Cisco says it plans to spend more than $1 billion over the next two years to build up its cloud computing network. Cisco plans to use the money to expand its data centers for the new service to be called Cisco Cloud Services. The move makes the San Jose, Calif.-based networking company the latest to enter an arena that caters to the growing number of companies that would rather rent computing space than build their own.
Bangladesh acts on compensation deal
Bangladesh began compiling details Monday about the victims of the 2013 Rana Plaza factory collapse as part of a compensation deal, but dozens of people took to the streets demanding a more complete accounting of the disaster. The collapse killed more than 1,100 people and highlighted the grim conditions in Bangladesh’s garment industry, a major supplier to global fashion brands. Mojtaba Kazazi, executive commissioner of Rana Plaza Claims Administration, said injured workers and families of the dead should have compensation payments in six months. Nearly a year after the collapse, many victims say the compensation has been too slow and that the list of the dead is still incomplete.
‘Candy Crush’ maker to go public this week
King Digital, the company behind the wildly popular mobile game “Candy Crush Saga,” is scheduled to make its debut on the New York Stock Exchange this week. The company could be valued as high as $7.6 billion if its initial public offering prices at $24 per share, the upper end of its expected range. That’s nearly twice as much as its closest rival, Zynga, the creator of “FarmVille.” Unlike Zynga, King is profitable and has less than a third of Zynga’s employee base. The company is offering 15.5 million shares, and existing shareholders are offering 6.7 million more. King expects proceeds of $326 million from the IPO. The company is expected begin trading Wednesday under the ticker symbol “KING.”