How Homage is tackling Southeast Asia’s growing eldercare need

The world’s population is aging, but the needs of elderly people are still being underserved. A United Nations report found that older people make up more than one-fifth of the population in 17 countries, and by 2100, a majority of the world’s population, or 61%, will be aged 60 and above.

One of the most urgent needs for families is caregiving, with demand outstripping the pool of qualified providers. This means many people in their thirties and forties are now part of the “sandwich generation,” juggling jobs and child care while looking after elderly relatives. This creates both an opportunity and challenge for tech startups and investors in almost every market around the world.

In Southeast Asia, Homage is addressing the issue with a platform that takes a curated approach to pairing caregivers and families, using a combination of in-person screening and its matching engine to make the process more efficient. Currently operating in Singapore and Malaysia, the startup announced earlier this year that it will use its Series B funding to expand into five new countries in the region.

Backed by investors, including HealthXCapital, Golden Gate Ventures and EV Ventures, Homage was co-founded in 2016 by chief executive officer Gillian Tee, who grew up in Singapore and was inspired by her family’s own experiences looking for caregivers. Tee says she wanted to build a platform that would make the process of matching caregivers and clients easier, and be scalable into different markets.

“It’s not the easiest space to be in, and I would say that you do need to want to be intentionally working in this space, rather than just falling into it. It goes hand in hand,” she told TechCrunch. “We found that there is a huge market opportunity, but why we’re doing it goes way beyond that.”

How Homage addresses the talent pool shortage

Sleep apnea retrofit designed by doctors and engineers could help address ventilator shortage

The FDA has been working to adapt its policies and restrictions to respond to the growing need for unconventional solutions like shortages of medical equipment needed for treating COVID-19 patients. A group of doctors, engineers and medical researchers from UC Berkeley, UCSF and working hospitals has devised a creative solution to the ventilator shortage they’re hoping will meet FDA standards for emergency use authorization (EUA), working with readily available hardware and a stockpile of medical breathing equipment that’s resting mostly unused under our noses.

The group, which includes pulmonary care physicians, medical and engineering professors, and many more, is calling themselves the COVID-19 Ventilator Rapid Response Team, and together they’ve figured out a way to modify existing CPAP machines typically used to treat sleep apnea to act as the kinds of ventilators needed for intubation to keep severe COVID-19 patients breathing in the ICU.

Sleep apnea machines are not designed for continuous use with patients who can’t breathe on their own – they basically just ensure that a patient’s airway doesn’t become blocked during sleep, which maintains oxygen levels, and prevents unwanted wake-ups and snoring. The group behind this new CPAP modification has adapted the hardware using a tube that can be used for intubation, led by Dr. Ajay Dharia, a critical care physician focused on pulmonary issues in the ICUs at three Bay Area hospitals as well as an engineering graduate from UC Berkeley.

Already, the FDA has issued guidance stating that healthcare facilities and professionals should consider use of breathing devices not designed for use as ventilators in case of urgent need, so the Ventilator Rapid Response Team already has some leeway in its approach. It’s still seeking an emergency authorization from the agency, however, because it would like to work with suppliers and manufacturers at scale to start producing large quantifies of the modifications required.

It’s also enlisting the help of any individuals or organizations that are looking to donate CPAP or sleep apnea machines that aren’t currently in use to assist with the supply of the base hardware needed to make the modified ventilators. Anyone interested in that can check out their website at https://www.ventilatorsos.com for more info.

Germany’s Xpension pension platform raises €25M in a Series C growth round

The German pension and insurance industry was a laggard in the world of online a few years ago, but in recent times it has quickly caught up. There’s further evidence of this trend with the news that Xpension (trading as xbAV), an online platform for pensions and life insurance, has raised €25 million in its Series C financing round. This will take its total funding to date to more than €50 million.

The financing round was led by HPE Growth, a growth capital fund. Existing investors Cinco Capital, led by Lars Hinrichs (founder of XING and chairman of Xpension), and Armada Investment, led by Daniel S. Aegerter (founder of Tradex), also participated.

The new funding will be used to scale up Xpension’s corporate pension and life insurance SaaS platform in Germany; expand the offering into private pensions and life insurance and corporate health insurance; and prepare a rollout into other European countries. The company has also launched a video platform for agents to speak to clients, in the wake of the COVID-19 pandemic.

To date, Xpension has attracted to its platform more than 40 life insurers, 11,000 insurance agents and 3,000 SMEs.

Martin Bockelmann, CEO and founder, commented: “After several years of intensive R&D and broad-based user acquisition, this partnership with HPE Growth allows us to unleash the full potential of our platform in Germany and abroad.”

Tim van Delden, partner at HPE Growth, said: “The move online of the €2.5 trillion global pension and life insurance industry is a huge topic. A SaaS platform like Xpension — which connects life insurers, agents and their corporate and private customers to buy and manage policies — will be a game-changer.”

Speaking to TechCrunch, Hinrichs, the active chariman and largest private shareholder, said: “We target not just occupational pensions but the entire segment, which is worth €700 billion in premiums a year. German pensions are the leading pensions segment in Europe. And we are taking advantage of the recent changes in pension policy.”

It would appear that Xpension is in a strong position to potentially open up to end consumers who don’t have pensions, as have similar U.S. platforms, or even to leverage its position to build its own insurance company at some point.

Daily Crunch: Google publishes coronavirus mobility reports

Google uses its ad-tracking data to provide a glimpse at how the world is responding to coronavirus, the CDC changes its tune on face masks and Apple accidentally reveals that AirTags are coming. Here’s your Daily Crunch for April 3, 2020.

1. Google is now publishing coronavirus mobility reports, feeding off users’ location history

Google is giving the world a clearer look of exactly how much it knows about people everywhere — using the coronavirus crisis as an opportunity to repackage its persistent tracking of where users go and what they do as a public good in the midst of a pandemic.

In a blog post, the tech giant announced the publication of what it’s calling COVID-19 Community Mobility Reports, an in-house analysis of the much more granular location data it maps and tracks to fuel its ad-targeting, product development and wider commercial strategy, now used to showcase aggregated changes in population movements around the world.

2. CDC is expected to tell Americans to wear cloth masks, save medical masks for health workers

On Thursday, the White House said that it will likely adjust previous guidelines that discouraged non-health workers from wearing face masks. The change would be issued as “guidance” from the CDC, but according to President Trump, it will not be mandatory.

3. Apple accidentally confirms the existence of an unreleased product, AirTags

In a video tutorial about resetting an iPhone to factory settings, at around the 1:43 mark, you can see an option for “Enable Offline Finding” is shown, and beneath that, the text references AirTags by name. AirTags are believed to be small tracking tiles with Bluetooth connectivity that can be used to find lost items — just like Tile.

4. In the wake of COVID-19, UK puts up £20M in grants to develop resilience tech for critical industries

The idea is to introduce new technologies and processes that will support existing businesses and organizations, not to use the funding to build new startups from scratch.

5. The pendulum will swing away from founder friendly venture raises

TechCrunch recently spoke with a half-dozen venture capitalists, asking after how their world has changed and how they are approaching dealmaking in the new reality. One common note was that startup valuations are declining. And past valuation adjustments, there’s going to be more change. (Extra Crunch membership required.)

6. SpaceX’s latest Starship prototype fails under pressure testing

That headline might sound familiar: SpaceX’s first prototype, the Mk1, was also destroyed during pressure testing of its fuel tank, and the next full-scale prototype under development, SN1, was also destroyed during a pressure test in late February.

7. 27 TV show recommendations from TechCrunch while you’re stuck at home

I didn’t manage to get my recommendations to Matt Burns in time (sorry Matt!), but I will say that Star Trek — whether it’s the original series or the latest spinoff, “Picard” — is the best comfort viewing, now more than ever.

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here.

Join prolific enterprise/SaaS seed investor Jonathan Lehr April 6 at 2pm EDT for a live conference call

It’s a tough fundraising environment out there, but one of the few glimmers of hope lies in the enterprise and SaaS markets. Critical customer problems + recurring revenues is probably where you want to be right now to weather out the storm that’s hitting the startup world these days.

That’s why we are excited to bring prolific enterprise seed investor Jonathan Lehr onto TechCrunch for a live conference call this coming Monday, April 6 at 2pm EDT.

For Extra Crunch members, the Zoom dial-in information is posted below. For TechCrunch readers, we will have a YouTube livestream ready to go to join.

Lehr is the co-founder and general partner of Work-Bench, one of the premier enterprise seed investors headquartered in New York City. The firm has invested in such notable startups as Tamr, Cockroach Labs, Backtrace, Socure, and x.ai.

In addition, he’s also the founder and showrunner of the wildly popular NY Enterprise Technology Meetup, where founders and customers come together monthly to talk shop about all things enterprise.

I’ll be hosting the call with my fellow Equity podcast partner Alex Wilhelm, and we and you are going to pepper Jon with all kinds of questions around what the seed stage looks like for enterprise startups these days. Is now the time to start a company in the space? How are the dynamics of seed investing changing? What verticals within enterprise are hottest today, and going to be hottest tomorrow? Plus, we will be moderating questions from the audience, so be prepared.

Join us!

Dial-in information

OctoML raises $15M to make optimizing ML models easier

OctoML, a startup founded by the team behind the Apache TVM machine learning compiler stack project, today announced it has raised a $15 million Series A round led by Amplify, with participation from Madrone Ventures, which led its $3.9 million seed round. The core idea behind OctoML and TVM is to use machine learning to optimize machine learning models so they can more efficiently run on different types of hardware.

“There’s been quite a bit of progress in creating machine learning models,” OctoML CEO and University of Washington professor Luis Ceze told me. “But a lot of the pain has moved to once you have a model, how do you actually make good use of it in the edge and in the clouds?”

That’s where the TVM project comes in, which was launched by Ceze and his collaborators at the University of Washington’s Paul G. Allen School of Computer Science & Engineering. It’s now an Apache incubating project and because it’s seen quite a bit of usage and support from major companies like AWS, ARM, Facebook, Google, Intel, Microsoft, Nvidia, Xilinx and others, the team decided to form a commercial venture around it, which became OctoML. Today, even Amazon Alexa’s wake word detection is powered by TVM.

Ceze described TVM as a modern operating system for machine learning models. “A machine learning model is not code, it doesn’t have instructions, it has numbers that describe its statistical modeling,” he said. “There’s quite a few challenges in making it run efficiently on a given hardware platform because there’s literally billions and billions of ways in which you can map a model to specific hardware targets. Picking the right one that performs well is a significant task that typically requires human intuition.”

And that’s where OctoML and its “Octomizer” SaaS product, which it also announced, today come in. Users can upload their model to the service and it will automatically optimize, benchmark and package it for the hardware you specify and in the format you want. For more advanced users, there’s also the option to add the service’s API to their CI/CD pipelines. These optimized models run significantly faster because they can now fully leverage the hardware they run on, but what many businesses will maybe care about even more is that these more efficient models also cost them less to run in the cloud, or that they are able to use cheaper hardware with less performance to get the same results. For some use cases, TVM already results in 80x performance gains.

Currently, the OctoML team consists of about 20 engineers. With this new funding, the company plans to expand its team. Those hires will mostly be engineers, but Ceze also stressed that he wants to hire an evangelist, which makes sense, given the company’s open-source heritage. He also noted that while the Octomizer is a good start, the real goal here is to build a more fully featured MLOps platform. “OctoML’s mission is to build the world’s best platform that automates MLOps,” he said.

NASA details how it plans to establish a sustained human presence on the Moon

NASA’s Artemis program aims to bring humans back to the Moon, with the goal of staying there for good in the interest of pursuing additional science and exploration missions, including to Mars. But how will the agency actually make it possible for people to remain on the Moon for longer-term science missions? NASA has provided some more detail about its plans with a sustainability concept it released describing some core components of the infrastructure it plans to put in place on the lunar surface.

NASA’s plans focus on three key elements that would enable sustained presence and research work on the Moon’s surface, including:

A lunar terrain vehicle (LTV) that would be used by crew to get around on the Moon. Essentially, this is a rover but that is piloted instead of being robotic. This wouldn’t have an enclosed cockpit, so astronauts would be wearing full protective extra-vehicular activity (EVA) spacesuits while using it for short trips.

A habitable mobility platform, which would be a larger rover that is fully contained and pressurized, enabling longer trips further afield from the spacecraft landing site of up to 45 days at a time.

A lunar foundation surface habitat that could act as a more permanent, fixed location home for crew during shorter stays on the surface. this could house up to four astronauts at once, though the habitable mobility platform would be the primary active residence for surface missions, while the Gateway space station orbiting the Moon would be the main base of operations for crew not engaged in active surface exploration and science.

Like the International Space Station before it, the Gateway is designed to be scaled up over time, with new models attached to add more crew habitation capabilities, as well as additional work and experimentation space. This will be important as it becomes the jumping off point not just for Moon surface missions, but also as a way station for exploration of Mars and beyond.

NASA also says that robotic rovers will be a key component of its Moon infrastructure, to be used for purpose including gathering data and materials for research, as well as helping to spur along the development of production of key resources for sustained presence, like water, fuel and oxygen.

The agency also includes some details about its Mars plans, including how it will send a four-person crew to the Gateway for a “multi-month stay to simulate the outbound trip to Mars.” If it goes ahead as planned, this would be longest continuous human stay in deep space environs, and a key step in understanding how a human trip to Mars would work.

The full NASA “Plan for Sustained Lunar Exploration and Development” is available here for more granular detail on the broad outline listed above. Artemis and its timelines are bound to feel the impact of the global coronavirus crisis, but the goals of the program aren’t likely to change too much, even if the targets for accomplishing them do.

Mortgage Firms Teeter Near Crisis That Regulators Saw Coming

Mortgage Firms Teeter Near Crisis That Regulators Saw Coming(Bloomberg) -- Nonbank financial firms spent years lobbying against tougher regulation and stricter capital requirements, arguing that their emerging dominance in mortgage lending didn’t pose a risk to the financial system.Now, many of those companies say they are in desperate need of a bailout to stave off bankruptcy and a potential collapse of the U.S. housing market.Any rescue might not come quickly, as regulators are holding off on providing additional help to see if policies already put in place ease the industry’s expected cash crunch, according to people familiar with the matter. That could lead to anxious moments for Quicken Loans, Freedom Mortgage, Mr Cooper Group Inc. and other nonbank mortgage firms.Read More: U.S. Holds Off on Extending Virus Aid to Mortgage ServicersFederal mortgage watchdogs didn’t predict a pandemic like coronavirus grinding the economy to halt, but many of them did see a potential nonbank liquidity crisis coming. Their efforts to impose more safeguards ran aground against mortgage-industry resistance and bureaucratic reticence to slow the fastest growing source of U.S. home loans, according to industry experts and former government officials.When government-owned Ginnie Mae tried to require stress tests and higher capital and liquidity requirements, some “nonbanks were violently opposed to the idea,” said former Ginnie president Michael Bright. One small lender told Bright that if an event similar to the proposed stress scenario were to take place, he’d just hand Ginnie the keys to his firm.Shaky FoundationsThe rise for nonbanks in the mortgage sector and now their pain shows the shaky ground on which much of the post-crisis financial world has been built. Shadow lending has soared, with firms outside the oversight of the Federal Reserve and other regulators helping to fuel a decade-long credit boom. These companies lack access to many of the government subsidies and funding sources that make banks more stable.Read More: Why the Mortgage Market Needs Its Fixes FixedMortgage servicers Mr Cooper, PennyMac Financial Serivices and Ocwen Financial Corp. all slipped Friday in New York trading. Mr Cooper plunged 19% to $5.51 as of 9:44 am, while PennyMac slid 5.9% to $16.85 and Ocwen declined 13% to $0.33.While the 2008 housing crash was caused by risky mortgages and fraud, the 2020 crisis isn’t the result of bad decisions by lenders. Loads of workers have lost jobs as a result of coronavirus, putting their ability to make loan payments at risk. That point hit home Thursday when the Labor Department reported that a record 6.6 million Americans applied for unemployment benefits last week.As part of the $2 trillion stimulus bill passed in March, Congress mandated that mortgage servicers allow borrowers to delay payments on government-backed loans for as long as a year. Moody’s analytics Chief Economist Mark Zandi estimates that roughly 15 million households -- about 30% of Americans with home loans -- could miss payments if the economy remains dormant through the summer or longer.Under agreements with Ginnie, Fannie Mae and Freddie Mac, servicers themselves must advance the money when borrowers postpone payments and it can take months before they are reimbursed. Congress didn’t provide explicit funding to help servicers with that problem, and some of the companies say they don’t have the liquidity to handle it themselves.Unfair BlameMortgage Bankers Association Senior Vice President Pete Mills said it’s unfair to punish nonbanks for being unprepared for a calamity like the coronavirus because it couldn’t have been predicted.“I don’t think there is a liquidity standard that could have dealt with this kind of ramp up” in expected delayed payments, said Mills, whose Washington-based group lobbies for the industry.Should servicers start to go under, federal agencies will have to rush to find other companies to take over the loans. Borrowers could have more difficulty working with their mortgage companies on loan modifications to alleviate some of the pain of the pandemic. Others will have fewer places to go to find new loans.If not solved, the epicenter of the nonbank crisis will be with Ginnie, which is part of the U.S. Department of Housing and Urban Development. The company guarantees $2.1 trillion in mortgage bonds containing loans to low-wealth borrowers, veterans and others.While nonbanks service about two-thirds of all mortgages, they handle nearly nine out of ten mortgages backed by Ginnie, according to the Urban Institute Housing Finance Policy Center.Banks RetreatAfter the financial crisis, large banks like JPMorgan Chase & Co. and Bank of America Corp. severely reduced the number of loans they were willing to make under Ginnie-supported programs. Mortgage lending was less profitable than other business lines, and some banks stayed clear because they were scarred by government penalties for alleged fraud.As the banks retreated, Quicken Loans, Freedom Mortgage, Mr Cooper Group Inc. and others filled the void. Nonbanks’ share of new mortgages has risen to 66% of the market from 40% in 2013, according to the Urban Institute.Freedom Chief Executive Officer Stan Middleman said most nonbanks could last several months without additional government support but that a liquidity facility would still be needed as a safety net if the crisis drags on beyond half a year. He said housing is too important to the economy for Washington to not intervene, adding that the severity of pain that the coronavirus has unleashed is unprecedented.“This is not like a flood in Missouri,” Middleman said. “This is everywhere all at once.”Repeated WarningsOver the past few years, academics and government regulators have sounded alarms that nonbanks don’t have the capital or liquidity to withstand an economic downturn. A 2018 paper by researchers at the Fed and the University of California-Berkeley warned that the nonbank mortgage sector “appears to have minimal resources to bring to bear in a stress scenario.”Read More: Mortgage Liquidity Squeeze Flagged as Risk to Powell, MnuchinThe MBA, the industry trade group, released its own white paper in 2019 calling the researchers’ warnings “overstated.”In December, the Financial Stability Oversight Council said nonbanks were a potential source of danger, a warning met with derision by some nonbank mortgage firms.“When it comes to loan servicers, the FSOC and regulators have spent years fretting about supposed hazards that do not really exist,” Freedom’s Middleman wrote in a January post on the MBA website. He said FSOC’s contention that nonbank servicers were a systemic risk was “bizarre,” though he did write that the government could help nonbanks find more stable sources of liquidity.Regulatory InactionBut while regulators seemed well aware of the potential issues, little was done to fix them.In 2017 and 2018, Ginnie required some of its largest lenders to present liquidity plans showing what lines of credit and capital they could draw on in a crisis. While some nonbanks appeared strong, others had credit lines that could be pulled by their lenders at any time for any reason, said Bright, making them poor funding sources during a downturn.Ginnie also asked lenders to subject themselves to stress tests, using a hypothetical economic calamity much less severe than the one being experienced today.With the bulk of its servicers facing a cash crunch, Ginnie late last month said it would activate a disaster-relief program that lets servicers apply to have Ginnie advance payments to bondholders itself. But that program won’t cover other parts of a mortgage payment, such as taxes, insurance and homeowners association payments.Rescue Inevitable?Now, nonbank mortgage firms say that many of them will go under if they don’t get a new lending facility from the Treasury Department and Fed.Former Ginnie president Ted Tozer, who was appointed by President Barack Obama, said coronavirus shows that nonbanks need a lender of last resort in the same way that banks are able to draw on the Fed in times of peril.“We need to find a solution so we’re not going through this every time we have some sort of crisis,” Tozer said.(Updates with share prices in seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


Russian Producers Ready for Oil Cuts to Stop Price Rout

Russian Producers Ready for Oil Cuts to Stop Price Rout(Bloomberg) -- Russia’s oil industry is ready to agree to cuts in production together with Saudi Arabia and other major producers in a desperate bid to halt the slide in prices, according to five people familiar with the efforts.While the Kremlin hasn’t confirmed a willingness to take part in reducing crude output by 10 million barrels, as announced by U.S. President Donald Trump Thursday in a Tweet that drove Brent oil prices up as much as 47%, Russian producers are ready for coordinated action, said the people, who spoke on condition of anonymity because the matter isn’t yet public.President Vladimir Putin will meet oil executives and officials to discuss the situation on the world energy markets later on Friday, the Kremlin said.The Russian reversal reflects alarm at the sudden collapse in demand sparked by the coronavirus pandemic, which threatens a worldwide recession this year. As recently as two weeks ago, Putin was resisting any concessions in the stand-off with Saudi Arabia since Moscow pulled out of a supply-limit agreement with the Organization of Petroleum Exporting Countries over demands for deeper cuts in output. That prompted Saudi Arabia to flood the market with oil, driving prices to an almost two-decade low amid a glut in supply because of a sharp fall-off in consumption.Russia and Saudi Arabia could reach a deal to restrict output at an April 6 meeting of OPEC and other oil-producing nations aimed at increasing prices to $30, according to Andrey Kortunov, director of the Kremlin-founded Russian International Affairs Council. “Thirty dollars would be a lot better than twenty,” he said. “No one here expected oil prices to plunge so deeply.”At the same time, it’s important that the U.S., the world’s largest oil producer, should participate, Kortunov said. Even if formally the Trump administration can’t commit to private companies scaling back output, it should facilitate that, said Kortunov. The rock-bottom prices have devastated U.S. oil producers, making swathes of the industry uneconomic. Trump is meeting industry officials Friday.Russia may agree to a three-way arrangement with Saudi Arabia and the U.S., said four people at Russian oil producers. For Putin, the likelihood of all sides making compromises should reduce the risk of appearing weak by agreeing to reduce oil production.New MembersThe Energy Ministry didn’t immediately respond to a request for comment. The Kremlin referred questions to the Energy Ministry.The OPEC+ coalition wants oil producers outside the existing group to attend next week’s meeting, a delegate said, asking not to be named talking about confidential discussions. If global producers are willing to participate, a cut of 10 million barrels a day is realistic, the delegate said.Saudi Arabia, which was producing around 9.7 million barrels a day before the collapse of the OPEC+ agreement on March 6, had vowed to pump over 12 million barrels a day in April, giving it the ability to instantly cut almost three million barrels.Russia produced an average of 11.294 million barrels of crude oil and condensate in March. While officials insist that Russian crude remains competitive even at such low oil prices, the plunging demand risks sapping the ability to keep pumping at the same levels.Russia isn’t likely to cut as much as promised, according to Dmitry Perevalov, an oil trader who’s the former vice-president of producer Slavneft.“Maybe we will cut some oil output but no will be able to check up on it,” Perevalov said. “The price will go up and that’s the main thing for everyone.”Difficult TimesThe efforts that reductions would require are unprecedented and may have negative long-term effects for the oil industry, according to Dmitry Marinchenko, senior director at Fitch Rating.“Under earlier deals with OPEC, Russia has always reduced the output gradually, yet this time around, the cut needs to be made right away,” he said. Producers would probably need to shut down some wells, while reopening wells can be nearly impossible given Russia’s geological conditions, or prohibitively expensive.Economically, the impact of coronavirus is already wreaking such havoc that any oil deal will at best mitigate the damage. Russia is rewriting its budget to prepare for oil prices at $20 a barrel, according to people familiar with the discussions. Russia will ramp up borrowing by 1 trillion-1.5 trillion rubles ($13 billion-$19 billion) this year as a result, they said.“If the forecasts of a 15 million- to 20 million-barrel reduction in demand turn out to be right, then no production cut will help raise oil prices,” said Kirill Tremasov, head of research at Loko-Invest in Moscow and a former Economy Ministry official. “The Russian government is doing the right thing, preparing for difficult times and a low oil prices. There are no other options.”(Updates with comments starting in 12th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.