Barrick Gold: Q1 Earnings Snapshot
The Toronto-based company said it had profit of 27 cents per share. Earnings, adjusted for non-recurring costs, came to 35 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.
The gold and copper mining company posted revenue of $3.13 billion in the period.
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CMA CGM container vessel becomes largest under U.S. flag
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Yahoo
27 minutes ago
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Tea-loving Nepal is warming up to coffee
KATHMANDU, Nepal (AP) — Coffee hasn't always been an easy sell in Nepal. The Himalayan country is a major tea producer, as well as a major consumer. When people greet each other in the morning, they don't ask 'how are you.' They say 'have you had your tea?' Tea — usually served with as a sweet, milky beverage in a piping hot glass tumbler — is as much a part of Nepal's culture as rice, a constant presence at homes, meetings and social gatherings. But a growing number of Nepalis are warming up to coffee, as trendy cafes spring up street corners in cities and towns across the country. Nepalis started trying coffee in the 90s One cafe in the capital, Kathmandu, is widely seen as the pioneer. Gagan Pradhan began Himalayan Java as a single cafe in an alley, and it's grown to a chain with 84 locations the country. Pradhan estimates there around 7,000 cafes across the country, although so far international brands like Starbucks aren't in Nepal. 'There are lot of tea shops throughout the nation, but the kind of set up they have is still kind of old fashioned,' Pradhan said. 'I think with investors and people like us, when it comes to coffee shop we are more serious not only with machines, we are serious with everything like the lighting, the set up, the furnishings, the location.' Pradhan said tea shops usually offer just black tea or tea with milk, whereas a typical coffee menu has 10-15 hot beverages and about 10-15 cold beverages, he said. Pradhan said it's an appealing business because the initial investment to open a cafe is very low, they're clean and simple enough for a single to family to run, and customers are willing to pay more for coffee. Several of eastern Nepal's tea plantations in the mountains of east Nepal, famous for the tea, are joined by coffee plantations now. Coffee is expensive, but it's a lifestyle Nepal is part of a regional trend. Coffee consumption has soared across traditionally tea-drinking countries in Asia as members of growing middle classes seek out novel flavors and adopt international trends. Coffee is a premium drink in Nepal: it costs about $2 at Himalayan Java, which is enough to buy a meal at a local cafe in Kathmandu, or five cups of tea. Still, cafes bustle with officers workers on breaks and students looking for places to study. 'I think the idea of drinking coffee (in Nepal) was first triggered with people thinking it would elevate their standard of living, but then once they tasted coffee many people just liked it and continued to drink it,' said Deep Singh Bandari, a social worker who is a regular visitor to the coffee cafes. Nepal is starting to produce coffee too Most of the coffee drunk in Nepal is imported, but in the country's famous eastern tea-growing regions coffee plantations are springing up. According to Nepal's National Tea and Coffee Development Board, about 400 tons of coffee was produced in fiscal year 2021-22, the most recent for which data is available. That's a drop in the percolator compared to the 26,000 tons of tea produced the same year, but the board predicts rapid growth. 'Both young and old people in Nepal just love coffee, and the number of coffee drinkers is growing every day. This trend is just going to grow,' said Pradhan. Binaj Gurubacharya, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TechCrunch
28 minutes ago
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Amid increased momentum for defense, the NATO Innovation Fund refreshes its investment team
Two years after securing $1 billion in commitments from over 20 countries, the NATO Innovation Fund (NIF) is entering a new chapter, marked by the arrival of two new partners and the departure of its penultimate founding team partner. In a context of increased military spending across NATO members, investment in dual-use technology has skyrocketed since the initiative was first announced in 2021. Once a no-go-zone for institutional investors, defense and resilience tech last reached an all-time high of 10% of all VC funding in Europe, where nearly all NIF's backers are located. This booming interest should have given NIF a first-mover advantage, but the fund was hampered by management challenges and a series of high-profile departures. After the 2025 NATO Summit in The Hague reaffirmed its importance last June, NIF is now emerging with an almost entirely new investment team. It is composed of three partners. While NIF originally had four partners and one managing partner, a person familiar with NIF said that this flat, three-partner model will be the structure in place for the foreseeable future, suggesting that no new hires are to be expected. These two appointments had previously been rumored, but the identities of the new partners had not been confirmed. Two of the partners are new hires: Ulrich Quay and Sander Verbrugge, who will be based in Amsterdam. Quay, a German national, was most recently in charge of corporate investments as a vice president at BMW, where he previously founded and led corporate venture fund BMW i Ventures. Verbrugge, a Dutch PhD in molecular biophysics, was previously a partner at deep tech VC fund Innovation Industries, which he joined after working at semiconductor design and manufacturing company NXP. The third partner is London-based VC Patrick Schneider-Sikorsky, now the last remaining member of the original investment team. 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Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW Still, adding new partners with industrial and scientific backgrounds, no matter how impressive, may not satisfy those who wish that the fund could invest in Ukraine or pure defense, as opposed to dual use, in response to Russia's war economy. But it is also in line with NIF's broader thesis to 'empower deep tech founders to address challenges in defence, security, and resilience.' However, NIF has also ramped up its efforts on the defense side. Its team was heavily involved in the development of NATO's Rapid Adoption Action Plan, aimed at accelerating the adoption and integration of new technological products for defense. NIF has also been building up its Mission Platform Group with strategic hires including John Ridge, who was hired as chief adoption officer in 2024 to help portfolio startups navigate military procurement. As for its new partners, they were once again hired through a process previously described by VC Michael Jackson as akin to 'building a boy band' — identified by NIF's board of directors and approved by LPs, rather than having teamed up based on shared history or chemistry. This may be inevitable for an organization that now counts 24 countries as limited partners, but was often pointed as one reason the previous team didn't gel. This time, all three partners got to meet throughout the recruitment process and spend time together since then to 'ensure a smooth transition and to position the team for long term success,' Kontesi said. In a statement shared exclusively with TechCrunch, NIF's vice chair, professor Fiona Murray, compared the organization to a startup. 'We are proud of what we accomplished but like any effective team we are learning, experimenting, improving: speeding up our processes, expanding our platform support for startups, doubling down on ecosystem building and more broadly recognizing the need to build the sector and the capital stack.' Murray expressed pride in having brought together a qualified team that can collaborate effectively, creatively and quickly. 'They will enable us to move even more rapidly and decisively to drive the Alliance's technological agenda and support the best founders across European ecosystems,' she previously wrote in a joint statement with NIF's chair, Klaus Hommels. Hommels' other activities as an investor have prompted questions about possible conflicts of interest, but no change appears to have been made to his role during NIF's recent LP meeting in Venice. Rather than dwelling further on its reorganization, NIF seems set on helping NATO become more resilient. 'In this next phase,' NIF's vice chair said, 'you'll see us refocus on DSR opportunities and emphasize building companies that can drive industrial scale and really support ecosystems across Europe.'
