the latest craze in financial markets, having taken off with investors and celebrities alike. SPACs are public shell companies that list on an exchange and then hunt for private companies to buy.

London has been left behind in the SPAC fervor. Last year, 248 SPACs listed in New York, and just four in London, according to data by Dealogic. In March, Cazoo, a British used car retailer, announced that it was going public via a SPAC in New York.

Already there are signs that Amsterdam could steal the lead in this booming business for Europe. There have been two SPACs each in London and Amsterdam this year, but the value of the listings in Amsterdam are five times that of London.

Britain’s financial regulatory agency said it would start consultations on SPACs soon and aim to have new rules in place by the summer.

regain ground lost to Germany, France and other European countries on the issuing of green bonds to finance projects to tackle climate change.

London’s finance industry isn’t in danger of imminent collapse, but because of Brexit a cornerstone of the British economy isn’t looking as formidable as it once did. And as London tries to keep up with New York, it is looking over its shoulders at the financial technology coming out of Asia.

The government has continuously billed Brexit as an opportunity to do more business with countries outside of the European Union. This will be essential as international companies begin to ask whether they want to base their European business in London or elsewhere.

When it comes to the future of Britain, it’s “almost a back-to-the-future approach of London as an international center as opposed to being an international and European center,” said Miles Celic, the chief executive of the CityUK, which represents the industry. “It’s doubling down on that international business.”

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How Coinbase Performed in the Market on its First Day

Shares in Coinbase, the first major cryptocurrency company to list its shares on a U.S. stock exchange, jumped in their market debut on Wednesday, showing that investors are hungry to get a piece of the hot market for digital currencies.

Coinbase began trading on Wednesday afternoon at $381 a share, a 52 percent increase over a $250 reference price set by Nasdaq on Tuesday. (A reference price is set by a stock exchange based on expectations for where the stock will open.)

The stock swung as low as $310 and as high as $429 in a volatile day of trading that reflected the unpredictable nature of cryptocurrency prices. Coinbase ended the day at $328.28, valuing the company at $85.7 billion counting all of its outstanding shares — more than 10 times its last valuation as a private company.

prices to new highs.

avoid political discussions, a stance that has caused controversy. Some of the company’s former Black and female employees have also spoken out against unfair treatment and were found to have been underpaid in a company report.

their pleas for help.

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Former Condé Nast Editor Plans a Vanity Fair for the Substack Era

A former editor at Vanity Fair has been working for more than a year to create a digital publication with a business twist: Its writers will share in subscription revenue.

Think of it as Vanity Fair meets Substack, the subscription newsletter platform that has attracted big-name authors.

The new company behind the publication, Heat Media, hopes to unveil it in the coming months, four people with knowledge of the matter said. The start-up is partly the brainchild of Jon Kelly, a former editor at Vanity Fair who worked under its previous editor in chief, Graydon Carter.

If all goes to plan, the start-up’s contributors would include writers whose contacts include the power elite of Hollywood, Silicon Valley, Washington and Wall Street. An annual subscription would cost $100 and could include a daily newsletter, a website and access to events, the people said. The publication does not yet have a name. One under consideration is Puck, the name of an American humor magazine of the late 1800s and early 1900s.

invest in the “geek culture” website Fandom, which recently acquired gaming website Focus Multimedia. Last year, a TPG affiliate acquired the soccer site Goal.com, and the firm recently announced plans to acquire a stake in DirectTV.

The cash from the two firms would give the start-up some security at a time when some of the biggest players in digital publishing, such as BuzzFeed, Vice, Vox Media and Group Nine, have stumbled as the pandemic ravaged the ad industry.

Mr. Kelly’s business partners are Joe Purzycki, a founder of the podcasting company Luminary Media, and Max Tcheyan, who helped build the sports site The Athletic, the people said.

Two people who have seen a pitch deck on the company’s plans said that its potential competitors are the Washington news site Axios, the tech news site The Information and Vanity Fair.

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Why Coinbase’s IPO Is a Cryptocurrency Coming-Out Party

SAN FRANCISCO — Digital currency, once mocked as a tool for criminals and reckless speculators, is sliding into the mainstream.

Traditional banks are helping investors put their money into cryptocurrency funds. Companies like Tesla and Square are hoarding Bitcoin. And celebrities are leading the way in a digital-art spending spree using a technology called an NFT.

On Wednesday, digital or cryptocurrencies will take their biggest step yet toward wider acceptance when Coinbase, a start-up that allows people to buy and sell cryptocurrencies, goes public on Nasdaq. Coinbase shares received a reference price of $250 each on Tuesday evening, which would value the company at $65 billion based on all its outstanding shares.

Call it crypto’s coming-out party. Coinbase, founded in San Francisco, is the first major cryptocurrency start-up to go public on a U.S. stock market. It is doing so at a valuation that tops that of Capital One Financial Corporation or Moody’s, the ratings agency.

plan to “create an open financial system for the world” and “increase economic freedom.”

But so far, cryptocurrency is mostly a vehicle for financial speculation and trading. Few people want to use Bitcoin for everyday purchases like coffee because its price is so volatile. Many early buyers have become wildly rich by simply holding their crypto or “buying the dip” when prices fall. Others ruefully relay tales of the sushi dinner they bought with Bitcoin years ago that would be worth $200,000 today or the million-dollar pizza.

Coinbase eases that trading by acting as a central exchange. Before it and similar services were created, people had to set up their own digital wallets and wire money.

“Can it be anything more than an asset class?” Mr. Tusk asked. “That’s still very much up in the air.”

Silk Road, a marketplace for buying and selling drugs and weapons with Bitcoin until the federal authorities shut it down, and Mt. Gox, a crypto exchange that collapsed under accusations of theft and embezzlement, further tarnished the young industry.

Coinbase tried to change that. The company joined Y Combinator, a prestigious start-up program, and raised money from top venture capital firms including Union Square Ventures and Andreessen Horowitz.

Mr. Armstrong was one of the few people in the industry who seemed prepared to comply with inevitable regulations, rather than cut corners to avoid them, said Nick Tomaino, who dropped out of business school to join Coinbase in 2013.

Coinbase also persuaded well-known retailers to accept Bitcoin. “It was good for credibility when people saw you could actually use a Bitcoin to buy a mattress at Overstock,” Mr. Tomaino, who left in 2016, said. Coinbase earned money on transaction fees.

But Bitcoin’s wildly volatile price and a slow computer network that managed it made transactions difficult, and people began to see the currency as an investment. In 2015, Ethereum, a cryptocurrency network with more tech abilities, was introduced, enticing enthusiasts to build companies and funds around the technology.

Soon after, a flood of “initial coin offerings,” where companies sold tokens on the promise of the technology they planned to build, created a new boom in cryptocurrency trading. But it quickly deflated after many projects were found to be frauds and U.S. regulators deemed the offerings to be securities, requiring that they comply with financial rules.

Tesla to buy $1.5 billion worth of Bitcoin and the payments company Square to spend $170 million. In March, Morgan Stanley began offering its wealthy clients access to three Bitcoin funds, and Goldman announced that it would soon offer similar access. The mayor of Miami has proposed that the city accept tax payments in Bitcoin and invest city funds in the asset.

The stock trading app Robinhood announced that 9.5 million of its customers had traded cryptocurrency in the first three months of the year — up more than fivefold from the previous three months. Venture funding for crypto-related start-ups surged to its highest-ever level in the first quarter to $3 billion, according to PitchBook.

PayPal recently added a crypto trading and shopping feature for its customers in the United States. The company was motivated by consumer interest and advances in the technology that made transactions faster. It plans to quickly expand the offering to customers around the world.

“It feels like the time is right,” said Jose Fernandez da Ponte, head of PayPal’s blockchain, crypto and digital currencies group. “We think this has the potential to revolutionize payments and financial systems in general.”

Still, the so-called revolution faces some challenges. Coinbase has sometimes struggled to keep up with demand, with some customers who lost access to their accounts complaining that the company has been unresponsive. It has also received criticism for its treatment of female and Black employees.

Treasury Secretary Janet L. Yellen has threatened harsher regulation of the currencies, including limiting their use.

And a big drop in prices could again send speculators fleeing. In its financial prospectus, Coinbase warned that its business results would fluctuate with the volatility of crypto assets, “many of which are unpredictable and in certain instances are outside of our control.”

The industry’s biggest issue — fulfilling the promise that the technology is more than just a place to park money — could take another decade to play out.

“There’s no doubt we’re in the latest boom, and I don’t know if that’s going to turn tomorrow or two years from now,” Mr. Tomaino said. “But the busts and booms are always higher than the last.”

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Inflation Is Expected to Rise, but Don’t Be Alarmed: Live Updates

consumer price inflation reading at 8:30 a.m. on Tuesday, Wall Street investors will be eagerly watching the data point, which is expected to jump starting this month.

Inflation data matters because it gives an up-to-date snapshot of how much it costs Americans to buy the goods and services they regularly consume. And because the Federal Reserve is charged in part with keeping increases in prices contained, the data can influence its decisions — and those affect financial markets.

But there’s a big reason not to read too much into the expected bounce in March and April — and it lies in so-called base effects.

In March’s data, inflation is expected to rise

substantially above 2 percent.

March 2021

forecast:

+2.5%

PERCENT CHANGE

IN CONSUMER

PRICE INDEX

FROM A YEAR AGO

However, some of the jump can be explained

through what’s known as base effects — prices fell

significantly last spring, so the increase now from the

year prior is larger, even if prices are not rising as

dramatically.

2021 Consumer price index

In March’s data, inflation is expected to rise substantially above 2 percent.

March 2021

forecast:

+2.5%

PERCENT CHANGE IN CONSUMER

PRICE INDEX FROM A YEAR AGO

However, some of the jump can be explained through what’s known as base effects — 

prices fell significantly last spring, so the increase now from the year prior is larger, even

if prices are not rising as dramatically.

2021 Consumer price index

Consumer inflation is usually measured on a year-over-year basis. Statisticians take a bundle of goods and services Americans buy — everything from fresh fruit to apartment rent — and aggregate it into a price index. The inflation rate that is reported each month shows how much that index changed from one year to the next.

For a quarter century, most measures of inflation have held at low levels. The Consumer Price Index moves around a bit because of volatile food and fuel prices, but a “core” index that strips out those factors has mostly come in shy of 2 percent.

But the data reported for March and April may show something different because price indexes dropped sharply a year ago as the country went into lockdown and airlines slashed ticket costs, clothing stores discounted sweaters, and hotels saw occupancy plunge.

That means inflation measures are about to lap super-low readings, and as that low base falls out, it will cause the year-over-year percent changes to jump — a little bit in March, and then a lot in April.

To be sure, climbing prices could last for a while as businesses reopen, consumers spend down big pandemic savings and producers scramble to keep up with demand. Economists and Federal Reserve officials do not expect those increases to persist for more than a few months, but if they did, it would matter to consumers and investors alike.

But a bump in prices isn’t the kind of demand-driven inflation that would prompt the Fed to lift interest rates or slow bond buying in a bid to control prices. March’s figures are most likely just a mathematical quirk.

A Grab food delivery rider in Singapore.
Credit…Wallace Woon/EPA, via Shutterstock

Grab — a ride-hailing company, bank and food delivery business all rolled into one — is set to make its debut in the largest offering by a Southeast Asian company on a U.S. stock exchange.

The company, which is based in Singapore, announced a deal on Tuesday with Altimeter Growth, a company listed for the sole purpose of buying a business. These special purpose acquisition vehicles, or SPACs, have snapped up companies over the past year at a rapid-fire pace. But this deal, which values Grab at roughly $39.6 billion, is expected to the largest such deal to date. Grab shares will trade on the Nasdaq stock exchange

The deal also includes an investment of more than $4 billion from a group that includes BlackRock, T. Rowe Price Associates and Temasek. Altimeter Capital Management, the investment firm backing the vehicle acquiring Grab, has agreed to hold certain shares in the company for at least three years.

Grab offers a “super app” that allows users to order food, pay bills and hail a car. It’s a model already popular in China, where WeChat offers a range of services, but is growing in Southeast Asia, particularly as the region builds its digital businesses. The pandemic helped propel the trend forward, with Southeast Asian consumers spending more than $10 billion online last year.

Grab acquired Uber’s Southeast Asia operations in 2018 and a digital banking license as part of a consortium in 2020. It has attracted investors including Booking Holdings, Hyundai, Microsoft, SoftBank and Toyota.

The company is going public as deal-making is flourishing in Southeast Asia. Bain, the consulting firm, said in 2018 it expected that the region would have had at least 10 unicorns, or start-ups valued at $1 billion or more, by 2024. One of those, the e-commerce company Sea, went public in the United States in 2017. Shares of the company have risen more than 400 percent over the past year, giving it a market capitalization of $125 billion.

“It gives us immense pride to represent Southeast Asia in the global public markets,” Grab’s chief executive, Anthony Tan, said in a statement. “This is a milestone in our journey to open up access for everyone to benefit from the digital economy.”

Greensill Capital’s offices in Warrington, England. Since Greensill’s collapse, Credit Suisse has paid $4.8 billion to investors in its funds.
Credit…Oli Scarff/Agence France-Presse — Getty Images

Credit Suisse said it would be able to pay back additional money to investors in funds whose troubles were among a series of disasters that have battered the Swiss bank’s reputation and finances.

The bank said it would pay an additional $1.7 billion to investors in funds linked to Greensill Capital, which collapsed last month. The latest payment means that investors will get back close to half of their money, with the prospect for more payments as Credit Suisse liquidates the funds.

Credit Suisse’s asset management unit oversaw $10 billion in funds put together by Greensill based on financing it provided to companies, many of which had low credit ratings or were not rated at all.

“There is potential for recovery in these cases although clearly there is a considerable degree of uncertainty as to the amounts that ultimately will be distributed to investors,” Credit Suisse said in a statement.

The more money that Credit Suisse can salvage from the funds, the better its chances of repairing its reputation and its ability to attract new customers. The bank has been in crisis following a series of debacles, including its disclosure last week that it will lose almost $5 billion because of money it lent to Archegos Capital Management, which crumbled this month after a high-risk stock market play went sour.

Including the $1.7 billion payment announced Tuesday, Credit Suisse has paid $4.8 billion to investors in the Greensill funds. The bank said it would take legal action to recover more money and “is engaging directly with potentially delinquent obligors and other creditors.” Some losses may be covered by insurance.

“We remain acutely aware of the uncertainty that the wind-down process creates for those of our clients who are invested in the funds,” Credit Suisse said. “We are doing everything that we can to provide them with clarity, to work through issues as they arise and, ultimately, to return cash to them.”

The headquarters of Ant Group in Hangzhou, China. The company was one of nearly three dozen ordered to ensure compliance with China’s antimonopoly rules.
Credit…CHINATOPIX, via Associated Press

China has ordered 34 of its most prominent internet companies to ensure their compliance with antimonopoly rules within the next month and to submit to official inspections thereafter — with “severe punishment” promised for any illegal practices that are uncovered.

The demand, which China’s market regulator announced on Tuesday, represents the government’s latest cracking of the whip in its campaign to tighten supervision over giant internet platforms.

For years, Beijing gave internet companies wide berth to grow rich and innovate. But in China, as in the West, concerns have been growing about the ways the companies use their clout to edge out rivals, their use and abuse of algorithms and big data and their acquisitions of smaller peers. In recent months, China has begun using both regulatory enforcement actions and public shaming to keep tech companies in check.

The country’s market regulator imposed a record $2.8 billion antitrust fine on Alibaba, the e-commerce titan, on Saturday. And on Monday, Alibaba’s fintech sister company, Ant Group, unveiled a revamp of its business in response to government demands.

Officials from China’s market watchdog, internet regulator and tax authority met with the companies on Tuesday, according to the government’s statement. At the meeting, the officials “affirmed the positive role of the platform economy” but also told the companies to “give full play to the cautionary example of the Alibaba case.”

The nearly three dozen companies included almost all of the top names in the Chinese internet industry, from established titans like Alibaba, Tencent and Baidu to newer powerhouses such as TikTok’s parent, ByteDance; the food delivery giant Meituan; the e-commerce site Pinduoduo; and the video platform Kuaishou.

At Tuesday’s meeting, the companies were told to strengthen their “sense of responsibility” and to “put the nation’s interests first,” the regulator’s statement said.

The stock market’s rally during the pandemic has been nothing short of amazing. But rising interest rates are raising the question of how long this bull market can last.

In the 12 months through March, the average general stock mutual fund tracked by Morningstar returned nearly 66 percent — a remarkable rebound after a three-month loss of nearly 22 percent at the start of last year.

The turnaround came after the Federal Reserve stepped in with support for financial markets and the economy, fueling much of the stock market’s exuberance with low interest rates.

But with the economy taking off, rates have begun to rise. At the start of a new quarter, it is a good moment to ask, how long can these strangely prosperous times last?

My crystal ball is no clearer now than it has ever been, alas, and I can’t time the market’s movements any better than anyone else. But this certainly is a good time to assess whether you are well positioned for a possible downward shift.

As always, the best approach for long-term investors is to set up a portfolio with a reasonable, diversified asset allocation of stocks and bonds and then live with it, come what may.

Our quarterly report on investing is intended to help. If you haven’t been an investor before, we’ve included tips on how to get started. Here you will find broad coverage of recent trends, guidance for the future and reflections on personal finance in a challenging era.

It’s been a long, fine run for the stock market, but a great deal of the upswing has depended on low interest rates, and in the bond market rates have been rising. Investment strategists are taking a wide array of approaches to deal with this difficult problem. For now, the bull market rides on.

Bonds provide ballast in diversified portfolios, damping the swings of the stock market and sometimes providing solid returns. Because bond yields have been rising — and yields and prices move in opposite directions — bond returns have been suffering lately. But adding a diversified selection of international bonds to domestic holdings can reduce the risk in the bond side of your investments.

Yes, the markets and the economy are complicated. That often puts people off, and stops them from taking action that can help them and their families immeasurably: investing. But investing need not be complicated. A succinct article gives pointers on how to get started, and on how to navigate the markets for the long haul.

After a piece of virtual art known as a nonfungible token — an NFT — sold at auction for $70 million recently, NFTs have suddenly became an asset that you can invest in. Our columnist prefers real dollars.

Short-term demand for oil and gas is rising, but if climate change is to be reversed, consumption of fossil fuels will have to diminish. This leaves investors in a tough spot.

The owner of the Cinerama Dome in Hollywood and 15 other movie theaters said it would not reopen after the pandemic.
Credit…Kate Warren for The New York Times

ArcLight Cinemas, a beloved chain of movie theaters based in Los Angeles, including the Cinerama Dome in Hollywood, will permanently close all its locations, Pacific Theaters announced on Monday, after the pandemic decimated the cinema business.

ArcLight’s locations in and around Hollywood have played host to many a movie premiere, in addition to being favorite spots for moviegoers seeking out blockbusters and prestige titles. They are operated by Pacific Theaters, which also manages a handful of theaters under the Pacific name, and are owned by Decurion.

“After shutting our doors more than a year ago, today we must share the difficult and sad news that Pacific will not be reopening its ArcLight Cinemas and Pacific Theaters locations,” the company said in a statement.

“This was not the outcome anyone wanted,” it added, “but despite a huge effort that exhausted all potential options, the company does not have a viable way forward.”

Between the Pacific and ArcLight brands, the company owned 16 theaters and more than 300 screens.

The movie theater business has been hit particularly hard by the pandemic. But in recent weeks, the majority of the country’s largest theater chains, including AMC and Regal Cinemas, have reopened in anticipation of the slate of Hollywood films that have been put back on the calendar, many after repeated delays because of pandemic restrictions. A touch of optimism is even in the air as a result of the Warner Bros. movie “Godzilla vs. Kong,” which has generated some $70 million in box office receipts since opening over Easter weekend.

Still, the industry’s trade organization, the National Association of Theater Owners, has long warned that the punishing closures were most likely to affect smaller regional players like ArcLight and Pacific. In March, the Alamo Drafthouse Cinema chain, which operates about 40 locations across the country, announced that it had filed for Chapter 11 bankruptcy protection but would keep most of its locations operational while it restructured.

That does not seem to be the case for Pacific Theaters, which, according to two people with knowledge of the matter, fired its entire staff on Monday.

The reaction to ArcLight’s closing around Hollywood has been emotional, including an outpouring on Twitter.

“The First Amendment does not provide the Fox defendants a get-out-of-jail-free card,” Smartmatic’s lawyer, J. Erik Connolly, wrote in a brief.
Credit…Eduardo Munoz/Reuters

The election technology company Smartmatic pushed back on Monday against Fox News’s argument that it had covered the aftermath of the 2020 presidential election responsibly, stating that Fox anchors had played along as guests pushed election-related conspiracy theories.

“The First Amendment does not provide the Fox defendants a get-out-of-jail-free card,” Smartmatic’s lawyer, J. Erik Connolly, wrote in a brief filed in New York State Supreme Court. “The Fox defendants do not get a do-over with their reporting now that they have been sued.”

The brief came in response to motions filed by Fox Corporation and three current and former Fox hosts — Maria Bartiromo, Jeanine Pirro and Lou Dobbs — to dismiss a Smartmatic lawsuit accusing them of defamation.

Smartmatic and another company, Dominion Voting Systems, became the focus of baseless conspiracy theories after the Nov. 4 election that they had manipulated vote totals in contested states. Those conspiracy theories were pushed by Rudolph W. Giuliani and Sidney Powell, serving as personal lawyers to former President Donald J. Trump, on Fox News, Mr. Trump’s longtime network of choice. Smartmatic, which says that the conspiracy theories destroyed its reputation and its business, provided election technology in only one county during the election.

Last month, Dominion also sued Fox News. Together, the two suits represent a billion-dollar challenge to the Fox empire, which, after Smartmatic filed its lawsuit, canceled the Fox Business program hosted by Mr. Dobbs.

“The filing only confirms our view that the suit is meritless and Fox News covered the election in the highest tradition of the First Amendment,” the network said in a statement late Monday.

Fox’s motion, as well as those of its anchors, argued that the mentions of Smartmatic were part of its reporting on a newsworthy event that it was duty-bound to cover: A president’s refusal to concede an election and his insistence that his opponent’s victory was not legitimate.

But the response Smartmatic filed on Monday, which runs for 120 pages, said that argument amounted to wishful thinking and that Fox had not covered the claims about Smartmatic objectively or fairly.

“The Fox defendants wedded themselves to Giuliani and Powell during their programs,” the brief said. “They cannot distance themselves now.”

Fox will have several weeks to respond to the brief, and a judge will eventually consider whether to allow Smartmatic’s case to proceed.

The death of 20-year-old Daunte Wright prompted protests in Brooklyn Center, Minn.
Credit…Aaron Nesheim for The New York Times

Reporters from multiple local organizations were denied entry to a news conference on Monday about the shooting of Daunte Wright, whose death at the hands of a police officer in Minnesota has set off protests.

Mr. Wright, 20-year-old Black man, was killed by the officer on Sunday during a traffic stop in Brooklyn Center, Minn., a suburb of Minneapolis. As national and international media flooded in, Brooklyn Center officials organized a news conference for Monday to address the shooting and release body-camera video.

Andy Mannix, a federal courts reporter for The Star Tribune, the largest newspaper in Minnesota, said on Twitter that he and his colleagues were denied access to the news conference while he watched national and international media be let in.

Suki Dardarian, a senior managing editor of The Star Tribune, said in an email that the paper had sent three journalists to the news conference. Two were denied entry, while one, a videojournalist, was able to get in, she said.

A spokeswoman for Minnesota Public Radio said that credentialed M.P.R. journalists also were not granted access. An article in The Star Tribune said journalists from the Minnesota Reformer, a nonprofit newsroom, were also denied.

Ms. Dardarian said local media should be allowed to attend police news conferences and ask questions.

“We were offered no explanation for why the reporter and photographer were not allowed in (as well as some other local journalists), except for someone saying the room was full,” Ms. Dardarian said. “Our videojournalist observed that there was still space in the room.”

“The chief indicated in his remarks that he is committed to transparency,” she said. “We believe that should include allowing the local media to attend a press conference to which they were invited — and agreeing to answer our questions following his statement.”

Dan Shelley, the executive director of Radio Television Digital News Association, a national industry group, said local journalists should be included in news conferences because they are part of the communities on which they’re reporting.

“If you have a genuine desire to be transparent, why would you exclude local journalists from a news conference?” Mr. Shelley said.

The city of Brooklyn Center and the city’s police department did not respond to requests for comment.

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Kim Kardashian’s Skims Is Now Worth $1.6 Billion

Not long after Kim Kardashian West launched her shapewear brand Skims in 2019, pandemic lockdowns consigned its body-fitting product line to the back of consumers’ closets.

But Skims survived. Moreover, it has become a billion-dollar business.

The company has raised $154 million in new funding, which Ms. Kardashian West said had lifted its valuation to $1.6 billion. It is a heady amount for a not-quite two-year-old clothing brand, even one led by someone with her star power.

It also cements Ms. Kardashian West’s status as a billionaire in her own right. In announcing her entry into that club this week, Forbes estimated Skims’ value at much less than that. She will remain Skims’ biggest shareholder after the deal, and she and her business partner, Jens Grede, will control a majority stake.

her cosmetics line to the makeup giant Coty, valuing it at $1 billion. Her sister Kylie Jenner sold a majority stake in her own cosmetics line, also to Coty, in a deal that valued it at $1.2 billion.

Skims also isn’t Ms. Kardashian West’s first foray into clothing. She and her sisters Khloé and Kourtney had a line with Sears that essentially served as a licensing deal over which she had little control.

now-estranged husband, was “super involved” in the beginning, giving frank criticism of early designs for Skims packaging, she said.)

the shapewear business, which has for decades been dominated primarily by one company, Spanx. Before 2020, when sales of shapewear dropped 30 percent, the category consistently generated just over $500 million in sales a year, or 3 percent of total apparel sales, according to NPD. Like other shapewear start-ups, Skims was aiming for the younger end of the market.

Skims defined itself with an emphasis on inclusivity, offering nine sizes, up to 5X, in as many skin-tone shades. Within its first nine weeks, it had racked up two million names on its wait lists, Mr. Grede said. To date, Skims has sold more than four million units, with a customer retention rate of over 30 percent. Skims products are also sold at the high-end department stores Nordstrom and Britain’s Selfridges and several online retailers.

Skims faced challenges even before the pandemic. One was of Ms. Kardashian West’s own making: The company was initially called Kimono, until accusations of cultural appropriation prompted her to change the moniker. (“Even when it seemed innocent to me,” she said, “people didn’t see it that way.”)

Then, in addition to declining shapewear sales during the pandemic, the company suffered delays in sourcing raw material for its fabrics, which hampered its ability to develop, produce and ultimately sell new products.

“We had to figure out different factories and had to get creative,” Ms. Kardashian West said. Even so, Skims reported $145 million in sales last year, and expects to roughly double sales to $300 million this year.

Joshua Kushner, and his wife, the model Karlie Kloss.)

The round also includes funding from two existing investors, Imaginary Ventures and Alliance Consumer Growth.

“We have been continuously impressed by Skims’ ability to connect with consumers on a personal level and keep them coming back for more,” Nabil Mallick, a partner at Thrive, said in a statement.

were dresses, suggest that shoppers may be planning to resume dressing more formally.

Kristen Classi-Zummo, an analyst at NPD, offered a more cautious take, reckoning that the category would rebound, though customers who have grown used to comfort will insist on easy-fitting apparel even as they re-embrace some aspects of shapewear.

“I do think we’ll get dressed up again,” Ms. Classi-Zummo said, “but I do think it will look and feel different.”

Ms. Kardashian West said she hoped to build Skims into a “multigenerational brand that will be around for a very long time.”

But she did not rule out eventually selling the business — so long as she retained a role in its operations. “I think I’m open to the conversation, for sure,” she said. But “I would never want to give up my process. I would hope that whoever we partner with in a sale one day would believe in that, too.”

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Jamie Dimon Sees a Boom Coming

The annual letter to shareholders by JPMorgan Chase’s chief Jamie Dimon was just published. The widely read letter is not just an overview of the bank’s business but also covers Mr. Dimon’s thoughts on everything from leadership lessons to public policy prescriptions.

“The U.S. economy will likely boom.” A combination of excess savings, deficit spending, a potential infrastructure bill, vaccinations and “euphoria around the end of the pandemic,” Mr. Dimon wrote, may create a boom that “could easily run into 2023.” That could justify high equity valuations, but not the price of U.S. debt, given the “huge supply” soon to hit the market. There is a chance that a rise in inflation would be “more than temporary,” he wrote, forcing the Fed to raise interest rates aggressively. “Rapidly raising rates to offset an overheating economy is a typical cause of a recession,” he wrote, but he hopes for “the Goldilocks scenario” of fast growth, gently increasing inflation and a measured rise in interest rates.

“Banks are playing an increasingly smaller role in the financial system.” Mr. Dimon cited competition from an already large shadow banking system and fintech companies, as well as “Amazon, Apple, Facebook, Google and now Walmart.” He argued those nonbank competitors should be more strictly regulated; their growth has “partially been made possible” by avoiding banking rules, he wrote. And when it comes to tougher regulation of big banks, he wrote, “the cost to the economy of having fail-safe banks may not be worth it.”

“China’s leaders believe that America is in decline.” While the U.S. has faced tough times before, today “the Chinese see an America that is losing ground in technology, infrastructure and education — a nation torn and crippled by politics, as well as racial and income inequality — and a country unable to coordinate government policies (fiscal, monetary, industrial, regulatory) in any coherent way to accomplish national goals,” he wrote. “Unfortunately, recently, there is a lot of truth to this.”

a leveraged buyout offer from the private equity firm CVC Capital, sending its shares to a four-year high. Toshiba has had a series of scandals, and faces pressure from activist investors.

raising the corporate rate to help pay for President Biden’s infrastructure plans — though he didn’t mention the White House’s proposed rate, 28 percent. Other corporate chiefs are privately criticizing the potential tax rise.

The company behind the Johnson & Johnson vaccine mix-up has a history of errors. Emergent BioSolutions, which the U.S. relied on to produce doses by J.&J. and AstraZeneca, had a made manufacturing errors before. Experts worry this may leave some Americans more wary of getting vaccinated, even as Mr. Biden has moved up the eligibility deadline for U.S. inoculations.

An electric aircraft maker sues a rival for intellectual property theft. Wisk, which is backed by Boeing and the Google founder Larry Page, said that former employees downloaded confidential information before joining Archer, a competitor. Archer, which is going public by merging with a SPAC run by Moelis & Company and which counts United Airlines as an investor, denied wrongdoing and said it was cooperating with a government investigation.

A blistering start for venture capital in 2021. Start-ups set a fund-raising quarterly record in the first three months of the year, raising more than $62 billion, according to the MoneyTree report from PwC and CB Insights. That’s more than twice the total a year earlier and represents nearly half of what start-ups raised in all of 2020.

Voting in the union election at an Amazon warehouse in Bessemer, Ala., ended on March 29, and counting began the next day, but the outcome is still unknown. What’s going on? It’s less about the number of ballots than how they’re counted.

The stakes are high, for both Amazon and the labor movement. Progressive leaders like Bernie Sanders have argued a victory for the union, the first at an Amazon facility in the U.S., could inspire workers elsewhere to unionize. And Amazon is facing increased scrutiny for its market power and labor practices.

a painstaking process:


— Kristalina Georgieva, the managing director of the I.M.F., on how the uneven rollout of vaccines poses a threat to the global economic recovery.


After the 2008 financial crisis, Credit Suisse emerged battered by high-risk bets and promised to do better. A series of recent scandals suggests it hasn’t, The Times’s Jack Ewing writes.

A recap of the Swiss bank’s troubles over the past year or so:

30-day comment period on to-be-drafted regulations that would make it harder to obscure who controls a company. Among the details to be worked out are what entities should report and when; how to collect, protect and update information for a database; and the criteria for sharing with law enforcement.

“We could not be more excited,” Kenneth Blanco, the director of the Treasury’s Financial Criminal Enforcement Network (FinCEN), told bankers recently. The U.S. has been under pressure to address its vulnerability to money laundering and financial crimes:

New rules could make forming small businesses, special purpose vehicles and other closely held entities “significantly” more burdensome, said Steve Ganis of Mintz, an expert in anti-money laundering regulation. “FinCEN’s new regime will make things much more complicated for start-ups, where control and ownership are highly fluid,” he said. Public companies and many larger businesses would be exempt because they already face stricter scrutiny.

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Job Training That’s Free Until You’re Hired Is a Blueprint for Biden

Bill Barber saw an ad on Facebook last year for American Diesel Training Centers, a school in Ohio that prepares people for careers as diesel mechanics. It came with an unusual pitch: He would pay for the schooling only if it landed him a job, thanks to a nonprofit called Social Finance.

After making sure it wasn’t a scam, he signed up. After going through the immersive five-week program, he got a job with starting pay of $39,000 a year — about $10,000 more than he made before as a cable TV installer.

“I figured this was my best opportunity to succeed,” Mr. Barber, 23, said.

American Diesel Training is part of a new model of work force training — one that bases pay for training programs partly on whether students get hired. Early results are promising, and experts say the approach makes far more economic sense than the traditional method, in which programs are paid based on how many people enroll.

Right now, there are only a relative handful of these pay-for-success programs that train low-income Americans for better-paying careers. The challenge has been to align funding and incentives so that students, training programs and employers all benefit.

Social Finance, founded a decade ago to develop new ways to finance results-focused social programs, is showing how the idea could grow quickly just as the pandemic made job-training programs more important than ever. The coronavirus put millions of people out of work, upended industries and accelerated automation.

billions for work force development with an emphasis on “next-generation training programs” that embrace “evidence-based approaches.”

The Social Finance effort is powered by a fund of more than $40 million raised from philanthropic investors. The money goes toward paying for low-income students, as well as minority candidates and veterans, to enter the training programs. The group is not related to the online lender SoFi.

It has supported four job training programs, including American Diesel Training, in the past year. It has plans to have double that number a year from now.

Year Up, Per Scholas and Project Quest. Their training is tightly focused on specific skills and occupations, they work closely with employers, and they teach soft skills like communication and teamwork. But there are too few of them, and they struggle for sustainable financing.

Social Finance is seeking, designing and supporting new programs — for-profit or nonprofit — that follow that training formula but then apply a different funding model.

“There is emerging evidence that these kinds of programs are a very effective and exciting part of work force development,” said Lawrence Katz, a labor economist at Harvard. “Social Finance is targeting and nurturing new programs, and it brings a financing mechanism that allows them to expand.”

The social venture’s more than $40 million fund is seed money for demonstration projects that show its model could be widely used, whether backed by government or by investors in social programs, across a range of occupations including skilled trades.

Blue Meridian Partners, whose donor partners include the Bill and Melinda Gates Foundation, the Ballmer Group and the Sergey Brin Family Foundation.

Others contributing to the fund are the Michael and Susan Dell Foundation and Schmidt Futures, led by Eric Schmidt, former chief executive of Google.

For Social Finance and its backers, the career impact bonds are not traditional investments. For them, breaking even or a small return would be winning — proof the concept is working, which should attract more public and private money.

“We need to move toward evidence-based funding,” said Jim Shelton, chief investment and impact officer for Blue Meridian Partners and a deputy secretary of education in the Obama administration. “And Social Finance is supporting programs that show it can be done.”

The Social Finance income-share agreement with students ranges from about 5 percent to 9 percent depending on their earnings — less from $30,000 to $40,000, and generally more above $40,000. The monthly payments last four years. If you lose your job, the payment obligation stops.

“Our investors aren’t after high returns. They’re primarily after social impact,” Ms. Palandjian said.

When screening programs, Social Finance looks for those that offer training for specific skills linked to local demand, and have data to show that its students graduate and get good-paying jobs. In selecting a skilled-trade school, Social Finance, working with Burning Glass Technologies, which analyzes job-market data, sought a program for an occupation in demand with potential for the worker to move up the career ladder.

American Diesel Training, based in Columbus, Ohio, met the requirements. The for-profit company’s program is designed as a short, intensive course to train entry-level diesel technicians, mostly for trucking companies and dealerships.

Demand for diesel technicians is robust as more goods are shipped by truck, often delivering products ordered online, and baby-boom mechanics are retiring. There is an accessible career path to become a senior mechanic or into administration as a service, distribution or shop manager.

American Diesel Training, founded in 2017, succeeded in placing students in jobs in its first few years, but remained small.

Before Social Finance arrived, Tim Spurlock, co-founder and chief executive of American Diesel Training, looked into financing through income-share agreements offered by venture-backed start-ups. The terms, he said, were far less favorable for students.

“Social Finance comes at it from a completely different angle,” he said.

The first group of Social Finance-funded students started the five-week course last September. There are now about 70 students in each course. That is about four times as many as a year ago.

Social Finance pays American Diesel Training just over 60 percent of its fee initially. The rest comes later, after a student lands and keeps a job.

“I’m fine with that,” Mr. Spurlock said. “We’ve completely proven our educational model. The problem was the funding mechanism.”

A total of 229 students supported by Social Finance have been enrolled. The graduation rate is nearly 100 percent, and 89 percent have jobs. Their average annual income is $36,500, and the average gain from income before the program is $12,400.

Today, Mr. Barber, who saw an ad for the program on Facebook, works in Ohio for U.S. Xpress, a national freight-hauling trucker. As an entry-level diesel technician, he is mostly doing preventive maintenance on trucks. With diesel mechanics in demand, the company paid him a $2,000 signing bonus and a relocation fee.

Jordan Battle earns about $43,000 a year as a diesel mechanic for a large trucking company in Atlanta, far more than she did as a contractor for a civic education organization.

That job ended with the pandemic, so she decided to go for “something essential and to have a real skill others don’t.” She was accepted in the American Diesel Training program, and she was offered a job after three weeks, before she graduated. Practice interviews, résumé building and introductions to employers were part of the curriculum.

“That’s where the program really stands out,” she said. “They fight for you.”

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Electric Aircraft Start-Up Accuses Rival of Stealing Its Secrets

The age of electric planes may still be years away, but the fight for that market is already heating up.

Wisk Aero, a start-up developing an electric aircraft that takes off like a helicopter and flies like a plane, on Tuesday sued another start-up, Archer Aviation, accusing it of stealing trade secrets and infringing on Wisk’s patents.

The lawsuit brings into public view a dispute between two little-known companies in a business that has become a playground for billionaires. It also entangles giants of aviation and technology. Wisk is a joint venture of Boeing and Kitty Hawk, which is financed by Larry Page, who co-founded Google. Archer’s investors include United Airlines, which is a major Boeing customer and plans to buy up to 200 aircraft from the start-up.

The niche market for electric vehicles and planes has become frenzied in recent months as so-called blank check companies, which have little more than a stock market listing and a pot of cash, have snapped up fledgling businesses with little or no revenue, let alone profits. Investors in the blank-check firms — formally known as special purpose acquisition companies, or SPACs — are hoping to acquire businesses that they believe could follow Tesla’s recent trajectory on the stock market. To entice those investors, start-ups like Archer promise top-notch technology and optimistic business plans.

the lawsuit accuses two engineers of downloading thousands of files containing confidential designs and data before leaving Wisk to join Archer. Wisk accused a third engineer of wiping history of his activities from his computer before leaving for Archer.

“Wisk brings this lawsuit to stop a brazen theft of its intellectual property and confidential information and protect the substantial investment of resources and years of hard work and effort of its employees and their vision of the future in urban air transportation,” the lawsuit says.

Archer denied wrongdoing.

“It’s regrettable that Wisk would engage in litigation in an attempt to deflect from the business issues that have caused several of its employees to depart,” Archer said in a statement. “The plaintiff raised these matters over a year ago, and after looking into them thoroughly, we have no reason to believe any proprietary Wisk technology ever made its way to Archer. We intend to defend ourselves vigorously.”

Archer also said it had placed an employee accused in the suit on paid leave “in connection with a government investigation and a search warrant issued to the employee, which we believe are focused on conduct prior to the employee joining the company.” Archer said it and three employees who had worked with the individual had been subpoenaed in that investigation and were cooperating with the authorities.

accused one of its former employees and Uber of stealing trade secrets to gain an advantage in the race to develop autonomous cars. The companies settled the case in 2018, and the former Waymo employee, Anthony Levandowski, a onetime confidant of Mr. Page’s, was sentenced in 2020 to 18 months in prison. Former President Donald J. Trump pardoned Mr. Levandowski in January.

Archer announced its merger in February with a SPAC, Atlas Crest Investment, in a deal that valued the company at $3.8 billion. Wisk said its suspicions were confirmed at that time when Archer released a presentation that contained designs similar to those in a Wisk patent filing.

when announcing the transaction.

“We had 35, 40 people on this — and we attacked this like venture growth would or anybody else,” Mr. Moelis said. “And we did it fast, too.”

A spokeswoman for Moelis declined to comment.

Other companies trying to make electric aircraft include Joby Aviation, which announced a $6.6 billion deal with a SPAC led by the LinkedIn co-founder Reid Hoffman in February, and the German start-up Lilium, which went public last month by merging with a SPAC led by a former General Motors executive, Barry Engle.

according to SPAC Research — more than in all of 2020.

But regulators and some investors say more scrutiny is needed. The Securities and Exchange Commission published two notices last month warning companies considering merging with SPACs to ensure that they are ready for all the legal and regulatory requirements being a public company entails. Many investors known as short sellers, who specialize in betting that share prices of companies are bound to fall, have targeted SPACs like Atlas Crest, which is among the 20 most-shorted SPACs.

The market for electric aircraft is in its infancy but holds huge promise. The prospect of “Jetsons”-like flying vehicles has inched closer to reality in recent years thanks to advances in battery and aircraft design. A high-stakes race to build the first viable electric plane is underway, and some airlines are betting that such vehicles can help them reach their goals of eliminating or offsetting their greenhouse gas emissions.

Scott Kirby, the chief executive of United, said the Archer aircraft were unlikely to be used for commercial flights but were ideal for short trips to and from an airport.

“They’re not only more environmentally friendly, they’re far quieter than a helicopter,” Mr. Kirby said Tuesday during an event hosted by the Council on Foreign Relations. “And, because they have 12 rotors, they’re, I believe, going to ultimately be safer.”

Still, widespread use of electric air taxis is likely years away. Such aircraft may never become more than a luxury used by very rich people because businesses and governments may come up with far cheaper ways to transport people without emissions.

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Baseball Card Maker Topps Is Going Public via a SPAC

Topps, known for its trading cards and Bazooka gum, is going public by merging with a blank-check firm in a deal that values the company at $1.3 billion, the DealBook newsletter was the first to report.

The transaction includes an investment of $250 million led by Mudrick Capital, the sponsor of the special purpose acquisition company, or SPAC, along with investors including Gamco and Wells Capital. Michael Eisner, the chairman of Topps and former chief executive of the Walt Disney Company, will roll his entire stake into the new company and stay on.

“Everybody has a story about Topps,” Mr. Eisner said. That’s what initially attracted him to the trading card company, which he acquired in 2007 via his investment firm, Tornante, and Madison Dearborn for $385 million. Buying Topps was a bet on a brand that elicits an “emotional connection” as strong as Disney, the company Mr. Eisner ran for 21 years.

In the years since Mr. Eisner’s initial purchase, Topps has focused on a shift to digital, starting online apps for users to trade collectibles and play games. It also created “Topps Now,” which makes of-the-moment cards to capture a defining play or a pop culture meme. (It sold nearly 100,000 cards featuring Senator Bernie Sanders at the presidential inauguration in his mittens.) And it has moved into blockchain, too, via the craze for nonfungible tokens, or NFTs.

especially trading cards. Topps generated record sales of $567 million in 2020, a 23 percent jump over the previous year.

The secondhand market is particularly hot, with a Mickey Mantle card recently selling for more than $5 million. “Topps probably made something like a nickel on it, 70 years ago,” said Jason Mudrick, the founder of Mudrick Capital. NFT mania will allow Topps to take advantage of the secondhand market by linking collectibles to digital tokens. Topps is also growing beyond sports, like its partnerships with Marvel and “Star Wars.”

It continues to see value in its core baseball-card business, as athletes come up from the minor leagues more quickly. “The trading card business has been growing for the last several years,” Michael Brandstaedter, the chief executive of Topps, said. “While it definitely grew through the pandemic — and perhaps accelerated — it did not arrive with the pandemic.”

That resilience is part of the bet that Mudrick Capital is making on the 80-year old Topps. It’s a surer gamble, Mr. Mudrick said, than buying one of the many unprofitable start-ups currently courting SPAC deals. “Our core business is value investing,” he said.

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