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☆ Young VCs thought the good times would never end. They did, and now they're pissed.
▼ + stars: | 2023-02-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Insider's Stephanie Palazzolo and Madeline Renbarger have a fascinating report on how young venture capitalists who came from investment banking and consulting are not having a good time. I encourage you to read Stephanie's and Madeline's story, which has all the juicy details about the current environment for young VCs. I've written a lot about how young investment bankers view their jobs as a means to an end, as opposed to an actual career. Timing has a lot to do with why young VCs are feeling like they've gotten such a raw deal. Click here to read more about why some young investment bankers are regretting their move to venture capital.

☆ Luminar, Mercedes-Benz expand deal for self-driving tech
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Self-driving sensor maker Luminar Technologies Inc (LAZR.O) announced an expanded partnership with Mercedes-Benz Group (MBGn.DE) on Wednesday to enable fully automated driving for its next-generation vehicles. Automakers from Tesla Inc (TSLA.O) to General Motors (GM.N) are focusing on autonomous vehicles, but technological and regulatory hurdles remain. Tech firms such as Alphabet Inc's (GOOGL.O) Waymo and Aptiv-Hyundai Motor joint venture, Motional, are also looking to develop autonomous vehicles for commercial use. Luminar and Mercedes-Benz had announced a partnership in January last year. Palo Alto, California-based Luminar also said it plans to build a factory in Asia to support the multi-billion dollar deal.

☆ Ukraine yet to make defence a safe investor haven
▼ + stars: | 2023-02-20 | by ( Lisa Jucca | ) www.reuters.com time to read: +6 min

MUNICH, Feb 20 (Reuters Breakingviews) - The West’s rush to supply weapons to war-torn Ukraine looks like a golden opportunity for defence companies to exit the ESG doghouse. As with air-polluting coal, socially-minded investors including pension funds and insurers - particularly European ones - have long excluded or heavily restricted investment in defence companies on ethical grounds. Risk committees, particularly at domestic banks, are now more frequently assessing the merits of financing defence companies, two senior bankers among the 850 or so conference participants said. Proponents of the approach argue military companies that help Ukraine perform a globally valuable social function by upholding democracy. The Munich Security Index, a global risk perceptions survey conducted before the conference, showed security concerns had replaced climate challenges as the top concern.

"High spot LNG prices and dwindling domestic production will mean that Pakistan will continue facing issues with ramping up gas-fired power generation," said Poorna Rajendran, LNG consultant at FGE. Despite LNG prices having fallen from last year's record highs, the superchilled fuel is still expensive for South Asian buyers as their currencies have weakened sharply, making it hard for them to boost LNG imports this year. Ship tracking data from Kpler shows Pakistan's LNG imports in 2022 fell 17% from the previous year to a five-year low. Bangladesh's LNG imports in 2022 fell 14% from the previous year, according to Kpler, which drove down power output while demand was rising. LNG prices are unlikely to ease enough to help Bangladesh and Pakistan, with analysts expecting a rebound in Chinese purchases to push prices up in 2023.

BENGALURU, Feb 13 (Reuters) - India wants to more than triple annual defence exports to $5 billion by 2024/25 from $1.5 billion currently as it looks to ramp up domestic manufacturing, Prime Minister Narendra Modi said on Monday while inaugurating the Aero India show. "Today, India is not just a market for defence companies, it is also a potential defence partner," Modi said in his speech at the show. "I call on India's private sector to invest more and more in the country's defence sector." India, for decades one of the world's biggest importers of defence equipment, now exports to 75 countries, he added. India's airlines are also expanding, with Tata Group's Air India expected to announce a potentially record deal to buy nearly 500 jets from Airbus and Boeing, worth more than $100 billion at list prices.

[1/4] An Indian Air Force (IAF) light combat aircraft "Tejas" flies during the "Aero India 2021" air show at Yelahanka air base in Bengaluru, India, February 3, 2021. Indian carriers may buy 1,500 to 1,700 aircraft in coming years, CAPA said, including Air India and IndiGo. MILITARY, COMMERCIAL COMPETITION"The days of foreign companies selling directly to India are over," a defence industry source told Reuters. At the same time, airlines like Air India are seeking to go head-on with rivals like Emirates Airline (EMIRA.UL) for a bigger share of international passenger flow. India's pressing military air need is to shore up its fighter squadrons, which have fallen to 31 from the approved 42 as political and bureaucratic hurdles and lack of funds delay purchases.

"We don't see (price cuts) at this point in time," Rowan told Reuters. "Demand for our (battery electric vehicles) is the highest that we've ever seen, the backlog for that as well." Those price cuts are expected to hit EV startups like U.S. firm Rivian RIVN.O more than established brands. Henrik Fisker, CEO of U.S. EV maker Fisker (FSR.N), told Reuters he also has no plans to lower prices, arguing that the EV startup's cars were already competitively priced. Despite the price cuts, some suppliers say they have seen no EV production surge so far.

☆ European shares hit fresh nine-month high on earnings boost
▼ + stars: | 2023-02-09 | by ( Ankika Biswas | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) was up 0.8% at 0920 GMT, extending gains for a third straight session. Shares of Sweco AB (SWECb.ST), a Swedish construction and engineering company, jumped 11% to top the STOXX 600 following its upbeat fourth-quarter earnings. An over 5% gain in AstraZeneca (AZN.L) on 2023 earnings and revenue growth forecast boosted the healthcare sub-index (.SXDP). Of the 93 STOXX 600 companies that have reported earnings so far, more than half have beaten market expectations, Refinitiv data showed on Tuesday. Signs of economic resilience and better-than-feared corporate earnings have helped European stocks outperform their U.S. counterparts so far this year.

☆ Sixth Street preparing bid for German football media rights - FT
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - U.S. investor Sixth Street is among the companies preparing to bid for a portion of the German football league's media and commercial rights, the Financial Times reported on Monday, citing people familiar with the matter. The report comes as Germany's soccer governing body is pressing on with plans to sell parts of the Bundesliga media rights for the country's first and second leagues to private investors. The German football league was initially expected to sell a 20% stake in a newly created company handling the Bundesliga's media rights in October, but pushed it to this year after a lack of consensus among the league clubs. The business is valued at between 15 billion euros and 18 billion euros, with a 20% stake priced at about 3.6 billion euros ($3.89 billion). Sixth Street declined to comment on the Financial Times report, while DFL and Bundesliga did not immediately respond to Reuters requests for comment.

☆ Germany's DFL presses on with deal for media rights
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Feb 4 (Reuters) - Germany's soccer governing body is pressing on with plans to sell parts of the Bundesliga media rights for the country's first and second leagues to private investors, the Deutsche Fussball Liga (DFL) said in a media release on Friday. Valuing the business at between 17 and 20 billion euros, the transaction could bring in 2.5-3 billion euros ($2.70-3.24 billion), Bild said. It stressed it was not about a sale of shares in the Bundesliga but a temporary minority interest in license revenue from the media rights. A spokesperson for DFL, contacted on Saturday about the Bild report, said there was no new comment beyond the Friday night press release. The rights, according to the Bild report, would be granted for 25 to 30 years, with the 36 clubs retaining control.

☆ Longer-range rockets included in $2 bln U.S. pledge for Ukraine
▼ + stars: | 2023-02-03 | by ( Mike Stone | ) www.reuters.com time to read: +3 min

USAI stands for Ukraine Security Assistance Initiative (USAI). Friday's aid pledge opens the door to many more deliveries of the Ground Launched Small Diameter Bombs (GLSDB). When the new rockets arrive, it will mark the first time Ukraine has seen its rocket range grow exponentially since U.S. furnished HIMARS in late-June 2022. HIMARS have a 77 km (48 mile) range and were instrumental in Ukraine's counter offensive against Russian forces, which invaded on Feb. 24, 2022. Reuters was first to report on a Boeing Co (BA.N) proposal to field GLSDB for Ukraine in November.

☆ Chinese New Year slows Volvo Cars' sales growth in January
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

Volvo Cars, which is majority-owned by China's Geely Holding (0175.HK), said the increase at group level was led by markets such as Britain, Italy and Belgium while in China sales fell 20% due to the timing of the Chinese New Year. It said fully electric vehicles accounted for 16% of total sales. Recharge models, also including those not fully electric, accounted for 41%. In December, the car sales growth stood at 13%. In 2022, sales were down 12% for the full year.

"This could slow down [a Russian assault] significantly," said Andriy Zagorodnyuk, Ukraine's former defence minister. This was a major boost for the Ukrainian military, allowing it to destroy Russian ammunition dumps and weapons storage facilities. "We are currently unable to reach Russian military facilities more than 80 kilometres away," said Ukrainian military analyst Oleksandr Musiyenko. Beyond the logistical impact, the addition of a longer-range weapon to Ukraine's arsenal could help shake Russian confidence. Still, said Karako, it is possible the Ukrainians could end up receiving an even longer range weapon in the future.

☆ Factbox: U.S. rocket-powered bomb would double Ukraine's strike range
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Feb 1 (Reuters) - The United States is expected to send a new weapon to Ukraine, the Ground Launched Small Diameter Bomb (GLSDB), doubling Kyiv's current strike range. Below are some details about the weapon:* Ukraine's longest-range weapon currently is the Guided Multiple Launch Rocket System (GMLRS). Its rockets can travel 48 miles (77 kilometers) while the GLSDB's range is 94 miles (151 km). Greater range would allow the Ukrainian military to attack Russian forces from a greater distance or potentially penetrate more deeply into Russian-held territory. * The rocket-powered GLSDB combines the GBU-39 small-diameter bomb, typically dropped from planes, with the M26 rocket motor, both of which are common in U.S. military inventories.

☆ Israel's StoreDot partners with Circulor on supply chain tracking
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] Circulor, a British start-up specialised in blockchain being used at the Gatumba mine, is pictured on a smartphone in Ngororero district, Western Rwanda October 17, 2018. REUTERS/Clement UwiringiyimanaFRANKFURT, Jan 31 (Reuters) - StoreDot, an Israeli start-up developing fast-charging batteries, said on Tuesday it has partnered with UK start-up Circulor, which uses blockchain technology to map supply chains for companies pursuing greener, more sustainable production. StoreDot has begun using Circulor's technology to track the origin and carbon emissions of the raw materials in its battery cells. Legislative pressure is rising on electric vehicle makers and battery producers to track the human rights and environmental impact of their supply chains. Reporting by Victoria Waldersee; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. readies $2 billion-plus Ukraine aid package with longer-range weapons -sources
▼ + stars: | 2023-01-31 | by ( Mike Stone | ) www.reuters.com time to read: +3 min

The aid is expected to be announced as soon as this week, the officials said. It is also expected to include support equipment for Patriot air defense systems, precision-guided munitions and Javelin anti-tank weapons, they added. At the time it was expected GLSDB could be in Ukraine by spring. That aid was expected to include mine-resistant ambush-protected vehicles (MRAPs), guided multiple launch rocket systems (GMLRS) and ammunition. The U.S. has sent approximately $27.2 billion worth of security assistance to Ukraine since Russia's February 2022 invasion.

☆ U.S. hits Volvo Group North America with $130 mln penalty over delayed recalls
▼ + stars: | 2023-01-30 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The National Highway Traffic Safety Administration (NHTSA) said Volvo Group agreed to a three-year consent order that includes one of the largest-ever penalties for violations under the recall law. Volvo Group North America agreed to oversight by an independent third-party auditor and will meet regularly with NHTSA to ensure it addresses any potential safety issues, the agency said. Volvo Group North America is the parent company to Mack Trucks, Nova Bus, Prevost Car (US), VNA Holding and Volvo Group Canada. Volvo Group must pay $65 million within 60 days and $45 million is due if it fails to comply with the agreement. Volvo Group is a separate entity from Volvo Cars.

☆ H&M highlights fast-fashion gloom as luxury takes hit in China
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +4 min

Shares in H&M, the world's No. 2 fashion retailer, fell as much as 6% in early trade after quarterly operating profit sank to 821 million Swedish crowns ($79.7 million) from 6.26 billion a year earlier. Zara has outperformed rivals after selling higher-priced garments and enticing shoppers who might have otherwise spent money at luxury stores. Disappointment over the impact of the China disruptions on its margins caused a record-breaking run in LVMH shares to briefly halt on Friday. The luxury industry is nevertheless expected to be one of the biggest winners from the loosening of restrictions that kept shoppers out of stores in China for months.

☆ Fashion retailer H&M's profit tumbles as costs bite
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +3 min

Operating profit in the period, the world's second-biggest fashion retailer's fiscal fourth quarter, was 821 million crowns ($79.7 million) against 6.26 billion a year earlier and a mean forecast of 3.67 billion in a Refinitiv poll of analysts. The hit from quitting Russia, higher raw material, freight and energy costs, currency translation effects and the restructuring charge totalled around 5 billion crowns, Chief Executive Helena Helmersson said. H&M in September launched a drive to cut costs by 2 billion crowns annually, with savings from layoffs and other measures expected to start showing from the second half of 2023. The group flagged in November it would cut around 1,500 jobs and book a roughly 800 million crown restructuring charge in the fourth quarter for the programme. Britain's Superdry (SDRY.L) on Friday cut its profit forecast for this year as its wholesale business underperformed.

☆ Germany's Bosch to increase stake in Sweden's Husqvarna to 12%
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Shares in Husqvarna, a garden equipment company, were up 12.6% by 0839 GMT following the announcement of the deal. The garden equipment company makes outdoor power products, consumer watering products, cutting equipment and diamond tools for construction and stone industries. Bosch's power tools division set up a "Power for All Alliance" together with Husqvarna subsidiary Gardena in 2020. The 10-brand alliance features products relating to all home-based activities for the European market, Bosch said. The German company has so far bought less than 5% of Husqvarna shares and has an agreement for around 7% more, a Bosch spokesperson said.

☆ Fashion retailer H&M's profit tumbles more than expected as costs bite
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

Operating profit in the period, the world's second-biggest fashion retailer's fiscal fourth quarter, was 821 million crowns ($79.7 million) against 6.26 billion a year earlier and a mean forecast of 3.67 billion in a Refinitiv poll of analysts. The hit from quitting Russia, higher raw material, freight and energy costs, currency translation effects and the restructuring charge totalled around 5 billion crowns, Chief Executive Helena Helmersson said. H&M in September launched a drive to cut costs by 2 billion crowns annually, with savings from layoffs and other measures expected to start showing from the second half of 2023. The group flagged in November it would cut around 1,500 jobs and book a roughly 800 million crown restructuring charge in the fourth quarter for the programme. H&M proposed a dividend for 2022 of 6.50 crowns per share, unchanged from the year before, roughly matching expectations.

☆ H&M’s fast-fashion parade is skating on thin ice
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 27 (Reuters Breakingviews) - H&M’s (HMb.ST) outfit is once again failing to impress. That corresponds to a meagre operating margin of 1.3%, a far cry from the around 15% margin larger rival Inditex (ITX.MC) is expected to report in its fourth quarter. H&M’s operating margins were already lingering in the mid-single-digit area before inflation became a problem. Sales growth of just 5% in December and January suggests the Swedish retailer is struggling to recover to its pre-crisis levels. If a recession curbs even more consumer spending, H&M’s profit margin may disappear.

☆ Nokia's quarterly profit beats expectations on 'robust' demand
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Jan 26 (Reuters) - Nokia (NOKIA.HE) on Thursday beat quarterly operating profit expectations and forecast higher 2023 sales as the Finnish telecom equipment maker benefited from 5G roll-out in countries such as India. "Looking forward to 2023, while we are mindful of the uncertain economic outlook, demand remains robust," Lundmark said in a statement. Nokia forecast full-year net sales of between 24.9 billion euros and 26.5 billion euros, which implies between 2% and 8% growth in constant currency. Analysts expect 25.5 billion euros. Net sales grew 16% to 7.45 billion euros, beating estimates of 7.11 billion.

☆ AB Volvo profit just short of forecast as supply strain lingers
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] Volvo trucks are seen for sale in Linden, New Jersey, U.S., May 23, 2022. REUTERS/Andrew Kelly/File PhotoJan 26 (Reuters) - Swedish truck maker AB Volvo (VOLVb.ST) reported a slightly smaller rise than expected in fourth-quarter core profit on Thursday and proposed an extra dividend but warned that its supply chain struggles are set to linger. Adjusted operating profit at Volvo, a rival of German brands such as Daimler Trucks (DTGGe.DE), rose to 12.2 billion Swedish crowns ($1.19 billion) from 10.1 billion crowns a year earlier and an average forecast of 12.5 billion crowns from analysts in a Refinitiv poll. Chief Executive Martin Lundstedt said the business continued to be affected by a volatile supply chain for components as well as its supplier base being under financial pressure from high energy prices and input costs. The world's second-biggest truck manufacturer proposed an ordinary annual dividend of 7.00 crowns per share and a extra dividend of the same amount.

☆ Tesla invests $3.6 bln to expand Nevada complex with two factories
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

Jan 24 (Reuters) - Tesla Inc (TSLA.O) said on Tuesday it would invest more than $3.6 billion to expand its Nevada manufacturing complex with two new factories, including the first facility to mass produce its long-delayed Semi electric truck. The 18-wheeler truck has a range of 500 miles on a single charge and can carry 81,000 pounds including the cargo. Tesla Chair Robyn Denholm said in November that Tesla might produce 100 Semis in 2022, but the company did not disclose any figure in its fourth-quarter production report. The EV maker aims to produce 50,000 of the trucks in 2024, Musk had said on a post-earnings call in October. Reporting by Akash Sriram and Aditya Soni in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

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