Food trucks in the U.S. have taken many forms, but have long been a popular option for dining. Now as the coronavirus pandemic alters the way we interact and engage with others, these kitchens on wheels may have a new function, especially on college campuses.
Rod Keller, CEO of the electric vehicle manufacturer AYRO is jumping at the opportunity to capitalize on the niche industry in a partnership with Gallery Carts. The new collaboration will combine AYRO's expertise in developing electric vehicles with Gallery's expertise in creating food delivery vehicles.
"Colleges are faced with, 'Well how do we provide food and beverage while at the same time, avoiding the mass crowds that you would typically see inside of a cafeteria?'" Keller told Cheddar.
So far, more than $500,000 has been poured into the collaboration as orders for the vehicles continue to amass. Keller said he's confident that as universities and other large campuses seek safer ways to feed their communities amid the pandemic, the need for their services will grow.
AYRO is also banking on buyers in higher education considering the long-term savings electric vehicles can provide. Keller said its electric vehicles save fleet operators at least 50 percent on fuel and energy costs.
"When people are moving cargo from one side of a university to another, or business campus, or hotel and resort, you don't need a full-sized truck with 400 miles of range running on gasoline to do that," Keller said.
Apple TV+ is in serious talks for the rights to stream MLB games next season, the first foray into sports content for the platform, according to the New York Post. Lee Berke, president and CEO of LHB Sports, sat down with Cheddar to discuss how such a deal might impact the tech giant and the sports content industry. "Quite often with new media platforms one of the quickest ways to create and implement a programming strategy — and actually one of the most expensive ways — is to offer up sports content," Berke noted. "So, with this package available, it puts Apple literally in the game and gives them an opportunity to demonstrate their skills in offering up a major league sport."
A.I.-enabled fintech company Qraft Technologies recently closed a $146 million investment from SoftBank Group Corp.
The companies say they are entering a partnership to accelerate artificial intelligence in the asset management industry. Qraft has already developed A.I. solutions that have been used by major financial institutions and says its new approach to asset management maximizes investment efficiency. Qraft Technologies U.S. CEO Robert Nestor joined Cheddar News' Closing Bell to discuss.
Navient, a major student loan collecting company, agreed to cancel $1.7 billion in debt owed by more than 66,000 borrowers across the U.S. and pay over $140 million in other penalties to settle allegations of abusive lending practices.
A late-afternoon recovery in technology stocks helped erase most of the market’s losses Friday, but it wasn’t enough to keep major indexes from logging their second losing week in a row.
Bank of America slashed the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks.
Technology stocks led another decline on Wall Street Thursday, leaving the Nasdaq composite down 2.5%. Microsoft, Nvidia and other big tech companies had some of the biggest losses.
