May 29, 2024

Goldman-Backed Marketplace Startup Expands Its Banking Unit Northvolt Is Said to Push Back Sweden IPO to Next Year Milei Pitches Argentina to Silicon Valley After Setbacks at Home Arms Maker Sponsors Champions League Finalist Dortmund Saudi Arabia’s Lenovo Deal Showcases Cash for Investments Strategy Goldman Racks Up $21 Billion for Its Largest Private Credit Pool Yale Turns to Stony Brook President to Lead Ivy Amid Tumult Chewy Surges on Profit Beat, Buyback Plan, Recovery Comments US Banks’ Paper Losses on Some Securities Increased, FDIC Says Wells Fargo CEO Says Investment-Bank Opportunity ‘Staring Us in the Face’ Volcano Near Icelandic Fishing Town Starts Erupting Again Putin Moves His Ex-Bodyguard to Powerful State Post in Russia BlackRock’s $20 Billion ETF Is Now the World’s Largest Bitcoin Fund Dimon Says ‘There Could Be Hell to Pay’ If Private Credit Sours Nvidia Stock Surge Fueled by Short-Dated Call Option Squeeze Hedge Funds Return to Convertible Bond Trade With Checkered Past What Mexico’s Investors Are Watching Ahead of Elections 40 Minutes for Starbucks Coffee? Customers and Workers Fume Over Fewer Staff Europe’s Bond Sales Are Set to Top €1 Trillion in Record Time What Mexico’s Investors Are Watching Ahead of Elections 40 Minutes for Starbucks Coffee? Customers and Workers Fume Over Fewer Staff Wood Group Suitor Sidara Says Latest 230-Pence Proposal Is Final Germany to Fast Track Hydrogen Projects to Cut Carbon Emissions Argentina Faces Natural Gas Crunch With Colder Winter Setting In China to Spend $828 Million on High-Tech EV Batteries, China Daily Says How One of the Most Revered Climate Groups Descended Into Chaos Copper Traders Get Reprieve as Historic New York Squeeze Eases EU Weighs Proposal to Sanction Russian Oil Tanker Insurer Ingosstrakh Most EVs in the US Are Still Being Shipped to the Same Few States Weight-Loss Drug Shortages Lead to Wegovy Tracker From Startup Saudi Wealth Fund's Local Focus Worries Global Asset Managers Egypt Raises Subsidized Bread Price for First Time in Decades Missiles Hit Ship Twice in a Day in Houthi-Ravaged Red Sea UAE and South Korea Sign Pact Aimed at Boosting Bilateral Trade UK’s Zenobe Secures Fresh Financing, Taking Total to £1 Billion Samsung Faces Probe After Two Chip Workers Exposed to Radiation South Africa Heads Into Closest Election in Post-Apartheid Era Oil price news: Oil extends gain as geopolitical risks simmer before OPEC+ talks Can AI-driven efficiencies address Canada's lagging economic productivity? The Daily Chase: GameStop shares popping again The Daily Chase: Light trading day on holidays in U.S. and Europe Retail sales climb 0.7% in April following weak Q1 Canada’s GDP per capita in Q1 likely fell for 7th straight quarter: RBC Immigration and pent-up demand drive growing car sales in Canada The Daily Chase: The fight for Gildan is over Goldman pushes first Fed rate cut call to September from July Foreign investment in China drops for fourth month in April U.K. urges Canada to ratify its entry into Pacific trade pact The Daily Chase: WestJet set to launch new fares for passengers with no carry-on U.S. Fed minutes show officials rally around higher-for-longer rates The Daily Chase: Nvidia earnings will tell us how much room AI bull has to run Freeland says capital gains proposal will be tabled before summer break Latest CPI data points to a June rate cut, economists say Food driving inflation lower, but groceries much more costly than a few years ago Inflation in Canada slows to 2.7%, boosting June rate cut odds The Daily Chase: Inflation eases once more High levels of immigration partially offset Canada's aging population: economist Israel Sees Seven More Months of Fighting in Gaza Until Hamas Is Crushed What Mexico’s Investors Are Watching Ahead of Elections Diane Abbott Has Labour Party Whip Restored After Probe German Inflation Edges Up Again, Highlighting ECB Challenge Trump Prosecutor Urges Conviction Over Hush-Money Plot, Cover Up India Wins S&P Outlook Boost Days Before Election Ends Argentina Faces Natural Gas Crunch With Colder Winter Setting In Rich GOP Senate Contenders Face Attacks Over China, Out-of-State Mansions Restaurant Workers’ Battle for Higher Minimum Wage Goes National Venezuela Opposition Blast Maduro’s Move to Bar EU Monitors China to Spend $828 Million on High-Tech EV Batteries, China Daily Says China to Send Two New Pandas to Washington’s Smithsonian Zoo Lula Will Have Hard Time Hosting UN Climate Delegates in Amazon Sweden to Send Ukraine Saab Recon Aircraft in Largest Package Kim Jong Un Pledges to Put Satellites in Sky After Rocket Fails EU Aims to Start Ukraine Membership Negotiations by End of June Egypt Raises Subsidized Bread Price for First Time in Decades Labour Poll Lead Grows Even After Tory Policy Blitz, YouGov Says Citi Buyout Banker Sees More PE Firm Exits After US Election Milei Pitches Argentina to Silicon Valley After Setbacks at Home Saudi Arabia’s Lenovo Deal Showcases Cash for Investments Strategy BlackRock’s $20 Billion ETF Is Now the World’s Largest Bitcoin Fund Nvidia Stock Surge Fueled by Short-Dated Call Option Squeeze Hedge Funds Return to Convertible Bond Trade With Checkered Past Didi Global’s Revenue Sustains Growth Prior to Renewed IPO Bid PayPal Adds Stablecoin to Memecoin-Favorite Solana Blockchain Spotify Profit Push Emboldens Bulls and Spurs Record Win Streak AST SpaceMobile Shares Surge On $100 Million Verizon Deal Sweden to Send Ukraine Saab Recon Aircraft in Largest Package Credit Suisse’s Archegos Debacle Takes Hwang Trial Spotlight Kim Jong Un Pledges to Put Satellites in Sky After Rocket Fails Saudi Wealth Fund's Local Focus Worries Global Asset Managers Lenovo to Issue $2 Billion of Convertibles to Saudi Arabia Fund Samsung Faces Probe After Two Chip Workers Exposed to Radiation Nobel Laureate Romer Says AI Hype Risks Repeat of Crypto Bubble Samsung Union Plans First-Ever Strike as Wage Talks Break Down Former Thai Leader Thaksin Indicted in Royal Defamation Case Tencent’s Marquee Game Generates Over $140 Million in First Week The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Spotify Profit Push Emboldens Bulls and Spurs Record Win Streak Cathie Wood’s $60 Million Venture Fund Nabs Stake in Elon Musk’s xAI Taiwan ETF Boom Cools as Performance, Regulation Deter Investors Semler Scientific Shares Rise on Embrace of Bitcoin Treasury Strategy Bitcoin Retreats as Traders Mull Risk of Sales Linked to Mt. Gox Crypto Funds Launch at Fastest Pace Since 2021 as ETFs Fuel Hype Investors Hedging Record Stocks Struggle as Options ‘Just Die’ Ripio CEO Sees Crypto Gaining Corporate Fans in Latin America London Exchange Loses Half of ETF Team Ahead of Crypto Launch SEC Opens the Door for Spot Ether ETFs in Big Crypto Victory Hong Kong Considers Allowing Ether ETF Staking In Contrast to US US New-Home Sales Declined in April, Restrained by High Rates Embattled Segantii Can Exit 97% of Portfolio Within Five Days Hong Kong Retail Traders Build Big ETF Wagers on Rally Reversal A Hot Button Issue for SEC Threatens to Erode Ether-ETF Demand Crypto Exchange-Traded Products Get UK Regulatory Green Light Equity Trading Volume Is So Low It Feels Like Summer Holidays Share of Bitcoin Volume During US Market Hours Surges to Record Ether ETF Hopes Are Revived on Flurry of Application Updates Proof of Concept Proves Way Forward for PWHL Business considerations for Toronto’s WNBA expansion franchise Athletes and luxury fashion are taking the brand partnership model to new heights Need to Know: Who are the 10 CEBL teams? Money Made at Masters is Under Par Women’s Counter Strike 2 National Team building inclusive space Money Makes March Mad Raptors return on investment is the real deal The Super Bowl’s stay in Vegas What to watch for in the Canadian sports betting and gaming biz in 2024 Esports popularity shifting the playing field Tennis' break point opportunity MLS Cup the winning goal in record-breaking season for soccer in North America The debate continues over sports betting advertising in Canada North America’s oldest sport catches momentum in new professional locales Jump serving women’s volleyball into the spotlight Daniel Cancel and Giovanna Bellotti Azevedo, Bloomberg News (Bloomberg) -- Olist, a Brazilian startup that helps 40,000 clients sell their products on large marketplace platforms, is pushing into banking to drive more efficiency for customers while creating a new revenue stream for the business. The company, which was valued at $1.5 billion in a funding round in 2021 and is backed by Goldman Sachs Group Inc., SoftBank Group Corp. and Wellington Management, expects to process nearly 15% of its annual transactions through its in-house banking service by the end of the year, founder and Chief Executive Officer Tiago Dalvi, 38, said in an interview. Read More: Goldman Joins SoftBank in Backing Brazilian Retail Startup “After sales, the biggest challenge for our clients is access to financial services,” Dalvi said. “Without it they can’t grow their business. Retail players and banks don’t communicate well. It’s totally disconnected.” Olist’s clients are mostly small-to-medium sized businesses with the bulk of sales still done through physical transactions. While the pandemic helped spark a boom in Brazil’s e-commerce industry, it still only makes up about 12% of total sales. Olist is looking to process payments and invoices while rolling out tap-to-pay technology on its app. Brazil’s retailers have faced a shakeout amid high interest rates and increased competition with many larger players having to restructure or consolidate. Credit has also been tight since an accounting scandal involving Americanas SA put the entire sector under a microscope. Dalvi said his company may eventually look at offering credit as it expands services but there are no immediate plans to do so. Read More: Brazil Succumbs to the Retail Apocalypse It Staved Off for Years Based in Curitiba, Olist had 30 billion reais ($5.8 billion) of transactions in 2023 and expects to process about 4 billion reais worth of payments internally by year-end. It soft-launched the financial services late last year and has about 1,000 clients currently using them. After an ebullient 2021 when venture capital funds flowed freely and interest rates were near record lows, 2022 delivered a sobering wakeup call for many startups, including Olist. The company cut staff and sought to improve efficiency sooner than planned. Olist could hit break even later this year and is measuring its investments with growth to make sure it doesn’t veer off path, Dalvi said. It still has half of the cash from its last funding round on hand, he said. Financial backers also include the family office of the late Abilio Diniz and Valor Capital, giving Olist options going forward for financing including an eventual initial public offering. The Goldman investment was made through its asset-management division. “We’re working to be a company that’s so healthy we can choose to be financed privately or through an IPO,” Dalvi said. “Capital isn’t an issue for us today.” ©2024 Bloomberg L.P.