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☆ Tarek El Moussa is 'flipping' an entire street to make a high-rise apartment building, but longtime residents say they're being evicted to make it happen
▼ + stars: | 2023-08-03 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +5 min

Tarek El Moussa's company TEM Capital is building a 138-unit apartment in Los Angeles. El Moussa said his team was going to "tear it down" to build the high-rise apartments. "It was really triggering and traumatic and totally ignoring the fact that people still lived here," one resident, Clare Letmon, told CBS Los Angeles. Heather Rae El Moussa is also investing in the project. During a March 2023 conversation with Insider, El Moussa pointed to house-flipping seminars, a solar company, and a home line he's creating with Heather Rae among his current list of business endeavors.

Persons: Tarek El, El Moussa, they're, Tarek El Moussa, Christina Hall, Heather Rae El Moussa, Tarek, KTLA5 they've, Ellis, Heather Rae's, Clare Letmon, Cathy Livas, Raymond Hall, Arthur Aslanian, he's, Heather Rae Organizations: Service, HGTV, HEM, WJK, Pyramid Development, CBS Los, CBS, Los Angeles Times Locations: Los Angeles, Wall, Silicon, North Hollywood, Los Angeles , California, California, HEM, CBS Los Angeles

☆ Fact Check-Daughter of WEF leader didn't call for ‘permanent climate lockdowns’ in 2020 clip
▼ + stars: | 2023-08-02 | by ( Reuters Fact Check | ) www.reuters.com time to read: +4 min

There is no evidence Nicole Schwab, World Economic Forum (WEF) leader Klaus Schwab’s daughter, publicly called for “permanent climate lockdowns.” Yet, posts on social media link to a headline that says: “Klaus Schwab’s Daughter: ‘Permanent Climate Lockdowns Coming – Whether You Like It or Not.’”It stems from an article published by ‘The People’s Voice’ website on July 30 (here). Reuters did not find any credible reports that Nicole Schwab made a call for “permanent climate lockdowns” (archive.is/wip/dm6il), and a spokesperson for the WEF said to Reuters that she made no such remark. The article itself and the evidence it includes also do not show Schwab proposing permanent climate lockdowns. The article does not call for a “permanent climate lockdown,” however. The video linked in the article does not feature Nicole Schwab making a call for permanent climate lockdowns.

Persons: Nicole Schwab, Klaus Schwab’s, “ Klaus Schwab’s, ‘, Schwab, Klaus Schwab, Kunal Kumar, Covid, Kumar, Spokespeople, Read Organizations: Economic, Reuters, Indian Ministry of Housing, Urban Affairs

☆ AI chip firm Tenstorrent raises $100 mln from Hyundai, Samsung
▼ + stars: | 2023-08-02 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

Courtesy of Tenstorrent /Handout via REUTERSAug 2 (Reuters) - Tenstorrent, a Canadian startup headed by chip industry veteran Jim Keller that is developing artificial intelligence chips, said on Wednesday it has raised $100 million from Hyundai Motor Group (005380.KS) and a Samsung (005930.KS) investment fund, among others. Keller, who has previously developed chips for Apple (AAPL.O), Tesla (TSLA.O) and Intel (INTC.O), took over as the startup's CEO earlier this year. Tenstorrent makes its own AI chips, but also sells its intellectual property and other technology to customers looking to make their own AI chips. Hyundai established a semiconductor development group last year and said that it plans to use Tenstorrent technology in "future Hyundai, Kia and Genesis" vehicles. “With this investment, the Group expects to develop optimized but differentiated semiconductor technology that will aid future mobilities and strengthen internal capabilities in AI technology development," Heung-soo Kim, executive vice president and head of the global strategy office at Hyundai Motor Group, said in a statement.

Persons: Jim Keller, Heung Soo Kim, Keller, Tenstorrent, Kim, Stephen Nellis, Marguerita Choy Organizations: Global, Hyundai, REUTERS, Hyundai Motor Group, Samsung, Nvidia, Apple, Intel, Kia, Catalyst Fund, Fidelity Ventures, Eclipse Ventures, Epiq, Maverick Capital, Tesla, LG, Thomson Locations: Santa Clara , California, U.S, Handout, Canadian

☆ Across rural America, data center development booms as investors race to cater to artificial intelligence
▼ + stars: | 2023-07-21 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +10 min

Data center development is booming and AI is expected to stoke already growing demand. Demand is sapping power grids in major markets and pushing data center development across the US. The project's neighbors include Google, Meta, Microsoft, and Amazon – all of whom have similar plans, or are already underway with major data center projects. The message came after a torrid period of growth by the data center industry in that region. Wes Swenson, Nova's CEO, said the Reno region was becoming increasingly popular for data center development because of its access to power.

Persons: Matt McCollister, Martin Peck, Lincoln Rackhouse, Peck, Blackstone, Jonathan Gray, Drew Angerer, Bard, Gray, Pat Lynch, Robbie Sovie, Sovie, Georgia Power, Skybox, Rob Morris, Morris, George Frey, Novva, Wes Swenson, Nova's, Swenson, CBRE, Lynch Organizations: stoke, Lincoln Property Company, Harrison Street, Google, Meta, Microsoft, Amazon, Lincoln, Carrier, QTS, Dominion Energy, Dominion, Washington DC, APS, QuadReal, Georgia, Reuters, Data Centers, CIM Group Locations: Ohio, New Albany, Columbus, Northern Virginia, Dallas, Phoenix, Silicon Valley, Chicago, Virginia, Loudoun County, Washington, Arizona, Southwest, Lithia Springs , Georgia, Atlanta, Vancouver, Hutto , Texas, Austin, Eagle Mountain , Utah, Reno , Nevada, Storey County, Reno, Silicon, Salt Lake City, West Jordan , Utah, CBRE

☆ Japan's Sumitomo Mitsui launches US digital bank
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

TOKYO, July 12 (Reuters) - Sumitomo Mitsui Financial Group (8316.T) has launched a digital banking service in the United States, as Japan's number two lender aims to tap growth in the U.S. consumer banking market, a bank executive said on Wednesday. Sumitomo Mitsui is providing personal loans through a newly created online banking division of Manufacturers Bank, a California state-chartered bank wholly owned by the Japanese group. Starting with a 270-strong workforce, the digital banking service targets some tens of billions of yen (hundreds of millions of dollars) in net profit within 10 years, said Daisuke Tanaka, an executive at the bank's corporate development group. "But we eventually want to have a solid presence in the United States." ($1 = 139.5100 yen)Reporting by Makiko Yamazaki; editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Daisuke Tanaka, Tanaka, Makiko Yamazaki, Robert Birsel Organizations: Sumitomo Mitsui Financial Group, Sumitomo Mitsui, Manufacturers Bank, Thomson Locations: TOKYO, United States, U.S, California

☆ New York skyscraper to open one of the highest basketball courts in the world
▼ + stars: | 2023-06-30 | by ( Jacquelyn Palumbo | Jacqui Palumbo | ) edition.cnn.com time to read: +3 min

Brooklyn’s latest addition to the New York City skyline, the Brooklyn Tower, is offering its residents those bragging rights. “We took advantage (of the space).”The Sky Park will also include a playground and dog park. Gabriel SaundersSince the Sky Park is a covered, open-air facility, it will likely be best enjoyed outside of the coldest, windiest days of the year. In the Sky Park, residents will be able to relax, walk their dogs, or dunk against a backdrop of New York City landmarks from sunrise to sunset. Correction: An earlier version of this story misstated the floor number of the Sky Park in Brooklyn Tower.

Persons: ”, Gregg Pasquarelli, “, Gabriel Saunders, Pasquarelli, ” It’s, —, ” Pasquarelli, Evan Joseph JDS, Sauron, you’re Organizations: CNN, New, —, JDS, Barclays Center, Brooklyn Nets, Savings Bank, Evan Joseph JDS Development Group, Brooklyn, New York Post, Sky Locations: New York City, Brooklyn, Downtown Brooklyn, Manhattan, Brooklyn Tower

☆ World Bank's new chief asks staff to 'double down' on development, climate efforts
▼ + stars: | 2023-06-02 | by ( David Lawder | ) www.reuters.com time to read: +4 min

[1/2] World Bank President Ajay Banga arrives for his first day of work at World Bank headquarters in Washington, U.S. June 2, 2023. REUTERS/Jonathan ErnstWASHINGTON, June 2 (Reuters) - The World Bank's new president Ajay Banga on Friday asked the lender's 16,000 staff to "double down" on development and climate efforts as he seeks to accelerate the bank's evolution to tackle the most pressing global problems. The World Bank Group is being asked to lead the way, to double down on development and climate efforts and to deliver even more impact and results," he said. He added this would require "all shoulders to the wheel," and all of the World Bank's divisions working together to deliver solutions needed by the world. Banga, 63, was elected to a five-year term as World Bank president by the lender's board of governors in May.

Persons: Ajay Banga, Jonathan Ernst WASHINGTON, Banga, Janet Yellen, Yellen, Joe Biden, David Malpass, Kevin Gallagher, There's, David Lawder, David Holmes, Hugh Lawson Organizations: World Bank, REUTERS, Friday, Mastercard, Reuters, Thursday, U.S, Treasury, Boston, Global, Policy, Thomson Locations: Washington , U.S, Banga, Paris

☆ Amazon's North America fulfillment head is leaving
▼ + stars: | 2023-06-01 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

A worker sorts out parcels in the outbound dock at Amazon fulfillment center in Eastvale, California on Tuesday, Aug. 31, 2021. One of Amazon 's top operations executives is leaving the e-retailer, the company confirmed. Melissa Nick, a vice president of North America customer fulfillment, will depart the company June 16, Amazon said. Nick reported to Yonatan Gal, a vice president in charge of overseeing Amazon's fulfillment supply chain, equipment maintenance and repairs, as well as fulfillment execution, in North America, according to internal company documents viewed by CNBC. Chris Vonderhaar, a vice president in charge of Amazon Web Services data centers, is leaving the company, GeekWire reported on Monday.

Persons: Melissa Nick, Amazon, Nick, Barbara Agrait, Melissa, Yonatan, Stefano Perego, John Felton, Amazon's, Andy Jassy's, Andy Jassy, Chris Vonderhaar, GeekWire, Jay Carney, Dave Clark Organizations: North, Amazon, CNBC, Amazon Web, Airbnb, Amazon Logistics Locations: Eastvale , California, North America, Europe

☆ Analysis: Struggling China local governments find a fundraising loophole, lifeline in "pearl bonds"
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, May 31 (Reuters) - China's cash-strapped local governments have suddenly rushed to an unusual corner of the debt market in Shanghai where ambiguous rules offer ways to skirt restrictions on onshore borrowing. LGFVs accounted for about two-thirds of the issuers and 60% of the debt sold this year nation-wide, according to Reuters' calculations. Among all the newly-issued FTZ bonds this year, 55, or two-thirds of all 82 issuers, were LGFVs, according to Reuters' calculations. The "pearl" or free trade zone (FTZ) bonds have been around since 2016 but are only now becoming popular as tighter central government supervision on LGFV debts starts to bite. AMBIGUOUS POSITIONING"Pearl bonds" differ from other offshore bonds as trades are cleared by the state-owned China Central Depository & Clearing Co, rather than a global clearing house.

Persons: Shi Xiaoshan, Fitch, Royston Quek, Tim Fang, Pearl, Zhang Hong, Georgina Lee, Tom Westbrook, Kim Coghill Organizations: U.S, Haitong International Securities, China Central Depository, Industrial, Group, Credit Agricole CIB, Shanghai Pudong Development Bank, Bank of Communications, Pudong New, Financial, Reform Commission, Reuters, The, Administration of Foreign Exchange, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Shanghai, Beijing, U.S . Federal, Hong Kong, China, Zhejiang, Pudong, SINGAPORE

☆ Disney scrapping a $1 billion campus in Florida could screw over adjacent developers banking on it to build their own projects: report
▼ + stars: | 2023-05-29 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

Disney's decision to scrap its $1 billion campus could affect projects nearby. CoStar Group told The Wall Street Journal that thousands of homes were built after Disney announced its campus in 2021. However, the development group that owns the land says that Disney's decision will not affect it. Hundreds of employees set to work at the new campus had already moved to Lake Nona before Disney announced they would be abandoning the plan. They also told the Journal that 95% of the multifamily housing at Lake Nona is currently being occupied.

Some Chinatown residents benefited from the development boom, selling properties to developers or drawing more customers from increased foot traffic. Some residents have shown tentative support for the luxury buildings, saying they might make the neighborhood safer or bring in wealthier Asian residents who could boost Chinatown's economy. Manhattan Chinatown's housing stock is "really aged," which has led to costly fires, according to Thomas Yu, executive director of Asian Americans for Equality. Chinatowns and the pandemicMany debates surrounding luxury development and affordable housing were accelerated by the pandemic, which shuttered hundreds of businesses across Chinatowns. However, business owners who spoke with CNBC said Chinatown's businesses, though still recovering, are keeping the city's culture alive.

☆ New York’s Smallest Businesses Face Some of Its Biggest Rent Hikes
▼ + stars: | 2023-05-08 | by ( Stefanos Chen | ) www.nytimes.com time to read: +1 min

Now, the owners of many of those small businesses, many of whom did not qualify for pandemic-era public loans and grants, worry that sharp rent increases and a lack of protections for commercial tenants could shut down their stores, just as the economy is gaining momentum. These businesses helped fuel the city’s recovery while the rest of the economy faltered, and many store owners say they fear they will be left out of the resurgence. At risk, they say, is the soul of the city: the minority- and immigrant-owned businesses that create a path to the middle class and provide hard-to-find goods and services in ethnic enclaves. “For the first time in New York City history, their existence is being threatened,” said Annetta Seecharran, the executive director of Chhaya, a nonprofit community development group. In districts where the rent rose, people of color made up 72 percent of the population, the analysis showed, raising concerns about displacement and gentrification.

☆ After 35 years in flight, the US military says it's done buying one of its most unique and controversial aircraft
▼ + stars: | 2023-05-05 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +8 min

Since its first flight in 1989, the V-22 Osprey has provided a unique capability to the US military. One of them is the V-22 Osprey, a unique and controversial aircraft that has carried conventional troops and special operators around the world for two decades. US Navy/Vernon PughIn the three decades since its first flight, the V-22 Osprey has brought a distinct capability to the US military's aviation fleet, despite its troubled development. Conventional and special-ops missionsUS Air Force special tactics operators fast rope from a CV-22B during an exercise in the UK in April 2021. In August 2022, Air Force Special Operations Command grounded its CV-22s over issues with its clutch, which had caused several "safety incidents."

☆ New York Officials Failed to Address the Housing Crisis. Now What?
▼ + stars: | 2023-04-27 | by ( Luis Ferré-Sadurní | Mihir Zaveri | ) www.nytimes.com time to read: +1 min

ALBANY, N.Y. — It seemed like 2023 would be the year that New York would finally take the most consequential steps in decades to address the state’s dire housing shortage. Rising rents and homelessness had made housing a top issue for voters. Kathy Hochul had unveiled a grand plan, focused on cajoling communities to build more homes through new mandates, that was met with praise from housing experts and pro-development groups. And her fellow Democrats in control of the State Capitol had pledged to make housing a priority. The disintegration underscored Albany’s often dysfunctional policymaking process and marked a significant setback for a new governor who had made housing a top focus.

[1/3] U.S. President Joe Biden attends the groundbreaking of the new Intel semiconductor manufacturing facility in New Albany, Ohio, U.S., September 9, 2022. But all that new construction has a real estate problem. That would be a problem for the Biden administration, which has pushed through legislation to fuel the developments. A White House official said it was a "high-class problem" to have, adding: "Folks are finding places to build. The governors of South Carolina, Virginia and North Carolina have each proposed to spend hundreds of millions of dollars on readying industrial sites in the coming years.

☆ US World Bank nominee Banga endorses lending expansion, pledges more
▼ + stars: | 2023-04-05 | by ( David Lawder | ) www.reuters.com time to read: +3 min

"That's good, we should do it," Banga said of the $5 billion lending expansion plan proposed by departing World Bank President David Malpass. But he said that to raise the trillions of dollars needed annually to reach 2030 and 2050 global emissions reduction goals, the World Bank needs to help catalyze private capital. The World Bank cannot do this alone," he said. Banga is now in the final stages of the World Bank executive board's selection process after emerging from a March nomination period as the sole candidate. He is expected to be confirmed as World Bank president by early May.

☆ Another SEAL parachuting death highlights the inherent danger of US special operators' go-to infiltration method
▼ + stars: | 2023-03-29 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +6 min

Deadly accidentsNaval Special Warfare operators perform a free-fall jump in Alaska in September. The incident, which likely happened during as part of a pre-deployment workup, is still under investigation, according to Naval Special Warfare Command. Despite that danger, however, free-fall parachuting is also extremely valuable as an insertion method for special-operations units. The Navy SEAL community — especially the Naval Special Warfare Development Group, formerly known as SEAL Team 6 — is well-versed in free-fall operations. Most US special-operations units have recognized the value of free-fall parachuting and have incorporated it into their training.

An Insider review found that his company has sold to foreign governments, including a $228 million dollar contract. What Mills didn't advertise was Pacem's munitions contracts with foreign governments. The company's chief legal officer Joseph Schmitz said all of Pacem's foreign munitions sales are approved by the Department of State. Mills's influence over American military spending while having ties to a munitions company poses the potential for conflicts of interest, an ethics watchdog said. In Congress, Mills sits on the House Foreign Affairs and Armed Services committees, which oversee military spending and foreign weapons sales.

☆ Amazon's Twitch CEO steps down nearly 10 years after acquisition
▼ + stars: | 2023-03-16 | by ( Annie Palmer | ) www.cnbc.com time to read: +1 min

Emmett Shear, the CEO of Amazon 's live streaming service Twitch, is stepping down from his role, effective immediately, the company announced Thursday. After buying Twitch, Amazon was largely hands-off with the business, though it has offered Prime subscribers perks on the live streaming platform, like free games and in-game loot. Shear will be replaced by Twitch President Dan Clancy, who has been a "close partner" to Shear, he wrote in a blog post. "Twitch will always remain part of my extended family, a community where I grew in so many ways alongside Twitch itself." Earlier this month, Ring CEO Jamie Siminoff announced he was stepping down from his role at the home security subsidiary.

☆ Black real estate developers get rare access to big capital through Philadelphia program
▼ + stars: | 2023-02-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Black Americans represent less than 5% of residential real estate developers, largely because they can't get equal access to capital, according to a recent report by the Urban Land Institute. Institutional capital – real estate investment trusts and private equity in particular – are the dominant players. Philly Rise is designed to recruit, train, support and open up access to capital. That's why he's been working in real estate for 20 years, developing affordable housing first in Delaware and Maryland, and soon in Philadelphia. "Our goal with our participants is not to teach them how to rehab or build brand new houses, but how to build successful real estate businesses," said Webster.

☆ Armada Hoffler Plans Private Bond Sales After Securing First Credit Rating
▼ + stars: | 2023-02-07 | by ( Mark Maurer | ) www.wsj.com time to read: +4 min

Real-estate investment trust Armada Hoffler Properties Inc. plans to raise financing through a series of private placements after securing its first credit rating, a move to wean itself off variable-rate debt as interest rates continue to climb. Armada Hoffler, which invests in office, retail and multifamily properties, on Tuesday said it obtained a BBB rating from ratings firm DBRS Morningstar. Armada Hoffler will likely always have some variable debt, which it needs to take out construction loans, he said. Armada Hoffler is developing a new headquarters for asset manager T. Rowe Price Group Inc. in Baltimore, in partnership with real-estate developer Beatty Development Group LLP. In addition to acquiring properties, Armada Hoffler has development, construction and asset-management business lines.

☆ Drug companies favor biotech meds over pills, citing new U.S. law
▼ + stars: | 2023-01-13 | by ( Deena Beasley | ) www.reuters.com time to read: +5 min

The pharmaceutical industry, whose members gathered in the thousands this week in San Francisco for the annual JP Morgan Healthcare conference, opposed the legislation and has begun implementing strategies to mitigate its impact. "In 10 years, we'll have far fewer small molecules being developed than we do today." He questioned the benefit of "rules that really just disincentivize investment in what ends up being convenient drugs, drugs for tough conditions like cancer and drugs that get really cheap when they go generic." Most medicines on the market today are small molecules, which can be taken by mouth, absorbed into the bloodstream and easily penetrate cell membranes. He noted it is not unusual for pharmaceutical companies to choose not to pursue a drug they once thought promising.

☆ Apple's upcoming headset will reportedly include auto-adjusting lenses and a dial to switch from VR to the real world
▼ + stars: | 2023-01-03 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

Apple's anticipated mixed reality headset will have auto-adjusting lenses, The Information reported. It will also have a physical dial that the wearer can use to switch between VR and real life. The change to "xr," which stands for extended reality, signals that the headset will probably include both AR and VR capabilities. In December, noted Apple analyst Ming-Chi Kuo tweeted that mass shipment of the Apple headsets could be delayed to the second half of 2023 "because of software-related issues." As of early December, sales for VR headsets declined 2% from the previous year, CNBC reported.

☆ Apple's long-rumored headset is reportedly getting a new name for its software: 'xrOS'
▼ + stars: | 2022-12-02 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Apple's mixed-reality headset will rename its operating software to 'xrOS,' Bloomberg reports. The tech giant's headset will be its newest product group since the Apple Watch was released. The mixed-reality operating system will encompass new versions of popular Apple apps like Messages and Maps, Bloomberg reported. In addition to the software, Apple may also name the headset hardware "xrOS, "Bloomberg reported, citing trademark applications from Deep Dive, a shell company that may be owned by Apple. The Apple headset could rival similar products like Meta's Quest Pro, Facebook's Oculus Quest, and Sony's Playstation VR headset, as major tech companies vie to lay claim to the metaverse.

☆ 2 little-known intel agencies are helping US partners keep an eye on Russia's and China's frontline forces
▼ + stars: | 2022-11-17 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +6 min

Two little-known US intelligence agencies have made significant contributions to countering Russia in Ukraine. The National Geospatial-Intelligence Agency and the National Reconnaissance Office have gathered and distributed valuable information about Russian activity. Little-known intel agenciesA National Reconnaissance Office payload is launched into space from Vandenberg Air Force Base in September 2017. US Air Force/Senior Airman Ian DudleyThe US response to Russia's war in Ukraine has pulled the National Geospatial-Intelligence Agency (NGA) and the National Reconnaissance Office out of the shadows. NRO satellites have many customers, but the NGA is probably the most reliant on the satellites operated by the NRO.

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