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☆ US announces $46 million in funds to eight nuclear fusion companies
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, May 31 (Reuters) - Eight U.S. companies developing nuclear fusion energy will receive $46 million in taxpayer funding to pursue pilot plants attempting to generate power from the process that fuels the sun and stars, the Department of Energy said on Wednesday. Generating more energy from fusion reaction than goes into it has eluded scientists for decades. The Energy Department's Milestone-Based Fusion Development Program hopes to help develop pilot-scale demonstration of fusion within a decade. The awardees are:-Commonwealth Fusion Systems-Focused Energy Inc-Princeton Stellarators Inc-Realta Fusion Inc-Tokamak Energy Inc-Type One Energy Group-Xcimer Energy Inc-Zap Energy IncThe funding, which comes from the Energy Act of 2020, is for the first 18 months. Looking to launch fusion plants that use lasers or magnets, private companies and government labs spent $500 million on their supply chains last year, according to a Fusion Industry Association (FIA) survey.

Persons: Harris, Jennifer Granholm, Timothy Gardner, Matthew Lewis Organizations: U.S, Department of Energy, Energy, Biden, Harris Administration, Commonwealth Fusion Systems, Inc, Princeton Stellarators Inc, Tokamak Energy Inc, One Energy, Xcimer Energy, Fusion Industry Association, FIA, Thomson Locations: Washington

The Biden administration has highlighted the program as one of its signature achievements in helping Ukraine battle Russian forces. Congress approved $14.5 billion in drawdown authority to last through the fiscal year, which ends on September 30. As of Wednesday, according to congressional aides, only $2.7 billion of that was left. The Biden administration has resisted the idea of approaching Congress to augment those authorities before the end of the fiscal year, according to lawmakers and congressional aides. Mr. Biden and his top aides have said they would support Ukraine until it won the war.

☆ Watch CNBC's full interview with Ross Gerber and Gary Black
▼ + stars: | 2023-05-16 | 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 EmailWatch CNBC's full interview with Ross Gerber and Gary BlackRoss Gerber, Gerber Kawasaki CEO and president, and Gary Black, Future Fund portfolio manager, join 'Last Call' and CNBC's Phil LeBeau to recap CNBC's exclusive interview with Elon Musk and Tesla's annual meeting.

☆ Self-driving software's biggest problem is other human drivers, says Gerber Kawasaki's Ross Gerber
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSelf-driving software's biggest problem is other human drivers, says Gerber Kawasaki's Ross GerberRoss Gerber, Gerber Kawasaki CEO and president, and Gary Black, Future Fund portfolio manager, join 'Last Call' and CNBC's Phil LeBeau to recap CNBC's exclusive interview with Elon Musk and Tesla's annual meeting.

☆ The former president of Tesla and COO of Lyft just raised a new $40 million fund and wants to fix venture capital's "addiction to fees"
▼ + stars: | 2023-05-08 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +4 min

Jon McNeill served as president of Tesla, COO of Lyft, and has started and sold six companies. Over the same period the number of new funds closed has fallen by more than 75%, meaning capital is concentrating in fewer and larger funds. "That's all about addiction to fees," said McNeill, "it's not like they've got twenty times the amount of opportunities to fund, they don't." It's a venture fund, but it also bears resemblance to a private equity fund, an incubator, and a sort of "private Berkshire Hathaway" as McNeill puts it. The fund takes 100% of the company up front, as opposed to the 20% stake a VC fund would typically take.

☆ Bed Bath & Beyond files for bankruptcy
▼ + stars: | 2023-04-23 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Chris Hammons unloads a bag of items she purchased at a Bed Bath & Beyond store in Dallas, Texas September 23, 2009. In its bankruptcy filing, Bed Bath & Beyond said it had $5.2 billion in debt and assets of just $4.4 billion. Discount chains such as HomeGoods and TJ Maxx have also undercut Bed Bath & Beyond’s prices. Without the differentiators of the lowest prices or widest selection, Bed Bath & Beyond’s sales stagnated from 2012 to 2019. And Bed Bath & Beyond is the latest retail chain to file for bankruptcy this year.

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☆ DoorDash-backed Flink is in talks to raise around $100 million at a haircut to its earlier $2.85 billion valuation, sources say
▼ + stars: | 2023-04-20 | by ( Callum Burroughs | Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Flink is raising around $100 million at a haircut to an earlier valuation, sources said. The startup most recently raised funding in 2022 at an estimated $5 billion valuation. Any prospective funding is mooted to be at a down round valuation of around $1.5 billion, two sources said. Discussions around fresh funding remain at an early stage and figures are subject to change. These firms, often only months old, raised funding rounds in rapid succession, hitting billion-dollar and multibillion-dollar valuations fast.

☆ Analysis: Rocket startups face adapt-or-die moment amid investment drought
▼ + stars: | 2023-04-17 | by ( Joey Roulette | ) www.reuters.com time to read: +5 min

Venture investment in space startups has dropped 50% year-over-year in 2022 to $21.9 billion, according to VC firm Space Capital. Astra Space (ASTR.O), which ditched its small Rocket 3.3 for a planned, larger Rocket 4 in the next few years, has struggled to bring its stock price above $1, facing delisting threats from Nasdaq. Despite the startups' struggles, launch demand has soared after sanctions following Russia's invasion of Ukraine cut off access to Russian rockets. Recent failures with Europe's Arianespace's Vega-C rocket have added to demand in the U.S., outstripping the number of available rockets. Private plans to deploy mega-constellations, vast swarms of satellites in low-Earth orbit, have also given launch startups hope for future demand.

Launched in February 2022, the FTX Future Fund was part of the FTX Foundation, the philanthropic arm of Sam Bankman-Fried's crypto empire which fell apart last year, in what U.S. prosecutors called an "epic" fraud. Representatives for FTX also declined to comment and declined to say whether the FTX Foundation is included in the bankruptcy proceedings. The FTX Future Fund supported research into topics that "improve humanity's long-term prospects" and was funded primarily by Bankman-Fried, according to a profile of its activities published on Twitter. FTX's statement did not reference the FTX Future Fund specifically. One FTX Future Fund beneficiary in the U.S., who asked not to be named, said they received a grant of more than $150,000.

☆ Premarket stocks: The FDIC could ask big banks to clean up $23 billion mess
▼ + stars: | 2023-03-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

While regional and mid-sized banks are behind the recent turmoil, it appears that large banks may be footing the bill. Ultimately, that means higher fees for bank customers and lower rates on their savings accounts. The law also gives the FDIC the authority to decide which banks shoulder the brunt of that assessment fee. Passing it on: Regardless of who’s charged, the fees will eventually get passed on to bank customers in the end, said Isaac. In 2021, Wall Street was estimated to be responsible for 16% of all economic activity in the city.

☆ Elon Musk was reportedly 'furious' at ChatGPT's popularity after he left the company behind it, OpenAI, years ago
▼ + stars: | 2023-03-24 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Elon Musk was reportedly mad when OpenAI's ChatGPT made its splashy debut, Semafor reports. The OpenAI cofounder tweeted that the company became a "ruthless corporate monopoly" after he left. In the months following its launch, Musk took to Twitter to express his frustrations over OpenAI. Two months later, Musk criticized OpenAI on Twitter in February for becoming "a closed source maximum-profit company effectively controlled by Microsoft," when the company was founded on the basis of transparency. Musk is now reportedly seeking to create a rival AI chatbot to ChatGPT.

☆ Explainer: What caused Silicon Valley Bank's failure?
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

Here is the sequence of events that led to Silicon Valley Bank's failure:FEDERAL RESERVE RAISES RATESThe Federal Reserve has been raising interest rates from their record-low levels since last year in its bid to fight inflation. This weighed on technology startups - the primary clients of Silicon Valley Bank - because it made their investors more risk-averse. SOME SILICON VALLEY BANK CLIENTS FACE CASH CRUNCHAs higher interest rates caused the market for initial public offerings to shut down for many startups and made private fundraising more costly, some Silicon Valley Bank clients started pulling money out to meet their liquidity needs. This culminated in Silicon Valley Bank looking for ways this week to meet its customers' withdrawals. SILICON VALLEY BANK SELLS BOND PORTFOLIO AT A LOSSTo fund the redemptions, Silicon Valley Bank sold on Wednesday a $21 billion bond portfolio consisting mostly of U.S. Treasuries.

☆ Australia's sovereign wealth fund screening for Chinese firms at risk of US bans
▼ + stars: | 2023-03-07 | by ( Lewis Jackson | ) www.reuters.com time to read: +1 min

SYDNEY, March 7 (Reuters) - Australia's sovereign wealth fund, the Future Fund, is screening its portfolio for Chinese companies at risk of U.S. investment restrictions, its chairman said on Tuesday. The Biden administration plans to ban investments in some Chinese technology firms and increase scrutiny of others, sources have said, as part of its plan to crack down on the billions that American firms have poured into sensitive Chinese sectors. I think it’s foreseeable,” Costello said during a panel discussion at the Australian Financial Review summit in Sydney on Tuesday. The A$243 billion ($164 billion) fund was established in 2006 to cover escalating pension liabilities for public servants and rivals Australia's largest pension funds in size. "I just think it’s a prudent measure in this bifurcated world we’re going into," said Costello.

☆ We are still pretty bullish on Tesla stock, says Future Fund's Gary Black
▼ + stars: | 2023-03-06 | 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 EmailWe are still pretty bullish on Tesla stock, says Future Fund's Gary BlackGary Black, Future Fund managing partner, joins 'Squawk on the Street' to discuss his thoughts on Tesla and why he bought more of the stock.

☆ This emerging markets fund outperforms by finding ideas in small- and mid-cap companies
▼ + stars: | 2023-03-01 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

A keen appreciation for ideas that fly under the radar helped one emerging markets fund outperform during the pandemic. Since starting at the Matthews Emerging Markets Small Companies (MSMLX) fund in 2020, Vivek Tanneeru said he has kept his focus on small- and mid-cap companies to generate alpha (returns above a benchmark). For example, his Matthews Emerging Markets Sustainable Future fund (MISFX) fund, which he founded in 2015, is also given five stars at Morningstar. One stock Tanneeru is particularly bullish on now is Legend Biotech . For Tanneeru, small caps are a more nimble way for investors to gain access to emerging markets and tap into consumer preferences there.

☆ Investment banks approach Monzo over potential IPO as $4.5 billion fintech plots investing push, sources say
▼ + stars: | 2023-02-23 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +4 min

Investment banks have been in talks with Monzo over a future IPO, sources told Insider. The London-based fintech has also been in discussions to grow its wealth and investment offering. A number of leading investment banks have held initial talks with British fintech unicorn Monzo about a public listing that could take place as early as next year, sources say. Some investment banks have opted to cull teams of staff focused on M&A and stock issuance in recent months, most notably Goldman Sachs. The fintech has also been on the lookout for acquisitions and partnerships in the wealth and trading space, two sources told Insider.

☆ Australia to spend $5 bln on Brisbane Olympics venues
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

[1/3] A view of the city skyline of Brisbane, expected to be announced as host for the 2032 Olympic Games, in Brisbane, Australia, July 4, 2021. REUTERS/Jaimi Joy/File PhotoSYDNEY, Feb 17 (Reuters) - The Australian federal government and the Queensland state government said on Friday they would spend a combined A$7.1 billion ($4.9 billion) to build new venues and refurbish existing ones ahead of the 2032 Olympics in Brisbane. This event is a great event for Queensland but it's great for Australia as well," Albanese said. Brisbane will become the third Australian city to host the Summer Olympics, after Melbourne in 1956 and Sydney in 2000. The event is expected to deliver A$8.1 billion in economic and social benefits to Queensland, and more than A$17.6 billion to Australia, Queensland state Deputy Premier Steven Miles said.

☆ Tesla is still very cheap, says Future Fund's Gary Black
▼ + stars: | 2023-02-13 | 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 EmailTesla is still very cheap, says Future Fund's Gary BlackGary Black, Future Fund managing partner joins 'Squawk on the Street' to discuss Tesla and how to play the stock.

☆ Adani crisis: Billionaire scrambles to reassure creditors as market rout enters third week
▼ + stars: | 2023-02-06 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission, which have collapsed in value. While the Adani Group has vehemently denied the allegation made by Hindenburg Resarch as “baseless” and “malicious,” investors remain unconvinced. Adani companies will be reporting quarterly results this week. Moody’s said Friday that the plunge in the shares of Adani companies was likely to reduce the group’s ability to raise capital. Another agency, S&P, cut the outlook for its ratings on two companies, Adani Ports and Adani Electricity, to negative from stable, citing the risk of higher funding costs or reduced access to capital.

Some hedge funds, wealth managers, and asset managers are still hiring. Recruiters told us what roles are in demand and what skills can help you land them. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. … if you're in or interested in wealth managementDespite the market downturn, wealth managers are in high demand.

☆ Investors don't listen to Elon Musk on the economy, Tesla bull Gary Black says as he rebukes recession claims
▼ + stars: | 2023-01-27 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Any economic downturn will be shallow because the Federal Reserve can cut interest rates whenever it wants, Black said Thursday. "I don't think investors listen to Elon's economic forecasts," the Future Fund managing partner told Yahoo Finance Thursday. Musk alluded to the idea of a severe recession on Tesla's fourth-quarter earnings call, which took place after Wednesday's bell. He said a downturn could actually help the Tesla's stock price because it would be disinflationary – helping to reduce the company's input costs. Tesla stock rallied just under 11% Thursday after the company beat Wall Street's fourth-quarter earnings targets.

☆ Watch CNBC's full interview with Future Fund's Gary Black
▼ + stars: | 2023-01-27 | 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 EmailWatch CNBC's full interview with Future Fund's Gary BlackGary Black, Future Fund managing partner, joins 'Squawk on the Street' to break down Tesla's results and his thoughts on the company.

Some hedge funds, wealth managers, and asset managers are still hiring. Layoffs across industries have been dominating headlines in January, and Wall Street has been no exception. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. Emily Landon, the CEO of the Chicago-based headhunting firm The Crypto Recruiter, pointed to the job board Crypto Careers, which has over 2,400 openings.

☆ Australia-to-Asia power project will go up for sale in January
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

MELBOURNE, Jan 20 (Reuters) - A huge solar power project in Australia that collapsed last week will be put up for sale before the end of January and the sale process is expected to take about three months, administrators at FTI Consulting said on Friday. "Indicative timing for the sale process is approximately three months," the administrators said in a statement released after the first meeting of creditors. Sun Cable designed its key project, Australia-Asia PowerLink, to send power from a 20 gigawatt (GW) solar farm with the world's biggest battery in northern Australia across what would be the world's longest undersea cable, to Singapore. Tech billionaire Cannon-Brookes, who is chairman of Sun Cable, backs that plan. However, iron ore magnate Forrest's private firm Squadron Energy called for an overhaul of the project, aiming to scrap the undersea cable plan.

☆ Tesla shares will bounce back despite poor delivery numbers, says shareholder Gary Black
▼ + stars: | 2023-01-04 | 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 EmailTesla shares will bounce back despite poor delivery numbers, says shareholder Gary BlackGary Black, Future Fund managing partner, joins ‘Squawk on the Street’ to discuss why he thinks Tesla shares could go higher despite all the negative headlines about the company.

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