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☆ The new architecture set to shape the world in 2024
▼ + stars: | 2024-01-10 | by ( Oscar Holland | ) edition.cnn.com time to read: +11 min

Kéré’s Berlin-based firm says the building’s top-heavy appearance was inspired by the palaver tree, which traditionally served as a meeting place. Designed for developer s2e Technologies by US architecture firm Gensler, the four circular residential structures can accommodate a combined 84 households. But it is perhaps Bjarke Ingels, founder of Danish design firm BIG, that has had the greatest impact on the city’s once modest skyline. The first restored sections are set to be ready in time for this summer’s Paris Olympics. Norwegian architecture firm Snøhetta and local practice Blight Rayner — who together beat more than 20 entries in an international competition — say that the design was inspired by the flow of the Brisbane River.

Persons: David Chipperfield, Francis Kéré, Kéré, China Stefano Boeri, Bosco, Stefano Boeri, Mestres Wåge, Nicolai Tangen, NBBJ, Dror, EPIQ, Ecuador Uribe Schwarzkopf, Bjarke, Moshe Safdie, Jean Nouvel, Ma Yansong, Ingels, France Chatillon Architectes, Notre Dame isn’t, Chatillon, Nikken Sekkei, ”, “, Blight Rayner —, Aunty Lilla Watson Organizations: CNN, superlatives, Malaysia’s, Benin National Assembly, Forest, Kunstsilo, Keppel South, Enclave, s2e Technologies, Bjarke Ingels, BIG, UNESCO, Heritage, Notre Dame, Palais, Beaux -, Chatillon Architects, UAE Kerzner, United, “ Michelin, New York Times, Gang, Queensland Performing Arts Centre, Queensland Performing Arts Locations: India, Benin, Porto, Novo, Burkina Faso, Kéré’s Berlin, Nanjing, China, Milan, Italy, Europe, China’s, Kristiansand, Norway, Norwegian, Keppel, Keppel South Central, Singapore, London, Canada, London , Ontario, Quito, Ecuador, Bjarke Ingels Quito, Parque La Carolina, Paris, France, Dubai, UAE, United Arab Emirates, Hotel, Denver, USA, Denver , Colorado, Urban, Brisbane, Australia, Australian

REUTERS/Brendan McDermid Acquire Licensing RightsLONDON, Sept 8 (Reuters) - Rising U.S. business bankruptcies may raise a red flag in what otherwise appears like an economy now impervious to rising interest rates. Commenting on the numbers, insolvency research organisation ABI blamed elevated interest rates, price inflation and a resumption of student loan payments as just some of the headwinds causing stress. That partly mirrors some of built-in household resilience to rising rates related to long-term fixed-rate borrowings and still-high cash savings that now earn significantly higher rates of interest now too. And that 10% - accounting for more than 60% of index market cap - had seen no rise in net interest payments so far in the Fed campaign. But creeping insolvencies among the smaller firms - many of whom have been dubbed 'zombies' for years due to their survival solely on low interest rates - may be a better reflection of what's starting to happen at the coalface of the economy.

Persons: Brendan McDermid, Albert Edwards, Edwards, Andrew Lapthorne, Russell, NFIB, Mike Dolan, Josie Kao Organizations: New York Stock Exchange, REUTERS, Yellow Corp, P Global Market Intelligence, Reuters, Societe Generale, Fed, National Federation of Independent Business, Reuters Graphics Reuters, Thomson Locations: New York City, U.S, midyear

☆ The Fed could still kill off more zombie companies even after bankruptcies have spiked 54% since last year
▼ + stars: | 2023-09-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

US bankruptcies soared 54% year-over-year in August. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. In effect, they were saying that companies feel pain in times of policy tightening, especially those with weaker balance sheets. In any case, easy money measures have "kept so many zombie companies on life support," in Societe Generale's view. "[T]he recent sharp rise in rates really could cause a shocking rise in bankruptcies, beyond all fears."

Persons: Albert Edwards, Edwards, Ander Perez, Orive, Yannick Timmer, loosens Organizations: Societe Generale, Service, Reserve, Federal Reserve, Generale Locations: Wall, Silicon

☆ 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

☆ SVB, BBBY, Lordstown lead list of US bankruptcies as companies fold up at the fastest pace since 2010
▼ + stars: | 2023-07-07 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

First-half US corporate bankruptcies surged to the highest level since 2010, data from S&P Global Market Intelligence shows. Almost 3,000 firms folded up in the last six months, a 68% jump from a year earlier, according to Epiq Bankruptcy. American businesses have come under increased stress after the Federal Reserve raised interest rates aggressively. Total company failures for the period surged 68% from a year earlier to almost 3,000, according to data provider Epiq Bankruptcy. Rising corporate bankruptcies are a worrying sign for the wider US economy, which is already under strain from the effects of the Fed's aggressive interest rate hikes.

Persons: —, David Rosenberg, Morgan Stanley, Mike Wilson, Gregg Morin Organizations: P Global Market Intelligence, Federal Reserve, Service, Valley, Bed, Lordstown Motors, Mediamath Holdings, Epiq, Business Development

☆ Over 7,100 student-loan borrowers will get $3.5 million in refunds after a debt relief company was accused of illegally charging them up to $699 in fees to reduce their federal balances, a consumer wa
▼ + stars: | 2023-07-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

7,100 borrowers will receive $3.5 million worth of checks in the mail after the CFPB said they were scammed. The CFPB accused Timemark, a debt relief company, of illegally charging federal borrowers fees. Scams are likely to grow following the Supreme Court decision to strike down student-debt relief. According to the bureau, Timemark charged borrowers "illegal advance fees" to reduce their federal student-loan balances when the Education Department offers those services for free. Over the past few years, the CFPB — along with the Federal Trade Commission — have scrutinized a range of student-debt relief companies over potential fraudulent behavior.

Persons: Timemark, —, Joe Biden's, scammers Organizations: Service, Consumer Financial, Bureau, Timemark, Inc, Education Department, Epiq Systems, Federal Trade Commission, FTC, Federal Locations: Timemark

Bankruptcies were up 19% year-over-year in January as consumer debt reaches an all-time high. If your problem is poor financial habits, bankruptcy won't automatically fix those for you. Consumer debt — especially credit card debt — is at an all-time high as rising interest rates and high inflation continue to place financial pressure on Americans' budgets. The most common types of bankruptcy for individualsThere are several different types of bankruptcy, but most individuals will file for either Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy involves selling your assets to get rid of your unsecured debt, like credit card bills.

☆ Over 23,000 student-loan borrowers might soon receive a check in the mail after 5 debt relief companies were accused of charging them unnecessary fees
▼ + stars: | 2022-12-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The CFPB accused five student-debt-relief companies of charging consumers unnecessary fees. As a result, 23,000 impacted borrowers may soon receive checks compensating them in the mail. The lawsuit also claimed that Monster Loans and Lend Tech Loans, two associated-mortgage companies, violated the Fair Credit Reporting Act by marketing debt relief to consumers using credit information "illegally obtained" from a credit-reporting company. Student-debt-relief companies often offer borrowers help with lowering their monthly payments or enrolling in targeted loan-forgiveness programs, but that's not without fees the companies may or may not disclose up front. Still, the broad debt relief is paused at this time following two lawsuits that have blocked its implementation.

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