BNP Agrees to SRT Deal With PGGM Tied to $2 Billion of Loans
BNP Paribas SA is offloading some of the credit risk it has from a $2 billion portfolio of loans, shifting the exposure to Dutch pension fund manager PGGM, according to a statement from the two firms provided to Bloomberg News.
A substantial part of the reference portfolio is linked to renewable energy projects in Europe, North America, and Asia that help reduce reliance on fossil fuels.
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TechCrunch
17 minutes ago
- TechCrunch
Jony Ive's LoveFrom helped design Rivian's first electric bike
Lovefrom, the creative firm founded by former Apple chief designer Jony Ive, played a role in the development of Rivian's first electric bike, according to multiple sources who spoke to TechCrunch. For about 18 months, a handful of LoveFrom staff worked alongside Rivian's design team and engineers within a skunkworks program led by Specialized's former chief product and technology officer Chris Yu. LoveFrom's work on the micromobility project ended in fall 2024, according to the sources. LoveFrom and Rivian declined to comment. Rivian's skunkworks program, which eventually grew to a team of about 70 people hailing from Apple, Google, Specialized, Tesla, REI Co-Op, spun out earlier this year with a new name and $105 million in funding from Eclipse Ventures. The micromobility startup, called Also, has yet to show off its first vehicle designs. In interviews with TechCrunch, Rivian founder and CEO RJ Scaringe (who is on Also's board) and Yu were cagey about what the new company's first vehicle would look like. 'There's a seat, and there's two wheels, there's a screen, and there's a few computers and a battery,' Scaringe said in March. He has also said it will be 'bike-like,' a description confirmed by sources. But both Scaringe and Yu spoke of a much bigger vision for Also, one where it could theoretically tackle almost any imaginable micromobility form factor. The new company is supposed to reveal its first designs at an event later this year. An Also spokesperson declined to comment about its bike or any connection to LoveFrom. Techcrunch event Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW When the electric 'bike' is revealed, it's possible that Ive's fingerprints will be all over it. Ive is best-known for being the design force behind the iPhone and myriad other Apple products, and most recently, his work with Sam Altman and OpenAI. But his collaboration with Rivian is not his first foray into the transportation industry. The parent company of Ferrari announced in 2021 that Ive's firm would help develop the Italian supercar manufacturer's next-generation vehicles. Ive was also involved with Apple's secretive car project. He was reportedly one of the main proponents for centering Apple's long-running car project around autonomy, whereas other people inside the company pushed for a more traditional electric car. Apple abandoned that project early last year. Sources told TechCrunch that Ive's LoveFrom has acted as a consultant for Rivian in the past, including on the company's redesigned infotainment system and retail, among other areas, according to two former employees with knowledge of the relationship. But its involvement in what would become Also was a more structured and dedicated effort, another source familiar with the relationship said. The skunkworks program began taking shape in early 2022 with a directive to explore whether Rivian's EV technology could be condensed down into something smaller and more affordable than its electric vans, trucks, and SUVs. Initially, the small team worked with Rivian designers to develop a product that could scale to different types of vehicles. A key design challenge was how to make the bike-like product modular while still maintaining the elevated aesthetics Rivian has become known for. By the time LoveFrom got involved in the project in early 2023, a lot of work had been completed, according to sources who said they helped refine the prototypes. The relationship was described as a 'pretty tight' collaboration between the skunkworks team, LoveFrom's staff, and the industrial designers based out of Rivian's headquarters in Irvine. This group looked at everything including the user interface and UX for the bike. The industrial design team at LoveFrom, which has a lot of experience with thoughtful and clever packaging, was particularly involved, according to one source, who noted the team brought an interdisciplinary and international perspective to the project.
Bloomberg
19 minutes ago
- Bloomberg
'Cooler Heads Will Prevail' in Trump, Musk Fight Says Fmr. Gov. Sununu
Former New Hampshire Governor Chris Sununu weighs in on the fight between Elon Musk and President Donald Trump and why he believes Musk is right about the looming economic impact of the 'Big Beautiful Bill' (Source: Bloomberg)
CBS News
24 minutes ago
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Midea recalls 1.7 million air conditioners over potential mold risk
Midea is recalling 1.7 million air conditioning units because a drainage problem could expose consumers to mold. Water can pool in the appliance maker's U Window Air Conditioner and U+ Window Air Conditioner units, possibly leading to mold growth, Midea said in a recall notice posted by the Consumer Product Safety Commission (CPSC). Mold can cause respiratory issues and other infections. The CPSC has received at least 152 reports from consumers of mold buildup in the Midea AC units, according to the alert. Of those, there have been 17 reports of users experiencing respiratory infections, allergic reactions, coughing and sneezing, or sore throats as a result of mold exposure. Along with the units sold in the U.S., nearly 46,000 were sold in Canada. The Midea products were sold under a range of brand names, including Comfort Aire, Danby, Frigidaire, Insignia, Keystone, LBG Products, Mr. Cool, Perfect Aire and Sea Breeze, according to the recall notice. A range of makes and models, measuring 22 inches wide by 14 inches high, are under recall (See the full list of affected model numbers.) The recalled air conditioners were sold at a variety of retailers, including Best Buy, Costco and Home Depot, from March 2020 through May of this year and retailed for between $280 and $500. Owners of the affected units are instructed to contact Midea for a full refund or a free repair. The company will provide a free shipping label for customers to send their units back to Midea. Alternatively, they can submit a photograph demonstrating that they have cut the unit's power cord to receive a refund.
