DIRS.INFO The most relevant business & tech news

☆ The Juggernaut promised to revolutionize South Asian news. But insiders say the company's founder misled investors, struggled to raise money, and left workers 'heartbroken.'
▼ + stars: | 2024-03-05 | by ( Katie Warren | ) www.businessinsider.com time to read: +33 min

They were gathered for the inaugural summit of The Juggernaut, a digital South Asian news startup that launched in 2019. The Juggernaut spokesperson told BI that "multiple employees have equity in the company," but BI was unable to identify any such employees. "Twenty years ago, you might've struggled to mention a South Asian actor that you've seen in a movie," he said. As of January, the site had about 10,500 subscribers, Sur told investors in an email viewed by BI. Some feel that the publication has strayed from its mission of delivering "untold, smart South Asian stories and news you won't find anywhere else."

Persons: —, Richa Moorjani, Manish Chandra, Anish Melwani, Sadiq Khan, Amitav Ghosh, Roy Rochlin, Jay Bhattacharya, didn't, Sur, Padma Lakshmi, Moorjani, Mira Nair, Oprah Winfrey, she'd, who've, Josh Benson, Bhattacharya, might've, you've, Dev Patel, Priyanka Chopra, Black millennials, Bhattacharya's, Adam Hansmann, Kevin Lin, Albert Ni, Charles Hudson, Steve Jennings, Sur's, Kyle Stanford, Axios, Stanford, Snigdha, Winfrey, MICHAEL TRAN, hadn't, wouldn't, Fariha Róisín, Meghna Rao, Róisín, Rao, Rao didn't, they'd, she's, it's, Hudson, who'd, Reetu Gupta, Aditi Shah, Sean Gupta, Steven Simione, would've, we're, Brian Morrissey, Morrissey, cofounders, Narendra Modi's, Sneha Mehta Organizations: Spring Studios, Netflix, Business, New Yorker, Harvard Business School, Guardian, American, Old Town Media, Athletic, BI, Indian, Yale, McKinsey, Precursor Ventures, Forbes, Getty, TechCrunch, YouTube's Sustainability, YouTube, Paramount Pictures Studios, Immigration Services, Stanford, Digiday, Gannett Locations: York City, chai, Jean's, hasn't, Sur, New York City, South, Asian, India, Madhya Pradesh, Queens, Sur texted, Indian American, AFP, Róisín, Los Angeles , California, South Asia, Silicon

☆ Gen AI is here to stay — here are 5 skills to help you stay relevant in the changing job market
▼ + stars: | 2024-03-04 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +4 min

Generative AI isn't just a buzzy new topic – it's revolutionizing the workforce. Generative AI is a type of artificial intelligence capable of generating images, text or other content. Nearly three in five whitecollar employees report using generative AI on a weekly basis. Oliver WymanOliver Wyman conducts monthly surveys of more than 200,000 people across 20 countries to gather data about attitudes surrounding Generative AI and other trends. "Generative AI lacks the contextual nuance and ethical judgment that humans should apply in analysis," a spokesperson for Oliver Wyman told CNBC Make It.

Persons: ChatGPT, Oliver Wyman Oliver Wyman, Oliver Wyman, we’re Organizations: McKinsey, CNBC

☆ Alibaba Cloud slashes prices by as much as 55% to fuel AI growth in China
▼ + stars: | 2024-02-29 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Alibaba 's cloud business on Thursday said it is cutting prices on a wide range of core cloud products by as much as 55%, in a bid to fuel AI growth in China. The move aims to make "cloud capabilities more inclusive and accessible in the era of AI," Alibaba Cloud said. "As the biggest cloud service provider in China and APAC, we see tremendous growth prospect of China's digital market," said Liu Weiguang, president of public cloud business at Alibaba Cloud Intelligence. "One is using cloud to support generative AI initiatives. With its massive calls on compute, storage, and networking, generative AI needs cloud to scale.

Persons: Alibaba, Liu Weiguang, Liu, OpenAI Organizations: Alibaba, Holding, Smart, Alibaba Cloud Intelligence, McKinsey Locations: Chongqing, China

☆ For Black workers, progress in the workplace but still a high hill to climb
▼ + stars: | 2024-02-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +10 min

"We were in a situation where folks accepted that Black unemployment was going to always be high and there was nothing that they could do about it. The Black unemployment rate in January was 5.3%, up a touch from December but still near the all-time low of 4.8% hit in April 2023. For Black workers, weekly before-tax earnings as of the end of 2023 have risen 24.8% since the first quarter of 2020. "High unemployment for Black workers is a solvable problem," Fulton said. Black workers are interested in tech and believe there are opportunities.

Persons: Ali, Jamila Wright, there's, Jessica Fulton, Fulton, Cox, she's, MilSpouse, they've, Sue Harnett, Goldman Sachs, Harnett, I'm, Ali Wright Organizations: Brooklyn Tea, Joint Center, Political, Economic Studies, D.C, U.S . Bureau of Labor Statistics, McKinsey & Company, Companies, Bank of America, Black Colleges, Universities, New, Small Business Administration, Ivy League, Conference Board Locations: America, U.S, Washington, Brooklyn, New York City, Atlanta

☆ Fashion brands using AI to analyze trends could 'completely transform the creative process,' a consultant says
▼ + stars: | 2024-02-26 | by ( Matthew S. Smith | ) www.businessinsider.com time to read: +8 min

Artificial intelligence is helping fashion brands understand consumer behaviors and demands. The Business of Fashion and McKinsey said that in a survey they conducted, about 73% of fashion executives said they planned to prioritize generative AI in 2024. AI can be used to improve efficiency and sustainability to both identify trends and create new ones — but it requires careful implementation. Horwitz, alongside her colleague Oliver Zimmer, built the first Google Fashion Trends report, which used machine learning to identify trends in Google search data. "But using generative AI, you can also have it review those patterns.

Persons: —, Benjamin Bond, Yarden Horwitz, Horwitz, Oliver Zimmer, Zimmer, Bond, Fashable, ChatGPT, Orlando Ribas Fernandes, Fernandes, Fashable's Orlando Ribas Fernandes, Fashable Fernandes Organizations: Service, McKinsey & Company, Industry, Fashion, McKinsey, Kearney, Google, Nike, XNFY, Microsoft Locations: Kearney

☆ Commerce Secretary Raimondo: U.S. set to become a major hub of leading-edge logic chip manufacturing
▼ + stars: | 2024-02-26 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

"Our investments in leading-edge logic chip manufacturing will put this country on track to produce roughly 20% of the world's leading-edge logic chips by the end of the decade," Raimondo said during a speech at the Center for Strategic and International Studies. "It takes tens of thousands of leading-edge semiconductor chips to train a single large language model." The Taiwan Semiconductor Manufacturing Company, which manufactures chips for companies such as Apple and Nvidia , is currently the world's largest, most advanced contract chip maker. Chinese chipmaker Semiconductor Manufacturing International Corporation appears to have defied U.S. sanctions in recent months by manufacturing advanced chips and is preparing to produce five nanometer chips for technology corporation Huawei. "At the outset, we said we would invest about $28 billion of the program's $39 billion in incentives for leading-edge chip manufacturing," Raimondo added.

Persons: Gina Raimondo, WASHINGTON —, Biden, " Raimondo, Raimondo, SMIC Organizations: Science, Technology, Washington , D.C, WASHINGTON, Center for Strategic, International Studies, U.S . Department of Commerce, McKinsey & Company, McKinsey, Taiwan Semiconductor Manufacturing Company, Apple, Nvidia, chipmaker Semiconductor Manufacturing International Corporation, Huawei, U.S, Commerce, CNBC PRO Locations: Rayburn, Washington ,, U.S, China

☆ Morgan Stanley wealth head Jed Finn just laid out his vision to win over more dollars from clients. Here's what you need to know.
▼ + stars: | 2024-02-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

Read previewMorgan Stanley's wealth business is the envy of Wall Street, with $5.1 trillion in assets. The wealth management division has buoyed Morgan Stanley's stock during the market slowdown, but its growth has slowed. Finn added that wealth management clients would soon have access to more customized and tax-efficient portfolios through Parametric, a direct indexing provider it acquired via Eaton Vance in 2021. AdvertisementThis is part of Finn's broader strategy to get customers across the bank to use as many Morgan Stanley products as possible. "The challenge with our model, historically, is we had a great wealth management firm if you wanted to work with a financial adviser," he said.

Persons: —, Morgan, Jed Finn, Finn, Andy Saperstein, James Gorman, Ted Pick, Morgan Stanley's, Vince, Chad Turner, OpenAI, it's, It's, Eaton Vance, Morgan Stanley Organizations: Service, Bank of America, Business, McKinsey, AIMS

☆ EY and Deloitte are scrutinizing staff workloads and quietly letting some workers go
▼ + stars: | 2024-02-20 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Now they’re scrutinizing employee workloads and letting go of "underemployed" staff, The Times of London reported . EY told Business Insider in a statement that it has "well-established performance management processes" that look at a variety of metrics. The Big Four firms, which include EY, Deloitte, PWC, and KPMG, have cut hundreds of jobs in the past year amid a challenging economic climate. It recently gave 3,000 staff poor performance reviews , which are internally known as "concerns," according to Bloomberg .

Persons: —, workloads, EY Organizations: Service, Deloitte, Big, Times, EY, PWC, KPMG, Consulting, McKinsey, Bloomberg Locations: London

☆ No PMs, no extra fees: Here's a look at former Point72 president's new 'alpha-capture' fund hoping to raise $1 billion
▼ + stars: | 2024-02-08 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewFormer Point72 president Doug Haynes is looking to revive a strategy he previously ran for billionaire Steve Cohen for his new fund launch. This story is available exclusively to Business Insider subscribers. Last year, billionaire Millennium founder Izzy Englander described it as a "talent bubble" while speaking at the Robin Hood conference. Business Insider previously reported that Haynes had hired people such as D1 Capital's former director of research Michael Lean to be a part of the new venture.

Persons: —, Doug Haynes, Steve Cohen, Haynes, Latitude's, Chris Coward, Izzy Englander, Robin Hood, Michael Lean, Cohen, Lauren Bonner, Bonner Organizations: Service, Business, Robin Locations: shuttering, Palm, Point72

☆ McKinsey's 'unsatisfactory' performance warning for 3,000 workers is the latest bad news for big consulting companies
▼ + stars: | 2024-02-08 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

McKinsey & Company has recently given some 3,000 staffers poor performance ratings, which are internally known as “concerns,” according to Bloomberg . This story is available exclusively to Business Insider subscribers. The fraction of employees who received these ratings remains consistent with numbers from previous years, a spokesperson for McKinsey told Bloomberg. New hires at major consulting firms, especially, are worried about how all the idle time will impact their performance reviews. McKinsey did not respond to a request for comment from Business Insider but a spokesperson told Bloomberg that the company has "always maintained a high bar for performance."

Persons: they’ve, that's, ” Organizations: McKinsey & Company, Bloomberg, Employees, Business, McKinsey, New

☆ US lawmakers question the loyalties of McKinsey and other big American consulting firms over their work in Saudi Arabia
▼ + stars: | 2024-02-08 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

American consulting shops like McKinsey & Co., BCG, Teneo, and M. Klein & Co. are helping Saudi Arabia diversify its oil-dependent economy through its lucrative Public Investment Fund. This story is available exclusively to Business Insider subscribers. Saudi Arabia, though, has imposed strict rules on what information the American consulting companies can share with the US government, and that's irked some American lawmakers. AdvertisementSo much so that Congress forced the heads of McKinsey, BCG, Teneo, and M. Klein & Co. to testify this week about their failure to comply with subpoenas regarding their firms' work with Saudi Arabia . BCG, Teneo, and M. Klein & Co. did not respond to a request for comment from Business Insider.

Persons: —, Cristiano Ronaldo, Sen, Richard Blumenthal, Bob Sternfels, Rich Lesser, Blumenthal, Michael Klein Organizations: Service, McKinsey & Co, Klein, Co, Public Investment Fund, Business, Saudi, Al, McKinsey, Investigations Locations: Saudi Arabia, United States, Saudi

☆ Hinge's founder delayed starting a job at McKinsey after college and invested his $12,000 signing bonus into his dating website
▼ + stars: | 2024-02-06 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Justin McLeod accepted a job offer from the consulting firm McKinsey while in business school. McLeod had invested his $12,000 signing bonus into an idea for a dating website called Hinge. AdvertisementHinge's CEO accepted a job offer from McKinsey while in business school but kept delaying the start date, to work on his idea for a dating website, CNBC Make It reported. "That was kind of the standard job that you got coming out of business school." McLeod explained that his mom was pretty disappointed that she got to tell everyone he was at Harvard Business School, then McKinsey, and then "unemployed and working on a dating website."

Persons: Justin McLeod, McLeod, —, " McLeod Organizations: McKinsey, Service, CNBC, Harvard Business School, Exchange, Group Locations: Fortune

☆ An OxyContin advertiser will pay $350 million in the first-ever opioid marketing settlement
▼ + stars: | 2024-02-01 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

Publicis, a French marketing company, agreed to pay $350 million within the next two months and will not take on any more opioid clients, according to New York Attorney General Letitia James. “For a decade, Publicis helped opioid manufacturers like Purdue Pharma convince doctors to overprescribe opioids, directly fueling the opioid crisis and causing the devastation of communities nationwide,” said James in a statement. For its alleged role in the opioid crisis, McKinsey in 2021 agreed to pay $573 million to states as part of multiple settlements. “The fight against the opioid crisis in the United States requires collaboration across industries, lawmakers, and communities, and we are committed to playing our part. Purdue Pharma first introduced the opioid drug OxyContin in the 1990s and promoted it as non-addictive.

Persons: Letitia James, Phil Weiser, Publicis, ”, James, ” Publicis, Sackler Organizations: New, New York CNN, Purdue Pharma’s, New York, Colorado, Purdue Pharma, McKinsey, Purdue, Centers for Disease Control, Biden, Sackler Locations: New York, French, United States

☆ McKinsey's findings on Black economic mobility in America
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMcKinsey's findings on Black economic mobility in AmericaShelley Stewart, senior partner at McKinsey, discusses the key findings of a new report on the impact Generative AI is and will have on Black communities.

Persons: America Shelley Stewart Organizations: McKinsey Locations: America

☆ Hinge founder turned down prestigious job offer out of business school to start $400 million-a-year app instead
▼ + stars: | 2024-01-31 | by ( Nicolas Vega | ) www.cnbc.com time to read: +2 min

Through college and Harvard Business School, McLeod had the desire to be an entrepreneur, but "nothing really clicked" for him. The lack of direction led him to accept a consulting job at McKinsey during his second year of business school. "That was kind of the standard job that you got coming out of business school." But his plans quickly changed soon after when he had the idea for a dating website called Hinge. "They finally got word that I had started Hinge and called me up and asked for their money back," he said.

Persons: Justin McLeod, McLeod Organizations: Harvard Business School, McKinsey, CNBC, Match Locations: America

☆ Boeing was once known for safety and engineering. But critics say an emphasis on profits changed that
▼ + stars: | 2024-01-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +22 min

Boeing is back in the headlines for all the wrong reasons again after the Alaska Airlines 737 Max 9 incident. Boeing workers participating in a "Quality Stand Down" at Boeing's 737 Max factory in Renton, Washington on January 25, 2024. One of the first Boeing 737 Max jets on the production line at the company's manufacturing facility in Renton, Washington, U.S., on Monday, Dec. 7, 2015. The airlines around the world that have already bought Boeing planes basically need to keep using those models, whatever the problems. Commercial pilots are certified on specific models and are not able to easily move from single-aisle to widebody versions of Boeing jets, let alone between a Boeing and an Airbus jet.

Persons: I’m, Dave Calhoun, we’ve, ”, “, Calhoun, Max, Jason Redmond, Stan Deal, Ed Pierson, McDonell Douglas, Critics, ” Ron Epstein, McDonnell Douglas, Jim McNerney, Tammy Duckworth, Aaron Schwartz, ‘ We’re, Richard Aboulafia, Joshua Drake, Boeing Calhoun, Bank of America’s Epstein, it’s, Pierson, Max ”, Robert Clifford, people’s, ” Calhoun, David Ryder, Aboulafia, Boeing’s Organizations: New, New York CNN, Boeing, Alaska Airlines, National Safety Transportation Board, Pilots, Max, Alaska Air, Getty, Foundation for Aviation Safety, CNN, “ Boeing, Bank of America, General Electric, Procter, Gamble, McKinsey, Co, GE, Associated, Pentagon, Capitol, FAA, Airbus, Joshua Drake Photography, Blackstone Group, Nielsen, Bank of, Aviation, Bloomberg, Ethiopian Aircraft Accident, US National Transportation Safety Board, Internal Locations: New York, Renton , Washington, AFP, Alaska, Soviet Union, Pacific, Chicago, Seattle, Washington, DC, Mobile , Alabama, Wichita, Oklahoma, Carolina, South Carolina, Calhoun, Indonesia, Ethiopia, Renton , Washington , U.S

☆ How to use AI as a career tool to get a promotion at work faster
▼ + stars: | 2024-01-24 | by ( Rachel Curry | ) www.cnbc.com time to read: +5 min

According to a McKinsey report from 2022 based on a decade of data, role transitions are inherent in labor markets. The generative AI platform dubs itself a "tutor for learners" and an "assistant for teachers." Meanwhile, nonprofit organization All Star Code had a scholar visualize themselves progressing in their tech career over the next decade by creating a 30-second video using generative AI platform Runway. There lies the ultimate caveat in AI-enabled career transitions. Panetta feels like the human role in hiring — regardless of the qualifications of candidates — will play a potentially bigger role in career transitions.

Persons: Yee, Lareina Yee, Karen Panetta, That's, Panetta, Sal Khan, Bill Gates, Khan, —, Bias, doesn't Organizations: McKinsey, Strategic, Institute of Electrical, Electronics Engineering, Tufts School of Engineering, Khan Academy, OpenAI Locations: America

☆ Over half of all jobs driving the US economy could be impacted by AI, new study finds
▼ + stars: | 2024-01-24 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

New study predicts that companies will rapidly adopt AI technology over the next decade. The study also found that over half of all jobs driving the US economy will be significantly impacted by AI, with a small percentage of workers losing their jobs and struggling to find new employment. AdvertisementCompanies will quickly adopt AI technology, impacting jobsThe model first examined how quickly businesses will adopt AI. AI will cause an economic boomThe surge in AI adoption by companies signifies a huge impact on the US economy, the study found. AdvertisementThis is supported by a recent McKinsey study showing that AI is more likely to enhance jobs than replace them.

Persons: —, OpenAI, What's, Goldman Sachs, Cognizant Adrian Cooper, Cooper, Sam Altman, FABRICE COFFRINI Organizations: Service, Oxford Economics, McKinsey, Oxford

☆ The next iteration of quiet luxury? The jazz era.
▼ + stars: | 2024-01-24 | by ( Priya Raj | ) www.businessinsider.com time to read: +3 min

A stylist told Business Insider the jazz aesthetic is close to the quiet luxury aesthetic. Jazz-inspired outfits are the original quiet luxury, Eagle saysHailee Steinfeld wearing opera gloves at the 2024 Golden Globes in Beverly Hills, California. Axelle/Bauer-Griffin/FilmMagic/Getty ImagesEagle told BI the jazz aesthetic lends itself to the quiet luxury aesthetic, which became popular in 2023 and is likely to continue in 2024 too. AdvertisementShe said a way to tap into the jazz trend is to focus on the roaring 20s and "old Hollywood vibe." AdvertisementAnd for fans of the viral bow trend, Eagle said a hair bow would bring the look together.

Persons: —, Zs, Erin Eagle, Hailee Steinfeld, Bauer, Griffin, it's, Eagle Organizations: Service, Globes, Axelle, Eagle, McKinsey Locations: Beverly Hills , California

☆ The 4 best industries to work in, according to Glassdoor—some jobs can pay more than $200,000
▼ + stars: | 2024-01-24 | by ( Gili Malinsky | ) www.cnbc.com time to read: +3 min

About a third, 29% want more flexible work hours, according to Monster's 2024 Work Watch Report. Job search site Glassdoor recently released its Best Places to Work report, including a list of the 100 best large companies to work for based on current and previous employee reviews. Glassdoor looked at which came up the most to decipher the best industries to work for as well. Here are their top four industries, including examples of jobs and how much they pay. TechThere were 31 tech companies on the list, crowning the industry as the best one to work for overall.

Persons: Glassdoor, Daniel Zhao, Zhao, Cassandra Happe, Booz Allen Hamilton, Fannie Mae Organizations: Workers, Tech, WalletHub, Companies, NVIDIA, Procore Technologies, VMWare, Bain & Company . Companies, McKinsey & Company, Booz, Huron Consulting Group, Bain & Company, Finance, Fidelity Investments, Mastercard, & $ Locations: Glassdoor

☆ Fed’s Barkin: March rate cut isn’t out of the picture. ‘You make the call when you get to the meeting’
▼ + stars: | 2024-01-22 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

The positive economic developments as well as Fed officials’ forecasts for at least three rate cuts this year had investors eying a March pivot. Meanwhile, Barkin — who will also be voting on Fed policy decisions at meetings this year — isn’t ruling March out entirely. For Barkin, “the breadth of inflation settling” and “the consistency of inflation settling” matter in his evaluation of whether the inflation rate is approaching the Fed’s target. Unlike many Fed officials, Barkin does not have a PhD in economics but has an MBA and a law degree. Investors will be paying close attention to any hints of the timing of rate cuts in the central bank’s latest statement and Fed Chair Jerome Powell’s press conference.

Persons: Tom Barkin, Barkin, eying, Christopher Waller, “, Loretta Mester, Barkin —, isn’t, ” Barkin, ”, ” ‘ There’s, John Williams, Jerome Powell, Williams, “ There’s, Jerome Powell’s Organizations: New, New York CNN, Richmond Federal, CNN, Fed, Cleveland Fed, FactSet, Richmond Fed, McKinsey, ” New York Fed, Raleigh Chamber of Commerce, That’s Locations: New York

☆ What the global elite are saying about AI behind closed doors
▼ + stars: | 2024-01-19 | by ( Matt Turner | ) www.businessinsider.com time to read: +8 min

AdvertisementThe annual World Economic Forum just wrapped up in Davos, Switzerland, and talk of artificial intelligence was just about everywhere. AdvertisementPlenty of companies touted their AI wares at the World Economic Forum in Davos this year. Related storiesAt Automation Anywhere, which, as its name suggests, works on automating work, the customer-service team shrank when AI was implemented. Others I spoke to agreed: Many businesses have small-scale AI experiments running, often with promising results so far. These AI projects are expensive, and not every company has the financial or human capital to pursue an ambitious AI strategy.

Persons: Matt Turner, —, Sam Altman, Rob Goldstein, copilots, Jason Girzadas, he'd, Oliver Wyman, Deb Cupp, Mihir Shukla, Ana Kreacic, Shukla, Becky Frankiewicz, Lareina Yee, WEF, Satish H.C, Mustafa Suleyman, DeepMind, Kapilashram, Azeem Azhar, Dan Vahdat Organizations: Economic, Service, Tech, Infosys, IBM, Builder.ai, Cisco, Qualcomm, Salesforce, BlackRock, Deloitte, Microsoft, Oliver Wyman Group, Standard Chartered, McKinsey, Huma Therapeutics Locations: Davos, Switzerland

☆ India's consumption growth is set to accelerate as Goldman predicts 'affluent' Indians to nearly double
▼ + stars: | 2024-01-19 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

The increase in wealth has been seen from stronger retail participation, larger investments into the Indian stock markets, and gold and property purchases. Rising disposable incomes are set to power India's consumption story, further boosting the country's consumer sector that is fast becoming a key driver for economic growth. His comments came on the back of a Goldman Sachs report last week that predicted around 100 million people in India will become "affluent" — earn an annual income exceeding $10,000 — by 2027. Currently, 60 million people in the world's fifth-largest economy earn more than $10,000 — around 4% of India's working age population — according to the report released last week. The country's consumer market is set to become the world's third-largest by 2027, as the number of middle- to high-income households rises.

Persons: Abhishek Malhotra, Goldman Sachs, Malhotra Organizations: McKinsey &, CNBC, BMI Locations: India, Mumbai

☆ Exclusive: VCs are circling Midi to give more money to the menopause care startup, just 4 months after its last funding round
▼ + stars: | 2024-01-19 | by ( Rebecca Torrence | Melia Russell | ) www.businessinsider.com time to read: +4 min

At the White House, Jill Biden is leading a new initiative to boost federal government research into women's health. Most menopause care startups, including Midi, sell into enterprises to offer the service as a benefit to employees. US companies lose about $1.8 billion each year from workdays missed due to menopause symptoms, according to a Mayo Clinic estimate. While venture funding to women's health startups fell in 2023, according to CB Insights, startups tackling menopause symptoms surged ahead of the pack. Data shows these startups raised $230 million last year, making up a third of all funding to women's health startups.

Persons: hasn't, Semper, Joanna Strober, Sharon Meers, Goldman Sachs, It's, Drew Barrymore, Jennifer Aniston, tailwinds, Michelle Obama, Jill Biden, Biden, workdays Organizations: Business, Midi, GV, Google Ventures, Felicis, Houston, Hermann Health, CBS, McKinsey, White, Mayo Clinic Locations: Midi

☆ Sheryl Sandberg says she's leaving Meta's board
▼ + stars: | 2024-01-17 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +4 min

Former Meta operating chief Sheryl Sandberg is leaving the company's board of directors. "With a heart filled with gratitude and a mind filled with memories, I let the Meta board know that I will not stand for reelection this May," Sandberg wrote in a Facebook post on Wednesday. Sandberg, 54, joined Facebook in 2008 as Mark Zuckerberg's top deputy after spending about seven years at Google. Since leaving Meta, Sandberg has dedicated much of her time on her LeanIn.org nonprofit, which focuses on empowering women tin the workplace, and related projects. "Thank you Sheryl for the extraordinary contributions you have made to our company and community over the years," Zuckerberg wrote.

Persons: Sheryl Sandberg, Sandberg, Mark Zuckerberg's, Javier Olivan, We've, Sandberg's, Zuckerberg, Sheryl, Adam Bosworth, Peggy Alford, Marc Andreessen, Drew Houston, Nancy Killefer, Robert M, Tony Xu, Tracey T, Travis, Estée Lauder, Here's, Javi Olivan, Justin Osofsky, Nicola Mendelsohn, Mark Organizations: Meta, Facebook, Google, CNBC, McKinsey & Company, Estée Locations: U.S

Search resuls for: "McKinsey

25 mentions found