DIRS.INFO The most relevant business & tech news

☆ LVMH boss Bernard Arnault's wealth soared over $200 billion, making him the third person ever after Elon Musk and Jeff Bezos to reach the milestone
▼ + stars: | 2023-04-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

LVMH boss Bernard Arnault's net worth surpassed $200 billion on Tuesday. Arnault is also the first person outside the US to surpass a net worth of $200 billion. His net worth gained $2.4 billion on Tuesday, bringing the Frenchman's fortune to $201 billion, per Bloomberg's index. Shoppers in China are expected to boost the luxury goods sector this year after the country lifted COVID-zero restrictions. The 73-year-old tycoon has not announced who will succeed him as LVMH CEO.

☆ Wall Street says TikTok CEO Shou Zi Chew had a 'disaster' day in Congress — but the internet is loving him
▼ + stars: | 2023-03-24 | by ( Reena Koh | Nidhi Pandurangi | ) www.businessinsider.com time to read: +6 min

On Thursday, TikTok CEO Shou Zi Chew appeared before the House Committee on Energy and Commerce. Wall Street slammed Chew's testimony, dubbing it a "disaster moment" for TikTok. The video has over 1.2 million views, over 215,000 likes, and a range of comments expressing their approval for Chew. Two days before the Congressional hearing, TikTok's official account shared a rare video of Chew casually introducing himself to people. In the video, Chew gave context about the hearing and asked viewers to tell him what they enjoyed about the app.

☆ Gen Z is chalking up credit card debt and falling behind on their payments faster than any other generation, new report says
▼ + stars: | 2023-03-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Gen Z is chalking up credit card debt faster than any other generation, a Credit Karma report says. Those in Generation Z — born between 1997 and 2012 — are racking up credit card debt faster than any other generation, according to a March 16 report from Credit Karma, a California-based personal finance company. Millennials, meanwhile, had average credit card debt of $5,898 in the last quarter of 2022. This includes credit card, mortgage, student loans, medical loans, auto lease, or auto loan accounts that are overdue by more than 30 days, per Credit Karma. Credit Karma's report comes as the luxury market looks to tap Gen Z spenders as more in the cohort gain spending power amid high inflation.

☆ Swiss banking, known for its secrecy, gets put in the spotlight
▼ + stars: | 2023-03-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Credit Suisse stock plummeted on Wednesday during the bank's largest one-day selloff to date. UBS begrudgingly agreeing to acquire rival Credit Suisse has put Swiss banking on center stage. Credit Suisse has stumbled through its fair share of crises in recent years. The sale of Credit Suisse for $3.2 billion begs the question: What the hell are neobanks worth? If a long-established, albeit beleaguered, investment bank was sold at such a discount, then what could a digital-only consumer bank really go for?

One recruiter told Insider they'd seen an influx of resumès of a similar scale to the 2008 financial crisis. Executives looked 'very downbeat' at an all-company meetingHeadquartered in Zurich, Credit Suisse has a large presence in Europe. A European-based headhunter told Insider they'd "heard there were some tears" from Credit Suisse veterans about the prospect of the bank's takeover. As Credit Suisse's outflows accelerated over recent months, it appears its employees have hunted for other postings. One industry headhunter in the UK said their desk has piled up with job applications from Credit Suisse workers for around a month.

☆ Inside the world of high-end crypto rehab centers, where a 4-week stay can cost you $320,000 and no luxury is spared
▼ + stars: | 2023-03-20 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +9 min

Crypto addiction is like a "casino in your pocket" says the founder and CEO of The Balance, a crypto rehab center. Enter: luxury crypto rehab centers. It calls itself the "world's best luxury rehab center and mental health clinic" and a "safe haven where you can find recovery, peace, rest, and happiness." The Diamond rehab center, ThailandAnd then there's the property's luxury offerings: a spa, golfing, boat trips, and sporting activities. The Diamond rehab center, ThailandThe Diamond started offering crypto rehab services at the beginning of 2021.

☆ The oldest members of Gen Z are only 26 years old, but the generation is already changing what it means to shop, live, and work in America in 6 key ways
▼ + stars: | 2023-02-28 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: 1 min

Gen Z is already changing what it means to live, work, and shop in America in six key ways. We Are / Getty ImagesGeneration Z is the most diverse generation in US history in terms of race, ethnicity, and sexual orientation. They are vocal about their likes, dislikes, dreams, feelings, and ideals. All of which is to say: They may be young, but they have clout. Keep reading for a look at six ways in which this generation is changing life in the US.

☆ Generations Y, Z, and Alpha will become the biggest buyers of luxury goods by 2030, a new study shows
▼ + stars: | 2023-02-07 | by ( Felise Seah | ) www.businessinsider.com time to read: +4 min

Younger generations are set to become the largest buyers of luxury goods by 2030, the report says. Bain's study is based on information and data provided by the Fondazione Altagamma, an Italian luxury goods body with over 280 luxury companies as members. Millennials born between 1980 to 1994 are dubbed Generation Y, whereas Generation Z refers to those born between 1995 and 2009. These habits could also be a result of the booming luxury resale market, where Generation Y, Z, and Alpha are treating luxury goods as valuable investments. This is expected to make luxury goods much more accessible and bolster sales to Generation Y, Z, and Alpha consumers.

☆ Young adults living with their parents to save money are also spending — and all of it comes at a cost
▼ + stars: | 2022-12-15 | by ( Jordan Hart | ) www.businessinsider.com time to read: +4 min

Nearly half of young adults in the US live at home with their parents, according to US Census Bureau. One small business owner says she's able to travel more although her parents often ask how she's affording it all. According to the data, however, the money young people are saving on basic necessities isn't just going toward an eventual move-out; some spend on luxury items and travel. Many agree that there are cons to being under the same roof as your parents, despite the high number of young people living at home. She noted that being a young mom motivates her to spend less frivolously and put money away for the day she can move out.

☆ Read the full memo the CEO of Binance sent to staffers after the exchange was hit by more than $1 billion of withdrawals in a day amid the FTX fiasco
▼ + stars: | 2022-12-15 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

Shortly after jittery investors withdrew over $1 billion from Binance on Tuesday, its CEO sent a memo to staffers. Changpeng "CZ" Zhao seemed to try to assuage market fears amid the implosion of crypto peer FTX. In the memo, CZ wrote Binance expects "the next several months to be bumpy." Some days we have net withdrawals; some days we have net deposits. Read the full memo Changpeng "CZ" Zhao sent to staff on Tuesday.

☆ Nearly half of young adults in the US are living at home with their parents, and all that saved rent is fueling a luxury boom
▼ + stars: | 2022-12-14 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

Nearly half of young adults are living at home in the US — a historical high not seen since the Great Depression, per the US Census Bureau. They are helping fuel a luxury boom, Morgan Stanley analysts say. That's a historical high not seen since the Great Depression era, Morgan Stanley analysts wrote in a Friday note. The analysts estimate that around 48% of young adults are living with parents in 2022, similar to levels seen in the 1940s. The levels of young adults living at home peaked at 49.5% around 2020, coinciding with the outbreak of the COVID-19 pandemic.

☆ The US ranks among the top 10 countries with the least paid time off in the world — see the full list
▼ + stars: | 2022-12-06 | by ( Britney Toh | Nidhi Pandurangi | ) www.businessinsider.com time to read: +1 min

With ten paid vacation days and zero paid leave days, the US — dubbed the "no-vacation nation" — has the world's least paid leave. Conversely, Iran offers the most paid vacation days — 27 public holidays and 26 paid leave days, per the report. To compile the report, Resume.io reviewed data on laws governing annual statutory paid leave and paid public holidays in 197 countries. Countries were ranked based on the combined number of statutory paid leave days and paid public holidays per year, the report states. Vacation days are the combined total of paid leave days and paid public holidays.

☆ Twitter is getting sued as it gears up for mass layoffs, with lawsuit saying company didn't give employees enough notice of job cuts: Bloomberg
▼ + stars: | 2022-11-04 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +2 min

A class-action lawsuit was filed against Twitter in San Francisco federal court, per Bloomberg. The lawsuit says Twitter did not give employees enough notice of layoffs, the news outlet reported. On Thursday, Twitter employees received an email from the company confirming that there would be layoffs on Friday, Insider's Kali Hays reported. Around 3,700 Twitter employees are expected to be laid off. Some Twitter employees began losing access to work platforms shortly after Musk told them to expect layoffs to begin the following day, Insider reported.

☆ Twitter employees will find out whether or not they've been laid off via an email called 'Your Role at Twitter,' company says
▼ + stars: | 2022-11-04 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Twitter staffers are expected to receive an email titled "Your Role at Twitter" by 9 a.m. PST on Friday. If their employment is not impacted, they'll receive a note on their Twitter email, per a Musk memo. If their employment is impacted, they will receive a note with next steps via their personal email. Around 3,700 Twitter employees are expected to be hit with Musk's planned layoffs. Another employee wrote on LinkedIn: "Just got remotely logged out of my company laptop and removed from Twitter Slack.

☆ Read part of the memo Lyft's cofounders sent to employees as the company begins laying off nearly 700 staffers
▼ + stars: | 2022-11-04 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

"Still, Lyft has to become leaner, which requires us to part with incredible team members." To help provide initial context, we want to share how we made this decision, how we're supporting departing team members, and what to expect over the coming days. Support for departing team membersWe understand the real impact this decision has on departing team members. Team members with 4+ years with Lyft will receive an additional four weeks of pay. Moving forwardOur priority today is taking care of departing team members, who for many of us are also friends.

☆ Russia launched a hotline for citizens with questions about the war and said it was getting 118 calls a minute at one point
▼ + stars: | 2022-10-27 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +2 min

The Russian government set up a helpline to answer its citizens' questions about the Ukraine war. At its peak, it received about 170,000 calls a day, Prime Minister Mikhail Mishustin said. That's down to about 20,000 calls a day now, Mishustin said. The calls have now trickled down to around 20,000 a day, Mishustin added. The Kremlin is also running a database of frequently asked questions for citizens.

☆ South Korea's most popular social media app, used by about 90% of the country's population, is having a very bad week, and one of its CEOs just resigned
▼ + stars: | 2022-10-20 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

The co-CEO of South Korea's most popular messaging and social-media app Kakao resigned on Wednesday. On Saturday, a fire at a data center that houses Kakao's servers locked millions of users out of the app. KakaoTalk has 47 million active accounts in South Korea, which means 90% of the population uses the app. On Saturday, a fire was discovered at a data center that houses Kakao's servers, the company disclosed in a regulatory filing. South Korea's population was around 51.8 million people in 2021, which means over 90% of its citizens have a Kakao account.

☆ TikTok already took over as Gen Z's social platform of choice. It might be coming for Spotify next.
▼ + stars: | 2022-10-13 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Insider first reported that ByteDance had filed a trademark application for "TikTok Music" in May. Move over, Spotify and Apple MusicInsider first reported that ByteDance had filed a trademark application with the US Patent and Trademark Office in May for "TikTok Music." TikTok is now moving to snatch market share from the likes of Spotify and Apple Music. It has also been grabbing market share from other streamers in the past year. However, more market share does not mean more money trickling in.

☆ Chipmaker Intel is planning massive layoffs that are likely to affect thousands of jobs as demand dwindles and the US imposes new curbs against China: report
▼ + stars: | 2022-10-12 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Intel is planning major layoffs that are likely to affect thousands of jobs, per Bloomberg. The US introduced export controls which could limit the sales of semiconductors made using US technology. Staffers in Intel's sales and marketing division could see jobs cuts affecting around 20% employees, the report said. The news of layoffs follows a drop in demand for processors for personal computers, or PCs, and an industry-wide sell-off following a spate of new curbs the US has aimed at restricting technology sales to China. These curbs also affected US companies like Intel: Intel stock was down 5.4% Friday and is down around 7.9% since then.

☆ 3 key ways holiday shopping this year will look different from past years, and what shoppers need to know about scoring the best discounts
▼ + stars: | 2022-10-11 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

Discounts are expected to hit record highs this holiday season, per Adobe Analytics. Holiday discounts are expected to start earlier than in the past and be less focused on Black Friday. Online holiday sales in the US are expected to hit $209.7 billion this holiday season, up 2.5% from last year, the report found. Though this is higher than the $204.5 billion shoppers spent online in the 2021 holiday shopping season, this year's rate of growth is the slowest since 2012. Here are three key ways shopping this holiday season will look different from past years.

☆ New money is pouring into Singapore, but a series of recent multimillion-dollar real-estate transactions show the old status symbols are as popular as ever
▼ + stars: | 2022-10-07 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

Good Class Bungalows, or GCBs, are powerful status symbols for old and new money alike in Singapore. With land this scarce, the most elite level of property on the island is the Good Class Bungalow, or GCB. New money, old status symbolWith new money pouring into Singapore, a series of recent multimillion-dollar real-estate transactions show these old status symbols are as popular as ever. And in 2019, British billionaire inventor James Dyson purchased an SG$50 million bungalow opposite Singapore's Botanic Gardens, per the Straits Times. Moreover, some prospective Good Class Bungalow renters are not even living in these properties.

☆ The US is supporting efforts to investigate the 'apparent sabotage' of the Nord Stream pipelines, says security advisor Jake Sullivan
▼ + stars: | 2022-09-28 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

US security advisor is speaking to his Danish counterpart about the "apparent sabotage" of the Nord Stream pipelines. The US is supporting investigation efforts and will continue safeguarding Europe's energy security, he said. "I spoke to my counterpart Jean-Charles Ellermann-Kingombe of Denmark about the apparent sabotage of Nord Stream pipelines," Sullivan tweeted Tuesday night. "The U.S. is supporting efforts to investigate and we will continue our work to safeguard Europe's energy security," he added. The Nord Stream 2 natural-gas pipeline, which runs parallel to Nord Stream 1, has never been operational because Germany shelved the project in February, days before Russia invaded Ukraine.

☆ Shopee, the Amazon of Southeast Asia, has been on a layoff spree within a year of raising $6 billion. We dug into the financials for an inside look.
▼ + stars: | 2022-09-26 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +8 min

Today, Li is the billionaire CEO of NYSE-listed Sea Limited, which owns 100% of Shopee as well a gaming unit called Garena. Amid these growing losses, Sea Limited revised and then dropped its ecommerce revenue guidance for the year. In the fourth quarter of 2021, Shopee expected ecommerce revenue in 2022 to fall between $8.9 billion and $9.1 billion. Sea Limited posted revenues of $414 million in 2017, which ballooned to almost $10 billion in 2021. However, Sea Limited has been posting losses for the past few quarters, so that option is not viable in the short-term.

☆ Shopee rolls out spending caps for all employees, including economy-only flights and $30 meals, as the company braces for layoffs and financial trouble
▼ + stars: | 2022-09-20 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

On September 15, Shopee CEO Forrest Li told employees the company would be restricting expense policies. Layoff conversations began September 19, affecting a low-single-digit percentage of Shopee employees. Forrest Li, the company's billionaire founder, chairman, and CEO, told employees a tightened expense policy would be instituted from October 1 onwards. Li's memo came a few days before conversations began to lay off a low single-digit percentage of Shopee employees. Singapore-based Shopee was launched in seven Southeast Asia markets in 2015 and now operates in 13 countries across Southeast Asia, Latin America and Europe, including Brazil, Poland, and China.

☆ Read the memo Singapore billionaire Forrest Li sent to employees of Shopee, the Amazon of Southeast Asia, as the company's losses widen and it prepares for layoffs
▼ + stars: | 2022-09-20 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +8 min

In a 1,000-word memo sent to Shopee employees on September 15, Forrest Li — the billionaire founder, chairman, and CEO of Shopee — outlined drastic cost-cutting measures the company will be taking. "Our number one objective for the next 12-18 months is achieving self-sufficiency," Li wrote in the memo. Shopee parent Sea Limited has lost around $170 billion of market value since an October 2021 high, per Bloomberg. Shopee was founded in 2015 in seven markets across Southeast Asia and has since expanded operations into 13 markets total. In addition, the leadership team has decided that we will not take any cash compensation until the company achieves self-sufficiency.

Search resuls for: "Nidhi Pandurangi"

25 mentions found