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☆ Don’t Say ‘Elite’: Corporate Firms’ New Pitch Is Meritocracy
▼ + stars: | 2024-06-10 | by ( Sarah Kessler | ) www.nytimes.com time to read: +1 min

If you ask a graduating M.B.A. student, a prep school guidance counselor or the internet how to be hired at the global consulting firm McKinsey, you’re likely to find a list of prestigious “target schools” where it has consistently aimed its recruiting efforts. You know the ones — Harvard, Yale, Stanford. But these days, McKinsey would prefer a different answer. “Exceptional can come from anywhere,” its career website says. “Elite” has never sat well with many American institutions, but the word has taken a particular beating in recent years.

Persons: you’re, “, Katy George, Mckinsey’s, Fortune, Donald J, Trump, ” Organizations: McKinsey, Harvard, Yale, Stanford, “, Ivy League Graduates

☆ Britain Shakes Off Recession as Economy Grows Faster Than Expected
▼ + stars: | 2024-05-10 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

In the first three months of the year, economic growth was driven by the services sector, which expanded for the first time in a year, statistics agency said. Transport services, legal services and scientific research all grew strongly, but services that include hotels and restaurants fell slightly, and the construction sector contracted sharply. per person grew 0.4 percent in the first quarter, following seven consecutive quarters of decline. Some sectors like professional services and technology have been doing well, but others like hospitality have struggled, she said. Household spending, adjusted for inflation, grew 0.2 percent, following two quarters of declines, the statistics agency said.

Persons: ”, Tera Allas, Ms, Allas Organizations: Transport Locations: McKinsey’s Britain, Ireland

☆ French lawmakers approve bill penalizing fast fashion
▼ + stars: | 2024-03-15 | by ( Oscar Holland | Reuters | ) edition.cnn.com time to read: +3 min

Reuters —France’s lower house of parliament on Thursday approved a bill seeking penalties on ultra-fast fashion products, sold by companies like China’s Shein, aimed at helping to offset their environmental impact. All voting lawmakers unanimously approved the bill, which will head to the senate before it can become law. Jade Gao/AFP/Getty ImagesThe bill comes as the French environmental ministry said it would propose a European Union ban on exports of used clothes, in a bid to tackle the worsening problem of textile waste. At the time, the country’s ministry of ecology said that French people throw away 700,000 tons of clothes — two-thirds of which ends up in landfills — each year. Among the world’s most polluting industries, fashion accounts for between 3% and 5% of global carbon emissions, according to consultancy McKinsey’s State of Fashion report.

Persons: CNN Shein, Christophe Béchu, Jade Gao Organizations: Reuters, CNN, Workers, Getty, McKinsey’s State Locations: Zara, China's, Guangdong, AFP, McKinsey’s

☆ Interest rates have broken the global wealth pump
▼ + stars: | 2023-06-23 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

Rising inflation and higher interest rates would appear to make matters even worse. In the United States, immigration and the offshoring of manufacturing has undercut the power of labour. Ultra-low interest rates proved the greatest wealth pump ever devised, loading the dice in favour of the financial elite. Since the turn of the century, when the Federal Reserve under Alan Greenspan reduced interest rates to a new post-war low, wealth has consistently grown faster than GDP. That’s where higher interest rates come in.

Persons: Leonard Cohen, Peter Turchin, “ cliodynamics ”, Clio, Turchin, Hong Xiuquan, Andrew Carnegie, Henry Clay Frick, ”, Donald Trump, ” Turchin, Alan Greenspan, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Times, Elites, Steel, Reuters Graphics Reuters, Wall Street, Federal Reserve, McKinsey Global Institute, McKinsey, Thomson Locations: United States, France, China, Taiping, Japan

Although international travel may not return immediately to pre-pandemic levels, companies, industries and countries that rely on Chinese tourists will get a boost in 2023, according to analysts. Elsewhere in the world, Cambodia, Mauritius, Malaysia, Taiwan, Myanmar, Sri Lanka, South Korea and Philippines are also likely to benefit from the return of Chinese tourists, according to research by Capital Economics. Saxon said he expected China’s outbound international travel to fully recover by the year end. “Generally, individuals are pragmatic and countries will welcome Chinese tourists due to their spending power,” he said, adding that countries may remove restrictions quickly when the Covid situation improves in China. “It will take time for international tourism to get going, but it will come rushing back, when it happens.”

LOS ANGELES—Walt Disney Co. was working with consulting firm McKinsey & Co. in recent months on an effort to centralize control of major spending decisions, triggering an uproar from top creative executives at the entertainment giant, according to people familiar with the matter. Discussions regarding the plan were under way in the weeks leading up to Nov. 20, when Disney’s board of directors fired Bob Chapek as chief executive and replaced him with his predecessor, Robert Iger .

☆ Female executives are leaving their companies at record rates. Here's what employers can do to limit the losses.
▼ + stars: | 2022-10-21 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +5 min

A McKinsey report found that women leaders were leaving their companies in unprecedented numbers. In particular, companies need to prioritize flexible work, invest in career development, and foster diversity, equity, and inclusion, they said. Lareina Yee, McKinsey’s senior partner"Employers need to level the playing field for all workers," Thomas said. Employers also need to invest in professional-development programs for younger women — especially women of color. He said too many employers relied on their women leaders to foster inclusion and support employee well-being without acknowledgement.

☆ In Puerto Rico’s Troubled Energy System, McKinsey Gets Paid by Both Government and Vendors
▼ + stars: | 2022-10-10 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

McKinsey & Co., the consulting powerhouse that advises not just Puerto Rico’s government but also the primary contractors and vendors for the island territory’s energy system, is facing scrutiny in the wake of the power grid’s continued dysfunction. Since McKinsey was hired as the top consultant to Puerto Rico’s financial-oversight board, which oversees public spending, the firm has helped officials shape efforts to overhaul the territory’s electricity system through a privatization process that resulted in a venture backed by one of McKinsey’s clients winning the lucrative contract to operate the grid.

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