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☆ Battery giant Northvolt to cut 25% of workforce in Sweden as part of a major cost-cutting drive
▼ + stars: | 2024-09-23 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Battery maker Northvolt on Monday announced plans to cut a total of 1,600 jobs in Sweden as part of a major cost-cutting drive. The strategic action requires Northvolt to reduce its global workforce by around 20% and a 25% reduction in Sweden, the firm said. Northvolt, which currently delivers batteries from its first gigafactory Northvolt Ett in Skellefteå, said in March that it had over 6,000 employees. The announced measures come as part of a broader strategic review and in response to what Northvolt described as "a challenging macroeconomic climate." Based in Stockholm, Sweden, Northvolt is one of Europe's most valuable privately-held tech firms that builds lithium-ion batteries for the electric vehicle industry.

Persons: Northvolt, Peter Carlsson, Carlsson, — CNBC's Ryan Browne Organizations: Office, Monday, Volkswagen, Volvo Locations: Northvolt, Sweden, Skellefteå, Stockholm

☆ Revolut clinches UK banking license, ending three-year wait
▼ + stars: | 2024-07-25 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Revolut cards is seen in this illustration photo taken in Krakow, Poland on March 29, 2024. British fintech startup Revolut said on Thursday that it had received a banking license with restrictions from the U.K.'s Prudential Regulation Authority, bringing to an end a three-year wait. The London-headquartered firm now has time to build up its U.K. banking infrastructure and operations ahead of officially launching. Revolut first applied for its banking license in 2021, but it has faced lengthy delays. A U.K. banking license will allow Revolut to take customer deposits and also issue products like loans and credit cards.

Persons: Francesca Carlesi, Revolut, Revolut's financials, — CNBC's Ryan Browne Organizations: Prudential, Authority, Barclays, CNBC Locations: Krakow, Poland, British, London, U.K

☆ Uber to acquire Foodpanda's Taiwan business for $950 million, creating a potential monopoly
▼ + stars: | 2024-05-14 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

(Photo by Walid Berrazeg/SOPA Images/LightRocket via Getty Images)Uber Technologies will acquire the Taiwan business of Delivery Hero -owned Foodpanda for $950 million in cash, as Foodpanda focuses on other markets. In a separate agreement, Delivery Hero will sell $300 million in newly issued ordinary shares to Uber. Taiwan's food delivery market is dominated by Foodpanda and Uber Eats. Delivery Hero said in February it had ended talks to sell its Foodpanda business in selected Southeast Asian markets. Östberg told CNBC the same month that the firm was "happy" to hold on to its Foodpanda business in Southeast Asia "forever."

Persons: Walid Berrazeg, Niklas Östberg, Pierre, Dimitri Gore, Uber, Foodpanda, Östberg, – CNBC's Ryan Browne, Dylan Butts Organizations: Getty, Technologies, Coty, Foodpanda, CNBC Locations: TAIPEI, TAIWAN, Taipei, Taiwan, Asia, Singapore, Malaysia, Thailand, Philippines, Hong Kong, Southeast Asia

"Normal people do not use OpenAI's products in this way," OpenAI wrote in the filing. The news outlet's lawsuit, filed in December, seeks to hold Microsoft and OpenAI accountable for billions of dollars in damages. In the past, OpenAI has said it's "impossible" to train top AI models without copyrighted works. "We expect our ongoing negotiations with others to yield additional partnerships soon," OpenAI wrote in the filing. But in the filing, OpenAI says the content is vital to training today's AI models.

Persons: Sam Altman, OpenAI, Altman, Axel Springer, — CNBC's Ryan Browne Organizations: Economic, The New York Times, New York Times, Microsoft, House, Times, Bloomberg, CNN, Fox Corp, CNBC PRO Locations: Davos, Switzerland, Manhattan

☆ UN chief calls for global risk management of AI, warns of 'serious unintended consequences'
▼ + stars: | 2024-01-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

"It's good to be back and see Davos highlighting the global crisis in trust," Guterres said in his opening remarks. In a special address at the World Economic Forum in Davos, Switzerland, Guterres warned that the rapid development of AI could result in "serious unintended consequences." "Every new interaction of generative AI increases the risk of serious unintended consequences. "These two issues, climate and AI, are exhaustively discussed by governments, by the media and by leaders here in Davos. "The reason is simple, geopolitical divides are preventing us from coming together around global solutions for global challenges.

Persons: Antonio Guterres, Fabrice COFFRINI, FABRICE COFFRINI, WEF, Guterres, António Guterres, Satya Nadella, — CNBC's Ryan Browne Organizations: Economic, Getty, United Nations, Microsoft, International Monetary Fund, IMF Locations: Davos, AFP, Switzerland, U.S

☆ U.S. ranks first for top global fintechs in new report from Statista and CNBC
▼ + stars: | 2023-08-02 | 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 EmailU.S. ranks first for top global fintechs in new report from Statista and CNBCCNBC's Ryan Browne outlines the key takeaways from the list of the world's top 200 global fintech companies — a report developed by CNBC in partnership with market research firm Statista.

Persons: CNBC CNBC's Ryan Browne Organizations: U.S, CNBC Locations: Statista

☆ CNBC and Statista announce top 200 global fintech companies
▼ + stars: | 2023-08-02 | 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 EmailCNBC and Statista announce top 200 global fintech companiesCNBC and Statista have announced the top 200 fintech companies globally. Statista assessed over 1,500 companies across nine different categories, from neobanking to digital payments, and analyzed more than 10,000 data points. CNBC's Ryan Browne, one of the authors of the report, outlines the top findings.

Persons: Statista, CNBC's Ryan Browne Organizations: CNBC Locations: neobanking

☆ The 'Bitcoin Family' has a special algorithm that tracks moon cycles — and it's helped them gain 50% since the bear market bottom
▼ + stars: | 2023-07-11 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +13 min

Didi Taihuttu in Lagos, Portugal MacKenzie SigalosTaihuttu's indicator considers a mix of inputs, including directional trading data and moon cycles. Moving Average Convergence Divergence (MACD) compares two moving averages of a cryptocurrency's price by subtracting the 26-period exponential moving average (EMA) from the 12-period EMA. When the 50-day moving average crosses below a falling 200-day moving average, it is known as the Death Cross , signaling a bear market may be imminent. When the 50-day moving average crosses below a falling 200-day moving average, it is known as the , signaling a bear market may be imminent. Price chart showing the 'Didi BAM BAM' market indicator Didi TaihuttuAnd then there are the intangible price influencers — like moon phases.

Persons: Thailand Didi Taihuttu LAGOS, Didi Taihuttu, Portugal MacKenzie Sigalos Taihuttu's, Bitcoin, Taihuttu, DAI —, Didi, Portugal MacKenzie, Portugal —, Portugal Didi Taihuttu, Mayer, It's, Price, —, I'm, Didi Bam Bam, Thailand Didi, ChatGPT, Goldman Sachs, Marco Argenti, Goldman, Louisa, David Solomon, Morgan Stanley, Morgan, Jeff McMillan, — CNBC's Ryan Browne Organizations: CNBC, Didi BAM, BAM, Bollinger Bands, Bollinger, Lightning Networks Locations: Phuket, Thailand, PORTUGAL, Lagos, Algarve, Taihuttu, bitcoin, Portugal, cryptocurrency, ChatGPT

☆ Alphabet-backed U.K. payment firm GoCardless to cut 15% of headcount
▼ + stars: | 2023-06-13 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Alphabet -backed British fintech unicorn GoCardless has said it will reduce its global headcount by 15%, slashing 135 roles in a bid to cut costs. A separate 15 roles will be transferred from Britain to Latvian capital Riga. The payments firm most recently raised $312 million in a Series G funding round in February, earning a $2.1 billion valuation. Its backers include Alphabet's venture capital investment arm GV, BlackRock and Permira. Takeuchi hinted at the firm's renewed focus on profitability to CNBC in comments at the Money 20/20 conference last week.

Persons: GoCardless, Hiroki Takeuchi, Permira, Takeuchi, CNBC's Ryan Browne, — CNBC's Ryan Browne Organizations: GV, CNBC Locations: British, Australia, New Zealand, Britain, Latvian, Riga, London, BlackRock

☆ 'Really exciting': Fund manager picks A.I. stocks and names an opportunity 'we haven't seen yet'
▼ + stars: | 2023-05-16 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Big tech isn't dead, according to portfolio manager Trent Masters, who identified his favorite stocks to play artificial intelligence and more. While there were minimal changes to earnings estimates in aggregate, this was better than feared heading in," said Masters, global portfolio manager at Sydney-based Alphinity. Masters said that one "really exciting area" yet to be explored is the creation of verticals that sit on top of large language models like ChatGBT. Large language models, or LLMs, are programmed to understand human language and generate responses based on large sets of data. Microsoft Masters said Microsoft is "the first port of call" for investors who want to delve into AI.

☆ North Korea-linked hackers behind $100 million crypto heist, FBI says
▼ + stars: | 2023-01-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

The FBI claims North Korea-linked hackers were behind a $100 million crypto heist on the so-called Horizon bridge last year. North Korean-linked actors were behind the theft of $100 million through the hack of a crypto product last year, the Federal Bureau of Investigation said. The FBI also said that the North Korean cyber actors this month used the Railgun system to launder over $60 million worth of the token ether stolen during the June 2022 heist. A portion of the stolen ether was sent to several virtual asset service providers and converted to bitcoin, the FBI said. Last year, the U.S. Treasury Department blamed Lazarus for a $600 million heist on Ronin Network, a so-called "sidechain" for popular crypto game Axie Infinity.

☆ D.C. appeals court expedites oral arguments in Grayscale lawsuit against SEC
▼ + stars: | 2023-01-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The SEC on Wednesday rejected Grayscale's application for a spot bitcoin ETF, citing a failure by the investment manager to answer questions about concerns around market manipulation. The District of Columbia Court of Appeals has scheduled a date to hear oral arguments in Grayscale's lawsuit contesting the Securities and Exchange Commission's decision to deny the conversion of its Grayscale Bitcoin Trust to an exchange-traded fund. Grayscale initiated its lawsuit against the SEC in June 2022 after the agency rejected its application to turn its bitcoin trust, better known by its ticker GBTC, into an ETF. The company decided to pursue the ETF, which would be backed by bitcoin rather than bitcoin derivatives, after the SEC approved ProShares' futures-based bitcoin ETF in October 2021. Still, crypto investors are longing to see the SEC approve a U.S. spot bitcoin ETF – and no longer just as a way to open the crypto market to more institutional investment.

☆ Amazon plans to close three UK warehouses, impacting 1,200 workers
▼ + stars: | 2023-01-10 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Workers work inside an Amazon.co.uk fulfillment centre in Hemel Hempstead, north of London, on November 25, 2015. LONDON — Amazon confirmed Tuesday that it has launched a consultation to close three U.K. warehouses, where it employs a combined 1,200 people. The company plans to open two new fulfilment centers in the U.K. over the next three years, in Peddimore and Stockton-on-Tees, adding 2,500 jobs. The Amazon spokesperson added that the U.K. site closures were not part of the 18,000 job cuts that the company announced last week. "Hard-up Amazon workers can't suddenly be expected to up sticks and move to a different fulfilment centre which may be many miles away," he said, accusing the firm of failing to provide a stable employment model.

☆ Cramer hears globetrotting business leaders are 'personally worried' about coronavirus exposure
▼ + stars: | 2020-02-14 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer said Friday business leaders he has spoken to are deeply worried about the coronavirus outbreak, citing as evidence the cancellation of the Mobile World Congress. "The people I know who were supposed to go there, it was kind of like a cruise — I'm not going there. I'm not going to risk going to Barcelona," Cramer said on "Squawk on the Street." "You're not used to hearing these hard-bitten executives say, 'I'm personally, personally worried,'" he added. But organizers this year canceled the event on Wednesday, saying "global concern regarding the coronavirus outbreak, travel concern and other circumstances" made it "impossible" to hold it.

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