Hazardous heat and humidity is widespread in US jails and prisons, and climate change is worsening conditions

Peer-Reviewed Publication

COLUMBIA UNIVERSITY'S MAILMAN SCHOOL OF PUBLIC HEALTH

An estimated 1.8 million incarcerated people in the United States have been recently exposed to a dangerous combination of heat and humidity, and on average experience 100 days of these conditions each year—many of them in the 44 states that do not provide universal air conditioning to inmates. Tracking with climate change, in recent decades, the number of dangerous humid heat days in carceral facilities has increased, with those in the south experiencing the most rapid warming.

The findings by researchers at Columbia University Mailman School of Public Health, Montana State University, University of Kansas and University of California, Los Angeles (UCLA) appear in the journal Nature Sustainability.

“Exposure to excess heat and humidity can lead to deadly heat stroke and kidney disease from chronic dehydration, among other health issues, for incarcerated people in the United States,” says first author Cascade Tuholske, PhD, assistant professor of Human-Environment Geography at Montana State University. “The majority of these exposures are happening in state-run prisons and jails in Southern states that do not legally mandate access to air conditioning for the incarcerated. It is concerning because climate change is amplifying dangerous heat extremes in these locations.”

“Dangerous heat impacting incarcerated people has been largely ignored, in part due to perceptions that their physical suffering is justified,” says senior author Robbie M. Parks, PhD, assistant professor of Environmental Health Sciences at Columbia University Mailman School of Public Health. “Laws mandating safe temperature ranges, enhanced social and physical infrastructure, and focused health system interventions could mitigate the problem. Doing so is critical for incarcerated people, who have severely limited social and political agency.”

Additional findings:

• More than half of all dangerous heat and humidity exposures in the U.S. took place in Florida and Texas. The estimated 145,240 people in Texas and 98,941 in Florida housed in state-run carceral facilities in 2018—together 12 percent of all incarcerated people in the U.S.—accounted for 52 percent of exposure (28 percent in TX, 24 percent in FL).
• The worst facilities experienced dangerous heat and humidity between one-fifth and one-third of the year. An estimated 118 carceral facilities—largely in southern California, Arizona, Texas, and inland Florida—experienced on average 75 days or more per year of dangerous humid heat. The Starr County Jail in Rio Grande Texas that incarcerated an estimated 249 people in 2018 experienced the largest number of dangerous humid heat days on average during 2016 to 2020: 126.2 days per year.
• Areas with jails and prisons experienced 5.5 more dangerous humid heat days annually compared to other locations without carceral facilities. Carceral facilities in Arizona experienced 13.1 more days per year than the rest of the state and 40.9 more days compared to the entire continental U.S. during 1982-2020, on average. Carceral facilities are often built in areas with greater heat and humidity.
• Nearly a million incarcerated people are housed in facilities seeing an increase in dangerous humidity and heat. An estimated 915,627 people in the U.S.—45 percent of the estimated total incarcerated population—were housed in 1,739 carceral facilities with an annual increase in the number of dangerous days. Carceral facilities in Florida experienced on-average 22.1 more days in 2020 compared to 1982, the greatest increase in dangerous humid heat days for all continental states.

Incarcerated people are disproportionately susceptible to dangerous humid heat given preexisting health conditions. In fact, 43 percent of the state prison population has a previous mental health diagnosis, and people on psychotropic medications are at increased risk for heat illness.

The researchers estimated heat and humidity using data from the PRISM Climate Group across in 4,078 facilities nationwide with data from the U.S. Department of Homeland Security.  Dangerous days were those where the indoor wet bulb globe temperature—a measure of humid-heat stress—exceeded 82.4 degrees Fahrenheit (28°C)—the threshold used by the U.S. National Institute for Occupational Safety and Health to limit humid heat exposure under moderate workloads.

Additional co-authors include Victoria D. Lynch, Raenita Spriggs, and Anne E. Nigra of Columbia Mailman School of Public Health, Yoonjung Ahn of University of Kansas, and Colin Raymond of UCLA.

Funding support for the study was provided by the National Aeronautics and Space Administration (80NSSC22K1872), National Institutes of Health (R00ES033742, DP5OD031849, P2CHD058486, T32ES007322).

The authors declare no competing interests.

---

JOURNAL

Nature Sustainability

DOI

10.1038/s41893-024-01293-y 

METHOD OF RESEARCH

Data/statistical analysis

SUBJECT OF RESEARCH

People

ARTICLE TITLE

Hazardous heat exposure among incarcerated people in the United States

ARTICLE PUBLICATION DATE

5-Mar-2024

As we approach International Women's Day, we're inspired by the many stories of courageous people in Canada 

As we approach International Women's Day, we're inspired by the many stories of courageous people in Canada and around the world who risk everything to defend the rights of women, girls, and 2SLGBTQQIA+ individuals. This week, we'll spotlight three brave human rights defenders.

Liz Fong-Jones is a Vancouver-based developer, engineer, labour and ethics organizer, and advocate for trans rights. In 2022, she and a dozen volunteers spent thousands of hours successfully forcing Kiwi Farms, an online hate-speech forum, offline multiple times. Now, she's the target of transphobia, racism, harassment, and threats of sexual violence by the website's supporters.

Liz's experiences shed light on the broader issue of technology-facilitated gender-based violence, which includes cyberbullying, doxing, swatting, and more. These acts disproportionately create an online environment of fear and intimidation, especially for Indigenous, Black and racialized women, girls, and 2SLGBTQQIA+ people.

At Amnesty International Canada, we advocate for online spaces where everyone can express themselves freely and without fear. We envision a digital landscape that upholds the dignity and safety of all individuals. 

Join us in calling on Prime Minister Justin Trudeau and the Canadian government to reaffirm support and solidarity for 2SLGBTQQIA+ communities in Canada. >>


TAKE ACTION NOW


Liz Fong-Jones's persistence reminds us of the importance of collective action to ensure digital spaces are welcoming and secure for everyone. This International Women's Day, let's commit to advocating for a world where everyone is safe, respected, and valued.

In hope and solidarity,

Elishma Khokhar, Gender Rights Campaigner

Amnesty International Canada

Exclusive: Labor unions end Starbucks boardroom fight after progress on bargaining


Updated Tue, March 5, 2024 
By Svea Herbst-Bayliss

(Reuters) - A coalition of labor unions is ending its boardroom fight at Starbucks after the coffee chain last week agreed to work toward reaching labor agreements, two sources familiar with the matter told Reuters.

The Strategic Organizing Center (SOC), a coalition of North American labor unions, is withdrawing its three director candidates to the coffee chain's 11-member board one week before Starbucks investors were slated to elect directors to oversee corporate strategy at the company's March 13 annual meeting, the sources said, asking not to be named because the discussions are private.

Many large investors told the coalition, which includes the parent of Workers United which represents Starbucks workers, they are optimistic Starbucks is committed to changes and plans to repair its relationship with employees, the sources said.

"Investor concern with the board and management response to ongoing unionization efforts at Starbucks has been loud and clear, but last week's joint announcement from the company and Workers United of a settlement framework was welcome news that we hope means a fundamental change in direction," New York City Comptroller Brad Lander told Reuters.

The fight was closely watched on Wall Street because it marked the first time a labor union used tools traditionally employed by hedge funds to push for board seats at a corporation.

The union coalition argued Starbucks' resistance to unionizing that began in 2021 tarnished the brand and hurt shareholders by weighing on the share price.

This year's other big board room fight is between Disney and two activist investors, Trian Fund Management and Blackwells Capital.

A Starbucks logo on a store in Los Angeles

The coalition hired lawyers, a proxy solicitor and a communications firm who usually work with large activist hedge funds on big campaigns. It nominated three candidates with White House, National Labor Relations Board and economic policy expertise and was pushing ahead in trying to convince shareholders, including big index funds, that Starbucks needs better oversight as it works to repair labor relations.

"SOC Investment Group led an effective campaign with qualified candidates committed to preserving fundamental workers' rights and increasing long-term value, and the announced suspension of a contentious proxy fight is a win for workers and shareholders," Lander added.

He said Starbucks' investors now expect the company "to continue investing in their workforce, and we will continue to be engaged." The city owned $157 million worth, or 1.64 million shares, of Starbucks at the end of December.

While only about 370 U.S. Starbucks stores are unionized, the movement, as well as the proxy fight launched in November, tapped into growing support for organized labor after unions last year won concessions for Hollywood writers and auto workers.

Now the coalition, which did not reach any concessions with the company, is pinning its hopes on last week's news that Starbucks and the union that represents its workers will work to create a "foundational framework" that could lead to collective bargaining agreements and the resolution of lawsuits.

Its decision follows last week's recommendations by the two main proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis that urged Starbucks shareholders to back all 11 company directors, arguing the coalition had not sufficiently made its case to win seats.

But ISS wrote that the coalition, "has achieved at least a portion of what it ostensibly set out to accomplish."

(Reporting by Svea Herbst-Bayliss; Editing by Chris Reese)

Starbucks Activists Withdraw Candidates for Board Seats

Crystal Tse
Tue, March 5, 2024 




(Bloomberg) -- An activist group seeking changes at Starbucks Corp. has withdrawn a slate of candidates for the coffee giant’s board, citing progress in improving labor relations at the company.

The Strategic Organizing Center, which advises union pension funds, said Tuesday it withdrew the three candidates it had proposed in a high-profile campaign to add employee representation to the board.

The board challenge by SOC followed a two-year standoff between Starbucks and the union representing about 400 US stores. Tensions eased last week after the two parties agreed to start talks about how to achieve collective-bargaining agreements and provide a fair process for organizing.

SOC said Tuesday that after discussions with other Starbucks investors, “we believe that by and large shareholders are optimistic the company has committed to these changes in good faith and intends to begin to repair its relationship with its workers, which will ultimately enhance performance and shareholder value.”

Starbucks said in an emailed statement that it appreciates SOC’s decision. “Our board’s focus remains on driving long-term value for all stakeholders, including partners, shareholders, customers and farmers,” the company said.

Advisory firms Institutional Shareholder Services and Glass Lewis & Co. last week both counseled Starbucks investors to support the company’s board slate, with Glass Lewis saying Starbucks had “made positive strides to improve its partner relations.”

ISS said that while the company’s initial response to unionization efforts “translated into reputational damage,” SOC hadn’t established a “material link” between that and company underperformance.

ISS added, “It also has to be recognized that the dissident, despite owning only 162 shares, had every right to run this proxy contest, and has achieved at least a portion of what it ostensibly set out to accomplish.”

SOC in November put forward three proposed members of the Starbucks board, saying the company had gone to “historic lengths” to counter employees’ organizing efforts.

--With assistance from Daniela Sirtori-Cortina.

 Bloomberg Businessweek

Mark Zuckerberg Called Out For 'Illegal Practices' and 'Surveillance-Based Ads' As Social Media Sees Continued Hot Water Over Privacy Practices

Caleb Naysmith
Mon, March 4, 2024 

Meta Platforms Inc. (NASDAQ:META) CEO Mark Zuckerberg is again under scrutiny as European consumer organizations take aim at Meta’s alleged illegal practices.

Eight groups from The European Consumer Organisation (BEUC) have raised concerns about Meta’s data collection methods. They allege that the social media giant is facilitating a surveillance-based advertising system, disregarding user privacy and flouting data protection laws.

"With its illegal practices, Meta fuels the surveillance-based ads system, which tracks consumers online and gathers vast amounts of personal data for the purpose of showing them adverts. It is also the main way Meta makes its profits," according to the BEUC.

In November 2023, Meta gave users the choice to pay for an ostensibly ad-free service or consent to the company's full commercial surveillance with ads.

"We introduced this choice, called ‘Subscription for no ads', as our consent solution to comply with a unique combination of connected and sometimes overlapping EU regulatory obligations with differing compliance deadlines," Meta said.

While Meta presented this as a solution to comply with EU regulatory obligations, BEUC deemed it unfair and misleading to users, adding to the mounting criticisms against the tech giant.

These recent filings add to the ongoing scrutiny Meta faces, with previous complaints already lodged against the company for misleading and aggressive practices. Leveraging the General Data Protection Regulation (GDPR) and data protection laws, consumer advocates are intensifying their efforts to hold Meta accountable for its actions.

Meta, the parent company of Facebook, Instagram, WhatsApp and Threads, has incurred many fines from European regulators.

Last year, Meta was fined $1.3 billion for transferring data of users in Europe to the United States as regulators said the company failed to comply with a 2020 decision by the European Union's highest court.

"The unprecedented fine is a strong signal to organizations that serious infringements have far-reaching consequences," said Andrea Jelinek, the chairwoman of the European Data Protection Board.

In addition to that, Meta was also previously fined €390 million ($423.3 million) for forcing users to accept personalized ads as a condition of using Facebook and another €265 million for a data leak.

With 408 million active users in the European Union, regulators are sending a clear message to Meta that serious infringements will have far-reaching consequences.


© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Spotify calls Apple's €1.84B antitrust fine a 'powerful message,' but cautions that the next steps matter


Sarah Perez
Updated Mon, March 4, 2024 



Spotify is cheering the European Commission's decision to hold Apple accountable for anticompetitive practices in the streaming music market to the tune of a massive €1.84 billion fine, announced today. The streamer called the fine a "powerful message" that sends a signal that even "a monopoly like Apple" is not able to "wield power abusively" to control how other companies interact with their customers.

"Today’s decision marks an important moment in the fight for a more open internet for consumers. The European Commission (EC) has made its conclusion clear: Apple’s behaviour limiting communications to consumers is unlawful," Spotify shared in a statement on its corporate blog.

Despite the EC ruling favoring Spotify and other streamers over Apple, the company was still cautious about how Apple would proceed. The Cupertino tech giant has already promised to appeal the ruling, and Spotify adds that in cases like this, "the details matter."

"Apple has routinely defied laws and court decisions in other markets. So we’re looking forward to the next steps that will hopefully clearly and conclusively address Apple’s long-standing unfair practices," Spotify wrote.

Apple, notably, cleverly worked around the EC's Digital Market Act requirements, meant to foster new competition in the app store market by allowing developers to launch independent app stores and manage their own payments. But Apple's solution was to charge iOS developers accepting its new DMA rules a new, additional fee, the Core Technology Fee, as a means of recouping its lost revenue.

Spotify is likely concerned that Apple will again find a way to sidestep any new requirements, as well, if not carefully spelled out.

The Financial Times had earlier reported that the fine would be around €500 million (about $539 million USD). As it turns out, they had the decision right, but not the price tag.

The ruling follows years of complaints led by Spotify and other smaller streamers, like Deezer, over the App Store's business model and associated rules. In 2019, Spotify first filed its antitrust complaint against the tech giant, which later led to the EU's formal investigation of Apple's App Store announced in 2020. In April of the following year, the EU issued a statement of objections, accusing Apple of distorting competition in the market for streaming services.

Spotify says that Apple's rules "muzzled" it and other streaming music services from communicating with their own customers in their apps about how to upgrade subscriptions, access promotions, discounts and other perks. Apple countered that Spotify doesn't pay Apple anything, but still wants "limitless access to all of Apple's tools."

A part of the issue here is the nature of Apple's App Store commission structure, which charges developers a 15% to 30% commission on subscriptions for digital services, like streaming music, that iOS developers offer to their customers. (In year two, subscriptions drop from 30% to 15%). Spotify argued that Apple's "30% tax" was unfair and that Apple's rules hurt consumers as they prevented developers from informing their app's users about alternative -- and sometimes cheaper -- ways to pay. In other words, Spotify wanted the opportunity to drive customers to its website where they could arguably pay for the subscription directly, which wouldn't involve a commission.

"Spotify pays Apple nothing for the services that have helped them build, update, and share their app with Apple users in 160 countries spanning the globe," Apple stated last month. It also stressed that despite offering subscriptions via its website, Spotify had never lowered its prices. And it noted that Spotify had a 56% share of the music streaming market in Europe, compared with Apple Music's 11% share.

Of course, that's not a fair comparison, given that Spotify offers a free, ad-supported service as well as a paid plan, like Apple's, allowing it to funnel a number of free users into the paid product over time. And, as Apple has repeatedly pointed out, 85% of App Store developers don't pay Apple a fee because they don't offer "digital goods and services" -- a distinction that loses its impact when you think about how services like Uber, Airbnb and others rely on Apple's platform to acquire and sell their offerings to customers.

Following the announcement of the EC's fine, Spotify said the fight was not over.

"Our work will not be done until we succeed in securing a truly fair digital marketplace everywhere and our commitment to helping to make this a reality remains unwavering," it wrote. Spotify CEO Daniel Ek also explored this sentiment in a video post on X, where he added that "Apple has a history of skirting these rules," referring to other cases, like the antitrust order in the Netherlands, where Apple ignored the penalty and allowed the fine to increase for half a year before resolving its concerns.



The Coalition for App Fairness, a lobby group that counts Spotify, Deezer, Epic Games and other app developers as members, also issued a statement in response to the fines.

"Today the European Commission sent a clear message that Apple’s anti-steering policies, which prevent developers from communicating directly with consumers, are anticompetitive and illegal," stated CAF Executive Director Rick VanMeter. "Apple's restrictions on app developers have stifled innovation, driven up prices, and limited consumer choice for far too long. We applaud the Commission for taking this meaningful first step towards bringing competition to iOS devices. However, more needs to be done to truly create a fair and open mobile app ecosystem that benefits consumers and developers. In less than 48 hours the Digital Markets Act will be enforced, and consumers and developers across Europe are relying on the Commission to demand real compliance from Apple and Google to ensure the entire app store ecosystem benefits from the promises of the law," he said.

Epic Games' Tim Sweeney calls out Apple's 'bitter griping' after its EU fine over anticompetitive practices

Sarah Perez
Updated Mon, March 4, 2024


"Denial is a river that flows through Cupertino!," said Epic Games CEO Tim Sweeney, a notorious Apple critic who also sued the tech giant for anticompetitive practices, in a post on X, weighing in on today's news of the European Commission's historic €1.84 billion fine against the iPhone maker. The EC ruling, which favors Spotify, hinges on Apple's approach to its anti-steering clauses that prevented Spotify and other music streamers from directing users to their websites.

Referring to Apple's response to the EC fine, which the company said it would appeal, Sweeney writes, "Apple's bitter griping simply describes their historic, pre-monopoly relationship with app makers: the device provides great APIs, and apps provide great features to attract users. Everyone profits together."

In other words, Apple's App Store was originally seen as a platform that could help the tech giant sell more iPhones, as having easy access to popular apps, like Facebook -- an early App Store partner -- would be a plus for consumers. But over the years, as Apple grew its services business, it pushed app developers to use in-app purchases to monetize their apps by way of sales of virtual goods and subscriptions. As a result, Apple's interest in retaining its cut of these revenues strengthened. Though it made some concessions for small business developers and others, it sees no model for the App Store that doesn't involve a commission structure.

Although Apple did implement an exception to its rules in 2022 for "reader" apps, like music streamers, it still largely controls the process by dictating who can apply for an exception, when it's granted, how the links should appear, how they can be advertised in the app and more.

Sweeney, undoubtedly, was thrilled with the EU's decision, given his own company's fight against the tech giant over similar matters.

Epic Games has long wanted a way to distribute its popular game, Fortnite, to iOS users without having to go through the App Store or pay Apple a commission on any in-app purchases. The game maker sued both Apple and Google for antitrust issues regarding how their app stores are run. It won its battle with Google, which was tried by a jury, but largely lost its case against Apple after the Supreme Court declined to weigh in on the lower court's ruling that found Apple was not a monopoly.

However, Epic Games won on one count in its court battle with Apple, as the district court judge in Northern California ruled that app developers should be able to point their users to links or buttons that connected to their websites, where customers could learn about other ways to pay beyond Apple's in-app purchases.

As required by the court, Apple said it would permit such links, but decided it would still take a 27% commission on those sales -- a move that Epic dubbed a case of "malicious compliance" and one which Sweeney vowed to fight.

Today, he suggested that the EC's decision has relevance to his case in the U.S., as it describes "lawbreaking by Apple."

"In America, the issue is coming before the District Court in Epic v Apple as Epic challenges Apple’s malicious compliance with the court’s anti-steering injunction," Sweeney wrote.

He also retweeted a Business Insider piece by Peter Kafka which points out that the $2 billion fine is actually an $80 billion problem, as investors' reactions to the EU's decision tanked Apple's stock by as much as 3% in the first few hours of trading, equating to some $80 billion in market cap.

Spotify also reacted to the fine today calling it a "powerful message" but cautioned that Apple has a history of skirting regulations meant to hold it accountable. Sweeney also retweeted Spotify CEO Daniel Ek's video message about the fine and his concerns that Apple will find a way to avoid full compliance.

Chinese battery giant CATL looks to set up R&D centres in Hong Kong to underpin technology exports

Sarah Wu
Mon, March 4, 2024 


Sign of Chinese battery maker Contemporary Amperex Technology Ltd (CATL) is seen on its building in Ningde


By Sarah Wu

BEIJING (Reuters) - Chinese battery giant CATL is in discussions to set up research and development centres in Hong Kong to create new technologies that can be licensed abroad and within the industry, its chairman told reporters on Monday.

The potential R&D expansion in Hong Kong aligns with CATL's strategy to place greater emphasis on exporting battery technologies, not just batteries, as Chinese electric vehicles (EVs) and batteries face intensifying scrutiny from foreign governments.

Chairman Robin Zeng, who founded the world's largest battery maker, made the comments ahead of a meeting of China's parliament, the National People's Congress. He is a member of the Chinese People's Political Consultative Conference (CPPCC), a top advisory body of experts, business leaders and representatives from other political parties, which held its opening meeting of the annual gathering on Monday.Some of CATL's licensing attempts abroad have encountered roadblocks. Ford last year announced plans to invest $3.5 billion to build an EV battery plant in Michigan with help from CATL's technology, but the deal has drawn the ire of some U.S. lawmakers.

Meanwhile, concerns about China's clout in the EV battery supply chain have extended to the country's rising status as a vehicle exporter. Exports have been a driving force for growth for automakers in China as demand at home weakens.

The European Commission last year launched a probe into China's EV subsidies.

When asked about European concerns over Chinese overcapacity, Zeng said Europe does not have enough "higher-quality" products yet.

The EU probe does not worry Zeng, who said the EV industry has received "regular support from the government" as China pursues its carbon neutrality goals.

While the European market has seen a slight slowdown, with electric vehicle batteries considered too expensive, more battery plant investments there will enable further growth, Zeng said.

He believes Germany will "catch up very quickly" in electrification and could be asking China for more EVs in a few years.

Earlier this month, the United States opened an investigation into whether Chinese vehicle imports pose national security risks and said it could impose restrictions on "connected" car technology.

Zeng said such concerns were unnecessary and could be resolved through communication.

(Reporting by Sarah Wu; Additional reporting by Brenda Goh and Zhang Yan; Editing by Jacqueline Wong and Susan Fenton)

Hedge Fund Startups On the Rise With Giant Firms Under Scrutiny

Liza Tetley and Nishant Kumar
Mon, March 4, 2024 





(Bloomberg) -- At a Morgan Stanley conference in January at the Breakers luxury resort in Palm Beach, Joshua White was treated like a mini celebrity as his startup hedge fund piqued the interest of attendees.

The founder of London-based Regents Gate Capital, who’s striking out on his own after spending 15 years as portfolio manager at Balyasny Asset Management and Ken Griffin’s Citadel, said he got more than twice the number of requests for meetings at the event than he had time to accommodate all.

The 43-year-old trader’s boutique is among several sprouting across the fiercely competitive $3.5 trillion industry just as some of the multistrategy hedge funds come under scrutiny from clients for their high fees and lackluster gains. Evidence is now emerging that some investors are open to looking at alternatives to these long-dominant jumbo pod shops.

A survey of investors by Barclays Plc released last month found that interest in emerging managers is rising in 2024 after a two-year decline. Another by BNP Paribas SA showed over two-thirds of investors planning to allocate to hedge funds are expected to pursue new relationships rather than adding to existing ones. Almost a third of investors polled by Goldman Sachs Group Inc. deployed their money in at least one new launch last year.

Some of the startups that have successfully raised billions of dollars belong to high-profile traders who previously worked at some of the biggest hedge fund firms. They have mopped up capital from external investors, their former employers, other pod shops or a combination. Some are even spinning out funds they already ran at big money managers.

Millennium Management trader Diego Megia is soon expected to kick off his own operation with a $5 billion pool, with Millennium chipping in with $3 billion. Another alum Priya Kodeeswaran started trading on March 1 at his Katamaran Capital with money from Brummer & Partners AB. Citadel money managers Jonas Diedrich and Dave Sutton also raised close to $2 billion last year for their Ilex Capital Partners.

That is inspiring others like White, who started trading for his fundamental market neutral strategy at Regents Gate with internal money last October. He expects to launch with clients’ money in the second half of 2024.

“Seeing others succeed in raising significant capital gave me the confidence to launch a new fund,” he said in an interview.

There are more examples. Kamil Szynkarczuk, a top portfolio manager at LMR Partners, is being backed by the firm with $200 million. Others like Nat Dean, a partner and senior portfolio manager at London-based Capula Investment Management, are spinning out with the fund they are already running.

Fierce War

Multistrategy, multimanager hedge funds such as Citadel, Izzy Englander’s Millennium, Steve Cohen’s Point72 Asset Management and Balyasny typically deploy numerous teams of traders across strategies, attracting investors looking for steady gains.

To stay on top, they engage in a fierce war for talent, paying top dollar to poach star traders from each other. They even go after those who plan to start or run their own successful strategies, often trying to convince them to join the firms instead.

Read More: Hedge Funds at War for Top Traders Dangle $120 Million Payouts

The strategy has worked for some hedge funds but it has also meant high fees for clients. At a time returns are diminishing and 10-year US treasuries are yielding more than 4%, investors are starting to question the merit of staying with underperformers and locking their capital for years.

Clients received only 41 cents of every $1 made last year by multistrategy funds that passed on all their costs to investors via fees and other charges. There are also strict lock-ups — it could take as long as five years for investors to redeem fully from Millennium. When performance is good, few ask questions. But with the average multimanager only achieving a return marginally above the risk-free rate last year, scrutiny is building.

That’s making some investors take a closer look at their allocations.

Some respondents in the BNP Paribas survey questioned whether liquidity and fees justify the returns. Goldman’s report showed investor interest in the big pod shops peaked in 2023 and may now be waning. About 16% of those surveyed said they plan to allocate to multistrategy managers in 2024, down from 31% the year before. Meanwhile, more allocators said they plan to pull cash from the strategy this year than in 2023.

“Fees have gone higher and lock-ups have gone longer,” said James Medeiros, president at Investcorp-Tages, an alternative investment manager that oversees roughly $4 billion including seeding capital. “There is a higher level of scrutiny.”

Yet demand for a select few of the largest players remains strong, with many even closed to fresh cash. Startups like White’s still face a challenging capital raising environment. But the data shows green shoots are emerging even though new launches in 2023 lingered near record lows for the second straight year.

New launches rose last year in the Americas, the world’s biggest market, according to Goldman’s data. While volumes were lower, 2023 saw a record in average launch size. Startups worldwide raised an average of more than $300 million, 65% above the long-term trend and 14% more than the prior year. Goldman also pointed to higher survival rates among funds launched post-2018.

Some of the recent startups have also shown they can raise cash and generate the kind of returns investors desire.

Distressed and special situations fund Shiprock Capital Management, launched in January last year with $80 million, has seen its assets swell to over $300 million, spurred by 32% gains last year. Former Credit Suisse star trader Hamza Lemssouguer’s Arini Credit Master Fund made 32% last year, with firm-wide assets growing to $3.7 billion.

“We are at the tip of the spear in terms of a reverse migration,” Medeiros at Investcorp-Tages said, adding traders now have a choice.

One sign of that trend is Sean Gambino, who once produced an average annual return of 18.6% at his fund Heron Bay before moving to Eisler Capital in 2022 as fundraising got tough. In January, he reversed that decision and announced setting up Baypointe Partners, saying his approach doesn’t fit the tight risk limits of a multistrategy platform and he’s better off alone.

“Two years ago, our sole option was to migrate to a platform, but times have changed,” he said.

Most Read from Bloomberg Businessweek

INDIA OCCUPIED KASHMIR
India sees $4.95 billion investment for natural gas network in Kashmir, northeast

KASHMIR IS INDIA'S GAZA

Mon, March 4, 2024 
By Nidhi Verma

NEW DELHI (Reuters) - India expects investment of about 410 billion rupees ($4.95 billion) from companies to build natural gas pipeline infrastructure in its northeastern states and northern federal territories of Kashmir and Ladakh, a minister said on Monday.

India, one of the world's biggest emitters of greenhouse gases, is seeking to boost the use of cleaner fuel to cut its carbon emissions and has set a 2070 goal for net zero carbon emissions.

Prime Minister Narendra Modi is targeting raising the share of natural gas in India's energy mix to 15% by 2030 from the current 6.2%. Natural gas, while still a fossil fuel, emits less CO2 than coal.

"The envisaged natural gas infrastructure development in north-east states would also lead to better utilisation of domestic gas being produced locally in the region," Oil Minister Hardeep Singh Puri told reporters.

India invited bids in October for licences to supply natural gas to small industries, automobiles and households in five northeastern states - Nagaland, Manipur, Meghalya, Sikkim, and Arunachal Pradesh - and the northern union territories of Kashmir and Ladakh. Oil Minister Puri on Monday awarded licences to winners.

City gas distribution (CGD) network will cover the entire northeastern region by end of 2025, said Anil K Jain, chairman of the Petroleum and Natural Gas Regulatory Board(PNGRB) told a news conference.

State-run Bharat Petroleum Corp and Hindustan Petroleum Corp have a licence to set up a CGD network in one northeastern state each. Northeast-focused explorer Oil India also won a licence for setting up a CGD in two areas in separate tie ups with Bharat Petroleum and Hindustan Petroleum.

Jain said building of pipeline network will also help in monetising surplus gas from the blocks operated by Oil India and Oil and Natural Gas Corp in the northeastern states.

($1 = 82.8690 Indian rupees)

(Reporting by Nidhi Verma; Writing by Shivam Patel; editing by David Evans)

Two arms are better than one for robot dressers, says researcher

Aine Fox, PA Social Affairs Correspondent
Mon, 4 March 2024



A two-armed robot to help someone get dressed could make the process more comfortable for the person receiving care and free up time for stretched staff, a researcher has said.

Dr Jihong Zhu, a robotics researcher at the University of York’s Institute for Safe Autonomy, has been testing a two-armed assistive dressing scheme, which he said has not been attempted in previous research.

It is suggested the approach could be more effective and comfortable than the current one-armed machines designed to help an elderly person or a person with a disability get dressed.

Dr Zhu said: “We know that practical tasks, such as getting dressed, can be done by a robot, freeing up a care worker to concentrate more on providing companionship and observing the general wellbeing of the individual in their care.

“It has been tested in the laboratory, but for this to work outside of the lab we really needed to understand how care workers did this task in real-time.”

His team used a method called learning from demonstration, meaning a human could demonstrate the movement and the robot would learn that action, as opposed to an expert being needed to programme it.

He said: “It was clear that for care workers two arms were needed to properly attend to the needs of individuals with different abilities.

“One hand holds the individual’s hand to guide them comfortably through the arm of a shirt, for example, whilst at the same time the other hand moves the garment up and around or over.

“With the current one-armed machine scheme a patient is required to do too much work in order for a robot to assist them, moving their arm up in the air or bending it in ways that they might not be able to do.”

Care England, representing social care providers across the country, said robotics can have a role in the sector but cannot replace “relationship-based care”.

Chief executive Professor Martin Green said: “With significant staff shortages in the care sector there will be increasing emphasis on finding new and innovative ways of supporting people.

“Robotics will have their place, but it must be the choice of the individual as to whether or not they want some of their care to be undertaken by robots.

“We must also acknowledge that robots can never replace relationship-based care which relies on people-to-people contact and connection.”

Caroline Abrahams, charity director at Age UK, welcomed scientific research into robotics and other technologies to support people who need help, but said that while future innovations might work alongside or even replace some of the work of human beings “we are clearly a long way from that right now”.

She said: “It’s not just that the technology needs to develop further, it’s also that it has to be manufactured in a way that keeps down the cost.

“Given that social care is, however unfairly, a low wage occupation, it’s hard to see the economics working out to allow the wholesale expansion of technology within the next few years, even if it proves possible to develop it to the degree of sophistication required.

“Some policymakers have opined that robotics are set to solve the social care workforce crisis but if so, it’s unlikely to happen any time soon.

“Today’s care workers therefore don’t need to worry about robots replacing them and, in any event, the kindness and human touch they offer is really precious and highly valued by many people who benefit from good personal care.”

Dr Zhu said the next step in their research will be to test the robot’s safety limitations such as ensuring it can be stopped or changed mid-action “and whether it will be accepted by those who need it most”.

He added: “Trust is a significant part of this process.”

Researchers said their work was in collaboration with researchers from Delft University of Technology in the Netherlands and was funded by the Honda Research Institute Europe.

 Humanoids at Amazon Provide Glimpse of Automated Workplace

 Mar 4, 2024

Employees at an Amazon.com Inc. warehouse near Seattle recently witnessed a glimpse of the future of work—a 5-foot-9-inch robot named Digit.

Developed by Agility Robotics Inc., Digit is designed for a specific task: picking up empty yellow bins from a shelf and transporting them to a conveyor.

Although still in the testing phase, Digit represents a significant technological advancement and places Agility Robotics at the forefront of efforts to create robots that can collaborate with human workers.

Agility Robotics, based in Tangent, Oregon, has practical goals, aiming to produce 10,000 robots annually for deployment in warehouses and storerooms worldwide, Bloomberg reported.

 

Amazon Unveils Humanoid Robot 'Digit' At Warehouse: A Glimpse Into Automated Workspaces

Benzinga News


Amazon.com Inc (NASDAQ:AMZN) has introduced a humanoid robot, ‘Digit,’ at a warehouse near Seattle, offering a glimpse into the potential future of work.

What Happened: The 5-foot-9-inch robot, developed by Agility Robotics Inc., is designed to perform a repetitive task of moving empty yellow bins from a shelf to a conveyor, reported Bloomberg on Sunday.

Although Digit is still in the testing phase, it represents a significant technological advancement. Agility Robotics, based in Tangent, Oregon, aims to produce 10,000 robots annually and deploy them in warehouses and storerooms worldwide.

The technology that powers Digit, including affordable and powerful motors and batteries, computer vision, and artificial intelligence, has led to a surge in investment in humanoid robots. Startups in this emerging field have collectively raised approximately $1.6 billion in venture capital over the past five years.

See Also: Elon Musk Sues Sam Altman And OpenAI For ‘Refining AGI’ To Maximize Profits For Microsoft: ‘Stark Betrayal Of Founding Agreement’

Agility’s humanoid robots, already in testing, have attracted attention from industry giants. In 2022, Amazon invested in the startup, which has raised $180 million to date. Amazon’s interest in robotics dates back to its acquisition of Kiva Systems Inc., a pioneer in the logistics industry, in 2012.

Why It Matters: The introduction of humanoid robots in the workplace is a significant development in the ongoing debate about the impact of automation on jobs. A recent MIT study suggested that the rate of transformation due to AI might be slower than expected, as it is still not economically feasible for companies to replace employees with AI systems. However, the rise of humanoid robots in the workplace could potentially challenge this notion.

Furthermore, the introduction of humanoid robots in the workplace is not unique to Amazon. China has also unveiled plans to mass-produce humanoid robots by 2025, with the aim of reshaping the world. This trend suggests that the use of humanoid robots in the workplace is not just a technological advancement but also a potential shift in the global labor market.

As the use of AI and robotics in the workplace continues to grow, it raises questions about the future of work and the potential impact on employment. This trend is also evident in other industries, such as the fast-food industry’s adoption of AI to address staffing shortages.