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☆ Jack Dorsey gave $10 million to an anonymous founder with a deep devotion to a fascist 'guru'
▼ + stars: | 2024-06-06 | by ( Katherine Long | ) www.businessinsider.com time to read: +6 min

"It's a truly open protocol. Advertisement"We don't know who the leader is, it's like this anonymous Brazilian," Dorsey said. It's not clear how much of the $10 million Dorsey gave to support the development of Nostr will make its way to Parra. Parra, as Fiatjaf, sits on a committee established by the organization to organize Nostr development efforts, Bitcoin Magazine reported. After an X user suggested to Dorsey that he help fund Nostr, Dorsey replied within 24 hours, "funding deployed to @fiatjaf."

Persons: —, Jack Dorsey, Dorsey, Nostr, Edward Snowden, Giovanni Torres Parra, Olavo de Carvalho, de Carvalho —, Parra, Olavo, Jair Bolsonaro's, Fiatjaf, It's, . Parra, Forbes Organizations: Service, Business, Pepsi, Forbes, Sats Initiative, Bitcoin Magazine, Austrian Locations: Brazilian, Virginia, Brazil, Dorsey

☆ I'm a low-income high school student. I worry colleges reinstating the SAT requirement will ruin my admissions chances.
▼ + stars: | 2024-04-14 | by ( Marium Zahra | ) www.businessinsider.com time to read: +4 min

As a low-income minority student, I can't afford expensive resources like test prep and tutoring. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Plus, my high school does not have the money to pay for test prep or afford high-caliber resources. I fear that my inability to afford prep will make my college applications look sub-par compared to my higher-income counterparts. For immigrant, low-income students like myself, it seems as if we always end up with the short end of the stick when it comes to our education and, more importantly, our futures.

Persons: — Organizations: Service, Yale, Dartmouth

☆ Opinion | Elite College Admissions Have Turned Students Into Brands
▼ + stars: | 2024-03-31 | by ( Sarah Bernstein | ) www.nytimes.com time to read: +2 min

After 10 years of teaching college essay writing, I was familiar with this reply. For some reason, when you’re asked to recount an important experience from your life, it is common to forget everything that has ever happened to you. “That all seems kind of cliché.”Applying to college has always been about standing out. Still, many of my students (and their parents) worry that as getting into college becomes increasingly competitive, this won’t be enough to set them apart. On Thursday, in a tradition known as “Ivy Day,” all eight Ivy League schools released their regular admission decisions.

Persons: “, you’re, ” Organizations: Ivy League

☆ We Tried to Create a Diverse College Class Without Affirmative Action
▼ + stars: | 2024-03-09 | by ( Aatish Bhatia | Emily Badger | ) www.nytimes.com time to read: +22 min

If selective colleges admitted students by score alone — using, say, a 1300 cutoff — the pool would not be very diverse, by race or class. If selective colleges admitted students by score alone — using, say, a 1300 cutoff — the pool would not be very diverse, by race or class. To create a more diverse class, colleges could … But admissions preferences based on race are no longer legal. We Tried to Create a Diverse College Class Without Affirmative Action Now you can try it, too. In our affirmative action model, just 6 percent of admitted students come from the bottom quartile of the income distribution.

Persons: …, Sean Reardon, Demetra, NaN %, NaN, It’s, “, ”, Richard Kahlenberg, we’re, didn’t, “ We’re, Zack Mabel, we’ve, —, it’s, Richard Sander, Jill Orcutt, Johns Hopkins, they’ll Organizations: Stanford, Penn, Here’s, Colleges, Progressive Policy Institute, White Asian, American Association of Collegiate, University of California Locations: America, Here’s, Alaska, Georgetown, U.C . Merced

☆ SATs are back. Dartmouth is the first Ivy League to reverse course after pledging to remove standardized test requirement.
▼ + stars: | 2024-02-06 | by ( Ana Altchek | ) www.businessinsider.com time to read: +3 min

Read previewDartmouth is the first Ivy League to reinstate its standardized test requirement, which will go into effect for 2029 applicants. The reintroduction of the standardized test requirement was based on a research study the school's faculty recently conducted with Brown University, according to Dartmouth's president. AdvertisementHistorically, standardized test scores have reflected national inequalities, with caucasian and Asian Americans scoring higher than Black and Latino test-takers. Coffin said that the reinstatement of the test requirement may lead to a smaller number of applicants, The Dartmouth reported. MIT was one of the first colleges to reinstate its standardized test requirement after the results of a study that reviewed applicants over the last 15 years.

Persons: —, Lee Coffin, Bruce Sacerdote, Coffin Organizations: Service, Ivy League, Business, Brown University, Ivy, Dartmouth, Brown, Pew Research, MIT, ACT Locations: Dartmouth

☆ Stocks making big moves premarket: Dish Network, Bluegreen, Albemarle and more
▼ + stars: | 2023-11-06 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Dish Network — Shares dropped 6.2% premarket after the company missed Wall Street's expectations on both revenue and earnings, driven by substantial losses in its pay-TV retail wireless subscribers. Dish lost 26 cents per share in the third quarter, while analysts expected earnings of 5 cents per share, according to LSEG, formerly Refinitiv. Nvidia — The semiconductor stock added 1.1% premarket Monday, lifted by Bank of America's optimism about Nvidia's quarterly earnings due Nov. 21. Affiliated Managers Group — Shares of the asset manager company gained 2.5% third quarter earnings and revenue topped analyst estimates. AMG posted revenue of $525.2 million, exceeding analysts' estimate of $509.4 million.

Persons: Tesla, RingCentral, Schuster, SATS, Jane, FactSet, — CNBC's Brian Evans, Jesse Pound, Michelle Fox Theobald, Scott Schnipper Organizations: Reuters, Hilton, Paramount, CBS, Bank of America, Dish, Citigroup —, CNBC, Citigroup, Bora Bora, Nvidia, Bank of, UBS, Dominion Energy, Barclays Locations: Berlin, China, Albemarle

☆ AMC's CEO thought he was texting naughty photos to a former ballerina fling. Then everything went haywire.
▼ + stars: | 2023-10-27 | by ( Madeline Berg | ) www.businessinsider.com time to read: +11 min

This "resentment toward her abusers" may have led her to text Aron — a wealthy, powerful man in the public eye, her lawyers said. "Send me a naughty picture," Blackwood texted, a couple weeks into their flirty exchange. When he asked for photos in return, Blackwood sent him images of an unnamed Russian model that she pulled from Instagram. "Ceo scandal is apparently lucrative," Blackwood texted, posing as Brian. AdvertisementAdvertisement"I was shown some images and I was wondering if you're available to speak," the fake reporter texted Aron.

Persons: Adam Aron's, Mia, Aron, Sakoya Blackwood, Adam Aron, Matthew Belloni, Blackwood, She'd, Evander, —, Aron —, paramour, Koya Blackwood Fews, Lila Cohen, Brian, Blackwood texted, he'd, they'd, Brian —, He'd, Brian didn't, there's, he's, abt, Aron didn't, Blackwood didn't, texted Aron, hadn't, Jeff Bezos, Bezos, fiancée Lauren Sanchez —, Aron hasn't, hasn't, Taylor, unfazed, He's Organizations: of, United States, Court Southern District of, Hollywood, AMC, Evander Childs High School, —, Instagram, Arizona, National Enquirer, ppl, FBI, Twitter, Amazon Locations: Southern, of New York, Court Southern District of New York, Bronx, Jamaica, Russian, York City, California, Sinai, Aron

☆ New SAT Data Highlights the Deep Inequality at the Heart of American Education
▼ + stars: | 2023-10-23 | by ( Claire Cain Miller | Francesca Paris | ) www.nytimes.com time to read: +13 min

When we account for how few poor students take the test, by looking at all students, a new and greater disparity emerges. It’s a reflection of an inequality in American education that starts long before high school. New SAT Data Highlights the Deep Inequality at the Heart of American EducationNew data shows, for the first time at this level of detail, how much students’ standardized test scores rise with their parents' incomes — and how disparities start years before students sit for tests. And in the last five decades, as the country has become more unequal by income, the gap in children’s academic achievement, as measured by test scores throughout schooling, has widened. Parenting in places with less income inequality and more public investment in families is more playful and relaxed, research shows.

Persons: ”, Sean Reardon, Reardon, “, —, John N, Friedman, Brown, Raj Chetty, David J . Deming, Deming, Ann Owens, Owens, Rich, Chetty, “ It’s, Nate G, Hilger, Drew Angerer, Robert Putnam, “ ‘, you’re, “ They’ve, they’ve, Jesse Rothstein Organizations: ACT, of American Education, Opportunity, Harvard, Stanford Graduate School of Education, Chetty, University of Southern, Research, The New York Times, University of California Locations: University of Southern California, Berkeley

☆ Affirmative Action Is Still in Effect. For Men.
▼ + stars: | 2023-09-08 | by ( Susan Dominus | More About Susan Dominus | ) www.nytimes.com time to read: +4 min

The trend continued upward, so much so that by 1999 some universities had admissions policies that explicitly favored men. In doing so, the school managed to maintain a ratio of 45 percent men to 55 percent women. The young women’s lawyers argued that the extra points for men violated both the equal-protection clause and Title IX, which guarantees equal educational opportunities for men and women. But Title IX does not prohibit gender-based affirmative action in admissions at all schools. That Title IX exemption still stands, allowing private colleges and universities to privilege men during the admissions process.

Persons: Katie Lew, Marie Bigham, Pérez, ’ ”, — that’s, ”, Sourav Guha, “, You’d, ’ ” Jason England Organizations: University of Georgia, Georgia, system’s, Regents, Princeton, Trinity College, National Association for College, ”, Wesleyan University, Carnegie Mellon, Wesleyan

☆ People coaxed AI into saying 9+10=21 and giving instructions for spying — it shows how these systems are prone to flaws and bias
▼ + stars: | 2023-08-14 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Participants at a hacking conference tricked AI into producing factual errors and bad math. AI experts have been sounding the alarm about the dangers of AI bias for years. Another participant got an AI model to falsely claim Barack Obama was born in Kenya — a baseless conspiracy theory popularized by right-wing figures. An undisclosed number of participants received 50 minutes each per attempt with an unidentified AI model from one of the participating AI companies, according to VentureBeat and Bloomberg. AI experts have been sounding the alarm on bias and inaccuracy in AI models, despite AI making headlines for acing law school exams and the SATs.

Persons: Kennedy Mays, Barack Obama, Mays, VentureBeat, Def Con Organizations: Morning, Def Con, Google, Bloomberg, White, Office of Science, Technology, Ku Klux, CNET, Def Locations: Las Vegas, Savannah , Georgia, Kenya

☆ Wall St ends lower after bank rating cuts spark wider sell-off
▼ + stars: | 2023-08-09 | by ( David French | ) www.reuters.com time to read: +4 min

The S&P 500 Banks index (.SPXBK) has slipped 2.5% year to date, compared with a 17.2% gain by the S&P 500, and the downgrades exposed the fragility of investors' confidence towards financial stocks. The banks index slid 1.1% on Tuesday, while the KBW Regional Banking index (.KRX) dipped 1.4%. Reaction to the bank downgrades pushed up the CBOE Market Volatility index (.VIX), Wall Street's fear gauge, at one point hitting a two-month high. Eight of the 11 major S&P 500 sectors fell. The S&P 500 posted 13 new 52-week highs and 17 new lows; the Nasdaq Composite recorded 46 new highs and 195 new lows.

Persons: Eli Lilly, Moody's, Goldman Sachs, Jason Pride, Brendan McDermid, Bansari Mayur Kamdar, Johann M, David French, Sriraj Kalluvila, Vinay Dwivedi, Richard Chang Organizations: Dow, Nasdaq, Bank of New York Mellon, U.S . Bancorp, Truist, Silicon Valley Bank, Bank of America, Traders, New York Stock Exchange, REUTERS, Dow Jones, Novo Nordisk, Dish Network, United Parcel Service, Thomson Locations: U.S, Silicon, KBW, New York City, China, Denmark, Bengaluru, New York

☆ Satellite reunion creates a bit of breathing space
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Dish Network Chairman Charlie Ergen speaks during Google's annual developers conference in San Francisco, California May 20, 2010. Dish Network Corp, the No. Some 15 years after the 70-year-old billionaire initially cleaved his satellite empire, he unveiled an all-stock deal Tuesday to reunite Dish Network (DISH.O), the $4.5 billion pay-TV operator, with the smaller EchoStar (SATS.O) infrastructure business. Dish shareholders, who will own 69% of the enlarged entity, are issuing stock at a rock-bottom price for the privilege. If nothing else, though, the modest 13% premium they’re offering to EchoStar shareholders buys some valuable time.

Persons: Charlie Ergen, It’s, Jeffrey Goldfarb, Peter Thal Larsen, Sharon Lam Organizations: Dish, Dish Network Corp, Sprint Nextel Corp, Reuters, Nasdaq, Twitter, Siemens, Thomson Locations: San Francisco , California

☆ Raymond James says this satellite stock can jump 40% and could even double
▼ + stars: | 2023-08-07 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Raymond James sees big gains ahead for satellite services company EchoStar . He set a base case price target of $28, which implies more than 44% upside from Friday's close. S-band refers to a frequency level critical to radars and satellite communication, used by shipping, aviation and space industries. EchoStar has S-band holdings worldwide that could generate significant revenue starting 2027, according to Prentiss. The analyst also set a bull case price target of $46, suggesting shares could rally up to 137% in an optimistic S-band expansion scenario.

Persons: Raymond James, Ric Prentiss, Prentiss, —, Michael Bloom Organizations: U.S . Locations: Prentiss

☆ Dish Network enters dangerous financial orbit
▼ + stars: | 2023-07-31 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

Billionaire Charlie Ergen staked Dish Network’s (DISH.O) future on wireless spectrum, a decision looking worse by the day. The satellite operator has spent some $25 billion since 2008 acquiring the finite resource used to carry data. In January, Dish issued $1.5 billion of senior notes, secured by spectrum, with an 11.75% coupon. The satellite operator said on July 17 that its 5G network covered nearly three-quarters of the U.S. population. Dish must meet additional thresholds in 2025 or it could face up to $2.2 billion in fines and might be forced to forfeit wireless spectrum.

Persons: Charlie Ergen, Morgan Stanley, Semafor, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Dish, New, Research, Dish Network, Amazon.com, U.S . Federal Communications Commission, Thomson Locations: EBITDA

☆ Opinion | Barbara Kingsolver Thinks Urban Liberals Have It All Wrong on Appalachia
▼ + stars: | 2023-07-21 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +58 min

It’s like there’s no point in asking who started this because it’s a really, really old antagonism. I think that’s probably what’s most critical right now is that all of our entertainment, our news media, it’s all made in cities. And he’s really pretty horrible, and he doesn’t feed them enough, and that’s really sad. You’re going to have a flat tire, and the guy that pulls up to help you is going to tell your dad within minutes. It’s not like most books you’re going to see.

Persons: Ezra Klein, ezra klein, —, Hernan Diaz, Barbara Kingsolver, “ David Copperfield ”, Dickens, It’s, barbara kingsolver, you’ve, ezra klein We’re, Nobody, I’d, I’ve, Bobby Ann Mason’s, “, — Wendell Berry, Robert Penn Warren, James Still, Harriette, Taylor Greer, you’re, George Washington, ” he’s, — he’s, he’s, I’ll, They’re, George W, Bush, they’re, barbara kingsolver You’re, we’ve, That’s, that’s, I’m, ” barbara kingsolver, barbara kingsolver Oh, barbara kingsolver ezra klein barbara kingsolver, ezra klein Yes, we’re, Charles Dickens, “ David Copperfield, ”, Tommy, ” It’s, ezra klein There’s, barbara kingsolver There’s, Tommy Traddles, Tommy Waddles, who’s, He’s, We’re, Tommy’s, she’s, it’s, Beth Macy, overdosed, ” ezra klein, There’s, grandkids, they’ve, Dori, doesn’t, Peggot, Frances Goldin, Arwen Donahue, She’s, Beth Macy’s, Lazarus, Laline Paull, ezra klein Barbara Kingsolver Organizations: New York, Fiction, Trump, Nicholas County High School, DePauw University, Walmart, The New York Times, . Times, New York Times, Farmers, “, Knoxville —, Purdue Pharma, Purdue, aha, Scots Locations: Appalachia, It’s, Georgia, Tennessee, North Carolina, Virginia, Kentucky, West Virginia, Pennsylvania, U.S, exploitations, Congo, Caribbean, Indiana, Nicholas, Arizona, Europe, Tucson , Arizona, Tucson, Paris, Athens, France, “ Shiloh, MAGA, America, Brazil, Eastern Europe, There’s, California, New York, “, Tommy, Pennington, Knoxville, there’s, nove, Lee County, that’s Lee County, that’s, United States of America, who’s, New York City

☆ Dish's Charlie Ergen looks to merge Dish and EchoStar, Semafor reports
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

[1/2] Dish Network Chairman Charlie Ergen attends the Google's annual developers conference in San Francisco, California May 20, 2010. REUTERS/Robert Galbraith/File PhotoJuly 6 (Reuters) - Dish Network (DISH.O) Chairman Charlie Ergen is considering merging the two halves of his telecom empire, Dish and EchoStar (SATS.O), news publication Semafor reported on Thursday, citing people familiar with the matter. Dish and EchoStar did not immediately respond to Reuters' requests for comments. Dish's shares were 5% lower in afternoon trade while EchoStar's stock was down 3.4% amid weaker broader market. In 2008, EchoStar Communications, which was founded by Ergen as a satellite television equipment distributor in 1980, changed its name to Dish Network and spun off its technology arm as a new company named EchoStar Corp.

Persons: Charlie Ergen, Robert Galbraith, Yuvraj Malik, Sriraj Organizations: Dish, REUTERS, EchoStar Communications, Ergen, Dish Network, EchoStar Corp, Thomson Locations: San Francisco , California, Bengaluru

☆ People are dunking on JFK's half-assed Harvard admission essay in the wake of the Supreme Court axing affirmative action
▼ + stars: | 2023-06-30 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +4 min

The Supreme Court ruled to overturn race-based affirmative action on Thursday. After the ruling, many focused on John F. Kennedy's underwhelming 1935 Harvard admission essay. The essay, which was first published by The Washington Post in 2013, reappeared on social media on Thursday after the Supreme Court ruled that affirmative action in college admissions was unconstitutional. Although Kennedy's example was extreme and unlikely to cut muster today, US colleges do explicitly favor applicants whose parents went there, via the legacy system. Commentators — including President Joe Biden — on Thursday noted that the legacy system remained untouched by the court ruling.

Persons: John F, Kennedy's, Kennedy, —, — Rebecca Brenner Graham, SATs, Robert Kennedy, Joe Biden —, Ivy, Sonia Sotomayor Organizations: Harvard, Service, The Washington Post, Ivy League, Arts, Harvard Crimson, Harvard University Locations: America

☆ A DeSantis-appointed board made this college ground zero for his education agenda. In less than 6 months, the college eliminated its diversity board and will now accept a Christian-focused SAT-alterna
▼ + stars: | 2023-05-22 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

In January, DeSantis made new appointments to the New College of Florida's board of trustees. His target: New College of Florida, a liberal arts school with less than 700 students, outside of Sarasota, Florida. In January, DeSantis appointed six conservative education leaders to the school's board of 13 total trustees. New College of Florida is the first public school in Florida to accept the CLT as an alternative to other standardized tests. Representatives for Governor DeSantis and New College of Florida did not immediately respond to Insider's requests for comment.

☆ Opinion | SATs and Measuring Merit in College Admissions
▼ + stars: | 2023-05-13 | by ( ) www.nytimes.com time to read: +1 min

To the Editor:Re “Can College Meritocracy Survive?,” by Ross Douthat (column, April 30):Good riddance to the SAT. It is a simplistic yardstick of performance — and tests a certain type of intelligence, whereas there are many. Though even as the SAT fades in importance, we must recognize that its diminishment alone does not render the college admissions process fair — in fact, it is obscene in its bias. By and large, those whose parents had legacy status, connections and/or gave large donations received acceptance letters from Ivy League schools. Those who lacked these resources — acquired by birth and not merit — were left to pick up the scraps thrown from the table.

☆ 5 jaw-dropping things GPT-4 can do that ChatGPT couldn’t
▼ + stars: | 2023-03-16 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +7 min

On Tuesday, OpenAI announced the next-generation version of the artificial intelligence technology that underpins its viral chatbot tool, ChatGPT. The company said GPT-4 recently passed a simulated law school bar exam with a score around the top 10% of test takers. Providing more precise responsesCompared to the prior version, GPT-4 is able to produce longer, more detailed and more reliable written responses, according to the company. One early user said it provided in-depth suggestions for pickup lines based on a question listed on a dating profile. “They can produce inaccurate information from time to time and can be black-box in nature.”For now, OpenAI said GPT-4 users should exercise caution and use “great care” particularly “in high-stakes contexts.”

☆ Super Bowl a showcase for next generation of quarterback talent
▼ + stars: | 2023-02-05 | by ( Amy Tennery | ) www.reuters.com time to read: +3 min

The next-youngest quarterback duo was Joe Montana and Dan Marino, who faced off at Super Bowl 19 at a combined age of 51 years and 350 days, according to ESPN, in 1985. Hurts will become the first member of Gen-Z to start in a Super Bowl, with Pew Research Center defining his generation as those born in 1997 or later. He has plenty of company among high-achieving young quarterbacks. "To find some stability in that position is like finding a massive gold nugget," ESPN analyst and retired twice Super Bowl champion Rob Ninkovich told Reuters. The Kansas City Chiefs play the Philadelphia Eagles in Super Bowl 57 on Feb. 12.

☆ Capital A to combine AirAsia and AirAsia X as part of restructuring plan
▼ + stars: | 2022-11-29 | by ( Jamie Freed | ) www.reuters.com time to read: +3 min

Capital A, headed by Fernandes, will retain the digital, logistics and aviation services businesses, while AirAsia X will be renamed AirAsia Aviation and be led by long-time executive Bo Lingam under the plan. Capital A hopes submit to Bursa Malaysia Securities for approval in February. AirAsia X is also classified as PN17, but in an interview with Reuters on Tuesday, Fernandes said under the restructuring plan, both listed companies would emerge from that status by July 2023. Capital A investors will receive an in-specie distribution in the former AirAsia X, giving them exposure to a pure airline business with multiple brands. Fernandes said the distressed-company status had a "major impact" on the airline's share price by reducing investor confidence, which he hoped to restore through the restructuring plan.

☆ El Paso High School students may have to retake SATs after tests fly out of UPS truck
▼ + stars: | 2022-11-05 | by ( Minyvonne Burke | Minyvonne Burke Is A Senior Breaking News Reporter For Nbc News. | ) www.nbcnews.com time to read: +2 min

Students at a Texas high school may have to retake the SATs after test papers flew out of a UPS truck. El Paso High School seniors were made aware of the situation earlier this week. "El Paso ISD is working closely with the College Board to determine a remedy for the El Paso High School students whose SAT exams were lost in transit after they were securely submitted to UPS," spokesperson Liza Rodriguez said. "We are currently working with El Paso High School to provide options for the impacted students." Student Body President Zyenna Martinez told KTSM that she is more concerned about the personal information on the missing tests.

The Food and Drug Administration on Wednesday confirmed a nationwide shortage of the attention-deficit/hyperactivity disorder medication Adderall, more than two months after some pharmacies reported difficulties filling prescriptions. The shortage affects the immediate-release form of Adderall, a stimulant that helps manage ADHD symptoms. Dougherty added that Teva expects “intermittent delays through end of year.”The supply from the other Adderall manufacturers isn’t enough to meet the need, the FDA said. The shortage has hit pharmacies differentlySome pharmacies have been having trouble filling Adderall prescriptions since the summer. In May, Walmart and CVS announced they would stop filling prescriptions for controlled substances from telehealth startups such as Cerebral and Done Health, which prescribe stimulants and gained footing during the pandemic.

☆ Singapore air cargo deal elevates its hub status
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Sept 29 (Reuters Breakingviews) - Singapore is boosting its hub status as global recession fears loom. Aviation services group SATS (SATS.SI) is acquiring the world’s largest air cargo logistics provider for $2.2 billion from U.S. buyout firm Cerberus. The deal could ultimately lift trade flows through Singapore where aviation contributes more than 5% of GDP. SATS is part of the city-state’s industry trinity that includes its former parent Singapore Airlines (SIAL.SI) and Changi Airport. As global cargo activity nears pre-pandemic levels, Singapore is providing a strategic home to an asset that’s passed through multiple financial owners.

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