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Nigerian President Bola Tinubu is embarking on the country's biggest reforms in decades, including scrapping the popular but expensive petrol subsidy and unifying the country's multiple exchange rates. World Bank lead economist for Nigeria Alex Sienaert said during a presentation in the capital Abuja that savings from the reforms did not amount to a fiscal windfall. The World Bank and International Monetary Fund had for years called on Nigeria to remove the petrol subsidy, which cost $10 billion last year, and free its exchange rate. To deepen foreign exchange reforms, Siernaet said Nigeria should remove restrictions on a list of 43 items, including sugar and flour, that the central bank says cannot be funded from official dollar sales. Nigeria has the second-largest population of poor people in the world and is one of the least developed countries globally, the World Bank says.

Persons: Bola Tinubu, Nigeria Alex Sienaert, Sienaert, Siernaet, Wale Edun, Chijioke Ohuocha, Elisha Baba, MacDonald Dzirutwe, Christina Fincher, Susan Fenton Organizations: World Bank, Bank, International Monetary Fund, Labour, Thomson Locations: ABUJA, Nigeria, Nigerian, Abuja

☆ Investors shut out of traditional funding rounds are scouring secondary markets to snap up shares in buzzy AI startups like Dataminr, Hugging Face, and Anthropic
▼ + stars: | 2023-06-12 | by ( Leena Rao | Ben Bergman | ) www.businessinsider.com time to read: +4 min

As the AI craze continues, investors are eager to buy shares of these startups on secondary markets. AI startup shares have been the top in demand sector every month this year, according to EquityZen. It seems that every week there's a new hot AI startup that's raising a big round. ForgeGlobal, a marketplace for secondary transactions of startup shares, is seeing similar excitement from investors in AI startups. Sequoia, General Catalyst, Andreessen Horowitz and many others have been aggressively investing in AI startups.

Persons: Phil Haslett, Haslett, Avlok Kohli, Howe Ng, Ng, Catalyst, Andreessen Horowitz, Javier Avelos, OpenAI, Anthropic, Avelos Organizations: sixfold, SamBaNova Systems, Microsoft, Google Locations: secondaries, Sequoia, Caplight

☆ Swimply, the rental company of home pools, adds pickleball courts to its offerings
▼ + stars: | 2023-06-06 | by ( Jessica Golden | ) www.cnbc.com time to read: +4 min

Swimply is expanding its marketplace to offer pickleball court rentals. Pickleball courts are even starting to fill the vacant space left behind by retailers in malls. In Stamford, Connecticut, for example, Pickleball America plans to turn 80,000 square feet of a former Saks Off 5th space into 28 pickleball courts. The company has been rapidly building courts — as well as converting courts from tennis to pickleball — and now has more than 400 pickleball courts at its more than 200 golf and country clubs across the country. Swimply court rentals range from $25-$100 per hour.

Persons: Laskin, there's, There's, Linda Hwang, TPL, St . Louis, —, David Pillsbury, Pillsbury Organizations: CNBC, New, Day, Labor, Trust, Public, People Lab, Saks Locations: New York City, New York, Los Angeles, Bay Area, Houston, Austin , Texas, U.S, Sarasota , Florida, ., Stamford , Connecticut, America, St .

For now, tech companies seem to view both trust and safety and AI ethics as cost centers. That included all but one member of the company's 17-person AI ethics team, according to Rumman Chowdhury, who served as director of Twitter's machine learning ethics, transparency and accountability team. Chowdhury referenced an initiative in July 2021, when Twitter's AI ethics team led what was billed as the industry's first-ever algorithmic bias bounty competition. Still, sources familiar with the matter said that following the layoffs, the company has fewer people working on misinformation issues. watch nowFor those who've gained expertise in AI ethics, trust and safety and related content moderation, the employment picture looks grim.

☆ Boss of Goldman-backed digital bank Starling to step down next month
▼ + stars: | 2023-05-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The co-founder of Starling, one of the U.K.'s largest digital banks, is set to step down as CEO next month, the company said Thursday. Anne Boden is to step down on June 30, according to a press release. She will hand the reins to Starling's chief operating officer, John Mountain, who has been with the bank since 2015. "I have spent nearly a decade here as both the founder and CEO, a dual role which is unique in U.K. banking," Boden said in a statement Thursday. As Starling continues to evolve and grow, separating my two roles is in the bank's best interests."

Persons: Starling, Goldman Sachs, Anne Boden, John Mountain, Boden, It's, I've Locations: U.S

☆ Australia's Allkem, Livent to merge into $10.6 bln lithium giant
▼ + stars: | 2023-05-10 | by ( Harish Sridharan | ) www.reuters.com time to read: +2 min

May 10 (Reuters) - Lithium producer Allkem Ltd (AKE.AX) has agreed to merge with U.S.-based Livent Corp (LTHM.N) to create one of the world's most valuable producers of the key raw materials used in electric-vehicle batteries. The all-stock deal will create a $10.6 billion entity, the fifth-largest in the world after Albemarle Corp (ALB.N), Sociedad Quimica y Minera de Chile S.A. (SQMA.SN), Ganfeng Lithium Group (002460.SZ) and Tianqi Lithium Corp (002466.SZ). ASX-listed Allkem produces lithium carbonate from its Sal de Vida facility in Argentina, which is near Livent's Hombre Mureto lithium project. Livent, based in Philadelphia, supplies lithium products to multiple U.S. automakers, including General Motors Co (GM.N), Tesla Inc (TSLA.O) and BMW (BMWG.DE). Under the deal, Allkem shareholders will get one share in the combined entity for each of their shares and the company will ultimately own 56% of the new firm.

☆ Florida. Arizona. Climate Change Is Coming for Home Values. - The New York Times
▼ + stars: | 2023-05-07 | by ( Benjamin Keys | ) www.nytimes.com time to read: +2 min

And that is pocket change compared with the impact climate change may ultimately have on the value of your home. We have reached a turning point: Climate risk is driving insurer decisions like never before. Both private and government-backed insurers are undercapitalized for dealing with the potentially massive disasters we could be facing in coming years. They are up even more in parts of Florida and the Southwest that are predicted to suffer significant impacts from a warming climate. Last summer, the water level in Lake Mead, a critical source of water for 25 million people in the Southwest, reached its lowest level since the reservoir was filled in 1937.

OMAHA, Nebraska, May 6 (Reuters) - Warren Buffett on Saturday offered a vote of confidence in the United States, saying he could not imagine the government letting it default on its debt and risk letting the world's financial system "go into turmoil." Buffett, 92, who is Berkshire's chairman and chief executive, and Charlie Munger, 99, a vice chairman, are answering five hours of shareholder questions at the meeting. Many recognized it could be one of their last chances to see Buffett and Munger, given their advanced ages. Yongsheng Zhao, who lives in Shanghai and is a researcher for an asset management firm, said he showed up at midnight to attend his eighth Berkshire meeting. "I am inspired by their passion and normalcy," he said, referring to Buffett and Munger.

☆ Bank Turmoil Is Paving the Way for Even Bigger ‘Shadow Banks’
▼ + stars: | 2023-05-06 | by ( Lauren Hirsch | ) www.nytimes.com time to read: +1 min

Whipsaw trading in shares of regional banks this week made it clear the fallout from three federal bank seizures was far from over. Some investors are betting against even seemingly healthy banks like PacWest, and regulators are gearing up to tack on new capital constraints for small and medium-size lenders. Large banks, though raking in cash, are facing their own constraints, saddled with loans written before interest rates started rising. That means businesses large and small may soon need to look elsewhere for loans. And a growing cohort of nonbanks, which don’t take deposits — including giant investment firms like Apollo Global Management, Ares Management and Blackstone — are chomping at the bit to step into the vacuum.

☆ Berkshire Reports Big Jump in Earnings
▼ + stars: | 2023-05-06 | by ( Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

Berkshire Hathaway on Saturday reported a sixfold jump in its first-quarter earnings, buoyed by huge paper gains on investments, as the conglomerate led by Warren E. Buffett held its annual shareholder meeting in Omaha, its hometown. Berkshire, whose vast operations encompass insurance, railroads, utilities and consumer goods, said it earned $35.5 billion in the first three months of the year, up from nearly $5.6 billion in the same quarter a year ago. With its breadth of businesses, Mr. Buffett’s company is often regarded as a proxy of the American economy, and its results reflected some of the major trends of the moment, including the war in Ukraine, higher interest rates and fuel prices and a drop-off in consumer spending. Powering Berkshire’s jump in earnings was $31.1 billion in unrealized gains on the investments the company makes using the flood of cash it collects from its insurance operations. That far outstripped the roughly 7 percent gain in the S&P 500 stock index during the quarter.

☆ Many Startups Operate Without a CFO. That Was a Challenge as SVB Collapsed
▼ + stars: | 2023-03-29 | by ( Anna Mutoh | ) www.wsj.com time to read: +1 min

Silicon Valley Bank marketed itself to startups, which may have leaned more heavily on it for financial guidance in the absence of an in-house chief financial officer. When Kevin Lee on the morning of March 9 first heard that Silicon Valley Bank could be in trouble, the 32-year-old co-founder of Immi instant ramen frantically called his partner. “I’m concerned there will be a bank run,” Mr. Lee said he told Kevin Chanthasiriphan , 34, who soon after wired their entire $15 million in capital out of SVB and into fintech provider Brex Inc. where they also had a business account. Messrs. Lee and Chanthasiriphan, who call themselves the “the Kevins,” launched Immi three years ago, reinventing ramen as a low-carb, high-protein and fully plant-based instant food. Just a week before the run on SVB, the Kevins announced a $10 million series A funding that included a bevy of celebrity investors such as tennis player Naomi Osaka , R&B singer Usher and speedskater Apolo Ohno , and were poised for a period of rapid growth with revenue up sixfold last year.

☆ Zoom Is Paying Up to Hold the Line
▼ + stars: | 2023-03-01 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

The basic online videoconferencing service that made Zoom famous is also now available widely at competitors. Just ask Zoom Video Communications . The company that helped the world stay connected in the pandemic has been struggling since to revive its growth traction. That is no small task, given that the pandemic expanded Zoom’s business more than sixfold in two year’s time, creating comparisons that future periods could never live up to. Revenue from the segment of Zoom customers made up of consumers and small businesses fell 7% in the fiscal year ended January, according to the company’s fiscal year-end results reported late Monday.

Pliant is a Berlin fintech that provides businesses with corporate credit cards. The startup just raised a $28 million Series A, which was led by SBI Investment. Pliant is a Berlin fintech that offers small and midsize businesses corporate credit cards. The company now has a five-figure number of credit cards in circulation across more than 1,500 small and midsize businesses, Rau added. It recently raised a $28 million Series A financing round, which was led by the Japanese venture-capital firm SBI Investment.

☆ U.S. IPO pick-up offers hope of market re-open
▼ + stars: | 2023-02-20 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

A year after Russia's invasion of Ukraine and an inflation rally fueled a bout of market volatility that prevented most initial public offerings in 2022, last week saw a flurry of listings. In total, the IPOs raised about $1.17 billion in proceeds, up sixfold from the previous week when stock market debuts raised about $193 million, according to Dealogic. We see this as step one in a broader IPO market recovery, with some of the stronger sectors leading the early supply," said Rob Stowe, co-head of Americas equity capital markets at Barclays Plc (BARC.L). Some companies are waiting for a sustained IPO recovery before deciding to pull the trigger for their debut, some of the advisers said. That will likely take at least until the summer if the market recovery continues, they added.

It’s the start of a class known as high-intensity interval training, a combination of treadmill and weight-lifting, at the boutique fitness studio Barry’s. The brothers and Rondeau, who now serves as Planet Fitness’ chief executive, hit upon a concept. Planet Fitness’ tag, “judgement free zone” is true to form. Part of the appeal is its $10 a month basic membership fee – which hasn’t changed – that Planet Fitness primarily collects through electronic funds transfers. Still, with solid and regular profits and a reasonable amount of debt, Planet Fitness has staying power, even if shareholders lose their shirts while its valuation comes in line.

☆ Brazil police investigate suspected bomb threat ahead of inauguration
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +3 min

[1/8] A member of the security forces works following a suspected bomb threat in the city's hotel section, close to where President-elect Luiz Inacio Lula da Silva is staying before his Jan. 1 inauguration, according to the federal district's security department, in Brasilia, Brazil, December 27, 2022. REUTERS/Adriano MachadoBRASILIA, Dec 27 (Reuters) - Police in Brazil's capital, Brasilia, were investigating a suspected bomb threat in the city's hotel section, close to where President-elect Luiz Inacio Lula da Silva was staying before his Jan. 1 inauguration, the federal district's security department said on Tuesday. A Reuters witness said sirens and helicopters could be heard from the hotel where Lula was staying. Brasilia's military police said a backpack had been found and the bomb squad had been called out of precaution. Reporting by Ricardo Brito and Lisandra Paraguassu; Editing by Leslie Adler and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

George Washington de Oliveira Sousa was arrested on Saturday, the day after police said they foiled his plot to set off an explosive device near the Brasilia airport. A 54-year-old gas station manager from the northern state of Para, Sousa told police that Bolsonaro's sowing of election doubts inspired his Dec. 12 journey to the capital. He added that he planned to share his weapons with other CAC-holders in the Brasilia camp. After the Dec. 12 attack, he said police and firemen near the camp told him they would not arrest any protesters for vandalism, as long as they did not attack cops. That same day, Sousa saw on the news that police had found the bomb near the airport.

☆ Brazil election-denier camps 'incubators of terrorism,' new minister says
▼ + stars: | 2022-12-25 | by ( Gabriel Stargardter | ) www.reuters.com time to read: +2 min

"Yesterday's serious events in Brasilia prove that the so-called "patriotic" camps have become incubators for terrorists," tweeted Flavio Dino. In a later tweet, Dino said he would propose the creation of "special groups to combat terrorism and irresponsible weaponry. News of the bomb added a new dimension to post-election violence in Brazil, where tensions remain high after Brazil's most fraught election in a generation. The Brasilia camp, outside the army headquarters, has become one of the country's most extreme. Police also found assault-style rifles and other explosives at an apartment rented by the man in Brasilia.

☆ East-West battleground will shift from fossil fuels to metals
▼ + stars: | 2022-12-23 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

MILAN, Dec 23 (Reuters Breakingviews) - The global trade war will shift from fossil fuels to metals and raw materials. Russia’s invasion of Ukraine highlighted the risk of relying on autocratic states for energy. Europe needs to cumulatively spend $5.3 trillion on clean energy projects by 2050. That requires a sixfold increase in the global production of copper, lithium, graphite, nickel and some rare earths by 2040, International Energy Agency estimates show. It refines 58% of lithium produced globally, 65% of cobalt and over one-third of nickel and copper.

☆ East-West battleground will shift to metals
▼ + stars: | 2022-12-23 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

MILAN, Dec 23 (Reuters Breakingviews) - The global trade war will shift from fossil fuels to metals and raw materials. Europe needs to cumulatively spend $5.3 trillion on clean energy projects by 2050. That requires a sixfold increase in the global production of copper, lithium, graphite, nickel and some rare earths by 2040, International Energy Agency estimates show. It refines 58% of lithium produced globally, 65% of cobalt and over one-third of nickel and copper. That’s why Western nations’ best option is ultimately to recycle metals from used appliances.

☆ Disney’s board needs some magic
▼ + stars: | 2022-12-06 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Dec 6 (Reuters Breakingviews) - Bob Iger has a knack for head-faking his way out the door. Iger served as chief executive of the $175 billion media giant from 2005 until 2020. That stands in contrast to Netflix’s board, where more than half of the directors come from the entertainment sector including former Disney executive Anne Sweeney. Follow @jennifersaba on TwitterloadingCONTEXT NEWSWalt Disney on Nov. 20 said Bob Iger is returning as chief executive officer, effective immediately. Iger, 71, served as chief executive from 2005 until 2020.

☆ Why labor economists say the remote work 'revolution' is here to stay
▼ + stars: | 2022-12-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

ZipRecruiter, another job site, found a fourfold increase in job listings mentioning remote work, to a 12% total share. In all, remote work translates to roughly 4% more hours worked during a 40-hour week. "People really, really want remote work," Pollak said, adding: "It's difficult to put the genie back in the bottle." 'Significant variation' in remote work opportunitiesThat said, most jobs in the U.S. economy can't be done remotely. People really, really want remote work.

Moderna’s updated Covid booster appears to increase the immune response to omicron subvariants BA.4 and BA.5, as well as another subvariant, called BQ.1.1, that's gaining ground in the United States, the company said in a release Monday. The results are based on blood samples taken from 511 adults who got the updated booster, which targets BA.4 and BA.5, along with the original coronavirus strain, in a single shot. In people who got the updated booster, neutralizing antibodies against BA.4 and BA.5 were about fivefold higher in those with a previous Covid infection and sixfold higher in those without a documented infection, the company said. Moderna also said an additional analysis of 40 people found the updated booster demonstrated “robust neutralizing activity” against the subvariant BQ.1.1, though the response wasn’t as strong as what was seen against BA.4 and BA.5. Earlier this month, Pfizer and BioNTech said their updated booster shot generated a stronger immune response against BA.4 and BA.5 compared with their original Covid vaccine.

☆ LNG Freight Rates Hit $450,000 a Day as Russia Disrupts Fuel Supplies
▼ + stars: | 2022-10-19 | by ( Costas Paris | ) www.wsj.com time to read: 1 min

Daily freight rates to ship liquefied natural gas are at a record high, and prices are expected to climb further as winter approaches. Spot rates for ships commonly used to transport LNG are at $450,000 this week, a sixfold increase since the start of this year, according to the Baltic Exchange a London-based, freight-information provider. Brokers expect daily rates along main trade routes, including one from Texas to Northern Europe, to climb to $500,000 this month as the demand to charter ships remains high.

☆ The electric vehicle boom depends on mining. Rivian's new chief sustainability officer is tasked with making it responsible.
▼ + stars: | 2022-09-28 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

Demand for metals like lithium and cobalt could jump sixfold alongside the electric vehicle boom. Rivian hired Anisa Kamadoli Costa to lead its climate strategy, including responsible mining. But that doesn't mean electric vehicle makers don't have their own set of climate and social challenges. "Traceability is the best means to transparency and to understanding one's social and environmental impact," Costa said during an Insider event moderated by Catherine Boudreau, senior sustainability reporter. Costa helped craft such a standard during her two decades as Tiffany & Co.'s chief sustainability officer.

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