Lab-grown meat start-up raises $14 million to build production plant

Now, one of those start-ups has raised $14 million to produce its cultured meat products. Future Meat Technologies, which was founded in 2018 and based in Israel, is trying to do for lab-grown meat what Beyond Meat and Impossible Foods have done for plant-based meat. Future Meat is far from the only company that has set out to create affordable cell-cultured meat. S2G Ventures, a Chicago-based venture capital fund that invests in food and agriculture, and Emerald Technology Ventures, a Swiss-bas


Now, one of those start-ups has raised $14 million to produce its cultured meat products. Future Meat Technologies, which was founded in 2018 and based in Israel, is trying to do for lab-grown meat what Beyond Meat and Impossible Foods have done for plant-based meat. Future Meat is far from the only company that has set out to create affordable cell-cultured meat. S2G Ventures, a Chicago-based venture capital fund that invests in food and agriculture, and Emerald Technology Ventures, a Swiss-bas
Lab-grown meat start-up raises $14 million to build production plant Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: amelia lucas
Keywords: news, cnbc, companies, plant, raises, ventures, production, meat, capital, cultured, future, startups, raised, build, labgrown, million, startup, round


Lab-grown meat start-up raises $14 million to build production plant

As meatless burgers have landed at Burger King and Carl’s Jr., dozens of start-ups are racing to be the first to sell beef grown in a lab.

Now, one of those start-ups has raised $14 million to produce its cultured meat products.

Future Meat Technologies, which was founded in 2018 and based in Israel, is trying to do for lab-grown meat what Beyond Meat and Impossible Foods have done for plant-based meat.

Future Meat is far from the only company that has set out to create affordable cell-cultured meat. Several dozen start-ups, mostly in the U.S. and Europe, have sprung up in the last couple of years to develop the product.

But only one, Memphis Meats, has raised more money than Future Meat in a Series A funding round — $17 million in 2017 — thanks to investments from Bill Gates, Richard Branson and Cargill.

S2G Ventures, a Chicago-based venture capital fund that invests in food and agriculture, and Emerald Technology Ventures, a Swiss-based firm, led the $14 million round, Future Meat announced Thursday.

“What we think separates Future Meat is that they have an actual plan to get to commercially viable price points that doesn’t require massive capital expenditures or future breakthroughs,” S2G managing director Matt Walker said in an interview.

Future Meat plans to use the proceeds to expand research and development efforts and build a cultured meat manufacturing facility to begin production next year.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: amelia lucas
Keywords: news, cnbc, companies, plant, raises, ventures, production, meat, capital, cultured, future, startups, raised, build, labgrown, million, startup, round


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The lesson from Mark Zuckerberg and Jack Dorsey that inspired these students to build a multimillion start-up

Siu Rui Quek had always been entrepreneurial. But it was a lesson learned in his early twenties from enterprising icons Mark Zuckerberg and Jack Dorsey that set him on course for the big times. I always joke that I have a mentor, which is Mark Zuckerberg, but it’s only one-way. Carousell’s co-founders from left to right, Marcus Tan, Siu Rui Quek and Lucas Ngoo. You’ve just got to love what you do and be obsessed about that problem you’re solving Siu Rui Quek co-founder and CEO, Carousell


Siu Rui Quek had always been entrepreneurial. But it was a lesson learned in his early twenties from enterprising icons Mark Zuckerberg and Jack Dorsey that set him on course for the big times. I always joke that I have a mentor, which is Mark Zuckerberg, but it’s only one-way. Carousell’s co-founders from left to right, Marcus Tan, Siu Rui Quek and Lucas Ngoo. You’ve just got to love what you do and be obsessed about that problem you’re solving Siu Rui Quek co-founder and CEO, Carousell
The lesson from Mark Zuckerberg and Jack Dorsey that inspired these students to build a multimillion start-up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: karen gilchrist
Keywords: news, cnbc, companies, students, mentor, jack, zuckerberg, inspired, multimillion, siu, startup, technology, know, dorsey, mark, lesson, rui, build, big, online, quek


The lesson from Mark Zuckerberg and Jack Dorsey that inspired these students to build a multimillion start-up

Siu Rui Quek had always been entrepreneurial. As a teen, he would fuel his passion for technology and earn extra cash buying and selling gadgets online. But it was a lesson learned in his early twenties from enterprising icons Mark Zuckerberg and Jack Dorsey that set him on course for the big times. That lesson? Know your mission. Quek is co-founder and CEO of $550 million online consumer marketplace Carousell. He started the business with his college friends Marcus Tan and Lucas Ngoo back in 2012 after they were inspired by talks from the top tech talents during an internship in Silicon Valley. And, even today, he says those presentations played a vital role in shaping Carousell’s success.

I always joke that I have a mentor, which is Mark Zuckerberg, but it’s only one-way. Siu Rui Quek co-founder and CEO, Carousell

“The one thing that we really learned and took away,” Quek told CNBC Make It, “is to be absolutely mission-oriented and mission-first.” “This idea of being mission-first just helps people transcend personal egos (and) helps create collaboration,” he said. To be sure, the founders did not mentor Quek and his friends directly. “I always joke that I have a mentor, which is Mark Zuckerberg, but it’s only one-way — I know him but he doesn’t know me,” Quek said.

Carousell’s co-founders from left to right, Marcus Tan, Siu Rui Quek and Lucas Ngoo. Carousell

But, by watching their presentations and studying their style, Quek said he and his co-founders were inspired to think about the big picture and how they could use technology to solve big issues. “I think the one commonality all of them had was just this whole fascination for using technology to solve problems and make a big impact,” said Quek. For Carousell, that meant building a platform to simplify buying and selling online, which, Quek said, plays into the company’s wider mission to “inspire every person in the world to start selling.”

You’ve just got to love what you do and be obsessed about that problem you’re solving Siu Rui Quek co-founder and CEO, Carousell


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: karen gilchrist
Keywords: news, cnbc, companies, students, mentor, jack, zuckerberg, inspired, multimillion, siu, startup, technology, know, dorsey, mark, lesson, rui, build, big, online, quek


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Sanders says he ‘misspoke’ about scaling back rallies after heart attack

Sen. Bernie Sanders on Wednesday tamped down on speculation that he would slow his presidential campaign after he suffered a heart attack last week, saying he plans to compete as vigorously as ever for the 2020 Democratic nomination. “I misspoke the other day, I said a word I should not have said and media drives me a little bit nuts to make a big deal about it,” Sanders said, who did the interview alongside his wife, Jane Sanders. “We’re going to get back into the groove of a very vigorous camp


Sen. Bernie Sanders on Wednesday tamped down on speculation that he would slow his presidential campaign after he suffered a heart attack last week, saying he plans to compete as vigorously as ever for the 2020 Democratic nomination. “I misspoke the other day, I said a word I should not have said and media drives me a little bit nuts to make a big deal about it,” Sanders said, who did the interview alongside his wife, Jane Sanders. “We’re going to get back into the groove of a very vigorous camp
Sanders says he ‘misspoke’ about scaling back rallies after heart attack Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: salvador rodriguez
Keywords: news, cnbc, companies, rallies, misspoke, today, doing, reporters, build, heart, vermont, town, attack, think, sanders, scaling, campaign


Sanders says he 'misspoke' about scaling back rallies after heart attack

Sen. Bernie Sanders on Wednesday tamped down on speculation that he would slow his presidential campaign after he suffered a heart attack last week, saying he plans to compete as vigorously as ever for the 2020 Democratic nomination.

The Vermont independent told NBC in an exclusive interview airing tonight on “Nightly News” and tomorrow on the “Today” show that his health scare has only strengthened his resolve, despite telling reporters a day earlier he planned to curtail his normally packed schedule.

“I misspoke the other day, I said a word I should not have said and media drives me a little bit nuts to make a big deal about it,” Sanders said, who did the interview alongside his wife, Jane Sanders. “We’re going to get back into the groove of a very vigorous campaign, I love doing rallies and I love doing town meetings.”

He added, “I want to start off slower and build up and build up and build up.”

Speaking to reporters outside his home in Vermont Monday, Sanders said, “We were doing in some cases five or six meetings today, three or four rallies and town meetings and meeting with groups of people. I don’t think I’m going to do that. But I certainly intend to be actively campaigning. I think we can change the nature of the campaign a bit. Make sure that I have the strength to do what I have to do.”


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: salvador rodriguez
Keywords: news, cnbc, companies, rallies, misspoke, today, doing, reporters, build, heart, vermont, town, attack, think, sanders, scaling, campaign


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These 3 thirty-somethings are using AI to build a billion-dollar start-up

These 3 thirty-somethings are using AI to build a billion-dollar start-up2 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. Carousell’s founders Siu Rui Quek, Marcus Tan and Lucas Ngoo are using AI to take their e-commerce marketplace to the next level.


These 3 thirty-somethings are using AI to build a billion-dollar start-up2 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. Carousell’s founders Siu Rui Quek, Marcus Tan and Lucas Ngoo are using AI to take their e-commerce marketplace to the next level.
These 3 thirty-somethings are using AI to build a billion-dollar start-up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07
Keywords: news, cnbc, companies, build, billiondollar, startup, flash, try, tan, thirtysomethings, browser, using, enabled, startup2, view


These 3 thirty-somethings are using AI to build a billion-dollar start-up

These 3 thirty-somethings are using AI to build a billion-dollar start-up

2 Hours Ago

To view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again.

Carousell’s founders Siu Rui Quek, Marcus Tan and Lucas Ngoo are using AI to take their e-commerce marketplace to the next level.


Company: cnbc, Activity: cnbc, Date: 2019-10-07
Keywords: news, cnbc, companies, build, billiondollar, startup, flash, try, tan, thirtysomethings, browser, using, enabled, startup2, view


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Russia is helping China to build a missile defense system, Putin says

Military ties between China and Russia appear to have taken a leap forward after Russian President Vladimir Putin said his country is helping Beijing build a system to warn against ballistic missile launches. Details of the size and make-up of the missile defense system that Russia will build for China is unknown. At present China employs limited resources which includes a small Russian S-300 system which considered only a modest deterrent against cruise and ballistic missiles. Russia’s existing


Military ties between China and Russia appear to have taken a leap forward after Russian President Vladimir Putin said his country is helping Beijing build a system to warn against ballistic missile launches. Details of the size and make-up of the missile defense system that Russia will build for China is unknown. At present China employs limited resources which includes a small Russian S-300 system which considered only a modest deterrent against cruise and ballistic missiles. Russia’s existing
Russia is helping China to build a missile defense system, Putin says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: david reid
Keywords: news, cnbc, companies, putin, missile, helping, defense, system, china, russia, washington, russian, ballistic, build


Russia is helping China to build a missile defense system, Putin says

Military ties between China and Russia appear to have taken a leap forward after Russian President Vladimir Putin said his country is helping Beijing build a system to warn against ballistic missile launches.

Speaking at the Valdai Club international affairs conference in Sochi on Thursday, Putin confirmed the move, adding that it would promote China to a level of defense only currently enjoyed by Russia and the U.S.

“This is a very serious thing that will dramatically increase China’s defense capability because only the U.S. and Russia have such a system now,” Putin said.

Global Forecasting Director at The Economist Intelligence Unit, Agathe Demarais, told CNBC via email Friday that such a system is viewed as “a crucial part of modern nuclear deterrence.”

Details of the size and make-up of the missile defense system that Russia will build for China is unknown. At present China employs limited resources which includes a small Russian S-300 system which considered only a modest deterrent against cruise and ballistic missiles.

Russia’s existing S-400 is claimed to be capable of intercepting ballistic missiles with a range of 3,500 km. That program was controversially sold to NATO-member Turkey this year, much to the displeasure of Washington.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: david reid
Keywords: news, cnbc, companies, putin, missile, helping, defense, system, china, russia, washington, russian, ballistic, build


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Snap CEO Evan Spiegel says smart glasses are 10 years away from mass adoption

Snap CEO Evan Spiegel on Friday said he expects it will be 10 years before consumers widely adopt augmented-reality smart glasses. In the meantime, Snap is building out its ecosystem of third-party software developers who are building AR lenses for Snapchat, Spiegel said. The app borrows several elements from Snap, whose Snapchat app focuses usage on sending photos and videos through private messages. “Honestly, I haven’t had a chance to test drive [Threads,]” Spiegel said. As a result, the comp


Snap CEO Evan Spiegel on Friday said he expects it will be 10 years before consumers widely adopt augmented-reality smart glasses. In the meantime, Snap is building out its ecosystem of third-party software developers who are building AR lenses for Snapchat, Spiegel said. The app borrows several elements from Snap, whose Snapchat app focuses usage on sending photos and videos through private messages. “Honestly, I haven’t had a chance to test drive [Threads,]” Spiegel said. As a result, the comp
Snap CEO Evan Spiegel says smart glasses are 10 years away from mass adoption Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: salvador rodriguez
Keywords: news, cnbc, companies, spiegel, evan, build, app, threads, snapchat, mass, stock, glasses, snap, smart, companys, ceo, away, adoption


Snap CEO Evan Spiegel says smart glasses are 10 years away from mass adoption

Evan Spiegel, co-founder and chief executive officer of Snap Inc., stands on the floor of the New York Stock Exchange during the company’s initial public offering on Thursday, March 2, 2017.

Snap CEO Evan Spiegel on Friday said he expects it will be 10 years before consumers widely adopt augmented-reality smart glasses.

“We’re working our way towards that future,” Spiegel said Friday speaking at the TechCrunch Disrupt conference in San Francisco.

Spiegel said the company is taking a long-term approach to building fully AR smart glasses with the expectation that they will eventually be a widely adopted consumer device. Snap, which is best known for the Snapchat messaging app, announced in August the $380 Spectacles 3, the latest version of the company’s camera-equipped glasses.

“Rather than go in a hole or an R&D center or something and try to make something people like and show them 10 years later, we create a relationship with our community and build that future together,” Spiegel said.

In the meantime, Snap is building out its ecosystem of third-party software developers who are building AR lenses for Snapchat, Spiegel said. There are now more than 500,000 of those AR lenses, he added.

“Getting that community going means that by the time the hardware gets there 10 years from now we’ll have a thriving ecosystem of experiences that people can enjoy,” Spiegel said.

Already, Microsoft makes the HoloLens 2 headset and Florida startup Magic Leap sells its Magic Leap One AR glasses, although none of these devices has become a hit. Apple is also reportedly working on a similar product that could hit the market as early as next year, and Facebook is developing AR glasses and has partnered with Ray-Ban maker Luxottica, CNBC has reported.

Snap’s stock price was up more than 2% on Friday after plunging as much as 7% on Thursday following Facebook’s announcement of Threads, a new messaging app for Instagram users.

The camera-focused Threads allows Instagram users to share their status or quickly send photos and videos to people they’ve added to their list of close friends. The app borrows several elements from Snap, whose Snapchat app focuses usage on sending photos and videos through private messages.

“Honestly, I haven’t had a chance to test drive [Threads,]” Spiegel said. “But you know, we just continue to build for our community, build products that we think really resonate with them and that’ll continue to be our strategy going forward.”

After a rough two years following its initial public offering, Snap has bounced back in 2019. The company has matured its advertising business, continued to build out its augmented-reality technology and renewed its focus on Gen Z users. As a result, the company’s stock price is up more than 155% year-to-date.

WATCH: Here’s how to see which apps have access to your Facebook data — and cut them off


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: salvador rodriguez
Keywords: news, cnbc, companies, spiegel, evan, build, app, threads, snapchat, mass, stock, glasses, snap, smart, companys, ceo, away, adoption


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Suze Orman: ‘It’s not about what you earn’ — here’s what to focus on in your 20s to build wealth

“No matter how much money you make, you need to maximize what you spend that money on.” Get a handle on spending”I know a lot of you feel like you need to maximize your earnings in your 20s,” Orman says. “It’s not about what you earn … the more money you make, the more money you spend.” Take a hard look at your expenses to ensure you’re not spending money in your paycheck just because it’s there. Learn to love saving”You need to get as much pleasure out of saving as you do spending,” Orman say


“No matter how much money you make, you need to maximize what you spend that money on.” Get a handle on spending”I know a lot of you feel like you need to maximize your earnings in your 20s,” Orman says. “It’s not about what you earn … the more money you make, the more money you spend.” Take a hard look at your expenses to ensure you’re not spending money in your paycheck just because it’s there. Learn to love saving”You need to get as much pleasure out of saving as you do spending,” Orman say
Suze Orman: ‘It’s not about what you earn’ — here’s what to focus on in your 20s to build wealth Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: sofia pitt, myelle lansat
Keywords: news, cnbc, companies, women, spending, financial, focus, earn, 20s, money, orman, suze, wealth, build, saving, spend, heres, need, instead


Suze Orman: 'It's not about what you earn' — here's what to focus on in your 20s to build wealth

Making smart money choices in your 20s can set you up for financial success later in life, which is why developing healthy saving and spending habits during this decade is crucial, says Suze Orman, financial expert, bestselling author of “Women & Money,” and host of the “Women & Money” podcast. “No matter how much money you make, you need to maximize what you spend that money on.” And to do that, she suggests, “live below your means, but within your needs.” That means changing your spending behavior and tackling your debt, while learning how to take control of your finances. Here are Orman’s three rules for developing habits in your 20s to help you achieve financial independence.

1. Get a handle on spending

“I know a lot of you feel like you need to maximize your earnings in your 20s,” Orman says. “It’s not about what you earn … the more money you make, the more money you spend.” Your 20s are a great time to thwart lifestyle creep, which is the idea that your standard of living increases as you earn more, turning luxuries into necessities. Take a hard look at your expenses to ensure you’re not spending money in your paycheck just because it’s there.

And as you earn more — from a raise, a new job, or a side hustle — look for opportunities to save that extra money instead of finding new things to spend it on. “Before you ever spend a penny, you have to ask yourself a question: ‘Is this a need or a want?'” Orman says. “If it’s a want, walk away.”

2. Learn to love saving

“You need to get as much pleasure out of saving as you do spending,” Orman says. To do that, reframe your thoughts around smart spending to focus on your savings goal — not what you’ve giving up. “It’s not about restricting,” she explains. “It’s that you control your money. Your money doesn’t control you.” Instead of radically changing your spending habits by sticking to spending limits, Orman said on a recent episode of her podcast “Women & Money,” figure out how much money you typically spend and start with small changes. For example, if you get a haircut every four weeks, try getting one every six weeks instead to save money.

You need to get as much pleasure out of saving as you do spending. Suze Orman Bestselling author of ‘Women & Money’

3. Prioritize financial security


Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: sofia pitt, myelle lansat
Keywords: news, cnbc, companies, women, spending, financial, focus, earn, 20s, money, orman, suze, wealth, build, saving, spend, heres, need, instead


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Mythbusters’ Adam Savage once got paid about $6 an hour to build dollhouse furniture

Adam Savage, the host of Discovery Channel’s “Savage Builds” and former co-host of “Mythbusters,” is known for his epic builds and multidimensional cosplay creations. “I think I got paid $6 an hour for about seven hours of work,” Savage says. All of those different jobs and career paths have yielded a vast skill set, as well as some hard-learned lessons. That’s OK, Savage says: “I’m here to tell you I don’t know why you’re compelled to either, but it’s really important that you explore that thin


Adam Savage, the host of Discovery Channel’s “Savage Builds” and former co-host of “Mythbusters,” is known for his epic builds and multidimensional cosplay creations. “I think I got paid $6 an hour for about seven hours of work,” Savage says. All of those different jobs and career paths have yielded a vast skill set, as well as some hard-learned lessons. That’s OK, Savage says: “I’m here to tell you I don’t know why you’re compelled to either, but it’s really important that you explore that thin
Mythbusters’ Adam Savage once got paid about $6 an hour to build dollhouse furniture Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: megan leonhardt
Keywords: news, cnbc, companies, maker, adam, suit, thats, dollhouse, paid, paper, build, set, mythbusters, hour, furniture, skill, young, savage


Mythbusters' Adam Savage once got paid about $6 an hour to build dollhouse furniture

Savage got his start close to home. “The very first thing I ever got paid to do was to assemble dollhouse furniture for one of my parents’ close friends, who was a semi-famous dollhouse object maker,” he tells CNBC Make It .

Adam Savage, the host of Discovery Channel’s “Savage Builds” and former co-host of “Mythbusters,” is known for his epic builds and multidimensional cosplay creations. He started to get paid for his projects at a very young age, although his first gig was far from the $15,000 space suit from ‘the move “Alien” or a working Iron Man suit .

Savage was hired to assemble miniature Tiffany shopping bags by taking a printed out design and folding it repeatedly to build a three-dimensional shape, similar to how you would build a paper airplane or a paper origami animal. “I think I got paid $6 an hour for about seven hours of work,” Savage says.

“When I finished, she was like, ‘Oh, I’ll pay you. But that really should have taken you about two hours,'” Savage says, laughing. But he adds that, in his defense, he was just 12 years old, a “youngin.'”

Over the years, Savage estimates he has worked over 25 jobs in completely different industries. “Public access cable programmer, library page, paper boy, graphic designer, stack camera operator, type spec, theater rigger, carpenter, painter, costume designer, prop maker, set builder, public speaker, author,” Savage recounts, not to mention TV host.

“I often describe myself as a serial skill collector,” Savage writes in his recent book, “Every Tool’s a Hammer: Life is What You Make It.” All of those different jobs and career paths have yielded a vast skill set, as well as some hard-learned lessons.

“If I had one piece of advice that I would pass on to young makers, to my sons, to any young maker interested in exploring, it’s to get good at listening — to your collaborators, your co-workers, your employees, your employers,” Savage says.

Beyond listening to others, Savage says you need to pay attention to the project itself. “Nothing you ever set out to build is going to end up being exactly what you thought it was — and that’s the point, that’s why we do it,” he says.

And when selecting your projects, listen to those “weird thoughts and proclivities that sort of scratch at the back of your head,” Savage says. Maybe you want to dress up as a character from an anime film, even if you don’t know why.

That’s OK, Savage says: “I’m here to tell you I don’t know why you’re compelled to either, but it’s really important that you explore that thing.”

Don’t miss: Mythbusters’ Adam Savage spent 14 years and over $15,000 building a single Comic-Con costume

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Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: megan leonhardt
Keywords: news, cnbc, companies, maker, adam, suit, thats, dollhouse, paid, paper, build, set, mythbusters, hour, furniture, skill, young, savage


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Oil slides 1.8% as US inventories build, weak economic data weighs

Oil prices fell on Wednesday after official data showed a rise in U.S. crude inventories, adding to worries about an oversupplied market as weak economic readings in the United States depressed global markets. U.S. West Texas Intermediate (WTI) crude futures fell 1.8% to $52.64 a barrel. Crude stocks at the Cushing, Oklahoma, delivery hub for WTI fell by 201,000 barrels, EIA said. Tensions between the two countries flared after Saudi Arabia blamed Iran for an attack on Saudi oil facilities on Se


Oil prices fell on Wednesday after official data showed a rise in U.S. crude inventories, adding to worries about an oversupplied market as weak economic readings in the United States depressed global markets. U.S. West Texas Intermediate (WTI) crude futures fell 1.8% to $52.64 a barrel. Crude stocks at the Cushing, Oklahoma, delivery hub for WTI fell by 201,000 barrels, EIA said. Tensions between the two countries flared after Saudi Arabia blamed Iran for an attack on Saudi oil facilities on Se
Oil slides 1.8% as US inventories build, weak economic data weighs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01
Keywords: news, cnbc, companies, economic, wti, inventories, energy, opec, weighs, oil, data, saudi, tensions, president, market, weak, fell, crude, slides, build


Oil slides 1.8% as US inventories build, weak economic data weighs

A oil rigger at the Schlumberger field prepares pipes in Midland, Texas on December 16, 2008.

Oil prices fell on Wednesday after official data showed a rise in U.S. crude inventories, adding to worries about an oversupplied market as weak economic readings in the United States depressed global markets.

Brent crude futures were down 2.3% at $57.51 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 1.8% to $52.64 a barrel.

Wall Street fell more than 1% for the second straight session, with stocks hitting a fresh one-month low, as September’s weak private payrolls report added to concerns of a slowdown in the world’s largest economy.

U.S. crude inventories rose by 3.1 million barrels last week, the Energy Information Administration said, compared with analyst expectations for an increase of 1.6 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub for WTI fell by 201,000 barrels, EIA said.

“I think you’re continuing to get signs that demand growth is the primary drag on the market, with the disappointing manufacturing number that came out yesterday,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut.

Front-month WTI prices settled down for a sixth straight session on Tuesday, their longest losing streak this year, after U.S. manufacturing activity dropped to a 10-year low as U.S.-China trade tensions weighed on exports.

“Even with 12 days and counting of bearish trading action on WTI futures, that market is now only starting to reach oversold territory. $50.50 remains a key support level,” said David Thompson, executive vice president at Powerhouse, an energy-specialized commodities broker in Washington.

Signs of easing geopolitical tensions in the Middle East also weighed on prices, traders said. Tensions between the two countries flared after Saudi Arabia blamed Iran for an attack on Saudi oil facilities on Sept. 14., a charge Tehran denies.

Iran’s Oil Minister Bijan Zanganeh sought to defuse tensions with Saudi Arabia, calling his counterpart in Riyadh “a friend” and saying Tehran was committed to stability in the region.

Both oil ministers from Iran and Saudi Arabia, which have repeatedly clashed at OPEC meetings over output policies, were attending a top Russian energy conference chaired by President Vladimir Putin.

Putin said Russia would continue to be a responsible player in the alliance between the Organization of the Petroleum Exporting Countries and non-OPEC oil-producing nations, known as OPEC+, which has since Jan. 1 implemented a deal to cut output by 1.2 million barrels per day until March 2020.

The Russian president said it was important to use all available tools to balance the energy markets.

Iran’s oil minister also said he expected a slight surplus on the oil supply side next year.

The United Arab Emirates’ Minister of Energy and Industry Suhail al-Mazrouei said OPEC and its allies were monitoring global oil markets, and that conformity levels were the same as previously announced at the last OPEC+ joint ministerial monitoring committee meeting.

Meanwhile, Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries, said it would leave the 14-nation bloc from Jan. 1 due to fiscal problems. Ecuador will be the second country to withdraw from OPEC in the last year after the departure of Qatar.


Company: cnbc, Activity: cnbc, Date: 2019-10-01
Keywords: news, cnbc, companies, economic, wti, inventories, energy, opec, weighs, oil, data, saudi, tensions, president, market, weak, fell, crude, slides, build


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Relativity, a company 3D printing entire rockets, raises $140 million from Mary Meeker and others

Space start-up Relativity Space just raised the money it needs to transform the rocket supply chain in the U.S. with 3D printing. Relativity announced on Tuesday it closed $140 million in new fundraising, led by Mary Meeker’s Bond Capital and recently-formed Tribe Capital. Relativity’s board of directors has grown to five, with Bond’s Noah Knauf now joining Ellis, Relativity co-founder Jordan Noone, Social Capital’s Jay Zaveri and Playground Global’s Jory Bell. Relativity aims to build entire ro


Space start-up Relativity Space just raised the money it needs to transform the rocket supply chain in the U.S. with 3D printing. Relativity announced on Tuesday it closed $140 million in new fundraising, led by Mary Meeker’s Bond Capital and recently-formed Tribe Capital. Relativity’s board of directors has grown to five, with Bond’s Noah Knauf now joining Ellis, Relativity co-founder Jordan Noone, Social Capital’s Jay Zaveri and Playground Global’s Jory Bell. Relativity aims to build entire ro
Relativity, a company 3D printing entire rockets, raises $140 million from Mary Meeker and others Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: michael sheetz
Keywords: news, cnbc, companies, mary, ellis, entire, company, relativity, rockets, companys, space, build, supply, printing, million, rocket, meeker, raises


Relativity, a company 3D printing entire rockets, raises $140 million from Mary Meeker and others

Relativity co-founders Tim Ellis (left) and Jordan Noone stand next to a 3D printed second stage of the company’s Terran 1 rocket.

Space start-up Relativity Space just raised the money it needs to transform the rocket supply chain in the U.S. with 3D printing.

The four-year-old company in Los Angeles, Calif., said it has the funds it needs to reach orbit. Relativity announced on Tuesday it closed $140 million in new fundraising, led by Mary Meeker’s Bond Capital and recently-formed Tribe Capital. Meeker spun Bond out of Kleiner Perkins last year and her $1.3 billion fund’s investment in Relativity is its first in the space industry.

“We were looking for the very top of the top in investors in the world,” Relativity CEO Tim Ellis told CNBC, adding that Meeker’s team has “built dozens of very iconic household names.”

Relativity has now raised $185 million since its founding. In addition to Meeker, the company’s latest fundraising also attracted investments from former Tiger Global partner Lee Fixel, Creative Arts Agency founder Michael Ovitz, Zillow co-founder Spencer Rascoff, Republic Labs, and Jared Leto.

“While these investors may not come from the space industry, they’re extremely savvy about business,” Ellis said.

Leto’s appearance on the company’s cap table may seem surprising, until one notes the actor’s portfolio of technology investments.

“He’s got a ridiculous tech portfolio: AirBnB, Uber, Spotify, Stripe and more,” Ellis said of Leto. “And, obviously he’s head of the band, ’30 Seconds to Mars,’ so there’s some connection there to our long-term business.”

Relativity’s board of directors has grown to five, with Bond’s Noah Knauf now joining Ellis, Relativity co-founder Jordan Noone, Social Capital’s Jay Zaveri and Playground Global’s Jory Bell.

While Relativity had a valuation of about $100 million before this round of fundraising, Ellis declined to comment on the company’s new valuation.

“It’s clearly a large step up,” Ellis said.

Relativity aims to build entire rockets using 3D printing. With the rise of new competitors such as SpaceX, the rocket building industry has undergone a decade of transformation as cost-cutting became a central focus. But with a factory of its Stargate printers and its $10 million Terran 1 rocket, Relativity is working to build rockets in weeks – rather than years. According to Ellis, it takes companies between 24 months to 36 months to build available rockets.

“Because you have to order the materials and then there is a long lead time in the supply chain, that has hundreds of thousands of suppliers,” Ellis.

By comparison, Ellis says Relativity’s factory of 3D printers will have very little in the way of a supply chain or traditional rocket manufacturing techniques.

“We’ll build rockets in 60 days and 60 days later we can build a better version,” Ellis, adding that it would create “a hyper-evolvable development cycle.”


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: michael sheetz
Keywords: news, cnbc, companies, mary, ellis, entire, company, relativity, rockets, companys, space, build, supply, printing, million, rocket, meeker, raises


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