Matt is joined by Lucas Shaw to discuss the ousting of Paramount Global CEO Bob Bakish, why it happened now, and whether it affects a potential deal moving forward. They then update their predictions in the Skydance vs. Apollo deal, and wonder what would happen to Paramount Global and its new three-headed CEO triumvirate if there is no deal. Matt finishes the show with an opening weekend box office prediction for the upcoming action movie Fall Guy.
For a 20 percent discount on Matt’s Hollywood insider newsletter, What I’m Hearing …, click here.
SL Green Realty chairman and CEO Marc Holliday joins ‘Squawk Box’ to discuss the state of the commercial real estate market, impact of employees returning to office, office space demand, impact of elevated interest rates, and more.
Charles McManus, CEO of ClearBank, speaks at the Innovate Finance Global Summit in April 2023.
Chris Ratcliffe | Bloomberg | Getty Images
ClearBank, a British financial technology firm powering payments for the likes of Coinbase, scored its first full year of profit after higher interest rates helped drive a 91% jump in revenues.
The firm swung to an £18.4 million ($23.3 million) pre-tax profit in the year ending Dec. 31, 2023, according to financial statements released Thursday. That’s up from a £7.1 million loss in 2022.
The bank first reached profitability on a monthly basis in November 2022. This is the first time it has reported profitability on an annual basis.
ClearBank’s first profit comes on the back of a near doubling of its total income. ClearBank saw overall revenue jump 91% year over year in 2023 to £111.3 million.
The firm benefited heavily from high interest rates, which have driven a spike in deposits as consumers and businesses look to gain more bang for their buck by storing cash in interest-bearing accounts.
Tide, one of ClearBank’s major customers in the U.K., has been offering a 4.33% interest rate for its business customers, with advertising across buses and London Underground trains promoting the punchy offer.
Charles McManus, ClearBank’s CEO, told CNBC that the firm was a clear beneficiary of higher rates — but was quick to stress ClearBank isn’t reliant on interest income and that transaction revenue has been growing healthily as well.
There was “no single driver” of ClearBank’s positive performance in 2023, McManus said, adding ClearBank benefited from a number of things, such as its clearing business for authorized electronic money firms and growth in the use of bank-to-bank payment services amid higher credit card fees.
“We’ve built the bank and the business model over a number of years,” McManus told CNBC in an interview. “You’re seeing flavors of it across our business lines.”
However, it’s hard to avoid the fact that higher deposits were a key driver of ClearBank’s performance for the year. The firm says net interest income grew by 142% to £81.9 million, as deposits reached £6.1 billion.
One key driver of deposit growth for ClearBank last year was the collapse of Silicon Valley Bank, a key bank used by fintech startups and venture capitalists. The U.K. ring-fenced division of Silicon Valley Bank, HSBC UK Bank, was bought by British banking giant HSBC for £1 and renamed HSBC Innovation Banking.
This drove a rise in deposits for ClearBank, as customers of SVB fled for alternatives.
“The market [has been] under stress in relation to credit, and banks are going bust, whether it’s Europe, the U.S., or concerns in the U.K. And because of the business model in relation to cash, it being a safe haven,” McManus said.
“Rather than just be a safe haven that cash is collateral for the pain schemes,” McManus added. “The more payments we do, the more cash that we actually need to hold as collateral for our clients for Faster Payments,” which is the U.K.’s scheme for sending electronic, sterling payments in an instant.
“Our customers have actually left more cash with us rather than take the the fractional banking risk in relation to Barclays through those stress periods,” McManus noted.
Founded in 2015, ClearBank is a regulated clearing bank and payments institution in the U.K. It provides banking services to the likes of Coinbase, as well as other fintechs like savings apps Chip and Raisin, and business banking startup Tide.
All funds stored in ClearBank accounts are held at the Bank of England, meaning clients holding their money with firms powered by ClearBank’s technology can benefit from high yields on their cash.
ClearBank posted gross fee income of £31.4 million in the full year, with reccurring platform a key driver. Embedded banking end-customers, or customers of ClearBank’s customers, grew 93% year over year to 1.2 million.
McManus said that ClearBank is in no rush for an initial public offering, adding that it already has a substantial amount of cash on its balance sheet. In 2022, ClearBank raised £175 million in a financing round led by private equity firm Apax Digital.
ClearBank’s chief said it was important that the firm completes an expansion to the U.S. market before deciding on a public listing. He added that a plunge in shares of Cab Payments, a U.K.-listed payments firm, has made it unattractive for a company like his to decide on a listing in the near term.
ClearBank is currently pursuing a European Union banking license via the Dutch central bank. The firm was hoping to have its license application completed by 2023, but now says it expects to obtain its full EU banking license later this year.
McManus said that Brexit has played a role in the firm’s struggle to get a banking license in the EU, as ClearBank is “being looked at very closely in relation to all of that.”
The U.K.’s decision to quit the EU has made it harder for British fintech firms seeking to expand operations in the bloc, as with Britain no longer in the EU single market, financial firms can no longer offer “passporting” rights which allow companies to operate a single U.K. license across all EU member states.
In true grand finale fashion, #CoSN2024 will wrap up #CoSN2024 with a pair of industry heavyweights talking through what might be the most momentous point in edtech history. You can listen and read Mike Trucano’s thoughts further down the page. Here, Hadi Partovi shares some preliminary insights for what will undoubtedly be a highlight of events next week. Have a listen:
Hadi Partovi is a tech entrepreneur and investor, and CEO of the education nonprofit Code.org.
Born in Iran, Hadi grew up during the Iran-Iraq war. After immigrating to the United States, he spent his summers working as a software engineer to help pay his way through high school and college. Upon graduating from Harvard with a Masters degree in computer science, Hadi pursued a career in technology starting at Microsoft where he rose into the executive ranks. He founded two tech startups that were acquired by Microsoft and Newscorp respectively, and he has served as an early advisor or investor at many tech startups including Facebook, Dropbox, airbnb, and Uber.
In 2013 Hadi and his twin brother Ali ‘94 launched the education nonprofit Code.org, which Hadi leads full-time as CEO. Code.org has established computer science classes reaching 30% of US students, created the most broadly used curriculum platform for K-12 computer science, and launched the global Hour of Code movement that has reached hundreds of millions of students spanning every country in the world.
In the spirit of the topic, we had ChatGPT assess the interview.
The transcript captures a conversation between two speakers, primarily focusing on the implications of Artificial Intelligence (AI) in education. Speaker 1, identified as Hadi, provides insights into the current state and future prospects of AI in the educational landscape. Key points discussed include the potential of AI to revolutionize education, the evolving role of teachers, challenges related to student safety and ethical considerations, and the necessity for schools and educators to adapt to technological advancements proactively.
List of Takeaways:
Impact of AI in Education: Hadi emphasizes that the impact of AI in education is significant and likely underestimated. Drawing parallels to past technological advancements like the personal computer and the smartphone, he asserts that AI is of a comparable scale, if not larger.
Diverse Nature of AI: AI is not a singular technology but a diverse field encompassing various rapidly progressing software. The evolution of AI will continue to introduce new capabilities that will reshape educational practices.
Changing Perceptions: Addressing concerns about AI, Hadi argues that the fear of AI replacing human teachers or facilitating cheating should prompt a reevaluation of educational goals and standards. Rather than viewing AI as a threat, it should be embraced as a tool for enhancing learning outcomes.
Role of Teachers: While AI may automate certain tasks, Hadi believes that the role of teachers will evolve to focus more on personalized mentorship and coaching rather than content delivery. AI can alleviate the burden on teachers, enabling them to engage more meaningfully with students.
Administrative Considerations: School administrators need to adopt a proactive approach towards integrating AI into education. This involves providing teacher training on AI usage, ensuring student safety, and revising educational practices to accommodate technological advancements.
Ethical Concerns: While acknowledging the benefits of AI, Hadi stresses the importance of addressing ethical considerations, particularly concerning student safety and AI bias. Schools should implement safeguards to prevent negative consequences of AI usage.
Preparedness for Change: Schools must recognize that AI represents an ongoing technological shift rather than a one-time event. Embracing change and preparing for continual advancements in AI is essential for ensuring the relevance and effectiveness of education in the future.
Below is a machine-generated transcript of the interview.
00:00:04 Speaker 2
OK, Hadi. Thanks so much for your time. I really appreciate it.
00:00:08 Speaker 1
Thank you for inviting me. It’s wonderful to speak with you.
00:00:11 Speaker 2
Let’s jump right into it next week you will be down in Miami at CoSN of 2024 talking about, I guess I would say, what else? But AI, the the topic is certainly something that has taken the oxygen out of the room for a lot of other topics when it comes to education, technology, hugely important but.
00:00:31 Speaker 2
As I mentioned to Mike, sometimes I wake up in the morning and I and I wonder if.
00:00:35 Speaker 2
Maybe it’s not all being overblown, but then other mornings I wake up and say no. Of course that this is the the the the, you know, the greatest thing since sliced bread. Maybe we can start off by talking about where you you find yourself in with this topic after so many decades of being on the on the cutting edge of of innovations when it.
00:00:55 Speaker 2
Comes to this stuff.
00:00:57 Speaker 1
That’s a great question. I I would say I think the impact of AI and education is probably being under blown overblown and I don’t want to sound like I.
00:01:08 Speaker 1
You know, I I’ve lived in the world of technology for decades, so I’ve seen many hype cycles of things that were hyped up that turned out much smaller than the than they turned out to be. But I’ve also seen things that turned out to be much bigger than anybody imagined, you know. And if you think about.
00:01:27 Speaker 1
The invention of the personal computer, the World Wide Web, the smartphone AI is of that scale and larger. The other thing I would say with AI is you know.
00:01:40 Speaker 1
AI isn’t 1 technology, it’s like an entire body of work that is progressing quite rapidly, and it’s not one thing. It’s not like it’s a it’s not like this. There’s this weaker, intelligent thing that was becoming smarter. It’s like a whole bunch of people creating all sorts of different software that are going to be able to do things that.
00:02:00 Speaker 1
Software was never able to do and the pace at which they’re progressing is accelerating and so how big of an impact it has on education depends on how far out you look. So the today’s chatbot interface is going to look prehistoric compared to.
00:02:16 Speaker 1
The the conversational Avatar version that we’ll have by the end of the decade. And if you think about, for example, the smartphone, when the first iPhone came out, that iPhone looks prehistoric compared the version we got 10 years later. It didn’t have. It couldn’t take video. People don’t remember that the first iPhone.
00:02:36 Speaker 1
Couldn’t take video, it didn’t have an App Store. Literally. The App Store came after the iPhone. Either #2 or #3, so we are still in the early days.
00:02:49 Speaker 2
So.
00:02:49 Speaker 1
What I’m saying is less about the hype of the current AI we have, but where things are going.
00:02:54 Speaker 2
Yeah. How about when it comes to kind of the the popular perceptions and I think this happens with a lot of new technologies that there’s a certain level of fear that that creeps in at the beginning with with when there’s not a lot of knowledge. So you know the, the the boogeyman of.
00:03:10 Speaker 2
A students being able to cheat better than they could ever cheat before and nobody will actually study anymore and B the idea that AI will somehow take over the role of a human teacher. Can you tackle both of those in terms of what you see as a a threat or promise?
00:03:29 Speaker 1
Sure, there’s a third which is less about education, which is AI will take all our jobs.
00:03:36 Speaker 1
And and I’ll start with that one first before talking about whether it’s cheating or whether it’s going to replace teachers. You know, in the short term, it’s not AI that’s going to take people’s jobs. It’s somebody who knows how to use AI better, will take your job. And so teaching students and teaching.
00:03:56 Speaker 1
Everybody how to create with AI how to do the work you’re currently doing, but doing it better, more productively, more efficiently, more creatively, just doing a better job with AI is going to be one of the most valuable types of education.
00:04:10 Speaker 1
And and if you think about that, then working back to the students and is it cheating and we need to redefine the the definition of what cheating means or redefine the goal posts of what our school system should be teaching students. Because where one person might see a student that’s cheating. I see a student that’s learning how to use AI.
00:04:31 Speaker 1
And the the.
00:04:34 Speaker 1
That student is going to be much more employable than the student who didn’t do any cheating, but also didn’t learn at all how to use AI. And so we change what we think teaching is trying to what the goal is, and I’m not trying to suggest that students should learn nothing and just let AI do everything for them, because obviously as we know.
00:04:54 Speaker 1
Today’s AI has lots of shortcomings, but learning those shortcomings, learning how to work around them, and how to combine the knowledge the students brings to the table, plus how they can harness this technology to its best use. That’s going to be what we need to be teaching. And when it comes to teachers.
00:05:14 Speaker 1
First of all, we have a teacher shortage globally, so if anything can offset the work done by teachers by reducing their workload, that’s not replacing their jobs. That’s just softening the extreme. The difficulty of the global teacher shortage. We’re far from a world of having wow, there’s so much.
00:05:34 Speaker 1
Teaching being done by AI that that we don’t need teachers, that’s that’s, that’s not the we’re worried about. I do think the role of a teacher is going to shift from being the content expert to being the human connection, the facilitator, the coach, the mentor at.
00:05:52 Speaker 1
And honestly, if you ask lots of teachers, they find that their day-to-day time is being spent, not one-on-one with students, not in a way where they’re connecting with the students. But it’s like grading homeworks, preparing lesson plans, doing paperwork, and then doing this one to many lecture where they don’t have enough time for that to really teach that individual.
00:06:13 Speaker 1
Kid, because there’s so many of their kids and so we should, with AI, get to a point where the student is getting more personalized education and more personal personal time with their teacher.
00:06:26 Speaker 2
Yeah.
00:06:28 Speaker 2
So you think about the, uh, the audience, that you’re going to have there at at cozen next week and you know our, our readers and listeners who are.
00:06:36 Speaker 2
Executives and school districts, you know, around the country around the world, how should they be thinking about this topic? I mean, how does this really affect their day-to-day administrative say of a of a school or a district? And how could they take these ideas and apply it to what they’re doing every day?
00:06:59 Speaker 1
The first thing I’d say, and most people already know this, but it’s really important to dwell on realizing that AI isn’t a thing that is now here and now you just and we’re done. And now we need to react to it. It’s a thing that’s coming. It’s like it’s come a little bit and there’s going to be more and more and more and more.
00:07:19 Speaker 1
You know, we just went through this.
00:07:22 Speaker 1
Quite terrible pandemic that arrived in March of 2020 and changed our lives. And then like now, we’re recovering from this thing that happened. AI is not a negative, it’s a positive. It’s going to make so many parts of education better, but it’s not arriving on one date, it’s.
00:07:42 Speaker 1
Imagine if somebody told you that over the next 10 years there’s going to be waves of improving and rapidly changing technology that are going to change education, making it more personalized for students, more engaging for students and helping teachers.
00:07:58 Speaker 1
You know, reduce their workload and giving them more of a chance to mentor students. And that’s there’s going to be changes every year, that mentality of being comfortable with change is the most important change that school administrators need to do, recognizing that it’s not just about chat LGBT, it’s about, you know, Co pilots being built into all of the office.
00:08:06
Right.
00:08:19 Speaker 1
And productivity tech that you use.
00:08:22 Speaker 1
AI being added to every bit of Edtech? Then what are we going to do to reinvent homework so that it’s not considered cheating to use AI with it would actually. It’s considered required to use AI when you do homework. How do we change assessments? We’re going to need to change the learning standards, the goal posts of what students need to learn, and we don’t need to do all those things.
00:08:43 Speaker 1
Because of the ChatGPT that came out a year ago, we’re going to need to be doing those things because of stuff that’s going to be coming out every year over the next 10 years and beyond.
00:08:51 Speaker 2
Now, how how much do you think we need to worry about the students themselves? I mean, you made the point about, you know, the first version of the iPhone not having those tech and tools. And I remember writing articles back then about, you know, the the.
00:09:06 Speaker 2
The dangers of.
00:09:07 Speaker 2
Phones in schools and the the.
00:09:10 Speaker 2
The use of these devices students are using these devices whether we like it or not. All the time now. Is it the same thing with AI? I mean is it will? Will this the kids themselves not see this as much of A novelty as just something that’s always been around and are comfortable with?
00:09:28 Speaker 1
First, I would say that student safety is something schools should take seriously. I mean, schools both in this country and internationally are suing the technology companies for having created technology that addicted their children and different people are making arguments about whether that’s having a negative impact on those kids.
00:09:48 Speaker 1
And you know.
00:09:51 Speaker 1
Ultimately, the schools are responsible for the kids, schools and parents bear that responsibility. Tech companies aren’t necessarily the ones you know. They’re their responsibility as a profit motive, ultimately. And so it’s really important to to think how to make sure this is embraced in a way that’s.
00:10:11 Speaker 1
Safe for kids, ethical as well. But safety is even more important. Yeah, ethics is hard to define and different people have different opinions about what is ethical. But we don’t want kids to get addicted. We don’t want kids to get badly misinformed to get indoctrinated, because who knows what AI might teach kids if it’s not?
00:10:32 Speaker 1
If it’s done without guardrails and you know indoctrination means different things to different people. But all of these types of things, AI bias in One Direction or the other are all negatives.
00:10:46 Speaker 2
Yeah.
00:10:47 Speaker 1
But I do believe the greatest risk is doing nothing. So the greatest risk is pretending that you know one of the most important technological shifts in the history of humanity isn’t happening, and we’re just going to keep doing everything the way we always happen. That’s that’s not going to work. But.
00:11:06 Speaker 1
When it comes to figuring this stuff out, that there’s some very obvious things schools should be doing, providing teacher training on on just what is.
00:11:14 Speaker 1
The AI using AI to save teachers time. There’s no risk there. We have a teacher shortage. AI is a solution to save teachers time so that our existing teachers aren’t feeling as overworked and underpaid. Those are some really obvious things. Teaching students how AI works and what its shortcomings.
00:11:35 Speaker 1
That’s also a real no brainer. You know the idea that you’d graduate from school and not learn how AI works, but you’re still learning.
00:11:43 Speaker 1
Or.
00:11:44 Speaker 1
The other subjects in science that teach you.
00:11:46 Speaker 1
How the world?
00:11:47 Speaker 1
Works seems seems outdated. These are the obvious things schools should do and then buckle up for more change.
00:11:53 Speaker 2
Yeah. Well, howdy. I want you to keep your powder dry for next week. There’s a lot of great ideas here, and I know you and Mike will put on a good show when it comes to helping the the, the audience and by extension, our readers and our listeners to kind of wrap their their hands around this. So again, I appreciate your time and look forward to.
00:12:14 Speaker 2
To seeing you next week.
00:12:15 Speaker 1
All right. Thank you so much. It will be great to see you.
00:12:17 Speaker 2
Right.
00:12:18 Speaker 1
Bye bye.
Kevin is a forward-thinking media executive with more than 25 years of experience building brands and audiences online, in print, and face to face. He is an acclaimed writer, editor, and commentator covering the intersection of society and technology, especially education technology. You can reach Kevin at KevinHogan@eschoolnews.com
PARAMUS, N.J./PRNewswire/ —Savvas Learning Company, a next-generation K-12 learning solutions leader, is excited to announce that it has been named to the 2024 edition of the GSV 150, an annual list of the top 150 private companies transforming digital learning and workforce skills. This is the second year in a row that Savvas has been named to the GSV 150.
“At Savvas, we are committed to developing innovative learning solutions that are powered by the most advanced technology to help educators meet the needs of all students,” said Bethlam Forsa, CEO of Savvas Learning Company. “Savvas is honored to be recognized among the exceptional companies on the GSV 150 who are champions of educational technology — including new AI-enabled systems — to make for a richer, more personalized teaching and learning experience for all.”
GSV is a global community and investment platform singularly focused on elevating the scope and scale of innovation in the $7 trillion education and workforce sector. It estimates that together these 150 companies reach roughly 3 billion people — almost half of the global population — and generate approximately $23 billion in revenue.
Savvas was chosen from more than 2,000+ global companies revolutionizing the world of education technology, from Pre-K-12 to workforce learning. GSV Ventures evaluated these companies on five criteria — revenue scale, revenue growth, active learner reach, international reach, and margin profile — to determine the global GSV 150 list.
With an innovation mindset and a focus on technology to personalize instruction at scale, Savvas empowers educators and engages students with high-quality, interactive PreK-12 learning solutions. It recently acquired Outlier.org and its portfolio of online, asynchronous college-level courses that combine cinematic videos and charismatic professors, enabling high school students to earn dual credit while never having to leave their school building. The acquisition will allow Savvas to offer an immersive, engaging college learning experience to millions of high school students and increase educational equity, access, and opportunity.
In 2023, Savvas acquired Whooo’s Reading and its cutting-edge AI-driven technology, which Savvas is thoughtfully integrating into its digital ecosystem of innovative learning solutions. Savvas believes that AI’s game-changing capabilities have the potential to take personalized learning to new heights while providing teachers time-saving tools to make their jobs easier, enabling them to spend more time interacting with students.
“The world is adapting to seismic shifts from generative AI,” said Luben Pampoulov, partner at GSV Ventures. “AI co-pilots, AI tutors, AI content generators — AI is ubiquitous, and differentiation is increasingly critical. The GSV 150 is an impressive group of edtech companies that are leveraging AI and driving positive outcomes for learners and society.”
In addition to Savvas being selected for inclusion on the GSV 150 list, Forsa has also been chosen to speak at the ASU+GSV Summit 2024 in San Diego, in panel discussions focusing on the AI Revolution in Digital Education as well as K-12 schools and content.
ABOUT SAVVAS LEARNING COMPANY At Savvas, we believe learning should inspire. By combining new ideas, new ways of thinking, and new ways of interacting, we design engaging, next-generation K-12 learning solutions that give all students the best opportunity to succeed. Our award-winning, high-quality instructional materials span every grade level and discipline, from evidence-based, standards-aligned core curricula to supplemental and intervention programs to state-of-the art assessment tools — all designed to meet the needs of every learner. Savvas products are used by millions of students and educators in more than 90 percent of the 13,000+ public school districts across all 50 states, the District of Columbia and Puerto Rico, as well as globally in more than 125 countries. To learn more, visit Savvas Learning Company. Savvas Learning Company’s products are also available for sale in Canada through its subsidiary, Rubicon.
ABOUT ASU+GSV SUMMIT The ASU+GSV Summit is the premier global event focused on technology innovation in education and skills. We believe that ALL people deserve equal access to the future. Started in 2010 with a collaboration between Arizona State University (ASU) and Global Silicon Valley (GSV), the annual Summit connects leading minds focused on transforming society and business around learning and work. Educators, investors, industry leaders, and entrepreneurs from around the world come together to innovate the future of education for all.
eSchool Media staff cover education technology in all its aspects–from legislation and litigation, to best practices, to lessons learned and new products. First published in March of 1998 as a monthly print and digital newspaper, eSchool Media provides the news and information necessary to help K-20 decision-makers successfully use technology and innovation to transform schools and colleges and achieve their educational goals.
Today, Jack Mallers, the CEO of Strike, has announced the expansion of Strike’s suite of Bitcoin services into several African markets.
Strike Africa will now be available in Gabon, Ivory Coast, Malawi, Nigeria, South Africa, Uganda, and Zambia, with plans for further expansion in the future. With this expansion, Strike aims to address the unique financial challenges faced by many African countries, including high inflation rates, devaluing currencies, and expensive remittance services.
“Strike Africa is just the beginning,” said Mallers. “Our commitment to Bitcoin has never been stronger and we will continue to launch new regions all throughout 2024.”
Through Strike Africa, users will have access to a comprehensive range of Bitcoin and Lightning services, including local fiat on and off-ramps, the ability to buy and sell Bitcoin and USDT, cross-border payments, and more. With these offerings, Strike aims to empower individuals and businesses with fast, secure, and cost-effective financial solutions.
Jack Mallers emphasized the importance of Bitcoin as a digital reserve asset and hedge against inflation in African countries experiencing economic turmoil. He highlighted the significant impact that Strike’s services can have in providing individuals with the tools to protect their property rights and preserve wealth.
Furthermore, Strike Africa will enable businesses to open accounts and access a range of services tailored to their needs. The availability of Strike’s API hopes to empower developers to build innovative Bitcoin and payment tools for customers in Africa and beyond.
Additionally, Strike Private will provide eligible clients with personalized services, including custom pricing, Bitcoin education, market analysis, and more. This tailored approach is for supporting clients on their Bitcoin journey and provide them with expert guidance and assistance.
Bill Winters, Chief Executive Officer at the Standard Chartered Bank, attends a panel session of the World Governments Summit in Dubai on February 12, 2024.
His comments come at a time when investments based on environmental, social and governance (ESG) factors have become a politically polarized issue.
In the United States, for example, Republican lawmakers have decried ESG as a form “woke capitalism” that seeks to prioritize liberal goals over investment returns.
Democratic lawmakers have sought to push back, however, describing attacks on a range of ethically responsible business practices as “an attempt to manufacture a culture war and protect corporate special interests.”
Analysts expect the outcome of this year’s U.S. presidential election to determine whether the political backlash against ESG will have a deep and lasting effect.
“Obviously, the political environment in the U.S. is toxic, times 10 â and so people are going quiet. But one of the stats that I love is the biggest renewable power center in the United States is the state of Texas, right? Which is the state that has been leading the charge against pension fund managers who have a ‘woke’ agenda or whatever,” Winters told CNBC’s “Squawk Box Europe” on Friday.
“I mean, I do want to wake up one day and have a planet so if that makes me woke, shoot me.”
A pushback against climate policies is not just a U.S. issue. In Europe, indications of a green backlash â or “greenlash” â have started surfacing as businesses and citizens feel the costs of the energy transition.
When asked whether he was concerned about companies scaling back their sustainability commitments, Winters replied, “I don’t think there has been a big backing away.”
The CEO said his company had been “constantly refining” its net-zero methodology since setting a dual track of objectives in recent years.
The emerging markets-focused bank is aiming to reach net-zero carbon emissions within its own firm by 2025 and net zero in its financed emissions by 2050.
Signage atop the Standard Chartered Plc headquarters building, center, in Hong Kong, China, on Monday, Feb. 19, 2024.
Bloomberg | Bloomberg | Getty Images
“We said one, we’re going to be thought leaders and action leaders in terms of policies around net zero and our clients have completely engaged with us. We’ve seen no backing away from that at all,” Winters said.
“And second, we said we’re going to build a business to support our clients, and that business made $720 million last year, and we said it is going to make $1 billion next year. That’s not nothing. It’s a good business for us,” he said.
“If you don’t make a decent return on this business, you can’t keep on throwing resources at it, up to a point. This is not philanthropy. This is not political wokeness. This is do the right thing for the planet, do the right thing for your business. That’s what we’re doing, and I don’t see other people backing away from that.”
Shares of Standard Chartered are down around 3.8% year-to-date.
CNBC’s Leslie Picker and Bank of America CEO Brian Moynihan join ‘Squawk on the Street’ to discuss the state of the economy, strength of the consumer, the Fed’s rate path outlook, the impact of Capital One-Discover deal, regional bank turmoil, and more.
Stuart Sopp, Current CEO & Co-Founder, joins ‘Fast Money’ to talk the latest CPI report, the impact of inflation on consumers, teh FinTech space and more.
Ankur Jain, Bilt Rewards founder and CEO, and Ken Chenault, General Catalyst chairman and managing director and Bilt Rewards board chairman, join ‘Squawk Box’ to discuss the company’s rewards program, how Bilt partners with real estate owners and allows its users to earn points when paying their rent, and more.
The boys are here to give you their thoughts on the first event of Echo, along with their Midnight Meter rating of the full first season (13:030). Later, they try their hand at being in the big chair for a round of Armchair CEO to see what they would do with the new Daredevil TV show (70:20).
Hosts: Charles Holmes, Van Lathan, Jomi Adeniran, and Steve Ahlman Senior Producer: Steve Ahlman Additional Production Support: Arjuna Ramgopal Social: Jomi Adeniran
Blackstone Group chairman, CEO and co-founder Steve Schwarzman joins ‘Squawk Box’ to discuss the real estate market, doing business in China, 2024 election, and more.
The board of the Federal Bank will look at both internal and external candidates as suggested names to be submitted to the RBI to succeed MD and CEO Shyam Srinivasan following the end of his term in September 2024.
“There is a formal process underway, and we believe that in the next few months this process will yield results. We have two EDs with exemplary capability, and a formal search process is underway. I’m sure we’ll find the most appropriate candidate for the job well in time,” Srinivasan said in the bank’s Q3 earnings call.
The search process is just being rolled out, and in addition to the internal candidates, the board of choice will also look at external candidates, he said.
The Federal Bank had, in October 2023, approached the central bank seeking a one-year extension for Srinivasan as the MD and CEO of the bank post-September 22, 2024. However, earlier this month, RBI sought at least two new names from Federal Bank for the post with “regard to the likely tenure of the candidate and the longer term requirements of the bank.”
“The way we’ve interpreted that is that the regulator is probably not inclined to offer one-year extensions and therefore prefers a new name that will play a longer innings,” Srinivasan said, adding that the central bank’s preference seems to be not to offer one-year terms.
As per regulatory norms, the post of MD and CEO or a whole-time director at a private sector bank has a cap of 15 years. Srinivasan will complete 14 years at the helm of the bank after the completion of his current three-year term.
The regulator requires the names to be submitted at least four months prior to the end of the term, and thus the board should be able to send the preference list by April-end or early May, he added.
Asked if he would prefer to hold a director position at the bank post-retirement, Srinivasan said that the regulator does not permit such posts and that it is not good governance.
“I may be associated with the board, with the bank’s other subsidiaries in whatever form is permissible, but not with the parent bank; that’s not good governance,” he said.
BNY Mellon CEO Robin Vince joins 'Squawk Box' to discuss the company's quarterly earnings results, state of the banking sector, the firm's flexible return-to-office policy, and more.
Bill Winters, chief executive officer of Standard Chartered, said the U.S. Federal Reserve looks set to pause its interest rate cycle in June get a better read on the latest inflation data.
Bloomberg | Getty Images
Former U.S. President Donald Trump would be a “transactional president” if he returns to power, but is unlikely to blow up the Biden administration’s rebuilding of relations with China, according to Standard Chartered CEO Bill Winters.
Trump won the Iowa caucus by around 30 points over his closest rival and is the clear favorite to secure the Republican nomination for the 2024 presidential election, despite facing 91 felony counts across numerous criminal cases relating to his attempts to overturn his 2020 election defeat, mishandling of classified documents and hush-money payments to a porn star.
During his last term in office, Trump took a combative stance toward Beijing and triggered a trade war with a slew of tariffs on Chinese goods and constant threats of more economically punitive measures.
President Joe Biden‘s administration has sought to repair the fragile relationship. U.S. Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo visited China last summer, and Biden met Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation leaders’ meeting in San Francisco in November.
Speaking to CNBC at the World Economic Forum in Davos, Switzerland, on Tuesday, Winters said Washington and Beijing are now “pretty interlinked” and that for any president to “aggressively disentangle” would be bad for the U.S., Chinese and global economies.
“Nobody really wants that or needs that right now, so I think the slight re-engagement that we’re seeing through the Biden administration, visits from the Commerce Secretary and Janet Yellen etc., are an indication to me that the U.S. is looking to stabilize,” he said.
“If Trump becomes president, we know that he’s a transactional president, and there’s probably a transaction in there someplace that keeps the economy on an even keel without fundamentally disrupting that relationship, but of course we watch all the time and we’re well aware that there could be either unintended consequences or accidents, but I’m staying pretty optimistic that we could avoid the worst.”
Though it’s headquartered in the U.K., Standard Chartered earns most of its revenue in Asia, and Winters also said he remains “very optimistic about the Chinese economy in the medium-, long-term” despite its well-documented short-term headwinds.
Amid the excitement surrounding the approval of Bitcoin Spot Exchange-Traded Funds (ETFs), Polish crypto analyst Adrian Zduńczyk has shed his insights on the price action of BTC in 2024 and beyond.
Bitcoin Price Action In 2024 And Beyond
Zduńczyk, who is the Chief Executive Officer (CEO) of Birb Nest shared his insights in a recent interview with Thinking Crypto founder Tony Edward. In the interview, Zduńczyk revealed his short-term expectations for Bitcoin, the impact of ETF approval, and post-halving expectations for price.
Zduńczyk began by drawing attention to the recent surge in Bitcoin prices while also noting a minor decline. He emphasized the significance of differentiating between speculations, expectations, and actual trading.
He further talked about the use of technical indicators to spot possible market reversals. These include the rate of change and the Relative Strength Index (RSI).
Zduńczyk noted how the market trend has persisted, pointing out crucial metrics such as the 200-day moving average. According to him, the 200-day moving average has been indicating favorable trends since the year started. The price of Bitcoin has increased by a notable 190% year to date, despite a slight correction. This indicates the strength of the bull market that has been present since January.
When asked about the impact of Bitcoin spot ETF on the asset’s price, he highlighted seasonal trends in Bitcoin’s performance by establishing a correlation with historical data. He explained that he would rather go with the facts than opinions. This is because “it is difficult to comment on opinions,” which by definition is “different from the facts.”
Due to this, Zduńczyk has suggested that the community should focus on the facts this time rather than opinions. This is because facts rely on seasonal studies and prices do the same.
Observing the upward tendency in January over time, he provided an explanation of the seasonal pattern in the January barometer. As a result, he proposed an 80% chance of a favorable year if January ends well.
All-Time High Price Target Post BTC Halving
Zduńczyk provided insights into the possibility of Bitcoin reaching a new all-time high in 2025. He made this claim after analyzing its past four-year cycles and their relationship to the presidential stock market cycle.
The CEO stated that Bitcoin has always experienced “powerful rallies” after each halving. He further backed up his claims with a chart demonstrating BTC price rallies since the halving began.
Furthermore, Zduńczyk highlighted that it would not be shocking to see a three-to-five-fold increase following the halving price. However, he has expressed caution as no one knows exactly how high Bitcoin will go.
So far, Zduńczyk predicts an all-time high price for BTC between $150,000 to $200,000 post-halving. In addition, he stated that the trends are unprecedented as the price could go higher than that or even lower.
BTC trading at $47,105 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Dating app behemoth Match Group has named Faye Iosotaluno as the new Tinder CEO, two years after the previous CEO Renate Nyborg left the company in August 2022. During that time, Match Group CEO Bernard Kim held the position.
Iosotaluno has been working at the Match Group since 2017. She was promoted from the company’s chief strategy officer position to Tinder’s chief operating officer in 2022 when Nyborg departed. Nyborg is now building an AI companion startup backed by Sequoia and Andrew Ng’s AI Fund.
“Faye’s understanding of the dating category is unparalleled and coupled together with her remarkable leadership capabilities, I know Tinder will continue to lead the category,” said Bernard Kim, Match Group CEO in a statement.
Match Group has seen the number of paid users decline over the last few quarters. However, in its Q3 2023 earnings report, it said that due to price optimization, overall revenue through paying users increased.
Last year, as a part of a settlement with Google, Match Group was allowed to offer in-app purchases through its own billing services on Play Store alongside Google’s own billing system. This means the dating giant will have to pay 26% or 11% (depending on the type of payment) to Google. This user choice billing agreement between two companies will go into effect by March 31, 2024. This cut might increase in-app purchase earnings for Tinder and other Match Group properties.
Earlier this week, The Wall Street Journal reported that activist investor Elliot Investment Mangement has built up a stake of $1 billion in the Match Group. Elliot will discuss changes with the Match Group to improve the company’s performance, according to the report.
Match Group’s stock has dipped over 13% in the last 12 months. However, on the back of the reports of Elliot’s investment and appointment of the new CEO, the share prices jumped over 3% during after-hours on Tuesday.
