Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
Here’s what’s happening:
- Amazon 🤝 teams with viral content creators
- U.S. discount retailer hit with $1.2 million in fines 🚨
- Vauld gets three-month protection from creditors 💰
- Concert Bio gets 💰 seed funding
- Amazon launches same-day 🚚 delivery for brick-and-mortar retail brands
Amazon Teaming 🤝 With Viral Content Creators Dude Perfect
E-commerce giant Amazon is making a major push into alternative broadcast starting with the upcoming season of Thursday Night Football.
How are they doing it?
The company is teaming up with the host of Dude Perfect, the popular YouTube and social media trick shot personalities, to host an alternate stream this season.
Cool right?! 🤩
What’s Dude Perfect? 🤔
The content creators are well known for pulling off seemingly impossible content on video. They have attracted more than 58 million subscribers on YouTube, where they show off various sports trick shots, bottle flips, world record attempts, and much more.
Which games will be included on the stream?
This season is the first time Amazon will have exclusive rights to Thursday Night Football ⚽️. However, Amazon has not yet exactly announced which TNF games will include Dude Perfect streams. The company says that they are “among” the “multiple alternate stream offerings” that will be available this season.
Uh-oh! Family Dollar Hit With $1.2 Million in Fines 🚨
What just happened? 🤔
- Federal regulators have fined Family Dollar more than $1.2 million in penalties.
- The penalties are related to safety violations at two Ohio stores.
- Both the stores had blocked exits, unstable stacks, cluttered working areas, and inaccessible electrical equipment & fire extinguishers.
Let’s recap: 💡
- In January and February 2022, OSHA (Occupational Safety and Health Administration) inspected Family Dollar stores in Columbus and Maple Heights and found blocked exits and unstable stacks of goods, among other issues.
- The regulators found 11 violations between the two stores, adding to more than 300 total violations by the store and its parent company, Dollar Tree, over the last five years.
Response of Assistant Secretary for Occupational Safety and Health Doug Parker:
“Family Dollar and Dollar Tree stores have a long and disturbing history of putting profits above employee safety. Time and time again, we find the same violations — blocked or obstructed emergency exits and aisles, boxes of merchandise stacked high or in front of electrical panels and fire extinguishers. Each hazard can lead to a tragedy.”
Crypto Exchange Vauld Gets Three-Month Protection From Creditors 💰
- Vauld will get three months of protection from creditors.
- The crypto lender suspended withdrawals in July after the Terra collapse.
- It has around 147,000 creditors that can’t access funds.
- The company has $330 million in assets and $400 million in liabilities at the group level.
Vauld was given a moratorium by The Singapore High Court that will last until November 7.
The judge also stated that an extension could be granted if the company makes progress in engaging with its creditors.
The company has also sought an extension on the moratorium for six months.
How will it benefit the crypto lender?
The move will help provide some respite to Vauld, whose creditors will be prohibited from taking legal action against it.
What action has Vauld taken?
Vauld recently laid off 30% of its workforce to cut costs, slash its marketing budget, and even trimmed its executive compensation.
Biotech Research Startup Concert Bio Secures Seed Funding 💰
Concert Bio, an operator of a biotech research company intended to transform humanity’s relationship with microbes, raised $1.7 million in its oversubscribed seed round.
Who invested in the seed round?
The funding was led by The Venture Collective, with strategic investments from Nucleus Capital, Ponderosa Ventures, TET Ventures, Day One Ventures, and Potential Ventures.
A handful of angel investors also contributed.
What does the company do?
Concert Bio is developing a system to monitor and ultimately tweak the microbial ecosystems that live within hydroponic systems.
The startup combines monitoring techniques with analytics to develop interventions that improve the microbiome that matters to the clients, helping businesses to manage their microbiome, and create optimal microbial communities.
How will Concert Bio make use of the money?
The company has not disclosed where the money will go, but it looks like it will be used to develop its product capabilities.
This Retailer Launches Same-Day Delivery For Brick-And-Mortar Retail Brands 🚚
Amazon is adding a handful of brick-and-mortar retail brands to its same-day delivery offering for Prime members.
To start, the company is offering same-day delivery from apparel stores PacSun, Diesel, and Superdry, as well as vitamin retailer GNC, in 10 cities across the U.S.
The service is free for Prime members as long as they spend at least $25; for orders below $25, the service costs $2.99.
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