DIRS.INFO The most relevant business & tech news

☆ There may be little to recover in the $300 billion Evergrande debt saga
▼ + stars: | 2024-01-29 | by ( Huileng Tan | Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

Read previewChina Evergrande — the world's most indebted property developer — received a liquidation order from a Hong Kong court on Monday, but there may be little left to recover, said experts. Hong Kong-listed China Evergrande Group's stock price plunged 21% before the court hearing. But several experts BI spoke to prior to Monday's court order said Evergrande's liquidation will be challenging. AdvertisementIt's bad news for creditors, Mat Ng, the managing director at Grant Thornton, a professional services firm that specializes in restructuring, told BI. Despite the complications that could come with Evergrande's liquidation, there may be some upside in the longer run.

Persons: —, Evergrande, Liquidators, Linda Chan, Chan, Siu Shawn, Mat Ng, Grant Thornton, Ng, That's, John Bringardner, Bringardner, Daniel Margulies, Margulies, Andrew Collier Organizations: Service, Business, Evergrande, Reuters, Trading, Securities Times, Deloitte, Investors, Orient Capital Research Locations: China, Hong Kong, Evergrande, Asia

☆ Expensify launched a glitzy lounge where employees could pay $9 a month for coffee and cocktails. The company is shutting it down just 6 months later.
▼ + stars: | 2023-10-30 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Expensify is shutting down its upscale employee lounge in San Francisco. The move comes six months after the space was launched as a return-to-office "experiment," per CEO David Barrett. The expense-tracking company described the space as a high-end airport lounge meets co-working space. Access was built into an existing Expensify membership that started at $9 per month, the company said in April. But the party's coming to an end: The Expensify Lounge will be shutting down on November 1, David Barrett, the company's CEO, announced in a 1,700-word blog post published Wednesday.

Persons: David Barrett, Barrett, —, Expensify, Jamie Dimon — aren't, Dimon Organizations: Service Locations: San Francisco, Portland , Oregon

☆ Gen Zalpha doesn't really care for sex on TV — they're here for 'nomance' and on-screen friendships
▼ + stars: | 2023-10-27 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Teens and young adults are over romance and sex in TV shows and movies, per a new survey. 51.5% of those surveyed want to see more "nomance," or content based on friendships and platonic relationships. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementTeens and young adults are over romance and sex in TV shows and movies — what they really want to see on screen is a lot more "nomance." And younger people are also having less sex than their parents did at their age, per UCLA's California health interview survey.

Persons: —, Zalpha, there's, Stephanie Rivas, Lara, Hiral Kotecha, Vivek Murthy, " Rivas, Kotecha, Z Organizations: Service, UCLA, Alpha Locations: America, California

☆ Mark Zuckerberg says he never expected people to be walking around wearing VR headsets — that's what the Ray Ban glasses are for
▼ + stars: | 2023-10-26 | by ( Nidhi Pandurangi | Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Zuckerberg said a world full of people walking around in VR headsets is "certainly not the future that I'm hoping we get to." Instead, his goal is for the AR glasses to become a smart phone replacement. "That's certainly not the future that I'm hoping we get to," Zuckerberg told neuroscientist and podcast host Andrew Huberman during an episode of Huberman's show that aired on Monday. In the conversation, Zuckerberg said he viewed Meta's new Quest 3 VR headsets as a successor to people's desktop-based workstations. Last year, one former Meta employee told the Verge's Alex Heath that Zuckerberg's ego is intertwined with the glasses.

Persons: Mark Zuckerberg, Priscilla Chan, Andrew Huberman, Zuckerberg, —, that's, That's, he's, Huberman, Meta's, hasn't, Alex Heath, Heath Organizations: Service, company's Connect, Reality Labs, Meta

☆ Elon Musk's fortune plunged by $16 billion in a single day - but he could lose a lot more and still be the richest person in the world
▼ + stars: | 2023-10-20 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +2 min

Tesla stock tumbled 9% on Thursday after the EV maker reported disappointing third-quarter earnings. The share-price decline meant Elon Musk's net worth fell by $16 billion in a single day. However, Musk remains the world's richest person with an estimated $210 billion fortune. Even so, Musk remains the richest person in the world with an estimated net worth of $210 billion. On Wednesday, Tesla reported third-quarter revenues of $23.35 billion, missing Wall Street expectations of $24.06 billion.

Persons: Elon, Musk, —, Elon Musk, Bernard Arnault, Arnault, Jeff Bezos, Bezos, Tesla Organizations: Service, Bloomberg, Big Tech

☆ Rite Aid just filed for bankruptcy and could be closing more of its 2,100 stores
▼ + stars: | 2023-10-16 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +2 min

Rite Aid filed for bankruptcy in New Jersey on Sunday. AdvertisementAdvertisementRite Aid filed for voluntary Chapter 11 bankruptcy in New Jersey on Sunday — a move that could see the drugstore chain close more of its 2,100 stores. Rite Aid has received a commitment for $3.45 billion in new financing from some of its lenders. AdvertisementAdvertisementIn March, the US Justice Department sued Rite Aid, accusing the company of missing "red flags" when pharmacists filled opioid prescriptions. A company spokesperson told the Wall Street Journal: "We expect to negotiate a resolution of the opioid-related lawsuits with the various parties involved."

Persons: —, Jeffrey S, Stein, Elizabeth Burr Organizations: Service, Aid, US Justice Department, Rite Aid, Wall Street Locations: New Jersey

☆ The rise and fall of pharma bigwig Rite Aid, which couldn't keep up with rivals Walgreen and CVS
▼ + stars: | 2023-10-16 | by ( Nidhi Pandurangi | Grace Dean | ) www.businessinsider.com time to read: +5 min

Rite Aid filed for voluntary Chapter 11 bankruptcy on Sunday following slumping sales and a series of lawsuits. Rite Aid, which has over 47,000 employees, has struggled in recent years to compete against larger peers like CVS and Walgreens Boots Alliance, as well as Amazon. Rite Aid has faced growing competition from direct-to-consumer pharmacy startups as well as medication deliveries from the likes of Amazon and Uber. Rite Aid also experienced supply chain challenges after changing supplier for many of its perishable consumer goods and shrink "continued to be a significant headwind," Burr said. Representatives for Rite Aid did not immediately respond for Insider's request for further comment beyond sending statements about Stein's appointment and its Chapter 11 bankruptcy filing.

Persons: it's, —, Jeffrey S, Stein, Elizabeth Burr, Heyward Donigan, Donigan, Burr, there'd Organizations: Service, Rite, Walgreens Boots Alliance, Rite Aid, pharma, Aid, Discount, Rite Aid Corporation, PayLess, Walgreens, Albertsons, New York Times Locations: New Jersey, Scranton , Pennsylvania

☆ Mark Zuckerberg has embraced a 'martial arts view of the world,' says Spotify CEO Daniel Ek
▼ + stars: | 2023-09-27 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Mark Zuckerberg has embraced a "martial arts view of the world," says Spotify CEO Daniel Ek. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementMeta CEO Mark Zuckerberg, who spent the summer getting shredded and talking about a cage fight with Elon Musk, has embraced a "martial arts view of the world." That's according to Spotify CEO Daniel Ek, who discussed the public's perception of Zuckerberg with Forbes in a story published on Tuesday. In August 2022, Zuckerberg spoke about his martial arts journey on an episode of the "The Joe Rogan Experience" podcast, saying he found the sport to be both physically and intellectually engaging.

Persons: Mark Zuckerberg, Daniel Ek . Ek, Zuckerberg, Elon Musk, —, Daniel Ek, Ek, Joe Rogan, Insider's Jyoti Mann, Dan Schulman, Krav Maga, Joanna Pineda Organizations: Forbes, Service, PayPal, Matrix Group, hapkido Locations: California, Meta

☆ Sam Altman tracked how quickly people responded to his texts and emails to distinguish between 'great and mediocre founders'
▼ + stars: | 2023-09-26 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Sam Altman tracked how quickly Y Combinator founders responded to his daily emails and texts. During that time, he kept notes on how quickly founders responded to his daily emails and texts, according to New York Magazine's Elizabeth Weil. Neither Altman's blog post nor the New York Magazine profile specified Altman's expected response times to texts and emails. Altman responded that he had written a program to look at how quickly Y Combinator's best founders answer his emails versus the "bad" ones. It was a difference of minutes versus days on average response times," Altman said at the time.

Persons: Sam Altman, —, Sam Altman —, Altman, New York Magazine's Elizabeth Weil, Tyler Cowen, Tyler, Y, OpenAI Organizations: New York Magazine, Service, OpenAI, Stanford University, York Magazine Locations: New York

☆ I'm 5'8" and for years, I struggled to find clothes that fit me in Asia. A $66-a-month clothing rental service helps me serve looks without breaking the bank.
▼ + stars: | 2023-09-04 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +6 min

I discovered a clothing rental service in Singapore after the lockdown. You can stretch six outfits over four weekends with careful planningStyle Theory clothing rental box Nidhi PandurangiIn August 2020, I decided to sign up for Style Theory. Style Theory clothing rental box Nidhi PandurangiIt turned out to be a good thing because while both the dresses were tagged as "large," the one on the right fit me better. Style Theory clothing rental box Nidhi PandurangiSadly, the other dress I'd ordered was not to my liking. Style Theory clothing rental box Nidhi PandurangiThough I've had some goof ups and misfits with the rented outfits, I think I'll continue renting.

Persons: it's, I've, I'd Organizations: Service, —, Capella Singapore Locations: Singapore, Wall, Silicon, London, Indonesia

☆ Elon Musk met then-Twitter CEO Parag Agrawal for a secret dinner in 2022 and said Agrawal was not the 'fire-breathing dragon' the platform needed
▼ + stars: | 2023-09-01 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

Elon Musk and then-Twitter CEO Parag Agrawal got dinner together in March 2022. Musk came away from the meeting describing Agrawal as a nice guy, but not the "fire-breathing dragon" Twitter needed. After the meeting, Musk said Agrawal was a "really nice guy." Messages between Musk and Agrawal were released in September 2022 as part of a lawsuit Twitter filed against Musk in July 2022. "Great dinner :)," Musk responded.

Persons: Elon Musk, Parag Agrawal, Musk, Agrawal, Walter Isaacson's, Elon, Walter Isaacson, Isaacson, Twitter's, Bret Taylor —, Ned Segal, Vijaya Gadde Organizations: Twitter, Street Journal, Musk Locations: Musk's

☆ 7 unlikely status symbols throughout history, from pineapples to mummy-unwrapping parties
▼ + stars: | 2023-08-28 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: 1 min

Salt was once worth its weight in gold. Michelle Lee Photography/Getty Images; bhofack2/Getty ImagesBecause of its preservative qualities, salt was worth its weight in gold in ancient Greece. Roman soldiers were paid a monthly wage called "salarium," which was later adapted into the English language as the word "salary." Even the phrase "not worth his salt" comes from trading salt for slaves in Greece. And soon, having salt became emblematic of a person's social status.

Persons: Salt, Michelle Lee Organizations: Salaria Locations: Greece, Rome, Adriatic

☆ A rare, bright-red Ferrari 250 GTO that initially sold for $6,000 in 1964 could soon be auctioned for $60 million
▼ + stars: | 2023-08-18 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

RM Sotheby's has put up a 1962 Ferrari 250 GTO for auction for around $60 million. Car collectors love the GTO model Ferraris because of their championship history, Gord Duff, RM Sotheby's global head of auctions, told the Journal. In fact, another 1962 Ferrari 250 GTO was auctioned by RM Sotheby's for more than $48 million back in 2018, CNBC reported. A 1963 Ferrari 250 GTO was reportedly bought by David MacNeil, the founder, and CEO of WeatherTech, for $70 million in 2018, per various media reports at the time. RM Sotheby's sold a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe for the equivalent price of $142 million last year.

Persons: Jim Jaeger, Jaeger, Ferrari, Gord Duff, That's, David MacNeil, Sotheby's, Duff Organizations: Sotheby's, Ferrari, Service, Street, Scuderia Ferrari, CNBC, CNN, Benz Locations: Wall, Silicon, Ohio, Detroit, New York, Monterey , California, it's

☆ China made the deepest cut since 2020 to a key interest rate before posting a disappointing July report card
▼ + stars: | 2023-08-15 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +2 min

The PBOC cut its one-year medium-term lending facility rate by 15 basis points to 2.5%, the biggest reduction since 2020. The People's Bank of China slashed its one-year medium-term lending facility rate by 15 basis points to 2.5%, the deepest cut since 2020. Even more surprisingly, China omitted any mention of youth unemployment statistics in its July report card. Youth unemployment had soared to a record high of 21.3% in the second quarter of 2023. China's statistics bureau spokesperson told Bloomberg that the youth unemployment rate won't be released from August until surveying methods are improved.

Organizations: Bureau, Statistics, Service, People's Bank of China, Bloomberg, Reuters, Exports Locations: Wall, Silicon, China

☆ China's heading for another real estate crisis — but it's on a whole different scale than what it's seen before
▼ + stars: | 2023-08-10 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +8 min

Country Garden, a massive Chinese property developer, missed interest payments on two dollar bonds this week. However, it's the scale of Country Garden's projects that is a big warning signal for the Chinese real estate sector and the wider economy. Evergrande faced a liquidity crisis in 2020, prodding it to try to halve its around $100 billion debt by mid-2023. These efforts were scuppered by a slowdown in China's property sector and regulators' efforts to put brakes on property developers borrowing excessively. However, putting the brakes on borrowing started sending the property sector into a crisis.

Persons: Kristy Hung, Yang Guoqiang, Yang Huiyan, Yang, Moody's, Sandra Chow, Evergrande, Huileng Tan Organizations: Service, Bloomberg Intelligence, Hong Kong Stock Exchange, CNN, China Index Academy, Reuters, Pacific Research, New York Times, Caixa Bank Locations: Beijing, Wall, Silicon, China, Evergrande, Foshan, Asia, Pacific, CreditSights

☆ The Birkin bag is not just the ultimate fashion symbol — it's one of the best luxury investments out there
▼ + stars: | 2023-07-17 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Jane Birkin died in Paris on Sunday at age 76. Because, for me, the Birkin bag — which retails for anywhere from $10,000 to $250,000 for the more high-end designs — primarily represents a store of value. The value of gold rose by about 2% on average over the 35 years. And I, for one, can't stop from marveling that all this was spurred from a chance conversation between Jane Birkin and an Hermès executive back in 1980. The singer and actor who inspired Hermès' signature bag died on Sunday at age 76.

Persons: Jane Birkin, Birkin, scoffed, Jane Birkin's, Hermès, Baghunter Organizations: Service, Credit Suisse, Deloitte, Dow Locations: Paris, Wall, Silicon, Mumbai

☆ Lots of American millennials still depend on the bank of mom and dad — but they also say their parents are bad financial role models
▼ + stars: | 2023-06-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Many American millennials and Gen Z depend on their parents for money. Experian surveyed 2,008 US millennials and Gen Z and found that 54% of them are dependent on their parents. About 60% of those in Gen Z said they depend financially on mom and dad. Millennials' financial woes have been well documented, but there are two interesting twists in this study:They don't feel great asking their parents for financial support. They're asking their parents for financial help, but they don't agree with their parents' financial habits.

Persons: —, Experian, millennials, Gen Z, Millennials, Nidhi Pandurangi Organizations: Service, Census Bureau

☆ Apple may be diversifying supply chains away from China — but it's still relying on the country's suppliers to build the Vision Pro headset
▼ + stars: | 2023-06-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Apple's diversifying supply chains away from China, but it's still using Chinese firms to make the Vision Pro. Apple's Vision Pro has been exciting investors since its reveal, sending the company's shares soaring. Tech giant Apple has been trying to diversify its supply chains away from China — but it appears there's no getting away from the manufacturing powerhouse. According to Wellsenn, the list shows eight Chinese companies involved in the making of Apple's Vision Pro headset. And despite the internet's derision about the gadget's hefty price tag and its goofy aesthetics, the Vision Pro itself has been exciting investors.

Persons: Wellsenn, Cowell, Taiwan's Foxconn, Zinya, Nidhi Pandurangi Organizations: Tech, Apple, Vision, Apple's, Cowell e Holdings, Samsung, LG, Sony Locations: China, India

☆ What you need to know about the 48-hour Reddit user blackout, which kicks off today and affects more than 7,000 subreddits
▼ + stars: | 2023-06-12 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

As of press time, the moderators of 7,266 subreddits are expected to stage a blackout on Monday, according to a Reddit post. Why are Reddit users protesting right now? According to the ELI5 post, these third-party apps scraped Reddit posts by using something called the Application Programming Interface, or API. How are Reddit users protesting? Reddit users are protesting by making certain subreddits inaccessible to users for 48 hours.

Persons: —, Reddit's, Reddit Organizations: BBC

☆ A New York supermarket billionaire said he wants to buy CNN and that he just wants $1 per year for it
▼ + stars: | 2023-06-09 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +2 min

New York supermarket billionaire John Catsimatidis said he wants to buy CNN, per the New York Post. "I'd go run the place tomorrow morning, and all I'd want is $1 per year and a piece of the upside," he said. Catsimatidis — an outspoken Trump supporter — has a net worth of $4.1 billion, per Forbes. Just two days after embattled CNN CEO Chris Licht stepped down from his role in the aftermath of a brutal profile of his leadership, a New York supermarket billionaire said he wants to buy CNN from its parent Warner Bros. That is the craziest thing in the world," Catsimatidis — an outspoken Trump supporter — told 77 WABC.

Persons: John Catsimatidis, Catsimatidis, Trump, —, Chris Licht, Sid Rosenberg, Catsimatidis —, Forbes —, Donald Trump's, Donald Trump Organizations: CNN, New York, Forbes, Morning, Warner Bros ., WABC, Wall Street Journal, Warner Bros Locations: York, New York, New York City

☆ How a quest for identity made China the luxury powerhouse that it is today
▼ + stars: | 2023-06-09 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

"Traditions provide identity. As CCP has destroyed Chinese traditions, luxury brands step in to provide that," he tweeted. Consider this: The country's luxury market is set to hit 816 billion yuan, or $115 billion, by 2025. "Traditions provide identity. Rapid urbanization and consumerism did more to fuel China's luxury boom than a lack of religion, he said.

Persons: Desmond Shum, —, That's, PwC, Bernard Arnault —, Shum —, Shum, Simon & Schuster, Pierre Xiao Lu, Lu, Karl Gerth, Gerth, Yuwan Hu, Chanel, Dior, Louis Vuitton Organizations: CCP, Service, Privacy, Shanghai's Fudan University, Wharton, University of California, Daxue Consulting Locations: China, Europe, Today's China, San Diego, Beijing

☆ In Japan, you can pay a startup $144 to quit your job on your behalf
▼ + stars: | 2023-06-09 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +2 min

Japanese startup Exit will quit your job and confront your boss for you for $144. Employers "try to make you ashamed and guilty that you quit your job in less than three years," the cofounder told Al Jazeera. Japanese culture — with deep-rooted practices for lifetime employment — sees success as a long-term commitment. That's the exact sentiment one company is capitalizing on: For 20,000 Japanese yen, or $144, a Japanese startup called Exit will quit your job for you. Exit's story began in 2017 when cofounder Toshiyuki Niino was trying to quit a job he was unhappy at, Al Jazeera reported.

Persons: Al Jazeera, —, Toshiyuki Niino, Niino, Yuichiro Okazaki Organizations: Employers, Service Locations: Al, Al Jazeera, Japan

☆ Google is telling office workers in NYC to work from home as smoke covers the East Coast and air quality hits unhealthy levels
▼ + stars: | 2023-06-08 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

In a memo to staff on Wednesday, Google told office workers in NYC to work from home, per CNBC. Company site leads in New York said air quality in many parts of the region had reached "unhealthy" levels. As the sky in New York City turns orange from Canada's wildfire smoke and air quality reaches unhealthy levels, Googlers have been told to work from home. Google's memo told staffers to remain indoors, "avoid vigorous physical activity," and run their air conditioners with clean filters, CNBC reported. The US government has issued air quality warnings across the Midwest and Northeast, telling people to limit time spent outdoors.

Persons: Googlers, —, Google's, John F Organizations: Google, CNBC, Company, Morning, New York City, D.C, Federal Aviation Administration, LaGuardia Airport, Newark Liberty International, Kennedy International Locations: Canada, New York, Detroit, Washington, Virginia, Pittsburgh, North Carolina, Toronto, Waterloo, Midwest, Northeast

☆ Salesforce wants employees back in the office so badly that it's donating $10 to local charities for every day an employee comes into work
▼ + stars: | 2023-06-07 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +2 min

Salesforce really wants its employees back in the office. It's willing to fork out up to $2.5 million in return for employees showing up to the office, Fortune reported. The company said it will donate $10 to a local charity per day an employee shows up between June 12 and June 23. Salesforce aims to raise between $1 million and $2.5 million through these efforts. The company previously required 65% of its workforce to come to the office three or four days a week, per Gizmodo.

Persons: Salesforce, Fortune, —, Gizmodo, Marc Benioff Organizations: Service, Fortune, Company, CNBC, Good

☆ The internet is losing it over Apple's $3,500 mixed-reality 'uncool' headset
▼ + stars: | 2023-06-06 | by ( Reena Koh | Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

Apple's new mixed-reality headset, the Vision Pro, was unveiled on Monday. The internet has been having a field day dunking on Apple's new $3,499 mixed-reality headset, the Vision Pro. Vision Pro has been years in the making, reportedly with some setbacks and product-design compromises along the way. Yet, it may have one fatal flaw — the Vision Pro was just another pair of nerd goggles that would make most people look decidedly uncool, Insider's Alistair Barr wrote on Tuesday. "This sounds like the disappointed crowd from Wii sports," a tweet about the viral video said.

Persons: Insider's Nicholas Carlson, Insider's Alistair Barr, Apple's, barreling, gwyneth paltrow, Anne Hathaway, It's, Steve Jobs, — Robert Evans, Robert Evans Organizations: Vision, Morning, Worldwide, Twitter, Wii, Apple Locations: Cupertino

Search resuls for: "Nidhi Pandurangi"

25 mentions found