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☆ Climate crisis brings high school friends together to back startups overlooked by other VCs
▼ + stars: | 2024-05-09 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Childhood friends Jeremy Brewer and Sam Levac-Levey started their first clean energy startup in 2018. Six years later, they're launching a new venture fund to invest in climate tech companies overlooked by their peers. According to PwC's 2023 study on the state of climate tech, more than 70% of investment went into energy and mobility. Brewer said Starshot is looking to invest in companies that offer "gigaton-scale solutions, that can increase their customers' profitability and revenue." They entered a climate tech accelerator in Canada called Creative Destruction Lab, where they worked for months to perfect their plan.

Persons: Jeremy Brewer, Sam Levac, Levey, Brewer, who's, Starshot, Levac Organizations: Google, Facebook, Tesla, SpaceX, Starshot, CNBC Locations: Montreal, Canada

☆ Blackstone hires Walmart AI whiz to supercharge its portfolio companies
▼ + stars: | 2024-04-15 | by ( Bianca Chan | ) www.businessinsider.com time to read: +4 min

Private equity is ramping up its AI hiring efforts, with Blackstone snagging a key executive to oversee how AI will be applied at its some 230 portfolio companies. Mehrotra will lead Applied AI within Blackstone's data science team, Matthew Katz, Blackstone's global head of data science, told Business Insider in a written statement. Mehrotra comes to Wall Street from Walmart, where he led applied AI efforts at the retailer and managed a team of more than 400 data scientists. Related storyWhile at Walmart, Mehrotra was the vice president of applied AI, leading a team responsible for how AI was mixed into merchandising, including assortment, pricing, and inventory management. AdvertisementLike its peers, Blackstone is eager to take advantage of AI, which stands to shake up businesses across virtually all industries.

Persons: Blackstone, Prakhar Mehrotra, Mehrotra, Matthew Katz, Blackstone's, Franz Edelman, Katz, Deepali Vyas, Zac Maufe, Manoj Mahenthiran, Thomas H, Lee Organizations: Service, Walmart, Twitter, CalTech, Blackstone, Blackstone . Data Locations: Boston, Blackstone

☆ How to find a hobby
▼ + stars: | 2024-01-20 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +7 min

But if that's not for you — or if you're struggling to find something to do outside of work — experts shared how to find a hobby. The big storyA guide to finding a hobbyRobyn Phelps/InsiderHaving a hobby can help people tackle their work and personal life with more energy. Treat finding a hobby like a projectYou likely won't find the perfect fit immediately, Laura Vanderkam, the author of "168 Hours: You Have More Time Than You Think," told me. Or if they're also trying to find a hobby, ask what the people around them do for fun. Be patient but proactiveAdvertisementVanderkam told me that finding a hobby just takes a bit of time, experimentation, and being open to different things.

Persons: —, that's, Robyn Phelps, I've, Alexis Haselberger, Laura Vanderkam, It'll, Vanderkam, Haselberger, they're, she's, Joey Hadden, andresr, Kornmesser NASA's James Webb, Gen, Patrick Pleul Organizations: Service, Business, Orient, Express, Volkswagen, Ford, Tesla, LinkedIn, ESO, ESA, Hubble, Kornmesser NASA's James Webb Space Telescope, IKEA, Getty, Ikea Locations: Venice, Brandenburg, Schönefeld, Dahme

☆ Generative AI may reduce employee headcount by at least five percent in 2024, some CEOs say
▼ + stars: | 2024-01-18 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Some CEOs expect at least a five percent reduction in employees in 2024 thanks to AI, PwC found. Leaders in media, banking, and insurance are most likely to expect AI job replacement, study shows. Workers should learn how to use AI on the job to reduce company costs, PwC's AI lead told BI. When it comes to generative AI, many CEOs said they see adopting the technology as an opportunity to increase revenues and boost efficiency. "Some of those efficiency benefits appear likely to come via employee headcount reduction — at least in the short term — with one-quarter of CEOs expecting to reduce headcount by at least 5% in 2024 due to generative AI," PwC said.

Persons: PwC, —, Bret Greenstein, Greenstein, Goldman Sachs, Kristalina Georgieva Organizations: Workers, Service, The Conference Board

☆ There will be record CEO turnover this year, says top PwC boss
▼ + stars: | 2024-01-18 | by ( Lakshmi Varanasi | Cadie Thompson | ) www.businessinsider.com time to read: +4 min

Expect to see a record rate of CEO turnover this year, PwC's Tim Ryan said at Davos. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "We will see more turnover in the C-Suite in the next 12 months than we have ever," Tim Ryan, PwC senior partner, told Business Insider at the World Economic Forum in Davos , Switzerland this week. CEO turnover is already high. AdvertisementCorrection: Thursday, January 18, 2024 — This article has been updated to reflect Tim Ryan's current title, which is senior partner at PwC.

Persons: PwC's Tim Ryan, —, Tim Ryan, PwC, Ryan, you've, You've, isn't, Gray, Chris Licht, GameStop's Matthew Furlong, Jeff Shell, Ron Shaich, Tim Ryan's Organizations: Davos, Service, Economic, NBC, Economic Policy Institute, East Locations: Davos, Switzerland, PwC

It said it would tender for a new external auditor as part of "best practice for audit firm rotation". PwC has audited Westpac since 2002, before which PwC partners and their ancestor firms had audited the bank since 1968. However, PwC's lead Westpac audit partner assumed the role less than two years ago, in December 2021, according to a Westpac governance statement this month. A PwC Australia spokesperson said the firm understood the board's decision and was proud of its time as Westpac's auditor. Renamed Scyne Advisory, roughly 1,400 of PwC Australia's more than 9,000 staff moved over to the new firm.

Persons: Loren Elliott, PwC, Lewis Jackson, Christopher Cushing, Robert Birsel Organizations: Westpac, Central Business District of, REUTERS, Rights, Westpac Group, PricewaterhouseCoopers, PwC's, Google, Uber Technologies, Facebook, Meta, PwC, Scyne Advisory, Scyne, Thomson Locations: Central Business District of Sydney, Australia, PwC Australia

Renamed Scyne Advisory, roughly 1,400 of PwC Australia's more than 9,000 staff have moved over to the new advisory firm. It said it would tender for a new external auditor as part of "best practice for audit firm rotation". PwC has audited Westpac since 2002, before which PwC partners and their ancestor firms had audited the bank since 1968. However, PwC's lead Westpac audit partner assumed the role less than two years ago, in December 2021, according to a Westpac governance statement this month. A PwC Australia spokesperson said the firm understood the board's decision and was proud of its time as Westpac's auditor.

Persons: Lewis Jackson, PwC, Robert Birsel, Stephen Coates Organizations: REUTERS, Rights, Wednesday, Scyne Advisory, Scyne, Google, Uber Technologies, Facebook, Meta, WESTPAC, Westpac Group, Westpac, PwC's, Thomson Locations: Barangaroo, Australia

☆ Bain Capital to buy consulting firm Guidehouse in $5.3 bln deal
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon/FIle photo Acquire Licensing RightsNov 6 (Reuters) - Private equity firm Bain Capital will acquire government and business consulting firm Guidehouse in a deal valued at $5.3 billion, the companies said on Monday. Bain Capital declined to comment on specific terms of the Guidehouse deal, when contacted by Reuters. Guidehouse has been owned by Veritas Capital since 2018, when the PE firm acquired Big Four firm PwC's U.S. public sector business and rebranded it as Guidehouse. It also agreed to acquire 90% of India's Adani Capital and Adani Housing, buying out all of the Adani family's private investments in the company.

Persons: Kim Kyung, Guidehouse, Grant, Pritam Biswas, Devika Nair, Savio D'Souza, Shailesh Organizations: Bain Capital, REUTERS, U.S . Department of Defense, Homeland Security, Reuters, Veritas Capital, Big, Macquarie, Dovel Technologies, Chindata, Adani, Thomson Locations: Tokyo, Japan, United States, Bengaluru

☆ Unlocking the future of the web
▼ + stars: | 2023-11-02 | by ( Sponsor Post | Created Insider Studios With Pwc | ) www.businessinsider.com time to read: +8 min

Web3 technologies, like extended reality and crypto, allow Chipotle to offer more rewarding and innovative loyalty programs. The current bear market in crypto and web3 has been a good thing for customer experiences. Once the goal is clear, this will guide which web3 technologies and strategies can form the right solution. It's a promising new technology that has the potential to revolutionize the way businesses interact with customers. Crucially, web3 isn't a "nice-to-have": It's something all businesses need to adopt to thrive in the future.

Persons: web3, John Rolston, Web3, Rolston, Chipotle, We're, Matthew Blumenfeld, " Blumenfeld, Katie Forrest, Forrest, It's Organizations: Gen, Insider Studios Locations: cryptocurrency, web3

☆ Climate tech is like catnip to investors. Here's why the $13 billion sector is outperforming other industries.
▼ + stars: | 2023-11-02 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +7 min

Europe's startup ecosystem has been battered this year but climate tech founders have managed to avoid the brunt of the immense downturn so far. PwC's global analysis of the sector also points to climate tech outperforming the norm, accounting for a tenth of private market investments in 2023. Venture capital investment into European startups more broadly is primed to slump by around 46% to 58.1 billion euros in 2023. These obligations have helped make climate tech startups "catnip to investors," Sustainable Ventures' Stuart Ferguson said. Last year, European companies like electric vehicle manufacturer Polestar and batter-maker Northvolt raised 1.6 billion euros and 1 billion euros respectively.

Persons: They've, Stuart Ferguson, Fabian Heilemann, Heilemann, Biden's, Warner, Namratha, Mark Bula, Northvolt, Lisa Barclay, Ferguson, Aenu's Organizations: Steel, Venture, Sustainable Ventures, Warner, Ada Ventures, Elyos Energy, Green Steel, Nesta, Investments Locations: Swedish, British, Norwegian, London, Norway

☆ Deloitte expands as PwC Maldives, Sri Lanka network firms exit - memo
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Anushree Fadnavis Acquire Licensing RightsBENGALURU, Oct 9 (Reuters) - Accounting giant Deloitte is acquiring some of rival PricewaterhouseCoopers' (PwC) Maldives and Sri Lanka network firms, according to a Deloitte memo seen by Reuters, strengthening the company's presence in the South Asia region. PwC's Sri Lanka and Maldives firms will join Deloitte with effect from Oct. 28, the memo said. PwC Sri Lanka and Maldives also confirmed the Deloitte deal in a separate memo sent to some clients seen by Reuters. We are "committed to effecting a seamless transition as we prepare to join Deloitte," the memo said. Deloitte already has a presence in Sri Lanka, largely providing audit services in the region, the source with direct knowledge said.

Persons: Anushree, PwC, Romal Shetty, Nandan Mandayam, Aditya Kalra, Pooja Desai, Mark Potter Organizations: Deloitte, REUTERS, Rights, Accounting, PricewaterhouseCoopers, PwC, EY, KPMG, Reuters, Deloitte South Asia, Sri, Thomson Locations: Gurugram, India, Maldives, Sri Lanka, South Asia, Bengaluru, New Delhi

☆ Inside PwC's push to train its workers on AI
▼ + stars: | 2023-09-18 | by ( Tim Paradis | ) www.businessinsider.com time to read: +5 min

PwC plans to train 75,000 workers in the US and Mexico on artificial intelligence. The training comes as some new hires don't posses certain necessary tech skills. The training is designed to teach partners and employees what AI is and how they can safely incorporate it into their work. That's sending big companies, including the consulting giants, into a race to acquire expertise in AI and to train up their workforces. To help ensure workers have the necessary skills, the company puts new hires and even interns through training programs.

Persons: —, Shannon Schuyler, Schuyler, Yolanda Seals Organizations: Service, PricewaterhouseCoopers, New, Workers Locations: Mexico, Wall, Silicon, GenAI

☆ There is only one way to overcome workers' fear of AI, says PwC's Tim Ryan
▼ + stars: | 2023-09-14 | by ( Susan Caminiti | ) www.cnbc.com time to read: +1 min

As companies look to deploy generative artificial intelligence across their businesses, leaders run the risk of leaving the bulk of their employees behind. That's a mistake that will cost companies dearly, according to PwC's Tim Ryan. Since generative AI burst onto the business landscape last November, CEOs have been trying to understand the impact the technology will have on their companies. He knew the only way to quell that worry was to train them on the new technologies PwC was using. Upskilling was very important because we were sensitive to what our people were feeling, and that was worry."

Persons: Tim Ryan, Ryan, he's, Upskilling Organizations: Workers Locations: PwC

REUTERS/Lewis Jackson/File PhotoSYDNEY, Aug 6 (Reuters) - Australia will drastically tighten penalties for promoters of dodgy tax schemes and beef up the power of regulators as part of reforms announced on Sunday in response to a scandal over the use of leaked tax plans by PwC Australia. PwC Australia was not fined for the breach under the existing rules, and the changes will not applied retroactively, a Treasury spokesperson told Reuters. "The PwC scandal exposed severe shortcomings in our regulatory frameworks," said the statement from the ministers for treasury and finance and the attorney general. The Australian Tax Office (ATO) foiled several attempts by companies to subvert the 2016 Multinational Anti-Avoidance Law but was frustrated in its subsequent investigation by "highly ambitious if not false" legal privilege claims from PwC Australia. Collins and PwC Australia were not sanctioned until late 2022 by a separate agency that regulates tax agents, the Tax Practitioners Board, after police said there was insufficient information for them to act.

Persons: Lewis Jackson, Peter Collins, Collins, William Mallard Organizations: REUTERS, PwC, Facebook, Bills, Reuters, Australian Tax, Thomson Locations: Barangaroo, Australia, PwC Australia

Media and entertainment deal-making has slowed, but private equity players are still betting big on the space. Middle Eastern sources are still providing funding to media, which could fuel deals in the months ahead. Media deal volume has actually increased, just not as fast; PwC recorded media deals rose 3% (to 326) in the six months through May, down from a 7% increase in the previous six months. And beyond private equity, legacy players could shed properties they consider non-core: Paramount is trying to offload BET while Warner Bros. Insider's list of top private equity players in media and entertainment highlights 17 firms, from heavy hitters to smaller upstarts, based on our reporting and conversations with investors and insiders.

Persons: PwC, Hollywood —, Ryan, Morgan Stanley, Sherrese Clarke Soares Organizations: Media, Hollywood, RedBird Capital Partners, NFL, Company, Qatar Investment Authority, Yahoo, ESPN, Paramount, BET, Warner Bros, Discovery, Equity Partners Locations: Providence, BlackRock

☆ Beyond the metaverse
▼ + stars: | 2023-07-26 | by ( Sponsor Post | Created Insider Studios With Pwc | ) www.businessinsider.com time to read: +8 min

However, many consumers — and even business leaders — are still confused about what the metaverse actually is and how it will work. No matter what you call it — the metaverse, spatial computing, the 3D web – when the metaverse is broken down into its component parts, more realistic applications emerge. "We call it Metaverse Technologies for a reason." PwCIt's not just retail; events that have traditionally relied on in-person participation are also embracing a combination of metaverse technologies. The Venice Carnival is just one example of how metaverse technologies can create new ways for people to connect, learn, and experience the world.

Persons: —, Roberto Hernandez, We've, Hernandez, Joe Harrington, Harrington, We're, Alberto Bozzo, Ve.La, PwC Organizations: Technologies, PwC, Venice Carnival, Venice, Companies, Insider Studios Locations: Venice

Uber and Facebook on Friday said they had received advice from PwC Australia about the law. "We had no knowledge their advice may have been based on improperly obtained information," an Uber spokesperson said. Uber dropped PwC Australia as a tax adviser in 2016 after "engagements" with the Australian Tax Office, the spokesperson added. Uber and Facebook's links to PwC on the leaked tax plans were first reported by the Australian Financial Review on Friday. A PwC Australia spokesperson said the matter "was a PwC issue" and its "clients were not involved in any wrongdoing and no confidential information was used to enable clients to pay less tax."

Persons: Uber, PwC, PwC's, Lewis Jackson, Sonali Paul Organizations: SYDNEY, PwC, Facebook, Reuters, Google, Australian Tax Office, Treasury, Australian, Tax, Board, Public Company, Thomson Locations: PwC Australia, Australia

☆ Allegro says independent board to oversee PwC Australia's government business
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, July 4 (Reuters) - Australian investment firm Allegro Funds said on Tuesday it would set up an independent board to oversee PwC Australia's government practice business, which it bought last month, and committed A$100 million ($67 million) for transition costs. PwC Australia on June 25 entered an exclusivity agreement with Allegro to sell its government practice for A$1 as it battles to contain a fallout from a scandal over the leak of confidential government tax documents. Allegro said it had reached a binding term sheet on the sale, with the new business to be called Scyne Advisory and fully independent of PwC. PwC Australia said on Monday that it fired eight partners as part of an internal investigation into the leak. Former CEO Tom Seymour and the other seven partners named by PwC did not respond to requests for comment.

Persons: Allegro, Tom Seymour, PwC, Renju Jose, Matthew Lewis Organizations: SYDNEY, Allegro, Advisory, Federal, of, Scyne Advisory, PwC, Thomson Locations: Australia, of Australia, PwC Australia, Sydney

☆ Galym Imanbayev went from Stanford School of Medicine to venture capital. Here's why he says his medical training has been so crucial to becoming an investor at Lightspeed.
▼ + stars: | 2023-06-30 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +8 min

During his senior year of high school, Imanbayev discovered another interest, entirely by chance. After mistiming his MCAT, Imanbayev faced one gap year before he could start medical school. As he jumped into the grueling demands of medical school, Imanbayev said that for everything he studied, there were additional things he wanted to add on and learn. Helping Lightspeed push into healthtech investingSince 2020, Imanbayev has been a partner at Lightspeed focusing on the health sector. Imanbayev himself has spearheaded investments for Lightspeed in the healthcare-equity startup Soda Health and the virtual-care startup Wheel.

Persons: Galym Imanbayev, he'd, Mark Zuckerberg, Larry Ellison, Jack Dorsey, Imanbayev, Imanbayev's, Dean Lloyd Minor's Organizations: Stanford, VC, Lightspeed Venture Partners, Co, Oregon Health & Science University, Martis, Stanford School of Medicine, Stanford Graduate School of Business, Lightspeed, Ancora Biotech, Soda Health Locations: Kazakhstan, Soviet Union, Portland , Oregon

CARE Hospitals Group, according to another investor source, is in talks to sell a 70% stake to U.S. investment giant Blackstone (BX.N) in a deal valued at $800 million. MORE ATTRACTIVE THAN EVERAs government hospitals became increasingly overburdened and incomes rose in India's vast middle class, demand for private healthcare rose over the years. "The India healthcare opportunity has always been attractive, but never more than now. In 2022, PE investors spent $3.2 billion buying stakes in hospitals in India. "Big private hospitals are more reliable," said 35-year-old G. Chavan said as he accompanied his wife to see a doctor.

Persons: Rana Mehta, PwC's, Atlantic, Indira, Blackstone, Gaurav Sharma, Investcorp, Nishant Sharma, Sharma, Chavan, Sriram, Aditya Kalra, Simon Cameron, Moore Organizations: PwC, General Atlantic, CARE Hospitals, Blackstone, CARE, Kedaara Capital, ASIA'S PACE, Temasek, Reuters Graphics, Apollo Hospitals, Thomson Locations: India, PUNE, Pune, Indira, Bahrain, Mumbai, Manipal, Asia

The Australian scandal is the latest in a number the "big four" professional services firm has faced around the globe. Auditor PwC said it was unable to comment on client issues due to confidentiality clauses. Its auditor PwC and affiliates agreed to pay $33 million in fines and compensation to settle U.S. litigation in 2011. India's market regulator barred PwC's local affiliate from auditing listed companies for two years in 2018, but that was overturned the following year. ($1 = 1.4984 Australian dollars)Reporting by Lewis Jackson; Editing by Praveen Menon and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristin Stubbins, PwC, Lewis Jackson, Praveen Menon, Sonali Paul Organizations: SYDNEY, PricewaterhouseCoopers, International, Wyelands Bank, Colonial Bank ., Satyam, Enron, PwC, Thomson Locations: Australia, Brazil, Britain, Alabama, Colonial Bank . India

SYDNEY, June 26 (Reuters) - PricewaterhouseCoopers Australia staff who are found to have acted improperly in a scandal over the leaking of government tax plans will face "severe" consequences, acting chief executive Kristin Stubbins told a state parliament inquiry on Monday. "We have failed the standards we set for ourselves as an organisation, and I apologise on behalf of our firm," Stubbins said. The firm has already placed nine partners on leave and named four former partners directly involved in the breach who have since left the firm. The move will cut PwC Australia off from the "vast majority" of public sector consulting work, although some external audit work for government clients may stay, said Stubbins. She will remain in the role until Kevin Burrowes, currently Global Clients & Industries lead based in Singapore, relocates to Australia for the job.

Persons: Kristin Stubbins, Stubbins, David Seymour, Kevin Burrowes, Lewis Jackson, Diane Craft, Sonali Paul Organizations: SYDNEY, PricewaterhouseCoopers Australia, Allegro Funds, Global, Industries, Thomson Locations: Australia, New South Wales, ringfence, PwC Australia, Singapore

SYDNEY, June 26 (Reuters) - Australian lawmakers will ask for more details about PwC staff involved in the leak of government tax plans when acting head Kristin Stubbins appears before a state parliament on Monday, her first public appearance since her predecessor stepped down over the scandal. But there were still many unanswered questions, inquiry chair and Greens party lawmaker Abigail Boyd said on Sunday. "(The sale) seems like a really good way to avoid scrutiny," she told Reuters on Sunday. "Look we've taken action, we've sold off the business, we've got a new person in, everything is fine. She will remain in the role until Kevin Burrowes, currently Global Clients & Industries lead based in Singapore, relocates to Australia for the job.

Persons: Kristin Stubbins, Stubbins, Abigail Boyd, we've, Boyd, David Seymour, Kevin Burrowes, Lewis Jackson, Diane Craft Organizations: SYDNEY, Global, Industries, Thomson Locations: New South Wales, NSW, Singapore, Australia

[1/2] PwC sign is seen in the lobby of their offices in Barangaroo, Australia June 22, 2023. PwC Australia made A$3 billion ($2.01 billion) in revenue last financial year. Allegro Funds describes itself as a restructuring specialist with over A$4 billion ($2.68 billion) under management. Acting PwC Australia chief executive Kristin Stubbins said last month the firm would "ringfence" its government consulting business and appoint a separate board to consider "strategic options for the business". In a sign the scandal is beginning to impact PwC's private sector work, four major pension funds managing roughly A$750 billion froze work with the firm this month.

Persons: Lewis Jackson SYDNEY, PwC, Kristin Stubbins, Lewis Jackson, Lincoln, Simon Cameron, Moore Organizations: REUTERS, PricewaterhouseCoopers Australia, Allegro, Reserve Bank of Australia, Australian Financial, Funds, PwC Australia, Thomson Locations: Barangaroo, Australia

SYDNEY, June 21 (Reuters) - The chair of an Australian senate committee looking into PricewaterhouseCoopers' leak of a confidential government tax plan has called for an international investigation into the matter. Earlier this month, PwC Australia listed in an unpublished letter to the senate committee at least 67 current and former staff who may have known of the 2015 leak of confidential government tax plans. Acting CEO Kristin Stubbins apologised for the leak on behalf of the firm in an open letter last month. The report also called on PwC to cooperate fully with a current Australian Federal Police investigation. ($1 = 1.4778 Australian dollars)Reporting by Lewis Jackson; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Richard Colbeck, PwC, Kristin Stubbins, Lewis Jackson, Edwina Gibbs Organizations: SYDNEY, PricewaterhouseCoopers, Australian Federal Police, Thomson Locations: Australia

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