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☆ Activist Ancora may turn to a reliable tactic to enhance value at Norfolk Southern
▼ + stars: | 2024-02-10 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

When you see that in a railroad company, there is one key metric to look at, which drives railroad profitability and shareholder return: It's the operating ratio. The operating ratio is the company's operating expenses as a percentage of revenue. NSC's operating ratio is almost 69% and the right management team with the right strategy should easily be able to get the operating ratio down close to 60%. There is no need to reinvent the wheel here; the roadmap has already been drawn at Canadian Pacific and CSX. Inside the activist world, and among investors who were shareholders of Canadian Pacific and CSX, this is as sure of an activist strategy as there is.

Persons: Ancora, James Chadwick, Mantle, Hunter Harrison, Harrison, John Kasich, Sameh Fahmy, Jim Chadwick, Ken Squire Organizations: Norfolk Southern, Railroads, TCI, CSX, Pershing, Canadian Pacific, Canadian National, CP, PSR, Kansas City Southern, 13D Locations: United States, Ancora, Ohio

☆ Indonesia election: Young voters will decide the country’s future, here’s what they care about
▼ + stars: | 2024-02-10 | by ( Rachel Wilson | Rosa Deacostanoya | ) edition.cnn.com time to read: +8 min

With a majority of the electorate under 40 years of age, the candidates are all vying for young voters to claim victory. On the ground, young voters are struggling to find jobs that suit their aspirations.” Yoes Kenawas, doctoral candidate at Northwestern UniversityIn addition to these economic concerns, more young voters also now worry about climate change. The social media battlegroundNearly 80% of people in Indonesia are connected to the internet and people aged 16 to 64 spend an average of more than three hours a day on social media, according to the We Are Social 2023 Digital Report, which provides global social media insights. Wednesday’s results will potentially offer a verdict on how effective social media campaigns have been in addressing young voters’ worries. There is a concern that young voters could get trapped in “a political campaign that is relying on gimmicks,” Kenawas said.

Persons: Indonesia’s, Joko Widodo, Ganjar Pranowo, Anies Baswedan, Prabowo Subianto, — Gibran Rakabuming Raka, Raka, Widodo’s, Subianto, Abigail Limuria, Bijak, ” Abigail Limuria, ”, Yoes Kenawas, ” Yoes Kenawas, Instagram, Kenawas, Muhaimin Iskandar, Mahfud, Gibran Rakabuming Raka, Subianto’s, Widodo, He’s, he’s, ’, ” Kenawas Organizations: CNN, Indonesia, Indonesian Defense, CNN Indonesia, Center for Strategic, International Studies, International Labour Organization, Indonesia’s Central Statistics Agency, Northwestern University, “, CSIS, Widodo Locations: Central Java, Jakarta, Swiss, Indonesia, policymaking, CNN Indonesia

JAKARTA, Indonesia (AP) — Seventeen-year-old Naima Khairiya Ismah started being bombarded by social media posts from candidates for Indonesia's presidential election on before she'd even given voting any thought. Candidates are reaching out through the apps young voters use, the K-pop music many love, and even video gaming events. “As young people, we can't meet the candidates in person,” said first-time voter Ismah, chatting after class outside her Jakarta high school. But their campaigns have been stressing issues that matter to young people: job opportunities, climate change and institutional corruption. Last month, Raka showed up at the popular Mobile Legend Championship e-sport tournament in Jakarta to appeal to young gamers.

Persons: Khairiya Ismah, Joko Widodo, they've, ”, Prabowo Subianto, Ganjar Pranowo, Anies Baswedan, Gibran Rakabuming Raka, Subianto, They're, who's, Raka, Subianto's, Chong Sung Kim, Kim, ” Kim, It's, Karlina Octaviany, Baswedan, Ahn, Octaviany, “, Muhammad Fakrezi Syamil, he’s, ” Ismah Organizations: Indikator Politik, Pixar, Subianto's Gerindra Party, Twitter, Golkar, Indonesian, “, Associated Press Locations: JAKARTA, Indonesia, Jakarta, Surakarta, Indikator, Indikator Politik Indonesia, South, Israel, Korean, Indonesian, South Korea, South Jakarta

☆ Premarket stocks: US companies are still worried about an economic shock
▼ + stars: | 2024-02-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

A version of this story first appeared in CNN Business’ Before the Bell newsletter. But America’s publicly traded companies are flashing a key sign of economic uncertainty — they’ve been hoarding cash. And companies with existing and expensive debt in a high-interest rate environment would likely want to use their cash to pay it down. “We interpret this correlation as evidence that cash reserves act like insurance against sudden economic shocks,” wrote the researchers. The missing bolts are apparently not the only problem.

Persons: America’s, ” Vijay Govindarajan, ”, Dartmouth’s Govindarajan, Anup Srivastava, Chandrani Chatterjee, Max, Jennifer Homendy, Homendy, Evan Spiegel, Tuesday’s, Read Organizations: CNN Business, Bell, New York CNN, CNN, Moody’s Investors, Dartmouth’s Tuck School of Business, University of Calgary’s Haskayne School of Business, University of Texas, JPMorgan, NTSB, Boeing, National Transportation Safety, Max, Alaska Airlines, United Airlines, Wall Street, Meta Locations: New York, Ukraine, Arlington, Alaska, Oregon, ”

☆ Silver set for a 'terrific year' and could outperform gold to hit a 10-year high
▼ + stars: | 2024-02-07 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Global silver demand is forecast to reach 1.2 billion ounces in 2024, which would mark the second-highest level on record, the Silver Institute said in a recent report. "We think silver will have a terrific year, especially in terms of demand," Michael DiRienzo, executive director of the Silver Institute told CNBC. He expects silver prices to reach $30 per ounce, which would be a 10-year high, according to data from LSEG. Silver prices, like gold, tend to have an inverse relationship with interest rates. In contrast, gold prices usually rise during times of economic weakness or uncertainty.

Persons: Nicky Loh, Michael DiRienzo, Randy Smallwood Organizations: Silver Bullion, Bloomberg, Getty, Silver Institute, CNBC, Wheaton, Metals, U.S . Federal Reserve, Wheaton Precious Metals, Vw Locations: Singapore, India, U.S

☆ Voyager Ventures backs climate tech startups. It just raised its second $100 million fund.
▼ + stars: | 2024-02-07 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Read previewClimate tech VC firm Voyager Ventures has raised another fund hot on the heels of its first, bringing its assets under management to $200 million. The new fund can invest alongside or after Voyager Fund I and independently where it has developed competitive access. AdvertisementThe fund hit final close in May 2023, which was previously undisclosed, just 15 months after closing its first fund. It is also eyeing the second edition of the earlier-stage Voyager Fund, which Peterson and Sclarsic will start raising this year. Voyager Ventures currently has 19 portfolio companies across the two funds.

Persons: —, Sierra Peterson, Sarah Sclarsic, Peterson, Sclarsic Organizations: Service, Voyager Ventures, Business, Voyager, Northwestern University, Novo Holdings Locations: San Francisco and New York, North America, Europe

☆ BlackRock loses top infrastructure investor to Manulife amid executive shakeup
▼ + stars: | 2024-02-06 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

Valentine Andrews, 52, will report to Lorentz and lead the firm's "next era of private markets growth," he wrote. She will remain in New York City, where Manulife's private equity and private credit teams are based. Valentine Andrews joined BlackRock in 2014 from Morgan Stanley, where she spent seven years and helped establish the firm's infrastructure-investing platform. She previously worked at Macquarie Bank, the firm known for its infrastructure investments, in Melbourne and New York. "I like to think about living life in chapters," Valentine Andrews wrote in a post on LinkedIn last month.

Persons: CQS, Anne Valentine Andrews, Paul Lorentz, Valentine Andrews, Lorentz, Angelo Gordon, Nuveen, BlackRock, Edwin Conway, Salim Ramji, Vipon, Brian Kernohan, Marc Feliciano, Morgan Stanley Organizations: Manulife Investment Management, Business, BlackRock, Manulife, Investment, Global Infrastructure Partners, TPG, Macquarie Bank, LinkedIn Locations: Toronto, Massachusetts, Manulife, New York City, Melbourne, New York

☆ Warnings, liquidity boost and proverbs — China's tools for propping up its stock market
▼ + stars: | 2024-02-06 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +1 min

Chinese financial authorities have been striving to prop up the country's stocks through various measures, including steps aimed at increasing the liquidity in the market, warnings against malpractices and falling back on proverbs. With the onshore markets already erasing gains after the People's Bank of China announced steps to boost liquidity last month, there are doubts whether this familiar Beijing playbook will have a meaningful impact on markets. On Tuesday, Central Huijin, a unit of the mammoth sovereign wealth fund China Investment Corporation, said it had expanded purchases of exchange-traded funds linked to the country's onshore stocks to safeguard market stability. China Securities Regulatory Commission had also warned Monday against "malicious" short-selling and said it would step up scrutiny of margin financing following a volatile trading session. On Sunday it had assured to protect the interests of investors after onshore markets plunged as much as 3% before paring losses Friday.

Organizations: People's Bank of China, China Investment Corporation, China Securities Regulatory Commission Locations: Beijing, China

☆ China is pumping money into stocks and markets are loving it
▼ + stars: | 2024-02-06 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The Shanghai Composite, mainland China’s benchmark index for large state-owned companies and blue-chip stocks, ended up 3.2% on Tuesday, ending a six-day losing streak. By Monday, about $6.1 trillion in market value had been wiped from the Chinese and Hong Kong stock markets since their recent peaks in February 2021. Central Huijin Investment, the equity arm of state-owned China Investment Corp, announced Tuesday that it had recently expanded its holdings of exchange-traded funds (ETFs) on mainland stock markets. The intensified efforts came after Chinese markets resumed their slide on Monday, when more than 1,800 stocks fell by more than 10% in Shanghai and Shenzhen. Tuesday’s rally in China was in contrast to other markets in the region.

Persons: “, Australia’s, Evergrande, Anna Cooban Organizations: Hong Kong CNN, Alibaba, Huijin Investment, China Investment Corp, China Securities Regulatory Commission, Central Huijin Investment, Embassy, Nikkei, Kospi Locations: China, Hong Kong, Shanghai, Shenzhen, Europe, Beijing, United States

☆ Opinion | The G.O.P. Bumper Sticker: Trump First. Putin Second. America Third.
▼ + stars: | 2024-02-06 | by ( Thomas L. Friedman | ) www.nytimes.com time to read: +2 min

Every so often there is a piece of legislation on Capitol Hill that defines America and its values — that shows what kind of country we want to be. Will America carry the red, white and blue flag into the future — or just a white flag? Given the pessimistic talk coming out of the Capitol, it is looking more and more like the white flag — autographed by Donald Trump. bumper sticker: Trump First. … The hard-core MAGA wing represents a minority within a minority, yet our institutional rules permit them to veto decisions clearly favored by a majority of Americans.”

Persons: America, Donald Trump, ” “, Vladimir Putin, Trump, Today’s, Putin, Francis Fukuyama, “, ” Organizations: Capitol, Washington, Republican Party, ” “ Trump, America, Purpose, MAGA Locations: America, Ukraine, Taiwan, Israel, United States

☆ The IRL social startup 222 is moving from LA to NYC as it launches an app and raises $2.5 million
▼ + stars: | 2024-02-05 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +6 min

For the founders behind the IRL social startup 222, it's all about the "magic of the backyard." The 222 team then organizes a multi-stage meetup, which includes a restaurant as well as another venue like a museum or a bar. At its events, 222 wants attendees to feel comfortable and leave "judgment at the door," said Hashemi, 222 's COO. "A lot more people are coming around to this idea of in real-life social," Hashemi said. Kazemian, Hashemi, and Roshannai, meanwhile, want to help swing the pendulum back to IRL — back to real relationships.

Persons: Keyan Kazemian, Danial Hashemi, Arman Roshannai, — Kazemian, Hashemi, Roshannai, Kazemian, —, Catalyst, Arash Ferdowsi, Cory, Catalyst's Niko Bonatsos, Sydney Bradley Organizations: Business, Scrum Ventures, Dropbox, University of Southern, YC, Tech, IRL Locations: Los Angeles, California, New York, New York City, University of Southern California, SoHo , New York

☆ Paramount, even with a takeover offer, may still prove a rare losing bet for Berkshire Hathaway
▼ + stars: | 2024-02-05 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Paramount Global shares got a boost last week after reports of a potential takeover offer , but the media company could still prove a rare losing bet for Berkshire Hathaway , its biggest institutional investor. The media company's Class B shares climbed almost 5% last week to close Friday at $14.43 as investors cheered billionaire media mogul Byron Allen's $14.3 billion buyout bid. Allen Media Group offered $21.53 for each Class B nonvoting share of Paramount, about 50% above the 90-day average price. The Omaha-based conglomerate owns 93.7 million shares of Paramount nonvoting Class B stock, or a 15.4% stake, according to FactSet. It may have been the case that Berkshire was betting on Paramount being an acquisition target.

Persons: Berkshire Hathaway, Byron Allen's, Buffett, You've, Shari Redstone, Don Bilson, Gordon Haskett, Allen Organizations: Paramount Global, Berkshire, Allen Media Group, Paramount, Paramount nonvoting, Oracle, CBS, Showtime, Nickelodeon, Skydance Media, Warner Bros . Locations: Omaha

☆ Premarket stocks: Main Street is still investing like it’s 2023
▼ + stars: | 2024-02-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Before the Bell spoke to Joe Mazola, director of Schwab Trader Education, about the growing importance of retail investors in markets, where Main Street is investing and why people are still enamored with Elon Musk. Why is it so important to single out retail investors and track where they’re putting their money? Is there a big difference between what retail investors and institutional investors are doing right now? That means the Fed is due to cut rates in 2024, which officials themselves projected in December. We just want some more confidence before we take that very important step of beginning to cut interest rates,” he told “60 Minutes” correspondent Scott Pelley.

Persons: Elon Musk’s, Tesla, Charles Schwab, Schwab, Bell, Joe Mazola, Elon Musk, Joe Mazzola, it’s, they’re, there’s, They’ve, Powell, Jerome Powell, “ We’ve, ” Powell, ”, Price, “, Scott Pelley, Read, 23andMe, Anne Wojcicki, ” Wojcicki, they’ve, Wojcicki Organizations: CNN Business, Bell, New York CNN, Tesla, Big Tech, Nvidia, Amazon, Microsoft, Devices, Schwab Trader Education, Elon, Treasury, Federal Reserve, Investors, CBS, Fed, Nasdaq, CNN Locations: New York, Street, Silicon Valley

☆ Senegal parliament to debate extending president’s mandate as protests break out
▼ + stars: | 2024-02-05 | by ( Story Reuters | ) edition.cnn.com time to read: +3 min

Reuters —Senegalese police on Sunday cracked down on protests against the postponement of the presidential election, as parliament prepared to debate a bill that would reschedule the vote for August and extend President Macky Sall’s mandate. “It (AU) strongly encourages all political and social forces to resolve any political dispute through civilized consultation, understanding and dialogue..,” the statement added. Senegal has never delayed a presidential vote and uncertainty about what happens next threatens to fuel further unrest like the deadly protests of recent years that have tarnished its reputation as one of West Africa’s most stable democracies. In one area, around 200 people retreated into side streets after police in riot gear fired tear gas and started detaining protesters. Further protests are planned outside parliament on Monday.

Persons: Macky Sall’s, Sall, ”, Moussa Faki Mahamat, Daouda Ndiaye, Anta Babacar Ngom, Aminata Toure, Macky’s, ” Toure Organizations: Reuters, Senegalese, Reuters . African, Economic, West African States, Sunday Locations: Senegal, West, Dakar

It's the kind of obstruction of key policy objectives for which Orbán has become notorious within the European Union. “We are the sand in the machinery, the stick between the spokes, the splinter under the fingernail,” Orbán said in a speech to tens of thousands of supporters in 2021. Now, frustrated EU officials are trying to determine what Orbán seeks to achieve with his obstructionist strategy, and how they might overcome it. But with his veto power, the nationalist leader will have plenty of further opportunities to sow discord within the EU. Widely considered to be Russian President Vladimir Putin’s closest ally in the EU, Orbán has been accused by his critics of promoting Moscow’s interests over those of his EU and NATO allies, and of preparing to lead his country out of the EU entirely.

Persons: —, Viktor Orbán, Orbán, ” Orbán, Donald Tusk, “, ”, Péter Krekó, ” Krekó, “ Orbán, Daniel Freund, Freund, it’s, he's, Donald Trump, Joe Biden, “ He’s, he’s, Krekó, Vladimir Putin’s Organizations: NATO, European Union, EU, Conservative Political, Green, United, U.S, Trump, Germany, Political Locations: BUDAPEST, Hungary, Brussels, Polish, Ukraine, Budapest, Germany, France, Italy, Europe, United States, Washington, Netherlands, Union

☆ Activist Bluebell believes BP is 50% undervalued compared to peers
▼ + stars: | 2024-02-03 | by ( Kenneth Squire | ) www.cnbc.com time to read: +11 min

The company's segments include gas & low-carbon energy, oil production & operations and customers & products. Its gas business includes upstream activities that produce natural gas, integrated gas and power, and gas trading. Its oil production & operations segment comprises upstream activities that produce crude oil, including Bpx Energy. As of Bluebell's October 4, 2023, letter to BP, BP traded on a price-earnings ratio of 6.7 times, a 44% discount to Chevron and ExxonMobil, which on average traded at 12 times. To make it even clearer how the market views BP's strategy, on February 7, 2023, when BP announced its partial retracement from this strategy, BP's share price rose 8% on the day and 17% on the week.

Persons: Giuseppe Bivona, Marco Taricco, Bivona, –, Helge Lund, Bluebell, BP's, Bernard Looney, Shell, Looney's, Looney, Pamela Daley, Solvay, Glencore, Ken Squire Organizations: BP Bunge, Bpx Energy, Castrol, Bluebell Capital Partners, Bluebell Partners, BP, ExxonMobil, Chevron, Bluebell, International Energy Agency, EV, Exxon, Shell, Mr, Renewables, Power, BP's Board, BlackRock, 13D Locations: bioenergy, Europe, Bluebell, Paris, Bioenergy, United States, U.S

☆ Mike Maignan: Subjected to racist abuse, AC Milan star now finds himself being kicked around like a political football
▼ + stars: | 2024-02-03 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +9 min

CNN —A leading soccer goalkeeper, who is Black and was subjected to racist abuse during a match in Italy’s top league last month, now finds himself being kicked around like a political football. Maignan received widespread support from the football world and FIFA President Gianni Infantino called for automatic forfeits for teams whose fans have racially abused players. Maignan speaks with referee Fabio Maresca during the match between AC Milan and Udinese. AC Milan players react after Maignan was racially abused by Udinese fans. ‘Simply shameful’The Maignan incident comes 11 years after another AC Milan star – midfielder Kevin-Prince Boateng – made history by walking off the pitch during a friendly match after suffering abuse for 25 minutes.

Persons: Mike Maignan, Stefano Pioli, Maignan, Gianni Infantino, Fabio Maresca, Alessandro Sabattini, Alberto Felice De Toni, “, ” De Toni, ”, De Toni, Pietro Fontanini, Matteo Salvini, Maignan didn’t, ” Fontanini, Jennifer Lorenzini, Fontani, Tobias Jones, Jones, “ They’re, ” Jones, Kevin, Prince Boateng –, Carlo Tavecchio, Valerio Pennicino, Tavecchio, ” Boateng, “ There’s, It’s, it’s, ” Kevin, Prince Boateng, Pro Patria Busto Arsizio, Daniele Mascolo, Anne Frank’s, Samuel Umtiti –, Lameck Banda, Lameck, Manuel Lazzari of, Maurizio Lagana, Infantino, Frenchman Organizations: CNN, AC Milan, French national, Udinese, Frenchman, Serie, Milan’s Serie, Bologna, San, Milan, FIFA, AC Monza, Udinese’s, Lega, Reuters, Football, Black, Lazio, Lega Seria, Serie A, Gazzetta dello, Pro Patria Busto, Shutterstock, AS Roma, French, Ligue, Lille –, Lecce, “ Lazio Locations: Italy’s, Udine, Italy, San Siro, Curva, —, Maignan, England, Russia, Italian, Shutterstock Lazio, Rome, Manuel Lazzari of Lazio, Lazio

☆ Investors are unlikely to dump cash in favor of locking in bond yields, JPMorgan says
▼ + stars: | 2024-02-02 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

The inflows this year come at a time when, historically, money funds see seasonal outflows. Ho calculates about $5.5 trillion of the assets sitting in money market funds are core liquidity for companies and cash savings for retail investors. In fact, the most recent push into money market funds is coming from institutional investors, according to the ICI. Assets of institutional money market funds increased by $33.06 billion to $3.65 trillion, while retail money market funds rose by $8.62 billion to $2.35 trillion, the organization found. That's because yields on money market funds lag behind Fed moves.

Persons: Teresa Ho, Ho, Powell, Shelly Antoniewicz, Jerome Powell, AllianceBernstein, Monika Carlson, Carlson, Amy Arnott, Arnott, Rob Williams, Charles Schwab Organizations: JPMorgan, Investment Company Institute, Federal Reserve, CNBC, ICI, Fed, Treasury, Morningstar, Charles, Charles Schwab Center, Financial Research Locations: Treasurys

☆ ASEAN launches guide for governing AI, but experts say there are challenges
▼ + stars: | 2024-02-02 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Close up of woman's hand touching illuminated and multi-coloured LED display screen, connecting to the future. People, lifestyle and technologyThe Association of Southeast Asian Nations on Friday published a framework for artificial intelligence governance, but experts say member states being at "different stages of digital development" could pose a challenge. "The guide seeks to establish common principles for trustworthy AI and suggest best practices for how to implement trustworthy AI in ASEAN," said Singapore's Ministry of Communications and Information. Singapore is hosting the 4th ASEAN Digital Ministers' Meeting from Feb. 1-2 to discuss emerging digital issues including AI and cyber scams. Kristina Fong, lead researcher for economic affairs at ASEAN Studies Centre, said "the light-touch, flexible approach" to managing AI risks with the guide is a "reflection of the challenges posed by the development gaps between ASEAN member states."

Persons: Kristina Fong, Fong Organizations: of Southeast Asian Nations, ASEAN, Singapore's Ministry of Communications, Information, ASEAN Digital Ministers, ASEAN Studies Centre Locations: Singapore

At the center of that growth are newer genres of Afrobeats — the renowned blend of distinct West African music styles — and amapiano, which fuses South African kwaito with African jazz, house music and soulful vocals. The 2022 track became the first led by an African artist to hit 1 billion Spotify streams and has the record for the most weeks — 64 — spent on Billboard’s Pop Airplay chart. And some tracks meld the genres under the African music umbrella. That reach is particularly interesting considering that African music is produced for its people, embodying all aspects of their lives from their culture and experiences to their struggles, LeriQ says. The continent leads mobile device web traffic in the world, according to the U.S. International Trade Administration, translating to more market opportunities for artists.

Persons: ”, Burna Boy’s, Rema’s, Selena Gomez, —, Joey Akan, ‘, Burna, ’, Musa Keys, Boy, Istanbul's, Rema, Davido, Tina Davis, Olamide's, Angélique Kidjo, LeriQ, Nay, Mitego, Chika Anene, gatekeepers, Eric Wainaina, G’bemi Ereku, Nigeria —, Jhello, ” ___ Mureithi, Maria Sherman Organizations: FIFA, International Federation of, Phonographic Industry's, Spotify, Afrobeats Intelligence, UEFA Champions League, Pew Research, U.S . International Trade Administration, United, Afro Nation, AP Locations: ABUJA, Nigeria, Nigerian, Saharan Africa, African, South Africa, Africa, Tanzania, Abuja, Kenyan, Lagos, United States, Statista, Nairobi, Kenya, Johannesburg, Los Angeles

☆ VCs need to return cash to their investors. The secondary market is coming alive as a result.
▼ + stars: | 2024-02-02 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +5 min

Venture capitalists need to free up cash and return money to their own investors, known as limited partners (LPs). The secondary share sales market in the US is well established. Bad timingMost VC funds agree to return their profits to their LPs within 10 years. A record 31 secondary funds headquartered in Europe were established in 2021, amid the hype period, with $29 billion in assets under management per PitchBook. It all comes down to how buoyant the VC market is: "If the market is good again, then who's going to sell secondary?

Persons: There's, Michael Smith, Regeneration's Smith, Kelly Rodriques, Hussein Kanji, Kanji, Hussein, Tom Henrikkson, OpeanOcean, it's, Henrikkson Organizations: Venture, Business, Industry Ventures, Cherry Ventures, Ventures, Albion, Forge, Financial Times, VC, Hoxton Ventures, Sequoia Locations: Silicon Valley, Europe, San Francisco, Amsterdam, London

LONDON (AP) — A major work by surrealist painter René Magritte that hasn’t been shown in public for a quarter century could fetch 50 million pounds ($64 million) at auction next month. Christie’s auction house announced Saturday that it will offer “L’ami intime” (The Intimate Friend) at a March 7 sale in London marking a century of the surrealist movement in art. The painting includes several of the Belgian artist’s signature motifs, including a bowler-hatted man and fluffy white clouds on a blue sky. Last exhibited publicly in Brussels in 1998, it’s being auctioned for the first time since 1980, and has a pre-sale estimate of between 30 million and 50 million pounds ($38 million and $64 million). Camu said Magritte, who died in 1967, has become the most “in-demand” of all the surrealists.

Persons: René Magritte, hasn’t, Olivier Camu, Magritte, Last, it’s, Andre Breton’s, ” Camu, Camu, Salvador Dali, “ Magritte, —, “, ”, Gilbert Kaplan —, Lena Kaplan Locations: London, Belgian, Brussels, Los Angeles, New York, Hong Kong

☆ This fund looks like a surprise winner of the bitcoin ETF approval
▼ + stars: | 2024-02-02 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

And it still remains the case that bitcoin futures are regulated, and spot bitcoin is not," Simeon Hyman, head of the investment strategy group at ProShares, told CNBC. One theory for why the futures ETF has continued to have success is that there are listed options for bitcoin futures products, but not for the spot products, said Aniket Ullal, head of ETF data and analytics at CFRA. The ProShares futures ETF may also be getting helped by increased action in the futures market itself. To be sure, not all bitcoin futures products are going strong. VanEck announced Jan. 17 that it was liquidating its bitcoin futures ETF.

Persons: FactSet, Simeon Hyman, Aniket Ullal, Ullal, Hyman, it's, Tim McCourt, VanEck, Jan, BITO Organizations: CNBC, CME Group Locations: United States, bitcoin

☆ FAFSA delays likely to slow college decisions. 'It's a real mess,' expert says. Here's what to do if your financial aid letter is late
▼ + stars: | 2024-02-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

For most students and their families, which college they will choose hinges on the amount of financial aid offered and the breakdown between grants, scholarships, work-study opportunities and student loans. This year, schools are now waiting on that FAFSA information to begin building financial aid packages and to give students and families enough time to weigh their options. "The delay in sending FAFSA data to colleges will cause college financial aid offers to be delayed until at least April, maybe even May." "Making an offer of admission without offering a full financial aid offer really isn't useful for most families," said Adam Miller, vice president for admission and financial aid at Whitman College in Walla Walla, Washington. To do this, Whitman and other colleges would need to leverage the information families provided in their completed CSS Profile.

Persons: Mark, Mark Kantrowitz, Adam Miller, Whitman, Miller, Rick Castellano, Sallie Mae, Castellano Organizations: National College, Whitman College, College Board, Decision Locations: Walla Walla , Washington

☆ Knockout Meta profit wasn't even the best surprise of the quarter for investors
▼ + stars: | 2024-02-01 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +11 min

Generative AI, as expected, was a big focus of the earnings call. He also noted the company's advanced virtual assistant, Meta AI, was made fully available in the U.S. by the end of 2023, and the firm is testing more than a dozen other generative AI features. But investors across the tech industry are increasingly wondering when all the spending on generative AI will translate to revenue – and that's no different for Meta. Nevertheless, Li said Meta's suite of generative AI tools for advertisers is its biggest near-term monetization opportunity. Further down the road, Li indicated that business messaging is another compelling opportunity to make money from generative AI.

Persons: Mark Zuckerberg's, Meta, Zuckerberg, Susan Li, Mark Zuckerberg, Li, EssilorLuxottica, Jim Cramer, Ray, Meta's, it's, Jim Cramer's, Jim, Justin Sullivan Organizations: Revenue, LSEG, Meta, Reality Labs, Daily, Facebook, Management, Quest, VR, Apple, Vision, UBS, Pro, CNBC Locations: —, Instagram, U.S, Menlo Park , California

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