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In the Group of Seven countries, Bain predicts, older and experienced workers will make up more than quarter of the workforce by 2031. "That's a massive shift," Andrew Schwedel, partner at Bain & Company, told CNBC's "Squawk Box Asia" on Tuesday. What older workers wantIn recent years, countries around the world have been increasing retirement ages — but not without pushback. "That speaks to some of the different things that companies need to do if they're trying to appeal to younger workers versus older workers." How to retain older workersIt is also crucial for companies to design workplace experiences that tap into the motivations of older workers, said Schwedel.
Persons: Bain, Andrew Schwedel, CNBC's, Schwedel Organizations: Bain & Company, Companies Locations: Japan, Europe, U.S, France
July 19 (Reuters) - Bain Capital has raised $1.15 billion for its first fund dedicated to investing in the insurance industry, as the private equity firm aims to create and invest in companies in the sector, a senior executive told Reuters. The fund exceeded its initial $750 million target through backing from high-net-worth individuals, institutional investors and family offices. It will be deployed through Bain Capital Insurance, a dedicated investment arm the firm launched in 2021. Matt Popoli, global head of Bain Capital Insurance, told Reuters that the new capital pool, Bain Capital Insurance Fund, would give his 20-strong team the ammunition to back middle-market insurance firms overlooked by others. Popoli said the fund will also invest in niche insurance brokers, which can be acquired for cheaper valuations than large rivals.
Persons: Matt Popoli, Popoli, Bain, David French, Rashmi Organizations: Bain Capital, Reuters, Bain Capital Insurance, Bain Capital Insurance Fund, Marsh & McLennan Companies, Thomson Locations: North America, Europe, Mercer, Marsh, New York
Next Gucci CEO may have toughest job in luxury
  + stars: | 2023-07-19 | by ( ) www.reuters.com   time to read: +2 min
LONDON, July 19 (Reuters Breakingviews) - Gucci is getting a new look. Gucci took a harder hit during the pandemic than some mega-brand rivals, then struggled to bounce back. That’s way below the 10% and 15% rise brokers are pencilling in for Louis Vuitton and Christian Dior (DIOR.PA) respectively. All of that makes Gucci CEO job one of the most interesting in the luxury sector – but also possibly the toughest. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Gucci, Marco Bizzarri, Jean, François, Kering’s, Bizzarri, Roberto Eggs, Louis Vuitton, Christian Dior, Karen Kwok, Xavier Niel’s, Liam Proud, Streisand Neto Organizations: Reuters, Tuesday, Gucci, JPMorgan, Revenue, Alpha, Louis, Hermès, Barclays, Bain & Company, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson Locations: Milan, Italian, Kering’s Paris, China, People’s Republic
July 18 (Reuters) - Consultancy giant McKinsey said it had struck a partnership with artificial intelligence startup Cohere in an effort to provide AI solutions to its enterprise clients. We found Cohere to be one of the great solutions out there," Ben Ellencweig, senior partner at McKinsey, told Reuters in an interview. McKinsey said it was working with Cohere to build customized solutions to help improve customer engagement and workflow automation for clients. Cohere competes with OpenAI with a focus on generative AI solutions for enterprises. It also announced a partnership with Oracle, which will embed Cohere's generative AI technology in its products.
Persons: Ben Ellencweig, Cohere, Martin Kon, PwC, Bain, Krystal Hu, Himani Sarkar Organizations: Consultancy, McKinsey, Microsoft, Reuters, Google, Nvidia, Oracle, Salesforce Ventures, Cohere, Accenture, Company, Deloitte, Thomson Locations: New York
Climate tech startup Sylvera has just raised $57 million for its carbon data platform. Sylvera, a startup helping businesses invest in high quality carbon credits, has just raised a $57 million Series B round led by Europe's Balderton Capital. The London-based startup, founded in 2020, provides carbon data and carbon credit ratings in an effort to bring integrity to a market plagued with quality issues. One carbon credit represents 1 metric ton of carbon dioxide or equivalent that has been removed from or prevented from entering the atmosphere. As well as decarbonization, many companies look to compensate for their hard-to-abate or historic emissions, which is where carbon credits come in.
Persons: Sylvera, Furey, it's, Serge Kruppa, 9yards Organizations: Balderton Capital, Fidelity Strategic Ventures, Bain & Company, Europe's, McKinsey, Paris, Index Ventures, Insight Partners Locations: London, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAbout 150 million jobs will shift to older workers by 2030, says Bain & CompanyAndrew Schwedel, partner at Bain & Company, says that to prepare for an aging workforce, companies should understand what motivates older workers.
Persons: Bain & Company Andrew Schwedel Organizations: Bain & Company
China is signaling to the rest of the world that it's open for business again. Both Elon Musk and Janet Yellen have made trips to Beijing recently. But less money is flowing into the country – with foreign investors likely alienated by Xi Jinping's authoritarianism. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Spooked investors responded by dumping Chinese stocks in a $6 trillion blowout, while the onshore Chinese yuan dropped against the US dollar.
Persons: Elon Musk, Janet Yellen, Xi, Li Qiang, John Kerry, Mark Mobius, he'd Organizations: Service, Privacy, China, Tesla, Communist Party, Bain, Co, Big Tech Locations: China, Beijing, Wall, Silicon, Tianjin, Shanghai, West
LONDON, July 18 (Reuters) - The spectre of rising corporate debt defaults exacerbating a global economic slowdown has for months been largely brushed aside by resilient credit markets. Now, long-feared corporate debt woes are starting to hit home, while more companies are being downgraded to a junk credit rating - facing higher borrowing costs as a result. Retailer Casino, with 6.4 billion euros ($7.19 billion) of net debt, is in court-backed talks with creditors; Britain's Thames Water is in the headlines with its 14 billion pound ($18.32 billion) debt pile. For FACTBOX: Corporate debt woes are on the rise, click here. Nonetheless, not all firms may be able to survive the challenges of vast debt, higher interest and business costs and declining profits.
Persons: Julius Baer's, Markus Allenspach, Guy Miller, Miller, it's, Aymen Mahmoud, McDermott Will, Emery, Elena Lieskovska, Chiara Elisei, Dhara, Christina Fincher Organizations: SBB, P Global, U.S, Reuters, ICE, Zurich Insurance, ABN AMRO, European Central Bank, London Finance, Bain Capital, Thomson Locations: Swedish, Spain, Europe
SAO PAULO, July 18 (Reuters) - An alternative investment vehicle controlled by French insurer AXA (AXAF.PA) said on Tuesday it will inject $49 million into reforestation projects in Brazil led by local startup Mombak. Mombak, which is also backed by Bain Capital, will lead projects to reforest over 10,000 hectares of degraded pastureland, generating up to 6 million carbon credits. "We are building the largest carbon removal projects in the world," Mombak co-founder Peter Fernandez said in an interview. "The single largest opportunity that humanity has to do reforestation is in Brazil." "We would like to significantly scale up our deployment in Brazil and other Amazon basin countries."
Persons: Mombak, Peter Fernandez, Fernandez, Adam Gibbon, Gabriel Araujo, Brad Haynes, Josie Kao Organizations: SAO PAULO, AXA, AXA IM Alts, Bain Capital, Greenpeace, Reuters, Thomson Locations: Brazil
London CNN —Wheat and corn prices on global commodities markets jumped Monday after Russia pulled out of a crucial deal allowing the export of grain from Ukraine. The collapse of the pact threatens to push up food prices for consumers worldwide and tip millions into hunger. The White House said the deal had been “critical” to bringing down food prices around the globe, which spiked after Russia invaded Ukraine in February last year. Food pricesThe global food price index complied by the UN’s Food and Agriculture Organization hit an all-time high in March 2022, but has fallen steadily since then. “A renewed rise in agricultural commodity prices would obviously push up retail food prices but perhaps not by as much as you think, particularly in developed economies,” she said.
Persons: , ” Adam Hodge, , Vladimir Putin, General Antonio Guterres, Shashwat, ” Saraf, Richer, Caroline Bain, , Rob Picheta, Hanna Ziady, Mick Krever, Anna Chernova, Priscilla Alvarez Organizations: London CNN —, US National Security Council, Chicago Board of Trade, United Nations, Organisation for Economic Co, Development, Gro Intelligence, Food Security Information Network, European Union, Rescue, East, Agriculture Organization, Capital Economics, CNN Locations: Russia, Ukraine, Turkey, Istanbul, Kyiv, Moscow, United States, Sevastopol, Russian, Crimea, East Africa, East, Africa
BEIJING, July 15 (Reuters) - Chinese President Xi Jinping said China must build a "solid" security barrier around its internet under the supervision of the ruling Communist Party, in his latest call to safeguard online data and information. In the past decade, Xi has made preserving security a priority, with his concept of security covering everything from politics and the economy to the environment and cyberspace. In 2015, China passed a national security law with a broader scope to include its cyberspace. A year later, a law was passed that contained requirements for security reviews and for data to be stored on servers in China. Navigating China's dense network of rules and laws on online data and information is not without risk for companies.
Persons: Xi Jinping, Xi, Didi, Ryan Woo, Christina Fincher Organizations: Communist Party, Xinhua, Bain, Co, Financial, Reuters, Beijing, Thomson Locations: BEIJING, China, Beijing, U.S, Shanghai, United States
In particular, design differences between the Titanic and Olympic, visible in photographs of the two ships, are consistent with the wreckage of Titanic being, in fact, Titanic, and making the switch theory implausible. Another of the ships, Olympic, was put into service the year before, on June 14, 1911, and retired in 1935, with many of its fixtures and fittings auctioned off before it was scrapped. Magellan and its collaborator Atlantic Productions released sample images and animations of the Titanic wreck site scans to media outlets in May 2023, which can be viewed (here), (here). Olympic’s hull number was 400, and Titanic’s was 401. “Meanwhile,” Layton said, “the Titanic’s correct hull number, 401, has been observed at the wreck site and on items recovered from the wreck.
Persons: Robert John Welch, J, Kent Layton, ” Layton, Olympic’s, Layton, Titanic’s, Tim Maltin, Read Organizations: Titanic, Facebook, National Museums Northern, White Star Lines, Olympic, Belfast shipyard, Library of Congress, Bain News Service, Getty, Magellan Ltd, Atlantic Productions, HULL, Reuters Locations: Atlantic, Belfast , Northern Ireland, National Museums Northern Ireland, Southampton, England, New York, Titanic
SMALL MANUFACTURERS APLENTYItaly is home to thousands of small manufacturers that cover 50-55% of the global production of luxury clothing and leather goods, consultancy Bain calculates. LVMH announced in May it had taken a majority stake in Nuti Ivo Group, an Italian company that has specialised in making leather products since 1955. Kering managing director Jean-Francois Palus said the luxury group is increasingly looking to bring production in house. "Italy has not created a (major) luxury hub, but we have entrepreneurs who have the ability to activate the right relationships at the right time," said Stefania Lazzaroni, general manager at Italian luxury industry association Altagamma. "Italian groups are now more managerialised, more organised and also stronger, which makes them more open to thinking together," he said.
Persons: Luigi Fedeli e, Zegna, Gildo Zegna, Ermenegildo, Kering, LVMH, Jean, Francois Palus, It's, Chanel, Brunello, Stefania Lazzaroni, Prada, Roberto Costa, Bertelli, Elisa Anzolin, Silvia Aloisi, Keith Weir, Jane Merriman Organizations: France MILAN, Prada, Filati Biagioli Modesto S.p.A, Biagioli, Prada Group, Reuters, Bain, Group, Nazionale della Moda, Global Luxury Investment Banking, Citigroup, Thomson Locations: Italy, France, Italian, Monza, Milan, Filati Biagioli, Bertelli, Nuti
Bain’s Chindata buyout saga verges on absurd
  + stars: | 2023-07-13 | by ( Antony Currie | ) www.reuters.com   time to read: +3 min
On first blush, that appears to be what Bain Capital (BCSF.N) is trying to do with Chinese data centre operator Chindata . But it’s a saga that’s starting to verge on the absurd. Bain took Chindata public on the Nasdaq in September 2020. Less than three years later, the U.S. leveraged buyout veteran offered $8 per American Depositary receipt, valuing the company at $2.9 billion. The company has yet to acknowledge the offer from China Merchants Capital.
Persons: Bain, Chindata, there’s, Bain’s, Robyn Mak, Thomas Shum Organizations: MELBOURNE, Reuters, Bain Capital, Nasdaq, U.S, Bloomberg, China Merchants Group, Chindata, Citi, Bain, China Merchants Capital, Thomson Locations: People’s Republic
Private equity gears up for a deal fest Down Under
  + stars: | 2023-07-11 | by ( Antony Currie | ) www.reuters.com   time to read: +5 min
So it’s fitting that one of the country’s most hotly contested deals involving overseas private equity firms is for Rugby Australia. It’s also a teaser for the deal fest buyout shops are gearing up for Down Under. Another veteran, Blackstone (BX.N), has doubled its private equity headcount over the past couple of years. Reuters GraphicsWith $676 billion of private equity dry powder in the Asia-Pacific region, according to consultancy Bain & Co, regularly capturing a two-fifths share implies up to $270 billion of capital could be heading Down Under in the coming years. Australia, he said, was too small and too competitive for private equity firms to make money.
Persons: It’s, Blackstone, EQT, they’re, it’ll, there’s, Brian Hong, Robyn Mak, Thomas Shum Organizations: MELBOURNE, Reuters, Rugby Australia, CVC Capital Partners, Australian Financial, Down, Brookfield Asset Management, CVC, Nine Entertainment, AusNet Services, MidOcean Energy, Origin Energy, Retirement Trust, Consumer, Sydney Airport, Bain & Co, Reserve Bank of Australia, U.S . Federal Reserve, Macquarie Capital, Thomson Locations: Asia, Australia, China, People’s Republic, Asia Pacific, Pacific
Vcg | Visual China Group | Getty ImagesBEIJING — For foreign businesses in China, geopolitics hold more sway than new Chinese laws, according to analysts. Two new laws, one on espionage and the other on foreign relations, took effect July 1. In strictly legal terms, however, the legislative changes themselves don't increase the risk for foreign businesses in China, said Jeremy Daum, senior fellow at Yale Law School's Paul Tsai China Center. The website's translation of the Foreign Relations Law notes that foreign organizations in China "must not endanger China's national security, harm the societal public interest, or undermine societal public order." A House committee delegation discussed China business in their meeting with executives of high-profile U.S. tech and media companies in California in April.
Persons: Jeremy Daum, Yale Law School's Paul Tsai, Antony Blinken's, Michael House, Perkins, Daum, Mintz, It's, Alex Liang Anjie, Michael Hart, he's, Hart, Janet Yellen, Jens Eskelund, Alex Liang Organizations: Visual China, Getty, Yale Law, Yale Law School's Paul Tsai China Center, U.S, China, Foreign Relations, Mintz Group, Bain, Capvision Partners, Reuters, American Chamber of Commerce, Treasury, Companies, EU Chamber of Commerce Locations: BEIJING, China, Beijing, Washington, U.S, Shanghai, California, Broad
Bain Gets Courtesy Call From Shanghai Party Official
  + stars: | 2023-07-10 | by ( Elaine Yu | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones, bain Locations: shanghai
A senior Treasury official said the lunch with the Chinese economists would give Yellen, who was also the first woman to head the U.S. Federal Reserve, a chance to "interact with a number of people kind of outside the normal policy structure." Yellen told the women - one of whom described herself as a feminist economist - she was curious to learn more about their backgrounds and research. A June report by the United Nations urged China to adopt statutory quotas and a gender parity system to boost women's representation in government. Yellen, by contrast, is one of 13 women in President Joe Biden's 25-member Cabinet, the most gender-diverse in U.S. history. China also lags in terms of women's representation in the top echelons of industry, a recent study showed.
Persons: Janet Yellen, China's, Yellen, Li Qiang, I'm, Xi, Communist Party's, Shen Yiqin, Joe Biden's, Spencer Stuart, Andrea Shalal, Tian, Trevor Hunnicutt, Heather Timmons, Leslie Adler, William Mallard Organizations: . Treasury, U.S . Treasury, Treasury, U.S . Federal Reserve, Communist, United Nations, Women, People's Congress, Communist Party, U.S . Senate, Rutgers University's Center for Women, Bain & Co, Thomson Locations: BEIJING, Beijing, China, United States, Politics
Over the next three years, it plans to open eight large stores and nine smaller “plan and order points,” where customers can chat with design consultants and order products. “We see endless opportunities to grow” in the US, Tolga Öncü, head of Ikea Retail for the Ingka Group, Ikea’s Dutch holding company, said in a statement at the time. After splurging on home improvement projects during the pandemic, consumers are pulling back. Home improvement retailer Lowe’s lowered its profit and sales outlook for the year in May, saying consumers were spending less on home improvement. Ikea, which is not publicly traded, reported that its retail sales rose by 6.5% in fiscal year 2022, but didn’t post quarterly results.
Persons: , Michael Brown, Spencer Platt, Tolga Öncü, Karl Zimmermann, , Sucharita Kodali, Forrester, “ they’re, Zimmermann, Paul Bersebach, Marisa Ortega, splurging, Ethan Allen, ” Ortega, , Anna Cooban, David Goldman, Nathaniel Meyersohn, Parija Kavilanz Organizations: New, New York CNN, Ikea, Ikea Retail, Ingka, Bain, MediaNews, Orange, Register Locations: New York, Aldi, Long Beach , California
During her first day of meetings in Beijing, Treasury Secretary Janet L. Yellen criticized punitive measures the Chinese government has taken against American firms. I’ve made clear that the United States does not seek a wholesale separation of our economies. Ms. Yellen conveyed her objections to China’s top officials, including Premier Li Qiang, in what was the first visit to China by a Treasury secretary in four years. A Treasury Department official said Ms. Yellen had discussed the outlook for the economy in an informal discussion with her former counterparts that lasted more than an hour. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security,” Ms. Yellen said.
Persons: Janet L, Yellen, I’ve, Biden, Yellen’s, Li Qiang, Ms, “ I’ve, Mark Schiefelbein, Wang Yong, Wang, , Shi Yinhong, , China’s, Michael Hart, “ We’ve, Mr, Hart, Liu He, Yi Gang, Li, Li’s, ” Claire Fu, Christopher Buckley Organizations: U.S, American Chamber of Commerce, Boeing, Bank of America, Cargill, Group, Bain & Company, Beijing, Biden, of, People, ., Center for American Studies, Peking University, , Renmin University, U.S . State Department, Chamber of Commerce, Treasury, People’s Bank of China, Treasury Department Locations: Beijing, United States, China, American, Shanghai, U.S, States
Beijing/Hong Kong CNN —The world is big enough for both the United States and China to thrive, US Treasury Secretary Janet Yellen said Sunday as she wrapped up a visit to Beijing aimed at stablizing the relationship between the world’s two largest economies. But I expect that this trip will help build a resilient and productive channel of communication,” Yellen told a news conference in Beijing. “China believes that generalizing national security is not conducive to normal economic and trade exchanges,” it said. Yellen said she discussed with Chinese officials areas of cooperation on global challenges, including working together to mobilize multilateral financing for climate action. US climate envoy John Kerry is expected to visit China next, according to US Ambassador to China Nicholas Burns, though he did not provide a timetable for the trip.
Persons: Janet Yellen, Yellen, Li Qiang, Pan Gongsheng, ” Yellen, , Thomas Peter, , , Biden, That’s, John Kerry, China Nicholas Burns Organizations: Hong Kong CNN, Communist Party, Washington, Sunday, Reuters, US, China’s, Xinhua, China, Bain & Company, Group, Street, Politico, Ukraine Locations: Beijing, Hong Kong, United States, China, , Japan, Netherlands, decouple, Shanghai, American,
Treasury Secretary Janet L. Yellen on Friday criticized the Chinese government’s harsh treatment of companies with foreign ties and its recent decision to impose export controls on certain critical minerals, suggesting that such actions justify the Biden administration’s efforts to make U.S. manufacturers less reliant on China. Ms. Yellen delivered the forceful defense of American industry on her first day of meetings in Beijing during a high-stakes trip to ease tension between the United States and China. Her comments, to a group of executives from American businesses operating in China, underscored challenges that the world’s two largest economies face as they look to move beyond their deep differences. In March, the Chinese authorities detained five Chinese nationals working in Beijing for the Mintz Group, an American consulting company with 18 offices around the world, and closed the branch. The next month, the authorities questioned employees in the Shanghai office of Bain & Company, the U.S. management consulting firm.
Persons: Janet L, Yellen, I’ve, Ms, “ I’ve Organizations: Biden, American Chamber of Commerce, U.S, , Boeing, Bank of America, Cargill, Group, Bain & Company Locations: China, Beijing, United States, American, Shanghai, U.S
On Monday, China imposed curbs on overseas sales of gallium and germanium, elements essential to making semiconductors, which have become a growing source of friction between the world’s top two economies. The move was widely seen as a response to the Biden administration’s ban on advanced chip sales to China, which was announced last October. “I am … concerned about new export controls recently announced by China on two critical minerals used in technologies like semiconductors,” Yellen told a meeting of business people hosted by the American Chamber of Commerce in Beijing. “I’ve been particularly troubled by punitive actions that have been taken against US firms in recent months,” Yellen added. Along with other US officials, Yellen has long signaled the Biden administration’s desire to deepen communication and lower the temperature between the world’s top two economies.
Persons: Hong Kong CNN —, Janet Yellen, Biden, , Yellen, , “ I’ve, ” Yellen, Capvision, Liu He, Yi Gang, Joe Biden’s, Xi Jiping Organizations: Hong Kong CNN, American Chamber of Commerce, Bain & Company, Group, US Treasury, Treasury Department, Biden Locations: Beijing, Hong Kong, China, Shanghai, New York, China’s, United States
BEIJING, July 7 (Reuters) - U.S. Treasury Secretary Janet Yellen will meet with female economists in Beijing on Saturday, an effort to spotlight gender diversity following meetings with China's largely male government leaders. A June report by the United Nations urged China to adopt statutory quotas and a gender parity system to boost women's representation in government. Yellen, by contrast, is one of 13 women in President Joe Biden's 25-member Cabinet, the most gender-diverse in U.S. history. One-quarter of the U.S. Senate and 28.7% of the U.S. House of Representatives seats are currently held by women, according to Rutgers University's Center for Women in Politics. China also lags in terms of women's representation in the top echelons of industry, a recent study showed.
Persons: Janet Yellen, China's, Yellen, Xi, Shen Yiqin, Joe Biden's, Spencer Stuart, Andrea Shalal, Tian, Trevor Hunnicutt, Heather Timmons, Leslie Adler Organizations: . Treasury, U.S . Treasury, Treasury, U.S . Federal Reserve, United Nations, UN, Women, National People's Congress, Communist, U.S . Senate, U.S . House, Rutgers University's Center for Women, Bain & Company, Thomson Locations: BEIJING, Beijing, China, Politics
The adtech company held panel sessions and meetings at the "MediaMath Penthouse." But behind the scenes, MediaMath CEO Neil Nguyen had barely been sleeping, according to three people familiar with the matter. "We collectively believed as a company, board, and advisors that we had a deal in hand," the statement continued. When advertisers or agencies buy ads through a platform like MediaMath, the adtech company must pay publishers immediately for their ad space. But the adtech company must wait — often 90 days or more — to be paid by the advertiser or agency.
Persons: MediaMath, Goldman Sachs, MediaMath execs, Neil Nguyen, Nguyen, Olivier Anrigo, Xandr, Joe Zawadzki, Ernest Hemingway, Searchlight wasn't, Neil, Houlihan Lokey, Zeta, Viant, Chris Vanderhook, Tim Vanderhook, Frederick M, Brown, MGI, Lionel Hahn, Remco Westermann, Gary Hershorn, MGI's, Westermann, they'll, Zawadzki, he'd Organizations: Cannes Lions, Cannes, Goldman, Searchlight Capital, Carlton Hotel, Google, IBM, Bain Capital —, Aperiam, Searchlight, Silicon, Zeta Global, Media, Games Invest, Verve, MGI's Verve Group, Getty, Verve Group, Trade, World Trade, Trade Center Locations: France, Cannes, hobnobbing, Delaware, Japan, Manhattan, New York City, MediaMath, AperiamVentures
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