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Mastering Crypto Volatility: An interview with Digital Asset Funds Management
Chris Gosselin: Welcome. My name’s Chris Gosselin from Australian Fund Monitors. Today, I’m talking to Dan Nicolaides from Digital Asset Funds Management, a crypto fund. Dan, welcome.
Dan Nicolaides: Thanks, Chris.
Chris Gosselin: Now, looking at the performance of your fund, you would say it’s anything but a typical crypto fund. We normally think of crypto as being highly volatile, digital assets being volatile, Bitcoin. It can go from 60,000 to 15,000 and back up to 70,000. You have a track record of three years. You’ve had one relatively small negative month in that time. What’s the difference?
Dan Nicolaides: As you commented on then, these are volatile assets. It’s a nascent industry, it’s a nascent asset class, and people are still trying to work out what the value is of these assets, if there is any value in these assets. That’s where this volatility is derived from. We don’t care whether it goes up or down. It’s not our problem. What we care is that it’s volatile, that these markets are still somewhat immature and prone to dislocation, and that we have the strategy, the team, the systems, the risk control processes to capture that in a trading sense. That’s really all there is to it. If some other future out there was equally as volatile with the same opportunities, we’d be trading that. We just see an opportunity in this asset class and that’s why we’re there.
Chris Gosselin: When you say you’re trading that, I understand you’re trading 24/7 and across the globe. Just explain these exchanges. There’s multiple exchanges, not like having the ASX or NASDAQ or Dow Jones, whatever it may be. These are multiple exchanges trading the same assets.
Dan Nicolaides: Absolutely, yeah. Like you say, there’s not a single oracle price like you have for an S&P future that comes out of a Chicago data server. The industry basically trades in all these different venues and it’s funds like us that basically are able to arbitrage across those exchanges that keep those prices in check. That’s where the alpha is derived in our strategy. The strategy has two parts. It takes the native embedded yield that we see in these assets, which generally can be reasonably high, from single figures up to as high as 40%. We have that yield embedded in there. And then, we trade across these multiple, like you say, multiple venues, multiple exchanges across… These are exchanges that are in Europe, in Asia, in the US, or North America. Yeah, our system basically captures that and we’re able to arbitrage these exchanges.
Chris Gosselin: It is highly systematic.
Dan Nicolaides: Absolutely.
Chris Gosselin: Is it completely automated?
Dan Nicolaides: Completely automated, yeah. We design the system. The system is we’re trading futures, and that’s trading a Bitcoin future is really no different than trading a foreign exchange future or a commodity future or an equity future. It’s just that they’re more volatile and they trade across many more venues. We basically take some of the systems, the trading practices, the strategies that we have in traditional markets that we trade in other parts of the business, and we just apply those to these digital assets and we take in the nuances of these assets or these markets that they are very volatile and that they do trade 24/7, and yeah, we build our business around that.
Chris Gosselin: You can buy something, say, in Asia today and simultaneously sell it or sell it very shortly afterwards. On another extent, you actually want these exchanges to be out of kill time.
Dan Nicolaides: Absolutely, yeah. Simultaneously, yeah. Matters of milliseconds, yeah. Yeah, you’ve got in the digital, the native crypto exchange place, which is where nearly all of the price discovery happens in digital assets, these exchanges are predominantly based in Asia but also in Ireland, the Seychelles, the UK, various places. Our systems are basically connected to all those venues.
Chris Gosselin: Effectively, this is like a yield fund. I wouldn’t call it a fixed income fund, but you are basically harvesting yield of these things, which gives you some steady return or steady-ish returns without the volatile, without the extreme upside as well, I guess. But most importantly, without the downside.
Dan Nicolaides: Yeah, absolutely. We don’t take directional risk. That’s not what we do. Like I said, we take the yield that is there. Having traded this for a number of years now, this industry or this space goes through periods of being a focus for investors and not, but we know that in normal and even bear market environments, we can capture a good return. But we know that there’s also periods where, generally, when crypto is in kind of a bull market and those yields become quite high and we can generate exceptional returns. Yeah.
Chris Gosselin: Where does the risk lie? Because many people of, dare I say, my generation and close to my generation, whether it be on the upside or the downside, would consider the thought of investing in a crypto fund to be far too risky for them. They might as well go for the race track. That’s not the case given your trading strategy, but there must be risk. Is it counterparty risk?
Dan Nicolaides: Yeah, counterparty risk is the predominant risk that we face. That was evidenced during FTX. You alluded to the one down month we had. That was in November ’22 when FTX went bankrupt. I think that was a seminal moment in the industry in that participants had maybe not given it the thought that it deserved in terms of where their assets were sitting and how they were custodied and who was in charge of or control of those assets. Since then, the industry’s done a bit of navel-gazing and realized that this isn’t an optimal solution. One, there’s, there’s more transparency around the existing exchanges that are there, proof of assets, proof of reserves, things like that. And obviously, with crypto, all you need is the wallet address of the exchange and you have 100% visibility of the assets that are there.
But also, the industry is moving to standardize a third-party custody of assets that you would have on the exchange. We have to have collateral to trade on the exchanges. That’s why our capital is at risk because it’s sitting on the exchange. These solutions that are basically working through now, those assets will be held by a third-party custodian, and it will take both the exchange and us and the third-party to release those funds in either direction. So, it ameliorates a lot of that counterparty credit risk that was there. Digital asset funds is actually working through setting up these kind of arrangements as we speak.
Chris Gosselin: You also mitigate that risk by not trading just through one exchange or one counterparty. Your counterparty risk is there. You spread your –
Dan Nicolaides: Yeah, absolutely. We try and limit it to 20 to 25% on a given exchange. We’re rarely even at 20% on any given one exchange. Yeah. FTX taught us a lot of lessons about. We weren’t overly concentrated in FTX, but we had, I think it was maybe 17% of our assets there, which was… We were far from alone in that respect. But yeah, everyone’s learned lessons from that and I think a lot of that risk is now getting mitigated.
Chris Gosselin: Is it fair to say that the industry is maturing? I mean, are the big institutions getting involved or are they still sitting on the sidelines and waiting for the, I hate to use the term cowboy, but the cowboy element to disappear? We take FTX as the cowboy.
Dan Nicolaides: Yeah, absolutely. You’ve seen, just in recent months in the US, the spot ETFs getting approved. Names like BlackRock and Fidelity now with tens of billions of dollars of Bitcoin effectively under management. Yeah, it’s clearly maturing. We’ve been through enough, we’ve seen enough cycles now in this industry that it’s not going away. People believe these to have value. Whether we believe it or not is kind of irrelevant, but we think that we agree with that sentiment that this isn’t going away. The volatility will remain. But yeah, the overall kind of… Yeah, the maturity of the industry, the regulatory oversight, the willingness of governments and regulators to look at the industry in a new light and come up with best practices, that’s all front of mind at the moment.
Chris Gosselin: Sure. Can I just turn for a moment to the firm? We’ve seen quite a few sort of two men and a pot plant in a garage type concept in some emerging strategies and even in some crypto areas, or particularly in some crypto areas. I think that’s probably washed through the system a bit, and we are now left with mature, pretty serious organizations. You’ve got 25 or 30 hardheaded, experienced either finance or tech staff on board?
Dan Nicolaides: Yeah, absolutely. Well, we still are heavily involved in traditional markets with the experience that comes with running algorithmic strategies in those markets for a long period of time. The system that we use for trading these digital assets is basically transplanted from traditional markets, from a future trading system. Yeah, we have that background. We have the experience. Yeah, we’re not a bunch of 22-year-old programmers that thought they could make some money by betting on the direction of Bitcoin or any other digital asset. We take a very agnostic view about what the space is like. We try and identify where the risks are, we try and mitigate those as much as we can, and we try and embrace volatility and the opportunities that are there.
Chris Gosselin: It’s always dangerous both for us to ask and for you to answer as to what your target return is, especially in something like this. But if you are looking at a yield fund to be competitive, you’ve got to be yielding somewhere between seven and 10, maybe a little bit more, percent. Are you achieving that, and do you expect to be able to achieve or overachieve that going forward?
Dan Nicolaides: Yeah, it’s a tricky one. Unfortunately, we are very much captive to the market at any point in time. We don’t drive the market. We are participants in it. We saw in 2021 that crypto was in a bull market, and we had fantastic returns from when we started to the end of that calendar year. ’22 and ’23 were more difficult. That was precipitated, I think, by the rising interest rates globally, which dampened the risk-taking and crypto probably still is very much driven by global liquidity factors. So, the way I think of it is, on an average year, we should be making that high single digit after fees, maybe even low single teen kind of returns. But we have the opportunity when the market does go into a bullish phase that we can derive some much more exceptional returns than that. That’s kind of been born out the start of this year where we’re up 14% already in the first four months.
Chris Gosselin: This is not for the crypto punter?
Dan Nicolaides: No, absolutely.
Chris Gosselin: This is for someone who wants to get a regular yield, a regular return, limited downside, but a good steady return with the occasional kicker.
Dan Nicolaides: Yeah, exactly.
Chris Gosselin: If the market’s right.
Dan Nicolaides: No, absolutely. You’re not going to make 100% return in a year. We could have a 2021 environment where these things go into a real bull run that a lot of leverage comes into the market, and that’s very conducive for our strategy. It’s possible, but far from probable, but we will derive a very steady return. If the market conditions are favorable, then we can drive exceptional returns.
Chris Gosselin: Dan, finally, you’re Australian based and you’ve got an office in France as well.
Dan Nicolaides: We’ve got an office in France. Yeah, this strategy runs 24/7, which is a challenge, but that’s the big thing with this type of strategy is you are always involved in these exchanges. When those opportunities present themselves, as they do periodically, we’re there. We’re ready to take advantage of that. Sometimes that happens on a Saturday and sometimes it happens on a Sunday morning, and we deal with that.
Chris Gosselin: And you hope the computers are working.
Dan Nicolaides: Well, there’s always someone monitoring those systems. Yeah, there’s always traders there looking after it. One of the big challenges of this strategy is that because we do trade on so many different venues, and to be as efficient as possible, we try and maintain sufficient capital so that we’re never exposed to big volatile swings, but we want to be involved in a lot of places. Our capital has to be widely distributed, and we regularly have to move that capital from one venue to another, so there’s always someone monitoring that and ready to do that.
Chris Gosselin: Dan, fascinating. Thank you very much.
Dan Nicolaides: No problem.
Chris Gosselin: Best of luck for it. We look forward to following the fund going forward.
Dan Nicolaides: Excellent. Thanks, Chris.
Chris Gosselin: Thank you. That’s the Digital Asset Fund, Digital Yield Fund, I think it’s now called. Thank you for your time.
Ends
RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
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Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
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Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
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Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
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Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
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Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
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a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
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a. Position/status |
Director |
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b. Initial Notification/Amendment |
Initial notification |
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a name |
Volta Finance Limited |
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b. LAW |
2138004N6QDNAZ2V3W80 |
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a. Description of the financial instrument, type of instrument |
Ordinary actions |
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b. Identification code |
GG00B1GHHH78 |
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c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
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d. Price(s) |
€5.2 per share |
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e. Volume(s) |
Total: 3380 |
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f. Transaction date |
August 1, 2024 |
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g. Location of transaction |
At the Market – London |
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It is) |
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CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
*****
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
*****
This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
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This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
*****
This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
*****
Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
Subscribe to the Yahoo Finance Tech Newsletter. (Yahoo Finance)
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
Read the latest financial and business news from Yahoo Finance
The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
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Inventiva reports 2024 First Quarter Financial Information¹ and provides a corporate update
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