ISS Recommends Akio Toyoda's Reappointment After Prior Concerns Over Governance
A firm that advises large investors backed the reappointment of Chairman Akio Toyoda to Toyota Motor Corp. 's board, reversing its position from a year ago.
'There are no particular concerns about the nominee,' Institutional Shareholder Services Inc. said in a report Thursday. The world's No. 1 carmaker will hold its annual meeting June 12.
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Forbes
35 minutes ago
- Forbes
Circle Soars In First-Ever Stablecoin IPO, Making CEO A Billionaire
Jeremy Allaire, CEO of Circle, at the Token2049 conference in Singapore in Sept. 2024. Photographer: Suhaimi Abdullah/Bloomberg Circle, the company behind the $61 billion stablecoin USDC, made a roaring debut on the New York Stock Exchange Thursday, becoming the first stablecoin issuer to go public and making CEO and cofounder Jeremy Allaire a billionaire. Shares surged as much as 235% after Circle and some of its shareholders raised nearly $1.1 billion in an initial public offering that was upsized twice amid heavy investor demand. The stock opened at $69.50, more than double its IPO price of $31, and climbed as high as $103.75. The offering included 34 million shares from Circle and other shareholders including Allaire, up from the 32 million shares announced earlier this week and 24 million initially. The IPO was priced well above its initial $24–$26 range and even its revised $27–$28. Based on Circle's 2 P.M. stock price of $86, Forbes figures Allaire has a net worth of at least $1.7 billion. BlackRock, already an investor, and Cathie Wood's ARK Investment Management, were among the reported buyers. The deal was led by JPMorgan Chase, Citigroup and Goldman Sachs, alongside 12 other underwriters. 'We're thrilled with the demand,' Circle CFO Jeremy Fox-Geen told Forbes. 'We saw a wide range of investor interest from traditional mutual fund complexes through to high-conviction, long-oriented pools of private capital within the broader hedge fund space, as well as various sovereign wealth funds. I think it says that the investor community is understanding that we are on the precipice of what we here call the new internet financial system.' Circle's listing arguably marks crypto's most significant public market event since Coinbase's 2021 IPO. The New York-based firm is a pure-play stablecoin business: USDC is the world's second-largest stablecoin, making up 27% of the market behind Tether's 67%. While originally used for crypto trading, stablecoins are increasingly drawing attention from financial giants and tech firms—among them Fidelity Investments, Bank of America and Meta—as rails for payments and cross-border transactions. Since launching USDC in 2018, Circle has processed over $25 trillion in transaction volume, nearly $6 trillion of which occurred in just the first quarter of 2025. The company has long positioned itself as the regulated, transparent alternative to Tether, publishing detailed reserve disclosures. In 2024, Circle reported $1.68 billion in revenue and $156 million in net income, up from $1.45 billion in revenue and $268 million in profit the year prior. But its business remains highly concentrated: More than 99% of revenue came from interest income on the cash and Treasurys backing USDC. In its S-1 filing, Circle warned that a 1% drop in interest rates could wipe out $441 million of that revenue. Fox-Geen says diversification is underway: 'We have a set of product investments which we have started monetizing recently, which range from subscription and services revenues, such as our blockchain network partnerships, through to transaction revenues, where we monetize certain of the flows across the network where users of the network wish to use a value added service which they're willing to pay for.' Those initiatives generated $20.7 million in Q1. Modest for now, but growing quickly, he noted. The company's distribution model, however, remains costly. In 2024, Circle paid over $1 billion in distribution fees—$900 million of it to Coinbase. Tether, by contrast, doesn't pay distributors to maintain dominance. The road to public markets was not a straight one. Circle scrapped a $9 billion SPAC merger in late 2022. In 2023, the company was hit by the collapse of Silicon Valley Bank, where it had deposited a portion of its reserves. Though Circle ultimately recovered the funds, USDC's market capitalization took months to rebound. In April, Circle reportedly fielded acquisition offers from both Coinbase and Ripple valuing the company at around $5 billion. It opted instead to go public, filing confidentially for an IPO early this year. It's likely a bet that regulatory clarity will finally be arriving, and with it, a premium for compliance. 'Becoming public has always been part of our strategy,' said Fox-Geen. 'This is a multi decade transformation of the plumbing of the financial services industry, but that understates just how profound a technology upgrade this really is.'
Motor Trend
36 minutes ago
- Motor Trend
2025 Jaguar F-PACE Review: Expert Insights, Pricing, and Trims
If you've ever been attracted to the F-Pace's curves and snarling exhaust note, act now because it's not clear how much longer the model will remain in the lineup. As Jaguar shifts even further upmarket and makes the leap to an all-electric product strategy, this is likely the final model year of the F-Pace. The 2025 Jaguar F-Pace challenges rivals such as the BMW X3, Genesis GV70, and Mercedes-Benz GLC-Class. What's New On the cusp of discontinuation, the Jaguar F-Pace enters 2025 with a few updates. The Driver Intelligence package receives a 360-degree camera and an automated parking assist system The F-Pace SVR receives a new P575 badge and an output bump to 567 hp, an increase of 25 hp over the prior model year What We Think As Jaguar's rebranding continues, the F-Pace lingers as the automaker's only model for 2025. The compact luxury SUV, which was originally introduced for 2017 and was most recently refreshed for 2021, is showing its age. The exterior styling and cabin layout remain attractive, but we'd be hoping for a total redesign for 2026 if Jaguar hadn't already confirmed the F-Pace's discontinuation. There are plenty of reasons why you might want to snap up an F-Pace before it's gone. The available turbocharged and electric supercharged inline-six makes use of mild hybrid assistance. Not only does this P400 version of the F-Pace sound sweet and deliver power smoothly, it has sharp steering and nimble handling. Braking feel and off-road capability are other positive attributes. Stepping up to the SVR model swaps the I-6 for a supercharged V-8 with a delectable engine note and outrageous power output. The six- and eight-cylinder F-Paces deliver a great driving experience, but we recommend forgoing the forgettable base engine. Inside the SUV, the infotainment system isn't as user friendly as the touchscreens found in the competition. Pricing is another issue; Jaguar charges a pretty penny for the privilege of driving its only model. Ultimately, the cost is worth it if you're able to spring for the I-6 and V-8 variants—the F-Pace remains an attractive and fun-to-drive alternative. Performance and MPGs The 2025 Jaguar F-Pace carries over with the same trio of powertrains as 2024, although the range-topping SVR model gets a power bump as a farewell present for the compact luxury SUV. All models continue to receive a standard eight-speed automatic transmission and AWD. The base F-Pace P250 comes equipped with a 2.0-liter turbo-four developing 247 hp and 269 lb-ft of torque. Acceleration from 0-60 mph requires 6.9 seconds, which is somewhat sluggish for the segment. The EPA rates the 2025 F-Pace P250 at 22/27 mpg city/highway. The mild-hybrid F-Pace P400 uses a turbocharged and electrically supercharged 3.0-liter inline-six engine developing 395 hp and 406 lb-ft of torque. 0-60 mph falls to 5.9 seconds, which is much more acceptable for a vehicle in the F-Pace's competitive class. Fuel economy is pegged at 19/25 mpg. At the top of the trim walk is the F-Pace SVR P575, which develops 567 hp for the 2025 model year. That's an increase of 25 hp over the 2024 F-Pace SVR. Torque remains the same at 516 lb-ft. Jaguar claims the updated SVR model can sprint from 0-60 mph in 3.8 seconds. That acceleration comes courtesy of a 5.0-liter supercharged V-8 engine, so its thirstiness is reflected in the EPA's rating of 15/21 mpg. 2025 F-Pace SVR 575 Edition In addition to its 5.0-liter supercharged V-8 engine, the F-Pace SVR 575 Edition receives other upgrades to reinforce its status as one of Jaguar's Special Vehicle Racing models. Model-specific features include bigger brakes, an active electronic differential, torque vectoring by braking, adaptive suspension damping, sticky low-profile summer tires, and selectable drive modes. These are just the type of enhancements drivers expect from a super SUV capable of attaining a 178-mph top speed. Supercharged V-8 engines are on the verge of extinction, so this last-chance version of the F-Pace is also a rare opportunity to drive a rapid SUV like this. Safety Features Jaguar outfits every 2025 F-Pace with the same basic advanced safety features including: Automatic emergency braking Blind-spot assistance Driver condition monitoring Lane keeping assistance Front and rear parking sensors Rear traffic monitoring Traffic sign assistance Jaguar also makes adaptive cruise standard across the entire F-Pace lineup. SVR models get a standard 360-degree camera. Cargo Space and Interior Room The 2025 Jaguar F-Pace is on the larger side of the compact luxury SUV class. Second-row legroom is ample for adults and flipping down the rear seats opens up plentiful storage space. Technology Every 2025 Jaguar F-Pace receives a standard 11.4-inch infotainment display with wireless Apple CarPlay and Android Auto, a 12.3-inch digital instrument cluster, wireless charging, and a 12-speaker premium sound from Meridian. Jaguar offers other available tech such as a Wi-Fi hot spot and a head-up display. Value Recommended Trim Jaguar continues to offer the 2025 F-Pace in R-Dynamic S P250, R-Dynamic S P400, and SVR P575 variants. And although we'd love to have a 567-hp SVR 575 Edition F-Pace in our driveway, the F-Pace R-Dynamic S P400 is the one that makes more financial sense. Balancing strong acceleration and engaging handling with sensible fuel economy, the inline-six version of the F-Pace starts just under $70,000. If any version of the F-Pace appeals to you, however, head to a dealership now. As Jaguar rebrands, the F-Pace is getting discontinued after the 2025 model year. Other Compact Luxury SUVs: Genesis GV70 BMW X3 Volvo XC60 Mercedes-Benz GLC-Class
Motor Trend
36 minutes ago
- Motor Trend
Reliving "Googie" Nights In a 1958 Edsel Ranger
[This story first appeared in the premier issue of MotorTrend Classic in 2005] Elvis still weighted under 200 pounds. "The Bridge on the River Kwai" was on its way to becoming the year's top-grossing film, without a single Major Warden or Colonel Nicholson Happy Meal action figurine having been sold. Running around naked in the backyard carried a new risk-Sputnik might be peeking. And the Ford Motor Company, apparently jealous of all the press the Hindenburg had received, was finally selling its all-new Edsel, a car that for two years it had hyped so breathlessly ('More YOU Ideas!'), the public no doubt expected a flying carpet that ran on plutonium. No American city in 1958 was a more fitting backdrop for a gleaming new example of four-wheeled, Fabulous-O-Rama technology than Los Angeles. The goofy, Tomorrowland optimism of Walt Disney's nearby theme park had spilled right over the monorail and onto the sprawling, auto-worshipping streets of L.A. itself. Want a quick breakfast? Just drive to the store shaped like a giant donut Hoping to start your singing career? Head to the office building resembling a stack of records. Wife needs a new bra? Better find something that looks like a big Bloomingdale's. The rocket-age City of Angels was having a blast, and no savvy business owner could resist taking a big, living-color bite of kitsch. Drive-through carwashes looked like flying saucers, gas stations became space stations, the average roadside motel blazed with more tiki torches than the entire island of Tahiti-even coffee shops caught the fever. Soon after pioneering architect John Lautner designed a flamboyant, glass-walled, neon-splashed diner called Googies, its roof angling toward the stars from the pop-culture epicenter of L.A. on the Sunset Strip, seemingly every budget eatery in town and across America-was launching meteors from its signs and slapping rocket fins onto its deep fryers. 'Googie' architecture was born. Very soon, of course, the whiz-bang Edsel went the way of, well, the Edsel. Gushed an ad in 1958: "The Edsel look is here to stay!" -which was true only if you counted very, very slowly. Just one year after the car's debut, Ford revised the dramatic "horse collar" grille, largely because most people thought it looked if you want us to say what it resembles out loud you'll have to pick up a copy of Motor Trend Hefner. By 1960, Ford had shrunk the pseudo-collar thing into oblivion. Then, just three years after its Geraldo Rivera-grade entrance, the Edsel itself disappeared. Within the next decade, Googie followed. The Kennedy assassinations, Vietnam, Susan Sontag novels-America wasn't in such a good mood any more. Across the country, the meteors cratered, the tiki torches flamed out. Undoubtedly due to its iconic status, the original Googies coffee shop managed to survive until 1989, when it was finally bulldozed to make room for a very important Virgin Megastore. By then, though, the Googie life was long dead. Of course, nobody loves a great second act more than Hollywood. For the fan of Fifties culture, Los Angeles is one of the country's prime public time machines. Thanks to the work of vocal preservationists-and the fact that L.A. remains a leading purveyor of quirkiness-devotees can still find plenty of midcentury lore here: famous 1950s landmarks, period houses, kitsch classics, globules of Googie. We dusted off a 1958 two-door Ford Edsel Ranger from the Motor Trend vehicle humidor (okay, we rented it from a company that supplies cars to movie studios) and hit the streets in search of that heady, spacey land that restraint forgot. Kids didn't walk to school in the 1950s because America was a safer place. They walked because damned if Mom was going to wrestle with two tons of Atomic Age steel lacking both power brakes and power steering any more than was absolutely necessary. Our Edsel has neither (they were options on the entry-level Ranger), so performing three-point turns amid the palm trees of Beverly Hills is like trying to drag a five-year-old out of a showing of 'Madagascar.' After a workout like this, you need a hot dog. That's right: Just look for the gigantic tube steak. Tail O' the Pup is to L.A. what the Eiffel Tower is to Paris, and not just because both are full of weenies. Built just after World War II, the Pup is quintessential kitsch and a true Los Angeles landmark-which accounts for its presence in countless movies (among them, "L.A. Story" and "Body Double"). Orson Welles loved to fill up on the Pup's dogs, yet that hasn't scared the customers away. Order a Baseball Special (mustard, relish, onions), then get back in line and order another. In our first Edsel Ranger road test in October 1957, we measured a 0-to-60-mph time of 10.2 seconds. That feels about right-a modern V-6 Camry would blow the 361-cubic-inch V-8 Edsel into the weeds. The old girl bolts smartly away from stoplights, though, thanks in part to 400 pound-feet of torque. Our Ranger also has the optional Tele-touch automatic transmission, which allows the selection of drive, reverse, etc., via pushbuttons on the steering-wheel hub. Very George Jetson especially considering that it was nearly half a century before Michael Schumacher finally got rid of his shift lever. Another Edsel innovation is its horizontal, "rolling dome" speedometer, which looks like a giant compass ("Come right to a heading of 45 miles per hour, Arthur"). Believe it or not, there's actually some debate as to whether the Capitol Records building was intentionally designed to look like a stack of records. Why sure, and it's pure coincidence that a guy looking very much like Abraham Lincoln ended up inside the Lincoln Memorial. Anyway, Capitol's 13-story headquarters, built in 1954 and just north of the famed intersection of Hollywood and Vine, lays claim to being the world's first circular office building. Don't be surprised if the company's next HQ accidentally gets shaped like an iPod. "She looks just like Lana Turner." "She is Lana Turner." "What?" "She is Lana Turner."" In 1997, director Curtis Hanson shot one of the most memorable scenes of his brilliant 1950s film-noir homage "L.A. Confidential" in the Formosa Café. Built in 1925, by the 1950s the Formosa had become an A List celebrity hangout-as the countless star headshots on the walls attest. The real Lana Turner and her gangster boyfriend Johnny Stompanato were indeed Formosa regulars-at least until the star's teenage daughter had a hissy fit and stabbed Stompanato to death at their home in 1958. Drop into the Formosa for a drink today, and there's a good chance you'll spot a modern-day celeb-no surprise, given that right across the street is the former Goldwyn Studio (now known as The Lot), filming site for such 1950s classics as "Some Like It Hot" and "West Side Story." You're hungry again. Barney's Beanery, a funky, memorabilia-filled bar and billiard parlor with a menu as thick as a newspaper, has been in its current location since 1927Ðwhen John "Barney" Anthony served beans to drivers passing via old Route 66 (many of them, arriving in California to start new lives, nailed their old license plates to the wall, where they remain today). By the Fifties, Barney's had become a beatnik hangout. Among them were James Dean and a still unknown Janis Joplin. Some of the patrons at the bar look like they've been there since then, too. Though it wasn't built until 1965, Jack Colker's Union 76 station in Beverly Hills is one of SoCal's finest existing examples of 1950s-style space-age architecture. The Edsel seems to belong under the station's sweeping canopy roof-at least until that price sign comes into view: $3.11 for a gallon of premium? Surely an extra digit got tacked on there by mistake. What, no free road map? Don't you know what time-space continuum we're from? It's been a long day of sightseeing and dodging annoying sightseers. The old Edsel has been a peach, though, always starting right up, complex electro-shift transmission working fine, never overheating when idling in the sun. It seems unfair that a car this basically solid and likable has become a synonym for ' But, hey, the Edsel sure does look swell pulling up under the winking neon of Norm's Coffee Shop on La Cienega. Designed in 1957 by John Lautner contemporaries Louis Armet and Eldon Davis, Norm's is a bona-fide Googie masterpiece: soaring, jet-wing roof; aquarium-like walls of glass; enough combined candlepower to illuminate the Super Bowl. The hipsters come here now for late-night coffee and pancakes. 'After-bar food' they call it. In the 1950s, it would've been 'Hangover-O-Matic.' What Really Killed Edsel? Forget the styling, the Eisenhower recession, the poor initial quality, and the untried dealer network: Edsel was dead before the first car was even sold. Edsel was key to an ambitious Ford plan to tackle GM's Buick, Oldsmobile, and Pontiac. The idea was to build three basic bodies small, medium, and large and spread the costs across five divisions: Ford, Edsel, Mercury, Lincoln, and Continental. The Fords and entry-level Edsels would share the small body; the upscale Edsels and standard Mercurys would share the medium body; and a new "super" Mercury would be built off the next-generation Lincoln body. The wheels began to fall off in 1956 when chief engineer Earle MacPherson ordered the 1958 Lincoln be switched to a unibody design to boost volume at the Wixom plant built to manufacture the unibody 1958 Thunderbird, effectively killing the "super" Mercury. Then, the day after the Edsel went on sale in 1957, Ford division chief Robert McNamara, who resented the power of the product planners responsible for the Edsel, was made a group vice-president. Sources insist that McNamara had let slip that the Edsel would be discontinued, and sure enough he began hacking away at the slow-selling Edsel's budget. Within months, he had reduced its future product plans to a different grille for 1960 Fords. In his book, °Disaster in Dearborn,° Thomas E. Bonsall blames the Edsel's demise on the byzantine politics played by warring management factions: "If Ford Motor Company management wasn't willing to invest several years of effort in the Edsel, they didn't deserve to "succeed."
