DIRS.INFO The most relevant business & tech news

☆ As Gen Z flounders at work and millennials struggle to buy a house, boomers are enjoying a golden moment
▼ + stars: | 2023-04-09 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

This week's dispatchThe Metals Company; Greenpeace; Luis Alvarez/Getty Images; Karl Hendon/Getty Images; Alyssa Powell/InsiderOptimists don't just dream — they do. Gen Zers and young millennials have soured on work just as much as everyone else — and that's bad news for companies everywhere. Also read:Tyler Le/InsiderOver the past few years, Lex Fridman has gone from an unknown academic researcher to a social-media celebrity and member of Elon Musk's inner circle. But recently, "The Lex Fridman Podcast" has become a haven for a growing and powerful sector looking to dismantle years of "wokeness." More on the rise of Lex Fridman.

☆ MLB roundup: Rays improve to 8-0 with rout of A's
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: +11 min

Springs scattered three hits, struck out seven and walked three while logging seven innings. The Astros rallied in the ninth on Jeremy Pena's two-run homer against Jovani Moran. Adam Duvall blasted a two-run homer and a pair of doubles while scoring three times. Pete Alonso and Eduardo Escobar each hit two-run homers for the Mets, who have won five of six games against the Marlins. Perdomo had three RBIs and two hits as Arizona racked up season highs for runs and hits (17).

By offloading some of the risk on their loans, the banks can significantly reduce how much capital they need to set aside to cover potential losses, according to law firm Clifford Chance. A bank can normally transfer risks of losses equivalent to around 7% to 12% of a loan portfolio, two market sources said. With synthetic structures, a bank transfers the risk via credit derivatives or guarantees but keeps holding the underlying exposures. The IFC sold BNP a $50 million guarantee on $1 billion of loans to emerging markets, they said, without disclosing terms. While Europe has been at the forefront for risk transfers, the stock of loans covered by SRTs is small relative to European banks' balance sheets.

☆ Stock-Based Pay and Bonuses Fall Under Finance Chiefs’ Cost-Cutting Knife
▼ + stars: | 2023-04-05 | by ( Mark Maurer | Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

Videogame company Unity Software is looking at reducing the number of shares it grants as part of compensation but hasn’t made any decisions yet. Some finance executives are tweaking compensation expenses—including stock-based pay and bonus eligibility—in the latest move among U.S. companies to cut costs from increasingly lean operations as recession concerns grow. Videogame company Unity Software Inc. and business-software firm Salesforce Inc. are among businesses weighing or moving ahead with bringing down stock-based compensation, while companies such as DSW Designer Shoe Warehouse parent Designer Brands Inc. and Facebook owner Meta Platforms Inc. are planning adjustments to worker bonuses. Firms like Google are making other trims to the employee experience by eliminating popular perks like snack bars and choosing software and equipment vendors based on cost.

☆ MLB roundup: Padres go back-to-back in 9th, edge D-backs
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +11 min

The A's were down 10-8 when Seth Brown followed a walk to Aledmys Diaz with a two-run homer off Guardians closer Emmanuel Clase in the last of the ninth. Angels 7, Mariners 3Shohei Ohtani and Taylor Ward hit two-run homers as Los Angeles defeated host Seattle. Yankees 8, Phillies 1Anthony Rizzo ignited a five-run fifth inning with a two-run homer, and host New York cruised to victory over Philadelphia. His counterpart, Jose Berrios (0-1), allowed eight runs, nine hits and two walks while striking out seven in 5 2/3 innings. Ozzie Albies hit a two-run homer and Austin Riley had a solo shot for the Braves, who have won three of four games to start the season.

☆ Ahead of Easter, Nicaraguan Catholics press on despite procession ban
▼ + stars: | 2023-04-04 | by ( Ismael Lopez | ) www.reuters.com time to read: +2 min

Ortega's tough stance on the church has been met by a mix of fear and determination among the Central American nation's Catholics. "What's most important is to live our faith," said Maria Flores, who noted that the canceled street procession this Friday - when Christians worldwide mark the crucifixion of Jesus - will be the first time in over four decades she will miss it. Eliseo Nuñez, a Nicaraguan political analyst in exile in neighboring Costa Rica, said government officials banned the processions to quash the prospect of further unrest. In 2005, former Marxist rebel Ortega converted to Catholicism ahead of winning the presidential election the following year. Reporting by Ismael Lopez; Writing by David Alire Garcia; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ MLB roundup: Trayce Thompson's 3 HRs power Dodgers' rout
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +10 min

Rangers 16, Phillies 3Mitch Garver hit a pair of three-run home runs in Texas' rout of Philadelphia in Arlington, Texas. Blue Jays starter Kevin Gausman (0-1) struck out seven and walked one in six innings. Nationals starter Josiah Gray (0-1) allowed five runs on seven hits -- including three home runs -- in five innings. Gray (1-0) allowed three hits, struck out one and walked four in the second game of the three-game series. The Rays scored the seven runs on six hits, and Yandy Diaz added two runs with a home run the following inning.

☆ No Haaland, no problem as Man City thrash Liverpool 4-1 to keep up title chase
▼ + stars: | 2023-04-01 | by ( Lori Ewing | ) www.reuters.com time to read: +3 min

MANCHESTER, England, April 1 (Reuters) - Manchester City showed they can win without goal machine Erling Haaland as they put four past Liverpool at the Etihad on Saturday to keep their chase of Premier League leaders Arsenal very much alive. Julian Alvarez, Kevin De Bruyne, Ilkay Gundogan and Jack Grealish were all on target for Pep Guardiola's side in a goal-packed return to Premier League action after the international break. "We had a chat between ourselves and with the manager (at halftime) and he said we have to stay in the game," Grealish said. "The first minute to 93 ... really really good, the way we played." Looking ahead though, the England winger insisted that the fate of the Premier League this season is still in Arsenal's hands.

☆ Soccer-Leaders Arsenal respond in style after Man City thrash Liverpool
▼ + stars: | 2023-04-01 | by ( Martyn Herman | ) www.reuters.com time to read: +4 min

Arsenal's seventh successive league win moved them to 72 points from 29 games with City, who still have to play the London club at home, on 64 having played one game less. Jean-Philippe Mateta's late goal sparked jubilation amongst the home fans as Palace moved into 12th place with 30 points, five points ahead of third-from-bottom Leicester. Pressure is intensifying on Leicester manager Brendan Rodgers as his side lost for the fifth time in six league games. Nottingham Forest and Wolverhampton Wanderers drew 1-1 at the City Ground as both clubs stayed far too close to the relegation zone for comfort. The result took both teams above Liverpool with Brighton in sixth place and Brentford in seventh.

☆ Haaland's absence fails to stop Man City from hammering Liverpool
▼ + stars: | 2023-04-01 | by ( Lori Ewing | ) www.reuters.com time to read: +2 min

"Nothing changed," Guardiola said after his 100th win at Etihad with City. The club made an exceptional signing with him – he's a world champion alongside Lionel Messi because he has something." His fitness is unclear, although TV cameras caught him on his feet wildly celebrating Alvarez's goal. The City manager pumped his fists wildly after Alvarez's goal and then confronted Liverpool substitutes Kostas Tsimikas and Arthur Melo when they walked by him on the sidelines seconds later. "Manchester City are disappointed to have heard inappropriate chants from home fans during today's game," the team said.

☆ New Corporate Minimum Tax Could Ensnare Some Firms Over One-Time Moves
▼ + stars: | 2023-03-30 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

The IRS building in Washington. The 15% corporate minimum tax applies to companies that report income averaging at least $1 billion over three years. A new corporate minimum tax is stoking concern among some companies that one-time activities, such as the sale of a business unit, will push them over the threshold for the levy even though the companies wouldn’t otherwise qualify. The 15% corporate minimum tax that went into effect at the beginning of this year applies to U.S.-based companies that report income to shareholders averaging at least $1 billion over three years. What’s more, once a company is subject to the levy, it remains that way even if profits decline unless certain conditions are met, such as a determination from the government that a company shouldn’t be subject to the minimum tax.

☆ Germany is overhauling its immigration rules to bolster a rapidly shrinking workforce
▼ + stars: | 2023-03-27 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +8 min

Currently, only people with EU passports, or those who have one parent from Germany, are eligible to hold German citizenship. Immigration reforms based on Canada's points system, meanwhile, will make it easier for skilled workers to enter the country without having professional qualifications recognized in Germany. A January survey showed that more than half of German companies are struggling to fill vacancies due to a lack of skilled workers. The number of people who can come and set up businesses will be huge and a huge benefit for the country. "The number of people who can come and set up businesses will be huge and a huge benefit for the country."

☆ Silicon Valley Bank became the go-to bank for startups with a network of top-tier VCs. Underrepresented founders say that created barriers to access for them.
▼ + stars: | 2023-03-23 | by ( April Joyner | Ben Bergman | ) www.businessinsider.com time to read: +7 min

But some early-stage founders told Insider they had trouble getting access to SVB's services. SVB's reliance on VC networks made it less accessible to some underrepresented founders, they said. With its focus on venture-backed startups, Silicon Valley Bank provided loans and lines of credit to businesses that often wouldn't qualify for such services at a larger bank. But the earliest-stage companies — those without significant venture funding or a notable VC backer — were still sometimes shut out, founders told Insider. Jean-Charles and Alvarez-Bailey said they didn't believe bias or discrimination was at play in SVB's decisions — they simply didn't meet the bank's VC funding threshold.

☆ A TikToker with 135K followers who posts about mental health has secured deals with brands like BetterHelp and Dove. Read his 2-page media kit.
▼ + stars: | 2023-03-22 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +5 min

Jorge Alvarez started posting on TikTok in April 2021 because he wanted more Latinx representation. He shares the 2-page media kit he uses to partner with brands like BetterHelp, Dove, and Taco Bell. Jorge Alvarez started posting mental-health content on TikTok in April 2021 because he didn't think there was enough Latinx representation on the social-media platform. Here is what a recent version of his media kit looks like. Page 1 of Jorge Alvarez's media kit.

☆ As Ford Carves Out Its EV Unit, Reporting by Region Gets Ditched
▼ + stars: | 2023-03-21 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

With Ford Motor Co. splitting its electric-vehicle business out as a separate division, it becomes the first of the Big Three auto makers in the U.S. to change how it reports its financial results to acknowledge the fast-growing EV future alongside the legacy business of making gasoline-powered vehicles. Ford has already been selling electric vehicles, including its Mustang Mach-E sport-utility vehicle and the F-150 Lightning, and it has said it would spend more than $50 billion on EVs through 2026. The Dearborn, Mich.-based auto maker also expects electric vehicles to account for one-third of global sales by 2026, or about two million EVs total, and half of its global sales by 2030, compared with a previous target of 40%.

☆ SVB Collapse Spurs Finance Executives to Re-Evaluate Cash Strategies
▼ + stars: | 2023-03-21 | by ( Mark Maurer | Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

Many of SVB’s clients were startups with small finance teams, making it appealing as it also provided treasury services tailored to those businesses. Financial officers at companies with money held at Silicon Valley Bank are re-evaluating their cash-management strategies in the wake of the bank’s collapse, a reckoning that comes after many firms feared they also would go under without access to their funds. SVB , which catered to tech, private- equity and venture-capital firms, was taken over by federal regulators last Friday as depositors withdrew tens of billions of dollars over two days amid concerns about the bank’s liquidity. While regulators on Sunday unveiled emergency measures to ease fears and said SVB’s depositors would get all their money, the experience has served as a wake-up call for many executives.

☆ Virgin Orbit scrambles to avoid bankruptcy as deal talks continue
▼ + stars: | 2023-03-20 | by ( Michael Sheetz | ) www.cnbc.com time to read: +2 min

Virgin Orbit is scrambling to secure a funding lifeline and avoid bankruptcy, which could come as early as this week without a deal, CNBC has learned. Virgin Orbit CEO Dan Hart and other senior leadership held daily talks with interested parties through the weekend, according to people familiar with the matter, who asked to remain anonymous in order to discuss internal matters. At the same time, Virgin Orbit is bracing for a potential bankruptcy filing as soon as this week, one person said. A Virgin Orbit spokesperson declined to comment. Shares of Virgin Orbit have continued to fall since its pause in operations, with its stock slipping to near 50 cents a share in Monday trading.

☆ Virgin Orbit starts to plan for insolvency amid rescue talks, Sky News reports
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

March 19 (Reuters) - Aircraft engineering company Virgin Orbit Holdings Inc (VORB.O) has begun drawing up detailed contingency plans for its insolvency days after halting its operations and furloughing its workforce, Sky News reported on Sunday. Richard Branson's Virgin Group is working with restructuring firms Alvarez & Marsal and Ducera about fallback plans if they cannot secure new funding, the report added. Last week, Reuters reported that Virgin Orbit Chief Executive Dan Hart told staff in a meeting that the furlough was intended to buy the company time to finalize a new investment plan to help pull it out of its financial woes, while the duration of the furlough remained unclear. Virgin Orbit did not respond to a Reuters request for comment. Reporting by Urvi Dugar in Bengaluru; Editing by Aurora Ellis and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Silicon Valley Bank's CEO and CFO were ousted but other bank executives still have their jobs — and they're wooing new customers, acting CEO told clients.
▼ + stars: | 2023-03-17 | by ( Kali Hays | Darius Rafieyan | Dakin Campbell | ) www.businessinsider.com time to read: +5 min

Clients were told that the CEO and CFO are out of SVB, while other managers remain. His message to them: Silicon Valley Bank was fully operational, protected by unlimited FDIC insurance even for new deposits, and all business was functioning normally, as if the bank run on Friday never happened. In this case, Silicon Valley Bridge Bank is a full-service bank." Retaining management is, perhaps, a good outcome for the moment for SVB employees who have been cast in a pall of uncertainty since last week. SVB employees now seem to fall into three groups, according to the recruiter, who has spoken with SVB employees in recent days.

☆ Costco Gets a Boost as Impact of Last-In, First-Out Accounting Fades
▼ + stars: | 2023-03-15 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

Costco is seeing a slight decline in inflation, according to the retailer’s finance chief. With inflation stuck at high levels, some U.S. companies’ use of an accounting method that lowers their federal tax bill has increased costs and hit earnings. But for retail giant Costco Wholesale Corp., it is a different story. Companies including wholesale specialty foods distributor United Natural Foods Inc. and grocery chain Kroger Co. have recently announced last-in, first-out accounting—also known as LIFO—charges. Costco, meanwhile, had no LIFO charge for the quarter ended Feb. 12, compared with a $71 million charge a year earlier as the company sees some inflationary relief, said Chief Financial Officer Richard Galanti .

☆ Gen Z shares 5 red flags that could mean an employer doesn't care about work-life balance
▼ + stars: | 2023-03-13 | by ( Alexandra York | ) www.businessinsider.com time to read: +6 min

Some Gen Zers fear that asking about work-life balance in interviews could harm their job prospects. Gen Zers shared their warning signs when job hunting, including unclear goals and a "bonus day." Preston Jacobson, a 24-year-old working in retail management, said he left his job in February because it lacked a proper work-life balance. "Instead of just asking folks about the work-life balance, I would ask employees what they do outside of work," he said. Do you have something to share about navigating a work-life balance as a member of Gen Z, as a millennial, or as a part of another generation?

☆ SVB is still looking for a buyer. Here is what we know so far.
▼ + stars: | 2023-03-13 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

The weekend came and went without a buyer for SVB Financial Group, the parent company of the failed Silicon Valley Bank. SVB Capital focuses on venture capital and credit investing and SVB Securities is its investment banking arm. Axios reported Monday morning that JPMorgan and PNC were in talks to acquire SVB Financial Group but not the failed commercial bank. SVB Securities, better known as SVB Leerink, the investment banking arm born out of SVB's 2018 acquisition of Leerink, is a very desirable business, he added. "SVB Leerink is a well-known name in the tech and healthcare space that will be attractive to someone," said Healy.

☆ Nicaragua closes Vatican embassy in Managua, Nicaraguan embassy to Vatican
▼ + stars: | 2023-03-12 | by ( Philip Pullella | ) www.reuters.com time to read: +3 min

[1/5] A bishop sprinkles water on the catholic parishioners at the Metropolitan Cathedral, as a suspension of diplomatic ties between Nicaragua and the Vatican has been proposed according to a Nicaragua's foreign ministry statement, in Managua, Nicaragua March 12, 2023. REUTERS/StringerVATICAN CITY, March 12 (Reuters) - Nicaraguan President Daniel Ortega has ordered the closure of the Vatican Embassy in Managua and that of the Nicaraguan Embassy to the Vatican in Rome, a senior Vatican source said on Sunday. Nicaragua signalled that the move, which came a few days after Pope Francis compared the Nicaraguan government to a dictatorship, was "a suspension" of diplomatic relations. The Vatican source said that while the closures do not automatically mean a total break of relations between Managua and the Holy See, they are serious steps towards that possibility. A year ago, the Vatican protested to Nicaragua over the effective expulsion of its ambassador, saying the unilateral action was unjustified and incomprehensible.

☆ Nicaragua closes Vatican embassy in Managua, Nicaraguan embassy to Vatican - source
▼ + stars: | 2023-03-12 | by ( Philip Pullella | ) www.reuters.com time to read: +3 min

☆ Foreign Companies’ Supply Financing to Face Greater Disclosure Rules Next Year
▼ + stars: | 2023-03-09 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

Brazilian retailer Americanas SA in January filed for bankruptcy protection after revealing a roughly $4 billion hole in its balance sheet that was at least in part masked by its supply-chain finance program. An international accounting standards-setter has moved up by a year the timing for when companies would have to disclose details on their supply-chain financing, a move aimed at improving transparency after several high-profile blowups in recent years. The International Accounting Standards Board, which sets standards required globally, tentatively agreed at a Feb. 20 meeting on a one-year acceleration for standards that aim to outline what companies disclose on their supply-chain finance programs. As of Jan. 1, 2024, instead of 2025, businesses subject to the standards will have to disclose details such as the size and certain terms of their supply-chain finance programs.

Search resuls for: "Alvarez"

25 mentions found