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☆ Holistic, a Paris-based AI startup founded by ex-DeepMind staffers, is raising a $200 million funding round, sources say
▼ + stars: | 2024-04-29 | by ( Callum Burroughs | Riddhi Kanetkar | ) www.businessinsider.com time to read: +1 min

AI startup Holistic, founded by ex-DeepMind scientists, is raising $200 million in new funding. The Paris-based startup is raising capital from Accel and BPI France, sources say. The startup aims to develop a multi-agent AGI, per a leaked investor deck obtained by BI. AdvertisementA Paris-based AI startup founded by two ex-DeepMind scientists is set to raise around $200 million in new funding. Ex-DeepMind scientist Laurent Sifre is chief LLM officer.

Persons: AGI, —, Charles Kantor, Karl Tuyls, Laurent Sifre Organizations: Accel, BPI France, BI, Service, Stanford Business School, Business Locations: Paris

☆ Vinyl records are now so hot they move UK inflation
▼ + stars: | 2024-03-11 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The prices of vinyl records will feed into UK inflation statistics for the first time since 1992, highlighting a surge in their popularity among British consumers driven in part by Taylor Swift. UK inflation has slowed from 11.1% to 4% but remains above the central bank’s 2% target. LPs — which dropped out of the UK inflation basket more than three decades ago, owing to the rise of CDs and cassettes — have made a huge comeback in recent years. Last year, 6.1 million vinyl records were sold in Britain, the highest number since 1990, according to data from the British Phonographic Industry, an association of UK record companies and labels. Air fryers, rice cakes reflect healthier habitsOther new items in this year’s inflation basket highlight the wider adoption of healthier lifestyles.

Persons: Taylor Swift, Matt Corder, ”, Taylor Swift’s, Jo Twist, fryer, sanitizer, “ Organizations: London CNN, National Statistics, Bank of England, British Phonographic Industry, BPI Locations: Britain

☆ Great apes tease each other just like humans do, says new study
▼ + stars: | 2024-02-14 | by ( Jack Guy | ) edition.cnn.com time to read: +4 min

CNN —Researchers have found a new way in which great apes are similar to humans: they tease each other. Researchers found that all four species of great apes demonstrated “intentionally provocative behavior, frequently accompanied by characteristics of play,” according to the press release. The study details 18 different teasing behaviors, many of which were used to provoke a response or attract another ape’s attention. The authors also differentiate playful teasing, which is one-sided, from play, where both apes reciprocate. While primatologists had observed similar behaviors in the past, the study is the first to systematically study playful teasing, Laumer said.

Persons: Isabelle Laumer, Laumer, ’ ”, primatologists, ” Organizations: CNN —, BOS Foundation BPI, Max Planck, Animal, CNN, Royal Society, Biological Sciences Locations: Leipzig, Germany, San Diego

U.S. oversight of Big Tech financial services is fragmented. The CFPB rule would toughen up supervision, requiring Big Tech to comply with its rules on privacy protections, executives' conduct and unfair and deceptive practices. Without regulatory scrutiny, they could leverage their growing dominance of consumer payments to capture other services like lending and card issuing, analysts said. 'LEG UP'Representatives for Big Tech have accused the CFPB of trying to protect traditional lenders. While Big Tech companies have deep pockets and plenty of resources to handle the new scrutiny, the rule could limit how they use and protect consumer data.

Persons: Dado Ruvic, Rohit Chopra, Todd Phillips, Dodd, Frank, It's, Paige Pidano Paridon, Chopra, John Coleman, Hannah Lang, Stephen Nellis, Michelle Price, Richard Chang Organizations: Apple, REUTERS, Wall, Big Tech, Consumer Financial Protection Bureau, Google, Georgia State University, PayPal, Federal, McKinsey, Bank, BPI, Banks, Representatives, Big, Herrington, Thomson Locations: U.S, Washington

☆ Bank of Portugal imposes capital buffer for mortgages at four large banks
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

A man walks with his dog outside Bank of Portugal in downtown Lisbon, Portugal, February 21, 2017. REUTERS/Rafael Marchante/File Photo Acquire Licensing RightsLISBON, Nov 15 (Reuters) - The Bank of Portugal has told Millennium bcp (BCP.LS), Novo Banco, Banco BPI and the local unit of Spain's Santander (SAN.MC), to create a new capital buffer equivalent to 4% of their loan portfolios that are collateralised by home mortgages. It said in a statement on Wednesday the measure addressing "sectoral systemic risk" would come into effect on Oct. 1, 2024, and be reviewed at least every two years. "This instrument has a preventative nature and aims to increase the resilience of institutions in the face of a potential future materialisation of systemic risk in the residential real estate market in Portugal," it said. BPI is owned by Spain's Caixabank and Novo Banco by the U.S. fund Lone Star.

Persons: Rafael Marchante, Spain's Caixabank, Sergio Goncalves, Andrei Khalip Organizations: Bank of Portugal, REUTERS, Rights, Bank of, bcp, Novo Banco, Banco BPI, Spain's Santander, BPI, U.S, Lone Star, Thomson Locations: Lisbon, Portugal, Rights LISBON, Bank of Portugal, Novo

☆ France's Eramet and Suez pick Dunkirk for EV battery recycling
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

A sign directing towards electric vehicle charging points is seen in a car park in Manchester, Britain, September 8, 2023. REUTERS/Phil Noble/File Photo Acquire Licensing RightsPARIS, Sept 22 (Reuters) - Eramet (ERMT.PA) and Suez have chosen Dunkirk as the location for a planned electric vehicle (EV) battery recycling facility as the partners look to tap into a battery production belt being developed around the northern French port, they said on Friday. A pilot plant to test the refining process is about to be launched at Eramet's research centre near Paris, they added. Several gigafactories are due to produce batteries in the Dunkirk area as the French government encourages the emergence of a "battery valley" to support EV manufacturing. Eramet and Suez's battery dismantling plant will have a processing capacity of 50,000 tons of battery modules per year, the equivalent of 200,000 EV batteries, they said.

Persons: Phil Noble, Eramet, Gus Trompiz, Jan Harvey Organizations: REUTERS, Rights, Suez, European Union, BPI, Thomson Locations: Manchester, Britain, Dunkirk, Suez, French, Paris, Argentina

☆ A portfolio manager explains why the first quarter of 2024 is the perfect storm for a stock-market pullback — and shares the 3 funds he's buying to take advantage of this year's bull rally
▼ + stars: | 2023-09-21 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Goldman Sachs expects rates to hold steady again as inflation trends down and the labor market remains strong. But Raymond Bridges, the portfolio manager of the Bridges Capital ETF, an actively managed equity long-only fund, believes the overall macro outlook is still bearish. But regional banks continue to access this program every week, Bridges said. But just because he's bearish on the macro outlook doesn't mean he's not going to take advantage of short-term opportunities. His ETF, launched on May 11, is a mix of US equity-index ETFs, large-cap stocks, and cash or cash equivalents.

Persons: Goldman Sachs, Raymond Bridges, Bridges, Joseph Abate, Jerome Powell, he's bearish, Russell Organizations: Fed, Bridges Capital ETF, Barclays, Reuters, Regional Banking, Trust, BPI

☆ Yellen to meet with Jamie Dimon and other bank CEOs on Thursday as debt ceiling crisis looms
▼ + stars: | 2023-05-16 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —With time running out to reach a deal on the debt ceiling, Treasury Secretary Janet Yellen plans to meet with bank CEOs on Thursday afternoon in Washington, sources tell CNN. JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser plan to attend the Yellen meeting, which will very likely include a focus on the debt ceiling as well as the banking crisis, people familiar with the matter told CNN. As the White House and Republican leaders struggle to reach a deal on the debt ceiling, Yellen has stepped up her warnings about the economic stakes. The debt ceiling is not necessarily the focus of the meeting, which will also include regional bank CEOs at a time when that industry is in turmoil. Yellen is also likely not the only figure from Washington who will speak before the bank CEOs this week.

☆ Quotes: Fed plans broad revamp of bank oversight in wake of SVB collapse
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +11 min

The assertion in the introduction that the Fed should focus on large bank capital requirements is disconnected from the report's conclusions. AMERICAN BANK ASSOCIATION PRESIDENT AND CEO ROB NICOLS"We take any bank failure seriously, and we will review the findings and proposed policy changes in these reports carefully, including where the conclusions may differ. JONATHAN MONDILLO, HEAD OF NORTH AMERICAN FIXED INCOME AT ABRDN"We're likely to see higher capital requirements. What that means for the overall markets is that the devil is in the details: how stringent those capital requirements will be. A potential First Republic Bank failure could similarly present a risk to the long-term investment strategy of high net-worth individuals."

LISBON, Nov 23 (Reuters) - Further consolidation of Portugal's banking sector is inevitable, European Central Bank member Mario Centeno told Reuters on Wednesday, calling "remarkable" the recent progress the country's banks have made on strengthening capital and reducing risk. Analysts have said that Portuguese banks should bet on M&A operations to achieve better competitive conditions, despite the five largest players' owning 80% to 85% of banking assets. Portugal's banks are still scarred from a debt crisis and a spike in NPLs after the 2010-13 recession. The NPL ratio for Portugal's lenders was 3.4% of total credit in June, versus 17.9% in mid-2016. "Although I am very satisfied with the evolution...there is no point in resting, we have to challenge ourselves," Centeno said.

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