DIRS.INFO The most relevant business & tech news

☆ Nayib Bukele war on gangs: El Salvador has arrested 2% of its adult population. Other countries are taking note
▼ + stars: | 2022-12-15 | by ( Tara John | ) edition.cnn.com time to read: +11 min

CNN —Eight months since El Salvador’s President Nayib Bukele announced a war on gangs, an estimated 2% of the country’s adult population – or roughly 100,000 people – are now behind bars. In 2015, El Salvador surpassed Honduras as the most violent country in the world, with a murder rate of more than 100 per 100,000 inhabitants. El Salvador's President Nayib Bukele speaks to around 14,000 soldiers in El Salvador. Alleged gang members at a maximum security prison in Izalco, El Salvador, on September 4, 2020. “It is not that they are interested in El Salvador (they never were), their fear is that we will succeed, because other governments will want to imitate it.

☆ AIG subsidiary files for Chapter 11 bankruptcy
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

Dec 14 (Reuters) - American International Group Inc said on Wednesday its subsidiary, AIG Financial Products (FP), had filed for Chapter 11 bankruptcy protection to complete the wind down of a business unit that was a central figure in the 2008 financial crisis. AIG Financial Products largely ceased operations in 2008, and its bankruptcy will not have a material impact on AIG or on life and retirement insurer Corebridge Financial Inc (CRBG.N), which AIG recently spun off, AIG said. AIG Financial Products issued the credit default swaps that put AIG on the hook for billions of dollars in losses during the collapse of subprime mortgage markets, according to court documents filed in U.S. Bankruptcy Court in Wilmington, Delaware. AIG Financial Products has no ongoing operations or employees of its own, but it maintained a small portfolio of financial products after largely shutting down in 2008. It owes more than $37 billion to its parent company AIG on loans related to the 2008 crash, according to court documents.

☆ Getting a Covid booster? You may be eligible for discounts, or even a $75 gift card
▼ + stars: | 2022-12-09 | by ( Renée Onque | ) www.cnbc.com time to read: +3 min

Financial incentives are a great way to get more people on board with pretty much anything, even vaccination efforts. The Bay State is offering $75 gift cards to residents who receive their omicron-specific boosters by December 31 at select vaccine clinics, for as long as supplies last. For children or teens under 18 years old, an accompanying adult must be present to receive the gift card(s)," the site states. WashingtonSimilarly, but on an even larger scale, the governor of Washington, Jay Inslee, wants to offer $1,000 to state workers who get the updated Covid-19 booster. These 4 stores are offering discounts for getting boosted against Covid-19If you're not a resident of Massachusetts or Washington state, there are some financial incentives you may be eligible to receive.

Sanders has a 27-5 coaching record at Jackson State, including going 12-0 this year and winning two consecutive Southwestern Athletic Conference titles. Sanders will owe Jackson State around $300,000 in a buyout for the 2020 contract, according to USA Today. This is not a Deion Sanders thing,” Parker told NBC News. “I do think he cared about the well-being of Jackson State football players. I think the buzz around the program will change, especially if they don’t hire a coach that has a similar stature as Deion Sanders.”

☆ EU agrees law to make airlines pay more to pollute
▼ + stars: | 2022-12-07 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

Airlines running flights within Europe currently have to submit permits from the EU's carbon market to cover their carbon dioxide emissions, but the EU gives them most of those permits for free. That will mean airlines will have to pay for their CO2 permits, providing a financial incentive for them to pollute less. Climate campaigners lamented that emissions from international flights would not be added to the carbon market sooner. "Average European families will continue to pay much more for their CO2 emissions than frequent long-haul flyers. EU countries and the bloc's Parliament both need to formally approve the law before it takes effect.

☆ Robinhood to pay a 1% 'match' on customer contributions to retail individual retirement accounts
▼ + stars: | 2022-12-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

The retail brokerage will pay a 1% "match" on contributions its customers make to a Robinhood individual retirement account, the firm said Tuesday. The firm is billing it as the first-ever match paid to retail IRA customers (i.e., outside of a workplace retirement plan.) A 401(k) match is a common retirement benefit offered by employers that sponsor a workplace retirement plan. How the match worksA 401(k) match is generally structured as a share of employee contributions. There aren't any contribution or account minimums to get the Robinhood match, and trades don't carry commissions.

☆ Jack Dorsey’s Block backs bitcoin mining company that wants to bring 25-cent electricity to rural Africa
▼ + stars: | 2022-12-06 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

So in February, she began spitballing creative solutions with two friends, and the three of them landed on a sort-of counterintuitive idea: bitcoin mining. The new 533 kilowatt site in Kenya where 300 kilowatts will be used for bitcoin mining. We're not doing bitcoin for bitcoin," said the lead for bitcoin mining and wallet at Block, Thomas Templeton. Block is also working on a project to make bitcoin mining more distributed and efficient. Making the mining process more accessible has to do with more than just creating new bitcoin, according to Templeton.

Participants who were offered cash incentives for either pounds lost or for completing certain activities were more likely to lose weight compared with those who were simply offered tools, such as diet books, fitness trackers and access to a weight loss program, the study found. On average, participants in the goal-directed group earned $440.44, as compared to $303.56 in the outcome-based group. “Even if less weight is lost, adopting lifelong physical activity or better eating habits may be more important,” she said. Kushner, who was not involved with the new study, agreed that low-income people face extra challenges when it comes to weight loss. What’s not clear, however, is how the strategy of offering cash for weight loss could be implemented in a real-world setting, outside of academia.

☆ 'This is a crisis.' Why more workers need access to retirement savings
▼ + stars: | 2022-12-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

As many as 57 million Americans lack access to a workplace retirement savings plan, said Ed Murphy, president and CEO of Empower, a provider of retirement services. "If they don't access through payroll deduction, they just flat out don't save." The lack of retirement plan coverage presents an opportunity for the financial industry and government to work together to find solutions, Walsh said. California is one of a handful of states that has implemented automatic individual retirement accounts to help bridge that gap for workers who lack access to retirement plans through their employers. Those that opt out are required to begin offering their own retirement plan, per California rules.

☆ DA in Trump Org closings accuses Donald Trump of 'sanctioning tax fraud' — and implies 1 witness was paid off
▼ + stars: | 2022-12-02 | by ( Laura Italiano | ) www.businessinsider.com time to read: +6 min

In closings, a prosecutor took the extraordinary step of accusing Trump of "sanctioning tax fraud." This 2012 memo shows Donald Trump 'explicitly sanctioning tax fraud,' a prosecutor said in closing arguments on December 2, 2022, in the Trump Organization tax-fraud trial. multiple defense lawyers shouted when the prosecutor accused Trump of "sanctioning tax fraud," interrupting the closing arguments. Judge, we go back to the issue that he just argued Donald Trump was explicitly authorizing tax fraud," she complained. The Manhattan case charges two corporate subsidiaries — the Trump Corporation and the Trump Payroll Corporation, both doing business as the Trump Organization — with scheme to defraud, conspiracy and related tax-fraud crimes.

☆ EU strikes deal to make ships pay for their carbon emissions
▼ + stars: | 2022-11-30 | by ( Kate Abnett | Moushumi Basu | ) www.reuters.com time to read: +2 min

The shipping sector has so far escaped the EU carbon market, which requires factories and power plants to buy permits when they emit carbon dioxide, providing a financial incentive to emit less. That is set to change from 2024, when shipping companies will have to buy EU carbon permits to cover 40% of their emissions, rising to 70% in 2025 and 100% in 2026. The deal, agreed late on Tuesday by lawmakers and negotiators from the 27-country bloc, would add to the carbon market all carbon dioxide, methane and nitrogen dioxide emissions from maritime voyages within the EU. Negotiators also agreed to dedicate revenues from the sale of 20 million EU carbon permits to fund maritime emissions-cutting projects. EU negotiators will attempt to agree the rest of the carbon market upgrade by Dec. 17, and then formally rubber-stamp the law.

☆ U.S. Treasury's Yellen says cryptocurrencies need regulation
▼ + stars: | 2022-11-30 | by ( David Lawder | ) www.reuters.com time to read: +2 min

[1/2] U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. Yellen told an event hosted by the New York Times DealBook that it was important to ensure that crypto assets had adequate customer protections. Yellen told DealBook that the United States was involved in discussions with allies about regulating cryptocurrencies and the Treasury Department had also done a number of reports mapping out "significant" concerns. "The good piece of an explosion like we saw is that it hasn't spilled over to the banking sector. "It's a Lehman moment within crypto, and crypto is big enough that we've had substantial harm with investors."

The FOIA request sought, among other things, communications between SEC Chair Gary Gensler and various stakeholders involved in retail stock trading. Cifu has said Virtu may sue the SEC over potential rule changes Gensler outlined in June. Agencies legally have 20 days to respond to FOIA requests, but are not required to provide all responsive documents within that time frame. FOIA requests do not always yield substantive responses and can have lengthy waiting periods. Virtu is represented by law firm Paul, Weiss, Rifkind, Wharton & Garrison, where Cifu previously worked as a lawyer.

☆ How covering old buildings in a 'second skin' could cut heating costs, and emissions
▼ + stars: | 2022-11-29 | by ( Nell Lewis | ) edition.cnn.com time to read: +4 min

But old buildings that fail to keep in the heat are not only expensive for residents — they’re also costly for the climate. For that, old homes need to be retrofitted to make them more energy efficient. It then produces prefabricated panels that fit precisely over the old building, improving its insulation. © ecoworks © ecoworks Apartments near Düsseldorf before and after an Ecoworks renovation. Ecoworks' construction is mainly done in factories, which it says minimizes disruption on-site.

☆ Anne Hathaway-backed VC firm Pact just closed the first tranche of its $36 million seed fund. Here's the 11-slide LP deck it used to raise the capital.
▼ + stars: | 2022-11-24 | by ( Riddhi Kanetkar | Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

A female-founded VC firm has closed the first tranche of its £30 million ($36 million) early-stage fund. Check out the 11-slide LP deck the London-based firm used to raise the fresh funds. While investments will span Europe, Pact will help its portfolio companies scale into regions underserved by traditional investors, Gu told Insider. Gu will support companies looking to enter Asia while Pham and Mobassaleh-Wyndham will focus on EMEA, and specifically Türkiye. It sees this as a pull for potential portfolio companies who can then take advantage of the network's expertise.

☆ Canadian mortgage lender Home Capital to go private in C$1.7-billion deal
▼ + stars: | 2022-11-21 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Nov 21 (Reuters) - Canada's Home Capital Group Inc (HCG.TO) said on Monday the mortgage lending company would be taken private by Smith Financial Corp in a C$1.7 billion ($1.27 billion) deal. The Toronto-based lender had rebuffed a takeover offer of more than C$28.60 per share from an unnamed buyer, saying it undervalued the company. The deal with Smith Financial includes a "go-shop" period until Dec. 30, during which Home Capital will be allowed to seek other bids. The lender would be delisted after nearly four decades of being a public company when the deal closes, which is expected in the middle of next year. ($1 = 1.3425 Canadian dollars)Reporting by Niket Nishant in Bengaluru; Editing by Vinay Dwivedi and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

LONDON, Nov 21 (Reuters) - Morgan Stanley Investment Management said on Monday it had launched a new $1 billion private equity strategy to invest in companies which will remove 1 gigaton of carbon dioxide emissions from the atmosphere by 2050 or prevent that amount entering the atmosphere. Through the 1GT strategy, MSIM will invest in private companies in North America and Europe, whose activities aim to collectively prevent or remove 1GT of emissions. Investments will focus on the mobility, power, sustainable food and agriculture sectors and circular economy and deliver both financial returns and positive environmental impact, MSIM said. MSIM said it would also tie some of the 1GT investment team's compensation to the emissions performance of underlying investments. MSIM said it has already deployed $600 million of capital to companies seeking to mitigate climate change since 2015.

The law allows the government to choose 10 drugs to negotiate from among the 50 costliest drugs for Medicare. Even so, Republicans will "chip away" at the drug price negotiation provision and its implementation, said Joel White, founder and president of Horizon Government Affairs. Biden is unlikely to weaken his signature domestic achievement, said Larry Levitt, Executive Vice President for Health Policy at the Kaiser Family Foundation. Even Republican support for the drug pricing provision is not guaranteed because it is popular with voters across the political spectrum, he said. "All Republicans voted against drug price negotiation, but they have to tread carefully in any effort to weaken it."

☆ Investing in Space: Starship on deck
▼ + stars: | 2022-11-17 | by ( Michael Sheetz | ) www.cnbc.com time to read: +2 min

Starship prototype #24 conducts a test firing of six of its Raptor engines at the company's facility near Brownsville, Texas on Sept. 8, 2022. CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. The race between SpaceX and NASA to get their monster rockets into space tipped in the government's favor this week, with the Space Launch System (SLS) finally thundering off the launch pad – putting more pressure on Elon Musk's company to get Starship off the ground. Hours before SLS took off, NASA announced an additional Starship award under the lunar Artemis program. It's been more than two years since Musk declared Starship the company's top priority, and he's repeatedly set ambitious goals for the rocket's development.

☆ Pacific Life Insurance Names New Tech Chief From USAA
▼ + stars: | 2022-11-16 | by ( Belle Lin | ) www.wsj.com time to read: +3 min

She replaces Mike Shadler, who has served as CIO since 2018 and plans to retire at the end of the year, a spokesperson for the life insurance company said. She will report directly to Pacific Life Chief Executive Darryl Button. Still, many life insurers aren’t meeting customer expectations in terms of speed of service and method of communication, said Ted Epps, Global Life Insurance Technology Leader at Ernst & Young. Insurance technology is “the convergence of modern digital experiences and advice with proven products,” Mr. Epps said. Prudential Financial Inc. is using more digital and cloud-based tools for managing expenses and financial planning, chief financial officer Ken Tanji told The Wall Street Journal in February.

☆ NYC taxi fares expected to increase by 23% by the end of this year
▼ + stars: | 2022-11-16 | by ( Zenebou Sylla | ) edition.cnn.com time to read: +2 min

CNN Business —The cost of a New York City taxi ride is expected to increase by nearly 23% by the end of 2022, marking the first taxi fare increase in a decade, according to a unanimous vote held Tuesday by the NYC Taxi and Limousine Commission. Additionally, the base rate for New York City cabs is expected to rise from $2.50 to $3.00, while rush hour surcharges will increase from $1 to $2.50. Gross income of TLC drivers is projected to increase by 33% due to the newly approved fare increases, which are expected to go into effect shortly before the end of this year. “Raising taxi fare rates and minimum pay for high-volume drivers is the right thing to do for our city. “I think part of it and part of our idea with increasing the taxi fare is that the financial compensation just isn’t there.

☆ Apple will buy processors from factory in Arizona, CEO Tim Cook reportedly says
▼ + stars: | 2022-11-15 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Apple CEO Tim Cook holds the new iPhone 14 at an Apple event at their headquarters in Cupertino, California, September 7, 2022. Apple will buy some of its chips from a factory in Arizona, Apple CEO Tim Cook said last month at an internal company meeting in Germany, according to Bloomberg News. Apple currently sources all of its processors from factories in Taiwan. TSMC said earlier this month that it is planning a second chip factory in Arizona because of "strong customer demand." Cook reportedly said that Apple was considering buying chips from factories in Europe, too.

☆ FedEx's freight unit to furlough workers
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - FedEx Corp's (FDX.N) freight division is furloughing employees in some U.S. markets as current business conditions are hurting its volumes, the package-delivery company said on Monday. The move comes barely a week after the Memphis, Tennessee-based company warned of lower-than-expected delivery volumes in the United States as the pandemic-driven e-commerce bubble deflates. read moreThe company "will continue to evaluate the environment and bring back furloughed employees as business circumstances allow," FedEx said in an emailed statement. Some eligible employees will be offered permanent transfer opportunities to other markets that have hiring needs, it added. FedEx Freight will maintain health benefits and provide other financial incentives for furloughed employees, the company said.

☆ Egyptian startup Blnk raises $32 million in funding round
▼ + stars: | 2022-11-10 | by ( Mahmoud Salama | ) www.reuters.com time to read: +1 min

CAIRO, Nov 10 (Reuters) - Blnk, a fintech platform that enables instant consumer credit in Egypt, has closed one of the country's biggest funding rounds for a startup this year, raising $32 million, its chief executive said. The company, launched in October 2021, raised $23.7 million in equity and debt funding and $8.3 million in securitised bond issuance, co-founder and CEO Amr Sultan told Reuters. The $11.2 million debt funding was secured from a number of leading local banks. The $8.3 million securitised bond issuance was underwritten by National Bank of Egypt and Banque du Caire. The company says it has disbursed more than $20 million in loans to date.

☆ Europe shows a united front against Biden's Inflation Reduction Act, says it threatens industry
▼ + stars: | 2022-11-09 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The sweeping U.S. legislation, which was approved by U.S. lawmakers in August and includes a record $369 billion in spending on climate and energy policies, was discussed by the 27 EU finance ministers on Tuesday. The same official added that "there is a political consensus (among the 27 ministers) that this plan threatens the European industry." The EU has listed at least nine points in the U.S. Inflation Reduction Act that could be in breach of international trade rules. We don't want to see any kind of decision that could harm this level playing field. "The level playing field is at the core of the trade relationship between the two continents and we don't want to see any kind of decision that could harm this level playing field," he said.

Search resuls for: "Financial Inc"

25 mentions found