Über’s But a Hot Global Mess; PetSmart’s New Leash on Life; Who Wants to be a High School Millionaire?

Ügh, Uber…

Image courtesy of renjith krishnan/FreeDigitalPhotos.net

Image courtesy of renjith krishnan/FreeDigitalPhotos.net

Über has once again made itself the star of yet another publicity disaster. As the hostage crisis raged in Sydney, Autralia’s central business district, many people fled the city via Über, only to discover that the company’s fares spiked to about four times the usual rate. Classy, huh? Following some epic social media backlash, Über undid the deed, blaming the mishap on the company’s algorithm which automatically increases fares based on demand. And in this particular emergency, you can bet demand increased. Über, however, is graciously offering to refund its users up to $200. But over in France, ÜberPop has been banned. The Inetrior Ministry argues that it’s because there is no required training, background checks and other basic requirements for ÜberPop drivers. Taxi drivers there simply feel that it’s unfair competition. A court still has yet to decide on a final ruling. ÜberX drivers, though, are in the clear since they do require permits. In Rio de Janeiro the service is illegal and you can forget about using it in the Netherlands too. Perhaps things might start to improve in the United States, where the company has apparently enlisted the help of over 160 lobbyists in fifty different cities.

Gone to the dogs…

Image courtesy of Mister GC/FreeDigitalPhotos.net

Image courtesy of Mister GC/FreeDigitalPhotos.net

Things are looking up at PetSmart now that a London-based equity firm picked up the Phoenix-based pet supply company for $8.7 billion, or “ruffly” $83.00 per share. That number, by the way, is at a 39% premium – nothing to bark at, mind you. Back in July, activist investor Jana Partners was looking to pick up the company, after all, it had close to a 10% stake in the company. Apollo Global Management was an even more recent contender. But BC Partners emerged as the new owners. PetSmart currently has close to 1,400 stores across the US, Canada and Puerto Rico. The pet industry is expected to be a $59 billion business this year.

Most likely to graduate a multi-millionaire…

Image courtesy of  David Castillo Dominici/FreeDigitalPhotos.net

Image courtesy of David Castillo Dominici/FreeDigitalPhotos.net

It seems high school lunch time was getting in the way of Mohammed “Mo” Islam’s career. So he did what any teenage financial whiz kid would do: he parlayed his financial acumen into a rumored $72 million fortune. While that number can’t officially be confirmed, the high-schooler did acknowledge his net worth is in the high eight figures. Not bad for someone who’s not even old enough to vote. The Stuyvesant High Schooler first started trading penny stocks at the age of nine years old, with money he made from tutoring. But he got badly burned in that lesson and took break allowing himself to get more well-versed in the stock market, particularly with crude oil and gold futures. His “studies” paid off and now he has his own apartment, which his parents won’t let him live in, and a new BMW which he is not legally allowed to drive. The only thing that’s standing between him and his broker-dealer license and hedge-fund dreams is his age –  he’s only 17.

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