The French government experiments with venture capitalism

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Don’t be coy, carp about the foodAS A boy, Antoine Hubert used to catch butterflies. These days, the agro-engineer has eyes only for meal worms. In a demonstration factory near Dole in eastern France, he shows how trayfuls of plump, half-grown worms are fed, left to grow in a darkened dormitory, and then—after two months—slaughtered and cleaned with a blast of steam. A machine divides the resulting mush into oil and protein powder.Around 70% of a worm is protein, making it ideal for animal feed. Demand is soaring, notably at fish and shrimp farms. Mr Hubert predicts aquaculture businesses will need 70m tons of feed annually in ten years’ time, up from 40m now. The global market for animal feed, he reckons, is already worth €500bn ($610bn).Ynsect, his firm, thus expects to grow once it open

Why the oil price is so high

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PERHAPS the most vexing thing for those watching the oil industry is not the whipsawing price of a barrel. It is the constant updating of theories to explain what lies behind it. In March 2014, when the price of a barrel of Brent crude was in three figures, the then boss of Chevron, an oil giant, observed that the scarcity of cheap oil meant “$100 per barrel is becoming the new $20”. Two years later, when the oil price slumped below $28, the talk was of a global oil glut caused by the furious efforts of the OPEC cartel to regain market share. Now that oil prices have tested $70, analysts are again scratching their heads.In “1984”, George Orwell coined the term “doublethink”, the ability to believe two contradictory things. Oil analysis seems to require similar cognitive gymnastics. Three b

The threat of tough regulation in Asia sends crypto-currencies into a tailspin

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IT HAS been another week of vertiginous swings in the prices of bitcoin and other crypto-currencies. This time, the moves have mostly been downwards, with some days seeing falls of over 20%. Views on this were as divided as they were during the giddy climb: did it mark the definitive bursting of a bubble as rapidly inflated as any in history (see chart)?Asia provides both an explanation of this week’s sell-off and a glimpse of crypto-currencies’ future. The threat of a ban in bitcoin-trading in South Korea was the proximate cause of the plunge. As to the future, the question is which Asia? At one end of the spectrum...Continue readingPowered by WPeMatico

A weak market for football rights suggests a lower value for sport

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Might Paul’s wages fall?FOR years the cost of rights to broadcast major sports in America and Europe has trended in one direction—up. This gravity-defying law shapes the economics of modern sport: as television operators bid ever more substantial sums, teams take in more revenue and star-player salaries (and transfer fees) climb higher. In 2017 that trajectory continued as broadcasters splurged on rights for Champions League football matches for 2018-21.This year gravity is reasserting itself. Top-flight football rights are out for tender in two major European leagues—England and Italy—and are expected to be put up for sale this year in France and Spain, too. Analysts expect relatively small increases in pay-outs (though Spain’s La Liga boss predicts a 30% rise)—and possibly a decline in I

Masayoshi Son may raise yet more cash to pump into tech

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AT AN investor briefing in 2015, Masayoshi Son, chief executive of SoftBank, flashed up a picture of a goose. The company is like the bird of legend that produces golden eggs, he explained. In his quest to encourage more laying, Mr Son has taken SoftBank well beyond its telecoms business. The firm also manages the world’s largest tech-investment fund, the $100bn Vision Fund, which has a slew of wealthy backers, including Saudi Arabia’s Public Investment Fund and Apple.Using both the firm and the fund, Mr Son has acquired stakes in tech companies at a frenetic pace, by one count opening his chequebook once every four days on average in 2017. Such shopping sprees do not come cheap. SoftBank is one of Japan’s most highly leveraged companies, with debt exceeding ¥15trn ($139bn), not least beca

Innovative materials from bamboo are helping a new industry to sprout

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A bamboo spider rides highFANNING out from the sodden delta of the Yangtze, and southward to the flanks of the Nanling mountains, over 6m hectares of emerald bamboo groves—one-fifth of the world’s reserves—flourish in China. Giant pandas nibble the softest shoots. Around 40bn pairs of disposable chopsticks are made from bamboo twigs annually in China, for use with everyday meals. Steel scaffolding is still often shunned for bamboo on skyscrapers under construction in even the ritziest parts of Hong Kong. The history of the grass is colourful, too. Before paper, Chinese wrote on bamboo slips; they used bamboo tubes for irrigation, and later stuffed them with gunpowder to ignite muskets.Yet for all its importance and abundance bamboo is “China’s forgotten plant”, says Martin Tam, an expert i

Chinese tech companies plan to steal American cloud firms’ thunder

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WHICH of the world’s tech giants boasts the fastest-growing computing cloud? Many would guess either Amazon or Google, which operate the world’s largest networks of data centres, but the correct answer is Alibaba. In 2016 the cloud-computing business of the Chinese e-commerce behemoth grew by 126%, to $675m. Growth is unlikely to slow soon. Simon Hu, president of Alibaba Cloud, wants it to “match or surpass” Amazon Web Services (AWS) by 2019.That is a stretch: AWS is estimated to have generated revenues of about $17bn in 2017. But Alibaba’s cloud (known locally as Aliyun) is one of a thriving group: China’s cloud-computing industry as a whole is growing rapidly. Even more intriguing than its speedy expansion is the fact that China’s cloud is different to that of Western firms in important

After a huge loss on old reinsurance contracts, GE contemplates a break-up

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Flannery kitchen-sinks itDECISIONS made long ago, and often long since forgotten, can come back to haunt. General Electric (GE), an American industrial conglomerate, has discovered that to its chagrin. On January 16th the company said it would have to take a $9.5bn charge (before tax) on old reinsurance contracts in its financial arm, GE Capital—despite exiting the insurance business in the mid-2000s. The firm also said it would have to set aside up to $15bn of additional reserves for GE Capital over seven years. The conglomerate had already been struggling, with its share price down by over 40% in the past year. News of the latest hit, which the company’s chief executive, John Flannery, called “deeply disappointing”, sent its shares plunging by a further 3% on January 16th alone.The issue