Tag: Financial services

Roaring Kitty is back and so are meme stocks. GameStop and AMC surge like it’s 2021

[ad_1]

The man at the center of the pandemic meme stock craze appeared online for the first time in three years, sending the prices of the quirky and volatile shares sharply higher Monday.

Keith Gill, better known as “Roaring Kitty,” posted an image Sunday on the social platform X of a man sitting forward in his chair, a meme used by gamers when things are getting serious.

He followed that tweet with a YouTube video from years before when he championed the beleaguered company GameStop saying, “That’s all for now cuz I’m out of breath. FYI here’s a quick 4min video I put together to summarize the $GME bull case.”

GameStop in 2021 was a video game retailer that was struggling to survive as consumers switched rapidly from discs to digital downloads. Big Wall Street hedge funds and major investors were betting against it, or shorting its stock, believing that its shares would continue on a drastically downward trend.

Gill and those who agreed with him changed the trajectory of a company that appeared to headed for bankruptcy by buying up thousands of GameStop shares in the face of almost any accepted metrics that told investors that the company was in serious trouble.

That began what is known as a “short squeeze,” when those big investors that had bet against GameStop were forced to buy its rapidly rising stock to offset their massive losses.

At Monday’s opening bell it appeared that Gill had reignited the phenomenon as shares of GameStop more than doubled. They closed Monday up 74%. It’s the biggest intraday trading jump for GameStop since the meme craze of early 2021. Other meme stocks like the theater chain AMC were jolted higher as well.

Trading in GameStop was halted eight times before noon on Monday due to volatility.

Gill became a cause célèbre in 2021 after his posts on the Reddit subcategory Wallstreetbets ignited a David vs. Goliath battle with large hedge funds that were betting heavily against the survival of GameStop.

The small guys won, at least for a while, driving shares of GameStop up more than 1,000% in 2021 and other meme stocks as well. The struggling movie theater chain AMC jumped 2,300% in a very short span of time in the same year.

Some big traders posted colossal losses as GameStop raced from less than $20, to close to $400 each. Citron Research, Melvin Capital and other well-known hedge funds lost an estimated $5 billion, according to analytics firm S3 Partners.

Some of those new and smaller investors believed, at least in part, that Ryan Cohen, co-founder of Chewy.com, could push the traditional retailer in a more online direction. Cohen built up a stake in GameStop before eventually joining the board and last year becoming its CEO.

Joining the meme surge Monday was AMC Entertainment Holdings Inc., which leapt 78%. Koss Corp. a headphone manufacturer, spiked 37% and BlackBerry, the one time dominant smartphone maker, rose 7%. The retailer Bed, Bath & Beyond, another meme stock, sought bankruptcy protection last year.

Some meme stocks, including GameStop and AMC, had been climbing earlier this month, and rapidly.

Shares of GameStop Corp., which have faded steadily since 2021, had already risen 57% this month. In January, GameStop reported its first annual profit since 2018, although it’s still unclear if Cohen’s turnaround plan will succeed.

AMC Entertainment Holdings Inc., had risen 10% over the past 30 days.

Those companies broke out Monday following Gill’s tweet.

The dynamics of the market as far as companies like GameStop are concerned have changed, however.

When Gill and an online army of retail investors began buying up shares of GameStop, more than 140% of the company’s tradeable shares were being shorted. You arrive at that distorted number because some traders were borrowing against already shorted stocks to build even bigger bets against the company, vastly increasing their losses when the stock began to climb.

The short positions against GameStop’s tradable shares now stand just over 24%, slightly more than the 22.5% recorded in January.

Gill reaped a big profit investing in a troubled video-game company, but denied when he appeared virtually at a Congressional hearing that he used social media to drive up GameStop’s stock price.

He told lawmakers at the time simply, “I like the stock.”

As Roaring Kitty, Gill had vanished from messaging boards after posting a video in June 2021 of kittens going to sleep.

The story of Roaring Kitty and the meme stock craze was turned into a movie last year called “Dumb Money.”

[ad_2]

Source link

May 13, 2024
Bank of England edges closer to first rate cut since pandemic as it predicts below-target inflation

[ad_1]

LONDON — The Bank of England maintained its key U.K. interest rate at a 16-year high of 5.25% though it gave a broad hint that a reduction could be on the cards imminently as inflation is forecast to fall below target.

In a statement Thursday, the bank’s nine-member Monetary Policy Committee voted 7-2 to keep rates unchanged, with the 2 dissenters backing a quarter-point reduction. Last time, only one member voted for a quarter-point cut.

Like the U.S. Federal Reserve last week, which also kept rates, on hold the majority on the panel wanted to see more evidence that inflation is under control.

The increase in the number of those backing a U.K. rate reduction is a clear indication that there is a shifting balance on the committee in favor of cuts.

“We’ve had encouraging news on inflation and we think it will fall close to our 2% target in the next couple of months,” said Bank Gov. Andrew Bailey. “We need to see more evidence that inflation will stay low before we can cut interest rates. I’m optimistic that things are moving in the right direction.”

Headline inflation in the U.K. is down at an annual rate of 3.2%, its lowest level in two and a half years, but remains higher than the bank’s 2% target.

In forecasts accompanying its decision, the Bank of England said it expects inflation to fall below the target between April and June, but rise again to 2.6% in the second half of this year as the impact of recent drops in energy prices fades.

Longer-term, it said it expects inflation to fall more than previously thought over the coming years to 1.5% in 2026. Given that it sets to target inflation months and years ahead, that’s a further hint that rates will be cut soon.

That was certainly the view in financial markets, where the British pound fell against other currencies. It was down 0.4% against the dollar, for example, at $1.2450 as traders price in the prospect of lower returns on holding pounds.

The Bank of England, like the U.S. Fed and other central banks around the world, raised interest rates aggressively in late 2021 from near zero to counter price rises first stoked by supply chain issues during the coronavirus pandemic and then by Russia’s invasion of Ukraine.

Higher interest rates — which cool the economy by making it more expensive to borrow — have helped ease inflation, but they’ve also weighed on the British economy, which is barely growing.

“The decision to keep interest rates on hold, while expected, is a missed opportunity to provide much needed relief for those people struggling with their mortgage bills and businesses facing numerous cost pressures,” said Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales.

The U.K.’s governing Conservative Party, which appears headed for a big electoral defeat later this year to the main opposition Labour Party, is hoping that interest rates start coming down soon, relieving the pressure on financially-stretched households, thereby helping to fuel an economic feelgood factor.

[ad_2]

Source link

May 9, 2024
Profit drops at Warren Buffett’s firm but thousands still want to hear from the investing guru

[ad_1]

OMAHA, Neb. — Warren Buffett’s company reported a steep drop in earnings Saturday because the paper value of its investments fell and it sold off part of its massive Apple stake, but the tens of thousands of shareholders filling an Omaha arena to hear Buffett answer questions at the annual meeting later can take heart that Berkshire Hathaway’s many businesses performed well.

Berkshire reported a $12.7 billion profit, or $8.825 per Class A share, in the quarter. That’s roughly one-third of the $35.5 billion, or $24,377 per A share, that Berkshire reported a year ago.

But those figures were heavily swayed by a large drop in the paper value of Berkshire’s investments. That’s why Buffett encourages investors to pay more attention to the conglomerate’s operating earnings that exclude the investment figures. By that measure, Berkshire’s operating earnings jumped 39% to $11.222 billion from last year’s $8.065 billion as its insurance companies led a strong performance.

The three analysts surveyed by FactSet Research had predicted operating earnings of $6,701.87 per Class A share.

Buffett did sell off nearly $6 billion in stocks during the quarter, including trimming about 13% of Berkshire’s massive Apple stake. The investment in the iPhone maker is still the biggest one in the $364 billion portfolio at $135.4 billion, and Buffett said he expects Apple to remain the biggest investment for years — even up to when his successor takes over.

But the estimated value of Berkshire’s Apple stake suggests that Buffett sold off more than 100 million shares. Buffett has said he invested in Apple’s stock because of how devoted consumers are to the iPhone and other Apple products.

Apple CEO Tim Cook, who is at the Berkshire meeting, told CNBC that he still considers it a privilege to have Berkshire as a major shareholder, and he knew about the sales before Berkshire disclosed them Saturday.

Berkshire reported a $2.6 billion underwriting profit at its insurers, up from $911 million a year ago.

BNSF railroad’s profits did disappoint and drop 8% to $1.143 billion, but most of its many other companies delivered solid results, including a 72% jump in operating profits at the utility unit that added $717 million to Berkshire’s total.

Berkshire’s revenue grew 5% to $89.87 billion in the quarter. The two analysts who reported estimates to FactSet predicted $87.044 billion revenue.

With no major acquisitions in sight, Berkshire’s massive cash pile continued to grow to a record $188.993 billion in the quarter. Berkshire even spent $2.6 billion repurchasing shares during the first three months of the year, but its companies that include Geico insurance, BNSF railroad, several major utilities and an assortment of dozens of others keep generating mountains of cash.

“We’d love to spend it but we won’t spend it unless we’re doing something with very little risk that will make us a lot of money,” Buffett said.

Tens of thousands filled the arena eager to vacuum up tidbits of wisdom from billionaire Warren Buffett, who famously dubbed the meeting ‘Woodstock for Capitalists.’

But a key ingredient is missing this year: It’s the first meeting since Vice Chairman Charlie Munger died.

The meeting opened with a video tribute to Munger recounting his life and highlighting some of his best known quotes from the meetings over the years that drew applause, including classic lines like “If people weren’t so often wrong, we wouldn’t be so rich.” The video also featured old interviews with Buffett and Munger talking about their epic friendship.

The video also featured several of the classic skits the investors made for meetings over the years with hoiliday stars like a “Desperate Housewives” spoof where one of the women introduced Munger as her boyfriend and another video where Jaimie Lee Curtis swooned over Munger.

As the video ended, everyone in the arena gave Munger a prolonged standing ovation to thank him for being what Buffett called “the architect of Berkshire Hathaway.

For decades, Munger shared the stage with Buffett every year for the marathon question and answer session that is the event’s centerpiece. Munger routinely let Buffett take the lead with expansive responses that went on for several minutes. Then Munger himself would cut directly to the point. He is remembered for calling cryptocurrencies stupid, telling people to “marry the best person that will have you” and comparing many unproven internet businesses in 2000 to “turds.”

He and Buffett functioned as a classic comedy duo, with Buffett offering lengthy setups to Munger’s witty one-liners. Together, they transformed Berkshire from a floundering textile mill into a massive conglomerate made up of a variety of interests, from insurance companies such as Geico to BNSF railroad to several major utilities and an assortment of other companies.

Munger often summed up the key Berkshire’s success as “trying to be consistently not stupid, instead of trying to be very intelligent.” He and Buffett also were known for sticking to businesses they understood well.

“Warren always did at least 80% of the talking. But Charlie was a great foil,” said Stansberry Research analyst Whitney Tilson, who was looking forward to his 27th consecutive meeting with a bit of a heavy heart because of Munger’s absence.

That absence, however, may well create space for shareholders to get to know better the two executives who directly oversee Berkshire’s companies: Ajit Jain, who manages the insurance units, and Greg Abel, who handles everything else. Abel will one day replace the 93-year-old Buffett as CEO. Abel and Jain are sharing the main stage with Buffett for the first time this year in the spot Munger used to occupy.

The first time Buffett kicked a question to Abel, he mistakenly said “Charlie?” out of habit.

Morningstar analyst Greggory Warren said he hopes Abel will speak up more this year and let shareholders see some of the brilliance Berkshire executives talk about. Ever since Munger let it slip at the annual meeting three years ago that Abel would be the successor, Buffett has repeatedly reassured investors that he’s confident in the pick.

Experts say the company has a solid culture built on integrity, trust, independence and an impressive management roster ready to take over.

“Greg’s a rock star,” said Chris Bloomstran, president of Semper Augustus Investments Group. “The bench is deep. He won’t have the same humor at the meeting. But I think we all come here to get a reminder every year to be rational.”

___

For more AP coverage of Warren Buffett look here: https://apnews.com/hub/warren-buffett. For Berkshire Hathaway news, see here: https://apnews.com/hub/berkshire-hathaway-inc. Follow Josh Funk online at https://www.twitter.com/funkwrite and https://www.linkedin.com/in/funkwrite.

[ad_2]

Source link

May 4, 2024
More money is going to African climate startups, but a huge funding gap remains

[ad_1]

NAIROBI, Kenya — When Ademola Adesina founded a startup to provide solar and battery-based power subscription packages to individuals and businesses in Nigeria in 2015, it was a lot harder to raise money than it is today.

Climate tech was new in Africa, the continent was a fledgling destination for venture capital money, there were fewer funders to approach and less money was available, he said.

It took him a year of “running around and scouring” his networks to raise his first amount — just under $1 million — from VC firms and other sources. “Everything was a learning experience,” he said.

But the ecosystem has since changed, and Adesina’s Rensource Energy has raised about $30 million over the years, mostly from VC firms.

Funding for climate tech startups in Africa from the private sector is growing, with businesses raising more than $3.4 billion since 2019. But there’s still a long way to go, with the continent requiring $277 billion annually to meet its climate goals for 2030.

Experts say to unlock financing and fill this gap, African countries need to address risks like currency instability that they say reduce investor appetite, while investors need to expand their scope of interest to more climate sectors like flood protection, disaster management and heat management, and to use diverse funding methods.

Still, the investment numbers for the climate tech sector — which includes businesses in renewable energy, carbon removal, land restoration and water and waste management — are compelling: Last year, climate tech startups on the continent raised $1.04 billion, a 9% increase from the previous year and triple what they raised in 2019, according to the funding database Africa: The Big Deal. That was despite a decline in the amount of money raised by all startups in total on the continent last year.

That matters because climate tech requires experimentation, and VC firms that provide money to nascent businesses are playing an essential role by giving climate tech startups risk capital, said Adesina. “In the climate space, a lot of things are uncertain,” he said.

The money raised by climate tech startups last year was more than a third of all funds raised by startups in Africa in 2023, placing climate tech second to fintech, a more mature sector.

Venture capital is typically given to businesses with substantial risk but great long-term growth potential. Startups use it to expand into new markets and to get products and services on the market.

Venture capitalists “can take risks that other people cannot take, because our business model is designed to have failures,” said Brian Odhiambo, a Lagos-based partner at Novastar Ventures, an Africa-focused investor. “Not everything has to succeed. But some will, and those that do will succeed in a massive way.”

That was the case for Adetayo Bamiduro, co-founder of MAX, formerly Metro Africa Xpress, which makes electric two- and three-wheelers and electric vehicle infrastructure in Nigeria and has raised just under $100 million since it was founded in 2015.

Adetayo said venture capitalists “are playing a catalytic role that is extremely essential.”

“We all know that in order to really decarbonize our economies, investments have to be made. and it’s not trivial investment,” he said.

The funds can also bridge the gap between traditional and non-traditional sectors, said Kidus Asfaw, co-founder and CEO of Kubik, a startup that turns difficult-to-recycle plastic waste into durable, low-carbon building material. His company, which operates in Kenya and Ethiopia, has raised around $5.2 million since it was launched in 2021.

He cites waste management and construction as examples of traditional sectors that can connect with startups like his.

“There’s so much innovation in these spaces that can transform them over time,” he said. “VCs are accelerating that pathway to transforming them.”

Besides venture capital, other investments by private equity firms, syndicates, venture builders, grant providers and other financial institutions are actively financing climate initiatives on the continent.

But private sector financing in general lags far behind that of public financing, which includes funds from governments, multilaterals and development finance institutions.

From 2019 to 2020, private sector financing represented only 14% of all of Africa’s climate finance, according to a report by the Climate Policy Initiative, much lower than in regions such as East Asia and Pacific at 39%, and Latin America and the Caribbean at 49%.

The low contribution in Africa is attributed to the investors putting money in areas they’re more familiar with, like renewable energy technology, with less funding coming in for more diverse initiatives, said Sandy Okoth, a capital market specialist for green finance at FSD Africa, one of the commissioners of the CPI study.

“The private sector feels this (renewable energy technology) is a more mature space,” he said. “They understand the funding models.”

Technology for adapting to climate change, on the other hand, is “more complex”, he said.

One startup working in renewable energy is the Johannesburg-based Wetility, which last year secured funding of $48 million — mostly from private equity — to expand its operations.

The startup provides solar panels for homes and businesses and a digital management system that allows users to remotely manage power usage, as it tries to solve the problems of energy access and reliability in southern Africa.

“Private sector financing in African climate is still rather low,” said founder and CEO Vincent Maposa. “But there’s visible growth. and I believe that over the next decade or so, you’ll start to see those shifts.”

Investors are also starting to understand the economic benefits of adapting to climate change and solutions as they have returns on investment, said Hetal Patel, Nairobi-based director of investments at Mercy Corps Ventures, an early-stage VC fund focused on startups building solutions for climate adaptation and financial resilience.

“We’re starting to build a very strong business case for adaptation investors and make sure that private capital flows start coming in,” he said.

Maëlis Carraro, managing partner at Catalyst Fund, a Nairobi-based VC fund and accelerator that funds climate adaptation solutions, urged more diverse funding, such as that which blends private and public sector funding. The role of public financing, she said, should be to de-risk the private sector and attract more private sector capital into financing climate initiatives.

“We’re not gonna go far enough with just the public funding,” she said. “We need the private sector and the public sector to work together to unlock more financing. and in particular looking beyond just a few industries where the innovation is writ large.”

[ad_2]

By Carlos Mureithi | Associated Press

Source link

May 4, 2024
More money is going to African climate startups, but a huge funding gap remains

[ad_1]

NAIROBI, Kenya — When Ademola Adesina founded a startup to provide solar and battery-based power subscription packages to individuals and businesses in Nigeria in 2015, it was a lot harder to raise money than it is today.

Climate tech was new in Africa, the continent was a fledgling destination for venture capital money, there were fewer funders to approach and less money was available, he said.

It took him a year of “running around and scouring” his networks to raise his first amount — just under $1 million — from VC firms and other sources. “Everything was a learning experience,” he said.

But the ecosystem has since changed, and Adesina’s Rensource Energy has raised about $30 million over the years, mostly from VC firms.

Funding for climate tech startups in Africa from the private sector is growing, with businesses raising more than $3.4 billion since 2019. But there’s still a long way to go, with the continent requiring $277 billion annually to meet its climate goals for 2030.

Experts say to unlock financing and fill this gap, African countries need to address risks like currency instability that they say reduce investor appetite, while investors need to expand their scope of interest to more climate sectors like flood protection, disaster management and heat management, and to use diverse funding methods.

Still, the investment numbers for the climate tech sector — which includes businesses in renewable energy, carbon removal, land restoration and water and waste management — are compelling: Last year, climate tech startups on the continent raised $1.04 billion, a 9% increase from the previous year and triple what they raised in 2019, according to the funding database Africa: The Big Deal. That was despite a decline in the amount of money raised by all startups in total on the continent last year.

That matters because climate tech requires experimentation, and VC firms that provide money to nascent businesses are playing an essential role by giving climate tech startups risk capital, said Adesina. “In the climate space, a lot of things are uncertain,” he said.

The money raised by climate tech startups last year was more than a third of all funds raised by startups in Africa in 2023, placing climate tech second to fintech, a more mature sector.

Venture capital is typically given to businesses with substantial risk but great long-term growth potential. Startups use it to expand into new markets and to get products and services on the market.

Venture capitalists “can take risks that other people cannot take, because our business model is designed to have failures,” said Brian Odhiambo, a Lagos-based partner at Novastar Ventures, an Africa-focused investor. “Not everything has to succeed. But some will, and those that do will succeed in a massive way.”

That was the case for Adetayo Bamiduro, co-founder of Metro Africa Xpress, which makes electric two- and three-wheelers and electric vehicle infrastructure in Nigeria and has raised just under $100 million since it was founded in 2015.

Adetayo said venture capitalists “are playing a catalytic role that is extremely essential.”

“We all know that in order to really decarbonize our economies, investments have to be made. And it’s not trivial investment,” he said.

The funds can also bridge the gap between traditional and non-traditional sectors, said Kidus Asfaw, co-founder and CEO of Kubik, a startup that turns difficult-to-recycle plastic waste into durable, low-carbon building material. His company, which operates in Kenya and Ethiopia, has raised around $5.2 million since it was launched in 2021.

He cites waste management and construction as examples of traditional sectors that can connect with startups like his.

“There’s so much innovation in these spaces that can transform them over time,” he said. “VCs are accelerating that pathway to transforming them.”

Besides venture capital, other investments by private equity firms, syndicates, venture builders, grant providers and other financial institutions are actively financing climate initiatives on the continent.

But private sector financing in general lags far behind that of public financing, which includes funds from governments, multilaterals and development finance institutions.

From 2019 to 2020, private sector financing represented only 14% of all of Africa’s climate finance, according to a report by the Climate Policy Initiative, much lower than in regions such as East Asia and Pacific at 39%, and Latin America and the Caribbean at 49%.

The low contribution in Africa is attributed to the investors putting money in areas they’re more familiar with, like renewable energy technology, with less funding coming in for more diverse initiatives, said Sandy Okoth, a capital market specialist for green finance at FSD Africa, one of the commissioners of the CPI study.

“The private sector feels this (renewable energy technology) is a more mature space,” he said. “They understand the funding models.”

Technology for adapting to climate change, on the other hand, is “more complex”, he said.

One startup working in renewable energy is the Johannesburg-based Wetility, which last year secured funding of $48 million — mostly from private equity — to expand its operations.

The startup provides solar panels for homes and businesses and a digital management system that allows users to remotely manage power usage, as it tries to solve the problems of energy access and reliability in southern Africa.

“Private sector financing in African climate is still rather low,” said founder and CEO Vincent Maposa. “But there’s visible growth. And I believe that over the next decade or so, you’ll start to see those shifts.”

Investors are also starting to understand the economic benefits of adapting to climate change and solutions as they have returns on investment, said Hetal Patel, Nairobi-based director of investments at Mercy Corps Ventures, an early-stage VC fund focused on startups building solutions for climate adaptation and financial resilience.

“We’re starting to build a very strong business case for adaptation investors and make sure that private capital flows start coming in,” he said.

Maëlis Carraro, managing partner at Catalyst Fund, a Nairobi-based VC fund and accelerator that funds climate adaptation solutions, urged more diverse funding, such as that which blends private and public sector funding. The role of public financing, she said, should be to de-risk the private sector and attract more private sector capital into financing climate initiatives.

“We’re not gonna go far enough with just the public funding,” she said. “We need the private sector and the public sector to work together to unlock more financing. And in particular looking beyond just a few industries where the innovation is writ large.”

___

This story corrects the money raised by startup Kubik to $5.2 million, not $4.6 million.

___

The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

[ad_2]

Source link

May 2, 2024
More money is going to African climate startups, but a huge funding gap remains

[ad_1]

NAIROBI, Kenya — When Ademola Adesina founded a startup to provide solar and battery-based power subscription packages to individuals and businesses in Nigeria in 2015, it was a lot harder to raise money than it is today.

Climate tech was new in Africa, the continent was a fledgling destination for venture capital money, there were fewer funders to approach and less money was available, he said.

It took him a year of “running around and scouring” his networks to raise his first amount — just under $1 million — from VC firms and other sources. “Everything was a learning experience,” he said.

But the ecosystem has since changed, and Adesina’s Rensource Energy has raised about $30 million over the years, mostly from VC firms.

Funding for climate tech startups in Africa from the private sector is growing, with businesses raising more than $3.4 billion since 2019. But there’s still a long way to go, with the continent requiring $277 billion annually to meet its climate goals for 2030.

Experts say to unlock financing and fill this gap, African countries need to address risks like currency instability that they say reduce investor appetite, while investors need to expand their scope of interest to more climate sectors like flood protection, disaster management and heat management, and to use diverse funding methods.

Still, the investment numbers for the climate tech sector — which includes businesses in renewable energy, carbon removal, land restoration and water and waste management — are compelling: Last year, climate tech startups on the continent raised $1.04 billion, a 9% increase from the previous year and triple what they raised in 2019, according to the funding database Africa: The Big Deal. That was despite a decline in the amount of money raised by all startups in total on the continent last year.

That matters because climate tech requires experimentation, and VC firms that provide money to nascent businesses are playing an essential role by giving climate tech startups risk capital, said Adesina. “In the climate space, a lot of things are uncertain,” he said.

The money raised by climate tech startups last year was more than a third of all funds raised by startups in Africa in 2023, placing climate tech second to fintech, a more mature sector.

Venture capital is typically given to businesses with substantial risk but great long-term growth potential. Startups use it to expand into new markets and to get products and services on the market.

Venture capitalists “can take risks that other people cannot take, because our business model is designed to have failures,” said Brian Odhiambo, a Lagos-based partner at Novastar Ventures, an Africa-focused investor. “Not everything has to succeed. But some will, and those that do will succeed in a massive way.”

That was the case for Adetayo Bamiduro, co-founder of Metro Africa Xpress, which makes electric two- and three-wheelers and electric vehicle infrastructure in Nigeria and has raised just under $100 million since it was founded in 2015.

Adetayo said venture capitalists “are playing a catalytic role that is extremely essential.”

“We all know that in order to really decarbonize our economies, investments have to be made. And it’s not trivial investment,” he said.

The funds can also bridge the gap between traditional and non-traditional sectors, said Kidus Asfaw, co-founder and CEO of Kubik, a startup that turns difficult-to-recycle plastic waste into durable, low-carbon building material. His company, which operates in Kenya and Ethiopia, has raised around $4.6 million since it was launched in 2021.

He cites waste management and construction as examples of traditional sectors that can connect with startups like his.

“There’s so much innovation in these spaces that can transform them over time,” he said. “VCs are accelerating that pathway to transforming them.”

Besides venture capital, other investments by private equity firms, syndicates, venture builders, grant providers and other financial institutions are actively financing climate initiatives on the continent.

But private sector financing in general lags far behind that of public financing, which includes funds from governments, multilaterals and development finance institutions.

From 2019 to 2020, private sector financing represented only 14% of all of Africa’s climate finance, according to a report by the Climate Policy Initiative, much lower than in regions such as East Asia and Pacific at 39%, and Latin America and the Caribbean at 49%.

The low contribution in Africa is attributed to the investors putting money in areas they’re more familiar with, like renewable energy technology, with less funding coming in for more diverse initiatives, said Sandy Okoth, a capital market specialist for green finance at FSD Africa, one of the commissioners of the CPI study.

“The private sector feels this (renewable energy technology) is a more mature space,” he said. “They understand the funding models.”

Technology for adapting to climate change, on the other hand, is “more complex”, he said.

One startup working in renewable energy is the Johannesburg-based Wetility, which last year secured funding of $48 million — mostly from private equity — to expand its operations.

The startup provides solar panels for homes and businesses and a digital management system that allows users to remotely manage power usage, as it tries to solve the problems of energy access and reliability in southern Africa.

“Private sector financing in African climate is still rather low,” said founder and CEO Vincent Maposa. “But there’s visible growth. And I believe that over the next decade or so, you’ll start to see those shifts.”

Investors are also starting to understand the economic benefits of adapting to climate change and solutions as they have returns on investment, said Hetal Patel, Nairobi-based director of investments at Mercy Corps Ventures, an early-stage VC fund focused on startups building solutions for climate adaptation and financial resilience.

“We’re starting to build a very strong business case for adaptation investors and make sure that private capital flows start coming in,” he said.

Maëlis Carraro, managing partner at Catalyst Fund, a Nairobi-based VC fund and accelerator that funds climate adaptation solutions, urged more diverse funding, such as that which blends private and public sector funding. The role of public financing, she said, should be to de-risk the private sector and attract more private sector capital into financing climate initiatives.

“We’re not gonna go far enough with just the public funding,” she said. “We need the private sector and the public sector to work together to unlock more financing. And in particular looking beyond just a few industries where the innovation is writ large.”

__

The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

[ad_2]

Source link

May 1, 2024
Can SoFi Stock Help You Retire a Millionaire?

[ad_1]

Financial services is an industry desperate for some innovation. In an age when just about anything can be accomplished online, the idea of going to a brick-and-mortar bank to complete a basic transaction is not appealing.

Fintech businesses that operate at the intersection of technology and finance, such as Stripe, Chime, Plaid, and others, have brought some much-needed disruption to legacy financial services. But investors can only access those companies through special investment vehicles as they are still private.

However, one emerging publicly traded fintech is SoFi Technologies (NASDAQ: SOFI). SoFi went public a few years ago following a merger with a special purpose acquisition company (SPAC) led by billionaire investor Chamath Palihapitiya.

With shares trading at a modest $7, investors might be wondering if SoFi is a lucrative opportunity in the budding fintech realm. Let’s dig into why it’s a unique investment prospect and see if the company has potential to generate returns strong enough to help make you a millionaire.

SoFi’s business model is interesting

SoFi is creating a one-stop shop for members on its platform, with access to a host of online services including student loans, mortgages, and stock market investing. This variety of products under one roof has allowed SoFi to cross-sell to its user base.

This approach is known as a flywheel business model. In theory, by cross-selling at a high rate, SoFi does not need to allocate as many resources to customer acquisition over time. Subsequently, the company can use its capital to double down on additional product innovation, thereby making SoFi a formidable competitor for traditional financial services companies.

Image source: Getty Images.

But the long-term potential could be enormous

SoFi’s business model might look attractive on the surface, but investors need to understand that this has been costly to create. Over the last several years, the company has completed a number of acquisitions to help build out its platform. These transactions, combined with efforts to amass a large member base, have resulted in staggering operating losses. Until now, that is.

During the fourth quarter, ended Dec. 31, SoFi surprised investors by posting its first-ever profit on the basis of generally accepted accounting principles.

What’s even better is that management told investors that ongoing profitability can be expected through 2026. This is encouraging because it legitimatizes SoFi’s differentiated business model.

With consistent profitability on the horizon, investors might wonder if SoFi has untapped potential capable of producing lucrative returns.

Could SoFi stock make you a millionaire?

The chart below compares SoFi with peers in fintech on a price-to-sales (P/S) basis. At a P/S of just 3.3, it is in the middle of this cohort.

The important idea for investors is to double down on their winners and hold their highest-conviction positions over the course of many years or even decades.

Take Warren Buffett as an example. The Oracle of Omaha has owned a lot of different stocks over the years. But financial services have consistently remained a top sector for him, with companies like Bank of America, American Express, Visa, and Mastercard representing pillars of the Berkshire Hathaway portfolio.

Investors with a long horizon should consider SoFi’s potential amid a growing fintech sector. The company’s ecosystem of services could make it a future leader as the sector evolves, and I am optimistic that management will make good on its guidance and that steady profits will become more of a staple of its business.

These factors should play a role in SoFi’s growth over time. I think the company’s best days could be ahead, and it has the potential to be a millionaire maker in the long run.

Should you invest $1,000 in SoFi Technologies right now?

Before you buy stock in SoFi Technologies, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and SoFi Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $537,557!*

Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*.

See the 10 stocks »

*Stock Advisor returns as of April 22, 2024

American Express is an advertising partner of The Ascent, a Motley Fool company. Bank of America is an advertising partner of The Ascent, a Motley Fool company. Adam Spatacco has positions in Block and SoFi Technologies. The Motley Fool has positions in and recommends Bank of America, Berkshire Hathaway, Block, Mastercard, Upstart, and Visa. The Motley Fool recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.

Can SoFi Stock Help You Retire a Millionaire? was originally published by The Motley Fool

[ad_2]

Source link

April 28, 2024
Regulators close Philadelphia-based Republic First Bank, first US bank failure this year

[ad_1]

WASHINGTON — Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York.

The Federal Deposit Insurance Corp. said Friday it had seized the Philadelphia-based bank, which did business as Republic Bank and had roughly $6 billion in assets and $4 billion in deposits as of Jan. 31.

Fulton Bank, which is based in Lancaster, Pennsylvania, agreed to assume substantially all of the failed bank’s deposits and buy essentially all of its assets, the agency said.

Republic Bank’s 32 branches will reopen as branches of Fulton Bank as early as Saturday. Republic First Bank depositors can access their funds via checks or ATMs as early as Friday night, the FDIC said.

The bank’s failure is expected to cost the deposit insurance fund $667 million.

The lender is the first FDIC-insured institution to fail in the U.S. this year. The last bank failure — Citizens Bank, based in Sac City, Iowa — was in November.

In a strong economy an average of only four or five banks close each year.

Rising interest rates and falling commercial real estate values, especially for office buildings grappling with surging vacancy rates following the pandemic, have heightened the financial risks for many regional and community banks. Outstanding loans backed by properties that have lost value make them a challenge to refinance.

Last month, an investor group including Steven Mnuchin, who served as U.S. Treasury secretary during the Trump administration, agreed to pump more than $1 billion to rescue New York Community Bancorp, which has been hammered by weakness in commercial real estate and growing pains resulting from its buyout of a distressed bank.

[ad_2]

Source link

April 26, 2024
Stock market today: Asian shares gain despite Wall Street’s tech-led retreat

[ad_1]

Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower in the S&P 500’s worse losing streak since the start of the year.

U.S. futures were lower, while oil prices gained.

Tokyo’s Nikkei 225 climbed 0.3% to 38,079.70 and the Hang Seng in Hong Kong gained 1.3% to 16,468.07.

The Shanghai Composite index added 0.6% to 3,089.02.

South Korea’s Kospi led the region’s gains, surging 2.2% to 2,642.02.

In Australia, the S&P/ASX 500 rose 0.4% to 7,638.10.

On Wednesday, the S&P 500 lost 0.6%, to 5,022.21. It’s down 4.4% since setting a record late last month.

The Dow Jones Industrial Average slipped 0.1% to 37,753.31, and the Nasdaq composite sank 1.1% to 15,683.37.

Tech stocks slumped after ASML, a Dutch company that’s a major supplier to the semiconductor industry, reported weaker orders for the start of 2024 than analysts expected. Its stock trading in the United States slumped 7.1%.

Nvidia dropped 3.9%, and Broadcom sank 3.5% to serve as the two heaviest weights on the S&P 500.

The weakness for tech overshadowed stronger-than-expected profit reports from some big companies, including United Airlines. It soared 17.4% after reporting stronger results for the start of the year than analysts expected, lifted by strong demand from business fliers.

Sharp tumbles for oil prices lessened investors’ worries about inflation, which in turn helped Treasury yields ease.

The 10-year Treasury yield sank to 4.58% from 4.67% late Tuesday. The two-year yield, which moves more closely with expectations for the Fed, fell to 4.92% from 4.99%.

Yields on Tuesday had returned to where they were in November after top officials at the Federal Reserve suggested the central bank may hold its main interest steady for a while. It wants to get more confidence that inflation is sustainably heading toward its target of 2%. Its main interest rate has been sitting at its highest level since 2001.

High interest rates hurt prices for investments and increase the risk of a recession, but Fed officials are concerned after a string of reports this year has shown inflation remaining hotter than forecast.

Traders are now mostly expecting just one or two cuts to interest rates from the Federal Reserve this year, according to data from CME Group. That’s down from forecasts for six or more at the start of the year.

With little near-term help expected from an easing of interest rates, companies will need to deliver fatter profits to justify their big runs in stock price since autumn.

Travelers slumped 7.4% after the insurer’s quarterly results fell short of forecasts. It had to contend with more losses from catastrophes.

J.B. Hunt Transport Services fell 8.1% after reporting weaker revenue and results than expected. It was hurt in part by competition in the eastern part of the country and by higher wages for workers and other costs.

On the winning side of Wall Street was Omnicom Group. It rose 1.6% after reporting stronger profit for the latest quarter than analysts expected. The marketing and communications company highlighted growth trends in most markets around the world, outside the Middle East and Africa.

The stock of Donald Trump’s social media company also continued to swing sharply, this time jumping 15.6%. That followed two straight losses of more than 14%. Experts say the stock is caught up in frenzied trading driven more by public sentiment around the former president than by the business prospects of the company.

In oil trading, U.S. benchmark crude picked up 8 cents to $82.77 per barrel. It had lost $2.67 on Wednesday.

Brent crude, the international standard, gained 16 cents to $87.45 per barrel.

The U.S. dollar slipped to 154.12 Japanese yen from 154.38 yen. The euro rose to $1.0689 from $1.0673.

[ad_2]

Source link

April 18, 2024
Google removes links to California news sites for some users

[ad_1]

SACRAMENTO, Calif. — Google on Friday began removing California news websites from some people’s search results, a test that acted as a threat should the state Legislature pass a law requiring the search giant to pay media companies for linking to their content.

Google announced the move in a blog post on Friday, calling it a “short-term test for a small percentage of users … to measure the impact of the legislation on our product experience.” The company said it also would pause new investments in the California news industry, including the partnership initiative with news organizations and its product licensing program.

“By helping people find news stories, we help publishers of all sizes grow their audiences at no cost to them. (This bill) would up-end that model,” Jaffer Zaidi, Google’s vice president for global news partnerships, wrote in the blog post.

The California Legislature is considering a bill that would require tech giants like Google, Facebook and Microsoft to pay a certain percentage of advertising revenue to media companies for linking to their content. How much the companies would have to pay would be decided by a panel of three judges through an arbitration process.

The bill aims to stop the loss of journalism jobs, which have been disappearing rapidly as legacy media companies have struggled to profit in the digital age. More than 2,500 newspapers have closed in the U.S. since 2005, according to Northwestern University’s Medill School of Journalism. California has lost more than 100 news organizations in the past decade, according to Democratic Assemblymember Buffy Wicks, the bill’s author.

“This is a bill about basic fairness — it’s about ensuring that platforms pay for the content they repurpose,” Wicks said. “We are committed to continuing negotiations with Google and all other stakeholders to secure a brighter future for California journalists and ensure that the lights of democracy stay on.”

The state Assembly passed the bill last year with bipartisan support despite fierce opposition and lobbying efforts from big tech companies. The California Senate would have to pass it later this year for it to become law.

Supporters said the legislation would help level the playing field between news publishers and large digital platforms and provide a “lifeline” to local news organizations, which rely heavily on Google’s search engine to distribute its content in the digital era. While Google’s search engine has become the hub of a digital advertisement empire that generates more than $200 billion annually, news publishers saw their advertising revenues nosedive significantly in the last few decades.

But opponents, including Google, Meta and some independent newsrooms, call the legislation a “link tax” that would primarily benefit out-of-state newspaper chains and hedge funds and further decimate local news organizations. Richard Gingras, Google’s vice president of news, also told state lawmakers, in a hearing last December, that Google already made significant contributions to support local journalism, pointing to the tech giant’s financial grants and training to nearly 1,000 local publications in 2023, among other programs.

Google’s search engine should be seen as “the largest newsstand on Earth,” Gingras said, where it helps connect users to news websites more than 24 billion times per month. Google’s search engine holds an estimated 90% share of the market.

“This traffic in turn helps publishers make money by showing ads or attracting new subscribers,” he said, adding that it’s estimated that each click on a link from Google is worth 5 cents to 7 cents to a news website.

Google’s decision to temporarily remove links to news websites is not a new tactic for tech giants to use when pushing back on unwanted legislation. When Canada and Australia passed similar laws to promote journalism, Meta — the company that owns Facebook and Instagram — responded by blocking content from Canadian publishers on its sites in Canada. The company made similar threats to U.S. Congress and California lawmakers last year. Google had threatened to do the same in Canada. But in November, Google agreed to pay 100 million Canadian dollars ($74 million U.S. dollars) to the news industry.

News publishers would suffer and could lay off more journalists if Google completely blocks content from its search, but experts say Google also would take a financial hit without news content.

“Google would be damaging itself enormously if it decided to stop using newspaper content,” Brandon Kressin, an antitrust attorney representing News Media Alliance and other news publishers, told lawmakers in a December hearing. “They would be cutting off their nose to spite their own face.”

The political wrangling over Google’s dominant search engine can throttle access to various news sources comes against the backdrop of legal trouble that could culminate in decisions that undercut the company’s internet empire.

After presenting evidence to support its allegations that Google has been abusing its power to stifle competition and innovation during the biggest antitrust trial in a quarter century, lawyers for the U.S. Justice Department will present its closing arguments next month to a federal judge who is expected to issue a decision in the case later this year.

Following another antitrust trial that ended in December, a federal jury concluded Google had turned its app store for smartphones running on its Android software into an illegal monopoly that limited consumer choices while enriching the company through unfairly high commissions charged for in-app purchases. A hearing on the changes that Google will have to make resulting from that verdict is also scheduled to occur next month.

California has attempted to boost local journalism through various initiatives, including a $25 million multiyear, state-funded program in partnership with UC Berkeley Graduate School of Journalism to place 40 early-career journalists in local newsrooms annually. Lawmakers are also considering another proposal that would expand tax credits for local news organizations this year.

—-

Associated Press reporter Michael Liedtke in San Francisco contributed to the report.

[ad_2]

Source link

April 12, 2024
JPMorgan Chase, Advanced Micro Devices fall; Progressive, Exxon Mobil rise, 4/12/2024

[ad_1]

Stocks that are trading heavily or have substantial price changes on Friday: JPMorgan Chase, Advanced Micro Devices fall; Progressive, Exxon Mobil rise

NEW YORK — Stocks that are trading heavily or have substantial price changes on Friday:

JPMorgan Chase & Co. (JPM), down $10.42 to $185.01.

The bank gave investors a lower-than-expected forecast for its annual net interest income.

Newmont Corp. (NEM), up $1.01 to $40.08.

The gold miner rose along with prices for the precious metal.

Advanced Micro Devices Inc. (AMD), down $6.42 to $164.08.

The chipmaker fell following reports Chinese telecommunications carriers must phase out foreign chips by 2027.

Progressive Corp. (PGR), up $4.11 to $206.37.

The insurer beat analysts’ first-quarter financial forecasts.

Zoetis Inc. (ZTS), down $12.28 to $150.45.

The veterinary health company slipped after a report about deaths of pets taking arthritis drugs.

Exxon Mobil Corp. (XOM), up 33 cents to $122.12.

Energy companies gained ground along with surging oil prices.

Southwest Airlines Co. (LUV), down 71 cents $27.81.

The company is reportedly cutting expectations for Boeing plane deliveries in 2024.

State Street Corp. (STT), up 86 cents to $74.77.

The financial services company beat Wall Street’s first-quarter earnings and revenue forecasts.

[ad_2]

Source link

April 12, 2024
A comprehensive guide: The impact of technology on financial services

[ad_1]

The intersection of technology and finance has always been a catalyst for innovation, reshaping the landscape of financial services globally. In recent years, the pace of technological advancement has accelerated, bringing about significant changes in how financial institutions operate and how consumers engage with their finances. This comprehensive guide delves into the multifaceted impact of technology on financial services, exploring key trends, challenges, and opportunities shaping the industry’s future.

Evolution of Digital Banking and Payment Solutions

The advent of digital banking and payment solutions has revolutionized the way individuals and businesses manage their finances. With the rise of smartphones and the internet, traditional brick-and-mortar banking has gradually given way to convenient digital alternatives. Mobile banking apps, online payment platforms, and digital wallets have become ubiquitous, offering users unprecedented accessibility and control over their funds.

Furthermore, the emergence of fintech startups has disrupted traditional banking models, introducing innovative products and services tailored to meet evolving customer needs. For instance, experts such as those behind https://digido-app.ph/, have streamlined the process of obtaining loan lending services, through a user-friendly mobile application. Such initiatives democratize access to financial resources, empowering individuals from diverse socioeconomic backgrounds to participate in the digital economy.

Blockchain Technology and Cryptocurrencies

Blockchain technology, best known as the underlying infrastructure for cryptocurrencies like Bitcoin and Ethereum, has garnered significant attention for its potential to revolutionize financial transactions and processes. By enabling secure, transparent, and immutable record-keeping through decentralized ledgers, blockchain has the power to enhance the efficiency, transparency, and security of various financial operations, including cross-border payments, asset management, and identity verification.

Moreover, cryptocurrencies offer an alternative means of transferring value, free from the constraints of traditional banking systems and government regulations. While their volatility and regulatory uncertainties present challenges, cryptocurrencies have gained traction as speculative assets and mediums of exchange in both consumer and institutional circles.

Artificial Intelligence and Robotic Process Automation

Artificial intelligence (AI) and robotic process automation (RPA) have emerged as transformative tools in the realm of financial services, automating routine tasks, optimizing decision-making processes, and enhancing customer experiences. From algorithmic trading and risk management to fraud detection and customer support, AI-powered solutions offer unparalleled speed, accuracy, and scalability, enabling financial institutions to operate more efficiently and effectively.

Furthermore, AI algorithms analyze vast datasets to identify patterns, trends, and insights that inform strategic decision-making and personalized service delivery. By leveraging machine learning algorithms, financial institutions can tailor product recommendations, pricing strategies, and risk assessments to individual customer preferences and risk profiles.

https://unsplash.com/photos/laptop-computer-on-glass-top-table-hpjSkU2UYSU

Regulatory Challenges and Ethical Considerations

While technology has unlocked immense opportunities for innovation and growth in the financial services industry, it also poses regulatory challenges and ethical considerations that demand careful consideration. The rapid pace of technological change outpaces the ability of regulatory frameworks to adapt, creating regulatory gaps and compliance risks for financial institutions and policymakers. Moreover, the proliferation of digital channels and data-driven technologies raises concerns about data privacy, cybersecurity, and algorithmic bias, necessitating robust regulatory oversight and ethical guidelines.

Furthermore, the global nature of technology transcends jurisdictional boundaries, complicating efforts to harmonize regulatory standards and combat financial crimes such as money laundering and terrorist financing. As financial services become increasingly interconnected and digitized, collaboration between regulators, industry stakeholders, and technology providers is essential to foster trust, ensure market integrity, and protect consumer interests.

In conclusion, the impact of technology on financial services is profound and far-reaching, shaping the future of banking, payments, investments, and regulatory compliance. From digital banking and blockchain technology to artificial intelligence and regulatory challenges, the financial services industry is undergoing a paradigm shift driven by technological innovation. As stakeholders navigate this dynamic landscape, collaboration, innovation, and responsible governance will be paramount to harnessing the full potential of technology while addressing its inherent risks and challenges.

Related

[ad_2]

Gadgets Magazine 11

Source link

March 29, 2024
Enhancing customer experiences with emerging technology

[ad_1]

Exceptional customer experiences are no longer the exception—they’re the rule. Companies need the right combination of innovation and cultural transformation to stand out, build customer trust, and achieve high engagement.

We’ve interviewed three experts about the ways AI and other emerging technologies are improving the experiences of both customers and employees. The consensus is clear: building customer-first internal cultures will lay the foundation for future innovation and growth.

Instilling a customer-first mindset in financial services

One factor stands out when considering how customers experience financial services companies, according to Theodora Lau: “economy, economy, economy.” Lau, Founder of Unconventional Ventures, stresses that businesses need to offer more than the ability to track spending. Remembering the goals and concerns of the humans at the center of each experience will help leaders use AI successfully and transparently to provide more personalized and convenient customer experiences. “AI can decipher our data, it can provide us with insights, and it can tell us how to go from point A to point B,” says Lau. But companies that use these capabilities to drive customer-first cultures are positioned to continue innovating as AI advances.

It’s also important to remember that transparency surrounding technology builds trust. For instance, making it clear when customers are interacting with a virtual agent and not a person can actually strengthen relationships with customers and free them to achieve their financial goals with confidence.

Audio description version: Top Industry Trends in Customer Experience: Financial Services

Driving personalization for retail customers with AI

Ron Thurston, Cofounder of OSSY, spent more than a year traveling through 30 US states to talk to frontline retail teams and executives about emerging customer trends. “Every part of our industry that touches retail is speaking about personalization and customization,” says Thurston.

Improving retail experiences involves everything from operations and employee training to customer loyalty programs and support. “We’ve never needed to be at our best more than we do right now,” says Thurston.

Personalization depends on analyzing large amounts of rich data—that’s where AI comes in. AI solutions can unlock insights to power personalized shopping at scale. Companies that use these tools are positioning themselves to design customized shopping experiences, smart recommendations, and intelligent outreach, all of which adds up to a seamless unified commerce experience.

While customization is one key to sparking customer engagement, the employee experience is what truly sets brands apart from competitors. “A team that is fully engaged and really proud of what they do is likely to engage with customers at a very high level, and customers feel it,” says Thurston. When employees are empowered with the tools they need, they can pass on the benefits of better efficiency and satisfaction to customers.

Audio description: Top Industry Trends in Customer Experience: Retail and Consumer Goods

Engaging patients as customers to build trust and better service

When the customer is also a patient, developing engagement strategies that meet their needs and expectations can revolutionize their healthcare experience. “People think the service level of healthcare should excel and be enhanced like their favorite kind of retail experience,” says Jane Sarasohn-Kahn, Health Economist and Founder of THINK-Health LLC.

With the well-being of customers directly tied to their engagement with your company, a trustworthy experience can make an immense difference to their mental and physical health. “Without trust, there is no health engagement,” says Sarasohn-Kahn.

Building trust between patients and providers means prioritizing factors like sincerity and authenticity—qualities that AI can enhance. Unlocking data-driven insights can also promote the personalization that strengthens customer relationships. “AI is being deployed across the ecosystem, wherever patients are,” says Sarasohn-Kahn.

One example is Nuance, a patient management solution from Microsoft, which uses conversational AI to boost communication with patients through appointment reminders, outreach, and support. With better communication tools, you can interact with patients where they are and enhance the omnichannel care that promotes the best outcomes.

Another example comes from US healthcare organization Providence, which developed an AI product called ProVARIA using Microsoft Azure solutions to automatically classify incoming patient messages and direct them to the appropriate responders. This way, clinicians can spend more time on patient outcomes, and patients can enjoy an enhanced experience.

Audio description version: Top Industry Trends in Patient Experience: Healthcare and Life Sciences

Enhancing customer experiences with emerging technology

The right combination of cutting-edge technology and a customer-first internal culture drives engagement. Regardless of your industry, engaging customers means being purpose driven and having access to the tools you need.

To learn more, explore the Microsoft Customer Experience Platform.

To discover how you can use AI to gain new customer insights, learn more about Azure Synapse Analytics.

[ad_2]

Microsoft in Business Team

Source link

March 27, 2024
Stock market today: Wall Street drifts as the wait begins for the Federal Reserve

[ad_1]

NEW YORK — U.S. stocks are drifting Tuesday as some of Wall Street’s mania around artificial-intelligence technology cools.

The S&P 500 was 0.2% lower in early trading. The Dow Jones Industrial Average was up 42 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.6% lower.

Nvidia, whose chips are powering much of the move into AI, fell 1.9% after unveiling new products at its developers’ conference. Analysts called them powerful and said they would keep Nvidia ahead of competitors, but its stock has already shot up more than 240% over the last year.

Super Micro Computer, whose stock went from less than $100 to more than $1,000 in a year, sank 9.2%. The seller of server and storage systems used in AI and other computing, said it’s looking to sell 2 million more shares of its stock.

Shares of Unilever that trade in the United States rose 2.6% after it said it was spinning off Ben & Jerry’s and other ice cream businesses and cutting 7,500 jobs.

Elsewhere on Wall Street, the waiting game is on to hear from the Federal Reserve about where interest rates may be heading.

The Fed is beginning its latest meeting on interest rates, and it will announce its decision on Wednesday. The widespread expectation is for it to leave its main interest rate alone at a two-decade high. The hope is that it will indicate it still expects to cut rates three times later this year, as it hinted a few months ago.

U.S. stock indexes have set records recently partly on hopes for such cuts, which would relieve pressure on the economy and financial system. But several hotter-than-expected reports on inflation recently have hurt such hopes and already forced traders to give up earlier expectations that the year’s first cut would arrive Wednesday.

Treasury yields eased in the bond market ahead of the announcement. The yield on the 10-year Treasury slipped to 4.31% from 4.33% late Monday.

High yields and interest rates can hurt prices not only for stocks but also for cryptocurrencies.

Bitcoin’s price has been sliding since hitting a peak above $73,000 last week. It’s notorious for taking investors through severe swings in price, and it fell another 7% to drop below $63,300.

In stock markets abroad, Japan’s Nikkei 225 rose 0.7% after the Bank of Japan hiked its benchmark interest rate for the first time in 17 years. In a historic move, it moved the rate back to a range of zero to 0.1% and made other changes, ending a long experiment of rates below zero meant to boost the economy and inflation.

The era-defining move was widely expected, and it turns the dial in Japan from “extraordinary easing” to “normal” easing, according to economists at Bank of America.

Stocks fell 1.2% in Hong Kong and 0.7% in Shanghai after Troubled property developer China Evergrande Group said Beijing’s market watchdog fined it 4.2 billion yuan ($333.4 million) for allegedly falsifying its revenue, among other violations.

Stocks were mixed elsewhere in Asia and Europe.

___

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

[ad_2]

Source link

March 19, 2024
Stock market today: Asian shares trade mixed as investors look to central banks

[ad_1]

TOKYO — Asian shares are mixed Thursday in lackluster trading.

Japan’s Nikkei 225 reversed course from earlier losses and finished at 38,807.38, up 0.3%. Nissan Motor Co. stock jumped 2.2% after an unconfirmed Japanese media report that the automaker behind the Leaf electric car was about to enter an agreement on EVs with domestic rival Honda Motor Co. Honda shares rose 1.1%.

Both Nissan and Honda declined comment.

Sydney’s S&P/ASX 200 slipped 0.2% to 7,713.60. South Korea’s Kospi added 0.9% to 2,718.76. Hong Kong’s Hang Seng lost 0.9% to 16,929.12, while the Shanghai Composite fell 0.2% to 3,038.23.

“In a significant turn of events, there’s increasing speculation that the Bank of Japan might consider ending its negative interest rate policy in its upcoming meeting, spurred by substantial wage hikes by major Japanese firms,” said Anderson Alves at ActivTrades.

The Japanese central bank has set a target of 2% inflation. The Bank of Japan will hold a two-day monetary policy meeting next week.

On Wall Street, the S&P 500 slipped 9.96 points, or 0.2%, from its all-time high set a day before to 5,165.31. The Dow Jones Industrial Average rose 37.83, or 0.1%, to 39,043.32 and pulled within 90 points of its record set last month. The Nasdaq composite dipped 87.87, or 0.5%, to 16,177.77.

The bond market was also relatively quiet, with Treasury yields ticking higher.

Oil prices have been on a general upswing so far this year, which has helped keep inflation a bit higher than economists expected. That higher inflation has in turn dashed Wall Street’s hopes that the Federal Reserve could start offering relief at its meeting next week by cutting interest rates.

But the expectation is still for the Fed to begin cutting rates in June, because the longer-term trend for inflation seems to remain downward. The Fed’s main interest rate is at its highest level since 2001, and reductions would release pressure on the economy and financial system. Stocks have already rallied in part on expectations for such cuts.

Their nearly nonstop run since late October, though, has raised criticism that it was overdone.

In the bond market, the yield on the 10-year Treasury rose from 4.15% late Tuesday to 4.18% on Wednesday. It helps set rates for mortgages and loans for all kinds of companies and other borrowers.

The two-year Treasury yield also climbed. It more closely follows expectations for the Fed, and it rose to 4.62% from 4.58% late Tuesday and from 4.20% at the start of February. It had earlier dropped on strong expectations for coming cuts to interest rates by the Fed.

In energy trading, benchmark U.S. crude added 11 cents to $79.83 a barrel. Brent crude, the international standard, rose 14 cents to $84.17 a barrel.

In currency trading, the U.S. dollar rose to 147.96 Japanese yen from 147.74 yen. The euro cost $1.0945, down from $1.0953.

___

AP Business Writer Stan Choe contributed.

[ad_2]

Source link

March 14, 2024
Europe’s economy has stalled. But an interest rate cut will likely have to wait for summer

[ad_1]

FRANKFURT, Germany — Inflation in Europe is way down from its painful double-digit peak, and the economy has stalled. But the European Central Bank left its key interest rate at a record high Thursday, and its leader suggested a much-anticipated cut to borrowing costs would likely wait until June.

The decision comes as central banks around the world, including the U.S. Federal Reserve, are trying to judge whether toxic inflation has been tamed to the point that they can start cutting rates — making it cheaper for consumers and businesses to borrow, spend and invest — and avoid an economic slowdown that throws people out of their jobs.

ECB President Christine Lagarde said at a news conference that the central bank was “making good progress” in pushing down inflation to its 2% target but that “we are not there yet.”

She dropped a clue about the timing of a rate cut, saying economic data would decide the bank’s next move and that “we will have a little in April and a lot more for our June meeting.”

Lagarde’s remark was “a not very subtle hint” that the ECB would wait until June for a rate cut, said analysts at ABN AMRO Financial Markets Research.

“The ECB is getting closer to the point where it will have sufficient confidence in the return of inflation to the 2% target,” said Frederik Ducrozet, head of macroeconomic research at Pictet Wealth Management.

He pointed to Lagarde’s remark and to the ECB lowering this year’s inflation projection to 2.3% from December’s forecast of 2.7%.

The ECB raised its key rate from below zero to 4% between July 2022 and September 2023 to squelch double-digit inflation driven by supply chain issues during the rebound from the coronavirus pandemic and by an energy crisis after Russia invaded Ukraine.

Higher interest rates dampen inflation by making it more expensive to borrow and buy things on credit, reducing demand for goods. But high rates can weigh on economic growth, too.

The rate rises, for instance, have stalled construction activity in Germany, Europe’s largest economy, and put an end to a nearly decadelong rise in home prices in the 20 countries that use the euro currency as tighter credit deters borrowers and sellers.

The eurozone saw no growth in the fourth quarter of last year after shrinking 0.1% in the previous quarter. Germany expects growth of just 0.2% this year.

One reason the ECB can afford to wait on a rate cut: a strong jobs market that is keeping people in work and with paychecks to spend. Unemployment of 6.4% is the lowest since the euro currency was launched in 1999.

A similar situation is shaping up in the U.S., where Federal Reserve Chair Jerome Powell told Congress this week that the central bank needs more confidence inflation is under control before cutting rates. Fed officials have signaled three rate cuts this year, but Powell has given no indication when they might start.

In Europe, inflation was down to 2.6% in February, well below its peak of 10.6% in October 2022. But the consumer price index has been stuck between 2% and 3% for five months, raising concern that the last mile toward the ECB’s goal may be slower than hoped.

While the spikes in food and energy prices that helped drive the outbreak of inflation have eased, inflation has spread to services, a broad sector of the economy that includes everything from movie tickets and office cleaning to tuition and medical care.

Meanwhile, wages rose as workers started bargaining for higher pay to make up for lost purchasing power as inflation ballooned.

[ad_2]

Source link

March 7, 2024
Bitcoin bounces to an all-time high after FTX scandal plagued crypto

[ad_1]

NEW YORK — NEW YORK (AP) — Bitcoin has hit an all-time high less than two years after the collapse of the crypto exchange FTX severely damaged faith in digital currencies and sent prices plunging.

The world’s largest cryptocurrency jumped 4% this week and briefly surpassed $68,800 Tuesday, according to CoinMarketCap. That’s just above bitcoin’s previous record set back in November 2021.

Then the volatile asset dipped 4%, standing at just over $65,000 but the price is still up almost 200% from one year ago after a meteoric rise.

Gains in recent months have been fueled by the anticipation and eventual U.S. approval of bitcoin exchange traded funds earlier this year, which provided access to a much broader class of investors. The price for bitcoin has surged about 60% since the approval of bitcoin ETFs in January, an easy way to invest in assets or a group of assets — like gold, junk bonds or bitcoins — without having to directly buy the assets themselves.

Also driving prices is what is known as bitcoin “halving” which is anticipated in April. Halvings trim the rate at which new coins are mined and created, thus lowering the supply.

Here’s what you need to know.

In January, the U.S. Securities and Exchange Commission approved the first spot bitcoin ETFs from asset managers including Blackrock, Invesco and Fidelity. These newly-approved ETFs hold actual bitcoin — unlike previous bitcoin-related ETFs that were invested in contracts related to future price bets, but not on the cryptocurrency itself.

While regulators have pointed to persisting risks and maintained reluctance around January’s decision, the greenlight marked a major win the crypto industry.

Institutional demand for bitcoin show “no signs of slowing down,” H.C. Wainwright’s Mike Colonnese and Dylan Scales wrote Tuesday — adding that bitcoin’s popularity “is likely to accelerate in the coming months as more wealth management platforms make spot (bitcoin) ETFs accessible to their clients.”

Using data from crypto platform BitMEX, Colonnese and Scales estimated that the ten bitcoin ETFs averaged $302 million in net daily inflows for the month of February. Last week alone, these spot ETFs booked record inflows of $1.7 billion — bringing total net inflows to $7.5 billion since their Jan. 11 launch.

Increased demand is also aligning with bitcoin’s next halving event, which is expected at the end of April.

Bitcoin halving, which occurs every four years, is when the reward for bitcoin mining is cut in half. This reduces how fast new coins are created — making supply more scarce.

While analysts say that constrained supply in a time of high demand can push bitocin’s price higher over time, others point to significant volatility that has resulted before and after halving events — and the possibility of sizable declines.

“Past history may not be a reliable guide to predict how the upcoming halving of bitcoin will influence its value,” Rajeev Bamra, SVP of digital finance at Moody’s Investors Service, noted. “Various external factors, market sentiment shifts, and regulatory developments can influence the trajectory of Bitcoin’s price.”

Bitcoin has a history of drastic swings in value — which can come suddenly and happen over the weekend or overnight in trading that continues at all hours, every day.

Bitcoin rocketed from just over $5,000 at the start of the pandemic to its November 2021 peak of nearly $69,000, in a period marked by a surge in demand for technology products. Prices crashed during an aggressive series of Federal Reserve rate hikes intended to cool inflation, slow money flows and make risky investments potentially riskier. Then came the 2022 collapse of FTX, which left a significant scar on confidence in crypto.

At the start of last year, a single bitcoin could be had for less than $17,000. Investors, however, began returning in large numbers as inflation started to cool. And 2023’s collapse of prominent tech-focused banks actually led more investors to turn to crypto as they bailed out of positions in Silicon Valley start-ups and other risky bets.

Despite the recent excitement around bitcoin, experts still maintain that crypto is a risky bet with wildly unpredictable fluctuations in value. In short, investors can lose money as quickly as they make it.

“It’s essential to exercise caution and acknowledge that the road ahead for the digital finance ecosystem, particularly the crypto markets, is expected to navigate through a period marked by volatility,” Bamra noted — pointing the importance of “cautious optimism.”

[ad_2]

Source link

March 5, 2024
Stock market today: Japan’s Nikkei tops 40,000, as investors await China political meeting

[ad_1]

HONG KONG — Asian stocks were mostly higher Monday ahead of China’s top annual political gathering, while Japan’s benchmark surpassed the 40,000 level for the first time.

U.S. futures fell and oil prices were little changed.

Japan’s Nikkei 225 share index rose to 40,314.64 but fell back slightly. It gained 0.5% to close at 40,109.23 following an advance last week on Wall Street that pushed U.S. stocks to new heights.

Shares in Japan have tracked gains in other markets driven by expectations for strong demand for technology associated with artificial intelligence. They have also been boosted by continued easy credit policies with the Bank of Japan pumping money into the economy to help support growth.

Hong Kong’s Hang Seng fell 0.5% to 16,500.50 and the Shanghai Composite index rose 0.3% to 3,034.78.

This week the spotlight is mainly on China’s National People’s Congress, the country’s most important political event. It opens Tuesday, and investors are watching for updates on specific policies to help support the slowing economy, resolve troubles in the property market and stabilize financial markets.

Elsewhere in Asia, the Kospi in Seoul surged 1.2% to 2,674.27 after a private-sector survey showed the country’s manufacturing activity expanded at a slower pace in February compared to the month before, as overseas demand weakened.

Australia’s S&P/ASX 200 was down less than 0.1% at 7,742.40, and in Bangkok the SET edged 0.1% higher.

On Friday, the S&P 500 rose 0.8% to 5,137.08 a day after setting an all-time high. It’s been on a tremendous run and has climbed in 16 of the last 18 weeks because of excitement about cooling inflation and a mostly resilient U.S. economy.

The Dow Jones Industrial Average gained 0.2% to 39,087.38. Technology stocks led the market, and the Nasdaq composite jumped 1.1% to 16,274.94, a day after surpassing its prior record set in 2021.

Dell Technologies helped drive the stock market after jumping 31.6%. It reported stronger profit and revenue for the latest quarter than analysts expected, highlighting demand for its AI-optimized servers.

A crescendo of demand for artificial-intelligence technology has helped catapult stocks higher over the last year. Dell has more than tripled in the last 12 months, while Nvidia has surged more than 260%.

The mood was much more dour in the banking industry, where New York Community Bancorp tumbled 25.9%. It warned investors last week that it found weakness in how it internally reviews loans, caused by ineffective oversight, risk assessment and monitoring activities.

Much attention has been on smaller regional banks after last year’s crisis in the industry led to the collapses of several. One of them, Signature Bank, was swallowed up by NYCB, which has caused the resulting bank to face stricter oversight amid struggles for loans tied to real estate.

While NYCB faces many issues that are specific to it, the worry has been that banks across the industry face challenges from loans made for real estate projects.

They are under pressure in part because the Federal Reserve has hiked its main interest rate to the highest level since 2001. High interest rates can squeeze the financial system. The hope has been that the Fed will cut interest rates several times this year to offer some relief for banks and the broader economy.

The Fed has indicated it may do so if inflation continues to cool decisively toward its 2% target. But a string of stronger-than-expected reports on the economy have made traders push back forecasts for when the cuts could begin. The hope now is that the Fed could start in June after traders shelved earlier expectations for March.

In the bond market, the yield on the 10-year Treasury fell to 4.21% Monday from 4.25% late Thursday.

In other trading, U.S. benchmark crude oil lost 2 cents to $79.95 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gained 2 cents to $83.57 per barrel.

The U.S. dollar rose to 150.38 Japanese yen from 150.08 yen. The euro was up to $1.0845 from $1.0841.

[ad_2]

Source link

March 4, 2024
Stock market today: Wall Street adds to its records as bond yields ease

[ad_1]

NEW YORK — Wall Street is adding to its records as U.S. stock indexes tick higher on Friday.

The S&P 500 was 0.6% higher in afternoon trading after setting an all-time high the day before. The Dow Jones Industrial Average was up 78 points, or 0.2%, as of 12:24 p.m. Eastern time, and the Nasdaq composite was 0.8% higher a day after surpassing its prior record set in 2021.

In the bond market, Treasury yields eased after reports on manufacturing and sentiment among U.S. consumers came in weaker than economists expected. The data reinforced bets that the Federal Reserve may begin cutting interest rates in June, particularly after a report on Thursday showed a key measure of inflation the Fed closely tracks behaved pretty much as expected last month.

Dell Technologies was helping to support the stock market after jumping 28.1%. It reported stronger profit and revenue for the latest quarter than analysts expected, highlighting demand for its AI-optimized servers.

A seemingly never-ending crescendo of demand for artificial-intelligence technology has helped catapult stocks higher over the last year. Even Dell’s roughly 140% jump in the last 12 months pales compared with the more than 240% surge for Nvidia.

NetApp leaped 23% after reporting stronger results than expected, saying it’s seeing “good momentum in AI.” The data company also gave a forecasted range for profit in the current quarter that topped what several analysts were expecting.

The mood was much more dour in the banking industry, where New York Community Bancorp tumbled 22.6%. It warned investors late Thursday that it found weakness in how it internally reviews loans, caused by ineffective oversight, risk assessment and monitoring activities.

The company said it won’t be able to file its annual report in time, and it took a charge worth $2.4 billion against its results for the last three months of 2023. Its CEO stepped down after 27 years with the company, effective immediately.

Much attention has been on smaller regional banks after last year’s crisis in the industry led to the collapses of several. One of them, Signature Bank, was swallowed up by NYCB, which has caused the resulting bank to face stricter oversight amid struggles for loans tied to real estate.

While NYCB faces many issues that are specific to it, the worry has been that banks across the industry face challenges from loans made for real-estate projects.

Interest rates are high after the Federal Reserve hiked its main rate to the highest level since 2001, which adds pressure on the financial system. The hope has been that the Fed will cut interest rates several times this year to relieve some of that pressure.

The Fed has indicated it may do so if inflation continues to cool decisively toward its 2% target. But a string of stronger reports on the economy than expected have forced traders on Wall Street to push back their forecasts for when the cuts could begin. The hope now is that the Fed could start in June after traders shelved their earlier expectations for March.

Hopes for a June cut held after a report showed the U.S. manufacturing industry shrank in February for a 16th straight month. Manufacturing has been one of the weakest-performing areas of the economy, while a resilient job market and spending by U.S. consumers have propped it up. The report from the Institute for Supply Management also said prices paid by manufacturers for raw materials rose again, but at a slower pace than in January.

A separate report from the University of Michigan said sentiment among U.S. consumers was weaker than economists expected. It slipped in February from January but held most of the gains seen in recent months. That’s important because spending by U.S. consumers makes up the bulk of the economy.

In the bond market, Treasury yields sank following the data reports. The yield on the 10-year Treasury fell to 4.20% from 4.25% late Thursday and from 4.28% just before the data’s release.

The two-year Treasury yield, which more closely tracks expectations for the Fed, sank to 4.54% from 4.62% and is roughly back to where it was two weeks ago. That’s before a couple reports said inflation last month was hotter than expected at both the consumer and wholesale levels.

Economists at Deutsche Bank expect the Fed to cut its main interest rate by 1 percentage point this year, down from its current level of 5.25% to 5.50%. Like many traders, it also expects the Fed to start in June.

But chief U.S. economist Matthew Luzzetti also says there are several reasons to be cautious about cuts. Chief among them is the fact that stock prices have already rallied and Treasury yields have already sunk on expectations for coming cuts, which loosens conditions for the economy and could add upward pressure on inflation.

In stock markets abroad, Japan’s Nikkei 225 jumped 1.9%. Its unemployment rate dropped to 2.4% in January, though a measure of manufacturing activity showed a contraction.

Indexes were up more modestly across the rest of Asia and Europe.

___

AP Writers Matt Ott and Zimo Zhong contributed.

[ad_2]

Source link

March 1, 2024
Stock market today: Wall Street drifts around its record heights in early trading

[ad_1]

NEW YORK — Wall Street is drifting near its record highs amid mixed trading for U.S. stocks on Friday.

The S&P 500 was 0.1% higher in early trading after setting an all-time high the day before. The Dow Jones Industrial Average was down 48 points, or 0.1%, as of 9:40 a.m. Eastern time, and the Nasdaq composite was 0.2% higher a day after surpassing its prior record set in 2021.

The bond market was also calm, with Treasury yields relatively steady. They’re on track to close the week relatively little changed after a report earlier in the week said a key measure of inflation that the Federal Reserve tracks closely behaved pretty much as expected last month.

Dell Technologies was helping to support the market after jumping 29.1%. It reported stronger profit and revenue for the latest quarter than analysts expected, highlighting demand for its AI-optimized servers.

A seemingly never-ending crescendo of demand for artificial-intelligence technology has helped catapult stocks higher over the last year. Even Dell’s 140% jump over the last 12 months pales compared with the 240% surge for Nvidia.

NetApp leaped 23.8% after reporting stronger results than expected, saying it’s seeing “good momentum in AI.” The data company also gave a forecasted range for profit in the current quarter that topped what several analysts were expecting.

The mood was much more dour in the banking industry, where New York Community Bancorp tumbled 30.1%. It warned investors late Thursday that it found weakness in how it internally reviews loans, caused by ineffective oversight, risk assessment and monitoring activities.

The company said it won’t be able to file its annual report in time, and it took a charge that added $2.4 billion in losses to its results for the last three months of 2023. Its CEO stepped down after 27 years with the company, effective immediately.

Much attention has been on smaller regional banks after last year’s crisis in the industry gave way to several bank collapses. One of them, Signature Bank, was swallowed up by NYCB, which has caused the resulting bank to face stricter oversight amid struggles for loans tied to real estate.

While NYCB faces many issues that are specific to it, the worry has been that banks across the industry face challenges from loans made for real-estate projects.

Interest rates are high after the Federal Reserve hiked its main rate to the highest level since 2001, which can add pressure on the financial system. The hope has been that the Fed will cut interest rates several times this year to relieve some of that pressure.

The Fed has indicated it may do so if inflation continues to cool decisively toward its 2% target. But a string of stronger reports on the economy than expected have forced traders on Wall Street to push back their forecasts for when the cuts could begin. The hope now is that it could start in June after Wall Street had earlier circled March on the calendar.

In the bond market, the yield on the 10-year Treasury edged up to 4.27% from 4.25% late Thursday.

In stock markets abroad, Japan’s Nikkei 225 jumped 1.9%. Its unemployment rate dropped to 2.4% in January, though a measure of manufacturing activity showed a contraction.

Indexes were up more modestly across the rest of Asia and Europe.

___

AP Writers Matt Ott and Zimo Zhong contributed.

[ad_2]

Source link

March 1, 2024