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Financing from Iconiq Capital and others restores Wealthsimple’s valuation to its prior high-water mark set at the peak of the pandemic tech frenzy in spring 2021. Eric Akaoka/The Globe and Mail Wealthsimple Technologies Inc. is capping off the best year since its founding a decade ago with a secondary financing valuing the online investment manager at $5-billion, making it one of Canada’s most highly valued private technology companies. San Francisco’s Iconiq Capital, the family office for tech luminaries including Mark Zuckerberg, Sheryl Sandberg, Jack Dorsey and Chamath Palihapitiya, plus KKR & Co. co-founder Henry Kravis and James Murdoch, has bought about $100-million of stock from past and present employees. Wealthsimple said an existing investor led the deal but declined to identify the buyer other than to say it wasn’t Power Corp. of Canada or its affiliates – which own 43.6 per cent combined of its fully diluted equity – or any Canadian entity. The identity was confirmed by three sources familiar with the matter. The Globe is not identifying them as they are not authorized to discuss the deal. The financing restores Wealthsimple’s valuation to its prior high-water mark set in a $750-million financing at the peak of the pandemic tech frenzy in spring 2021. That deal saw Power Corp. of Canada and affiliated entities sell $500-million worth of their holdings. More than a dozen VC firms, including Iconiq, backed the 2021 deal alongside Canadian celebrities Drake, Michael J. Fox, Ryan Reynolds and several sports stars. The financing comes amid a period of torrid expansion by Wealthsimple. Assets under administration (AUA) now exceed $58-billion, up $6-billion since Sept. 30 and nearly double the $31-billion level last Dec. 31. The Generation Z-focused financial services company, which positions itself as a challenger to Canadian banks, had 2.6-million investment and banking clients on Sept. 30 , up 16 per cent from a year earlier. Wealthsimple started as a “robo-adviser” offering automated wealth management services, later expanding to offer online digital stock-trading, a high-interest savings account, cryptocurrency trading, tax filing services and mortgage products. The company is testing new offerings including a Visa credit card, margin accounts and cross-border payment services. The average age of its clients has increased to the mid-30s, while the number of clients with $500,000 or more in assets with Wealthsimple has quadrupled in the past year. CEO Mike Katchen said in an interview Wealthsimple’s recent growth spurt has come across all asset classes as markets have returned to life this year. He added that November was shaping up to be a record month, with an expected $3-billion in new client deposits. IGM Financial Inc. CEO James O’Sullivan, whose Power-controlled company is Wealthsimple’s biggest investor, described its growth in May as “ballistic.” Wealthsimple also recently added two Silicon Valley veterans to its senior ranks: chief financial officer Jeff Gowen, former head of treasury at Stripe, Inc. and before that an investment banker with Goldman Sachs, and chief information security officer Justin Grudzien, who held that role at DoorDash Inc. The surge in Wealthsimple’s business comes two years after its growth stalled as interest rates spiked and markets swooned, prompting Power to cut the value of its consolidating stake to $900-million as of June 2022 from $2.1-billion six months earlier. But as Wealthsimple’s business has expanded sharply since late 2023, Power has written its holdings back up in each of the last four quarters. Power valued its consolidated stake at $2.2-billion on Sept. 30, reflecting the pricing of the impending secondary deal. Mr. Katchen said Wealthsimple is bigger “and a much higher quality business than we were” in 2021. The election of Donald Trump in the U.S. has “made people even more excited and interested in investing,” and fuelled expansion, he said. “We’re firing on all cylinders.” Mr. Katchen said Wealthsimple “has no pressure for liquidity” and the secondary deal, its first since the spring 2021 financing, “gives employees some chance to monetize” though most of its 1,000 people didn’t participate. The deal is “a great vote of confidence from someone who knows the business intimately and was willing to put a mark on it showing we’re doing well and that there’s a tremendous amount of momentum,” he said. “Very few companies have achieved or surpassed where they were in the frothy market of 2021.” Many private-capital-backed tech companies, including B.C.-based Clio , have done secondary transactions in recent quarters in which they issue little or no new equity and buyers pick up shares from employees or early investors. Secondaries don’t dilute non-participating shareholders and give flush private capital firms a chance to put cash to work. Secondaries by private tech companies were once regarded negatively as a sign insiders lacked conviction. But given the three-year drought in initial public offerings and dearth of mergers and acquisitions, they have grown in popularity as a way for holders awaiting exit transactions to realize cash for their stock and lock in financial certainty. With a report from Clare O’Hara.Published 23:41 IST, December 21st 2024 In an old interview, Govinda revealed that James Cameron had offered him the lead role in the blockbuster film Avatar. Fans are celebrating the birthday of Govinda, one of Bollywood’s most cherished actors. This moment offers a great opportunity to explore some lesser-known facts about this iconic star. Renowned for his captivating charm, remarkable dance skills, and flawless comedic timing, Govinda has made a lasting impact on Indian cinema. Interestingly, he once stirred controversy by claiming he had been offered a role in James Cameron's blockbuster franchise Avatar. When Govinda claimed to reject the iconic Avatar film In an old interview, Govinda revealed that James Cameron had offered him the lead role in the blockbuster film Avatar. The actor also claimed that he suggested the film's title to Cameron. Speaking on Rajat Sharma’s show Aap Ki Adalat, Govinda explained that he turned down the role because he didn’t want to spend hours wearing body paint (despite the fact that the Na’vi characters' blue skin was created using CGI and motion capture technology) and didn’t have the required dates for the project. “Cameron wanted me to shoot for 410 days. I couldn’t imagine being painted all over my body, so I declined the offer. But as I said, the film became a massive success,” he shared. Govinda Avatar's claim stirs AI meme wave Soon after Govinda’s interview went on air, Twitter was flooded with memes and viral images, with users struggling to believe his claims. One comment read, “Govinda saying he was offered Avatar is like Salman Khan claiming he was offered the Nobel Prize for Physics.” Another tweet added, “Govinda was offered the role of Iron Man but turned it down because he doesn’t fit in an iron suit.” Responding to the online reactions, Govinda said, “Being mocked is nothing new for me. Even at the start of my career, people laughed at my ambition to become an actor. They wondered how someone from Virar gaon could become a hero. Even after my films succeeded, some insisted my success was just a fluke.” He also explained his decision to decline a role in Danny Boyle’s Oscar-winning Slumdog Millionaire, which eventually went to Anil Kapoor. Get Current Updates on India News , Entertainment News along with Latest News and Top Headlines from India and around the world. Updated 23:41 IST, December 21st 2024
Hegseth meets with moderate Sen. Collins as he lobbies for key votes in the SenateA bid by The Onion satirical news outlet to buy Alex Jones' conspiracy theory platform Infowars returned Monday to a Texas courtroom, where a judge heard arguments on whether a bankruptcy auction was properly run as Jones alleges collusion and fraud. U.S. Bankruptcy Judge Christopher Lopez in Houston is looking into the November auction and how a trustee chose The Onion over the only other bidder — a company affiliated with Jones that offered twice as much money as The Onion. The judge said the hearing would last into Monday evening and pick up again on Tuesday afternoon. The sale of Infowars is part of Jones' personal bankruptcy case , which he filed in late 2022 after he was ordered to pay nearly $1.5 billion in defamation lawsuits in Connecticut and Texas filed by relatives of victims of the Sandy Hook Elementary School shooting in Connecticut. Jones repeatedly called the 2012 shooting that killed 20 children and six educators a hoax staged by actors and aimed at increasing gun control. Most of the proceeds from the sale of Infowars, as well as many of Jones' personal assets, will go to the Sandy Hook families to help satisfy judgments issued by juries and judges in state courts in Connecticut and Texas. Some proceeds will go to Jones' other creditors. The Onion, which wants to turn Infowars' website and social media accounts into parodies , offered $1.75 million for Infowars' assets in the auction, while First United American Companies — which runs a website in Jones’ name that sells nutritional supplements — bid $3.5 million. The Onion's bid also included a pledge by many of the Sandy Hook families to forgo some or all of the auction proceeds due to them to give other creditors a total of $100,000 more than they would receive under other bids. The trustee, Christopher Murray, chose The Onion, saying its proposal was better for creditors because they would receive more money. Joshua Wolfshohl, an attorney for Murray, told the judge Monday that no wrongdoing occurred during the auction. He called the complaints by Jones and First United American Companies unfounded. “The vast majority of their complaints are just fantastic, imagined conspiracy theories that have no basis in reality," he said. Jones' lawyer, Ben Broocks, questioned Murray's rationale for choosing The Onion and alleged that a recent deposition of the trustee showed improprieties. He also questioned the validity of The Onion's bid, saying it was technically valued at $7 million because of the incentive offered by the Sandy Hook families. An auction company executive involved in the sale testified most of the afternoon. In court filings, Jones and First United American Companies accused Murray, The Onion and the Sandy Hook families of illegally colluding on the bidding, committing fraud and violating the judge's rules for the auction. Murray, The Onion and the families deny the allegations. In his own court filing, Murray called the allegations “a disappointed bidder’s improper attempt to influence an otherwise fair and open auction process.” Up for sale at the auction were all the equipment and other assets in the Infowars studio in Austin, Texas, as well as its social media accounts, websites, video archive and product trademarks. Jones uses the studio to broadcast his far-right, conspiracy theory-filled shows on the Infowars website, his account on the social platform X and radio stations. Jones has set up another studio, websites and social media accounts in case The Onion wins approval to buy Infowars and kicks him out. Jones has said he could continue using the Infowars platforms if the auction winner is friendly to him. Jones is appealing the $1.5 billion in judgments citing free speech rights but has acknowledged that the school shooting happened . On Friday, a Connecticut appeals court reduced by $150 million the original $1.44 billion judgment against Jones in the lawsuit against him in that state, but upheld the rest of the award. Jones' lawyer said he will ask Connecticut's highest court to review the appellate ruling. Jones is also appealing a $50 million judgment in a similar Texas defamation lawsuit.Ruling on Monday after an emergency hearing at Belfast High Court, judge Mr Justice McAlinden rejected loyalist activist Jamie Bryson’s application for leave for a full judicial review hearing against Northern Ireland Secretary Hilary Benn. The judge said Mr Bryson, who represented himself as a personal litigant, had “very ably argued” his case with “perseverance and cogency”, and had raised some issues of law that caused him “some concern”. However, he found against him on the three grounds of challenge against Mr Benn. Mr Bryson had initially asked the court to grant interim relief in his challenge to prevent Tuesday’s democratic consent motion being heard in the Assembly, pending the hearing of a full judicial review. However, he abandoned that element of his leave application during proceedings on Monday, after the judge made clear he would be “very reluctant” to do anything that would be “trespassing into the realms” of a democratically elected Assembly. Mr Bryson had challenged Mr Benn’s move to initiate the democratic consent process that is required under the UK and EU’s Windsor Framework deal to extend the trading arrangements that apply to Northern Ireland. The previously stated voting intentions of the main parties suggest that Stormont MLAs will vote to continue the measures for another four years when they convene to debate the motion on Tuesday. After the ruling, Mr Bryson told the court he intended to appeal to the Court of Appeal. Any hearing was not expected to come later on Monday. In applying for leave, the activist’s argument was founded on three key grounds. The first was the assertion that Mr Benn failed to make sufficient efforts to ensure Stormont’s leaders undertook a public consultation exercise in Northern Ireland before the consent vote. The second was that the Secretary of State allegedly failed to demonstrate he had paid special regard to protecting Northern Ireland’s place in the UK customs territory in triggering the vote. The third ground centred on law changes introduced by the previous UK government earlier this year, as part of its Safeguarding the Union deal to restore powersharing at Stormont. He claimed that if the amendments achieved their purpose, namely, to safeguard Northern Ireland’s place within the United Kingdom, then it would be unlawful to renew and extend post-Brexit trading arrangements that have created economic barriers between the region and the rest of the UK. In 2023, the UK Supreme Court unanimously ruled that the trading arrangements for Northern Ireland are lawful. The appellants in the case argued that legislation passed at Westminster to give effect to the Brexit Withdrawal Agreement conflicted with the 1800 Acts of Union that formed the United Kingdom, particularly article six of that statute guaranteeing unfettered trade within the UK. The Supreme Court found that while article six of the Acts of Union has been “modified” by the arrangements, that was done with the express will of a sovereign parliament, and so therefore was lawful. Mr Bryson contended that amendments made to the Withdrawal Agreement earlier this year, as part of the Safeguarding the Union measures proposed by the Government to convince the DUP to return to powersharing, purport to reassert and reinforce Northern Ireland’s constitutional status in light of the Supreme Court judgment. He told the court that it was “quite clear” there was “inconsistency” between the different legal provisions. “That inconsistency has to be resolved – there is an arguable case,” he told the judge. However, Dr Tony McGleenan KC, representing the Government, described Mr Bryson’s argument as “hopeless” and “not even arguable”. He said all three limbs of the case had “no prospect of success and serve no utility”. He added: “This is a political argument masquerading as a point of constitutional law and the court should see that for what it is.” After rising to consider the arguments, Justice McAlinden delivered his ruling shortly after 7pm. The judge dismissed the application on the first ground around the lack consultation, noting that such an exercise was not a “mandatory” obligation on Mr Benn. On the second ground, he said there were “very clear” indications that the Secretary of State had paid special regard to the customs territory issues. On the final ground, Justice McAlinden found there was no inconsistency with the recent legislative amendments and the position stated in the Supreme Court judgment. “I don’t think any such inconsistency exists,” he said. He said the amendments were simply a “restatement” of the position as set out by the Supreme Court judgment, and only served to confirm that replacing the Northern Ireland Protocol with the Windsor Framework had not changed the constitutional fact that Article Six of the Acts of Union had been lawfully “modified” by post-Brexit trading arrangements. “It does no more than that,” he said. The framework, and its predecessor the NI Protocol, require checks and customs paperwork on goods moving from Great Britain into Northern Ireland. Under the arrangements, which were designed to ensure no hardening of the Irish land border post-Brexit, Northern Ireland continues to follow many EU trade and customs rules. This has proved highly controversial, with unionists arguing the system threatens Northern Ireland’s place in the United Kingdom. Advocates of the arrangements say they help insulate the region from negative economic consequences of Brexit. A dispute over the so-called Irish Sea border led to the collapse of the Northern Ireland Assembly in 2022, when the DUP withdrew then-first minister Paul Givan from the coalition executive. The impasse lasted two years and ended in January when the Government published its Safeguarding the Union measures. Under the terms of the framework, a Stormont vote must be held on articles five to 10 of the Windsor Framework, which underpin the EU trade laws in force in Northern Ireland, before they expire. The vote must take place before December 17. Based on the numbers in the Assembly, MLAs are expected to back the continuation of the measures for another four years, even though unionists are likely to oppose the move. DUP leader Gavin Robinson has already made clear his party will be voting against continuing the operation of the Windsor Framework. Unlike other votes on contentious issues at Stormont, the motion does not require cross-community support to pass. If it is voted through with a simple majority, the arrangements are extended for four years. In that event, the Government is obliged to hold an independent review of how the framework is working. If it wins cross-community support, which is a majority of unionists and a majority of nationalists, then it is extended for eight years. The chances of it securing such cross-community backing are highly unlikely.
Paříž , 24. listopadu 2024 /PRNewswire/ -- Společnost Huawei uspořádala v Paříži Evropský den inovací 2024, na němž se evropští technologičtí lídři, zástupci podniků a odborníci na inovace zabývali možnostmi přeshraniční a mezioborové spolupráce. Akce s tématem „Podpora evropských inovací" se soustředila na zásadní výzvy digitální transformace Evropy. Nabídla strategie pro posílení regionálních ekosystémů a zvýšení globální konkurenceschopnosti. Cesta k digitálnímu pokroku vede v Evropě skrz spolupráci Provozní a finanční ředitel společnosti EIT Digital Jesus Contreras na akci uvedl: „Inovace není úkol pro jednotlivce. Inovace se rodí ze spolupráce a výměny mezi všemi zapojenými stranami." Zdůraznil, že digitální inovace vzkvétají, když se spojí globální partneři a zákazníci s různými perspektivami, což do společného úsilí vnáší energii a dynamiku. Nicola Caputo , člen regionálního zastupitelstva Kampánie (Itálie) a člen Evropského výboru regionů, promluvil o výzvách, kterým Evropa při digitální transformaci čelí. Řadí se mezi ně nedostatečná digitální gramotnost, zaostávající komerční využití a nerovnoměrné pokrytí sítí 5G. Caputo vyzval vlády, aby posílily přeshraniční spolupráci s cílem zvýšit globální konkurenceschopnost Evropy v digitální ekonomice. Ximo Puig, stálý zástupce Španělska při OECD, prohlásil: „Inovace v podstatě plní funkci rámce. Vlády, podniky a společnost musí tento rámec využít, aby společně podpořily dlouhodobý rozvoj a vybudovaly plně propojený svět." Laurent Lafforgue , renomovaný matematik společnosti Huawei Technologies France, uvedl: „Rychlý rozvoj technologických inovací se opírá o spolehlivý teoretický rámec. Pro dosažení udržitelného a dlouhodobého technologického pokroku je nezbytný poctivý teoretický výzkum." Závazek společnosti Huawei k dlouhodobým investicím „Inovace jsou dlouhodobé procesy," poznamenal Yu Liang , viceprezident Huawei Cloud Global Ecosystem. Potvrdil, že společnost Huawei je odhodlaná podporovat otevřenou spolupráci, která je hodnotná pro oblast obchodu i společenského vývoje. Yu Liang také oznámil nové partnerství společnosti Huawei se společností Station F. V rámci tohoto partnerství bude spuštěn inkubační program zaměřený na udržitelnost, jehož cílem je podpořit 10 start-upů v odvětvích maloobchodu, automobilového průmyslu a průmyslové výroby. Během sedmi měsíců trvání programu budou mít účastníci možnost posunout své podnikání dál. Pokrok v digitální transformaci a budování budoucnosti Evropy V rámci fóra Driving Digital Transformation for Europe's Emerging Innovators, které společně pořádaly společnosti Euronews a Huawei, účastníci zdůraznili nutnost mezisektorové spolupráce a otevřených ekosystémů. Mezi hlavní řečníky patřili Horst Heitz , předseda řídicího výboru společnosti SME Connect, Ana Paula Nishio de Sousa , ředitelka pro digitální transformaci a umělou inteligenci v Organizaci OSN pro průmyslový rozvoj, Alexander Pisemskij, generální ředitel společnosti Zenpulsar, a Gaurav Tripathi , technický ředitel společnosti Partex NV. Hovořili o tom, že je třeba, aby existovaly otevřené platformy pro sdílení dat a ekosystémy pro spolupráci. Díky nimž totiž pro inovace vznikne inkluzivnější a přizpůsobivější prostředí. „Společnost Huawei Cloud bude v Evropě i nadále investovat do poskytování stabilní a spolehlivé cloudové infrastruktury, spolupráce s vládními agenturami a univerzitami při výchově talentů v oblasti digitálních technologií a podpory start-upů při rozšiřování jejich působnosti napříč regiony," uvedl Zhu Xiaoming , viceprezident Huawei Cloud Global Industry Development. Dodal, že digitální transformace v Evropě postupuje pomaleji, než by podle plánu s názvem Europe Digital Decade 2030 měla, zejména v oblastech dat a umělé inteligence. Podpora inkluzivity a žen v oblasti inovací Berta Herrero , ředitelka oddělení pro diverzitu, rovnost a inkluzi ve společnosti Huawei Europe , moderovala panelovou diskusi o posílení postavení žen v oblasti inovací. Mezi vystupující patřily Rebeca de Sancho Mayoral , poradkyně pro inovace a přístup k financím v Evropské komisi, Egle Ciuoderiene, zakladatelka společnosti Duevo, Iva Tasheva , spoluzakladatelka a vedoucí oddělení pro kybernetickou bezpečnost ve společnosti CyEn, a Gaia Verzelli , absolventka akademie Huawei Women Leadership School. Diskutující hovořily o financování EU a iniciativách, které si kladou za cíl podporovat podnikatelky. Vyzvaly také k většímu zapojení žen v oblasti technologických inovací, což by podpořilo celkovou inkluzivitu a diverzitu oboru. Výzva V závěru akce Tony Yong Jin , ředitel pro záležitosti podnikatelského prostředí v evropském regionu společnosti Huawei, vyzval všechny přítomné, aby podnikli rozhodné kroky k podpoře digitálních inovací, a začali tak budovat propojenější, inkluzivnější a udržitelnější Evropu. „Dnes nás všechny vyzývám k tomu, abychom přijali digitální inovace – nejen kvůli tomu, co slibují do budoucna, ale také kvůli jejich dopadu na každého člověka, na každou rodinu a komunitu," uvedl Tony Yong Jin . Foto - https://mma.prnewswire.com/media/2565252/Driving_Digital_Innovation_Europe__Panel_Discussion.jpg
The AP Top 25 men’s college basketball poll is back every week throughout the season! Get the poll delivered straight to your inbox with AP Top 25 Poll Alerts. Sign up here . OLEAN, N.Y. (AP) — Noel Brown had 22 points in Saint Bonaventure’s 85-70 win against Bryant on Sunday. Saint Bonaventure (6-0) is off to its best start since it won nine consecutive games to open the 1969-70 season. Brown added seven rebounds for the Bonnies. Melvin Council Jr. scored 18 points and added five rebounds. Lajae Jones shot 3 for 7 (2 for 3 from 3-point range) and 5 of 6 from the free-throw line to finish with 13 points. It was the sixth victory in a row for the Bonnies. The Bulldogs (3-3) were led by Earl Timberlake, who posted 17 points and seven rebounds. Barry Evans added 14 points and six rebounds for Bryant. Connor Withers also had 14 points, six rebounds, two steals and two blocks. Saint Bonaventure took the lead with 15:50 remaining in the first half and never looked back. The score was 46-40 at halftime, with Council racking up 14 points. Saint Bonaventure extended its lead to 64-44 during the second half, fueled by a 13-2 scoring run. Jones scored a team-high 10 points in the second half as their team closed out the win. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .You've been making spaghetti bolognese wrong as chef reveals 'game changer' extra ingredient