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☆ Ceezer just raised $11 million to bring transparency to carbon credits. Check out 12-slide pitch deck it used to secure the funds.
▼ + stars: | 2024-01-25 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Read previewGerman startup Ceezer, which helps companies plan, buy, and manage their carbon credit portfolio, has just raised 10.3 million euros, around $11.2 million, in Series A funding. Carbon credit marketplaces and accounting tools boomed in 2021 as large companies rushed to understand and offset their emissions. They were all vying for a slice of the projected $250 billion voluntary carbon market by 2050 , where private companies buy and sell carbon credits. Carbon credits are typically bought after achieving their stated impact, but this requires project developers to have cash upfront to get started, Drewelies said. AdvertisementThe fresh funding, led by HV Capital, will be used to launch new financial products so that project developers can unlock pre-financing.

Persons: —, Magnus Drewelies, Drewelies, Ceezer Organizations: Service, Business, Siemens, HV Capital, Norrsken, Picus, Partners Locations: Berlin, New York

☆ Private-asset binge exposes insurance to new risks
▼ + stars: | 2023-11-30 | by ( John Foley | ) www.reuters.com time to read: +7 min

The concept is not new: Warren Buffett’s Berkshire Hathaway (BRKa.N) has used its insurance premiums to help fund everything from railways to cowboy-boot makers. The prospect of insurance companies buying risky loans or private equity investments has raised eyebrows. Many private credit assets, for example, rely on so-called private letter ratings based on confidential data. Given the private nature of private credit, it’s hard to see from the outside how big these risks are, or where they lurk. Besides, even if the share of life insurance assets that are mis-rated or undercapitalized is tiny, smaller insurers could carry more concentrated risk.

Persons: Blackstone, Warren Buffett’s Berkshire Hathaway, Fitch, Kroll, Egan, Jones, DBRS Morningstar, Banks, SVB, Jonathan Guilford, Neil Unmack, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Apollo Global Management, KKR, Global Atlantic, Investments, National Association of Insurance, England’s Everton FC, Rivals, Reuters Graphics Reuters, Federal Reserve, Federal Deposit Insurance Corp, Athene, P Global, Insurance, SVB, Thomson Locations: Global, Delaware , New York, Iowa, New York, London

☆ Multilateral development banks, keen to expand lending, to meet with ratings agencies
▼ + stars: | 2023-10-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsMARRAKECH, Morocco, Oct 10 (Reuters) - Senior executives at multilateral development banks will meet on Wednesday with the top credit ratings agencies, bank executives said, amid a broad push to expand their lending capacity and help countries brace for climate change and other challenges. The World Bank's main lending arms could expand their lending capacity by nearly $900 billion if the ratings agencies changed their processes and modified the allowance they make for callable capital, a study commissioned by Rockefeller found. Lakshmi Shyam-Sunder, the World Bank's chief risk officer, said the ratings agencies had shown some openness to considering revisions in how they treat callable capital in the banks' balance sheets. Casali said Wednesday's meeting, on the sidelines of the annual meetings of the International Monetary Fund and World Bank in Morocco, would include officials from the World Bank, the Asian Development Bank and the African Development Bank, along with the three top credit raters - Moody's, Standard & Poor's and Fitch. Currently, the ratings agencies apply widely different rules and standards in assessing the risks associated with the banks' lending and balance sheets.

Persons: Yuri Gripas, Roberta Casali, Rockefeller, Lakshmi Shyam, Sunder, Casali, Fitch, Ajay Banga, Janet Yellen, Andrea Shalal, David Lawder, Leslie Adler Organizations: Monetary Fund, REUTERS, Rights, Asian Development Bank, Rockefeller, AAA, International Monetary Fund, World Bank, African Development Bank, Poor's, World, Reuters, U.S, Treasury, Thomson Locations: Washington , U.S, Rights MARRAKECH, Morocco

☆ Bad news, star employees: You're not the ones who'll benefit the most from AI
▼ + stars: | 2023-09-18 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Consultants using AI completed tasks faster and produced higher-quality results than those without, according to a new study. The greatest gains were seen by below-average performers using AI, per the study's authors. AdvertisementAdvertisementThey were then assigned a series of practical consulting tasks for a fictional shoe company and had their performance graded by human and AI raters. The greatest gains were seen by below-average performers using AI, whose average performance improved by 43%. Their above-average counterparts only saw an average performance increase of 17% from using AI.

Persons: ChatGPT, Ethan Mollick, — Organizations: Service, Boston Consulting Group, Harvard, MIT, University of Warwick, University of Pennsylvania, Fortune Locations: Wall, Silicon, Wharton

☆ The generative AI boom should have been Appen's time to shine. Here's what went wrong
▼ + stars: | 2023-09-06 | by ( Hayden Field | ) www.cnbc.com time to read: +13 min

For Appen, that would mean finding specialists in particular types of information that can bolster generative AI systems. Even before the generative AI transition, wages for Appen's data labelers were a sticking point. Kim Stagg, Appen's vice president of product, said the work required for generative AI services was different than what the company has needed in the past. "With generative AI, we see a different demand." The company's plunging stock price suggests that investors don't see the company's business offerings transferring to the generative AI space.

Persons: Jonathan Raa, Mike Monegan, he'd, Appen, it's, Armughan Ahmad, Mark Brayan, Ahmad, Monegan, he's, Appen's, Helen Johnson, Fab Dolan, Sujatha Sagiraju, Elena Sagunova, Jen Cole, Jukka Korpi, Still, OpenAI's, Google's Bard, didn't, Bard chatbot, Ed Stackhouse, raters, Erik Vogt, Vogt, hadn't, Kim Stagg, we've, Stagg, Lisa Braden, Harder, Canaccord Organizations: Nurphoto, Microsoft, Apple, Google, Amazon, Nvidia, Revenue, CNBC, Australian Securities Exchange, Adobe, U.S . National Labor Relations Board Locations: Seattle, Europe, Middle East, Africa

☆ Google is downsizing its contract workforce that supports YouTube, shortly after one contractor team's union victory
▼ + stars: | 2023-05-15 | by ( Thomas Maxwell | Hugh Langley | ) www.businessinsider.com time to read: +5 min

Workers in Austin recently formed a collective bargaining group with the Alphabet Workers Union. The move comes shortly after a group of Cognizant workers supporting YouTube Music voted 41-0 in favor of unionizing with the Alphabet Workers Union, which is affiliated with the Communications Workers of America, a larger trade union. The cuts did not impact the YouTube Music team, which helps curate themed playlists and review song metadata. The Cognizant team supporting YouTube TV had been in early talks to form their own union following the group at YouTube Music, according to three workers there. Cognizant also confirmed in an email that its contract supporting YouTube TV is ending.

☆ YouTube TV contractors in early stages of organizing say they're being held in 'captive meetings' to discourage unionizing
▼ + stars: | 2023-04-12 | by ( Thomas Maxwell | ) www.businessinsider.com time to read: +7 min

YouTube TV contractors are in the early stages of making a push towards unionization. The YouTube TV contractors' efforts follow that of their colleagues in YouTube Music. In response, Cognizant held two "captive meetings" with the YouTube TV team in the past two weeks to dissuade them from organizing, contractors say. Contractors working for Cognizant say they've been told they should not take these new signs down. In the past year, more than 300 Starbucks locations organized under the Starbucks Workers Union.

☆ Google contractors say they don't have enough time to verify correct answers from the company's AI chatbot and end up guessing
▼ + stars: | 2023-04-04 | by ( Thomas Maxwell | ) www.businessinsider.com time to read: +5 min

The bot has been tested internally by Googlers, and now contractors are also testing a chatbot. Some contractors say they're not given enough time to rate the most accurate chatbot responses. Because each assigned task represents billable time, some workers say they will complete the tasks even if they realize they cannot accurately assess the chatbot responses. Google raters who work for Appen make between $14 and $14.50 an hour, despite supporting a business that generates most of its revenue from search and advertising. The group estimates that Google employs more than 200,000 people as contractors, who aren't recorded in the company's official headcount.

☆ Britain sets out next steps to green its financial system
▼ + stars: | 2023-03-30 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

Asset managers oversee assets worth 10 trillion pounds ($12.35 trillion), with nearly half having integrated ESG into the investment process, the paper said. "This will support the quality of standards, labels and disclosures used in the industry for green finance activity," the ministry said in a statement. "The government proposes that nuclear - as a key technology within our pathways to reach net zero - will be included within the UK’s Green Taxonomy, subject to consultation." In the fourth quarter, Britain will also consult on requirements for the largest companies to disclose their transition plans to net zero carbon emissions, if they have one, the ministry said. Brendan Curry, policy fellow at the Grantham Research Institute on Climate Change, said the updated strategy has "failed to deliver" a clear roadmap for the annual investment needed for net zero.

Common criticisms related to the accuracy and transparency of the data and ratings, as well as a company's ability to correct errors, the report said. The ERM report said companies' dissatisfaction with the accuracy of ratings was based largely on their experience of finding errors in raters' analysis of company supplied data, undermining their trust in the overall rating. Almost a third of the 104 companies surveyed said they had a "low" to "very low" confidence that the ESG ratings accurately reflected their ESG performance. But they are driven to secure ratings by investor demand, with 95% of companies saying this was a factor for them engaging with ESG raters. Investors, too, are spending large amounts on ESG data and ratings, with costs ranging between $175,000 and $360,000, the ERM said, although many reported having only "moderate confidence" in the accuracy and utility of these ratings.

Entities rated by MSCI ESG Research include Adani Green Energy, Adani Power, Adani Total Gas, Adani Transmission and Adani Enterprises, according to the statement. This week, MSCI ESG Research flagged all its covered Adani Group entities for the metric of accounting investigations, while some were flagged for the securities valuations metric, it said. "Across various Adani Group entities, MSCI ESG Research has identified issues relating to governance, board independence, related party transactions, and controlling shareholders," the company said. Since the short-seller report release, MSCI ESG Research has added "Bribery and Fraud" and "Governance Structures" controversy cases to all Adani Group companies in its coverage, it said. Sustainability ratings company Sustainalytics downgraded corporate governance-related scores for some Adani Group companies last month.

☆ A man who rates Google search results said he makes $3 less per hour than his daughter working in fast food
▼ + stars: | 2023-02-17 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +5 min

A man who rates Google search results told the LA Times he makes $3 less than his daughter who has a fast food job. "There are times that I have seen some of the graphic content replayed in my dreams," Stackhouse told the Times. Stackhouse didn't tell the Los Angeles Times how much his daughter makes or what her role at her fast food job is. Four Sama workers told Time they were paid $2 or less per hour. Sama also works with Google and Microsoft, and told Time it would stop working with graphic content by March 2023.

☆ Carbon-Credit Raters Aim to Assess a Notoriously Opaque Market
▼ + stars: | 2023-02-07 | by ( Shane Shifflett | Dieter Holger | ) www.wsj.com time to read: +7 min

Carbon-credit-rating firms aim to give buyers confidence in assessing the unregulated market for carbon offsets, voluntary credits that can help companies fulfill their decarbonization promises. Traders, online marketplaces and corporate sustainability departments are typical customers for carbon-credit ratings, but companies increasingly encounter the scores through intermediaries selling the offsets. Sylvera Ltd., one of the carbon-credit raters, said that less than a third of projects aimed at preventing deforestation are high quality. The market for voluntary carbon credits topped $2 billion in 2022, according to publisher and researcher Ecosystem Marketplace. BeZero has fully rated around 280 projects, Calyx around 260, Sylvera around 115 and Renoster has fully reviewed nine.

☆ Google contractors who rate how effective its search is will visit its headquarters this week to protest 'poverty wages'
▼ + stars: | 2023-01-31 | by ( Thomas Maxwell | ) www.businessinsider.com time to read: +4 min

Google "raters" who test and evaluate search quality say they aren't fairly compensated. This means the raters are not technically Google employees, even though they are tasked with improving its services. In this latest action, workers in the Alphabet Workers Union have organized a visit to Google's headquarters to deliver a petition addressed to Prabhakar Raghavan, the senior vice president at Google overseeing search. Now many tech workers have considered joining unions as mass layoffs have swept the industry in recent months. In 2021, tech workers at The New York Times formed a union.

☆ Many Companies Are Shying Away From Carbon Credits
▼ + stars: | 2023-01-17 | by ( Dieter Holger | ) www.wsj.com time to read: +5 min

Many companies are hesitant to buy carbon credits as the market faces criticism and coming standards remain unclear. Carbon credits are also expected to be discussed at this week’s World Economic Forum annual summit in Davos, Switzerland. As officials work to develop the market, sustainability chiefs must weigh the pros and cons of carbon credits in their climate plans. Carbon solutionsTo address concerns in the carbon market and scale up climate action, there is a movement toward better, widely accepted standards. The Integrity Council for the Voluntary Carbon Market ended its public comment period in September on the 10 so-called Core Carbon Principles it proposed in July.

☆ Consumer credit rating firms need reform, says UK watchdog
▼ + stars: | 2022-11-22 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

Experian, Equifax and TransUnion make up almost all of the Britain's 800 million pound ($946.32 million) credit reference agencies (CRAs) sector. Credit agencies also help verify the identity of consumers to combat fraud and help with affordability assessments. There are significant differences in credit information held by the three big companies, which are "very likely" to affect lending decisions by banks, the FCA said. Equifax said it was reviewing the FCA report, and Experian said it supported a recommendation to improve coverage of credit information. A TransUnion UK spokesperson said that the company will work with the FCA and wider industry to sustain a fair and robust credit ecosystem.

Companies Financial Conduct Authority FollowLONDON, Nov 22 (Reuters) - Providers of environment, social and governance (ESG) ratings on companies will be asked to apply a voluntary best practice code as a first step to regulating the sector, Britain's Financial Conduct Authority said on Tuesday. Trillions of dollars have flowed into sustainable investments globally using unregulated ESG ratings on companies as a guide for their 'green' credentials, leaving regulators worried about greenwashing or over inflated ESG claims. Britain's government is considering giving the FCA powers to directly regulate ESG ratings providers. The code will reflect recommendations from the global securities regulatory body IOSCO, and developments in Japan and the European Union, the FCA said. "A Code could also continue to apply for ESG data and ratings providers that fall outside the scope of potential future regulation," the FCA said in a statement.

☆ Why Do ESG Ratings Vary So Widely—and How Can Investors Make Sense of Them?
▼ + stars: | 2022-11-02 | by ( Florian Berg | ) www.wsj.com time to read: 1 min

As investing based on environmental, social and governance factors continues to grow, investors are faced with a dilemma: Which ESG ratings are they to believe? After all, investors themselves have no idea which companies live up to ESG standards. Yet ESG ratings vary substantially depending on which provider is doing the ratings—to a point where a company could be highly rated with one rating company and have a very low score with another. The correlation between ESG ratings from the six raters my colleagues and I looked at ranged from 0.38 to 0.71, on a scale from minus 1 (meaning total disagreement) to 1 (meaning full agreement). In other words, the six never all agreed on a company’s ESG rating, and in most cases there was little agreement among them.

☆ A court just ruled that CFPB's funding is unconstitutional, and that could be 'catastrophic' for mortgage markets
▼ + stars: | 2022-10-28 | by ( Stephanie Dhue | ) www.cnbc.com time to read: +6 min

Mortgage rules at riskIf the agency's legal authority is undermined, it could have a profound affect on home lending markets — an industry that's prone to disruption when laws are murky, especially as interest rates rise. That extended the potential damages to the Wall Street banks as well as mortgage investors Fannie Mae and Freddie Mac. Appeal likelyIf the Fifth Circuit decision is upheld, it could call into question those long-standing mortgage rules. "The loss of the CFPB mortgage regulations and the effect on the market would catastrophic," said Andreano. "Potential changes in how the CFPB are funded aren't likely to have an immediate effect on the mortgage market."

☆ TransUnion, Equifax, Experian may have violated credit reporting rules, Rep. Jim Clyburn says
▼ + stars: | 2022-10-17 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

A key Democrat wants credit reporting agencies Equifax , Experian and TransUnion investigated for allegedly failing to respond to consumer complaints during the pandemic. Clyburn asked the chief executive officers of Equifax, Experian and TransUnion in May for the companies' responses to consumer complaints in the early days of the pandemic. The subcommittee partly credited the pause on student loan payments and an increase in pandemic-related identity theft to credit reporting errors. The bureau also cited the credit reporting companies for accepting these findings without an independent investigation. "Errors in credit reports can reduce consumers' credit scores, potentially blocking access to loans, housing, and employment, among other serious consequences."

☆ Senate Republicans press S&P and other credit firms for methodology on corporate ESG ratings
▼ + stars: | 2022-09-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Ratings firms that assign environmental, social and governance ratings to companies — a multi-billion dollar endeavor — are coming under scrutiny in the Senate. ESG ratings assess how companies align with sustainability goals such as greenhouse gas emissions, labor practices or water sustainability. In the statement, Toomey said ESG ratings firms have a unique ability to influence valuable global ESG assets. The senator requested copies of non-proprietary methodologies used by the firms to assess ratings by Sept. 28 in letters sent to credit raters. The letters were sent to ratings firms MSCI, ISS, Bloomberg, Sustainalytics, Moody's, Carbon Disclosure Project, S&P Global, FTSE Russell, RepRisk, FactSet, Refinitiv, and Arabesque S-Ray.

☆ 17 science-backed ways men can appear more attractive to women
▼ + stars: | 2016-10-31 | by ( Shana Lebowitz | Drake Baer | ) www.businessinsider.com time to read: 1 min

Men — and women — are attracted to people who are as attractive as they are. In one study, for example, researchers at the University of California at Berkeley looked at the behavior of 60 male and 60 female users on an online dating site. "If you go for someone roughly [equal] to you in attractiveness, it avoids two things," Nottingham Trent University psychologist Mark Sergeant, who was not involved with the study, tells The Independent. "If they are much better-looking than you, you are worried about them going off and having affairs. If they are much less attractive, you are worried that you could do better."

Persons: —, Mark Sergeant Organizations: University of California, Nottingham Trent University Locations: Berkeley

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