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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.

☆ Singapore ride-hailing firm Grab beats on revenue, pulls forward profitability timeline
▼ + stars: | 2023-02-23 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Revenue for the fourth quarter of 2022 grew 310% to $502 million, up from $122 million a year ago. We should be getting back to pre-Covid levels by fourth quarter this year. The company said that it is bringing forward its group adjusted EBITDA breakeven guidance to the fourth quarter of 2023, half a year earlier than its previous guidance. Deliveries reboundDeliveries revenue increased to $268 million in fourth quarter 2022, up from $1 million in the same period in 2021. Incentives dropped to 8.2% of gross merchandise volume in the fourth quarter from 9.4% in the previous quarter.

☆ ATP roundup: Daniel Evans falls in Doha
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

February 22 - Finland's Emil Ruusuvuori took down sixth seed Daniel Evans of Great Britain 7-5, 6-4 in their first-round match at the Qatar ExxonMobil Open on Tuesday in Doha. Ruusuvuori fired seven aces and won 29 of 38 first-service points (76.3 percent), holding on for the victory even as Evans saved six of 10 break points and converted both his opportunities to break Ruusuvuori. 7 seed Richard Gasquet of France battled past countryman Laurent Lokoli 7-6 (5), 2-6, 7-6 (5). 556 Alves, who had five aces and saved five of nine break points in his tour-level debut before the suspension. Daniel Elahi Galan of Colombia and Juan Pablo Varillas of Peru were also winners Tuesday before the rain arrived.

☆ Europe is the area to watch in the coming months says Mondelēz CEO Dirk Van de Put
▼ + stars: | 2023-02-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEurope is the area to watch in the coming months says Mondelēz CEO Dirk Van de PutDirk Van de Put, Mondelēz CEO joins 'Squawk on the Street' to discuss his thoughts on the future of the company, inflation and how the consumer impacting Mondelēz International.

While law firms sometimes negotiate fixed fees on transactions, market participants said such deals would be unlikely on transactions that faced the amount of legal uncertainty of Rogers-Shaw. The Rogers-Shaw deal is expected to be the tenth-largest deal in Canadian history since 1995, according to data from Dealogic. Law firms Lax O’Sullivan Lisus Gottlieb represented Rogers, while Davies Ward Phillips & Vineberg and Wachtell are lawyers for Shaw. None of the law firms responded to Reuters queries on the legal fee. Rogers and Shaw on Friday extended the closing deadline for the fourth time to March 31.

☆ Medvedev seeks momentum after returning to top 10 with Rotterdam title
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

"It's great, because it's still the beginning of the year," Medvedev, who is now ranked eighth in the world, said. Beating great players, playing great here. "In Adelaide I was playing great but lost to Novak Djokovic. Montpellier champion Sinner looked on course for back-to-back titles after claiming a tight opening set but Medvedev was not to be denied a 16th tour-level crown. "It was a tough match mentally for both of us," Medvedev said.

☆ A Balloon Engineer Explains What’s Up
▼ + stars: | 2023-02-18 | by ( Ben Cohen | ) www.wsj.com time to read: 1 min

There are few people anywhere in the world who have had a weirder month at work than Russ Van Der Werff. He’s in the business of high-altitude balloons. His job at a South Dakota defense contractor is to lead a team of engineers responsible for designing, building and operating the kinds of stratospheric balloons that can be used for improving telecom infrastructure, monitoring agricultural crops, responding to disasters—and spying.

☆ Global Sustainability Disclosure Standards for Companies Set to Take Effect in 2024
▼ + stars: | 2023-02-17 | by ( Dieter Holger | ) www.wsj.com time to read: +3 min

The International Sustainability Standards Board said it has agreed to rules that would harmonize corporate environmental disclosures across the globe. More than 150 countries follow the IFRS, and the group will promote its sustainability disclosure standards to market regulators. For example, the ISSB standards require companies to report emissions from their direct operations, energy purchases and from their value chains, including suppliers. The ESRS is also more exacting than the ISSB standards, disclosure professionals say. “For companies reporting under multiple frameworks, this will make reporting less challenging.”Write to Dieter Holger at dieter.holger@wsj.com

☆ U.S. household debt jumps to $16.90 trillion
▼ + stars: | 2023-02-16 | by ( Lindsay Dunsmuir | ) www.reuters.com time to read: +3 min

Feb 16 (Reuters) - U.S. household debt jumped to a record $16.90 trillion from October through December last year, the largest quarterly increase in 20 years, as mortgage and credit card balances surged amid high inflation and rising interest rates, a Federal Reserve report showed on Thursday. Household debt, which rose by $394 billion last quarter, is now $2.75 trillion higher than just before the COVID-19 pandemic began while the increase in credit card balances last December from one year prior was the largest since records began in 1999, the New York Fed's quarterly household debt report also said. Mortgage debt increased by $254 billion to $11.92 trillion at the end of December, according to the report, while mortgage originations fell to $498 billion, representing a return to levels last seen in 2019. Meanwhile credit card balances increased by $61 billion in the fourth quarter while auto loan balances rose by $28 billion, the report said. However, younger borrowers appear to be struggling more to make repayments for both credit card and auto loans.

☆ Household debt, credit card balances and delinquencies all rose last quarter
▼ + stars: | 2023-02-16 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

Minneapolis CNN —Americans continued to add to their debt at the end of last year — and grew their credit card balances at record rates, according to data released Thursday by the Federal Reserve Bank of New York. Total US household debt hit $16.9 trillion during the fourth quarter, an increase of $394 billion, or 2.4%, from the prior three-month period, according to the Fed’s latest Quarterly Report on Household Debt and Credit. While the lion’s share of the debt is attributable to mortgages, the report showed that not only are credit card balances swelling at record levels, delinquencies are on the rise as well. Credit card balances increased nearly 6.6% to $986 billion during the quarter, the highest quarterly growth on record, according to New York Fed data that goes back to 1999. And as debt is growing, Americans are having more trouble meeting payment obligations: The share of current debt becoming delinquent increased across nearly all debt types, with credit cards and auto loans showing delinquency transparency rates of 0.6 and 0.4 percentage points, respectively.

☆ Consumer debt hits record $16.9 trillion as delinquencies rise as well
▼ + stars: | 2023-02-16 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Consumer debt hit a fresh record at the end of 2022 while delinquency rates rose for several types of loans, the New York Federal Reserve reported Thursday. Debt across all categories totaled $16.9 trillion, up about more than $1.3 trillion from a year ago as balances rose across all major categories. Auto loan debt delinquencies rose 0.6 percentage point to 2.2% while credit card debt jumped 0.8 percentage point to 4%. Student loan debt also increased for the month after staying flat during much of the pandemic amid government-backed amnesty for borrowers. Auto loan debt edged higher to $1.55 trillion while credit card balances rose to just shy of $1 trillion.

☆ Senators pressure CFIUS to wrap up TikTok probe with strict restrictions, potentially even separating it from its Chinese parent company
▼ + stars: | 2023-02-16 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News. The company has said U.S. user data is not stored in China and that it continually tests its security measures. That kind of access would be particularly worrying since China's national security laws allow it to compel companies based there to hand over internal information if the government believes there is a national security issue at play. The group is empowered to investigate foreign investments and transactions with potential national security risks. "CFIUS is committed to taking all necessary actions within its authority to safeguard U.S. national security," a Treasury spokesperson said in a statement.

☆ China has U-turned on almost all major policies it put in place in the last 3 years — and it's not surprising, given the state of its economy
▼ + stars: | 2023-02-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +10 min

But the country reversed some major policies in response to the abysmal GDP growth. China's GDP grew by 3% in 2022 — the worst since the chaotic Cultural Revolution ended. Most recently, after three years of pandemic lockdowns and isolation, China abruptly reversed course and abolished its zero-COVID policy — leaving the world guessing why. China's GDP grew only 3.0% in 2022 — the worst in nearly half a century since the chaotic Cultural Revolution ended. China's GDP growth is vital because it is the world's second-largest economy after the US, so it's a driving force for global investment and trade.

☆ Ukraine war shows urgency of military AI, Palantir CEO says
▼ + stars: | 2023-02-15 | by ( Tosterling Stephanie Van Den Berg | Stephanie Van Den Berg | ) www.reuters.com time to read: +2 min

AMSTERDAM, Feb 15 (Reuters) - Ukraine's effective use of artificial intelligence (AI) to target Russian forces has pushed the technology onto the agenda of military and political leaders around the world, the CEO of U.S. software firm Palantir (PLTR.N) said on Wednesday. Speaking at the first international summit on responsible military use of AI, CEO Alex Karp said use of AI in war has moved from a "highly erudite ethics discussion" to a top concern since the start of the conflict in Ukraine. "This has now shifted to: your ability to identify the right technology and implement it will determine what happens on the battlefield," he said. "One of the major things we need to do in the West, is realise this lesson is completely understood by China and Russia." Karp has previously said that Planatir is "responsible for most of the targeting in Ukraine", with the company citing the examples of tanks and artillery.

☆ Heineken: Beer consumer 'very resilient' despite pricing pressures
▼ + stars: | 2023-02-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHeineken: Beer consumer 'very resilient' despite pricing pressuresDolf Van Den Brink, CEO and chairman of Heineken, says demand among beer drinkers remains strong after the brewer posted a 24% rise in 2022 operating profits. However, he added that continued pricing pressures mean he remains cautious on the outlook for 2023.

☆ Heineken sees 2023 profit increase despite Europe weakness
▼ + stars: | 2023-02-15 | by ( ) www.cnbc.com time to read: +1 min

Heineken alcohol free beers are seen in a refrigerator in Warsaw, Poland on 01 September, 2022. The world's second-largest brewer reported a higher-than-expected 2022 profit as beer demand recovered from the pandemic. Heineken , the world's second-largest brewer, repeated its forecast of a profit increase this year despite weakness in Europe, as it reported a higher-than-expected 2022 profit on the back of a recovery in beer drinking to pre-pandemic levels. Chief Executive Dolf van den Brink said beer sales in Europe had proven resilient, with a rise in the fourth quarter from a year earlier. "But given the price increases that will have to be taken due to the enormous increase in energy costs, particularly in Europe, we still expect declining volumes in Europe for the year 2023," he told Reuters in a telephone interview.

☆ Dutch host first summit on 'responsible' use of AI in the military
▼ + stars: | 2023-02-14 | by ( Tosterling Stephanie Van Den Berg | Stephanie Van Den Berg | ) www.reuters.com time to read: +3 min

"We're taking the first step in articulating and working toward what responsible use of AI in the military will be." The event may be an early step toward someday developing an international arms treaty on AI, though that is seen as far off. Some 2,000 people including experts and academics are attending a conference alongside the summit, with discussion topics including killer drones and slaughter bots. Hoekstra said the summit will not replace that debate but will look at other aspects of military AI. Examples include definition of terms, how AI could safely be used to accelerate decision-making in a military context, and how it could be used to identify legitimate targets.

☆ Turkish woman dies a day after her rescue
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +2 min

[1/3] Rescuers carry a woman named Zeynep, as the search for survivors continues, in the aftermath of a deadly earthquake in Kirikhan, Turkey February 10, 2023. German rescuers pulled 40-year-old Zeynep Kahraman out of the rubble in the town of Kirikhan in southern Turkey on Friday. "We have just informed the team that she has unfortunately passed away and are now processing this in the team." The German workers made contact with the woman while she was still deep inside the rubble and kept her hydrated through a hose. The combined death toll from Monday's quake in southern Turkey and northern Syria now exceeded 24,000.

☆ Maps: The devastating earthquakes in Turkey and Syria
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +12 min

Terrain map showing the 7.8- and 7.5-magnitude earthquakes near the eastern border of Turkey and Syria. A woman stands near rubble and damage in Gaziantep, Turkey, Feb. 7, 2023. REUTERS/Firas Makdesi A section of the earthquake damaged D420 road in Demirkopru, Turkey, Feb. 8, 2023. REUTERS/Umit Bektas A man walks past a partially-collapsed building in Pazarcik, Turkey, Feb. 9, 2023. REUTERS/Suhaib Salem People inspect the damage as rescuers search for survivors in Hatay, Turkey, Feb. 8, 2023.

☆ After 104 hours buried by Turkey earthquake, woman brought out alive
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +2 min

[1/5] Rescuers carry a woman named Zeynep, as the search for survivors continues, in the aftermath of a deadly earthquake in Kirikhan, Turkey February 10, 2023. REUTERS/Piroschka van de WouwKIRIKHAN, Turkey, Feb 10 (Reuters) - Rescuers pulled a woman alive out of the rubble of a collapsed building in Turkey on Friday, prompting cheers from onlookers 104 hours after she was buried by the huge earthquake that wrought death and destruction across the region. It’s such a huge relief that this woman under such conditions came out so fit. Her younger sister Zuebeyde looked on and hugged a worker from the German International Search and Rescue (ISAR) team. Reporting by Erol Dogrudogan; Writing by Ben Dangerfield and Andrew Heavens; Editing by Edmund BlairOur Standards: The Thomson Reuters Trust Principles.

☆ Investors turn picky in Asia after easy wins from China’s reopening
▼ + stars: | 2023-02-09 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

Herald van der Linde, HSBC's head of equity strategy for Asia Pacific, points out that travel and gaming stocks have already benefited. That has led investors to hunt for sectors and companies with depressed valuations outside China. Reuters GraphicsMSCI China Vs MSCI Asean vs MSCI Asia excluding JapanGLOBAL PUSH OR CHINA PULL? After a torrid 2022, investors have been betting that a swift recovery in China's economy will somewhat cushion the impact of a global slowdown and possible recession. "China and its reopening trade, on the other hand, are in early stages and may be the additional tailwind for Asian equities later this year."

☆ How Budweiser Tackled a Beer-Free World Cup
▼ + stars: | 2023-02-09 | by ( Katie Deighton | ) www.wsj.com time to read: +9 min

In the end, the brewer found a way to navigate the World Cup beer-free and roll with the media attention that the alcohol ban generated. Soccer’s 2022 FIFA World Cup in Qatar ran from Nov. 20 to Dec. 18. World Cup sponsors Kia and Adidas similarly maintained their reputational scores, according to the Morning Consult data. Budweiser doesn’t pay a reported $75 million for the official beer sponsorship of the World Cup just to serve beer at stadiums. But the ban on alcoholic Budweiser undermined the impetus for being at the World Cup, Mr. Marcondes said.

☆ Americans are comfort eating potato chips, popcorn, and pretzels as economic anxiety rises and recession looms
▼ + stars: | 2023-02-08 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

The US salty snack market is continuing to grow even as consumers feel the pinch. According to Mintel's survey, more than a quarter of people have increased their consumption of salty snacks in the past year, with 47% of millennials eating more chips, popcorn, and pretzels. "As consumers continue to navigate stressful and evolving times, salty snacks can be there to help them slow down and even relieve stress," Mintel analyst Kelsey Olsen in a statement. "Salty snacks are winning in their ability to satisfy cravings and meet emotional needs, expanding their role beyond a quick hunger-satisfying solution." "Snacking continues to be a way for consumers to connect or to enjoy a moment of delight in their day," he added.

Much as he would have liked to significantly increase supplies, Biosca-Reig said he couldn't justify investing millions of euros in new production lines unless he was paid more for the generic drug to cover sharply rising costs. European generic drugmakers say the tender system and regulated prices have fuelled a race to the bottom, and European firms are being undercut by suppliers from Asia. BRUSSELS, WE HAVE A PROBLEMThe European Medicines Agency (EMA) and European Union lawmakers acknowledge there is a problem. Half the generic medicines sold in Spain are priced below 1.60 euros per box or bottle, the country's generics manufacturing association said. But companies with smaller market shares, such as Israel's Teva (TEVA.TA), which has 5% of the region's amoxicillin market according to Medicines for Europe, are constrained.

☆ Mexico Pacific to sell LNG from Sonora export plant to Exxon Mobil
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Mexico Pacific said on Tuesday that a unit of Exxon Mobil Corp (XOM.N) had agreed to buy liquefied natural gas from the Mexican company's proposed Saguaro Energia LNG export plant in Sonora state. Mexico Pacific also said ExxonMobil has an option for 1 MTPA from Train 3 at the plant. One MTPA of LNG is about the same as 0.13 billion cubic feet per day of natural gas. The proposed three-train Saguaro Energia LNG facility is designed to produce about 14.1 MTPA of LNG from natural gas sourced from the Permian Basin in Texas and New Mexico. "We look forward to working with Mexico Pacific to continue growing ExxonMobil's LNG portfolio and deliver Permian natural gas to global markets," said Peter Clarke, senior vice president of LNG for ExxonMobil Upstream Co.

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