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Lime, the bike and scooter sharing company that created a stir in Honolulu before pulling out of the market, is raising about $250 million in a funding round led by Google Ventures, according to a person familiar with the deal, who asked not to be identified because the information isn’t public. Bird, its main rival, is also raising money at a valuation of $1 billion, a strikingly rapid rise for the two leading scooter sharing companies. Neither company is even 2 years old.
A representative for Lime declined to comment. The news was first reported by Axios.
Lime and Bird are in a race to spread their services into as many cities as possible. This requires purchasing and distributing thousands of vehicles over a wide geographic area, an expensive undertaking. Both companies believe there is a significant first-mover advantage, and have alienated officials in some cities by launching their services despite questionable regulatory authority to do so.
Lord & Taylor to close flagship on Fifth Avenue
NEW YORK >> Lord & Taylor is abandoning plans to keep a store in the Fifth Avenue flagship it is selling, as the chain’s owner closes more stores and focuses on online sales.
The announcement Tuesday comes about seven months after the company said it would sell the century-old building to office space-sharing company WeWork. Hudson’s Bay Co. had said then it would keep less than a quarter of the 11-story building for a Lord & Taylor store.
Hudson’s Bay, which also operates Saks Fifth Avenue and other stores, said it expects to close up to 10 of its nearly 50 Lord & Taylor stores through 2019. The flagship store is expected to close in early 2019.
Lord & Taylor was the first to create Christmas windows for entertainment, rather than for selling merchandise. It pioneered the animated window display in 1938.
Global economy healthy but growth slowing
WASHINGTON >> The steadily expanding global economy should remain resilient — at least for a couple of years — the World Bank says.
The anti-poverty agency predicted Tuesday that global growth will decelerate from a solid 3.1 percent this year to 3 percent next year and 2.9 percent in 2020.
The World Bank predicts that U.S. growth will register 2.7 percent in 2018, aided by tax cuts, before slowing to 2.5 percent next year and 2 percent in 2020.
ON THE MOVE
Hawaii Pacific Health has announced the following promotions:
>> Dr. Melinda Ashton is its new executive vice president and chief quality officer. She will oversee all activities of the Quality Services and Patient Safety departments at each medical center of Hawaii Pacific Health as well as be responsible for systemwide quality improvement initiatives. Ashton previously served as senior vice president and chief quality officer.
>> Warren Chaiko is now senior vice president of Design and Construction/Real Estate. He has been with the company for the past 14 years and recently served as a vice president. Before joining Hawaii Pacific Health, Chaiko was a vice president for Charles Pankow Builders; co-founder/co-owner of his own general contracting firm, called Chaiko and Heath; and worked for Hawaii Western Construction and CJS Group Architects.
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