Agregador de canales de noticias

My morning train WFH reads:

• The thorny truth about socially responsible investing Think you’re investing ethically? You might be surprised. It’s good that  investors are trying to pay attention to where money flows. What isn’t so good: Plenty of people think they’re investing in ways that match their values when in reality, they aren’t. It’s really easy to slap the ESG label onto an investment product, likely increase fees on it a little bit, and call it a day. (Vox)

• Jane Fraser Has a Plan to Remake Citigroup While Tormenting Rivals The first woman to lead a top U.S. bank is betting on the wealth business, cutting back global branches, and going slow on the return to offices. (Businessweek)

• What’s wrong with America’s consumer-price index? Experts underestimated inflation last year. Now they seem to be overstating it (Economist)

• This Is What It Sounds Like…When Funds Die The fund landscape would be even more humongous were it not for one key factor: the hundreds of funds that die every single year. (Bps and Pieces)

• Beyond Evergrande, China’s Property Market Faces a $5 Trillion Reckoning Developers have run up huge debts. Now home sales are down, Beijing is imposing borrowing curbs and buyers are balking at high prices. (Wall Street Journal)

• S&P 500: Pay to Play? A new working paper attempts to figure out why some companies make it into the blue-chip stock market index. (Financial Times)

• You’ve decided to quit Facebook. Here’s how to migrate your online life elsewhere. Saying you’re ready to quit is easy. Finding out where to go next is the hard part. (Washington Post)

• Religious Exemptions for Vaccine Mandates Shouldn’t Exist Freedom of religion was never meant to excuse people from obligations that apply to everyone. (Wired)

• A Brief Introduction to Philosophy (Through a Certain Sex Act) For the comedian Jacqueline Novak, the embarrassing and uncomfortable are a gateway to the profound. (New York Times)

• How a team of musicologists and computer scientists completed Beethoven’s unfinished 10th Symphony When Ludwig van Beethoven died in 1827, he had started work on his 10th Symphony but, due to deteriorating health, wasn’t able to make much headway: All he left behind were some musical sketches. His notes teased at some magnificent reward. Now, thanks to the work of a team of music historians, musicologists, composers and computer scientists, Beethoven’s vision will come to life. (The Conversation)

Be sure to check out our Masters in Business interview this weekend with Soraya Darabi, co-founder and general partner of TMV. The firm has funded a broad cross-section of startups, 65% of which are led by women or people of color. Less than 5 years old, TMV has already had 10 exits.

How Evergrande Grew and Grew, Despite Years of Red Flags

Source: Wall Street Journal

 

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The post 10 Thursday AM Reads appeared first on The Big Picture.

Noticias bolsa España -

Ambas empresas lanzan un programa piloto en España que facilitará que los anfitriones en la plataforma puedan reducir su huella de carbono gracias a Holaluz, que ofrece energía 100% renovable. Asimismo, este acuerdo ha impulsado el valor de las acciones de Holaluz, que suben cerca del 7% en BME Growth hoy.

 

El experto opina -

Los mercados de valores occidentales apenas se estremecieron ante el episodio de Evergrande o el anuncio de que la política monetaria estadounidense se endurecerá antes de lo previsto.La resistencia de los mercados es excepcional, aunque podría ser desafiada una vez más por varios problemas importantes al entrar en un periodo que, estadísticamente, es menos favorable para Wall Street, una fase en la que se plantean preguntas como cuánto durará  la recuperación, el impacto de la inflación en el consumo de los hogares y los márgenes de las empresas, China y, por supuesto, las políticas monetarias. Por Jean Marie Mercadal, Head of Investment Strategies y  Eric Bertand, Deputy Chief, Executive Officer, Chief Investment Officer en OFI AM

 Leer

‘Considerable uncertainty’ surrounds growth prospects as Beijing prepares to announce figures next week

La vicepresidenta para la Transición Ecológica, Teresa Ribera, ha asegurado hoy en el Congreso que el Gobierno no quiere aplicar el recorte de beneficios extraordinarios a las eléctricas por la escalada de precios en el mercado mayorista de luz cuando suministren energía a las industrias a "precios razonables". Leer

Simone Gorini es el nuevo CEO de Ilsa en sustitución de Fabrizio Favara. Con más de dos décadas de experiencia en el sector ferroviario, Gorini ocupaba desde 2017 la Dirección de Trenitalia para la región de Lazio (Roma). Ahora se hace cargo del primer operador español privado de alta velocidad –participado por los accionistas de […]

La entrada Simone Gorini, exdirector de Trenitalia en la región de Lazio, nuevo CEO de Ilsa se publicó primero en Economia3 por Redacción E3

Noticias bolsa España -

El anuncio se produce en un momento en el que el eDreams ODIGEO muestra un rendimiento superior continuo frente al resto de la industria de los viajes, con un nivel de reservas para el último trimestre del año que supera ampliamente los niveles prepandémicos.

After causing a stir in his previous column, 'Passive Zealots', Simon Evan-Cook takes the debate further, examining how fund size can impact alpha generation.

A landscape architect whose work focuses on unloved and degraded spaces has just been awarded the profession’s new top prize. Julie Bargmann, founder of D.I.R.T. Studio and a professor at the University of Virginia, is the inaugural laureate of the $100,000 Cornelia Hahn Oberlander International Landscape Architecture Prize.

Julie Bargmann, 2021 Oberlander Prize laureate [Photo: ©Barrett Doherty/courtesy the Cultural Landscape Foundation]Bargmann has specialized in work on overlooked, environmentally challenged, and deeply polluted sites, bringing an ethos of recycling, remediation, and repair to places others may see as too far gone. In projects like the Vintondale Reclamation Park, built on a former coal mine’s dumping ground, and the retrofit of the Philadelphia Navy Yard into the headquarters of Urban Outfitters, Bargmann turns design projects into environmental interventions, and vice versa.

Urban Outfitters, Philadelphia; Julie Bargmann, landscape architect [Photo: ©Charles A. Birnbaum/courtesy the Cultural Landscape Foundation]Founded in 1992, D.I.R.T.—which stands for Dump It Right There—has often reworked elements of a site’s previous life into the new design, using rubble and chunks of former buildings to draw connections to the past. Bargmann’s work also emphasizes the importance of using landscape design and ecological processes to filter and remove pollutants from heavily impacted postindustrial landscapes, including Superfund sites—areas of land that have been designated by the Environmental Protection Agency as hazardous to human health and/or the environment.

[Image: courtesy the Cultural Landscape Foundation]“To work with these toxic and degraded sites, you must look carefully, and care about, the processes of their past—industrial, social, environmental, and cultural,” Bargmann tells Fast Company via email. “It’s only when you understand the flows and the stories that you can imagine their next life. And the sites’ landscape narratives are the only way to engage the neighbors’ story.”

Cornelia Hahn Oberlander in 2007 [Photo: Susan Cohen/courtesy the Cultural Landscape Foundation]The Oberlander Prize is being awarded by the Washington, D.C.-based Cultural Landscape Foundation as a landscape-focused counterpart to the $100,000 Pritzker Architecture Prize, regarded as architecture’s top honor. To be given every two years, the $100,000 Oberlander Prize will also include two years of public engagement focused on the laureate’s work. Named for the pioneering environmentalist and landscape architect Cornelia Hahn Oberlander, who died earlier this year at age 99, the prize was created to shine a spotlight on a design profession that is sometimes disregarded as simply filling in the spaces around architecture projects.

Indeed, the history of landscape architecture has played into that perception, with its roots in decorative garden design that was more about aesthetics than performance. This, over time, has evolved into a more broadly considered practice, with landscape architects working on climate adaptation, regional water planning, and environmental justice, in addition to designing gardens and parks.

“Where the world is today in terms of climate change, equity, and what we know, in a post-COVID world, the role that the public realm plays in our everyday lives, it is more critical than ever that we need to make visible the often invisible hand of the landscape architect,” says Charles Birnbaum, president and CEO of the Cultural Landscape Foundation. “With the prize we’re hoping to really elevate its visibility and a broader public understanding of what landscape architecture is and what landscape architects do.”

Bargmann was selected by a jury of designers, including landscape architect and professor Dorothée Imbert, architect Tatiana Bilbao, landscape architect Gina Ford, and landscape architect Walter Hood.

Core City Park, Detroit [Photo: Prince Concepts/the Cultural Landscape Foundation]Hood says Bargmann was chosen for her radical impact on the practice of landscape architecture and her persistence in using design to address broader issues than pure aesthetics. “It’s not about getting the next big project, but still investigating those ideas and issues over a 25-year period and being able to stay with it,” he says. “We don’t get rewarded a lot of the times for being consistent.”

Bargmann’s work, Hood says, has forced people “to see landscape and the medium in a different way. I use the term messy in my work. Julie afforded me that view that the work could be messy and could still be wonderful.”

Turtle Creek Water Works, Dallas [Photo: ©Charles A. Birnbaum/courtesy the Cultural Landscape Foundation]In advocating for the reclamation and remediation of heavily polluted sites, Bargmann has long been a provocateur, but she can also be playful. Her Urban Outfitters project at the Philadelphia Navy Yard included the prominent placement of two large chunks of concrete from the site, which she nicknamed Betty and Barney Rubble, after cartoon characters from The Flintstones. Hood says that move inspired one of his own projects, Solar Strand in Buffalo, New York, a few years ago. “I got a client to allow us to do some big Barney Rubble, too,” he says.

Bargmann’s approach to landscape architecture has pushed the field beyond its decorative roots. Hood says that while the profession still has a long way to go, Bargmann’s influence has pushed other designers to take a more holistic view of what their projects can do. “She’s always been that voice out there in the wilderness doing the work, and I think she is an inspiration for the future,” Hood says.

Core City Park, Detroit [Photo: Prince Concepts/the Cultural Landscape Foundation]Bargmann seems gratified by the award, and is hopeful that the attention may help encourage more designers to engage with the social and environmental challenges embedded within the built environment. “Out there are 25 years’ worth of my former students who have ventured into this derelict territory with me and now they, along with other colleagues, are poised to nurture ugly duckling landscapes,” Bargmann says. “If I paraphrase Cornelia Oberlander, the award is a firm tug to pull your head out of the sand and to regenerate, with joy and optimism, these fallow landscapes.”

Startup compensation packages include equity—in the form of stock options—to give employees ownership in the company they’re building. It also creates an incentive to reward all for their hard work and align company growth objectives. If all goes well, the company thrives and employees experience a life-changing financial windfall as a result. 

But it’s not that simple and, unfortunately, startup employees don’t often reap the benefits they deserve. We believe companies have a responsibility to step up and educate their employees to help their team avoid common equity pitfalls. 

Equity gets more expensive over time

Employees join a startup out of their personal drive to build anew and make great impact through their work. In many cases, they take a salary cut in favor of receiving stock options in the form of company equity—an exciting moment with huge potential. But, in reality, they lean in, put in the hours, work hard, and lose sight of the fact that they need to take action regarding their equity. In other words, they need to “exercise their options.” This means they need to come out of pocket to buy their stock options. 

In the early days with low strike prices and company valuations, it may not make a huge financial dent. But many wait to exercise their options for two reasons: One, they don’t understand the economics behind how stock options work in that there are significant tax advantages that make stock options cheaper to exercise in the beginning, and two, they are not yet ready to bear the associated risks and costs with an early-stage company. 

Over time, the plot thickens. The company is growing, and its growth is being recognized through higher 409A valuations. There may even be talk about a future exit in the form of an IPO, acquisition, direct listing, or SPAC. And that prompts many questions from employees regarding the value and cost of their stock options. 

This is where the frustration for many startup employees really sets in. The more successful and valuable the company becomes, the more expensive it is to exercise options because of taxation. The taxes are determined by the difference of the strike price (the cost to exercise one stock option) and the 409A valuation (the appraisal of the value of a single company share) at the time of exercising. 

In 2020 alone, startup employees left behind $4.9 billion by not exercising their options before an IPO. The number one reason was because they couldn’t afford them. The cost to exercise is, on average, twice the annual income of an average employee at a late-stage startup. And it’s mostly due to taxes. In fact, 85% of exercise costs are taxes.

Many employees lose their equity when they leave the company

Employees decide to leave their job for many reasons—a new opportunity, a change in career paths, or even moving to a new location. But many are surprised to learn they have 90 days to exercise any vested options when they leave.

If they are still bullish on their company—which many leaving employees are—they suddenly find themselves scrambling to get as much cash as they can to take ownership of their shares. But there are many that, as hard as they try, will just never be able to come up with tens or hundreds of thousands of dollars in 90 days.

Some also decide the short-term pain isn’t worth the long-term reward. Maybe they’re about to put a down payment on a house or are worried about losing all of their emergency savings. So, they let them expire and hope it wasn’t a mistake. At Snowflake, one of the most successful IPOs in recent years, more than $1.2 billion worth of stock options went unexercised. 

Some startups are combatting this latter issue with longer exercising windows. Instead of 90 days, employees can have 5, 7, or even 10 years to exercise. In a recent episode of the Founder’s Field Guide podcast, Spenser Skates, CEO of Amplitude, discussed how he personally got involved to extend their window to 10 years. 

But this workaround still comes with a 90-day deadline. That’s because, legally, incentive stock options (ISOs) automatically convert to nonqualified stock options (NSOs) after 90 days of leaving the company. Most employees are granted ISOs, which have a more favorable tax treatment than NSOs. So while it’s fantastic that more startups are extending the window, employees who take it will likely end up paying even more to exercise their options. 

Companies need to provide more equity education

 All this talk about cost, taxes, and planning illustrates just how complicated equity is. Most employees are left feeling lost and are not sure where, or to whom, to turn. The first place employees will likely go when they do have a question is their employer. In fact, 82% of employees want their company to help them understand their equity. 

Founders and executives do want employees to value their stock options. Many just don’t know how to help. Legally, companies can’t offer financial advice to employees, but they can offer helpful tools and resources. Being more proactive about educating and helping their employees with equity would also benefit the company.

First, it would foster a culture of transparency and openness. Culture is a big part of any successful company. Proactive communication about stock options can contribute to a positive culture. And that can help with any number of things, from recruiting and retainment to just overall employee satisfaction. It’s no secret that happy employees are often productive. 

Second, going public is not easy. It’s why companies bring in equity teams to help—it’s a lot of work. Getting ahead of employee questions can streamline that process so the executive team can focus on going public. Having a successful IPO will benefit everyone. The same goes for an acquisition. Getting ahead of employee concerns removes unnecessary work in the process.

Going public is something to celebrate, but financial conversations are not easy to have. So, most people don’t have them, especially at work. Even for the most seasoned CPA, stock options can be complex territory. Yet employees are being asked to figure out one of the biggest financial decisions of their lives on their own. 

If more startups can help provide the tools and resources for employees to make an informed decision about their equity, it can create much more value for everyone in the company. Quite literally.

Frederik Mijnhardt is the CEO of Secfi, a pre-wealth management platform helping startup employees navigate financial decisions from offer to IPO.

El SP500 es el índice bursátil más conocido en el mundo. En este artículo hablaremos sobre sus características, cómo se compone, cuáles son sus componentes, la distribución geográfica de sus ventas, la distribución de sus retornos, y lo más importante, cómo podemos invertir en él.

Noticias bolsa España -

Las acciones de Banco Sabadell son las que más se revalorizan en lo que va de año en el Ibex 35 con un alza del 91,4%. Sorpresivamente un banco lidera las subidas en el selectivo español tras años de correcciones y a distancia del segundo valor más alcista que es Fluidra, que se revaloriza un 63,5% y de Bankinter que consigue un alza cercana al 53%.

Iñaki Unsain, presidente de la Asociación Española de Personal Shopper Inmobiliario (AEPSI), asegura que “se trata de una decisión que alejará a los inversores, tanto nacionales como internacionales”. “La intervención del Gobierno generará inseguridad jurídica ya que, al fijar un precio del alquiler para los pisos de los grandes tenedores, aquellos que tienes 10 o mas viviendas, muchos promotores y grandes carteras se replantearán su estrategia”, añade Unsain. Los inversores extranjeros ya han manifestado su rechazo de la ley y podría originar una fuga del capital extranjero, y, por ende, que no se llegue a alcanzar la plenitud que se esperaba en el segmento del build to rent.

Además, actualmente, las viviendas de alquiler representan un 25% del total del mercado inmobiliario español. Si a raíz de la ley, esta oferta se disminuye, los precios de este tipo de activos se encarecerán de manera considerable. Montse Moreno, vicepresidenta de AEPSI, declara que “si la oferta baja y la demanda sigue siendo la misma los inquilinos que sean familias de clase media o jóvenes, que son los principales interesados en este tipo de activos, tendrán una dificultad mayor para encontrar una vivienda”.

Glencore-backed CNG adds to pressure on consumer energy market already reeling from failures

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Estadísticas: Publicado por rafelo — Jue, 14 Oct 2021 11:57

Instant grocery delivery start-up sues EML after allegedly finding adverts for its rivals rather than its own on the side of London taxis

Lidl es la cadena que más crece del mercado español tanto por la ganancia de compradores como por la mayor fidelidad su público, mientras Carrefour toma impulso gracias a la compra de Supersol, pero también a su fortaleza online, donde es líder. Mercadona ha recuperado compradores, pero los comparte más con otras enseñas. Leer

Su filial Cointer se alía con BlackRock y vuelve a un segmento de negocio del que salió en 2019. Leer

IEA report shows current pledges fall short — and points to free lunches