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☆ Startup studio Fractal created 130 companies in 3 years. Founders say the deal structure has led VCs to 'blacklist' them.
▼ + stars: | 2023-06-29 | by ( Melia Russell | Stephanie Palazzolo | ) www.businessinsider.com time to read: +19 min

www.fractalsoftware.comOf the dozens of Fractal startups that have raised a seed round of funding, about half had Bienville Capital lead the deal, according to people familiar with the matter. Others say they knew what they were getting into with a venture studio, where a large ownership position is standard. Brendan Smialowski/AFP via Getty ImagesThe biggest draw for some Fractal founders was its plug-and-play approach. The founder of one Fractal startup remembered a time when his company was struggling to grow its customer base. That firm is raising a new $325 million fund to provide additional funding to Fractal companies exclusively, according to a person familiar with the effort.

Persons: Fractal's, he'd, they'd, Andreessen Horowitz, Mike Furlong, Nate Baker, Bienville, —, Brendan Smialowski, Founders, Angela Lee, Furlong, Baker, Ezra Shaw, who'd, who's, It's, Lee, She's, 8VC, Bain, Jeff Greenberg, Omri Bloch, who've, didn't, Stephanie Palazzolo, Melia Russell Organizations: Flatiron Health, Bienville, Insight Partners, Bienville Capital, Getty, Columbia Business School, Alpha, Midwest, Science, Olympic Club, Tiger Global, Craft Ventures, Founders, Vertical Venture Partners, Zag, Crew Capital, Bain Capital, Universal, Foundation, Fifth Locations: Bienville Capital, New York, Bienville, Indio, AFP, Santa Monica , California, Miami, San Francisco, GreenSpark, Columbia, Barti, Aktos, Bessemer, 8VC

☆ US banks gird for dose of post-stress-test trauma
▼ + stars: | 2023-06-29 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 29 (Reuters Breakingviews) - For the biggest U.S. banks, the nerves this year come after the exam. Fed stress tests subject banks to a theoretical market shock and incorporate elements of operational risk, and then spit out a “stress capital buffer” requirement tailored to each firm. The risk for banks is that new rules get piled on top of existing regulations in a process known as gold-plating. U.S. banks are awaiting a proposal from their regulators to revamp capital rules, expected in July. Gruenberg said regulators were considering expanding the reach of a stricter set of capital rules to include banks with over $100 billion in assets.

Persons: Goldman Sachs, Michael Barr, Jamie Dimon, Banks, Morgan Stanley, Jay Powell, PwC, watchdogs, Michelle Bowman, Martin Gruenberg, It’s, Gruenberg, Peter Thal Larsen, Streisand Neto Organizations: YORK, Reuters, Federal Reserve, JPMorgan, Citigroup, Banking Supervision, Basel III, America, State Street, Bank of New York Mellon, Big, Bank, U.S ., Reuters Graphics Reuters, Signature Bank, First, Fed, Federal Deposit Insurance, FDIC, Credit Suisse, Committee, “, “ Basel IV, Federal, Thomson Locations: U.S, Basel, Goldman, Big U.S, Swiss, “ Basel

Silicon Valley is bracing for what it fears will be an "extinction event" threatening the survival of hundreds of startups. Tom Loverro, a investor at 40-year-old Bay Area venture capital firm IVP, has been loudly warning for months on Twitter and in media interviews about a coming "mass extinction event" for startups. The total volume of venture capital investment into US startups has slumped for six consecutive quarters, according to data firm Pitchbook. Even a last-ditch slashing of the startup's prospective valuation — a "down-round," in Silicon Valley parlance — didn't whet investors' appetites. Over the past year, many startups that rely on Silicon Valley funding have been steeling themselves for the slowdown to avoid similar fates.

Persons: —, they're, Jennifer Neundorfer, That's, Tom Loverro, Loverro, Consuelo Vanderbilt, Vanderbilt, Cameron Lester, I've, Lester, Linda Ahrens, Ahrens, Unown, " Ahrens, Anna Dittrich, Plastiq, Vincent Harrison, Elad Gil, Steve Brotman, Brotman, Will Hawthorne, VC's, Mike Ryan, Pitchbook's Harrison, Sell, Hawthorne Organizations: Ventures, Sequoia Capital, —, Venture, Twitter, United States Federal Reserve, Jefferies, January Ventures, Alpha Partners, Avid Capital, Sugar, Menlo, BulletPoint Network Locations: Silicon, Sequoia, IVP, Valley, Instacart, Navan, Boston, Snowflake, America

☆ 6 reasons why the Capital One Venture X is worth the annual fee
▼ + stars: | 2023-06-28 | by ( Holly Johnson | ) edition.cnn.com time to read: +9 min

Still, I decided to keep the Capital One Venture X when the annual fee was charged again in December. The $300 annual travel credit is easy to useYou can book airfare on most major airlines with the Venture X's travel credit. The Venture X offers lots of airport lounge optionsThe Capital One Lounge at Dallas Fort Worth International Airport (DFW) airport. Getty ImagesThe Capital One Venture X offers some solid earning rates for travel booked through Capital One Travel. Anyone with am eligible rewards-earning Capital One credit card — including no annual fee cards like the Capital One Quicksilver Cash Rewards Credit Card and the Capital One VentureOne Rewards Credit Card — are also eligible to use the platform.

Persons: Emily McNutt, I’ve, Taylor, Taylor Swift Organizations: CNN, American Express, Capital, Venture, Getty, Venture X, Dallas Fort Worth International, Chase, Denver International, Dulles International, Chase Sapphire Reserve, Air France, KLM, Blue, British Airways Executive Club, American, 55,000, Air, Ticketmaster, Capital One Entertainment, Entertainment Locations: Bruges, Belgium, DFW, Dallas, Denver, Washington, airfare, Newark, Budapest, Paris, Air France

☆ Cash is all the rage as yields pop, but stocks are the way to go long term, BofA says
▼ + stars: | 2023-06-27 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Over the long term, stocks are the way to grow wealth, according to Bank of America. Some $5.43 trillion is in money market funds, as of the week ending June 21 , according to the Investment Company Institute. "That's another way of saying that the S & P 500 is one of the world's best wealth-generating machines ever constructed," she added. Further, financial crises tend to be followed by economic and earnings growth cycles, along with sustained price gains for stocks. "All of the above are powerful structural forces for future long-term earnings growth — and key reasons not to rebalance too far in the direction of money market funds," Sanfilippo wrote.

Persons: Lauren Sanfilippo, Sanfilippo, — CNBC's Michael Bloom Organizations: Bank of America, Investment Company Institute . Retail

The Drift Palm SpringsCapital One will launch a new hotel booking program for Venture and Spark Miles cardholders later this year. Hotels in the Capital One Lifestyle Collection will offer benefits that include early check-in, late checkout, room upgrades, and a $50 hotel experience credit. This program will complement Capital One's existing Premier Collection luxury hotel program for Capital One Venture X Rewards Credit Card and Capital One Venture X Business Card cardholders. More recently, the bank unveiled its Premier Collection, a luxury hotel booking program for Capital One Venture X Rewards Credit Card and Capital One Venture X Business Card cardholders. Intro Offer Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Persons: Miles cardholders, Read, —, it's, We're, Miles Organizations: Venture, Hotels, Capital One, Service, cardholders, One, Capital, Business, Business Chevron, Chevron, Finance, Partner, Reading Chevron, Resorts

The central bank on Wednesday will release the results of its bank "stress tests" which assess how much capital banks would need to withstand a severe economic downturn. The annual exercise, introduced following the 2007-2009 financial crisis, is integral to banks' capital planning, dictating how much cash they can return to shareholders via dividends and share buybacks. Despite the turmoil, and the exam being the hardest in years, bank analysts and executives expect the 23 lenders being tested will show capital in excess of regulatory minimums. While that will not affect capital, it will be used to assess potentially employing multiple scenarios in future stress test exercises. "In an environment of ever-changing risks, stress tests can quickly lose their relevance if their assumptions and scenarios remain static," said Barr in December.

Persons: Nick Zieminski WASHINGTON, JPMorgan Chase, Goldman, Morgan Stanley, jitters, Wells, Jefferies, Randal Quarles, Michael Barr, Barr, Pete Schroeder, Michelle Price, Deepa Babington Organizations: Citibank, REUTERS, Big U.S, Bank, U.S, Treasury, Citigroup Inc, Bank of America, JPMorgan, Goldman Sachs, Capital, U.S . Bancorp, Citizens, Fed, Bank Policy Institute, RBC, Thomson Locations: Jackson, Queens, New York City, U.S, Big, Silicon, Wells Fargo, Washington

☆ India heatwave: Humans approaching limits of 'survivability' as sweltering heatwaves engulf parts of Asia
▼ + stars: | 2023-06-26 | by ( Rhea Mogul | ) edition.cnn.com time to read: +7 min

Sunil Ghosh/Hindustan Times/ShutterstockThe rain in Uttar Pradesh is likely to continue this week, bringing cooler temperatures to the region. In Pakistan’s capital Islamabad, temperatures soared to 39 degrees Celsius (102 Fahrenheit) last week before weekend rain brought some relief to the region. Last April, India experienced a heatwave which saw temperatures in capital New Delhi go beyond 40 degrees Celsius (104 Fahrenheit) for seven consecutive days. Last week, Beijing’s temperature soared above 41 degrees Celsius (105.8 degrees Fahrenheit), setting a new record for the capital’s hottest day in June. According to the country’s meteorological observatory, Beijing, Tianjin, Heibei, Shandong will “continue to be baked by high temperatures.”

Persons: Sunil Ghosh, ”, Chandni Singh, “, ” Singh, Kevin Frayer Organizations: Hong Kong CNN, Hindustan Times, CNN, Indian Meteorological Department, IMD, Indian Institute for Human, University of Cambridge, Beijing Locations: Hong Kong, India, Uttar Pradesh, Lucknow, Noida, Bihar, heatstroke, China, Pakistan’s, Islamabad, New Delhi, heatwaves, Assam, Pakistan, Beijing, Tianjin, Heibei, Shandong

Last week, for instance, Nigeria's central bank allowed the naira currency to drop as much as 36% on the official market. Nestle, which is replacing imported corn starch in Nigeria with cassava starch, told Reuters it has helped seven local suppliers to boost capacity to meet the company's supply needs. ONION POWDER AND TURMERICNestle said it was working to develop local suppliers of vegetables and spices used in Maggi products, for instance onion powder in Nigeria and Senegal, and turmeric powder in Nigeria. Nestle did not comment on whether its position in Nigeria would help insulate it from foreign exchange volatility, neither did it give an indication of the economic impact of the local sourcing. ($1 = 0.8967 Swiss francs)Reporting by Richa Naidu; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Kat, Nestle, Richa Naidu, Emelia Sithole Organizations: Swiss, Nestle, REUTERS, LONDON, Reuters, Unilever, Thomson Locations: Bern, Konolfingen, Switzerland, Nigeria, Cameroon, Senegal, Swiss, Asia, East, Africa

☆ Australia regulator tells Medibank to set aside $167 mln after data breach
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, June 27 (Reuters) - Australia's banking regulator told insurer Medibank (MPL.AX) on Tuesday it would have to set aside A$250 million ($167 million) in extra capital, citing weaknesses identified in its information security after a network intrusion. "In taking this action, APRA seeks to ensure that Medibank expedites its remediation programme," member Suzanne Smith said. In a statement, Medibank said it had sufficient existing capital to meet the capital adjustment and would continue to work together with APRA on remediation measures. The regulator will also conduct a targeted technology review of Medibank, with a focus on governance and risk culture. ($1 = 1.4981 Australian dollars)Reporting by Renju Jose in Sydney; Editing by Chris Reese and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Medibank, Suzanne Smith, Renju Jose, Chris Reese, Lincoln Organizations: SYDNEY, Australian Prudential, Regulation Authority, APRA, Thomson Locations: Australia, Sydney

☆ Seeking nominations for the top VCs backing the creator economy in 2023
▼ + stars: | 2023-06-26 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +2 min

Insider is compiling our 4th annual list of the top VCs funding startups in the creator economy. While the once-on-fire creator economy funding landscape has cooled, many startups are still out raising capital and growing their companies. As the creator economy sheds weight as some startups shut down or consolidate, there is a new wave of startups launching and building in a tighter economy. What names should every founder in the creator economy know? Insider is putting together our fourth annual list of the top VCs who are funding innovative creator economy startups in 2023.

Persons: Goldman Sachs, Alexis Ohanian's Seven Organizations: Morning

☆ Bets on A.I. and innovation help this tech-focused T. Rowe Price fund outperform the market
▼ + stars: | 2023-06-25 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Since joining investment management firm in 2000, Allen's worked his way up the corporate ladder, taking the helm as portfolio manager of the T. Rowe Price Science & Technology (PRSCX) fund in 2009. In the wake of the latest artificial intelligence boom that's driven up last year's beaten-up technology stocks, it's skyrocketed nearly 38% in 2023. Longer-term, the fund, with a 0.84% expense ratio, offers 10- and 15-year trailing returns of more than 16% and about 13%, respectively. This year, Allen has benefited from a spectacular run-up in technology stocks, fueled by a mania for all things tied to artificial intelligence. "It's really important to learn over time when things go well and especially when things don't go well," Allen said.

Persons: Ken Allen, Rowe Price, Allen's, Allen, Salesforce, it's, Morningstar, I've Organizations: Colby College, Rowe Price Science & Technology, PRSCX, Apple, Netflix, Nvidia, Devices, Microsoft, Zalando, Amazon, Meta, Accenture, Mastercard, Texas, Texas Instruments Locations: Maine, Baltimore, Salesforce, Zalando, buybacks

☆ Opinion | Why This Economist Wants to Give Every Poor Child $50,000
▼ + stars: | 2023-06-23 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +51 min

What you’ve got to do to get more money from wealth is just let your money go out there and make money on its own. darrick hamiltonYeah, the extent to which our tax code incentivizes wealth and capital growth, it centers on existing wealth and capital growth. $50,000 to the most wealth-poor person seems like a big number, but we need to put that number in context. In other words, wealth begets more wealth, and wealth builds upon itself. ezra kleinI think that’s a great place to end, so I’ll ask our final question.

Persons: ezra klein, we’ve, We’ve, Darrick Hamilton, Biden Sanders, Bernie Sanders, Cory Booker, Ayanna Pressley, darrick hamilton, hamilton, you’re, ezra klein There’s, you’ve, that’s, Thomas Piketty’s, it’s, there’s, ezra klein I’m, —, ezra klein We’ve, Bill Gates, Elon, Ezra, Ira Katznelson, Crow, Bill, hasn’t, who’s, I’ve, they’re, ezra klein Let’s, darrick hamilton Naomi Zewde, wouldn’t, Let’s, darrick hamilton Ezra, darrick hamilton I’m, Arthur Lewis, Natalie Diaz, ” Natalie, ezra klein Darrick Hamilton Organizations: The New School, Biden, Task Force, Marshall, Black, Washington D.C, Federal Government, SEED, Oklahoma, Social, Social Security Locations: Hamilton, United States, Prosperity, America, Europe, Tulsa , Oklahoma, Connecticut, Washington, —, hamilton

☆ Beauty and tech company Oddity, which runs Il Makiage, files to go public
▼ + stars: | 2023-06-23 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Beauty and tech company Oddity, which runs the Il Makiage and Spoiled Child brands, filed to go public Friday as the once-frozen IPO market warms up. In the three months that ended March 31, the company saw $165.65 million in revenue, up from $90.41 million in the year-ago period. In fiscal 2022, Oddity brought in $324.52 million in sales and saw a net income of $21.73 million, or $5.94 a share. In 2020, it saw $110.64 million in sales and a net income of $11.71 million, or $3.45 a share. E.L.F., a multibrand beauty company, saw $144.94 million in sales in fiscal 2014 and a net loss of $2.88 million.

Persons: didn't, Oran Holtzman, Shiran Holtzman, Lindsay Drucker Mann, Goldman Sachs, Child's, Holtzman Organizations: Nasdaq, Goldman, CNBC, Israeli Defense Forces, Technologists Locations: Israel, U.S, Canada, Europe, Australia

☆ Olive Garden parent earnings beat estimates, fueled by strong LongHorn Steakhouse sales
▼ + stars: | 2023-06-22 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Darden Restaurants on Thursday reported quarterly earnings that topped Wall Street's expectations, fueled by strong LongHorn Steakhouse sales. The company's same-store sales increased 4%, led by strong performance by LongHorn Steakhouse. The steakhouse chain reported same-store sales growth of 7.1%, topping StreetAccount estimates of 4.9%. But Olive Garden, which accounts for roughly 45% of Darden's sales, reported weaker-than-expected performance for the quarter. Darden's fine-dining segment reported same-store sales declines of 1.9%.

Persons: Gene Lee, Lee, Darden, Olive, Eddie V's, Chris Steak Organizations: Darden, LongHorn, Refinitiv Locations: Olive, Pittsburg , California

Bank regulators led by the U.S. Federal Reserve are finalizing the proposal which would implement international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. On Wednesday, Fed Chair Jerome Powell told Congress it was critical banks have strong capital, but regulators must be mindful of the tradeoffs. Republican officials at the agencies have flagged similar concerns, two people said, while Republican lawmakers on Wednesday also raised worries over capital rules with Powell. The Fed is drafting the Basel rules with the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corp. (FDIC). Speaking to reporters last week, acting Comptroller Michael Hsu said banks had "not been shy about sharing their concerns" which regulators were taking into account.

Persons: Morgan Stanley, Andrew Kelly, Jerome Powell, Michael Barr, Isaac Boltansky, jitters, Powell, “, Kevin Fromer, It's, Michael Hsu, Pete Schroeder, Niket Nishant, Lananh Nguyen, Tatiana Bautzer, Michelle Price, David Gregorio Organizations: New York Stock Exchange, REUTERS, WASHINGTON, Bank, U.S . Federal, Banking, Bankers, Committee, American Express, U.S, UBS, Deutsche Bank, Barclays, Washington, Bank Policy Institute, WALL, Fed, Industry, Republican, Financial Services, Currency, Federal Deposit Insurance Corp, Regulators, FDIC, OCC, Thomson Locations: Manhattan , New York City, U.S, Basel, Silicon

☆ Virgin Galactic raises $300 million, seeks another $400 million to expand spacecraft fleet
▼ + stars: | 2023-06-22 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Carrier aircraft VMS Eve releases spacecraft VSS Unity before firing its rocket engine during the Unity 25 spaceflight on May 25, 2023. Virgin Galactic has successfully raised $300 million via an "at the market" offering of common stock, the company disclosed in a securities filing Thursday. Shares of Virgin Galactic have rallied since the company announced plans to launch its first commercial spaceflight by the end of this month. Virgin Galactic had cash and securities totaling $874 million at the end of the first quarter, it reported in May. The company has a single carrier aircraft, VMS Eve, and one spacecraft, VSS Unity, which it has said can conduct flights as frequently as once a month.

Organizations: Carrier, VSS, Virgin Galactic, Galactic, VSS Unity, Delta

☆ Chinese EV maker Nio raises more than $700 million in capital injection from Abu Dhabi
▼ + stars: | 2023-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Nio's ET5 stands on display at the Central China International Auto Show on May 25, 2023, in Wuhan, China. BEIJING — Chinese electric car company Nio announced Tuesday it received $738.5 million in new capital from a fund owned by the Abu Dhabi government. The strategic investment ultimately gives the fund, CYVN Holdings, a 7% stake in Nio. Nio earlier this month said lackluster car deliveries was affecting cash flow, and that it was delaying capital expenditure and some research and development projects. Nio disclosed cash and cash equivalents of 14.76 billion yuan ($2.07 billion) as of March, below what it disclosed for the end of 2021 and 2022.

Persons: Nio's ET5, Nio Organizations: Central China International, CYVN Holdings Locations: Wuhan, China, BEIJING, Abu Dhabi, Nio, U.S

WASHINGTON, June 21 (Reuters) - U.S. Federal Reserve Chair Jerome Powell on Wednesday said it is critical that banks have high levels of capital, but regulators must be mindful of the tradeoffs in ordering large reserves. Powell told the House Financial Services Committee that the Fed is considering multiple proposals on bank oversight, and struck a balanced tone on new capital requirements, saying healthy cushions are of "central importance," particularly for the largest global banks. We want banks to be able to lend in good and bad times," he said. Powell said the Fed has a "significant number of proposals in the works" on bank oversight, but none have been finalized or brought to the board for a vote yet. He also noted that higher capital requirements do come with tradeoffs, and the Fed will have to strike a balance between higher capital and how it could hinder bank lending.

Persons: Jerome Powell, Powell, Pete Schroeder, Mark Porter, Andrea Ricci Organizations: . Federal, Financial Services Committee, Fed, Thomson

☆ Ukraine Recovery Conferece: War-torn economy needs private investors to rebuild
▼ + stars: | 2023-06-21 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

Ukraine faces an enormous fundraising challenge, and it’s one that governments and development finance institutions won’t be able to meet without help from private investors. The Ukraine Development Fund is still in the planning stages and is not expected to launch until the conflict ends. But it faces a crucial test Wednesday, when it will canvas support from governments and investors attending the London conference. Attracting private investmentThe Ukraine Development Fund aims to raise so-called concessionary capital from governments and development finance institutions, and then use that to attract private investment. Sunak also unveiled a “war-risk insurance” framework Wednesday, backed by Group of Seven countries, which will help limit potential losses faced by private investors in Ukraine.

Persons: London CNN —, Rishi Sunak’s, Antony Blinken, Sergei Chuzavkov, Volodymyr Zelensky, Stefan Weiler, JPMorgan’s, Weiler, It’s, ”, Brandon Hall, ” Hall, Yan Dobronosov, ” Zelensky, Sunak, ” Sunak, Lenna Koszarny, — Jo Shelley Organizations: London CNN, Conference, Citi, Sanofi, Philips, Bank, World Bank, BlackRock, JPMorgan, Ukraine Development Fund, CNN, Fund, London, BlackRock’s, Group of, Private, Horizon Locations: Russia, Ukraine, London, United States, Russian, Kyiv, Ukrainian, Europe, East, Africa, Kupiansk

☆ SoftBank's Son says he is 'heavy user' of ChatGPT
▼ + stars: | 2023-06-20 | by ( Sam Nussey | ) www.reuters.com time to read: +1 min

TOKYO, June 20 (Reuters) - SoftBank Group's (9984.T) Chief Executive Masayoshi Son said on Tuesday he is a "heavy user" of ChatGPT, the artificial intelligence-powered chatbot from Microsoft (MSFT.O) backed startup OpenAI. "I am chatting with ChatGPT everyday - I am a heavy user," Son told shareholders of the group's telecoms subsidiary. Son has stepped back from public pronouncements in recent months to focus on the planned listing of chip designer Arm as his technology investment conglomerate books heavy loss due to the sliding value of its portfolio. The group holds its annual general meeting on Wednesday with the market looking for details of Son's investment outlook at a time when excitement over AI is driving capital expenditure around the world. Reporting by Sam Nussey; Editing by Jacqueline Wong and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Group's, Masayoshi Son, Son, Sam Altman, Sam Nussey, Jacqueline Wong, Christopher Cushing Organizations: Microsoft, Thomson Locations: TOKYO, Tokyo

☆ What James Cameron has said about diving to the Titanic wreckage
▼ + stars: | 2023-06-20 | by ( Lisa Respers France | ) edition.cnn.com time to read: +4 min

CNN —James Cameron isn’t just one of Hollywood’s most successful directors ever, he’s also a lover of deep sea exploration. Here’s what the director has said in the past about the deep sea exploration. Cameron took cameras to document the entire trek in the western Pacific. The sub’s just going like a bat out of hell.”Quickly, he said, he went past Titanic depth. I get to bear witness to a miracle that’s down there all the time,” Cameron told 60 Minutes Australia in 2018 of his deep sea explorations.

Persons: James Cameron isn’t, he’s, ”, Cameron, ’ Cameron, Playboy, “, ‘, ” Cameron, Jacques Cousteau’s, Joe MacInnis, MacInnis, Mariana Trench, Suzy Amis Cameron, Lizzy Calvert, you’ve Organizations: CNN, National Geographic, Royal Ontario Museum, Geographic, Australia Locations: Ontario, Canada, Toronto, Pacific, “

☆ New L&G CEO has ways to tackle Brexit discount
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 15 (Reuters Breakingviews) - Britain’s Legal & General (LGEN.L) is betting on an outsider to offset a valuation discount against non-UK rivals. The $17 billion insurer has picked Banco Santander’s (SAN.MC) regional head of Europe António Simões as its new CEO. The unit’s non-UK assets accounted for 43% of new money last year. The arrival of the Portuguese-born banker will cost L&G 1.175 million pounds in annual basic salary, 9% more than Wilson’s base pay. That adds pressure for Simões to tackle L&G’s Brexit valuation gap.

Persons: Nigel Wilson –, –, Simões, Assicurazioni, Wilson, Pamela Barbaglia, Lisa Jucca, Oliver Taslic Organizations: Reuters, Banco Santander’s, Allianz, HSBC, HK, G Capital, Twitter, Bank, Thomson Locations: Europe, Zurich, London, Hong Kong, United States, Portuguese, India

☆ Irish fintech Wayflyer renews debt line as clients focus on security of funding
▼ + stars: | 2023-06-14 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

DUBLIN, June 14 (Reuters) - Irish fintech Wayflyer has renewed a $300 million debt line with J.P. Morgan (JPM.N), a step it said underscores the security of its finance base as clients focus more on the source of revenue-based lenders' funds after the collapse of Silicon Valley Bank. Corbett declined to disclose the new terms but said that while all debt is now more expensive, the renewed line likely gives Wayflyer the most competitive cost base in the market. Corbett said deteriorating macroeconomic conditions forced it to take a more conservative stance in the second half of the year. Wayflyer cut its workforce by 40% to 300 last November in response, but continues to operate in 12 markets. Wayflyer's revenue is up around 30% year-on-year so far in 2023, Corbett said, with demand in the U.S. "still extremely strong."

Persons: Wayflyer, Morgan, Aidan Corbett, Corbett, Padraic Halpin, Conor Humphries Organizations: DUBLIN, Silicon Valley Bank, Wayflyer, Bank, Reuters, Credit Suisse, Thomson Locations: Silicon, J.P, Europe, U.S

"The central bank's rate cut decision was not a complete surprise to the market," said Ken Cheung, chief Asian FX strategist at Mizuho Bank. Further interest rate cuts in China would only widen the yield gap with the United States, even if the Fed pauses this week, sending the yuan lower and accelerating capital outflows. Tuesday's rate cut suggests policymakers are increasingly worried about the health of China's recovery, traders and analysts said. Bloomberg reported on Tuesday, citing unnamed sources, that China was considering at least a dozen stimulus measures including cuts to interest rates to support areas such as real estate and domestic demand. "There could be another RRR or policy interest rate cut in Q4, depending on the economic outcome over the next several months."

Persons: Ken Cheung, Yi Gang, Cheung, Marco Sun, Frances Cheung, Goldman Sachs, Winni Zhou, Tom Westbrook, Sam Holmes, Jacqueline Wong Organizations: People's Bank of China, Mizuho Bank, MUFG Bank, Bloomberg, OCBC Bank, Thomson Locations: SHANGHAI, SINGAPORE, China, United States, outflows

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