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☆ Howard Schultz is looming in the background of Starbucks' latest CEO transition
▼ + stars: | 2024-08-14 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Former Starbucks CEO Howard Schultz looms over the company's leadership, even after stepping down. Schultz has endorsed Niccol as "the leader Starbucks needs". Go to newsletter preferences Thanks for signing up! On Tuesday, Starbucks announced that Brian Niccol, the former CEO of Chipotle, will succeed Laxman Narasimhan as CEO. The influence of Howard Schultz, Starbucks' former CEO and chairman, still looms large and could complicate Niccol's efforts to steer the company forward.

Persons: Howard Schultz, Brian Niccol, Schultz, Niccol, —, hasn't, Laxman Narasimhan Organizations: Starbucks, Service, Business Locations: Chipotle

☆ Mars is buying the maker of Pringles and Cheez-It for almost $36 billion
▼ + stars: | 2024-08-14 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Mars is buying Kellanova for almost $36 billion, making it one of the largest deals this year. Kellanova's big business is salty snacks including Pringles and Cheez-It. Go to newsletter preferences Thanks for signing up! AdvertisementMars is buying food maker Kellanova for almost $36 billion, including debt, in one of the year's biggest deals, the companies said Wednesday. This story is available exclusively to Business Insider subscribers.

Persons: Mars, —, Eggo waffles Organizations: Service, Reuters, Business

☆ Most apartment owners in 6 big US cities are offering deals to renters — but don't expect a break in NYC or Miami
▼ + stars: | 2024-08-13 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

More landlords across the US are offering rental perks to attract renters, according to Zillow. Cities including New York and Miami saw fewer rental concessions than average, due to tighter rental markets. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementApartment landlords are offering massive concessions to draw renters across the US, but not all cities are trying equally hard to drum up new tenants.

Persons: —, Austin — Organizations: Service, Business Locations: New York, Miami, — Raleigh, Charlotte, Atlanta, Salt Lake City, Nashville

☆ It's not just real estate and spending — another pillar of China's economy looks like it's heading for trouble, too
▼ + stars: | 2024-08-07 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

China's July exports grew 7%, slower than expected, while import growth outperformed expectations. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIn addition to battling a slowing economy, China is now feeling the sting of slowing global demand for its goods. The country's July exports grew 7% from the same period last year, falling short of an expected 9.7% increase and its slowest expansion pace in three months, Reuters reported.

Persons: Trump, Goldman, — Organizations: Service, Reuters, Business Locations: China

☆ Asia's second-richest man finally has a plan to hand over his company — but it's going to take a while
▼ + stars: | 2024-08-06 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Gautam Adani plans to hand over the company to his sons and nephews by the early 2030s. The Adani Group is a major player in multiple sectors in India, including infrastructure and energy. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Gautam Adani, 62 years old, announced his intention to retire at 70 from the Adani Group, Bloomberg reported on Monday.

Persons: Gautam Adani, Adani, — Organizations: Service, Adani Group, Bloomberg, Adani, Business Locations: India

☆ The NFL just got a $4.7 billion win — for now
▼ + stars: | 2024-08-02 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Read previewThe NFL landed a significant, albeit likely temporary, legal victory as a federal judge overturned a $4.7 billion verdict against the league. Gutierrez wrote that the evidence did not support the $4.7 billion in damages awarded in June. The jury initially awarded $4.7 billion in damages, which could have been tripled to $14 billion under federal antitrust laws. The judge wrote that two key witnesses' testimony should be excluded. Daniel Rascher and John Zona's testimonies were supposed to show that subscribers would have paid less if the NFL hadn't made a deal with DirecTV, the judge wrote.

Persons: —, Philip S, Gutierrez, Daniel Rascher, John Zona's, NFL hadn't Organizations: Service, NFL, Business, DirecTV

☆ Reddit's CEO says Microsoft, Anthropic, and Perplexity scraping content is 'a real pain in the ass'
▼ + stars: | 2024-08-01 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Reddit's CEO slammed Microsoft, Anthropic, and Perplexity for using the social platform's data for free. The three companies previously landed in trouble for training their AI models on data without permission. Paying for data could cost AI companies "hundreds of billions of dollars," Andreessen Horowitz said last year. Steve Huffman, the CEO of Reddit, has called out Microsoft, Anthropic, and Perplexity for using Reddit's data to train their AI models without paying. "We've had Microsoft, Anthropic, and Perplexity act as though all of the content on the internet is free for them to use," Huffman told The Verge, saying that blocking these companies has been "a real pain in the ass."

Persons: Andreessen Horowitz, —, Reddit, Steve Huffman, We've, Huffman Organizations: Microsoft, Service, Business

☆ Two luxury companies are selling big to Japanese buyers, not just to tourists taking advantage of the cheaper yen
▼ + stars: | 2024-07-31 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Prada Group's Japan sales rose 55% for the first half of 2024, most of it from local customers. Other luxury players are seeing more Chinese shoppers flocking to Japan. Hermès also reported strong local Japanese customer sales. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementJapan's currency might be slumping, but it hasn't stopped Japanese customers from shopping for luxury at Prada and Hermès.

Persons: Prada, Hermès, —, hasn't Organizations: Service, Prada, Prada Group, Business Locations: Japan

☆ One of Prada's red-hot brands for Gen Z luxury shoppers just posted crazy growth numbers
▼ + stars: | 2024-07-31 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Miu Miu's revenue increased by 93% for the first half of 2024, compared to the same period in 2023. The brand is popular with Gen Z shoppers and young celebrities like Sydney Sweeney. Asia was a significant driver for Prada Group's sales in the first half of 2024. While the rest of the luxury fashion industry seems to be slowing down, Miu Miu was one brand that has not gone out of style. Miu Miu made up 23% of Prada Group's total revenue.

Persons: Miu, Sydney, Miu Miu, — Organizations: Prada, Service, Business Locations: Sydney Sweeney, Asia

☆ It's a great time to buy a Hong Kong mansion from the cash-strapped elite
▼ + stars: | 2024-07-31 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Some distressed, wealthy homeowners in Hong Kong are selling their exorbitant homes at a discount. Hong Kong's property market has been under pressure due to high interest rates. The removal of property curbs in Hong Kong has boosted luxury home sales. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .

Persons: — Organizations: Service, Business Locations: Hong Kong, Asia

☆ Meet the 29-year-old son of a casino billionaire who just took his influencer and esports company public
▼ + stars: | 2024-07-29 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Last Friday, Ho took his company, NIP Group, public on the Nasdaq stock exchange. NIP Group makes money from live streams — both of esports and from third-party influencers — and event production and its esports arm. NIP Group plans to explore esports real estate, digital collectibles, and esports training camps, among other strategies, the company said in a filing. Before the duo cofounded NIP Group, Ho was the chief marketing officer of iDreamsky Games, one of the largest game publishers in China. Though billed as an esports company, NIP Group made the bulk of its revenue last year primarily from managing 36,000 online entertainers — with money coming largely from fees on their live streams.

Persons: —, Mario Ho, Stanley Ho, Ho, NIP Organizations: Service, NIP Group, Nasdaq, SEC, Business, Group, iDreamsky, MIT Sloan School, Macau Esports Federation, MSI Finance Management Company, Bloomberg Locations: Sweden, China, Oslo, Hong Kong, Asia, Macau

☆ Billionaire Ken Griffin bought a $90 million St. Tropez home and a $45 million dinosaur skeleton. Here are 6 of his most eye-popping purchases.
▼ + stars: | 2024-07-28 | by ( Lian Kit Wee | Nora Redmond | ) www.businessinsider.com time to read: +1 min

Ken Griffin recently bought a $90 million waterfront estate in St Tropez. Griffin currently has a net worth of $41.8 billion, per the Bloomberg Billionaires Index. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Citadel boss is currently the world's 33rd richest person, with a net worth of $41.8 billion, according to the Bloomberg Billionaires Index. This story is available exclusively to Business Insider subscribers.

Persons: Ken Griffin, Griffin, — Organizations: Bloomberg, Service, Billionaire, Citadel, Business Locations: St Tropez, Miami

☆ Most luxury companies are struggling in China — except one
▼ + stars: | 2024-07-26 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Read previewAs Chinese buyers eschewed local stores and poured into Japan this year in search of luxury bargains, one high-end powerhouse was an outlier. AdvertisementThe company's success in China comes as many of Hermès' industry peers saw China and Asia revenue sales tank from softening consumer demand. But most of Hermès' sales this year in China and Japan were largely from local customers, said Dumas. "Not very many foreigners buy Hermès in Japan, and the Chinese tend to buy in China." The luxury company reported overall sales revenue for the first half of the year of 7.5 billion euros, an increase of 12% compared to the same period in 2023.

Persons: —, Hèrmes, Hérmes, Axel Dumas, Burberry, Hermès, Dumas, Hermes Organizations: Service, Business, Hermès, Bloomberg Locations: Japan, Asia, China, Paris, Pacific, Europe, France

☆ The luxury outlook in China just keeps getting worse
▼ + stars: | 2024-07-25 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

Consumer spending in China has been improving "more moderately than before COVID-19," Luca Solca, a luxury goods analyst at Bernstein, told Business Insider. In its most recent quarter, Burberry's Chinese sales revenue declined 21% from last year. Massive discounts and online shoppingTo try to boost sales, luxury brands have given massive discounts to Chinese consumers. Luxury goods are still popular with wealthy Chinese shoppers — just not in China. Not all luxury brands are feeling the heat in China.

Persons: —, LVMH, Jean, Jacques Guiony, Luca Solca, Bernstein, Solca, Hugo Boss, Richemont, Cartier, Versace, Marc Jacobs, Damien Yeo, Yeo, TD Cowen, Guiony, Hermès Organizations: Service, Gucci, Business, Consumer, Swatch, Asia, Brands, Balenciaga, Bloomberg, Burberry, Fitch Solutions Locations: Asia, China, China , Hong Kong, Macau, Asia Pacific, Japan

☆ Champagne sales are tanking. An LVMH exec thinks people aren't happy enough to pop bottles.
▼ + stars: | 2024-07-24 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

LVMH's Champagne shipments were down 15% in the first six months of the year, compared with 2023. CFO Jean-Jacques Guiony theorized that consumers aren't happy enough to celebrate with Champagne. Champagne sales around the world have dropped since 2022. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Chief financial officer Jean-Jacques Guiony thinks it could come from fewer celebrations for people to pop the bottle.

Persons: Jean, Jacques Guiony, — Organizations: Champagne, Service, Business

☆ The long tale of the yacht linked to a Russian oligarch and abandoned in the Caribbean for more than 2 years finally draws to a close
▼ + stars: | 2024-07-23 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

An undisclosed buyer picked up the Alfa Nero for $40 million last week. The sale ended an ownership tug-of-war, which included ex-Google CEO Eric Schmidt. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAn undisclosed buyer has finally stepped up to the helm of the Alfa Nero superyacht, ending a two-year-long saga, Bloomberg reported on Tuesday. That buyer agreed last week to pay $40 million, a huge discount to the $67.6 million that former Google CEO Eric Schmidt bid last year, a deal he eventually abandoned.

Persons: Alfa Nero, Eric Schmidt, —, Alfa Nero superyacht Organizations: Alfa, Service, Bloomberg, Business Locations: Antigua, Barbuda

☆ Here comes the wave of insurance claims for the CrowdStrike outage
▼ + stars: | 2024-07-22 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

CrowdStrike's outage might have cost the economy "tens of billions of dollars," said a cyber insurance exec. Businesses are turning to their cyber insurance providers to regain their losses. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFriday's massive CrowdStrike outage grounded businesses and services worldwide to a screeching halt. "Economic damages could reach tens of billions of dollars," Nir Perry, CEO of cyber insurance risk platform Cyberwrite, told Reuters on Saturday.

Persons: —, Nir Perry Organizations: Service, Reuters, Business

☆ The top-selling US Prime Day products were random house things
▼ + stars: | 2024-07-19 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Practical purchases dominated this year's Amazon Prime Day in the US, the 48 hours of mega-discounts that generate billions in sales. Last year, consumer electronics and cosmetics were among the top Prime Day purchases, CNBC reported. Adobe Analytics forecasted before the mega-sale that this year's Prime Day would hit a record $14 billion in sales, breaking 2023's record by 10.5%. And it's too early to know what Amazon shoppers bought around the world: Some countries' Prime Day sales stretch for nearly a week, while India's Prime Day happens later this summer. "It was Christmas in July quite frankly — a bigger day than Black Friday," Brian Olsavsky, Amazon's CFO, told investors after the company's first Prime Day.

Persons: Brian Olsavsky Organizations: Business, CNBC, Amazon, Adobe, Prime, US, Health, Education, Labor, Pensions, Amazon's, US Occupational Safety, Health Administration —

☆ China's Zara rival is expanding — and it's setting its sights on London and NYC next
▼ + stars: | 2024-07-18 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Facing a weaker Chinese market, Urban Revivo plans on expanding to the West. Urban Revivo's physical stores could help it break through to the US market, where it sells online. AdvertisementA Chinese fast-fashion company is planning a quick global expansion, just as industry heavyweights slow their growth to focus on online shopping. Zara has been cutting its footprint post-pandemic, with plans to slash as many as 1,200 stores and double down on e-commerce. But China's Urban Revivo, founded in 2006, is eyeing markets well outside of Asia.

Persons: —, Zara, Leo Li Organizations: Urban, Service, Parent, Momentum, Nikkei Asia, Business Locations: Asia, London, New York

☆ Most developed countries are set to gain more millionaires in the next 5 years — with 2 big outliers
▼ + stars: | 2024-07-17 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

Read previewMost developed countries are set to gain more wealthy people in the next five years — with two big outliers. Some countries, like Taiwan, will gain as many as 50% more millionaires during that time. But the United Kingdom and the Netherlands make "notable exceptions" on this list, per UBS, because both are forecasted to lose millionaires. The UK's three million millionaires put it third among countries with the highest number of millionaires last year, as measured in US dollars, per UBS. The loss continues a trend: The UK lost 16,500 millionaires between 2017 and 2023, per immigration consultancy Henley & Partners.

Persons: —, Paul Donovan, Donovan, Andrew Amoils, Amoils Organizations: Service, UBS, Business, UBS Global Wealth Management, Henley & Partners, Russia, BI, Henley, Partners Locations: Taiwan, United Kingdom, Netherlands, Paris, Dubai, Sydney, Italy, Spain, Europe

☆ Some of Silicon Valley is pumped about JD Vance. Other CEOs, not so much.
▼ + stars: | 2024-07-16 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Trump's new pick for VP is former venture capitalist JD Vance. Some Silicon Valley leaders and other VCs are excited at Trump's decision. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Vance, who spent short stints as a venture capital investor at three firms in Silicon Valley and the Midwest, has close ties to tech and politics kingmaker Peter Thiel.

Persons: JD Vance, —, Elon, Donald Trump's, Trump, Sen, Vance, kingmaker Peter Thiel, Thiel, Musk Organizations: Service, tech's, Business Locations: Silicon Valley

☆ Nita Ambani was the 'CEO' behind the wedding that drew global A-listers to Mumbai over the weekend, daughter-in-law says
▼ + stars: | 2024-07-15 | by ( Amanda Goh | Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Read previewAnant Ambani — the son of Asia's richest man, Mukesh Ambani — married Radhika Merchant over the weekend. of the wedding, as I like to say," Merchant told Vogue in an exclusive interview. Nita Ambani oversaw the planning of the wedding festivities alongside her daughter, Isha Ambani, and her daughter-in-law, Shloka Ambani, Merchant said. A multi-day Indian celebrity wedding can require around 500 staff, wedding planners previously told Business Insider. The wedding festivities sparked some controversy over the weekend due to disruptions caused by traffic diversions and road closures.

Persons: —, Anant Ambani, Mukesh Ambani —, Radhika Merchant, Nita Ambani, Merchant, Isha Ambani, Shloka Ambani, Mark Zuckerberg, Bill Gates, Anant, She's, Mama, Ambani's, Justin Bieber, Rihanna, Bharat Jagasia Organizations: Service, Vogue, Business Locations: Mumbai, Delhi

☆ Spouses — mostly women — could inherit $9 trillion from their partners in the next 25 years
▼ + stars: | 2024-07-12 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

A new UBS report said spouses, largely women, could inherit $9 trillion. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThere's a huge wave of money and other assets set to change hands — and a good chunk of it will go to spouses, especially women. Dubbed the "Great Horizontal Wealth Transfer" by UBS in the bank's 2024 Global Wealth Report released this week, the term describes asset transfers within the same generation. Out of the $83 trillion to be inherited in the next 25 years, UBS estimated $9 trillion will go to women of the same generation.

Persons: — Organizations: UBS, Service, Business

☆ Behind the scenes of billionaire Indian weddings: Hired 'shadows,' phone bans, and a circus master to lead the chaos
▼ + stars: | 2024-07-12 | by ( Shubhangi Goel | Lian Kit Wee | ) www.businessinsider.com time to read: +7 min

"Now, when it comes to a high-net-worth wedding or a celebrity wedding, everything becomes 10 times or hundred times" of that cost, Aggarwal said. AdvertisementPlanners' cost estimates of the Ambani wedding varied widely, from tens of millions of dollars to hundreds of millions of dollars. For a big celebrity wedding, planners divide their staff into teams and hire hundreds of additional people leading up to and on the day of the ceremony. Setting a blueprint for other weddingsThe Ambani wedding is already influencing how other Indians are envisioning and planning their own nuptials. The festivities are slated to kick off Friday at the Jio World Convention Centre, which is owned by the Ambani family.

Persons: —, Radhika Merchant, Anant Ambani, Ambani, Nishita Aggarwal, Nishita, Rihanna, Justin Bieber, Katy Perry, Pitbull, Purvi Modgil, Aggarwal, Isha Ambani, Anant Ambani's, Modgil, Darshan Shroff, We've, Abu Jani Sandeep Khosla, Tarun Tahiliani, Abu Jani, Sandeep Khosla, Ashish Vaishnav, Bharat Jagasia Organizations: Service, Business, Planning, Boys, Reliance, Forbes, butlers, Planners, Convention Locations: Mumbai, India, Getty, Delhi

☆ Rich people can buy their way into Hong Kong residency, and the majority of applicants come from 2 tiny countries
▼ + stars: | 2024-07-11 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

Read previewHong Kong's latest sales pitch involves a cash-for-residency program targeted at wealthy investors — and most of them come from just two countries. It builds on prior investment-for-residency programs offered in the last two decades, which aim to capture foreign capital and talent to boost Hong Kong's economy. Permanent residency instead marks a stepping stone to Hong Kong's residency scheme, which prohibits mainland Chinese residents. The posts, which have been viewed over 600,000 times, highlight that the passports qualify for Hong Kong's residency program. The West African nation's citizens currently make up the highest proportion of applicants for Hong Kong's New Capital Investment Entrant Scheme — 139 out of 333 applicants, per government data.

Persons: —, Hayyam Garipoglu, multimillionaire Andrew Spira, Kong's Organizations: Service, Hong, Investors, Business, Reuters, Guardian, Africyrpt, European Union, Vanuatu, Australian Broadcasting Corporation, Hong Kong's New Capital, Henley, Partners, Bloomberg Locations: Hong Kong, Vanuatu, Guinea, Bissau, Hong, Pacific, bitcoin, Turkey, Australia, West

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