The smart contract platform, Monad Labs is in talks to raise over $200 million via a funding round that is likely to be led by venture capital firm Paradigm. A successful funding round will see Monad Labs’ valuation rocket to $3 billion. Monad Labs Building Platform to Challenge Ethereum Monad Labs, a smart contract platform, […]
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“‘By the end of December, we had won back and pulled through nearly 60% of the volume diverted during our labor negotiation.’”
That, from a FactSet transcript of United Parcel Service Inc.’s fourth-quarter earnings call Tuesday, appears to be UPS Chief Executive Carol Tomé’s way of saying we shouldn’t believe rival FedEx Corp.’s recent claims about its retention of market share gained while UPS was embroiled in talks with organized labor.
In August, Tomé acknowledged that “late and loud” negotiations between UPS
UPS,
and the Teamsters union had led to more customers than expected going elsewhere to ship their goods. That labor friction, FedEx Chief Customer Officer Brie Carere said last summer, had “opened a lot of doors” to take share from UPS.
Then, during FedEx’s
FDX,
conference call with analysts in December following its second-quarter results, Carere noted that the question she is asked most is whether FedEx was “holding on to all of the share” it had taken from UPS.
“[T]he answer I can give you is confidently yes,” Carere said, according to an AlphaSense transcript.
FedEx
On Tuesday, UPS Chief Financial Officer Brian Newman said that in the company’s U.S. domestic business, the efforts it had made to win back diverted volume and to pull through new volume “resulted in a record sequential volume surge.”
Don’t miss: UPS to cut 12,000 jobs, as 2024 revenue outlook disappoints
The company reported fourth-quarter U.S. domestic-package volume of 22.45 million units, up 30% from third-quarter volume of 17.29 million units.
FedEx, in contrast, reported last month that its U.S. average daily domestic-package volume for the quarter ended Nov. 30 was 2.69 million units, up from 2.65 million in the previous quarter.
UPS’s stock was down 6.8% in afternoon trading Tuesday, as its fourth-quarter revenue and 2024 outlook were below Wall Street forecasts.
Still, UPS shares have gained 6.1% over the past three months to outperform FedEx’s stock, which has tacked on 3.3% in that time.
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The U.S. Securities and Exchange Commission (SEC) disclosed on Dec. 7 that it met with Fidelity regarding the firm’s spot Bitcoin ETF application.
The securities regulator said that several members of its Division of Corporate Finance met with members of Fidelity on the day of the notice’s publication. Several members of CboeBZX also attended the meeting as well.
The focal point of the meeting was a proposed rule change, allowing CboeBZX to list and trade shares of Fidelity’s Wise Origin Bitcoin Trust.
Fidelity’s ETF model provides exposure to the cryptocurrency through a structure involving industry players with distinct roles. Authorized participants and broker-dealers interact with issuers and custodians to create and redeem ETF shares, facilitating market flow. Unregistered crypto affiliates hold and transfer the actual bitcoin tied to the ETF per creation/redemption orders. This intermediary setup allows market participants to gain price exposure without directly handling cryptocurrency.
Recent reports suggest that talks between the SEC and applicants are now in advanced stages that concern “key technical details.” Unnamed sources, who asked to speak anonymously, told Reuters that the SEC is likely to approve the relevant ETF applications soon.
The SEC itself has disclosed meetings with other spot Bitcoin ETF applicants in recent weeks. The agency’s latest meeting with BlackRock also compared cash and in-kind models.
Statements from Bloomberg ETF analyst Erich Balchunas in November suggested that cash models may be preferable to in-kind models because some brokerages may find it difficult to carry out Bitcoin transactions under current U.S. regulations. However, more recent reports from Bloomberg ETF analyst James Seyffart suggest that some proposals will allow both options.
Balchunas and Seyffart also estimated a 90% chance that a spot Bitcoin ETF will be approved by January 2024.
The post Fidelity pitches spot Bitcoin ETF model to SEC as regulatory talks advance appeared first on CryptoSlate.
Jenny Johnson, the President and CEO of Franklin Templeton managing assets over $1.3 trillion, highlighted the pivotal role of tokenization in the financial sector during the Fortune Global Forum in Abu Dhabi.
Following Franklin Templeton’s recent application for a Bitcoin ETF, Johnson’s remarks signify a broader recognition of blockchain technology’s potential, particularly in democratizing private markets and enhancing transactional efficiency through tokenization.
In her statements, Franklin Templeton CEO drew a distinction between Bitcoin and blockchain, acknowledging the demand for Bitcoin ETFs but expressing greater excitement about blockchain’s transformative impact on financial transactions. She explained how blockchain’s cost reduction and operational streamlining make it easier to fractionalize ownership of previously challenging-to-manage assets, potentially introducing new asset classes and unique opportunities for Franklin Templeton’s clients.
Under Johnson’s leadership, Franklin Templeton has actively integrated blockchain into its business model, including the development of a tokenized money-market fund and participation in various blockchain-based projects. Johnson outlined the benefits of blockchain, emphasizing features such as atomic settlement to reduce fraud risks and latency, thereby enhancing financial operation efficiency and transparency.
While recognizing the uncertainty surrounding the approval of the first Bitcoin spot ETF, Johnson remains optimistic about its potential impact. She also disclosed her personal involvement in cryptocurrency investments, including mainstream choices like Ethereum and Bitcoin.
Looking ahead, Johnson envisions Franklin Templeton expanding its offerings in the blockchain and crypto space, aligning with the evolving landscape of the financial sector.
The Securities and Exchange Commission (SEC) has taken a significant step by initiating proceedings, through separate orders filed last week. The securities regulator seeks to conduct additional analysis on the proposals submitted by Franklin Templeton. This move aims to ensure full compliance with the Securities Exchange Act and investor protection rules, according to statements from the SEC.
Franklin Templeton has submitted a proposal to list the Franklin Bitcoin ETF, designed to track the price movements of Bitcoin. The SEC’s decision to initiate proceedings reflects its commitment to a thorough evaluation of these proposals to uphold regulatory standards and protect investor interests.
In a recent development, Franklin Templeton has submitted an updated S-1 filing to the Securities and Exchange Commission (SEC) for the approval of a Bitcoin exchange-traded fund (ETF). This revised proposal includes provisions for utilizing both in-kind and cash mechanisms, showcasing the company’s commitment to complying with regulatory standards.
The ETF will track the performance of Bitcoin’s price before fees and expenses and will be listed on the New York Stock Exchange’s Arca platform. Franklin Templeton plans to store Bitcoin in cold storage, with custody services to be provided by Coinbase Custody Trust. This submission follows the SEC’s decision to postpone the consideration of the initial proposal.
Fenway Sports Group Chairman Tom Werner on Monday acknowledged that the company has held talks with the PGA Tour as the golf organization’s framework agreement with Saudi-backed LIV Golf faces new doubts.
“We confirm that we’ve had conversations,” Werner told CNBC’s Scott Wapner during “Halftime Report.” He declined to comment further.
Werner, who spoke alongside PGA Tour star Rory McIlroy, said that the players “will decide the direction the tour goes.”
There’s growing speculation that Fenway, which owns the MLB’s Boston Red Sox and soccer team Liverpool FC, could come through with an offer that could top the Saudis’ bid. The PGA Tour-LIV Golf combination was never finalized beyond a framework agreement. Veteran golf journalist Alan Shipnuck last week posted on X that Fenway Sports Group has put in a “monster bid to usurp the PIF.”
Monday’s interview with Werner and McIlroy came days after a Endeavour Group Holdings executive said the PGA Tour turned down a strategic partnership with the company, which owns a majority stake in WWE and UFC parent TKO.
The PGA Tour-LIV deal was announced in June. It was a surprising development that came after months of bitter legal feuding and lobbying. The agreement triggered its own share of anger and criticism, triggering Senate hearings to investigate the deal. Critics claimed that the deal was a means for Saudi Arabia’s Public Investment Fund to gain influence in the U.S. through sports investments. Saudi Crown Prince Muhammad bin Salman controls the PIF.
McIlroy had been outspoken in his disdain for LIV Golf, saying in July that if LIV Golf was “the last place to play golf on earth, I would retire.”
Speculation mounted that Mcllory’s efforts to launch the PGA Tour-blessed TGL golf league with Tiger Woods was a response to LIV Golf’s encroachment on the sport. LIV lured PGA Tour players, like Phil Mickelson, to with deals worth hundreds of millions of dollars. Last month, Disney’s ESPN snagged the broadcast rights for TGL. Fenway backs McIlroy’s TGL team, Boston Common.
McIlroy sounded a friendlier note Monday, when asked about the potential for a renewed rivalry between the PGA Tour and LIV Golf.
“I feel like we’ve got a fractured competitive landscape right now,” McIlroy told CNBC. “But hopefully when this is all said and done, I sincerely hope the PIF are involved and we can bring the game of golf back together.”
Redfin is trying to meet customers on multiple fronts, from renting studio apartments to selling $5 million homes.
Glenn Kelman has been CEO of Redfin since 2005, guiding the real estate technology company through a variety of transitions, taking the company public in 2017, and navigating plenty of market cycles along the way.
Motley Fool host Deidre Woollard sat down with Glenn to discuss:
Continue reading
Members of the Writers Guild of America (WGA) and the Screen Actors Guild walk the picket line outside of Netflix in Hollywood, California, on August 9, 2023.
Frederic J. Brown | AFP | Getty Images
Hollywood producers are taking their latest contract proposal public as talks between the studios and writers union remain heated.
The Alliance of Motion Picture and Television Producers overnight publicly revealed the latest proposal, which they delivered to the writers on Aug. 11. The offer addresses residuals and compensation, artificial intelligence, and increased transparency regarding the streaming business — the top issues for the writers.
Writers Guild of America union members have been striking for more than 100 days — with the actors’ union also going on strike in July — halting Hollywood’s production of TV shows and movies during a moment when media companies are trying to make their streaming strategies profitable and pushing consumers back into theaters.
The latest proposal from the studios came days after producers asked the writers for a meeting and includes the highest wage increase proposed for the WGA in 35 years, according to the AMPTP — “a compounded 13% increase over the three-year contract, with an increase of 5% in year one; 4% in year two; and 3.5% in year three.”
The proposal also raises residuals, provides for a new compensation structure, protections regarding the use of AI, “data transparency” regarding streaming viewership data and to train writers to become showrunners.
“Our priority is to end the strike so that valued members of the creative community can return to what they do best and to end the hardships that so many people and businesses that service the industry are experiencing,” said AMPTP President Carol Lombardini in a statement. “We have come to the table with an offer that meets the priority concerns the writers have expressed. We are deeply committed to ending the strike and are hopeful that the WGA will work toward the same resolution.”
Still, the negotiations appear far from over: Soon after the proposal was made public, the writers union released its latest update and said the parties have engaged in further discussions since the Aug. 11 offer.
The discussions included a sit-down with top media honchos including Disney CEO Bob Iger, NBCUniversal film head Donna Langley, Netflix co-CEO Ted Sarandos and Warner Bros. Discovery CEO David Zaslav.
The writers said that rather than good faith talks, they were “met with a lecture about how good their single and only counteroffer was.” The union said the studios’ latest offer still includes “limitations and loopholes and omissions” that fail to protect Hollywood writers.
“This wasn’t a meeting to make a deal. This was a meeting to get us to cave, which is why, not 20 minutes after we left the meeting, the AMPTP released its summary of their proposals,” the writers said in a statement.
Representatives for the AMPTP didn’t immediately respond to comment on Wednesday.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC. NBCUniversal is a member of the Alliance of Motion Picture and Television Producers.
Hawaiian Electric Industries Inc. is in talks with restructuring firms to explore its legal and financial options following devastating wildfires in Maui, the Wall Street Journal reported Wednesday, citing people familiar with the matter.
Shares of Hawaiian Electric HE fell more than 4% in the extended session Wednesday, following a 1.5% drop in the regular session. The stock is down 55% for the week.
The…
Universal Music Group — one of the world’s leading music companies — and Google are in negotiations to license melodies and vocal tracks of artists to be used in songs generated by artificial intelligence (AI), according to a report from the Financial Times.
The talks have been confirmed by what the FT reports are “four people familiar with the matter.” The companies are reportedly aiming to create a partnership between the music industry and Big Tech in order to manage the rampant emergence of AI-generated deep fakes.
Mainstream AI usage has sparked concern among major music industry leaders due to the amount of “deep fakes” using musicians’ likenesses. Clips of AI-generated Drake and Kanye West began to go viral around April. Many have since been taken down.
The fact that this AI generated audio of Kanye West doing a cover of Drake’s “Hold On, We’re Going Home” sounds just like the real Kanye is scary and exciting.
The scary part: AI will never be this worst again.
Exciting part: this could unlock new doors of creativity. pic.twitter.com/u5RfmpKTcT
— Aliou Sidibe (@heyaliou) March 31, 2023
Reportedly, the discussions between the two industry giants are still in the early stages, with no impending product launch or guidelines. However, the FT sources say the goal is to develop a tool for creating tracks legally with copyrights rightly attributed.
The sources said that artists would have the right to opt in for their voices and music to be used. Another source claimed that Warner Music Group (WMG) has also been in conversation with Google regarding a similar product.
Cointelegraph reached out to WMG for further information but has not received a response.
Related: Music with AI elements can win a Grammy, Recording Academy CEO says
In April, Universal Music Group asked streaming services like Spotify to remove all AI-generated content due to copyright infringement.
A few weeks later, Spotify said it was ramping up policing of the platform and began actively taking down content in violation.
However, some artists are fully on board with their voices being used in AI-generated music. Grimes said she’s eager to be a “guinea pig” for this type of content and will split royalties 50/50 with the creators.
She also created Elf Tech, alongside a team of developers, which is her own voice simulation program available for public use.
Google and Meta have recently launched their own tools called Music LM and AudioCraft to create music and audio using generative AI.
Many in creative industries are worried about the implications of AI being used to create artistic and creative products. However, in an interview between Cointelegraph and the CEO of the Recording Academy, he said AI can be used as a “creative amplifier.”
Magazine: BitCulture: Fine art on Solana, AI music, podcast + book reviews