a prepared statement. Veghte could not be reached for comment. (Wall Street Journal)
US M&A hits record $1 trillion in first half of year: Takeover activity in the US surged past $1 trillion in the first six months of the year as corporations took advantage of historic low interest rates and record cash piles to invest in future growth. The tab for mergers and acquisitions in America during the first half of this year is the highest ever for any nation, according to data compiled by Dealogic. That value also marks a nearly 50 percent increase from the same period last year. (CNBC)