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The University of the Arts president, Kerry Walk, has resigned only a few days after her administration said that the nearly 150-year-old institution in Philadelphia would close because of declining revenue and enrollment, union officials representing school employees told The New York Times on Tuesday. News of the resignation, which earlier appeared in The Philadelphia Inquirer, broke as students were protesting the closure on campus, holding signs with messages including “It’s not noble for artists to suffer” and “We are not trash don’t throw us away.” Union officials told The New York Times that a meeting to start layoff negotiations on behalf of some 450 employees was abruptly canceled Tuesday by the school’s outside legal counsel as faculty learned that Walk was stepping down. “We are appalled,” United Academics of Philadelphia, one of the unions representing employees, wrote in a statement. “This sudden resignation, announced via the media, continues the pattern of disregard and cruelty to which the University of Arts has subjected employees and students.”On Sunday, the University of the Arts posted a statement to its website saying that “despite our best efforts, we could not ultimately identify a viable path for the institution to remain open and in the service of its mission.” It has not commented on Walk’s resignation; she served as university president for less than a year. Before she joined the University of the Arts, Walk was the president of Marymount Manhattan College for eight years.
Persons: “ It’s, Organizations: University of the Arts, Kerry, New York Times, ., Philadelphia Inquirer, , of, University of Arts, Marymount Manhattan College Locations: Philadelphia, ” United, of Philadelphia
Read previewWhen Richard S. started selling electronics on eBay in 2008, he didn't have much cash. Advertisement"I started buying T-Mobile Sidekicks on Craigslist for 35, selling them on eBay for 70, and I was doing that like a madman. Selling on eBay looks a lot different today than it did when Richard started in 2008. Thanks to smartphones, you can look up what an item is selling for on eBay before you source it. If you found an item for $5 at a thrift store but it's selling on eBay for $4, pass.
Persons: , Richard S, iPhones, Richard, he's, It's Organizations: Service, eBay, Craigslist, Business, Mobile Sidekicks, BI, Buffalo Bills, Salvation Army
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Austin Wang, a class-of-2025 computer-science major at Yale University, said students were "scared that engineering roles will be replaced in the future." Handshake found that fewer prospective business graduates were applying to consulting roles and that more were seeking positions in customer relations, marketing, and analytics compared with last year. Handshake's analysis suggested tech job postings geared toward fresh graduates fell by 30% compared with last year. Advertisement"It's quite bad for entry-level jobs in general but even worse for international students," she said.
Persons: , It's, Goldman Sachs, Morgan Stanley, Austin Wang, Fabrice Coffrini, Beth Hendler, Matthew Park, Anika Nair, Rutgers University . Austin Wang, Anika Nair Yale's Wang, Wang, Amr Alfiky, you'll, Adnan Hussain, Christine Cruzvergara, Richard Carruthers, I've Organizations: Service, Management, Big Tech, National Association of Colleges, Employers, Business, New York Times, Yale University, McKinsey & Company, Boston Consulting Group, Bain & Company, Accenture, McKinsey, Getty Images Industry, Yale, Tech, Companies, Ivy League, Rutgers University ., Rutgers University, JPMorgan —, Investment, Citigroup, JPMorgan, Deutsche Bank, Finance, Reuters, National University of Singapore, Imperial College London, KPMG, Deloitte, HSBC, Amazon Web Services Locations: Wall, AFP, Singapore
IKEA is launching a game inside Roblox — and paying some players an hourly wage to work there. Ten players will get about $17 per hour to serve up virtual meatballs and more. IKEA is looking for employees to staff a virtual store inside the popular gaming platform Roblox. The Swedish furnishings giant is launching a game called The Co-Worker — and 10 people will actually get paid to play, the company said. They'll get IKEA's hourly wage in London of £13.15 — roughly $17 — to serve up virtual versions of the retailer's famed meatballs inside the game or redesign its showroom floors.
Persons: , They'll Organizations: IKEA, Service Locations: London
In 2024, Gen Z workers are expected to outnumber baby boomers in the American labor force for the first time. CNBC Make It explores how Gen Zers are really putting their mark on career advice, office culture and more. Much of the advice is geared toward Gen Z and younger millennials figuring out their place in a chaotic post-pandemic work landscape. Much of the career advice on TikTok echoes the tips shared in podcasts, YouTube videos and LinkedIn thought pieces. It's just the aesthetics and format that are different — and more appealing — to Gen Z.
Persons: Jade Walters, TikTok, Gen, Zers, Baron Leung didn't, Leung, Weeks, Baron Leung, it's, jobseekers, Z, Joe Biden, It's, Walters, I've, Gen Z, Grace Dunlavy, Dunlavy, New York — Organizations: CNBC, LinkedIn, Zenith, Pew Research Center, Howard University, Saint Louis University Locations: Toronto, U.S, Chicago, New York
New York City delivery workers who don't use cars have one of the deadliest jobs in the city. There are now more than 65,000 app-based restaurant delivery workers in the city, and about 80% of them use e-bikes and motorbikes. The city report found that 28.7% of e-bike or moped delivery workers experienced injuries that forced them to miss work, lose consciousness, or seek medical care. They're asking for wider protected bike lanes, or even separate lanes for e-bikes and mopeds, and charging facilities for e-bikes. Indeed, "New Yorkers are dependent on app delivery workers to keep them safe and fed during times of crisis," she added.
Persons: , takeout, Eric Adams, it's, Jose Alvarado, Andrew Lichtenstein, Brad Lander, Uber, DoorDash —, Ligia Guallpa, Guallpa, DoorDash, Guallpa's, Lander Organizations: Service, Business, Department of Consumer and Worker Protection, US Bureau of Labor Statistics, Bureau of Labor Statistics, Bloomberg, Yorkers, New York Times, Department of Transportation, Getty, City, York, Workers Justice Locations: New York City, York, New York, South Bronx, York City, City, Manhattan, Williamsburg , Brooklyn
Elon Musk redirected $500 million in AI processors from Tesla to X, CNBC reported. AdvertisementElon Musk diverted $500 million worth of AI processors meant for the carmaker, according to correspondence from Nvidia employees obtained by CNBC. Instead, he sent them to his social media platform X, the report, which was published Tuesday, said. "Elon prioritizing X H100 GPU cluster deployment at X versus Tesla by redirecting 12k of shipped H100 GPUs originally slated for Tesla to X instead," an Nvidia memo from December said, according to the report. "In exchange, original X orders of 12k H100 slated for Jan and June to be redirected to Tesla."
Persons: Elon, , Tesla Organizations: CNBC, Service, Nvidia, Tesla, Business
The $950 million project encompasses the 18-story former train station called Michigan Central Station – once the state's marquee transit building – an adjacent 270,000-square-foot building and other, supporting facilities. The 30-acre "Michigan Central" campus and station was initially announced in 2018 and slated to open by 2022. Train station campusThe Michigan Central campus is located southwest of Detroit's main business district in a trendy neighborhood known as Corktown. The Michigan Central campus in total spans 1.2 million square feet of commercial space, including retail, restaurants and hospitality. The restored grand waiting room inside Ford's Michigan Central Station in Detroit.
Persons: Michael Wayland, Bill Ford Jr, Ford, Bill Ford, He's, Henry Ford, Ford Ford, Josh Sirefman, it's, It's Organizations: CNBC DETROIT, Michigan Central, Ford, CNBC, General Motors, Renaissance, eBay, Michigan Central Station, Detroit, Michigan, Central Station, CNBC Ford, Architects, Detroit Public, Depository, Google, Detroit Lions Locations: Motor, Michigan, Detroit, Silicon Valley, California, East, Detroit's, Dearborn , Michigan, Ford's, Mankato, Indiana, CNBC, Motor City, Pontiac, Rouge
He landed on an option that's becoming increasingly popular with top MBAs and entrepreneurs: launching his own search fund. AdvertisementHere are three reasons why he decided on a search fund:Shift in the search fund businessSingh graduated from Harvard's MBA program in 2022. "Historically, tech people have stayed away from search funds because it's not exciting to them," he said. These could be projects that convert on-premise software companies to cloud companies or projects that change one-time software purchases to yearly subscriptions. Singh said he knew of about 20 MBAs from his Harvard cohort who started search funds, out of about 800 in his class.
Persons: , Gaurav Singh, Singh, that's, he'd, wouldn't, Harvard Organizations: Service, Harvard Business School, Business, Stanford Graduate School of Business, Stanford, Investors Locations: Toronto, Stanford, Midwest
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. I'm the founder, chairman, and CEO of Ink Inc. Public Relations, and I'm 79 years old. AdvertisementI'm still working because I still love my careerOne of the things that keeps me going is having a competitive nature. I'm not planning on retiring in the classic sense to some golf courseMost people experience fatigue, but I've never felt burned out. I'm not typically asked how old I am, but on the rare occasion I'm asked, my response usually surprises the inquirer, which isn't a bad feeling.
Persons: , Richard Grove, It's, Burson, I've, I'm Organizations: Service, Ink Inc, Public Relations, Business, Inc, Street, The New York Times, USA, Kansas Jayhawks Locations: Kansas City , Missouri, Kansas, New York City, California, Vietnam, Cuba, Mexico
He landed on an option that's becoming increasingly popular with top MBAs and entrepreneurs: launching his own search fund. AdvertisementHere are three reasons why he decided on a search fund:Shift in the search fund businessSingh graduated from Harvard's MBA program in 2022. "Historically, tech people have stayed away from search funds because it's not exciting to them," he said. These could be projects that convert on-premise software companies to cloud companies or projects that change one-time software purchases to yearly subscriptions. Singh said he knew of about 20 MBAs from his Harvard cohort who started search funds, out of about 800 in his class.
Persons: , Gaurav Singh, Singh, that's, he'd, wouldn't, Harvard Organizations: Service, Harvard Business School, Business, Stanford Graduate School of Business, Stanford, Investors Locations: Toronto, Stanford, Midwest
Read previewA leaked copy of an internal Google database revealed thousands of privacy-related incidents from 2013 to 2018, according to a report from 404 Media published Monday. The leaked information, sent to 404 Media by an anonymous tipster, reveals flagged instances where Google's privacy guardrails may have failed. Another situation involved Google's Street View saving license plates due to an algorithm that detected text in images, according to the 404 Media report citing the leaked information. Few of the documented incidents were publicly reported, according to 404 Media. Google told Business Insider it implemented hundreds of new and additional protections over the last six years to ensure user security and privacy.
Persons: , they're Organizations: Service, Media, Business, Google
—Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . Fairlead Strategies Disclaimer: This communication has been prepared by Fairlead Strategies LLC ("Fairlead Strategies") for informational purposes only. Securities, investment products, other financial products or strategies discussed herein may not be suitable for all investors. The recipient of this information must make its own independent decisions regarding any securities, investment products or other financial products mentioned herein. This material is not to be reproduced or redistributed absent the written consent of Fairlead Strategies.
Persons: TAN, Katie Stockton Organizations: Fairlead, CNBC Pro, Securities Locations: TAN
Read previewThe great unbossing is underway, with companies cutting middle management positions. Cost cutting, Gen Z's distaste for management , remote working, and increased pressure on performance are all factors in why middle managers are finding their jobs are most at risk during layoffs. She said that not having a micromanager picking apart their work could benefit Gen Zers who don't feel they need to be "spoon-fed." Doing it rightThose who are skeptical of companies axing middle managers say it could mean junior staff won't receive the mentorship needed to climb the ladder. Camberato said staffers of all generations, from Boomers to Gen Zers, need to evolve, "especially as technology advances."
Persons: , Sophie O'Brien, O'Brien, Zers, micromanagers, they'll, We're, Catherine Rymsha, The University of Massachusetts Lowell, Rymsha, Joe Camberato, Camberato, Gen Zers Organizations: Service, Business, The University of Massachusetts, Business Capital, Boomers
Microsoft will lay off some employees who work on mixed reality, a spokesperson told CNBC on Monday. Although the cuts will affect the department that contributes to the HoloLens 2 augmented reality headset, Microsoft plans to continue selling the device. "Earlier today we announced a restructuring of the Microsoft's Mixed Reality organization," the spokesperson said in an email. In addition, we will continue to invest in W365 to reach the broader Mixed Reality hardware ecosystem. In December, Microsoft further reduced investment in augmented reality and virtual reality, which blocks out the surrounding world, when it deprecated Windows Mixed Reality, which included tools for running applications in head-mounted displays.
Persons: Satya Nadella, Apple Organizations: Microsoft, CNBC, Department, U.S . Defense Department, Bloomberg, Nvidia, Vision, Microsoft Ignite, Meta Locations: Redmond , Washington, Seattle
New York CNN —Anchor Brewing, America’s oldest craft brewer, closed last summer after more than 127 years in business. Anchor closed in July 2023 and its former parent company Sapporo USA put it up for sale after facing years of declining sales. Despite Ulukaya’s excitement about reviving the 127-year-old brand, the craft beer business has been in decline as drinkers shift to spirits and cheaper alternatives. “The brand struggled because it kept relevance with longtime, committed craft beer enthusiasts, but rarely registered with young people or casual drinkers,” Roth said. “Focusing on Anchors legacy, stature, and part of American craft beer history could help the brewery form new emotional connections with drinkers.”
Persons: it’s, Hamdi Ulukaya, Brewing’s, Ulukaya, , Anchor’s, Jose Sarmento Matos, there’s, ” Bryan Roth, ” Roth Organizations: New, New York CNN, Brewing, LinkedIn, San, Sapporo, Bloomberg, Getty, San Francisco, Feel Goods Company, CNN Locations: New York, San Francisco, California, Sapporo USA, Sapporo, Potrero Hill
A new frontier has opened in fashion’s fur wars, as protesters targeted the homes of more than a dozen employees of Marc Jacobs in recent months, using signs, noisemakers and fake blood in an effort to force the designer to officially renounce the use of fur in his collections. Over the weekend, Mr. Jacobs accused the protesters of “bullying” in a statement on Instagram, but averred: His brand “does not work in, use or sell fur, nor will we in the future.” He also emphasized that he had not used fur in any of his own brand’s collections since 2018. “This organization has made it clear that they will not stop their violence toward Marc Jacobs unless they get the statement they want,” Mr. Jacobs wrote. “While I don’t condone the behavior of this organization, I will always do what I can to protect, honor and respect the lives and well-being of the people I work with.”The organization referenced by Mr. Jacobs is the Coalition to Abolish the Fur Trade, or CAFT, a group that selects targets and disseminates information and resources to anti-fur activists on the ground.
Persons: Marc Jacobs, Jacobs, Mr, Organizations: Coalition, Trade
The right retirement savings rate depends on your age, expected retirement date, cash flow, projected Social Security income, pensions and retirement plans, among other factors. However, "if you can't reach that 15%, at least try to contribute [enough] to get your full company match," Shamrell said. If you can't reach that 15%, at least try to contribute [enough] to get your full company match. 401(k) savings rates are increasingOver the years, both the individual savings rate and company contributions have continued to climb, said Shamrell with Fidelity. Automatic 401(k) contribution increases have also boosted savings rates, according to Shamrell.
Persons: Mike Shamrell, Shamrell, deferrals, Andrew Herzog Organizations: Fidelity Locations: Plano , Texas
Microsoft is cutting hundreds of jobs from the Azure business, sources say. The layoffs impact Azure for Operators and Mission Engineering teams. AdvertisementMicrosoft is cutting hundreds of employees from its Azure cloud business, according to people familiar with the situation. One of the people estimated the Azure for Operators layoffs involved as many as 1,500 job cuts. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Microsoft, Mission Engineering, Service, Business
On Sunday night, minutes after Will Lewis, the chief executive of The Washington Post, informed employees that the newspaper’s executive editor, Sally Buzbee, was being replaced, managers gathered on a conference call to hear from their boss one last time. Ms. Buzbee told them that a new organizational structure created by Mr. Lewis — effectively splitting the Washington Post newsroom and opinion section into three smaller divisions — didn’t work for her. She added that Mr. Lewis was pushing for aggressive moves to turn around The Post, and asked editors to reserve judgment for now. “I would have preferred to stay to help us get through this period, but it just got to the point where it wasn’t possible,” Ms. Buzbee said, according to a person familiar with the matter. The stunning call — which some attendees described as funereal — added to the growing tension between the newsroom and Mr. Lewis, who has set about remaking The Post since he started in January.
Persons: Will Lewis, Sally Buzbee, Buzbee, Lewis —, Lewis, , Ms, Organizations: The Washington Post, Washington Post
No matter how much you like your colleagues, don't think of your workplace as a family, says Airbnb CEO and co-founder Brian Chesky. Chesky learned this lesson from experience, he told Wharton psychologist Adam Grant's "ReThinking" podcast in May. In 2020, at the height of the Covid-19 pandemic, Chesky penned a note to employees explaining that the company would conduct layoffs. And it is true that a company's not a family. "We used to refer to ourselves as a family, and then we did have to fire people, or they'd have to leave the company, and you don't fire members of your family," he added.
Persons: Brian Chesky, Chesky, Wharton, Adam Grant's
Microsoft cut hundreds of jobs in its Azure cloud business on Monday, sources told Business Insider. Jason Zander in an email memo says the company's focus is to "define the AI wave." The changes include halting certain Azure cloud services and reorganizing teams. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.
Persons: Jason Zander, , Zander Organizations: Microsoft, Business, Service
Navan has hired a former New York Stock Exchange executive as its new chief financial officer, ahead of the anticipated IPO of the $9.2 billion travel and expense management platform. Amy Butte, who was NYSE's CFO between 2004 and 2006, will join Navan as its new CFO in June. Founded by entrepreneur Ariel Cohen, Navan is a platform that helps employees at companies big and small to manage their expenses and travel bookings. Last month, Cohen, Navan's CEO, told CNBC the firm is "not far" from an IPO, adding that the company expects to hit profitability this year. Navan was named as a CNBC Disruptor 50 company in May.
Persons: Amy Butte, Butte's, Ariel Cohen, Cohen Organizations: Navan, New York Stock Exchange, SAP, American Express, CNBC Locations: Navan
Insider Today: Amazon's AI problem
  + stars: | 2024-06-02 | by ( Matt Turner | ) www.businessinsider.com   time to read: +4 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Also read:AdvertisementGetty Images; Alyssa Powell/BIThe best investments everBI asked seven heavyweight investors, including Rob Arnott and Bob Elliott, to identify the best trades of their careers. Each shared the top investments they've made, and explained how the lessons from those decisions still apply today. Getty Images; Alyssa Powell/BIAmerica's ridiculous hiring hurdleFewer American men than ever are working right now, and unemployment insurance may be at least partially to blame. Getty Images; Alyssa Powell/BIA better way to sell homesFixed-rate mortgages guarantee homeowners will pay the same amount each month for decades.
Persons: , You'll, Kitty, Flopsy, Jenny Chang, Rodriguez, Andrej Sokolow, Carter Smith, Alyssa Powell, Amazon, Rob Arnott, Bob Elliott, Andrea Mac Organizations: Service, Business, Google, Getty, Bloomberg Locations: Denmark, America
Read previewBoeing won't be expanding its fleet of its 737 Max planes anytime soon, according to the FAA. Although no passengers were seriously injured, the FAA barred Boeing from expanding production on Max plane models until quality and safety issues were addressed. FAA administrator Mike Whitaker discusses Boeing quality and safety issues at press conference on May 30, 2024. The FAA grounded 171 Boeing 737-9 Max planes in January before launching its investigation into Boeing's production lines and manufacturing practices. The FAA grounded 171 Boeing 737 Max planes.
Persons: , Mike Whitaker, Andrew Harnik, Michael Whitaker, Whitaker, Max, PATRICK T, FALLON, Dave Calhoun, Stephen Brashear, they've Organizations: Service, Boeing, FAA, Alaska Airlines, Business, Getty, CBS News, Management, Max
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