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☆ 100-hour workweeks and a bit of luck: How a 25-year-old CEO raised $50 million for his new drug discovery startup
▼ + stars: | 2022-11-22 | by ( Andrew Dunn | Sarah Braner | ) www.businessinsider.com time to read: +10 min

In June, Charm said it raised $50 million, valuing the firm at $100 million to $150 million. Charm has raised $50 million from top investorsDemis Hassabis, the CEO and a cofounder of DeepMind Technologies. In the spring, Aithani raised the $37 million million round that was announced in June, with investors like Khosla Ventures and General Catalyst joining OrbiMed and F-Prime Capital. The raise values Charm at between $100 million and $150 million, Aithani said, and brings the company's total funding to $50 million. This article was corrected on August 19 to show that Charm has raised two rounds of funding totaling $50 million.

☆ Cellnex says inflation has shut down European phone masts market, Financial Times reports
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] A telecom antenna of Spain's telecoms infrastructures firm Cellnex are seen under main telecom tower, known as "Piruli", in Madrid, Spain, March 10, 2016. REUTERS/Sergio Perez/File PhotoMADRID, Nov 20 (Reuters) - The European mobile towers market is "pretty much closed" as rising inflation makes it harder for companies to finance new deals and the availability of assets declines, the chief executive of Cellnex (CLNX.MC) told the Financial Times. Material, inorganic growth, for the next 24 months is over," Tobías Martínez Gimeno told the newspaper in reference to the overall market. When interest rates were low and debt was cheap, mobile towers were among the most attractive assets in telecoms. But since June, the share prices of most tower groups have fallen as rising rates have driven up costs.

☆ Wall Street finally has the leverage it's been wanting over Big Tech
▼ + stars: | 2022-11-18 | by ( Matt Weinberger | ) www.businessinsider.com time to read: +6 min

Take one giant step back, and there's one group benefitting from all the tech carnage: Wall Street investors, who finally have leverage over Big Tech after years of having to swallow spending to excess. Wall Street is ready to slice and dice. The balance of power has shifted: With tech companies struggling on the public markets, Wall Street has more leverage than it's held in a long time. Read more about how Wall Street is taking the driver's seat in tech here. Their mutual interest is complicated by fights over licensing and costs, Insider reports here.

☆ Why corporate leaders like Mark Zuckerberg, Jack Dorsey, and Evan Spiegel are all apologizing for the massive layoffs at their companies
▼ + stars: | 2022-11-15 | by ( Sarah Belle Lin | ) www.businessinsider.com time to read: +10 min

Since the pandemic, the largest tech layoffs have been at Meta, Getir, Booking.com, Twitter, Uber, Better.com., Peloton, and Groupon, Layoffs.fyi data show. Now companies in tech are reversing some of the huge hiring that they did in the past couple of years, Lee said. Mark Zuckerberg, MetaFacebook CEO Mark Zuckerberg speaks about "News Tab" at the Paley Center, in New York on October 25, 2019. In the memo he wrote: "Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. Jack Dorsey, ex-CEO TwitterTwitter CEO Jack Dorsey testifies before the House Energy and Commerce Committee in Washington, DC, in 2018.

☆ Germany to Hungary: no grey area on ratifying Sweden, Finland NATO accession
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Nov 10 (Reuters) - Germany has made it clear to Hungary that there is no grey area when it comes to the ratification of Sweden and Finland's accession to NATO, Foreign Minister Annalena Baerbock said in Berlin on Thursday. "With regard to the question about Hungary: I would like to underline this clearly ... there is no grey area," Baerbock told a joint news conference with her Swedish counterpart, Tobias Billstrom. Hungary's parliament will discuss the ratification during its autumn session after a series of EU-related bills have been passed, Prime Minister Viktor Orban's chief of staff said on Wednesday. Writing by Miranda Murray Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ NBA roundup: Dejounte Murray, Hawks hand Bucks first loss
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +11 min

Murray added eight rebounds and three steals for the Hawks, who lost 123-115 at Milwaukee on Oct. 29. Jerami Grant finished with 23 points and Lillard had 19 points and six assists. Cade Cunningham supplied 21 points, 11 rebounds and seven assists for the Pistons. Jaden Ivey had 15 points, 11 rebounds and six assists, and Isaiah Stewart added 11 points with 12 rebounds. Mike Muscala and Kenrich Williams scored 11 points apiece.

☆ Swedish PM vows firmer stance in search for Turkey's approval for NATO bid
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +3 min

Lehtikuva/Vesa Moilanen/via REUTERSANKARA, Nov 8 (Reuters) - Sweden's new prime minister vowed on Tuesday a firmer stance on fighting crime and terrorism during a visit to Turkey where he will seek the approval of President Tayyip Erdogan for his country's bid to join NATO. "I think the new government will have an even firmer approach in (relation to) the NATO application from Sweden," Prime Minister Ulf Kristersson told reporters in Ankara during a visit to the Turkish parliament. "One of this government's main priorities is fighting crime, fighting organized crime, fighting the connection between organized crime and terrorism," he said. Sweden, along with the United States and several other NATO countries, has supported the YPG in its fight against Islamic State. "Sweden wants to join NATO to enhance our own security, but Sweden also wants to be a security provider for others," Kristersson said.

☆ Sweden to distance itself from Kurdish groups in bid to join NATO
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Nov 5 (Reuters) - Sweden's new government will distance itself from the Kurdish YPG militia as it tries to win Turkey's approval to join NATO, Sweden's foreign minister told Swedish Radio on Saturday. Sweden, along with the United States and several other NATO countries, has supported the YPG in the fight against Islamic State. However, Turkey has vowed to block Sweden's application to join NATO if it doesn't stop supporting the militia group. "There is too close a connection between these organizations and the PKK ... for it to be good for the relationship between us and Turkey," Swedish Foreign Minister Tobias Billstrom told public service broadcaster Swedish Radio. Sweden and Finland applied to join NATO earlier this year as a direct consequence of Russia's invasion of Ukraine.

☆ Filmmaker James Gray Uses Art to Recreate the Past
▼ + stars: | 2022-11-04 | by ( Tobias Grey | ) www.wsj.com time to read: +1 min

In the first scene of director James Gray’s new film “Armageddon Time,” a young boy named Paul delights his classmates by sketching a caricature of their teacher. Later that day Paul tells his grandfather that he wants to be a famous artist, then scurries upstairs to pore over his copy of H.W. Janson’s “A History of Art.”Mr. Gray’s film is largely autobiographical: Like Paul, he dreamed of becoming an artist until filmmaking stole his heart. “Armageddon Time” is set in New York on the eve of the 1980 presidential election, and Mr. Gray, 53, envisaged the film as “a kind of ghost story” because many of the characters are based on family members—parents, grandparents and elderly relatives—who are no longer alive. The plot of the film centers on Paul’s friendship with a Black schoolmate, and Mr. Gray says he wanted “to examine the fault lines of class and race” from a child’s perspective.

☆ Germany shy of 2030 climate target at current CO2 reduction rate - govt advisors
▼ + stars: | 2022-11-04 | by ( Riham Alkousaa | Zofeen T. Ebrahim | ) www.reuters.com time to read: +2 min

Germany aims to become carbon-neutral by 2045 and cut 65% of emissions by 2030 compared with 1990, but current reduction rates are falling short, the first biennial report by the council showed. The energy sector contributed almost half of Germany's 27% CO2 reduction between 2000 and 2021, while the construction, transport and industry sectors, after a good start, have been sluggish to cut emissions in the past decade. The council said the transport and construction sector needed to be restructured to reverse the trend. A change in consumer behaviour was also necessary and the government should impose strict limits on emissions volumes for all sectors, it added. Nearly 200 countries will gather in Egypt next week for climate talks, as pressure for tougher action to tackle global warming grows.

☆ Germany's Solar Valley could shine again as Europe strives to close energy gap
▼ + stars: | 2022-10-28 | by ( Riham Alkousaa | ) www.reuters.com time to read: +6 min

It is also reacting to a new U.S. law that has raised concern the remains of Germany's formerly-dominant solar industry could relocate to the United States. China's production is also around 10%-20% cheaper that in Europe, separate data from European Solar Manufacturing Council ESMC shows. Dries Acke, the Policy Director at industry body SolarPower Europe, said the body had written to the European Commission urging action. Berlin-based residential solar energy supplier Zolar said orders have risen by 500% year-on-year since the Ukraine war began in February, but clients might have to wait for six-to-nine months to get a solar system installed. "The signs for the solar industry in Germany are much, much better now," he said.

☆ NBA roundup: Sixers down Pacers for first win
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +6 min

Joel Embiid added 26 points and three blocked shots and Tobias Harris scored 18 points for the Sixers, who had dropped their first three contests. Tyrese Haliburton led the Pacers with 19 points and 10 assists and Buddy Hield scored 18 points. Aaron Gordon scored 26 points on 12-of-16 shooting for the Nuggets, who have split their first four games. Porter paired 26 points with 10 rebounds, while Green added 25 points on 9-of-16 shooting. D'Angelo Russell added 25 points and seven assists, Jaylen Nowell scored 13 points and Rudy Gobert contributed 11 points and seven boards.

☆ NBA roundup: Luka Doncic leads Mavs in record-breaking rout
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +8 min

Jrue Holiday added 19 points and 10 assists for Milwaukee, which established control by darting to a 13-0 lead out of the gate. Tyrese Haliburton contributed 24 points, 10 assists and five steals, while Jalen Smith had 19 points and 15 rebounds for Indiana. Jaden Ivey had 17 points, 11 rebounds and five assists, Bojan Bogdanovic fired in 16 points and Isaiah Stewart added 11 points. Evan Mobley added 16 points and Kevin Love sank five 3-pointers as part of his 15-point, 12-rebound performance. Josh Giddey added 19 points and 12 rebounds, and Mike Muscala scored 18 off the bench for Oklahoma City.

☆ Sweden expects NATO ratification process in Hungary and Turkey to be completed soon
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, Oct 21 (Reuters) - Sweden expects Hungary and Turkey to vote soon on Sweden's application to join the NATO alliance, Foreign Minister Tobias Billstrom said in Helsinki after a meeting with his Finnish counterpart on Friday. "We see the development in Hungary as positive and we judge that there, as with Turkey, a ratification process will soon be concluded when parliament votes on these questions," Billstrom said. "There is nothing that indicates we are not going to get a positive answer from the parliament in Budapest." Register now for FREE unlimited access to Reuters.com RegisterReporting by Simon Johnson, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Turkey's Erdogan to meet Swedish PM Kristersson to discuss extraditions, NATO bid
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

Sputnik/Vyacheslav Prokofyev/Pool via REUTERSISTANBUL, Oct 21 (Reuters) - Turkish President Tayyip Erdogan has said he will meet Sweden's new prime minister, Ulf Kristersson, to discuss Stockholm's bid to join NATO as well as the extradition of people Ankara considers terrorists. Sweden and fellow Nordic country Finland launched their bids to join NATO in May in response to Russia's invasion of Ukraine, but they ran into objections from Turkey. Register now for FREE unlimited access to Reuters.com RegisterErdogan said Kristersson, who took office on Monday, sided with the fight againt terrorism, Turkish broadcaster NTV reported. Erdogan has said Turkey's parliament would not approve the Nordic countries' NATO bids if they do not extradite the people Ankara has requested. Sweden has taken "concrete action" to address Turkey's concerns over its NATO membership bid, Stockholm told Ankara in a letter dated Oct. 6 and seen by Reuters.

This year there's an added twist: the Swiss franc basis has blown out to levels not seen for years. Register now for FREE unlimited access to Reuters.com RegisterThis seems unusual because the Swiss franc is considered one of the safest, strongest and most stable assets. Even though Swiss franc cross-currency basis does move in times of market stress, it usually does so less than its peers. The Swiss franc basis stands out - it is notably wider than the others, and significantly wider than it usually is. Goldman Sachs' Swiss financial conditions index rose to an 11-year high above 107 bps late last month, up more than 300 bps so far this year.

☆ Analysis: As markets fret, Fed officials reject idea of rising financial stability risks
▼ + stars: | 2022-10-13 | by ( Michael S. Derby | ) www.reuters.com time to read: +6 min

Tobias Adrian, the International Monetary Fund's monetary and capital markets director,wrote on Tuesday that financial stability risks have risen "substantially." Fed officials have lifted the federal funds rate from near-zero levels in March to the current range of between 3.00% and 3.25%. Financial markets expect the Fed to raise the rate again by three-quarters of a percentage point at its next policy meeting in November. More rate rises are very likely after that, with central bankers penciling in a 4.6% federal funds rate by some point in 2023. Making financial conditions more restrictive is key to how monetary policy operates.

German and Chinese national flags fly in Tiananmen Square ahead of the visit of German Chancellor Angela Merkel in Beijing, China, May 23, 2018. German investment and trade in China hit record levels in the first half of 2022 and big business says there's no question of pulling back from the world's second-biggest economy. A spokesperson for the economy ministry said it was closely following the investment behaviour of German companies as part of its strategic considerations on how to deal with China. The economy ministry declined to comment when asked about a meeting next year, or the remarks about Habeck. Reuters reported last month that the economy ministry was considering curbing export and investment guarantees as part of its new China strategy.

☆ Further 20% fall in U.S. stocks ‘certainly possible,’ says IMF director
▼ + stars: | 2022-10-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

A shift in investor sentiment could see a further 20% downside for U.S. stock markets, according to the International Monetary Fund's director of monetary and capital markets. Sentiment and risk premia have held up "pretty well" so far, leading to an "orderly tightening," he said Tuesday. Asked about a recent CNBC interview with Jamie Dimon, in which the JPMorgan chief executive said the S&P 500 could easily fall by another 20%, Adrian said it was "certainly possible." The U.S. Federal Reserve raised its funds rate to 3%-3.25%, the highest it has been since early 2008, in September as it attempts to cool 8.3% year-on-year inflation. The latest U.S. inflation figures are due Thursday.

REUTERS/Brendan McDermid/File PhotoOct 12 (Reuters) - Signs of stress are growing in the global financial system, sparking worries over everything from contagion between markets to ruptures in financial products. This week alone, a gloomy report from the International Monetary Fund flagged risks of “disorderly asset repricings” and “financial market contagions” while JPMorgan chief Jamie Dimon predicted a looming recession. Global financial conditions, which reflect the availability of funding, touched their tightest since 2009 in late September, an index compiled by Goldman Sachs showed, lifted by surging interest rates, falling equities and a soaring dollar. “There are dollar funding shortages.”The IMF's Global Financial Stability Report, released Tuesday, also highlighted specific risks in open-end investment funds and the leveraged loan market. U.S. Treasury Secretary Janet Yellen on Tuesday said she has not seen signs of financial instability in U.S. financial markets despite high volatility.

Cutting its 2023 global growth forecasts further, the IMF said in its World Economic Outlook that countries representing a third of world output could be in recession next year. The global lender maintained its 2022 growth forecast at 3.2%, reflecting stronger-than-expected output in Europe but a weaker performance in the United States, after torrid 6.0% global growth last year as the COVID-19 pandemic eased. China's growth outlooks also were downgraded as it struggles with continued COVID-19 lockdowns and a weakening property sector, where a deeper downturn would slow growth further, the IMF said. The growing economic pressures, coupled with tightening liquidity, stubborn inflation and lingering financial vulnerabilities, are increasing the risks of disorderly asset repricings and financial market contagions, the IMF said in its Global Financial Stability Report. A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018.

☆ IMF's Tobias Adrian: We're seeing pockets of dysfunction
▼ + stars: | 2022-10-11 | 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 EmailIMF's Tobias Adrian: We're seeing pockets of dysfunctionTobias Adrian, director of the monetary and capital markets department at the IMF, speaks to CNBC's Geoff Cutmore.

WASHINGTON/NEW YORK, Oct 11 (Reuters) - The International Monetary Fund warned on Tuesday of a disorderly repricing in markets, saying global financial stability risks have increased, raising the risks of contagion and spillovers of stress between markets. "We have to go back decades to see so much conflict in the world, and at the same time inflation is extremely high." Register now for FREE unlimited access to Reuters.com RegisterThe combination of high inflation with central bank policy uncertainty "creates this environment of really high risk and volatility," he said. In its latest Global Financial Stability Report, the IMF warned that global financial stability risks had increased since the April 2022 edition, leaving the balance of risks "significantly skewed" to the downside. "In particular, volatility and a sudden tightening in financial conditions could interact with, and be amplified by, preexisting financial vulnerabilities."

The strategy, which transfers pre-tax IRA funds to a Roth IRA for future tax-free growth, may pay off when the market drops because you can buy more shares for the same dollar amount. Here are three of the biggest Roth conversion errors — and the best ways to avoid them. You'll need to compare the break-even point of the upfront levy on pre-tax contributions and earnings to future tax-free growth, she said. But even if the tax-free growth won't exceed the upfront costs during your lifetime, a Roth conversion can still be used as a "wealth transfer tool," Collado said. Of course, this assumes there are heirs to enjoy the future tax savings.

☆ Jessica Chastain, Eddie Redmayne tell serial killer story in 'The Good Nurse'
▼ + stars: | 2022-10-10 | by ( Hanna Rantala | ) www.reuters.com time to read: +3 min

Jessica Chastain and Eddie Redmayne attend the premiere of 'The Good Nurse' during the BFI London Film Festival, in London, Britain, October 10, 2022. Based on a book of the same name, "The Good Nurse" centres around ICU nurse Amy Loughren who in 2003 helped uncover the murders committed by her colleague and friend Charles Cullen. And so it felt like a big responsibility," Chastain told Reuters at the movie's London Film Festival premiere on Monday. “The Good Nurse” is directed by Tobias Lindholm, writer of the Oscar-winning Danish film "Another Round", making his English-language feature debut. "The Good Nurse” starts streaming on Netflix on Oct. 26.

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