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☆ Climate change will become a CEO dealbreaker
▼ + stars: | 2022-12-22 | by ( John Foley | ) www.reuters.com time to read: +6 min

While StarMark Financial again delivered record earnings in 2022, my own views on climate change are no longer compatible with my duties as the CEO of a global financial firm. A Pew Research survey last year showed that respondents in nine countries including the United Kingdom, France and Spain ranked climate change as the most pressing of five threats to the country. While we believe that supporting measures that advance climate change mitigation creates value, it is clear that some large public-sector clients disagree. At the same time, some Democrat-led local governments have threatened to take business away from us if we take too mild a stance on climate risk. I believe we face the risk that climate change will prove catastrophic within our lifetimes.

☆ Rolex watches have outperformed gold, real estate, and stocks over the past 10 years, and sellers believe their future value will continue to deliver
▼ + stars: | 2022-12-21 | by ( Dominick Reuter | Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Prices for luxury watches like Rolex, Patek Philippe, and Audemars Piguet skyrocketed in 2022. Demand for second-hand luxury watches will likely stay high next year, according to Chrono24 founder Tim Stracke. Around 14% of the platform's sales come from Rolex watches, and 80% of those are pre-owned. "The new programme makes it possible to purchase pre-owned watches that the brand itself has certified and guaranteed. Its aim is to bring added value to the existing supply of pre-owned Rolex watches.

☆ 2022 in gender equality: Share of female Fortune 500 CEOs hits all-time high, but other progress stalls
▼ + stars: | 2022-12-20 | by ( Morgan Smith | ) www.cnbc.com time to read: +6 min

Women continue to face a significant wage gap that has hardly budged over the last 15 years, with women of color bearing the brunt of the disparity. The year "2022 really is a mixed bag when it comes to gender equality," says Melissa Boteach, the vice president for income security and child care/early learning at the National Women's Law Center. Aside from that victory, there has been little progress in closing the gender wage gap over the past decade. This year, the wage gap narrowed by one penny. The wage gap Black women face narrowed by about four cents in one year, while Latinas' wage gap didn't budge at all.

☆ Black women are worn out from discrimination in corporate America. They're leaving to launch their own businesses, creating a hole for talent across industries.
▼ + stars: | 2022-12-19 | by ( Alexandra York | Marguerite Ward | ) www.businessinsider.com time to read: +8 min

Black women are being pushed out of corporate America by microaggressions, belittling, and burnout. Their departures are likely to hurt innovation and profits in corporate America. For Black women facing disrespect on the job, those pledges of a more equitable workplace can seem hollow. Insider spoke with Stewart and two other Black women who've left the corporate world since 2020 to start their own businesses. They're among those making Black women the nation's fastest-growing group of entrepreneurs.

☆ Analysis-Bumper green aluminium output is good news for carmakers, and climate
▼ + stars: | 2022-12-17 | by ( Eric Onstad | ) www.reuters.com time to read: +6 min

Next year’s forecast increase in “green aluminium” output would reduce that by 13 million tonnes, or about 1.2%. Polestar said it pays slightly more for green aluminium, partly due to the administrative costs of changing suppliers, but did not say how much more. Producers, however, are still managing to sell some of their low-carbon output at higher prices under quarterly and annual contracts. Rising output of both will keep green premiums relatively low in the coming years, said Marcelo Azevedo at the McKinsey consultancy. GRAPHIC: Abundant Supplies of Green Aluminium - here

☆ Analysis: Bumper green aluminium output is good news for carmakers, and climate
▼ + stars: | 2022-12-17 | by ( Eric Onstad | ) www.reuters.com time to read: +6 min

Next year's forecast increase in "green aluminium" output would reduce that by 13 million tonnes, or about 1.2%. Polestar said it pays slightly more for green aluminium, partly due to the administrative costs of changing suppliers, but did not say how much more. "The cost per reduced kg of CO2 emissions when shifting to green aluminium is still significantly lower than many other ways of reducing raw material emissions," a company spokesperson told Reuters. Producers, however, are still managing to sell some of their low-carbon output at higher prices under quarterly and annual contracts. Rising output of both will keep green premiums relatively low in the coming years, said Marcelo Azevedo at the McKinsey consultancy.

Exports, which constitute about 22% of the industry, have fallen for five months in a row - declining over 15% year-on-year in November to $3.1 billion. Domestic sales are sluggish despite strong growth in the overall economy because of high costs and cheap imported garments, manufacturers say. Reuters GraphicsIn the textile industry, manufacturers say higher domestic cotton prices and other costs have hit profit margins, while overseas orders for next summer are down by about one-third and domestic demand remains weak. "The government needs to scrap the 11% import duty on cotton so local textile mills can have a level playing field," Ganatra said. Reuters GraphicsFEAR OF JOB CUTSMany textile manufacturers, who have frozen hiring of workers, have warned of jobs cuts if the government fails to provide relief soon.

☆ Automakers desperately need new workers — with new skills — to build electric cars
▼ + stars: | 2022-12-16 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

They're looking for lots of workers — and the current automotive workforce can leverage its skills. There are a variety of new opportunities available, industry experts say. That means workers with skills in construction, manufacturing, and engineering, especially those willing to be flexible, could see plenty of opportunities, experts say. But first, the industry needs factories to build those batteries — and workers to construct them. You're not going to necessarily take somebody that's working on an assembly line and now you need software production experts," McCarthy said.

☆ Nearly half of all Gen Z and millennial workers did freelance work this year as the Great Resignation continued, inflation remained sky high, and people wanted work flexibility
▼ + stars: | 2022-12-15 | by ( Madison Hoff | Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Young Americans led the way — over 40% of Gen Z workers and almost 50% of millennial workers freelanced. The record share this year signals more Americans are turning to freelance work amid continued employer struggles to find workers. According to the survey, 43% of Gen Z workers and 46% of millennial workers performed freelance work in 2022, compared to 35% of Gen X workers who said the same. Thirty-seven percent said they provide "unskilled" services, while 31% said they sell goods as part of their freelance work. Per the report, 17% of US freelancers generate "income from a mix of traditional employment and freelance work."

☆ French Police Raid Offices of Macron’s Political Party
▼ + stars: | 2022-12-14 | by ( Nick Kostov | Stacy Meichtry | ) www.wsj.com time to read: 1 min

PARIS—French police have raided the headquarters of Emmanuel Macron ‘s political party, prosecutors said Wednesday, as part of two probes into possible ties between consulting firms and France’s presidential campaigns in 2017 and 2022. France’s national prosecutors said police also searched the Paris offices of consulting giant McKinsey & Co. as well the headquarters of an association dedicated to funding Renaissance, Mr. Macron’s party.

☆ Visa to invest $1 bln in Africa over 5 years to cash in on e-payments boom
▼ + stars: | 2022-12-14 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

[1/2] Credit card is seen in front of displayed Visa logo in this illustration taken July 15, 2021. The investments in Africa shine a new light on a major growth opportunity on the continent where cash is likely to be challenged in coming years as e-payments gain momentum, according to a McKinsey report in September. "It's one of our fastest growing regions," Andrew Torre, Visa's regional president for central and eastern Europe, Middle East and Africa, told Reuters in an interview on Wednesday. The investments will scale Visa's operations in Africa and deepen ties with governments, fintechs and merchants, according to the statement. Among new technologies, the company recently rolled out Visa Acceptance Cloud, a platform which turns virtually any device into a payments terminal.

☆ America's lack of boardroom diversity isn't just a PR problem, it's a business problem that will make companies more vulnerable in a downturn
▼ + stars: | 2022-12-14 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +6 min

More than a dozen companies had no board members of color, according to the report, which relied on 2021 data. Along with a few partner organizations, Watts launched a program in August to help companies interview and select more board members from underrepresented backgrounds. Bessie Watts of Vista Equity Partners is working on a program to increase the pipeline of board members from underrepresented backgrounds. More CEOs are embracing not just the moral case for board diversity, but the business case, as well, Watts said. "We're able to meet and help support board members with valuable new insight."

☆ This startup wants to show the impact Fortune 500 companies have on the environment and society. Check out the 18-slide pitch deck Upright used to raise $5.2 million.
▼ + stars: | 2022-12-13 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Finnish startup Upright just landed a 5 million euros seed round (around $5.2 million). The platform reveals the impact the world's largest companies have on the environment and society. Check out the 18-slide pitch deck Upright used to raise its first round from VC Planet A.Annu Nieminen has always found solace in math. She couldn't find anyone working on a tool to show the overall negative or positive impact of businesses so decided to do it herself – "as the cliche goes," she told Insider. The Helsinki-based startup has been bootstrapped until now, as it announces a 5 million euros seed round (around $5.2 million).

☆ The solution to low productivity and quiet quitting is simpler than most managers realize: It's about making people feel that they matter.
▼ + stars: | 2022-12-12 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +5 min

Meanwhile, more than half of the workforce and "probably more" engaged in quiet quitting this year, according to a June Gallup poll. The solution is simple, but it requires work on the part of leaders to make workers feel like they matter. Managers who don't give their employees a sense of meaning risk higher turnover, increased rates of quiet quitting, and lower productivity. Managers who don't give their employees a sense of meaning risk higher turnover, rates of quiet quitting, and lower productivity. An employee who only gets compliments will begin to wonder whether her manager is being sincere, the Babson professors wrote.

☆ Latinas lose $1.2 million over their careers due to the pay gap—here's what needs to change
▼ + stars: | 2022-12-08 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

That pay gap translates to a staggering loss of nearly $1.2 million over a 40-year career. Latinas with the largest pay gaps often work as maids, child-care workers and cashiers, among other critical, undervalued occupations, the Center for American Progress reports. Honduran women, for example, only make 44 cents, Guatemalan women make 47 cents, and Salvadoran women make 49 cents for every dollar paid to white, non-Hispanic men, the NWLC reports. While the largest explained causes of the pay gap include the segregation of Latinas into lower-paying occupations and a history of discrimination and bias in hiring and salary decisions, a significant part of the pay gap can't be accounted for by these factors. Increasing pay transparency, providing Latinas access to information, negotiation tactics and connecting them with allies in the workplace can help Latinas in the fight for equal pay.

☆ December 8 is this year's Latina Equal Pay Day, or the day Latina workers finally earn what white men made in just 2021
▼ + stars: | 2022-12-08 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

That means it takes Latinas almost all of 2022 to make what non-Hispanic white men made in just 2021. Latinas earn 54% of what white men earn per Census Bureau data. NWLC's analysis of Census Bureau data show full-time, year-round working Latinas earned 57% of non-Hispanic white men's median earnings. That means an overall lifetime earnings loss for Latinas working full-time, year-round of almost $1.2 million, which can have serious consequences. "Latinas ask for promotions and raises at similar rates to white men, they're just not getting them," Sandberg said in a statement.

☆ Automakers like Ford and GM are scrambling to make EVs cheaper as battery prices rise for the first time in years
▼ + stars: | 2022-12-07 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Battery prices have risen this year for the first time in a decade, according to BloombergNEF. A few potential solutionsFirst, auto manufacturers are working to establish battery supply in the US, as most American players have long relied on foreign supply chains. Establishing an EV battery supply chain can't be done overnight. And, any new EV battery mix comes with trade-offs. Because of the many challenges riddling the EV battery space, prospective car-buyers shouldn't expect automaker ideas to come to light in the form of lower EV prices quickly.

☆ Wealthy Chinese keep on spending while others cut back, survey finds
▼ + stars: | 2022-12-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — Wealthier Chinese were more inclined to spend this year, while poorer people cut back on spending even more, McKinsey and Company found in a survey released Thursday. The divergence contrasts with 2019, before the pandemic, when "there was little differentiation in spending between the two groups," the McKinsey analysts said. Only 14% of that income group said they significantly cut their spending. "So, the more affluent group continues to spend, while lower-income groups are more hesitant and hold spending decisions." The share of urban households wanting to save "for a rainy day" rose to 58% — its highest since 2014, the McKinsey survey found.

☆ Risk officers are the next hot hire for fintechs reaching consumers in new industries, VCs said. Startups are poaching from big companies to find them.
▼ + stars: | 2022-12-06 | by ( Emilia David | ) www.businessinsider.com time to read: +5 min

Risk officers don't just safeguard data: They take charge of many regulatory and technological issues in financial-services businesses. But only some fintech companies may benefit from thinking about hiring risk officers early. Large banks still dominate hiring for risk officers, but startups are gaining groundFintech startups want to hire risk officers, but they face a hurdle: There aren't enough risk professionals. But fintech startups have been attracting risk officers from banking giants for a while. Still, according to White, there are benefits to hiring risk officers for both types of companies.

Cloud computing has dominated the tech industry, created armfuls of multi-billion dollar companies, and it's still growing exponentially. All of that makes cloud computing an excellent career choice now and for years to come. To that purpose, we created this list of people to know who are working on the next iterations of the cloud. We looked for leaders in six categories that make up the cloud universe — or cloudverse. Read on for the 2022 Cloudverse 100 list, organized alphabetically.

☆ Disney Needs to Do More With Less on Streaming
▼ + stars: | 2022-12-05 | by ( Dan Gallagher | ) www.wsj.com time to read: +1 min

But those moves will prove easy compared with the challenges he faces with Walt Disney ‘s streaming business, where he must find a way to make do with less. Two weeks into Mr. Iger’s return to the Mouse House’s corner office, investors remain optimistic. As of Friday’s close, Disney ‘s shares are up 8% since the Nov. 20 announcement—more than double the S&P 500’s gains in that time. The fact that Mr. Chapek had McKinsey consultants running around to push those changes didn’t seem to help his case internally. At the end of the day, even Chief Financial Officer Christine McCarthy turned on him, according to The Wall Street Journal’s reporting.

☆ Rolex is starting to sell officially certified used watches
▼ + stars: | 2022-12-05 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Rolex officially launched a program for certified pre-owned watches in December. Last week, the Swiss company launched a "Certified Pre-owned Programme" for watches that are at least three years old. Now, certified pre-owned watches will be minted with the brand's official insignia as well. Its aim is to bring added value to the existing supply of pre-owned Rolex watches. While prices for second-hand luxury watches have dropped considerably over the past few months, they haven't completely wiped out their pandemic gains.

LOS ANGELES—Walt Disney Co. was working with consulting firm McKinsey & Co. in recent months on an effort to centralize control of major spending decisions, triggering an uproar from top creative executives at the entertainment giant, according to people familiar with the matter. Discussions regarding the plan were under way in the weeks leading up to Nov. 20, when Disney’s board of directors fired Bob Chapek as chief executive and replaced him with his predecessor, Robert Iger .

My family budget has a line item for my income: my paid work as a writer, and my unpaid work as a mom. This budgeting strategy gives my unpaid labor value — it recognizes that I work 12-14 hours a day. This unpaid labor balances out in the expense column, so there's no positive cash flow from it, but it appears on the budget anyway. If stay-at-home parents spoke up more about our monetary value, we might be more accurately seen as aggressively employed. Maybe the judgments would subside if we spoke up more about the monetary value of unpaid childcare, starting at home with our personal budgets.

☆ Analysis: Retailers turn to robots in cost inflation fight
▼ + stars: | 2022-12-01 | by ( James Davey | ) www.reuters.com time to read: +6 min

He estimates the retail industry is 40% automated, but sees that jumping to 60-65% over the next three to four years. The march of the robots can be seen in fashion stores and food shops globally as an industry that employs millions grapples with the cost of rising wages, energy and raw goods. While processes at online retailers are largely automated, vast parts of a traditional retailer's operations are still carried out manually, according to consultants at McKinsey. Looking at the fashion industry, McKinsey expects fashion companies to double investment in technology from 1.6% to 1.8% of their revenue in 2021 to between 3.0% and 3.5% by 2030. "Retailers are saying 'robots are the future,'" Michel Spruijt, Brain Corp's chief revenue officer, told Reuters, adding that the shift could "free up workers from tedious" tasks.

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