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Climate Action 15: 2024's top global innovators powering green solutions

<ul class="summary-list"><li>Comcast's Mike Cavanagh said the company will explore ditching its cable networks.</li><li>The company may also look to partner Peacock with a rival streaming service.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/comcast-split-cable-tv-cnbc-bravo-nbc-peacock-2024-10">Comcast</a> said this week it might separate from its cable networks and marry off its streaming service. Several media analysts worry that those moves might only end in heartbreak.Mike Cavanagh, Comcast's president, floated the idea Thursday of spinning out cable networks like CNBC and MSNBC into a new firm while holding on to NBC. If this sounds familiar, it's because rival <a target="_blank" href="https://www.businessinsider.com/disneys-sale-abc-bob-iger-grand-plan-tv-streaming-espn-2023-9">Disney</a> considered a similar move last summer — floating a sale of its broadcast network, ABC — <a target="_blank" href="https://www.businessinsider.com/disney-not-selling-abc-networks-bob-iger-insists-2023-11">before later backtracking</a>.Cavanagh also said Comcast "would consider partnerships in streaming, despite their complexities" — even after reporting that morning that its streaming service, Peacock, added an impressive 3 million subscribers in the most recent quarter.These comments come after Bank of America media analyst Jessica Reif Ehrlich opined over the summer that fellow firm Warner Bros. Discovery <a target="_blank" href="https://www.businessinsider.com/warner-bros-discovery-wbd-zaslav-struggles-streaming-media-strategy-analysis-2024-7">should find a streaming partner</a> or <a target="_blank" href="https://www.businessinsider.com/warner-bros-discovery-split-plan-hbo-max-reaction-2024-7">consider splitting up its business</a>, given that <a target="_blank" href="https://www.businessinsider.com/cable-tv-subscriber-losses-q2-venu-moffettnathanson-2024-9">the pay-TV business is severely challenged</a>.<h2 id="3f451567-2f24-4735-848c-f6eb697ba23d">Why Wall Street isn't sold on a network spinoff</h2>At first, Wall Street seemed to celebrate Comcast's potential strategic shift, as its stock spiked 6% in early trading after Cavanagh's comments and its strong earnings report.However, shares shed much of those gains within a few hours before ending the day up 2.4%. Investors may want Comcast to exit the challenging media business altogether.Several industry analysts said that Comcast could increase its valuation by divorcing itself from its declining cable networks, as it would help emphasize its burgeoning streaming business."We believe a spin would help isolate the value of its growth areas," UBS media analyst John Hodulik wrote in an October 31 note.Craig Moffett of MoffettNathanson agreed, telling Business Insider via email that "it would be a welcome development to shed an albatross business and leave in its wake a cleaner and simpler growth story.""Investors have yearned for exactly this, or at least something close to it, for years," Moffett wrote in a note to clients.While that move may make sense on paper, it could prove to be difficult in practice.There's an obvious issue with such a spin-off, as Business Insider's Peter Kafka noted: <a target="_blank" href="https://www.businessinsider.com/comcast-split-cable-tv-cnbc-bravo-nbc-peacock-2024-10">Who would want to buy these less desirable assets</a>, at least at a price that Comcast could stomach?"Carving out the US cable networks, which include USA, CNBC, and E!, without Peacock or the NBC broadcast network would be odd," wrote Michael Hodel, a media analyst at Morningstar. "The cable networks likely have little value on their own. A spinoff would have to be part of a larger strategic move, like merging with another firm."Macquarie's Tim Nollen agreed, writing on Friday morning that "we question how valuable cable networks would be stand-alone, without ties to NBCU's studio and streaming capability, and lacking advertising tie-ins."Rich Greenfield of Lightshed Partners went further, reasoning <a target="_blank" href="https://lightshedtmt.com/2024/10/31/comcast-all-dressed-up-nowhere-to-go-the-struggle-of-being-open-to-possibilities/">in his note to clients</a> that there isn't a logical partner out there. Starz is a minnow relative to its peers, and Greenfield said it's "certainly not strong enough to protect a weak basic cable network portfolio."And while combining with WBD's TV networks could lead to significant cost savings, Greenfield suspects David Zaslav and company actually have the upper hand on Comcast. Although many thought WBD would be toast without the NBA, Greenfield believes the company <a target="_blank" href="https://www.businessinsider.com/wbd-charter-deal-david-zaslav-nba-comcast-nbc-negotiations-tv-2024-9">could come out ahead</a> by saving money while <a target="_blank" href="https://lightshedtmt.com/2024/10/29/david-vs-brian-are-investors-underestimating-warner-bros-discovery/">maintaining their networks' carriage fees</a>."There would be no urgency to such a combination," Greenfield wrote. "If we were in Zaslav's shoes, you would wait for NBCU to suffer and be opportunistic versus rushing into a merger to help Comcast."<h2 id="41cd4c2c-1365-4685-b790-9c8f8e798e6c">The Peacock partnership puzzle</h2>Comcast's streamer has made steady progress, but it can't truly compete with its larger rivals, analysts said."Even though Peacock has enjoyed some very consistent growth in recent years, it is still very clearly subscale," said Brandon Katz, a senior entertainment industry strategist at Parrot Analytics, in an interview. "It doesn't have the penetration needed to offset what has been back-to-back years of very significant losses."Joining forces with other subscale streamers like Max and Paramount+ may seem like a sound strategy, but Greenfield explained that the logistics would be tough.Peacock only operates in the US, while Max and Paramount+ have global aspirations. Comcast could keep licensing out Peacock's content abroad, though that may not be efficient.Another concern would be subscriber cannibalization. Greenfield estimated that a substantial number of Max and Paramount+ customers already have Peacock. A combined service would cost more, though it may not offset the overlap from ensuing cancellations.And then there's the question of whether Peacock would absorb Max or Paramount+, or vice versa. One of the biggest benefits of building a direct-to-consumer business is owning the customer relationship, so it's unclear which media giant would sacrifice that at this point.Even still, Katz said a Peacock-Max combination could be potent, given that the two services would garner a formidable share of on-platform demand, according to Parrot Analytics.But a Paramount+ tie-up could prove to be a safer option, given that its ownership structure seems more settled now that <a target="_blank" href="https://www.businessinsider.com/david-ellison-paramount-ceo-skydance-larry-ellison-son-2024-7">the Ellisons are backing it</a>.Either streaming partner would require Comcast to sort through a litany of logistics, though doing so may be their best option."Once you find the partnership you like, how do you distribute that most effectively to consumers, and what do you price it as?" Katz said. "It's a lot of unknowns, but a very tantalizing possibility for the industry."

Why Wall Street is skeptical about Comcast's proposal to ditch its cable networks and pair Peacock with a competitor

<ul class="summary-list"><li>US military and defense leaders talked about connectivity hurdles and solutions at MWC Las Vegas.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/5g-and-connectivity-playbook">5G</a> and Open RAN are some networking technologies they highlighted.</li></ul>5G networks are opening up new possibilities for many industries, and <a target="_blank" class="" href="https://www.businessinsider.com/photographer-nikita-teryoshin-offers-look-into-global-defense-industry-2024-5">military and defense</a> are no exception.US military and defense leaders spoke at the <a target="_blank" class="" href="https://www.businessinsider.com/mwc-las-vegas-2024-5g-ai-mobile-communications-conference-2024-10">mobile communications trade show MWC Las Vegas 2024</a> last week about how technologies like 5G and Open Radio Access Network, or Open RAN as it's more commonly known, offer critical support for their operations."It's not just what we consider critical infrastructure — your water, power, fuel, gas," said Venice Goodwine, the chief information officer for the Department of the Air Force. "We're now expanding that definition to mean critical infrastructure is the network as well because no planes take off from any installation to do any mission without IT.""That is why 5G is important to us, because it's global," she added."It allows me to move throughout the enterprise, whether that's at home, whether that's in the office, whether that's in a hotel, whether that's 'barracks to the battlefield' is what we like to say. We need multimodal transport wherever, and that is what this gives us.Goodwine also talked about the significance of secure, resilient connectivity for the Air Force's 180 installations."Resiliency for me is, under attack in a contested environment, do I have the ability to still operate my mission?" she said. "And what 5G gives me and these different capabilities is I no longer have to think about just one type of mode. I now have diversity in my transport mechanisms so it doesn't matter to me what the signal looks like. If it allows me to transmit 1s and 0s and get data from point A to point B and to allow command and control for my combatant commanders, mission done."According to Juan Ramirez, the director of the 5G cross-functional team for the Department of Defense, the agency aims to deploy 5G at all of its installations by the end of 2028 and sees many use cases for the technology."5G networks will enable automated guided vehicles, port and airfield operations, and cutting-edge telemedicine such as remote access to specialists and rapid creation of field hospitals," Ramirez said.Tom Rondeau, the Department of Defense's principal director for FutureG, also spoke of the department's investments in Open RAN, an industry initiative to create greater flexibility and interoperability than traditional RAN architecture."We need to be part of that edge compute. We need to be part of the integration of the network and the application," said Rondeau. "So looking at this from the perspective of how do we actually manipulate these systems internally, we've gone 100% in on Open RAN as our solution. We have a perspective of how Open RAN is the basis for taking advantage of these technologies and pushing us into the 6G era."The Department of Defense is working with academic and industry leaders on Open RAN to bring its communications systems into a new era, he said."When we look at the wireless networks and how important communication is to this ability to fight wars and to be relevant and to advance our capabilities and concepts, we have to be more innovative," said Rondeau. "We have to be more adaptive."

Military and defense leaders explain how 5G and Open RAN are helping solve networking challenges

<ul class="summary-list"><li>Reddit saw a 50% increase in daily active users in the second quarter, outpacing competitors.</li><li>The platform's growth contrasts with X's 1.6% and Meta's 7% increases in the same period.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/reddit-cofounder-top-4-tips-startup-success-alexis-ohanian-masterclass-2024-6">Reddit</a> may be one of the only social media companies seeing tons of new people sign up.The forum-based platform saw a 51% increase in daily active users globally and a 59% increase in the US in the second quarter of the year, a stark difference from some of its competitors.X said daily active users<a target="_blank" class="" href="https://www.ft.com/content/1829abb6-d8d0-4d67-9b1b-628f583b3291"> grew 1.6%</a> in the same period, the FT reported. <a target="_blank" class="" href="https://www.businessinsider.com/social-media-dead-instagram-tiktok-bereal-replaced-group-chats-messaging-2023-8">Meta's platforms ,</a>which include Facebook, Instagram, and Threads, reported an increase of 7%, per the company's second-quarter earnings. Even TikTok, which dominated the social media race since 2018, <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-growth-collapsed-life-getting-in-way-2024-3">saw user growth collapse</a> to 0% at the end of 2023 — and the privately-held company has not reported user numbers since then.Reddit is growing fast — but it's comparatively small. The platform had 342 million active users, while Meta had 3.3 billion users, the companies said in their earnings reports this quarter.Daily active users are a measure of how much people want to engage with a platform. It's an important metric for social media companies because more users typically translates to <a target="_blank" class="" href="https://www.businessinsider.com/uber-ads-reaches-1-billion-annual-revenue-run-rate-2024-8">more advertising money.</a>Reddit, which went public in March, reported its second round of earnings as a listed company on Tuesday. The company made $281 million in revenue, a 54% year-on-year increase, which it attributed to advertising revenue growth and licensing deals with OpenAI and Google."User growth has continued to climb," said Steve Huffman, Reddit's co-Founder and CEO, on a Tuesday earnings call. "More and more people are coming to Reddit to explore their interests, engage in conversations and find their communities."<h2 id="613bd80b-6dac-475e-96d1-68e34c6bffc8">User-generated push</h2>One of the drivers of Reddit's success, while the rest of Big Tech <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-growth-collapsed-life-getting-in-way-2024-3">struggles to win user attention</a>, is that people are treating the platform like a search engine."Users run over 1 billion search queries a month on Reddit today," Huffman said in the earnings call.Reddit also <a target="_blank" class="" href="https://www.businessinsider.com/reddit-traffic-surges-from-google-search-2024-6">beat every other social media platform</a> in terms of monthly traffic in the past year. Reddit's desktop and mobile website visits shot up by 39% year-over-year in May, while Facebook had an 8% decline.Reddit's licensing partnership with OpenAI is expected to encourage more Reddit content on ChatGPT as well.And existing search engines' Reddit links are also driving user growth.In August, <a target="_blank" class="" href="https://www.businessinsider.com/why-reddit-is-taking-over-google-right-now-2024-4">Google rolled out a big search</a> update that seemed to propel user-generated content, after years of noticing users add "Reddit" to the end of their search words. The update gave Reddit, and another forum-based platform Quora, more visibility on Google."Our research has shown that people often want to learn from others' experiences with a topic, so we've continued to make it easier to find helpful perspectives on Search when it's relevant to a query," a Google spokesperson <a target="_blank" class="" href="https://www.businessinsider.com/why-reddit-is-taking-over-google-right-now-2024-4">previously told Business Insider.</a>In February, Google and Reddit also signed a licensing deal allowing the search giant to train its AI models based on the forum's content.

People are still piling into at least one social media network

<ul class="summary-list"><li>Tesla dissolved its charging-station team, <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-hardcore-layoffs-report-2024-4">BI previously reported</a>.</li><li>Following the cuts, Musk said that Tesla would be growing its charger network "at a slower pace."</li></ul>Shortly after news broke that <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-hardcore-layoffs-report-2024-4">Tesla would be laying off another round of employees</a>, including the team behind the company's Supercharger charging-station network, <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">CEO Elon Musk</a> took to social media to reassure owners and investors that the stations aren't going anywhere."<a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> still plans to grow the Supercharger network, just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations," Musk <a target="_blank" href="https://twitter.com/elonmusk/status/1785406795814510785">wrote in a post on X</a>.Despite Musk's assurances, Tesla has already begun pulling out of leases for upcoming stations in New York, the EV news site <a target="_blank" href="https://electrek.co/2024/04/30/tesla-pulling-back-supercharger-plans-firing-team/">Electrek</a> reported.The company currently operates 57,579 Superchargers at 6,249 locations globally, the outlet said.Even the most die-hard Tesla fans were disheartened by the news. Commenters on Musk's post called his announcement "kinda lame" and urged him to reconsider, saying that a large charging network is key to promoting widespread adoption of electric vehicles nationwide."This is a goddamn disaster. Superchargers need to be Tesla's second top growing sector outside of FSD," Troy Meekhof, whose site, The Cybertruck Guy, covers Teslas and <a target="_blank" href="https://www.businessinsider.com/tesla-models">other EVs</a>, wrote in response to Musk's post. "You're opening up the network to practically every EV driver on the continent without building with urgency? I'm honestly floored at this decision."Meekhof told Business Insider that, as an owner of two Tesla vehicles, he's very familiar with Superchargers and called them "damn near magical," saying they've worked for him every time and the stations he visits are rarely full. However, entire sections of the country and his home state of Michigan are mostly off-limits to him and his vehicles, he said, "simply because of the lack of charging options.""I'm generally apt to trust Musk's maniacal whims because they're indicative of a more complex longer-term plan, but destroying the division responsible for what I believe is their single greatest achievement in North America is simultaneously shocking and bewildering," Meekhof told BI. He's "certainly looking forward to seeing what this broader plan is, but at face value, I'm alarmed," he added.The <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-hardcore-layoffs-report-2024-4">latest round of Tesla layoffs</a>, which were announced by Musk via email late Monday, included Rebecca Tinucci, a senior director of the company's Supercharger group, and Daniel Ho, the head of new products. Though some employees on the Supercharger team may be reassigned, the team, which had about 500 employees, was dissolved.The cuts come after Tesla's lukewarm <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-quarterly-earnings-call-report-live-updates-2024-4">earnings report</a> last week, which included an 8.7% year-over-year first-quarter revenue drop, its earnings per share missing consensus forecasts, and the company's free cash flow dropping 674% year-over-year to negative $2.5 billion.Representatives for Tesla did not immediately respond to a request for comment from Business Insider.Correction: May 1, 2024 — An earlier version of this story misstated the name of Tesla's charging stations. They are Supercharger stations, not Supercharging stations.

Elon Musk says Tesla still plans to grow Supercharger network after eliminating global team, but 'at a slower pace'

<keyword id="20253141" type="General" weightage="20" keywordseo="Bharti-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Global" meta.hostid="268" meta.entityid="Bharti Global">Bharti Global</keyword>, the international <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> arm of Bharti Enterprises, will acquire about 24.5 per cent stake in <keyword id="20115879" type="General" weightage="20" keywordseo="BT-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="BT Group" meta.hostid="268" meta.entityid="BT Group">BT Group</keyword>, Britain's largest broadband and mobile company, from <keyword id="22756191" type="General" weightage="20" keywordseo="Altice-UK" source="keywords" meta.keywordsubtype="org" meta.entityname="Altice UK" meta.hostid="268" meta.entityid="Altice UK">Altice UK</keyword>, a release said on Monday. Although it did not divulge the size of the deal, market watchers say that at BT's valuation of roughly USD 15 billion dollars, the deal could be in the ballpark of USD 4 billion. The shares will be purchased through Bharti Televentures UK, which is wholly-owned by Bharti Global. Bharti Televentures UK has inked an agreement with Altice UK to acquire about 9.99 per cent stake of BT Group's issued capital imminently with the rest about 14.51 per cent of BT's share capital is to be acquired post regulatory clearances. Telecom billionaire Patrick Drahi's Altice UK, the largest shareholder in BT, has been struggling with high debt. "Bharti Global, the international investment arm of Bharti Enterprises, a leading Indian business group with world-class companies in telecoms, digital infrastructure and space communications, has reached an agreement to acquire an interest in 24.5 per cent of the issued share capital of BT Group plc from Altice UK," Bharti said in a release. Bharti hopes the investment will further help create new synergies in the telecom sector between India and UK in the areas of AI and <keyword id="19916120" type="General" weightage="20" keywordseo="5G" source="keywords">5G</keyword> R&amp;D and core engineering among others, "offering great potential to collaborate on industry best practices and emerging technologies". It is pertinent to mention here that Bharti and BT have a relationship going back more than two decades. In 1997, BT acquired a 21 per cent stake in Bharti Airtel, and hence Bharti's latest move to acquire a 24.5 per cent chunk in the iconic British company marks a defining moment for the Indian telecom conglomerate. Sunil Bharti Mittal, Chairman of Bharti Enterprises said: "Bharti and British Telecom (BT) have an enduring relationship going back more than two decades wherein BT owned 21 per cent stake along with two board seats in Bharti Airtel Limited from 1997-2001. Today marks a significant milestone in Bharti Group's history as we invest in BT - an iconic British company". Bharti's investment in BT aims to support the commitment of Prime Minister Narendra Modi towards his vision in elevating and broadening the India-UK ties, the release said. It noted that during the recently concluded visit of UK Foreign Secretary, David Lammy to India, the UK-India Technology Security Initiative was announced to expand collaboration in critical and emerging technologies across priority sectors including telecom. Sunil Mittal said: "This investment in BT aims to support the commitment of our Prime Minister towards his vision in elevating and broadening the India-UK ties. Bharti's own record of owning and operating telecom and broadband networks around the world is underpinned by placing customers, digital innovation and operational efficiency at the heart of its business". Shravin Bharti Mittal, Managing Director of Bharti Global said: "We review global investment opportunities in the world of technology from digital infrastructure to software. BT is well known to us from the long association with Bharti, so we are pleased to have this opportunity to acquire a significant stake in the company." Bharti believes that BT is poised for leadership in the telecom arena, especially home broadband services, he added. Meanwhile, BT Group, in a separate statement said the investment from Bharti is a strong vote of confidence in the future of the British telecom carrier and its strategy. Allison Kirkby, Chief Executive of BT said: "We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy". "BT has enjoyed a long association with Bharti Enterprises, and I'm pleased that they share our ambition and vision for the future of our business. They have a strong track record of success in the sector, and I look forward to ongoing and positive engagement with them in the months and years to come," Kirkby said. Barclays Bank PLC, acting through its Investment Bank served as the sole financial advisor and Linklaters LLP served as legal advisor to Bharti Global in connection with the transaction. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

Bharti to acquire about 24.5% stake in BT Group from Altice UK; deal estimated at $4 bn

<ul class="summary-list"><li>Russia is proposing alternative payment systems and commodity centers.</li><li>The proposal aims to strengthen BRICS economies' sovereignty and reduce dollar reliance.</li></ul>Russia has released new details on how it could move away from the dollar, part of a long-running effort to buoy trade amid Western sanctions.Earlier this month, Russia's Finance Ministry, its central bank, and Moscow-based consultancy Yakov &amp; Partners outlined the country's vision of what the country is aiming for in a <a target="_blank" class="" href="https://www.yakovpartners.com/publications/imfs/">report.</a>Other than championing <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-russia-actively-working-brics-local-currencies-platform-us-dollar-2024-6">alternative payment</a> systems based in non-dollar currencies, Russia is also pitching the set-up of centers for mutual trade in commodity resources.Russia is a commodity giant and a major producer of oil, natural gas, gold, and grains. However, the country has been heavily sanctioned by the US following its full-scale invasion of Ukraine, which has impacted its oil and gas trade.The report proposed setting up foundations for commodity trading centers but did not provide details. However, it explained why it was a good idea."This measure will ensure independent pricing and strengthen the sovereignty of the BRICS economies," the report said, referring to Brazil, Russia, India, China, and South Africa — the anchor members of the BRICS emerging markets group.Such a measure would add to what Russia is already doing to keep trade humming amid sweeping sanctions, such as those that block banks from dealing with <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">payment transactions</a> involving Russian companies.Another offbeat way Russia is beating sanctions is <a target="_blank" class="" href="https://www.businessinsider.com/russia-barter-pakistan-mounting-sanctions-western-war-allies-international-trade-2024-10">barter trade. </a>One Russian company struck an agreement to trade chickpeas and lentils for tangerines, rice, and potatoes from Pakistan, according to Tass state news agency earlier this month.Such alternative payment systems and bartering "are based on a notion that any involved institutions, even if faced with extraterritorial restrictions, will retain unchallenged access to their domestic market that will allow them to effectively facilitate domestic and cross-border transactions," the report said.Moving BRICS trade to trading centers within the bloc would also involve the use of local currencies and facilitate a move away from using the dollar for trade, according to the document.Russia's report on alternative payments and trading systems came weeks before the annual BRICS summit, which will be held in the Russian city of Kazan from October 22 to October 24.The proposal also came months after Russia proposed a grain-trading exchange for BRICS members, as <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/101594/">Interfax</a> news agency reported in April.BRICS member countries are <a target="_blank" class="" href="https://www.usda.gov/oce/commodity/wasde/wasde1024.pdf">major producers and exporters</a> of grains in the world market, with Russia accounting for about one-quarter of the world's wheat exports. Meanwhile, Brazil accounts for about 60% of the world's soybean exports, and India accounts for about 40% of the world's rice shipments.Most global grain prices are set on the Chicago Mercantile Exchange and are dominated by the US dollar."The BRICS countries, being key participants in the global grain market, cannot fully participate in the formation of prices for economically fundamental and food security-essential products as wheat, barley and corn, world prices for which are formed, and often manipulated, in third countries," Russia's Union of Grain Exporters wrote in a letter to the country's Agriculture Ministry in December when it proposed a BRICS grain exchange.Russia faces an uphill battle in changing the basics of dollar-dependent financial trading systems. Right now, dollar-based trade participants can easily enter and exit their positions, whereas bartering or using other currencies could reduce liquidity and flexibility.Since there's already heavy trading in CME's grain markets, it would be challenging for new exchanges and their products to lure participants over en masse.Brent crude oil futures, for example, are still the world's benchmark and are actively traded. However, their namesake <a target="_blank" href="https://www.shell.co.uk/about-us/sustainability/decommissioning/brent-field-decommissioning/brent-field-decommissioning-programme.html">Brent oil fields</a> in Scotland are being decommissioned due to resource depletion.As the <a target="_blank" class="" href="https://www.imf.org/External/Pubs/FT/GFSR/2015/02/pdf/c2_v2.pdf">International Monetary Fund</a> explained in a 2021 report, "because of the network nature of markets, effects tend to be self-reinforcing— high market liquidity tends to attract more traders and so forth."

Russia pitches trading centers in a widening plan to move away from the US-dominated global financial order 

<ul class="summary-list"><li>Nvidia's stock rally has another 12-18 months left to go, according to S&amp;P Global's Andrew Chang.</li><li>The stock has at least another year of "strong runaway" amid big demand for its chips, Chang said.</li></ul>Nvidia stock has a lot more room to climb — and shares of the market's <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-earnings-party-investors-cult-investing-memes-2024-9">most popular chip maker</a> are bound to soar for at least another year, according to Andrew Chang, a technology director at S&amp;P Global Ratings.The banking veteran pointed to recent <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-taiwan-tsmc-jensen-huang-china-disruption-2024-9">comments from Jensen Huang</a>, who sparked a sharp rally in NVDA shares this week after speaking at a Goldman Sachs conference in San Francisco. The Nvidia CEO issued more guidance on consumer demand and, in particular, demand for Blackwell, the company's next-gen GPU.His comments bolster predictions of continued upside for Nvidia, Chang said in an interview with <a target="_blank" class="" href="https://www.youtube.com/watch?v=3FnQmDld9gA">Schwab Network</a> on Friday."It just confirms our view that we have strong runway for at least the next 12 months," Chang said.Nvidia's partners are also showing signs of strong chip demand. Oracle, which has an ongoing partnership with Nvidia, bumped up its revenue forecasts after beating earnings for the first quarter. The software firm also doubled its planned capital expenditures for the fiscal year — which are all bullish signs for Nvidia."All of these are great data points that, at least for the next 12 to 18 months, things look great," Chang said of the Jensen Huang-led firm.Still, he acknowledged some concerns investors have been airing. Some have floated worries that Nvidia's growth is unsustainable, given the stock's monster 2,514% gain over the last five years.Some analysts have warned demand for Nvidia's chips may not hold strong in the coming years, as <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-artificial-intelligence-chips-gpu-earnings-report-2024-5">the firm's largest customers could eventually turn into competitors</a>. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-working-on-its-own-ai-chip-for-data-centers-wsj-1033340339?utm_medium=ingest&amp;utm_source=markets">Apple</a> and <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-making-ai-chips-to-compete-with-aws-documents-confirm-2023-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*13d1ns4*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcyNjI0ODk5Ni4zNDEuMS4xNzI2MjQ5Mzk1LjMyLjAuMA..">Microsoft</a>, two huge customers of Nvidia's GPUs, are reportedly working on their own AI chips."Ultimately, if Oracle, if Microsoft, if Amazon don't see the ROI that they expect, they're going to cut orders. So hyperscale, demand volatility is something that really concerns us," Chang said. "But, you know, these data center players have been known to order a bunch and then pause for several quarters. That's what we're looking out for."Investors will also need to be on the lookout for tighter regulation of AI. <a target="_blank" class="" href="https://www.businessinsider.com/doj-subpoena-nvidia-antitrust-investigation-heats-up-report-2024-9">Nvidia was recently targeted</a> by the Department of Justice in a fresh antitrust probe, Bloomberg reported, and it's just a "matter of time" before other countries follow suit and try to regulate the technology, Chang said.Nvidia stock sold off in the weeks following its earnings report at the end of August, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/oracle-nvidia-help-revive-stock-markets-ai-trade-this-week-2024-9">but the stock staged a fresh rally this week</a> alongside other tech stalwarts including Oracle and Super Micro Computer. Wall Street remains generally bullish on Nvidia. According to Nasdaq data, analysts have issued an average price target of $153 a share, implying a 29% upside from current levels.

Nvidia stock can climb for the next 12 months, S&P Global analyst says

<ul class="summary-list"><li>Paramount Global's board approved a merger with Skydance on Sunday.</li><li>This marks the end of a tumultuous deal process and a new era for the troubled media giant.</li></ul>Paramount Global, the troubled media giant that owns CBS and Nickelodeon, has agreed to merge with David Ellison's Skydance Media production company, creating "New Paramount," the companies announced late Sunday evening.The merger was reported earlier on Sunday by multiple outlets.The announcement marks the end of a <a target="_blank" href="https://www.businessinsider.com/paramount-deal-acquisition-skydance-david-ellison-streaming-what-now">shaky dealmaking process</a> and a new chapter for Paramount.Paramount has struggled in recent years to adapt to a generation of viewers <a target="_blank" href="https://www.businessinsider.com/streamers-like-netflix-disney-max-have-a-gen-z-problem-2024-3">going digital</a>, as <a target="_blank" href="https://www.businessinsider.com/paramount-global-sale-media-trouble-digital-streaming-redstone-viacom-2024-2">Business Insider's Peter Kafka</a> previously noted. Even amid the industry's digital shift, Paramount made all of its profit in 2023 just from traditional TV networks, according to Bloomberg.Ellison plans to "improve profitability, foster stability and independence for creators, and enable more investment in faster growing digital platforms," the companies said on Sunday.In February, the company announced a <a target="_blank" href="https://www.businessinsider.com/layoffs-sweeping-us-these-are-companies-making-cuts-2024#paramount-global-is-laying-off-800-employees-days-after-record-breaking-super-bowl-21">layoff of 800 employees</a> worldwide despite seeing record viewers during Super Bowl LVIII across its networks and streaming platform, Paramount+.The layoffs occurred shortly after Paramount became an <a target="_blank" href="https://www.businessinsider.com/paramount-deal-acquisition-skydance-david-ellison-streaming-what-now">acquisition target</a> late last year. The company had discussed potential mergers with Warner Bros., Discovery CEO David Zaslav, producer Byron Allen, and private-equity firm Apollo Global Management, among others.But <a target="_blank" href="https://www.businessinsider.com/meet-the-family-heirs-to-sumner-redstones-viacomcbs-media-empire-2020-8#shari-redstone-sumners-daughter-is-now-the-steward-of-the-redstone-media-empire-3">Shari Redstone</a>, the media heir who owns a controlling stake in Paramount Global through her holding company National Amusements, <a target="_blank" href="https://www.businessinsider.com/paramount-skydance-agree-merger-terms-reports-2024-6">preferred a deal with Skydance</a> because the merger would keep Paramount intact, CNBC reported last month.Talks with the production studio — which helped make blockbuster hits like "Mission: Impossible — Ghost Protocol" and is owned by the son of Oracle cofounder Larry Ellison — have been ongoing since at least the beginning of the year, according to The New York Times.While Redstone was drawn to a merger with Skydance, negotiations <a target="_blank" href="https://www.businessinsider.com/skydance-bid-paramount-merger-redbird-shari-redstone-2024-5">took several turns</a> in the following months, with a deal nearly killed in June by Redstone's lawyers, the Times reported.According to The Wall Street Journal, the deal was revived on Tuesday, when the Redstone family made a preliminary agreement to sell <a target="_blank" href="https://markets.businessinsider.com/news/stocks/shari-redstone-reportedly-reaches-preliminary-deal-to-sell-its-stake-in-paramount-to-skydance-media-1033524748">National Amusements</a> to Skydance.The merger values Skydance at $4.75 billion, the companies said in Sunday's announcement.The companies said on Sunday that David Ellison will be chairman and CEO of Paramount. Jeff Shell, who was fired from his role as CEO of NBCUniversal last year, will be the president.

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