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Private aviation thrived in 2020 despite it being the worst time to travel in the modern era - here's a look at its wild year

Welcome to <a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">Business Insider</a>'<a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">s daily healthcare newsletter</a>, your daily dose of pharma, biotech, and <keyword id="6354525" type="UNKNOWN" weightage="100" keywordseo="healthcare">healthcare</keyword> news. <a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">Subscribe here to get this newsletter in your inbox every weekday.</a>Hello,Happy election day eve. I'm Megan, the healthcare team's <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups">startups</keyword> and <keyword id="6357097" type="DEFINITION" weightage="60" keywordseo="Venture-Capital">venture capital</keyword> reporter. I'm filling in for Lydia, who's still on her cross-country move to Colorado. I'm covering a lot these days, but I'm been particularly interested in <keyword id="2147060" type="PERSON" weightage="60" keywordseo="digital-health">digital health</keyword> startups that employ gig workers.Know any that fit the bill? Shoot me a note: <a href="mailto:mhernbroth@businessinsider.com">mhernbroth@businessinsider.com</a>First: Dr. Anthony Fauci <a href="https://www.washingtonpost.com/politics/fauci-covid-winter-forecast/2020/10/31/e3970eb0-1b8b-11eb-bb35-2dcfdab0a345_story.html">warned in an interview with The Washington Post</a> that the US needs to make an "abrupt change" to halt a surge in coronavirus cases. And President Donald Trump <a href="https://www.businessinsider.com/trump-says-may-fire-fauci-election-day-outbreak-still-spiraling-2020-11">told supporters that he might fire Fauci</a> after the election.Here's the rest of today's healthcare news: <a href="https://www.businessinsider.com/17-digital-health-companies-that-are-ripe-to-go-public-2020-10">Rock Health identified 17 startups that are ripe for an IPO</a>, <a href="https://www.businessinsider.com/seed-pitch-deck-curve-health-remote-patient-monitoring-call9-2020-10">the founder of shuttered senior care startup Call9 is back with a familiar venture</a>, and <a href="https://www.businessinsider.com/healthcare-executives-donations-favor-biden-over-trump-presidential-campaign-2020-10">healthcare executives are favoring Democratic presidential candidate Joe Biden when it comes to their personal campaign donations</a>. <h3><div type="image" title="Alto Pharmacy CEO Matt Gamache-Asselin and chief technology officer Jamie Karraker" height="1310" width="1746" msid="79002904" hostid="261"></div></h3><h3><a href="https://www.businessinsider.com/17-digital-health-companies-that-are-ripe-to-go-public-2020-10">Digital health companies are racing to go public. Here are the 17 startups that are ripe for a Wall Street debut.</a></h3><ul><li>Analysts from <keyword id="2315927" type="COMPANY" weightage="60" keywordseo="Rock-Health">Rock Health</keyword>, a healthcare venture and advisory firm, told Blake Dodge that the flurry of digital health initial public offerings in 2019 and 2020 was no fluke, <a href="https://rockhealth.com/reports/digital-healths-ipo-window-is-back-open/">according to a July report</a>. </li><li>At least nine such companies have gone public in the last 17 months, including Livongo, Health Catalyst, Change Healthcare, Peloton, and Hims. </li><li>The firm is keeping a running list of companies that are ripe for an IPO, given their funds compared to the average amount for a digital health startup pre-IPO, which is $187 million.</li><li><a href="https://www.businessinsider.com/17-digital-health-companies-that-are-ripe-to-go-public-2020-10">They're not predictions per se, but a spokesperson for the company said that if companies do end up going public, they will likely be on this list of 17 best-funded startups.</a></li></ul><a href="https://www.businessinsider.com/17-digital-health-companies-that-are-ripe-to-go-public-2020-10">Read the full story from Blake here&gt;&gt;</a><div type="image" title="timothy peck rob macnaughton curve health" height="1134" width="1512" msid="79002906" hostid="261"></div><h3><a href="https://www.businessinsider.com/seed-pitch-deck-curve-health-remote-patient-monitoring-call9-2020-10">We got an exclusive look at the 16-slide presentation the founder of a failed telehealth startup that convinced investors to give him another shot at digital health</a></h3><ul><li>Curve, a <a href="https://www.businessinsider.com/remote-patient-monitoring-industry-explained">remote monitoring</a> and emergency care startup that works with patients in nursing homes and assisted living facilities, raised $6 million in seed funding on Thursday.</li><li>Curve founder Dr. Timothy Peck also founded <a href="https://www.businessinsider.com/call9-nursing-home-telemedicine-startup-announces-closure-2019-6">Call9, a similar senior care startup</a> that shut down in 2019 after being unable to secure payment from patients with Medicare.</li><li>This time around, Peck said he recognized that he needed a senior leadership team around him to lead Curve as demand for remote patient monitoring for at-risk populations rose with the pandemic.</li><li><a href="https://www.businessinsider.com/seed-pitch-deck-curve-health-remote-patient-monitoring-call9-2020-10">See the pitch deck that convinced Lightspeed and other investors to back Curve and give Peck another chance. </a></li></ul><a href="https://www.businessinsider.com/seed-pitch-deck-curve-health-remote-patient-monitoring-call9-2020-10">Read my full story here&gt;&gt;</a><div type="image" title="biden trump regular" height="1000" width="1333" msid="79002908" hostid="261"></div><h3><a href="https://www.businessinsider.com/healthcare-executives-donations-favor-biden-over-trump-presidential-campaign-2020-10">We combed through records of 100 healthcare companies to see who their top executives are donating to in the 2020 election. They reveal a surprising trend.</a></h3><ul><li>Healthcare executives are favoring Democratic presidential candidate Joe Biden when it comes to their personal campaign donations, an Insider analysis has found.</li><li>Insider reviewed campaign-donation disclosures linked to 100 major healthcare companies this election cycle and found that CEOs from Merck, Independence Blue Cross, and Kaiser Permanente were among the largest contributors to Biden.</li><li>Biden has promised to raise taxes and overhaul the healthcare system partly by controlling prescription-drug prices and health-insurance costs. But that hasn't stopped healthcare bosses from choosing him over President Donald Trump.</li><li><a href="https://www.businessinsider.com/healthcare-executives-donations-favor-biden-over-trump-presidential-campaign-2020-10">"Executives in business like certainty," Bruce Freed, the president of the Center for Political Accountability, said. "And the fact is there has been a great deal of uncertainty and instability."</a></li></ul><a href="https://www.businessinsider.com/healthcare-executives-donations-favor-biden-over-trump-presidential-campaign-2020-10">Read the full story from Kimberly Leonard here&gt;&gt;</a>More stories we're reading:<ul><li><a href="https://www.businessinsider.com/how-to-clebrate-thanksgiving-holidays-safely-coronavirus-experts-2020-10">'Keep gatherings as small as possible': 6 experts give advice about how to celebrate Thanksgiving safely</a> (Business Insider)</li><li><a href="https://www.npr.org/sections/health-shots/2020/10/30/929239481/internal-documents-reveal-covid-19-hospitalization-data-the-government-keeps-hid">Internal Documents Reveal COVID-19 Hospitalization Data The Government Keeps Hidden</a> (NPR)</li><li><a href="https://www.statnews.com/2020/10/13/facebook-vaccine-policy-coronavirus-misinformation/">Facebook rolls out a new vaccine misinformation policy — but leaves out pages where falsehoods thrive</a> (STAT News)</li><li><a href="https://www.businessinsider.com/linux-foundation-public-health-covid-19-contact-tracing-apps-2020-10">The Linux Foundation wants to help combat COVID-19 with free, open source apps to tell people when they've been exposed to the virus</a> (Business Insider)</li></ul>Lydia will be back at the newsletter helm tomorrow. In the meantime, please send any and all startups-related tips to <a href="mailto:mhernbroth@businessinsider.com">mhernbroth@businessinsider.com</a>.- Megan

The digital health startups that are ripe for an IPO

<ul><li>Essential fuels like petrol and diesel are already too expensive.</li><li>The <keyword id="1881337" type="PERSON" weightage="20" keywordseo="rise-in-food-prices">rise in food prices</keyword> is relatively low compared to last year but still rising fast.</li><li>From <keyword id="6357252" type="DOMAIN" weightage="20" keywordseo="Hero-MotoCorp">Hero Motocorp</keyword> to <keyword id="6912" type="LOCATION" weightage="20" keywordseo="maruti">Maruti</keyword>, from Havells to Blue Star, from <keyword id="186975" type="DOMAIN" weightage="20" keywordseo="TTK-Prestige">TTK Prestige</keyword> to Finolex, companies are looking to hike prices to meet rising costs.</li><li>Meanwhile, falling savings and rising household debt, coupled with an uncertain future due to the second wave of COVID-19 infections, is likely to put severe pressure on people’s finances and their confidence.</li></ul>The year 2020 was bad but 2021 has hardly been a relief for Indian families. The second wave of COVID-19 cases has filled WhatsApp chats (and other social media) with fearful exchanges about the possibility of yet another lockdown. The possible dent in consumer confidence, which improved in January, may take a further knock from rising cost of everyday essentials. What makes this threat to people’s livelihood even worse are the rising prices of daily essentials and the depleted savings. To top up the miserable feeling, the salaried class in the private sector is going to see a fall in take home pay due to <a href="https://www.businessinsider.in/personal-finance/news/your-take-home-salaries-could-shrink-sharply-in-april-with-indias-new-definition-of-wages/articleshow/81631662.cms#:~:text=India's%20new%20labour%20codes%2C%20which,like%20gratuity%20and%20leave%20encashment.">the new definition of wages that kicks in</a> from April 1. Food and fuel are already taking a big chunk out of people’s earnings Essential fuels like petrol and diesel are already too expensive. At 8.76%, food inflation was already high in February 2020. So compared to that a 4.25% rise in food prices in February this year may seem slower but it is still significant. <div type="image" title="B3FC84F1-0AB9-4D7E-BB9E-EB94502CE6E9_edited" msid="81667538" hostid="261" caption="&amp;lt;p&amp;gt;Attendant shows price of fuel at a petrol pump in Nagpur&amp;lt;/p&amp;gt;"></div> While the Reserve Bank of India (RBI) expects prices to be stable hereon, any supply disruption due to measures taken to curb the spike in COVID-19 cases will only make it worse. Raw materials such as palm oil, copra and edible oils have risen sharply. Since price hikes have been quite limited over the past two years, Dabur has room to raise prices this year, the management told analysts recently. The company sells everyday items like toothpaste and fruit juices to branded honey and mosquito repellents. Soap makers have already hiked prices by 5–6%, and another round of a 3% hike is likely, an Edelweiss report dated March 19 said. Crude oil prices are up 26% compared to a year earlier, which makes nylon more expensive. That, in turn, will increase prices of cotton that is a competing commodity. Wholesale prices of cotton are already up 24% between October 2020 and February this year. And that could, eventually, reflect in the prices of textiles and apparels. Hooked to WhatsApp, Facebook, Instagram or Youtube? Prepare to shell out more The glory days of India’s famous dirt-cheap mobile data plans are well behind us. The market is shrinking, effectively, into <a href="https://www.businessinsider.in/business/telecom/news/how-the-latest-spectrum-auction-may-affect-your-mobile-phone-bills-and-quality-of-network-service/articleshow/81325496.cms">a duopoly between Airtel and Reliance Jio</a>. While Vodafone Idea is getting relegated to the margin, the Aditya Birla Group company may have to increase tariff to stay in the game, allowing Mukesh Ambani and Sunil Mittal to follow suit. So mobile bills are going to get more expensive. <div type="image" title="man on mobile phone_edited" msid="81667557" hostid="261" caption="&amp;lt;p&amp;gt;The market is shrinking, effectively, into a duopoly between Airtel and Reliance Ji0, which could result in a hike in prices of data&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> Cost of metals like steel, aluminium, palladium, platinum and rhodium are up 30% in the last six months, according to JM Financial. These are key inputs for automobiles and the rise in prices reflect in the cost of buying with a lag of a few months. No wonder, India’s largest motorbike maker Hero MotoCorp just announced <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/b4e500a3-9a79-4dc6-b18d-ec23916af252.pdf">a hike of up to ₹2,500 per unit from April 1</a>. Other major players in the two-wheeler space like Bajaj Auto and TVS Motor have already hiked by 2-3% in the last few months, over and above a 20% rise in the last couple of years due to the shift to BS-VI models to reduce pollution. Those who planned to buy cars may have to shell out more too. <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-to-increase-price-of-cars-from-april-2021/articleshow/81632209.cms">Maruti Suzuki</a> and <a href="https://www.businessinsider.in/business/auto/news/nissan-india-to-increase-prices-of-all-models-for-nissan-and-datsun-from-april-1/articleshow/81647750.cms">Nissan</a> have already announced that the rising price of raw materials will force these companies to raise prices in April. <div type="image" title="maruti_edited" msid="81667591" hostid="261" caption="&amp;lt;p&amp;gt;Cars at a Maruti dealership in New Delhi&amp;lt;/p&amp;gt;"></div> India’s <a href="https://m.economictimes.com/markets/stocks/news/ttk-prestige-raised-prices-by-4-5-price-so-far-will-take-more-hikes-during-the-week-t-jagannathan/videoshow/79795003.cms">largest consumer appliances maker, TTK Prestige</a>, known for its pressure cookers hiked prices, on average, by 9% across product categories including mixer grinders and gas stoves. The company’s smaller peer Butterfly Gandhimathi has hiked prices by 5% in December but, yet another one, Hawkins hasn’t followed suit yet. The price of copper is near an all-time high nearly twice of what it was five years ago. So, cable makers like Finolex Cables and Polycab have already passed the pressure on to their customers. KEI Industries, which makes cables, is revising prices every 15 days based on the prices of the key raw material copper, Edelweiss said. And, that means the cost of production is significantly higher for electrical appliance makers like Havells and V-Guard Industries. Especially in the case of V-Guard, which is popular for its inverters and voltage stabilisers, over 46% of the cost is copper, according to analysts at Edelweiss. Air cooler major Symphony raised prices in January, long before the summer sun started to sting. Why will air conditioners be left behind? Blue Star, which raised prices by 5-8% in January, will push prices further up by another 3-5% from April, <a href="https://economictimes.indiatimes.com/industry/cons-products/durables/blue-star-to-increase-prices-in-first-week-of-april-md/articleshow/81648037.cms">Managing Director B Thiagarajan told the Economic Times on March 23</a>. A lot of dream homes were stalled by the pandemic and the lockdown. While the construction of these homes has resumed in full gusto, the cement needed to build these is at least 7-8% on average in the last one year. Dealers told analysts at Emkay Global that companies like Ultratech, ACC and Ambuja Cement tried to increase prices again, by ₹10-20 a bag, but it has not been implemented yet. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[]]></cdata></div> There is added pressure on families in terms of healthcare, either in terms of COVID-19 treatments or the cost of vaccination or both. Even for salaried employees in India, who form a small proportion of the total workforce, the <a href="https://www.businesstoday.in/sectors/jobs/india-inc-to-offer-77-average-salary-hike-in-2021-aon/story/432174.html#:~:text=Global%20professional%20services%20firm%20Aon's,6.1%20per%20cent%20in%202020.">average rise in remuneration is likely to be 7.7%</a>. But a big chunk of the rise may not land in their bank accounts ⁠— it will go into provident fund and gratuity contribution, instead⁠ — because the new labour codes would have kicked in from April 1. Of course, if the second wave triggers another economic crisis, many families may not even have the same amount of cushion from their past savings. In the last five years, the average annual household savings in India has grown 64%. However, in the same time, average household debt has increased 133%, according to the latest data from the RBI. None of this would be comforting for households staring at a limited income and an uncertain future. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/inequality-is-only-increasing-in-india-the-resulting-lack-of-trust-may-make-climate-change-a-tougher-challenge-to-tackle/articleshow/81666431.cms">Inequality is only increasing in India — the resulting lack of trust may make climate change a tougher challenge to tackle</a> <a href="https://www.businessinsider.in/stock-market/news/anupam-rasayan-ipo-lists-at-520-per-share-on-the-india-stock-exchange/articleshow/81663145.cms">Anupam Rasayan fails to dazzle on its stock market debut – shares down by nearly 8% soon after listing</a> <a href="https://www.businessinsider.in/business/auto/news/elon-musk-announced-now-you-can-buy-tesla-cars-with-bitcoin/articleshow/81667459.cms">You can now buy a Tesla with Bitcoin, tweets Elon Musk</a>

From Maruti to Nissan, from Hero to Havells, from cotton to cement– everyday products are set to get more expensive in India

<a href="https://markets.businessinsider.com/stocks/ai-stock"></a><ul class="summary-list"><li>C3.ai shares shot up 5% Friday as the firm continues its historic post-IPO run.</li><li>CEO <keyword id="4673997" type="PERSON" weightage="60" keywordseo="tom-siebel">Tom Siebel</keyword> said in an interview with CNBC that C3.ai's digital transformation institute would be making a 'very big announcement' regarding <keyword id="154273" type="ORGANIZATION" weightage="60" keywordseo="clean-energy">clean energy</keyword> and AI.</li><li>The company remains one of the most highly valued tech names, trading at over 80x sales.</li></ul><a href="https://markets.businessinsider.com/stocks/ai-stock">C3.ai</a> shares popped over 5% Friday as the enterprise AI software provider continues its historic post-IPO run.The company made its public debut in early December, with a share price of just $42. The stock shot up <a href="https://markets.businessinsider.com/news/stocks/c3ai-stock-price-public-trading-debut-ipo-siebel-software-ai-2020-12-1029878898">over 178%</a> in its first day of trading, raising over $650 million in cash for the company.Since then, C3.ai has been one of the market's strongest performers, more than quadrupling in value, with shares now sitting around $140.Read more: <a href="https://www.businessinsider.com/stock-market-sp-500-price-targets-2021-investing-advice-strategies-2021-1?utm_source=markets&amp;utm_medium=ingestgest">10 top Wall Street experts unveil their stock-market forecasts for 2021 - and tell you where to put your money</a>The company, led by ex-Oracle executive Tom Siebel, focuses on creating software for building enterprise-scale AI applications. Its customer base includes a slew of big names both public and private, including the US Air Force, <a href="https://markets.businessinsider.com/stocks/rtx-stock">Raytheon</a>, <a href="https://markets.businessinsider.com/stocks/rydbf-stock">Shell</a>, and <a href="https://markets.businessinsider.com/stocks/mmm-stock">3M</a>.On Friday, Siebel <a href="https://www.youtube.com/watch?v=JbXe0XSaBe4">appeared on CNBC</a> to talk about instability in Washington, competition with China, and his company's growth prospects.He called Wednesday's <a href="https://www.businessinsider.com/capitol-building-officers-posed-for-selfies-helped-protesters-2021-1">Washington madness</a> a "historic tragedy" and noted that it was a time for Americans to come together.More importantly for investors, Siebel echoed a 2017 Vladimir Putin quote saying, "whoever dominates AI, dominates the world," and called clean energy a "natural application" for AI.An emphasis on clean energy puts the firm in a much better place than most of its big tech rivals as a blue wave takes Washington following the Georgian run-off elections on January 5.According to analysts at Wedbush, most Big Tech names face a <a href="https://markets.businessinsider.com/news/stocks/tech-stock-impact-georgia-runoff-results-are-clear-negative-wedbush-2021-1-1029937365">'clear negative'</a> from the Democratic wins.Siebel said in the interview that the C3.ai's digital transformation institute-a research consortium dedicated to accelerating the application of artificial intelligence-would be making a "very big announcement" regarding clean energy and AI very soon.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-transportation-companies-most-upside-tom-lee-2021-1?utm_source=markets&amp;utm_medium=ingestgest">Fundstrat's Tom Lee says to buy these 10 transportation stocks that were the hardest hit by the pandemic and are most leveraged for the economy's reopening in 2021</a>The company also noted in a statement to CNBC that it's looking at a $250 billion market for its software and believes healthcare AI will be a big growth area going forward.Still, C3.ai is one of the most highly valued companies in the market in terms of classic valuation metrics like price-to-sales. This has led many analysts to shy away from the name. C3.ai is currently valued at an eye-popping 80x sales. For comparison, <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>, another one of the most highly valued stocks in the market, trades at around 30x sales.

C3.ai shares rocket 6% as meteoric post-IPO run continues

<ul class="summary-list"><li>A leading <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo" source="Orion">IPO</keyword> banker in Moscow claimed it may be decades before the market witnesses another Russian listing.</li><li>Last year was "sensational," but the next IPO may not be "until my future grandchildren's lifetime," he told Insider.</li></ul>A leading IPO banker in Moscow claimed it may be decades before the market witnesses another Russian equity listing. "The next Russian IPO may be decades away in my future grandchildren's lifetime," said the banker, who declined to be named for fear of losing his job. "All I know for certain is that it won't be for a long while. We are now in a new world. Nobody knows what the fuck is happening, and we don't even know when the equity market is going to open here."Russia last year enjoyed its biggest boom in stock market debuts in a decade. Listings rebounded spectacularly after a lull caused by Western sanctions imposed on the Kremlin for its annexation of Crimea in 2014 and alleged interference in the 2016 US election. "After the horror show of Crimea, it took us a few years before we could even consider taking a company on a roadshow," the banker, who worked on the largest Russian IPOs last year, told Insider. "This is tracking much worse now, so it might be a good few years before we can even think about any plans." Russian companies attracted more than $7 billion in IPOs and secondary listings in Moscow, New York, and London last year, the most since 2011, according to <a href="https://www.reuters.com/article/russia-ipo-idCAKBN2IT10Z">data compiled by Reuters</a>. The IPO bonanza started in November 2020 when "Russia's Amazon," Ozon, tapped into the deep pool of US tech investors by <a href="https://www.themoscowtimes.com/2020/11/24/ozon-shares-jump-on-us-ipo-a72139">raising $1.2 billion</a> on the Nasdaq. Four companies listed in the autumn of last year alone. In November, SPB Exchange, Russia's second-largest stock exchange, raked in around $175 million in an IPO on its own platform. Real estate database Cian also raised more than $290 million in a listing on the New York Stock Exchange. IT company Softline attracted $400 million in a London debut in October, shortly after Renaissance Insurance had raised $250 million in Moscow. "Last year was sensational for us," said the Moscow banker, who worked on several of the biggest deals. "We hadn't seen bonuses like it since the huge Russian IPO deals before the 2008 crash."In the first half of 2021, three companies completed market debuts. Cut-price retailer Fix Price's dual listing in London and Moscow raised almost $2 billion in March, making it the biggest Russian listing since Western sanctions were introduced in 2014. Forest group Segekha and private healthcare provider EMC raised $402 million and $500 million, respectively, in Moscow.<h2>Before the invasion of Ukraine, optimism had been high </h2>Prior to Russia's invasion of Ukraine on February 24, bankers had been looking forward to another bumper year. Russia's petrochemical giant Sibur and metal and mining group Metalloinvest were among ten companies firmly in the pipeline for 2022. Both Sibur and Metalloinvest had been valued in excess of $20 billion by investment bankers. The Moscow Exchange, Russia's leading stock exchange, has been closed since the invasion started on February 24 after shares and the rouble went into freefall after widespread Western sanctions were imposed. A sovereign default of foreign debt was avoided after Russia made payments worth $117 million.The Moscow Exchange <a href="https://www.ft.com/content/d0390917-41e2-4f31-b355-6f73759e5782">reopened for business on Monday</a>, but only for limited trading in local rouble-denominated bonds. Trading in equities may resume later this week. Meanwhile, the London shares of blue-chip stocks Sberbank and energy monopoly Gazprom have fallen by 96% and 90%, respectively.<h2>Fears — and hopes — for what's next</h2>Market insiders fear the Moscow shares will be blown away when the stock exchange reopens, even if the Kremlin turns on the firehose from its $122 billion National Wealth Fund (NWF) "rainy day fund.""Some of the investment banks and hedge funds will try to figure out how to make money, but the whole place is fundamentally at zero and shorting is banned," said a senior Russian equity trader, who declined to be named for fear of losing his job. A Moscow-based equity analyst said the performance of Russian metal and mining companies listed in London has offered hope. Polymetal, the gold and silver producer, has rallied by 60% while Evraz, a steelmaker and Petropavlovsk, a gold miner, have climbed 30 to 40% from their lows. "The rumor is that money from China and the Middle East is ready to go to pick up assets at distressed levels, but we won't know until the market opens," said the equity analyst. One leading brokerage is already on the verge of collapse and traders fear that several other independent players will go under. Sova Capital Limited, a brokerage owned by Russian banker Roman Avdeev, appointed special administrators on March 3 to help them fulfill commitments to clients and counterparties. French bank BNP Paribas on Monday announced it was suspending operations in Russia, joining an exodus that includes Goldman Sachs, JP Morgan, and Deutsche Bank. Anonymous, an international hacker collective, <a href="https://lenta.ru/news/2022/03/22/anonimous/">declared</a> it was giving Western companies still active in Russia 48 hours to leave. Those companies include Citi and Austria's Raiffeisen Bank, one of the biggest foreign lenders in Russia.

A top IPO banker in Moscow fears it will be decades before he sees another listing: 'We're in a new world'

After a round of musical chairs, Musk, Gates and Adani are among 2022’s top 5 billionaires

<ul class="summary-list"><li>On Tuesday, Wells Fargo said it racked up $935 million in impairments during the first quarter on its own investments including venture capital and PE bets. </li><li>Wells Fargo, the fourth-largest US bank by customer assets, said the investments involved were made through Norwest Venture Partners, Norwest Equity Partners, and Wells Fargo Strategic Capital.</li><li>Overall, securities impairments took a $950 million bite out of the bank's net income for the quarter. </li><li><a href="https://www.businessinsider.com/prime">Visit BI Prime for more stories</a>.</li></ul>Wells Fargo said tanking valuations for its venture capital and <a href="https://www.businessinsider.com/category/private-equity">private equity</a> investments took a bite out of profits in the first quarter. The San Francisco-based bank said in its quarterly earnings report on Monday that it racked up $935 million in securities impairments "reflecting lower market valuations," primarily from its affiliated <a href="https://www.businessinsider.com/category/venture-capital">venture capital</a> and private equity partnerships, as well as its wholesale business.Specifically, the firm referred to impairments on investments and activity through its own Wells Fargo Strategic Capital arm and partners Norwest Venture Partners and Norwest Equity Partners. That hit represented 17% of the carrying values of these businesses' portfolio investments that are subject to an impairment assessment, the bank said. Overall, hits to debt and equity securities took a $950 million toll on the bank's net income for the quarter, cutting earnings per share by 17 cents. Wells Fargo reported an 89% drop in overall profit for the first quarter as it also set aside billions to cover loan loss reserves amid the pandemic's economic devastation. For weeks, analysts have warned investors that banks and other financial services firms are likely to turn in dismal results this earnings season as US stocks logged the worst first quarter in years and interest rates cratered.A Wells Fargo spokesperson responded to a request for further comment by referring to the statements made within the bank's earnings presentation. Norwest Venture Partners and Norwest Equity Partners representatives did not respond to requests for comment. Business Insider could not determine which investments were impacted by the impairments. When asked by an analyst about whether any near-term reversal to write the equity investments back up was in the cards, Wells Fargo CFO John Shrewsberry pointed to the economic uncertainty that has been created by the coronavirus pandemic. "I wouldn't expect that to happen in the early stages of a recession, if that's where we are in the next few quarters," he said, according to a call transcript from the platform Sentieo. "Obviously, there are lots of ways to earn that back over the life of those investments, but it will take a while for that to reveal itself."Palo Alto, California-based Norwest Venture Partners, to which Wells Fargo is the main institutional limited partner, has invested in startups that have seen public market debuts in recent years, like <a href="https://markets.businessinsider.com/news/stocks/uber-technologies-publicly-listed-company-initial-public-offering-2019-5-1028189839">Uber</a> and <a href="https://www.businessinsider.com/spotify-stock-price-ipo-ticker-time-what-to-expect-as-the-streaming-music-giant-goes-public-2018-4">Spotify</a>, and acquisitions like <a href="https://www.businessinsider.com/plaids-ceo-discusses-building-controls-around-customer-data-2020-2">Plaid</a>.It's also backed companies that have had a tumultuous time more recently. Knotel, a New York-based flexible-office provider that <a href="https://www.wsj.com/articles/office-space-startup-knotel-raises-60-million-from-venture-firms-1540313381">raised $50 million from Norwest Venture Partners in 2018</a>, has struggled with a backlog of payments and has stopped paying rent for some locations, Business Insider <a href="https://www.businessinsider.com/knotel-stops-paying-rent-landlords-commission-fees-to-cushman-cbre-2020-4">previously reported</a>. Knotel also <a href="https://www.businessinsider.com/knotel-cuts-employees-as-coronavirus-hits-flexible-office-hard-2020-3">laid off or furloughed</a> half of its staff last month. Norwest Venture Partners has also backed real-estate startup Opendoor in multiple funding rounds. Business Insider reported in March that Opendoor had <a href="https://www.businessinsider.com/ibuyers-pause-purchases-as-coronavirus-precautions-take-effect-2020-3">paused purchases,</a> along with other so-called iBuyers like Redfin and Zillow.The earnings hit highlighted the wider venture landscape's <a href="https://www.businessinsider.com/investor-advice-for-startups-during-coronavirus-outbreak-2020-3">historically difficult moment.</a> SoftBank, which has also backed Opendoor, warned earlier this week of a nearly <a href="https://www.businessinsider.com/softbank-shares-untraded-after-estimating-historic-loss-2020-4">$17 billion annual operating loss</a> in its massive tech-focused Vision Fund.Norwest Equity Partners, meanwhile, makes equity investments in the range of $30 million to $250 million-plus, and targets industries including agriculture, business services, consumer, distribution, industrials, energy, and healthcare, according to Wells Fargo's website. Wells Fargo Strategic Capital unit makes principal investments directly from the bank's balance sheet via equity and debt capital.Its investments this year have included DadeSystems, a financial technology firm, and Elliptic, a crypto-asset risk management provider. In 2019, the unit took part in an <a href="https://www.industriousoffice.com/blog/company-updates/industrious-raises-80-million-in-series-d-announces-profitability-in-2020">$80 million Series D</a> round for flex-office startup Industrious, as well as a <a href="https://www.reonomy.com/blog/post/reonomy-raises-60-million-in-series-d-funding-to-become-the-worlds-primary-source-of-property-intelligence">$60 million Series D</a> for commercial real-estate startup Reonomy. Norwest Venture Partners has also backed Casper, the online mattress vendor that <a href="https://www.businessinsider.com/casper-no-longer-unicorn-after-pricing-ipo-12-a-share-2020-2">went public earlier this year</a> in a disappointing stock market debut, and had invested in the online marketplace Jet.com, which <a href="https://www.businessinsider.com/walmart-is-buying-jetcom-2016-8">Walmart bought</a> for $3 billion in 2016.When asked about the venture capital and private-equity portfolios on an earnings call in October 2019, then-CEO Allen Parker was optimistic about the firm's investments, though he noted deploying capital could be difficult since "asset prices are so high." He also noted a change in its accounting rules would lead to volatility for some of its investments' values. "It's a great time to be realizing from both private equity and venture portfolios," Parker, who retired from the bank a month later, said. "And so our teams have been selling into that and that's where we've been at the high point in the cycle for a while now." Broadly, analysts expect the <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> financials sector to report a 20% drop in profits compared to a year ago, according to a Bank of America and FactSet analysis published on Monday. Revenue for the sector is expected to drop by nearly 4% over the same time.<a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a>

Wells Fargo took a $935 million hit as its own venture capital and private-equity bets sank in the first quarter. Here's a look at how it makes the investments.

<ul class="summary-list"><li style="font-weight: 400;">Business Insider asked two sleep experts to debunk 15 of the most common myths about sleep. </li><li style="font-weight: 400;">They explain that boredom doesn't make you tired, that you should get out of bed if you can't sleep, and that your body doesn't simply adapt to less sleep. </li><li style="font-weight: 400;">They also debunk the idea that loud snoring is nothing more than annoying. In fact, it often seriously compromises sleep. </li><li style="font-weight: 400;"><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories.</a></li></ul>Following is a transcript of the video.Rebecca Robbins: All right. "Many adults need five hours of sleep or less." Now, this is a myth."Loud snoring is annoying but mostly harmless."David Rapoport: Loud snoring is actually a sign that there is a blockage in your throat.Robbins: "Your brain and body will adapt to less sleep." This is a myth.I'm Dr. Rebecca Robbins. I'm a postdoctoral research fellow at the Brigham and Women's Hospital and Harvard Medical School.Rapoport: And I'm Dr. David Rapoport. I'm a professor of medicine at the Icahn School of Medicine at Mount Sinai, and I run the research program in sleep.Robbins: And we're here today to debunk some of the most common myths about our sleep."Watching TV in bed is a good way to relax before sleep." Now, this is not something that we would necessarily recommend. If you turn the television on and if it's close to you, that's a source of bright-blue light. So, bright light is one of the strongest cues to our circadian rhythm. It kick-starts our body and our brain to become awake and alert in the morning. It's called a zeitgeber, the strongest input to the awake phase of our rhythm.Rapoport: "Drinking booze before bed will improve your sleep." So, this is a very commonly used tactic for people who have trouble sleeping, and they have a drink. It's a drug. It's very much like a sleeping pill. And it is true that it will help you get to sleep, as long as you don't drink too much. One or two drinks, perhaps. What you do, however, is it disrupts the normal sleep.It suppresses REM sleep, which is a normal part of your sleep that comes on a little while after you go to sleep, typically 30 to 60 minutes later. And then, when it comes that the alcohol has gotten out of your system, then the REM comes back perhaps at the wrong time, perhaps too strong, and it disrupts things. And so basically it is not generally recommended that alcohol be used as a sleeping pill."Lying in bed with your eyes closed is almost as good as sleeping." I think that one's pretty definitely not correct. Sleep is a very specific process that your body goes through. The most common myth, if you will, that we got rid of in the scientific field 50 years ago is that sleep was like, you know, taking your car and putting it in the garage and turning off the key and leaving it there, and then you come back the next morning and it just is parked. Sleep is not like that at all.Sleep is a very active process. When you go to sleep, you enter one stage. A little while later, you enter another stage. It gets progressively deeper. You then have the REM sleep, and then you wake up momentarily, and that whole cycle takes an hour to an hour and a half, and then it starts again, and it happens three to five times in a night. And if you disrupt any of that, something happens, and the next morning you feel it. You don't feel rested. Now, we don't understand how that actually happens or why that happens, but we do know it does happen. So when you're lying in bed, none of that is happening. If your eyes are closed and you're not asleep, it just doesn't count.Robbins: Next. Rapoport: "If you can't sleep, you should stay in bed and try to fall back asleep." If you don't fall asleep, we generally recommend that you not stretch it out and stress yourself out by just trying. And there's probably nothing that can prevent sleep as well as, "I've gotta go to sleep."[Robbins laughs] "I've gotta go to sleep." "I've gotta go to sleep."Robbins: "I need to!"Rapoport: You can feel your pulse and your blood pressure going up. So what we try and do when we work with somebody who has this problem with insomnia is exactly the opposite of that. We try and tell them, relax, don't worry about it. Stay in bed for a little while and see what happens.But don't try to go to sleep, just relax. And if you can't relax and if you don't go to sleep, it's probably better to get up so that you don't associate the bed with a stressful situation.Robbins: All right. "Many adults need five hours of sleep or less." Now, this is a myth. We have scores of epidemiological data and data from the sleep lab to show that five hours is not enough for the vast majority of adults. There may be some individuals that maybe do OK on six hours, but much less than that really is a myth.Now, you might hear people brag about this, saying, "Oh I get five, I'm just fine." But by and large, we do see those people likely making up for lost sleep on the weekends or in power naps, for instance.So, for the vast majority of us, the recommendation really is seven to eight hours.Rapoport: This is a real problem that the sleep field has been trying to address, and that is that not sleeping has been perceived as a macho thing. It proves how great you are, it proves how manly you are in some cases. Sleeping is actually good, and you should sort of be proud of the fact that you sleep to your need.Robbins: "Your brain and body will adapt to less sleep."Rapoport: That sounds like yours.Robbins: No. This is a myth. We see that, just like good nutrition or a great, healthy diet is so important, we similarly have a diet that we need our brains and our bodies to be at their best.Rapoport: There are actual, formal studies that have tested how people perform with lack of sleep and how they think they are performing. And it turns out that we basically are really lousy at saying how sleepy we are.So you know you feel bad when you haven't had enough sleep, but you have no idea how bad you are, and your performance keeps deteriorating the more you don't sleep or restrict your sleep over multiple days, and you think, "Oh, I've settled in. I have a little headache, and it doesn't really bother me. I'm doing just great."And what is actually happening is you're performing less and less well on the various things that we can test, including driving simulators. You're falling asleep for three or four seconds continuously, without knowing it.Robbins: All right. "It doesn't matter what time of day you sleep."Rapoport: If you look at our biology, we have, inside our brain, a clock. That clock is set to say, "This is a good time to sleep." And then at another time it says, "This is a good time to be out."Sleep is timed. It doesn't just happen. And even if you don't sleep for the whole night, you'll be more and more sleepy all night long. But in the morning, you'll get a second wind, and that's because the clock says, "Up, time to be up."It doesn't matter that you didn't sleep, it's time to be up. As Rebecca said, we've gained an incredible ability to not abide by that rhythm.And the problem is that people think that they can get away with things that our biology just won't let us do. Nurses have been most studied for this, and firefighters and emergency workers and people who live on ships. They all pay a price, epidemiologically. We've shown higher heart disease, more tendency to gain weight, and a variety of malfunctions and difficulties as time goes on. You can do it, but it's gonna cost you.Robbins: "Exercising within four hours of bedtime will disturb your sleep."Rapoport: What we give as advice is that about an hour before sleep, you wanna try and avoid active kind of things, and exercise certainly is one of them. On the other hand, there are people who exercise close to sleep and do very well.So I don't think we should say, you know, if you're somebody who exercises regularly in the evening and you sleep beautifully and you feel rested the next morning, that you should give up exercise, 'cause I think that would be a bad bit of advice. You'll gain weight, you'll lose the toning that you've gotten, so on and so forth. On the other hand, if you haven't been doing it, I probably wouldn't start exercising at night.And if you're having trouble with sleep, that's one of the first things we look at, after drugs like caffeine, to try and get rid of.Robbins: All right. "Remembering your dreams is a sign of a good night's sleep."Rapoport: I think that there is a huge variation in how much people remember their dreams. Some of it has to do with when you wake up. If you wake up during REM sleep, you almost always will remember a dream.Some of us don't remember anything at all about our dreams, and it doesn't seem to harm them. But it's not a true thing that just because you don't remember your dreams, that you're not having good sleep. What tells you you're having good sleep is how you feel the next day.Robbins: Now, if you're waking up with nightmares, that could be a simple sign that maybe your bedroom is too hot and you need to turn down the temperature. 'Cause a hot bedroom environment unfortunately can create fragmented sleep and cause you to wake up often from nightmares.Now, "Eating cheese before bed causes nightmares."Rapoport: I don't think I'm aware of any particular food that will do that to everybody, but it's very clear that being uncomfortable will precipitate both bad sleep and waking up and maybe even nightmares. So, imagine somebody with irritable bowel syndrome who knows that whenever they eat, whatever, gluten or some specific food, spicy foods, it upsets their stomach when they're awake.Well, guess what? If they eat it before they go to sleep, it'll upset their sleep, and it may show up as a nightmare.Robbins: "Loud snoring is annoying but mostly harmless."Rapoport: Loud snoring is actually a sign that there is a blockage in your throat. The mildest form of block. It just causes vibration, noise. If you've ever played with a piece of grass and you blow through it, you know that if you blow through a tube or a structure that can vibrate, it starts to vibrate and make noise.Many instruments are based on exactly that principle. You're creating a vibration by blowing through a partially blocked tube. So snoring is just that. And if that's all it was, it wouldn't be all that bad for you. But, unfortunately, it usually isn't just by itself. And especially when, as they say on the question, loud snoring.That kind of snoring, and especially if it's associated with gasps and snorts and pauses, is actually a sign of a very common disorder called sleep apnea.And sleep apnea is when that blockage gets a little bit worse than just causing vibration and actually blocks the flow of air in. And when that happens, you're actually choking. And when that gets complete, we call it an apnea, "without breathing," from the Greek.And your body defends itself against this blockage by waking up, 'cause everything gets normal when you wake up. The trouble is that then you go back to sleep and it happens again, and it can happen every 30 to 60 seconds.Robbins: "Hitting snooze bar is better than getting up." We often hear that people have two, three, four, five alarms set up before they get up in the morning. Now, the best thing for all of us to do would actually be to practice sleep hygiene and have a consistent bedtime and actually wake up with an alarm.But of course that's a lot harder in actuality. The best thing for us, by and large, is to set your alarm clock for the latest time that you can in the morning to allow for as much sleep as possible but that will allow you to go about your daily routine and get to work on time. Because if we're hitting several snooze bars and waiting, I believe it's nine minutes, and then another nine minutes, all of that incremental sleep is very rarely that.It's much more fragmented. It's very light sleep, if anything. And the majority of REM sleep is in the morning right before we wake up. So try to protect that as best you can and set your alarm clock for the latest possible time."You can simply become a morning person."Rapoport: So, the difference between a morning and an evening person appears to be influenced by lots of things that are probably genetic. And it's not something you can just change by training. What you can do is trick your biology into thinking that you live in Chicago but you work in New York.And that's what blue light does.Robbins: With some blue-light therapy, actually, using bright-blue light in the morning can help shift those true evening people a little bit earlier.Rapoport: It basically tells you that you're actually in a different time zone from where you are, and that shifts you a little bit. So that's the approach we use when the problem is severe and there's a need for that. It's actually shifting when morning is rather than shifting whether you work in the morning.Robbins: So, "You can catch up on sleep by sleeping in on the weekends." Now, for the vast majority of us, this is a very common practice, this kind of sleeping in, and unfortunately, in our society, we term it as this luxury, you know, "Oh, to sleep in."And that's because most of us aren't getting enough sleep during the work week or adding bricks into our backpack of sleep debt. Now, what sleeping in does is it sends a cue to our circadian rhythm that we're trying to change time zones. So if we extend our rising time by more than an hour, two, three, worse, four hours into the morning, you might feel better than if you got up early, but that sleep the next night is gonna be compromised.Why? We call this social jet lag. Our body is trying to adapt.If you're a New Yorker, physiologically, your body thinks you're in London and you're trying to adjust to that time, so you're gonna be fighting your physiology come bedtime that next night. So the best practice is to keep a consistent bedtime schedule and try to get as much sleep as you can.Now, if you do have an excessive sleep debt and you really need to pay that back on the weekends, the best way without interrupting your circadian rhythm would be to do that with a nap in the afternoon because that's not gonna change your body's physiological circadian rhythm."Boredom makes you tired even if you got enough sleep."Now, yes, it is very true that a boring meeting or lecture, especially in the afternoon, may be soporific. But if you're in that environment and sleep-deprived, it is a bellwether sign that you're not getting enough sleep. So, when people say, "The airplane makes me tired. I get in the plane, I fall right asleep."Boredom alone, of course, is not a sleep-inducing state.Rapoport: Boredom is a way of unmasking your sleep tendency. We, in fact, use that in testing. We put people in boring situations and see how long it takes them to fall asleep. If they are fully satisfying their sleep need, they don't fall asleep for at least 20 minutes.Robbins: Sleep is so critical to our health and our wellness and our well-being, and every night does count. In light of all the things that we've talked about, remember that if it's not broken, don't fix it.So do try to implement some of the strategies or put some of the strategies to work that we've talked about today if you find that you have a problem, because at the end of the day, small changes do make a really big difference, especially when it comes to our sleep.<a href="/intelligence/digital-health?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=health&amp;itm_campaign=digital-health-3"></a>Featured Digital Health Articles: - <a href="/telehealth-industry-explained">Telehealth Industry: Benefits, Services &amp; Examples</a> - <a href="/value-based-care-pay-for-performance-healthcare-model">Value-Based Care Model: Pay-for-Performance Healthcare</a> - <a href="/senior-care-market-trends">Senior Care &amp; Assisted Living Market Trends</a> - <a href="/wearable-technology-healthcare-medical-devices">Smart Medical Devices: Wearable Tech in Healthcare</a> - <a href="/artificial-intelligence-healthcare">AI in Healthcare</a> - <a href="/remote-patient-monitoring-industry-explained">Remote Patient Monitoring Industry: Devices &amp; Market Trends</a>

2 experts debunk sleep myths, from snoring is just annoying to stay in bed if you can't fall asleep

<ul><li><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Benjamin ZhangThe Bugatti Chiron and Me!</div></div></div>The Bugatti Chiron is the replacement for the Veyron.</li><li>The Chiron starts at around $3 million.</li><li>It's powered by a 1,500 horsepower, quad-turbo W16 engine.</li><li>It's the best car I've ever driven.</li></ul>The arrival of a new Bugatti is a truly rare event. In fact, it's occurred only three times in the last quarter century. In 2016, the successor to the game-changing Veyron arrived in the form of the new Bugatti Chiron.Even though <a href="http://www.businessinsider.com/bugatti-chiron-million-dollar-hypercar-supercar-2016-12" target="_blank" rel="noopener noreferrer">Business Insider got a sneak peek at Chiron a couple of weeks after it debuted at the 2016 Geneva Motor Show</a>, we had to wait until a few weeks ago before getting the chance to get behind the wheel of the magnificent beast.On a sunny Saturday morning, I made my way up from Business Insider's suburban New Jersey road test center to Miller Motor Cars in Greenwich, Connecticut where Bugatti stored its two Chiron prototypes.(The Chiron is named after former Bugatti racing driver Louis Chiron. Fun fact, Bugatti also used the Chiron name in 1999 for its 18/3 concept car that would eventually evolve into the Veyron.)<div class="KonaFilter image-container display-table"><div><div class="image on-image">Benjamin Zhang/Business InsiderThe Chiron at Miller Motor Cars.</div></div></div>As I pull up in my white VW wagon, the automotive paparazzi were already camped out in front of the Bugatti showroom waiting for the Chiron to emerge. It was obvious that they knew they were in the presence of automotive greatness.Shortly after I arrive, I spot my Chiron, a truly resplendent vision with its rich blue exposed carbon fiber livery glistening in the early morning sunshine.Even though the car technically belongs to VW Group, for that morning, it was all mine to drive.Waiting for me along with the car was my chaperone for this endeavor, racing driver Jamie Morrow. Bugatti sent the affable Brit to make sure some idiot auto journalist (me) didn't do harm to their priceless prototype.However, the Chiron isn't priceless, but it is insanely expensive with a starting price of around $3 million. With options, our blue test car costs a whopping $3.5 million. To put that into perspective, the options on this Chiron cost the same as a fully-loaded half million dollar Rolls-Royce Phantom sedan. Yeah, let that sink in for a minute. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Benjamin Zhang</div></div></div>Incredibly, that hasn't stopped the world's uber-wealthy from showing up at Bugatti's front door with cash in hand.Of the 500 cars the company plans to build over the next decade, more than half of them have already been sold. In fact, a large number of those orders were made before the customer could see the final design of the car.So what makes the Bugatti so special that it could whip people into such a frenzy?First off, the stats surrounding this car are stratospheric.It can go from zero to 62 mph in less than 2.5 seconds and zero to 186 mph takes less than 13.6 seconds. And then there's the 261 mph top speed. According to Bugatti, that figure has been artificially limited for road use. The company has yet to unleash the full potential of Chiron for an all-out world-production car speed record. That title is currently held by the Veyron Super Sports at 267.9 mph. When it does happen, expect that figure to be much closer to 300 mph than it is to 250 mph. And contrary to popular belief, the Chiron's tires can handle 300mph.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Benjamin Zhang/Business InsiderW16!</div></div></div>At the heart of the Chiron is a 1,500 horsepower 8.0 liter, quad-turbocharged W16 engine. The power plant is an engineering marvel. Its turbos are 69% larger than the those found on the 1001 horsepower Veyron. They help pump more than 211 gallons of air through the engine every minute.A total of 10 radiators are needed to cool the Chiron and its massive engine. At top speed, the W16 will drain its 26.4-gallon fuel tank in less than 10 minutes.So what's it like to drive?As we get our test drive started, Jamie takes the wheel first and offers up a quick primer on the Chiron's controls and what to look out for when I do get into the hot seat.After a few minutes, it was my turn at the wheel. We pull over on the side of a suburban Connecticut road and switch places. The moment I'd waited for so long was upon us. I was driving a $3.5 million Bugatti.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Benjamin Zhang/Business InsiderRed leather.</div></div></div>As the monstrous engine roars to life, the cabin Chiron's sumptuous red leather lined cabin is filled with a rich soulful rumble.Shift the car's seven-speed twin-clutch gearbox in drive and the Chiron launches effortlessly. The first thing you notice is just how approachable and easy the Bugatti is to drive. For a 1,500 horsepower fire-breathing monster, it possesses the personality of an eager puppy.And that's what makes it so different from anything else on the road today. It's not the speed the Chiron can achieve that makes it stand out, it's how it achieves that speed that makes it special.For the most part, supercars and their rarefied hypercar cousins are designed for one thing and only one thing: speed. Cars like the McLaren P1, Ferrari LaFerrari, and Porsche 918 are effectively racing cars for the road. Passenger comfort was not all that high on the priority list when it came time to put these cars together.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Benjamin Zhang/Business Insider</div></div></div>That's not the case with the Chiron. Certainly, the car has been painstakingly engineered to achieve its record-breaking performance, but so has luxury and docility. In essence, the Chiron is a true hyper grand tourer.The Bugatti design director Achim Anscheidt, once told me that the Chiron should be no more difficult to drive at top speed than a VW Golf on the highway. After a few minutes behind the wheel, I can confidently say the motorcycle acrobat turned bow tie enthusiast turned car designer hit the mark perfectly.With that said, the Chiron isn't all bouncy puppies and fluffy kittens. Floor it on a highway on ramp and the Chiron's beastly heart awakens. With 1,500 horses, all-wheel-drive, and a quick shifting transmission at your disposal, brutal acceleration ensues followed by an incredible amount of speed in a very short amount of time. And when it comes to bringing it all to a stop, the Chiron's four 16-inch carbon ceramic brakes team up with an air brake to deliver whiplash inducing stopping power.On the highway, the Chiron takes the term "passing power" into absurdist territory. The Chiron buttery-smooth torque curve and instant power delivery thanks to its innovative two-stage turbocharging setup, makes easy work of any passing situation with a mere tap of the gas pedal.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Benjamin Zhang/Business Insider</div></div></div>As an automotive journalist, I've had the privilege of driving my fair share of 500 horsepower, 600 horsepower, and even 700 horsepower supercars along with the latest and greatest from Tesla. They are some of the fastest and most powerful cars on the road. And in all honesty, I haven't felt acceleration such this in a car before. In fact, the last time I encountered such brutal acceleration, I was inside an Embraer Lineage 500 private jet flying down the runway at Teterboro Airport.In the corners, the Chiron delivers solid grip while its relatively hefty 4,300 lbs worth of mass is a constant reminder of how large of a vehicle it really is. In spite of the eye-popping straight line speed, these are GT cars that will never see a racetrack.So what's the verdict? Naturally, I absolutely loved the Bugatti Chiron. It is without the best car I've ever driven. However, it's not because of its price tag, fancy interior, or insane performance. What truly impresses me is the engineering required to pull this whole package together. A supremely luxurious GT car is incredibly difficult to build. If you don't believe me ask the folks at Aston Martin. On the other hand, a 260 mph hypercar is even more difficult. With the Chiron, Bugatti has melded both cars and their complications into one seamless package.In doing so, Bugatti has moved the whole of the automotive industry forward.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Hollis Johnson/Business InsiderThe Chiron in an art gallery.</div></div></div>While some future mobility evangelists will argue that the Chiron is an antiquated dinosaur because it isn't electric, I strongly disagree. Certainly, the future of mobility is electric. However, there are plenty of other cars pushing the boundaries of electric powertrains. With the Chiron, Bugatti and the VW Group have taken the internal combustion powertrain to the extreme while pushing the industry forward in terms of material sciences, thermal management, and aerodynamics.For now, at least, the Bugatti Chiron is the ultimate expression of automotive excellence. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/behind-wheel-new-26-million-hypercar-bugatti-chiron-2017-7">We got behind the wheel of a $3.5 million Bugatti Chiron - it's like no other car in the world</a></h3> <div> </div> </div>

I drove a $3.5 million Bugatti Chiron and it changed the way I think about cars

Union Square AdvisorsWayne Kawarabayashi, Partner and Head of M&amp;A, Union Square AdvisorsIn light of the current state of the global economy, capital market conditions and political climate, many are wondering what lies ahead for this year's technology M&amp;A market. In the U.S., we are closely watching the Trump administration as it pursues its agenda to tighten immigration and the U.S. borders, renegotiate trade agreements, replace Obamacare, and enhance defense and infrastructure spending. Against this backdrop, the economy continues to improve and we are entering the eighth year of a bull market. Further, the technology sector is growing, has abundant access to equity and debt capital and remains very active in M&amp;A, as evidenced by strong 2016 M&amp;A volume and several notable transactions thus far in 2017. In short, we are expecting technology M&amp;A to continue to be active for the rest of this year.<h2>Drivers of Technology M&amp;A </h2>We believe there are many positive drivers that will continue to support M&amp;A and investment activity in the technology sector this year. The equity markets continue to trade at record highs following the 2016 U.S. election, boosting investor and corporate confidence. Corporate earnings continue to improve and companies are looking to take advantage of this administration's plans to lower tax rates, effect a tax holiday on foreign cash repatriation, loosen regulations (e.g., HSR, Dodd-Frank) and enhance federal infrastructure spending by $1 trillion. At the same time, inflation seems to be in check and interest rates remain historically low, despite the Federal Reserve's two rate hikes since the election. Companies have large cash war chests for investments both domestically and overseas (the top five technology companies have an estimated $1.7 trillion in cash with $500 billion of it overseas) and there are large pools of capital in private equity, venture capital, pension funds and lending institutions waiting to be deployed as well. <a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZ0E65656&amp;SMLS=1&amp;RW=1588&amp;RH=896#/SearchResult&amp;VBID=2C0BXZ0E65656&amp;SMLS=1&amp;RW=1588&amp;RH=896&amp;POPUPPN=6&amp;POPUPIID=2C0BF189X2KW">REUTERS/Lucas Jackson</a>Lastly, if companies are reticent to act, hedge fund activists may continue to demand board seats, return of capital and evaluation of strategic alternatives to catalyze M&amp;A activity as they have done successfully over the past few years (e.g., Elliott Management's recent activist campaigns with Cognizant for board seats and with The Advisory Board to consider strategic alternatives). <h2>Technology M&amp;A Off to a Solid Start</h2>Year to date, we've seen solid activity with large technology corporates becoming more active with M&amp;A, even plucking them before they go public, as evidenced by Cisco's $3.7 billion acquisition of AppDynamics. We've also seen several publicly-traded companies agree to sell themselves despite the overall strength in equity markets such as Mobileye's $15.3 billion sale to Intel, CEB's $2.6 billion sale to Gartner, Ixia's $1.6 billion sale to KeySight and Nimble Storage's $1.1 billion sale to HP Enterprise. Some strategics have become even more aggressive including Virtu Financial's $1.3 billion unsolicited offer for rival, KCG Holdings. Lastly, almost every week there appears to be a new company rumored to be for sale. Non-technology companies' pursuit of technology will likely continue as well following last year's activity including Walmart's $3.3 billion acquisition of Jet.com, General Motor's more than $1 billion acquisition of Cruise Automation, Unilever's $1 billion acquisition of Dollarshave.com and General Electric's $915 million acquisition of ServiceMax. This activity will be driven by the pervasiveness of technology throughout other industry sectors as more physical devices become technology-enabled, more information needs to be collected and analyzed, and more activity shifts to the Internet and cloud.<a href="https://www.youtube.com/watch?v=tMs3ZUThyhQ">YouTube/Dollar Shave Club</a>According to our compilation of market data, we experienced another strong M&amp;A year in technology, media and telecommunications with $583 billion of M&amp;A volume in 2016, a modest decline (six percent) from 2015's record $621 billion of volume. In addition, we saw more M&amp;A transactions in the sector at $1 billion or above in 2016, although dollar volume was lower (107 deals for a total of $497 billion) versus 2015 (79 deals for a total of $528 billion). While sector M&amp;A volume has been on the upswing over the past two years, we've also seen the level of technology IPO and private placement volumes rapidly decline over the same period (21 technology IPOs in 2016 vs. 34 in 2015, according to our compilation of market data). In part, the increase in M&amp;A has been supported by lower activity in capital raising. <h2>Private Equity </h2>We expect private equity and other investment management organizations to remain active this year. While they will continue to evaluate acquisitions of go-privates and private-to-private transactions, they will also evaluate alternative structures as demonstrated by CPPIB's 48 percent investment in Apax-owned GlobalLogic (valued at $1.5 billion); Apollo and HGM's $2.8 billion merger of SourceHOV, Novitex and Quinpario; and Veritas' $690 million carve-out acquisition of Harris' government IT services business. We also anticipate that private equity will continue to make PIPE investments into public companies such as last year's $500 million investment by Silver Lake in Symantec which helped support Symantec's acquisitions of BlueCoat for $4.7 billion and LifeLock for $2.3 billion. On a related note, private equity firms are increasingly acquiring platforms for the purpose of effecting further consolidation. Therefore, in addition to the aforementioned Silver Lake/Symantec's consolidation of companies, last year, Permira and Hellman &amp; Friedman's Genesys acquired its publicly-traded competitor Interactive Intelligence for $1.4 billion, and this year, Vista acquired DH Corp for $3.6 billion to combine it with its portfolio company, Misys. <h2>Technology IPO Market Ramping Up</h2>AppDynamics, which was swept up by Cisco, was supposed to lead off the technology IPO market in 2017. Instead, messaging app company Snap earned those honors. In early March, Snap raised $3.4 billion, priced above its offering range, and traded up 44 percent on its first day of trading. Several other IPOs followed Snap and performed above their IPO prices including enterprise software developer Mulesoft, data analytics provider Alteryx, security company Okta, and software firm Yext, which ended up 46 percent, 11 percent, 38 percent and 22 percent, respectively, higher on the first day of trading. <a href="http://business.nasdaq.com/discover/market-bell-ceremonies/detail.html#!/!?ceremonyId=7563">NASDAQ</a>While IT services provider, Presidio, priced below its offering range and traded only a modest 1.9 percent above its IPO price on the first day of trading; and Brazilian online retailer, Netshoes, priced at the low end of its range and traded down 11 percent on its first day. Still, others are looking to come to market in the first half of 2017 including Carvana and Cloudera.While the IPO market for technology is beginning to open, it is always difficult to predict how long the window will remain open. We've seen equity market volatility in March despite the launches of these recent IPOs. Dual track processes, whereby a company uses its IPO filing as a marketing opportunity to simultaneously explore a sale, will continue to be an option for IPO candidates as they seek to hedge their bets and try to maximize value in a sale versus going public. In 2016, KKR bought Optiv for $1.9 billion and Symantec bought Blue Coat for $4.7 billion, while in 2017, Cisco bought AppDynamics after all three companies filed to go public. While some private technology companies will be able to access the public equity market, many more private technology companies and their investors will proactively consider alternative monetization options including raising additional capital for growth while valuations still remain relatively attractive as well as seeking exits to strategic and growth-oriented private equity firms. This year, we've seen two large venture-backed companies exit via a sale to strategics including SimpliVity's $650 million sale to HP Enterprise and Veracode's $614 million sale to CA. <h2>Thomson ReutersThe logo of India's largest online marketplace Flipkart is seen on a building in BengaluruCapital Raises and Unicorns</h2>The private capital markets also remain active with sizeable investments. This year, there have been several large private capital raises including Koubei's $1.1 billion raise with Silver Lake, CDH Investments, Yunfeng Capital and Primavera Capital consortium of investors; FlipKart's $1 billion raise with eBay, Microsoft and Tencent; WeWork's $300 million investment from SoftBank; Magento's $250 million investment from Hillhouse Capital; and Tricentis' $165 million investment from Insight Venture Partners.It will be interesting to see what the large private technology unicorns will do in 2017. After enjoying several rounds of large capital raises at high valuations in recent years, these unicorns are now finding it difficult to continue to justify these higher valuations with each successive capital raise. Investors in private technology companies typically enter at different time periods and at various pre-money valuations, therefore each investor has different expectations for value and time to exit. We are seeing that some companies aren't able to continue to drive higher pre-money valuations with each capital raise, as some of the air has been let out of the unicorn phenomena. As a result, some of these companies are proactively exploring exits to strategics, seeking alternative sources of capital including debt and hybrid securities, and replacing one set of investors for another in secondary buyouts. The large unicorns, including Airbnb, Dropbox, Uber and Pinterest, will continue to watch to see when they might best tap the IPO market. <h2>Headwinds to Watch</h2>While there continues to be positive drivers that support an active M&amp;A year in technology, there are several headwinds to watch. First, as strategics and private equity firms continue to evaluate target companies to buy, there is a growing sentiment amongst these buyers that valuations, propelled by the strength of the equity markets, low cost of debt and an increased buyer universe, are getting expensive. There is also concern amongst the PE players that the high EBITDA multiple that one has to pay today might contract if the bull market subsides over the coming years, thereby lowering the multiple at exit and impacting IRR returns. Further, if tax law is enacted to eliminate tax-deductibility of interest expense, this could also dampen returns, although it would likely be partially offset by a reduction in corporate tax rates and full expensing of capital expenditures. Thomson ReutersNFL: Super Bowl LI Champions-New England Patriots White House VisitSecond, there is the potential that the new administration's "America First" view towards foreign relations could dampen or at the very least increase scrutiny for cross-border M&amp;A activity, especially for U.S. technology assets that are of national importance (e.g., CFIUS review). While we've seen CFIUS and past administrations intervene on a number of Chinese acquisitions of U.S. companies, the recent decision to block Germany's Infineon Technologies acquisition of Wolfspeed begs the question of whether the CFIUS mandate has been broadened to include European allies as well; albeit this is only one example. Further, changes in immigration and international trade policies could also impact the organic growth of U.S.-based technology companies making buyers and targets more susceptible to revenue, earnings and foreign exchange rate volatility, thereby increasing reluctance to make big technology M&amp;A bets.Third, the recent withdrawal of the American Health Care Reform Act of 2017 by the Republicans in Congress has increased market volatility as investors wonder about the Republicans' ability to push through tax reform, infrastructure spending and other economic and market enhancing policies. Lastly, the growing tensions in Syria and North Korea, as well as the outcome of the French elections and Brexit could continue to enhance market volatility and weigh on the minds of investors, tech buyers and sellers.<h2>Final Thoughts</h2>Despite some potential headwinds, we think the market dynamics will support another strong year for technology M&amp;A in 2017. We will continue to see acquisition and investment activity in the following areas: cloud transformation, cybersecurity and network visibility, big data/data analytics, vertical and horizontal as-a-service offerings, converged IT solutions, mobility, advertising technology/marketing technology, e-commerce, mobility solutions, healthcare IT, fintech, Internet of Things, Internet of Humans, machine learning/artificial intelligence/intelligent applications, and augmented/virtual reality. While some technology companies will see exits via IPOs, the vast majority will continue to tap the private placement market and find growth equity and private equity buyers who are flush with cash as well as seek full exits to large and mid-sized strategic buyers. The technology sector remains robust and developments in innovation and the convergence of technology will drive companies to make offensive and defensive moves to stay ahead of the game.Kawarabayashi is head of M&amp;A at Union Square Advisors, is a leading technology-focused investment bank that offers strategic mergers &amp; acquisitions advice and execution as well as agented private capital financing services. Founded in 2007, with offices in San Francisco and New York, Union Square Advisors works with leading public and private technology companies, private equity and venture capital firms across the technology landscape with a primary focus on Software, Software-Enabled Services, IT Infrastructure and Internet/Digital Media. <h3>NOW WATCH: <a href="http://www.businessinsider.com/pepsi-pulled-controversial-ad-kendall-jenner-2017-4">'Clearly we missed the mark': Pepsi just pulled this controversial ad</a></h3> Please enable Javascript to watch this video

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