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☆ Inside the consulting industry's race to become AI rainmakers
▼ + stars: | 2023-10-04 | by ( Tim Paradis | ) www.businessinsider.com time to read: +9 min

Big consulting companies are racing to add to their offerings around artificial intelligence. That's the bet consulting companies have been making as they rush to build out their generative AI offerings. To help companies figure out how to use AI, the consulting giants are racing to scoop up companies that specialize in the technology. Consulting firms' push to bulk up on AI comes as many workers are worried that AI bots will snatch their jobs . That same month, Deloitte introduced a set of services called Quartz AI to help clients use technology like GenAI.

Persons: —, they're, OpenAI's ChatGPT, They're, Sawhney, ChatGPT, Steve Chase, he's, Chase, EY EY, EY, PwC PwC, PwC, Shannon Schuyler, Bain, BCG Organizations: Service, Accenture, McKinsey, PriceWaterhouseCoopers, Northwestern University's Kellogg School of Management, Deloitte, LinkedIn, Fortune, KPMG, Microsoft, KPMG US, Bain Bain & Company, Boston Consulting, OpenAI, Deloitte Deloitte, Nvidia, QuantumBlack, QuantumBlack Labs Locations: Mexico

☆ Insider Today: Amazon's secret search plan
▼ + stars: | 2023-10-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

AdvertisementAdvertisementThe retail giant is overhauling its search bar with ChatGPT-like features that'll act as a sort of concierge for customers, offering expert answers and product suggestions. Dubbed Project Nile, Amazon's top leaders, including CEO Andy Jassy, view the new search bar as a top priority. AdvertisementAdvertisementHowever, Amazon's overhauled search bar will arguably be the most impactful implementation of generative AI from Big Tech for US consumers thus far. insider intelligenceIn reading Eugene's piece, three follow-up questions immediately came to mind:How will Amazon sellers try and game the new search bar? However, Joseph Sirosh serves as VP of Amazon Search and Alexa Shopping, suggesting Alexa could get a much-needed boost from the new search bar.

Persons: —, Mike Blake, Alyssa Powell, Amazon's, Andy Jassy, Eugene Kim, Joseph Sirosh, Alexa, TikTok, Ben Sun, Anu Duggal, Susan Lyne, Josh Wolfe, Matt Harris, Jillian Williams, Melissa Kwan, Sergey Brin, Brin, Hugo Herrera, Sam Bankman, Fried, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Reuters, Nile, Microsoft, Big Tech, Alexa, Amazon Search, Getty, Wall Street, BBG Ventures, Lux Capital, Apple, Bain Capital Ventures, Cowboy Ventures, Prosecutors, BET, MLB, American League and National League, Houston Astros Locations: Atlanta, Sonoma , California, New York City, San Diego, London, New York

☆ Vietnam's Masan secures $200 mln investment from Bain Capital
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: 1 min

Logo of the Bain Capital is screened at a news conference in Tokyo, Japan September 28, 2017. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsHANOI, Oct 2 (Reuters) - Vietnamese conglomerate Masan Group (MSN.HM) has secured funding of at least $200 million from Bain Capital, with the possibility of bringing in other investors to increase that to as much as $500 million, the two entities said on Monday. Proceeds, according to fast-moving consumer goods firm Masan would be used to strengthen the its financial positions. The investment would be in the form of convertible dividend preference share at a price of 85,000 dong ($3.50) per share which can be converted into ordinary shares at a 1:1 conversion ratio, Masan said in a statement. ($1 = 24,310.0000 dong)Reporting by Phuong Nguyen; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, Phuong Nguyen, Martin Petty Organizations: Bain Capital, REUTERS, Rights, Thomson Locations: Tokyo, Japan, Rights HANOI, Masan

☆ Apollo’s divergent path outshines Blackstone
▼ + stars: | 2023-09-28 | by ( Jonathan Guilford | ) www.reuters.com time to read: +7 min

NEW YORK, Sept 28 (Reuters Breakingviews) - Apollo Global Management (APO.N) and Blackstone (BX.N) both emerged from private equity’s primordial swamp. That spread comprised nearly three-quarters of Apollo’s $3.1 billion in profit available to be doled out to shareholders in 2022. That turbo-charged the fees Blackstone reaps from managing funds, which contributed 59% of $6.6 billion in profit available to shareholders last year. Apollo’s earnings from its insurance business are awarded an even more meager 10 times. This doesn’t form the closed loop like that between Athene, Apollo and its various specialist lenders.

Persons: Marc Rowan, haven’t, dealmaking, Rowan, Blackstone, Steve Schwarzman, Athene, BREIT, Rich, reckons Bain, Schwarzman, Dealmaking, hasn’t, Lauren Silva Laughlin, Oliver Taslic Organizations: Reuters, Apollo Global Management, Blackstone, Apollo, Reuters Graphics Reuters, Barclays, Schwarzman, U.S . Federal, Industry, Life Insurance, Research Association, Thomson Locations: freefall, BREIT, Blackstone

☆ China bans Nomura senior investment banker from leaving mainland — sources
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: +3 min

Signage for Nomura Holdings Inc. displayed outside a Nomura Securities Co. branch in Tokyo, Japan, on Monday, April 24, 2023. Authorities in China have ordered a senior Nomura Holdings banker overseeing the firm's investment banking operations there not to leave the mainland, two sources with knowledge of the matter said. Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. A Reuters analysis has found an apparent surge of court cases involving such bans in recent years, and foreign business lobbies are voicing concern about the trend. In August last year, he was also appointed as chairman of Nomura Orient International Securities, the bank's majority-owned securities business headquartered in the commercial hub of Shanghai.

Persons: Charles Wang Zhonghe, Wang, Nomura, Bao Fan, Cong Lin, Bao, Cong, Nomura's Wang, Wang Wenbin, Mintz, Zhong Organizations: Nomura Holdings Inc, Nomura Securities Co, Nomura Holdings, Nomura, Financial Times, China Renaissance Holdings, ICBC, Commercial Bank of China Ltd, Reuters, Bain & Company, Group, Beijing, European Union, Deutsche Bank, Securities, Nomura Orient International Securities Locations: Tokyo, Japan, China, Hong Kong, Beijing, Shanghai

☆ China bans Nomura senior investment banker from leaving mainland -sources
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

The logo of Nomura Securities is pictured at the company's Otemachi Head Office in Tokyo, Japan, November 18, 2016. Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. Asked why the Nomura banker was barred from leaving, Chinese foreign ministry spokesperson Wang Wenbin said he did not have knowledge of the situation at a regular news briefing on Monday. A Reuters analysis has found an apparent surge of court cases involving such bans in recent years, and foreign business lobbies are voicing concern about the trend. In August last year, he was also appointed as chairman of Nomura Orient International Securities, the bank's majority-owned securities business headquartered in the commercial hub of Shanghai.

Persons: Toru Hanai, Charles Wang Zhonghe, Wang, Nomura, Bao Fan, Cong Lin, Bao, Cong, Nomura's Wang, Wang Wenbin, Mintz, Zhong, Selena Li, Kane Wu, Makiko Yamazaki, Liz Lee, Sumeet Chatterjee, Clarence Fernandez Organizations: Nomura Securities, REUTERS, Authorities, Nomura Holdings, Nomura, Financial Times, China Renaissance Holdings, HK, ICBC, Commercial Bank of China Ltd, Reuters, Bain & Company, Group, Beijing, European Union, Deutsche Bank, Securities, Nomura Orient International Securities, Thomson Locations: Tokyo, Japan, HONG KONG, China, Hong Kong, Beijing, Shanghai

Torrent is hoping to secure roughly $3 billion to $4 billion in financing for the bid for its much bigger rival, they said. Blackstone (BX.N) is also interested in bidding for Cipla, sources have also said. Apollo is "quite bullish on their Asia strategy, and India in particular...both Cipla and Torrent have strong balance sheets," the person said. Apollo and Torrent, which has yet to confirm its interest in Cipla, did not immediately respond to a request for comment. Foreign banks, including Morgan Stanley (MS.N) and Barclays (BARC.L), are also in talks with Torrent to extend loans and arrange financing for the deal, sources have said.

Persons: Danish Siddiqui, Bernstein, Blackstone, Morgan Stanley, Abbott, Sriram, Aditya Kalra, Edwina Gibbs Organizations: REUTERS, Danish, pharma, Pharmaceutical, Apollo Global Management, Capital Partners, Bain Capital, Blackstone, Mumbai International, JSW, Barclays, Pfizer, Thomson Locations: Cipla, Mumbai, India, MUMBAI, DELHI, Asia

☆ The IPO market has 'lost a lot of relevance,' says Swiss asset manager Partners Group
▼ + stars: | 2023-09-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

watch nowThe IPO market has lost relevance in the real economy, but there are "absolutely enormous" opportunities in the health-care sector, according to the executive chairman of global private markets firm Partners Group. Private markets are switching places with public markets as the stewards of the real economy. "Private markets are switching places with public markets as the stewards of the real economy," said Partners Group. Partners' Group recorded $142 billion worth of assets under management as of the first half of 2023. Asked whether Partners Group will someday open up the window for retail investors to tap into the private equity market, Meister said it's already happening, marking a "democratization" of the private market industry.

Persons: Steffen Meister, CNBC's Chery Kang, Meister, it's Organizations: Partners, Milken Asia Summit, Bain & Company, Private, CNBC, McKinsey Locations: Singapore

A representative for Co-op Bank declined to comment. The sale is being closely watched as one of the first examples of long-touted consolidation among Britain's midsize lenders. Co-op Bank had a book value of 1.3 billion pounds ($1.6 billion) at the end of December. Despite interest from financial investors, Co-op Bank is more focused on a deal with a competitor, two people said. Aldermore, OSB, Paragon and Shawbrook declined to comment.

Persons: Toby Melville, Aldermore, JC Flowers, Bain, Pablo Mayo Cerqueiro, Andres Gonzalez, Anousha Sakoui, Sharon Singleton Organizations: Bank, REUTERS, Reuters, Paragon Banking Group, Paragon, Bain Capital, Co, Fenchurch Advisory, PJT Partners, Thomson Locations: London, British, Aldermore

☆ Citigroup's business heads in revamped structure
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +3 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. He is an alum of the London Business School and the London School of Economics. In 2021, he became the global head of Citi's treasury and trade solutions arm. ANDY SIEG, WEALTH The incoming head of Citi's wealth management unit starts on Sept. 27, after running Bank of America's powerhouse Merrill Lynch Wealth Management division since 2017. He was previously the head of the consumer bank in Asia and Europe, Middle East and Africa.

Persons: Chris Helgren, Jane Fraser, SHAHMIR, Khaliq, Fraser, ANDREW MORTON, Morton, Lehman, PETER BABEJ, ANDY SIEG, Merrill, GONZALO LUCHETTI, Niket, Lananh Nguyen, Chizu Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, London Business School, London School of Economics, Morton, Heath, Lehman Brothers, Citi Asia Pacific, Deutsche Bank, Lazard, of America's, Merrill Lynch Wealth Management, JPMorgan Chase, Bain & Company, Thomson Locations: Toronto , Ontario, Canada, Fraser, Jarrow, Asia, Europe, Middle East, Africa, Bengaluru

☆ Former Starbucks CEO Howard Schultz steps down from coffee chain's board
▼ + stars: | 2023-09-13 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Former Starbucks CEO Howard Schultz testifies before the Senate Health, Education, Labor, and Pensions Committee in the Dirksen Senate Office Building on Capitol Hill on March 29, 2023 in Washington, DC. Former Starbucks CEO Howard Schultz is stepping down from the coffee chain's board, the company said Wednesday. Schultz previously stepped down from Starbucks' board in June 2018 to prepare for a potential presidential run, before deciding against a bid. Zhang also previously held roles at News Corp China, CNBC China, Bain and General Electric. She is the third woman on Starbucks' nine-person board, which includes chair Mellody Hobson and Land O'Lakes CEO Beth Ford.

Persons: Howard Schultz, Schultz, Laxman Narasimhan, Kevin Johnson, Wei Zhang, Zhang, Alibaba, Bain, Ralph Lauren's, Mellody Hobson, Beth Ford Organizations: Starbucks, Health, Education, Labor, Washington , DC, CNBC, Alibaba Pictures, News Corp China, General, Land Locations: Dirksen, Washington ,, China, U.S, CNBC China

☆ Intel to sell 10% stake in IMS Nanofabrication to TSMC
▼ + stars: | 2023-09-12 | by ( Max A. Cherney | ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 12 (Reuters) - Intel (INTC.O) said on Tuesday it has agreed to sell a stake of about 10% in the IMS Nanofabrication business to Taiwan Semiconductor Manufacturing Co (2330.TW). Intel will retain majority ownership of IMS, and the transaction is expected to close in the fourth quarter. "The investment by TSMC we believe also demonstrates the excitement across the whole semiconductor manufacturing ecosystem for the significant opportunity ahead of IMS," Intel vice president of corporate development Matt Poirier said. Intel is building a contract manufacturing business called Intel Foundry Services that competes with TSMC. Intel sold a 20% stake in IMS earlier this year to Bain Capital at the same valuation.

Persons: Dado Ruvic, Matt Poirier, TSMC, Elmar Platzgummer, Platzgummer, Yuvraj Malik, Max A, Shounak Dasgupta, Louise Heavens, David Evans Organizations: REUTERS, Intel, IMS, Taiwan Semiconductor Manufacturing, Intel Foundry Services, Bain Capital, Thomson Locations: Austrian, EUV, Bengaluru, Max, San Francisco

☆ The future of abortion rights in Virginia may depend on what voters think of Chaturbate
▼ + stars: | 2023-09-12 | by ( Walt Hickey | ) www.businessinsider.com time to read: +5 min

A Democratic candidate in a key swing district is in the midst of a scandal over previous work in pornography. At least one prominent Virginia politician, Senate President Pro Tem L. Louise Lucas, immediately came to Gibson's defense, blaming operatives working for Virginia's Republican Gov. As it stands, Youngkin has said that it's his mission to implement a 15-week abortion ban in the commonwealth. So far, the only thing standing in his way has been the Virginia State Senate, where Democrats hold a slim 22-18 majority. So it falls to the voters of Short Pump, Virginia, to decide whether performing on Chaturbate is disqualifying for them, even if that means giving the go-ahead to a statewide abortion ban.

Persons: Susanna Gibson, Gibson, Louise Lucas, Glenn Youngkin, Mitt Romney's, Candace Valenzuela, Youngkin, Ballotpedia, Biden Organizations: Democratic, Service, Washington Post, of, Delegates, Conservative, New York Times, Pro Tem, Virginia's Republican Gov, Bain Capital, Black Latina, Virginia State Senate, VCU's Wilder School of Government, Virginians, GOP, Ballotpedia, Democrats Locations: Virginia, Wall, Silicon, Texas, Gibson's, what's, It's

Insider asked 34 top fintech investors to nominate the most promising startups. VCs highlighted startups that haven't raised more than a Series C.Behind-the-scenes firms, payment and compliance startups dominated this year's list. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Insider surveyed 34 early-stage investors — including Bain Capital Ventures, Point72 Ventures, and Index Ventures — about the hottest fintechs to watch. There were also several sustainability-focused startups, offering everything from electric-vehicle financing to marketplaces for financing renewable-energy projects.

Persons: VCs, we'll, Mark Peter Davis Organizations: Service, Bain Capital Ventures, Point72 Ventures, Ventures, Interplay, Bank Locations: Wall, Silicon

☆ Indonesia to ban goods transactions on social media - deputy minister
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

JAKARTA, Sept 12 (Reuters) - Indonesia is planning to ban goods transactions on social media under new trade regulations, the deputy trade minister told a parliamentary hearing on Tuesday. Ministers have repeatedly said that e-commerce sellers using predatory pricing on social media platforms were threatening offline markets in Southeast Asia's biggest economy. Current trade regulations do not specifically cover direct transactions on social media. "Social media and social commerce cannot be combined," Jerry Sambuaga, deputy minister of trade, told the parliament, using the example of sellers using "live" features on the short video platform TikTok to sell goods. "Revisions to the trade regulations that are currently under way will firmly and explicitly ban this," Sambuaga said.

Persons: Jerry Sambuaga, Sambuaga, TikTok, Indonesia's, Dewi Kurniawati, Stefanno Sulaiman, Alex Richardson Organizations: Reuters, Facebook, Momentum, Google, Temasek Holdings, Bain & Company, Thomson Locations: JAKARTA, Indonesia, Asia's, TikTok

☆ Macy’s Names Next Bloomingdale’s C.E.O.
▼ + stars: | 2023-09-12 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Macy’s named Olivier Bron the next chief executive of Bloomingdale’s, the company’s luxury chain, on Tuesday, the latest move in a leadership shuffle this year. Mr. Bron was previously chief executive of Central Group’s Central and Robinson Department Stores in Thailand. Macy’s announced this year that Mr. Spring would be elevated to chief executive of Macy’s in February after the planned retirement of Jeff Gennette, who has led the company since 2017. Macy’s has ambitions to become more competitive in e-commerce as younger shoppers pull away from department stores. Mr. Gennette previously said Bloomingdale’s, under Mr. Spring, had worked as a “scrappy incubator” for ideas that eventually made their way to Macy’s.

Persons: Macy’s, Olivier Bron, Bron, Tony Spring, Jeff Gennette, Gennette, Mr, Denis Guignebourg Organizations: Bloomingdale’s, Mr, Central Group’s, Robinson Department, Macy’s, Galleries Lafayette, Bain & Company . Credit, Sipa USA, Associated Press Locations: Thailand, United States

☆ Macy's-owned Bloomingdale's taps international exec Olivier Bron as its next CEO
▼ + stars: | 2023-09-12 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Shoppers walk past a Bloomingdale's store in the SoHo neighborhood of New York, US, on Wednesday, Dec. 28, 2022. With the move, the legacy retailer is adding an outside perspective and a dash of global flair to the higher-end department store. Bron, 46, is a French national who was most recently CEO of Central and Robinson department stores in Thailand. A 36-year veteran of Bloomingdale's, Spring became CEO-elect of the parent company Macy's in March. Macy's said Tuesday that it has tapped international retail executive Olivier Bron as the next CEO of its upscale department store, Bloomingdale's.

Persons: Bron, Tony Spring, Spring, Jeff Gennette, Macy's, Olivier Bron, Michael Gould, Beverly, Bloomingdale's, Nordstrom Organizations: Bain & Company, Central, Robinson, Bloomingdale's, Macy's, Beverly Hills Locations: SoHo, New York, Lafayette, Paris, Bron, French, Thailand, Dubai, Kuwait, Manhattan, New York City, Seattle, Macy's

☆ Virgin Voyages raises $550 mln in Ares Management-led fundraise
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

The Virgin Voyages Scarlet Lady cruise liner sits docked at Dover Port in Dover, Britain, February 21, 2020. REUTERS/Simon Dawson Acquire Licensing RightsSept 8 (Reuters) - Virgin Voyages, the cruise brand from Richard Branson's Virgin Group, said on Friday it has raised $550 million in fresh capital to expand into new international markets. The funding was led by Ares Management (ARES.N) with participation from existing investors, including British conglomerate Virgin Group and venture capital firm Bain Capital. Launched at the end of 2021, Virgin Voyages operates three ships servicing the Caribbean and the Mediterranean. It plans to operate in Australia and New Zealand by the end of the year.

Persons: Simon Dawson, Richard Branson's, Tom McAlpin, Nirmal Saverimuttu, Manya Saini, Arun Koyyur Organizations: REUTERS, Richard Branson's Virgin Group, Ares Management, Virgin Group, Bain Capital, Virgin Voyages, Caribbean, Thomson Locations: Dover Port, Dover, Britain, British, Australia, New Zealand, Bengaluru

[1/2] A view shows packets of snacks on the shelves inside a Haldiram's restaurant in Mumbai, India, September 6, 2023. Tata Consumer shares surged and closed nearly 4% higher in Mumbai trade after Reuters reported news of the talks. The potential acquisition represents an exciting opportunity for Tata, the person said, adding: "Tata (Consumer) is seen as a tea company. A spokesperson for Tata Consumer Products said it "does not comment on market speculation". The $10 billion valuation sought by Haldiram's for the deal translates to 6.6 times its annual revenue of $1.5 billion, sources said.

Persons: Sriram, Tata, Mukesh Ambani's, Tetley, Haldiram's, Krishan Kumar Chutani, Bain, Ankur Bisen, Manohar Lal Agrawal, Aditya Kalra, Chris Thomas, Edwina Gibbs, Alexandra Hudson Organizations: REUTERS, India Tata, Tata, Pepsi, Bain Capital, Tata Consumer Products, Starbucks, Tata Consumer, Reuters, Haldiram's, Euromonitor International, Tata Group, CNBC TV18, Bikaji Foods, Alexandra Hudson Our, Thomson Locations: Mumbai, India, MUMBAI, DELHI, Singapore, United States, Bikaji

☆ A couple invested $29,500 into buying a soccer franchise in 2018 to start making passive income. They explain how they grew to 2 locations and have done more than $1 million in revenue.
▼ + stars: | 2023-08-30 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +11 min

Ultimately, they went with Soccer Shots, a children's program that partners with local schools to help kids develop both soccer and life skills. The Halls bought their first Soccer Shots franchise in 2018. They also had to put together a PowerPoint presentation for Soccer Shots' executive team at the headquarters in Pennsylvania. Buying their first Soccer Shots for $29,500 plus additional start-up costsSoccer Shots officially offered the franchise to the Halls in September 2018. On average, they spend one to two hours a week working on Soccer Shots.

Persons: Erika, Kareem Hall, Kareem, they'd, that's, it's, Jon Brock, Rachael Victoria, Brock, they've, Erika Hall, That's Organizations: Soccer Shots, Emory, Bain, Accenture, Primrose Schools, Shots, Soccer Locations: Atlanta, Dekalb County, Pennsylvania, —, Covid

☆ Britain delays post-Brexit border checks on EU goods till 2024
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Lorries disembark from a cross channel ferry at the Port of Dover, in Dover, Britain September 24, 2020. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Aug 29 (Reuters) - The British government will delay imposing full post-Brexit import controls on goods from the European Union by a further three months, it said on Tuesday, pushing the start date back to January 2024. Britain left the EU's single market in January 2021 and has delayed full implementation of border controls several times due to worries about disruption at ports and the risk of adding to a cost-of-living crisis. In contrast, Brussels immediately introduced checks and paperwork for goods moving from Britain into the EU, leading to delays and higher costs, and making it challenging for some businesses to compete. Further requirements, such as physical checks and safety declarations are due to be introduced in stages through 2024.

Persons: Toby Melville, William Bain ,, Kylie MacLellan, Bernadette Baum Organizations: REUTERS, European Union, Northern Ireland, Target, Chambers of Commerce, Thomson Locations: Dover, Britain, British, Brussels, Europe

Insider asked more than 30 top fintech investors to nominate the most promising startups. VCs highlighted startups that haven't raised more than a Series C.Here are the 54 most promising fintechs. Insider surveyed 34 early-stage investors — including Bain Capital Ventures, Point72 Ventures, and Index Ventures — about the hottest fintechs to watch. As was the case last year, fintechs that sell to businesses, as opposed to those that serve consumers directly, dominated the list. Check out the 54 fintechs identified as most promising by top investors.

Persons: VCs, we'll, Mark Peter Davis Organizations: Bain Capital Ventures, Point72 Ventures, Ventures, Interplay

☆ US companies in China struggle with raids, slow deal approvals, anti-espionage law
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +3 min

[1/2] U.S. Commerce Secretary Gina Raimondo delivers her speech at a reception with U.S. Industry and Chinese Government Officials hosted by U.S. Ambassador to China Nick Burns, in Beijing, China, August 28, 2023. Below are details on some of the bigger hurdles for doing business in China in recent years. Counterespionage law:Chinese lawmakers passed a wide-ranging update to Beijing's anti-espionage legislation in April, banning the transfer of any information related to national security and broadening the definition of spying. The law does not define what falls under China's national security or interests.

Persons: Gina Raimondo, China Nick Burns, Andy Wong, Mintz, Raimondo, Chris Sanders, Jonathan Oatis Organizations: . Commerce, . Industry, Government, U.S, REUTERS Acquire, Rights, Bain, Capvision Partners, Beijing Municipal Bureau, Statistics, China's, Intel Corp, chipmaker Semiconductor, DuPont De Nemours Inc, Rogers Corp, Xinhua, chipmaker Micron Technology, Beijing, Thomson Locations: China, Beijing, Shanghai, United States

☆ How Preply became one of the largest online language learning startups in the world
▼ + stars: | 2023-08-28 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +4 min

He started to see the potential for online language tutoring as a viable business model, since online lessons were cheaper than in-person lessons and class schedules were more flexible. In the summer of 2012, Bigai, Voloshyn and Lukyanov founded the online language learning startup Preply. Last month, Preply raised a $70 million Series C extension round with a combination of debt and equity led by Horizon Capital. Reach Capital, Hoxton Ventures and Owl Ventures, which led its previous $50 million Series C in 2022, also participated. The company's successful fundraising comes after a difficult year personally for the Preply team.

Persons: Preply, Kirill Bigai, Dmytro Voloshyn, Sergey Lukyanov, Bigai, Lukyanov, James Kim Organizations: Preply, Horizon Capital, Morning, Skype, Horizon, Reach, Hoxton Ventures, Owl Ventures, Datadog, Bain, Reach Capital Locations: Ukraine, Boston, Texas, Barcelona, Kyiv, Berlin, Czech, Russia

☆ China's richest people are leaning hard into quiet luxury, wielding stealth wealth like a weapon and scorning their flashy, label-chasing peers
▼ + stars: | 2023-08-26 | by ( Mary Hanbury | Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +12 min

And rich Chinese people are leaning in, ditching "logo hunting" in favor of elegance, experts say. In a similar vein to the US and Europe – the "quiet luxury" aesthetic has emerged as a reaction to the economic climate. Chinese social media's got quiet luxury down to a sciencePeople have posted tutorials and photos on the “laoqian” style on China’s Pinterest-like site, Xiaohongshu. XiaohongshuTo be sure, there's being rich and looking rich, and the latter is where it's at on Chinese social media. WeiboSome influencers have also uploaded video tutorials on the "laoqian" style, to guide people on how best to dress for success.

Persons: that's, Dior, Gucci, Louis, Rich, Tom Wambsgan, Chukrut, you've, Javier Gonzalez Lastra, it's, Xi Jinping's, Milton Pedraza, Pedraza, media's, you'll, Richemont, Louis Vuittons, Thomaï Serdari, Joe, they're Organizations: Service, Bain, Co's, Burberry, Louis Vuitton, Getty, West, Ivy League, China Morning Post, Crazy, Luxury Institute, Twitter, NYU's Stern School of Business Locations: China, Wall, Silicon, America, bucketloads, Shanghai, Europe, Tema, Nanjing, Nikada, Beijing, Weibo

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